Exhibit 4.9  MEMORANDUM OF AGREEMENT
  Norwegian Shipbrokers
  Associations Memorandum
  of Agreement for sale
  and purchase of ships,
  Adopted by The Baltic
  and International Maritime
  Council
  (BIMCO) in 1956.
  Code-name
  SALEFORM 1993
  Revised
  1966, 1983 and 1986/87  Dated: 24th October, 2007  Erik Thun AB, Lidköping,
Sweden, (50%) and B & N Rederi AB, Skärhamn, Sweden, (50%) Jointly (Disponent
Owners: B&N Nordsjöfrakt AB, Skärhamn, Sweden.)  hereinafter called the
  Sellers, have agreed to sell, and
  1A company to be nominated and
  guaranteed by Britannia Bulk PLC, London, U.Khereinafter called the
  Buyers, have agreed to buy
  2Name: m/s HOLMÖN
  3Classification Society/Class:L.R. + 100A1 Strengthened for
  heavy cargoes, Ice Class 1A, + LMC, UMS
  4Built:
  1978
  By:
  Kalmar Fartygsreperationr AB,
  Kalmar,  Sweden
  5Flag:
  Swedish
  Place
  of Registration:Skärhamn, Sweden
  6Call
  Sign: SKTP
  Grt/NrtGT/NT: 8363/ 3987
  7RegisterIMO number :
  7531357
  8hereinafter called the
  Vessel, on the following terms and conditions:
  9Definitions
  10Banking days are days on which banks are open both
  in the country of the currency
  11stipulated for the Purchase Price in Clause 1 and in
  the place of closing stipulated in Clause 8.
  12In writing or written means a letter handed over
  from the Sellers to the Buyers or vice versa,
  13a registered letter, telex, telefax or other modern
  form of written communication.
  14Classification Society or Class means the
  Society referred to in line 4.
  151.        Purchase
  Price
  16$5,700,000 (Five
  Million seven hundred thousand U. S. dollars)2.        Deposit
  17As security for the correct fulfillment of this
  contract, the Buyers shall pay a deposit of 10%
  18(ten per cent) of the Purchase Money within 3
  (three) London/New York banking days from the date ofBuyers counter signing a fax-copy of this
  19agreement and the opening of a joint bank account.
  This deposit shall be placed with NordeaGothenberg, Sweden
  20and held by them in a joint interest bearing account
  for the Sellers and the Buyers, to be released inaccordance
  21with joint written instructions of the Sellers and
  the Buyers, interest, if any, to be credited to the
  22Buyers. Any fee charged for holding the said deposit
  shall be borne equally by the Sellers and the
  23Buyers.
  243.        Payment
  - see also §17.
  25The said Purchase Price shall be paid in full free
  of bank charges to Sellers account with NordeaGothunberg, Sweden
  26on delivery of the Vessel, but not later than 3
  London/ New York banking days after the Vessel is in allevery respects
  27physically ready for delivery in accordance with the
  terms and conditions of this Agreement and
  28Notice of the Readiness has been given in accordance
  with Clause 5.
  29


4.        Inspections
  30a)*      The
  Buyers have inspected and accepted the Vessels classification records.
  The Buyers
  31have
  also inspected the Vessel at/in  Kings
  North, U.K. on 19th, 20th October, 2007,
  32and
  have accepted the Vessel as she is following this inspection and the sale is
  outright and definite
  33subject
  only to the terms and conditions of this Agreement.
  34b)*      The
  Buyers shall have the right to inspect the Vessels classification records
  and steel gaugingmeasurements which shall not be a subjectdeclare
  35whether
  andsame are in any caseaccepted. or not within.
  36The
  Sellers shall provide for inspection of the
  37Vessel
  at/in The Buyers shall undertake the inspection without undue delay to the
  Vessel. Should the
  38Buyers
  cause undue delay they shall compensate the Sellers for the losses thereby
  incurred.
  39The
  Buyers shall inspect the Vessel without opening up and without [ILLEGIBLE] to
  the Sellers.
  40During
  the inspection, the Vessels desk and engine log books shall be made
  available for
  41examination
  by the Buyers. If the Vessel is accepted after such inspection the sole shall
  42become
  outright and definite subject only to the terms and conditions of this
  Agreement
  43provided
  the Sellers receive written notice of acceptance from the Buyers within 72
  hours
  44after
  completion of such inspection.
  45Should
  notice of acceptance of the Vessels classification records and of the Vessel
  not be
  46received
  by the Sellers as aforesaid, the deposit together with interest earned shall
  be
  47released
  immediately to the Buyers whereafter this Agreement shall be null and void.
  48*         4 a)
  and 4b) are alternatives; delete whichever is not applicable. In the absence
  of deletions,
  49alternative
  4a) to apply
  505.        Notices,
  time and place of delivery
  51a)        The
  Sellers shall keep the Buyers well informed of the Vessels itinerary and
  shall
  52provide the
  Buyers with 20, 15, 10, 5, 3 and 2 days notice of the estimated time of
  arrival at theintended place
  of dry decking /under water inspection/  approximate date of readiness  for delivery.When the Vessel
  is at the place
  54of delivery and
  in every all respect physically ready for delivery in
  accordance with this
  55Agreement, the
  Sellers shall give the Buyers a written Notice of Readiness for delivery.
  56The Vessel shall
  be delivered and taken over free of
  charter and with clean swept and fresh waterwashed
  holds safely afloat at a safe and always accessible berth
  or
  57encharge
  at/in  a place mutually agreeable
  between Sellers and Buyers,
  58in the Sellers
  option.
  59Expected time of
  delivery within December 2007, and
  January, 2008.
  60Date of
  cancelling (see Clauses 5 c), 6 b) (III) and 14) : 31st January, 2008.
  61Should the
  Vessel not be ready for delivery by 31st January, 2008, the Buyers
  shall have the right toMaintain or
  cancel this agreement . If Buyers elect to cancel then the deposit together
  with anyAccrued interest
  is to be immediately released to Buyersb)        If
  the Sellers anticipate that not withstanding the exercise of due diligence by
  them, the
  62Vessel will not
  be ready for delivery by the cancelling date they may notify the Buyers in
  63writing stating
  the date when they anticipate that the Vessel will be ready for delivery and
  64propose a new
  cancelling date . Upon receipt of such notification the Buyers shall have the
  65option of either
  cancelling this Agreement in accordance with Clause 14 within 7 running
  66days of receipt
  of the notice or of accepting the new date as the new cancelling date . If
  the
  67Buyers have not
  declared their option within 7 running days of receipt of the Sellers
  68notification or
  if the Buyers accept the new date, the date proposed in the Sellers
  notification
  69shall be deemed
  to be the new cancelling date and shall be substituted for the cancelling
  70date stipulated
  in line 61.
  71If this
  Agreement is maintained with the new cancelling date all other terms and
  conditions
  72hereof including
  those contained in Clauses 5 a) and 5 b) shall remain unaltered and in full
  73force and
  effect. Cancellation or failure to cancel shall be entirely without prejudice
  to any
  74claim for
  damages the Buyers may have under Clause 14 for the Vessel not being ready by
  75the original cancelling date.
  76


d)        Should
  the Vessel become an actual, constructive or compromised total loss before
  delivery
  77the deposit
  together with interest earned shall be released immediately to the Buyers
  78whereafter this
  Agreement shall be null and void.
  79B.        Drydocking/Divers
  Inspection.- See also §18.
  80a)**    The
  Sellers shall place the Vessel in drydock at the port of delivery for
  inspection by the
  81Classification
  Society of the Vessels underwater parts below the deepest load line, the
  82extent of the
  inspection being in accordance with the Classification Societys rules. If
  the
  83rudder,
  propeller, bottom or other underwater parts below the deepest load line are
  found
  84broken, damaged
  or defective so as to effect the Vessels class, such defects shall be made
  85good at the
  Sellers expense to the satisfaction of the Classification Society without
  86condition/recommendation.
  87b)**   (i)        The Vessel is to be delivered without
  drydocking. However, the Buyers shall
  88have the right
  at their expense to arrange for an underwater inspection by a diver approved
  89by the
  Classification Society and with video
  equipment prior to the delivery of the Vessel.The Sellers
  shall at their
  90cost make the
  Vessel available for such inspection. The extent of the inspection and the
  91conditions under
  which it is performed shall be to the satisfaction of the Classification
  92Society and shall, apart from the Class Surveyor, also
  be attended by Buyers and Sellersrepresentatives.
  The Class Surveyor fee shall be for Buyers account, however, Sellers
  shallappoint
  the Class Surveyor and co-ordinate with Buyers appointed diving company
  to achieveoptimum
  time for the survey. If the conditions at the port of
  delivery are unsuitable forsuch inspection,
  the
  93Sellers shall
  make the Vessel available at a suitable alternative place near to the
  delivery
  94port.
  95(ii)       If the rudder, propeller, bottom or
  other underwater parts below the deepest load line
  96are found
  broken, damaged or defective so as to constitute
  a recommendation requiring theVessel
  to drydock immediately  effect the Vessels class, then
  unless
  97repairs can be
  carried out afloat to the satisfaction of the Classification Society,
  the Sellers
  98shall arrange
  for the Vessel to be drydocked at their expense for inspection by the
  99Classification
  Society of the Vessels underwater parts below the deepest load line, the
  100extent of the
  inspection being in accordance with the Classification Societys rules. If
  the
  101rudder,
  propeller, bottom or other underwater parts below the deepest load line are
  found
  102broken, damaged
  or defective so as to affect the Vessels class, such defects shall be made
  103good by the
  Sellers at their expense to the satisfaction of the Classification Society
  104without
  condition/recommendation. In such event the Sellers are to pay also for the
  cost of
  105the underwater
  inspection and the Classification Societys attendance.
  106(iii)      If the Vessel is to be drydocked
  pursuant to Clause 6 b) (ii) and no suitable dry-
  107docking
  facilities are available at the port of delivery, the Sellers shall take the
  Vessel
  108to a port where
  suitable drydocking facilities are available, whether within or outside the
  109delivery range
  as per Clause 5 b). Once drydocking has taken place the Sellers shall deliver
  110the Vessel at a
  port within the delivery range as per Clause 5 b) which shall for the
  111purpose of this
  Clause, become the new port of delivery. In such event the canceling date
  112provided for in
  Clause 5 b) shall be extended without any
  compensation and damages imposed onthe
  Sellers for the period corresponding to that of the Sellers finding a proper
  drydock, transportingthe
  Vessel from the port of underwater inspection up to the drydock and making
  and completing therequired
  repair at the drydock  by the additional time required
  for the
  113drydocking and
  extra steaming, but limited to a maximum of 14 running days.
  114c)        If
  the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above
  115(i)        the Classification Society may require
  survey of the tail shaft system, the extent of
  116the survey being
  to the satisfaction of the Classification surveyor. If such survey is not
  117required by the
  Classification Society, the Buyers shall have the right to require the tail shaft
  118to be drawn and
  surveyed by the Classification Society, the extent of the survey being in
  119accordance with
  the Classification Societys rules for tail shaft survey and consistent
  with
  120the current
  stage of the Vessels survey cycle. The Buyers shall declare whether they
  121require the tail
  shaft to be drawn and surveyed not later than by the completion of the
  122inspection by
  the Classification Society. The drawing and refitting of the tail shaft shall
  be
  123arranged by the
  Sellers. Should any parts of the tail shaft system be condemned or found
  124defective so as
  to affect the Vessels class, those parts shall be renewed or made good at
  125the Sellers
  expense to the satisfaction of the Classification Society without
  126condition/recommendation.
  127


(ii)       the expenses relating to the survey of
  the tail shaft system shall be borne
  128by the Buyers
  unless the Classification Society requires such survey to be carried out, in
  129which case the
  Sellers shall pay these expenses. The Sellers shall also pay the expenses
  130if the Buyers
  require the survey and parts of the system are condemned or found defective
  131or broken so as
  to affect the Vessels class*.
  132(iii)      the expenses in connection with putting
  the Vessel in and taking her out of
  133drydock,
  including the drydock dues and the Classification Societys fees shall be
  paid by
  134the Sellers if
  the Classification Society Issues any condition/recommendation* as a result
  135of the survey or
  if it requires survey of the  tail
  shaft system. In all other cases the Buyers
  136shall pay the
  aforesaid expenses, dues and fees.
  137(iv)     the Buyers representative shall have the
  right to be present in the drydock, but
  138without
  interfering with the work or decisions of the Classification surveyor.
  139(v)      the Buyers shall have the right to have
  the underwater parts of the Vessel
  140cleaned and
  painted at their risk and expense without interfering with the Sellers or
  the
  141Classification
  surveyors work, if any, and without affecting the Vessels timely delivery.
  If,
  142however, the
  Buyers work in drydock is still in progress when the Sellers have
  143completed the
  work which the Sellers are required to do, the additional docking time
  144needed to
  complete the Buyers work shall be for the Buyers risk and expense, in the
  event
  145that the Buyers
  work requires such additional time, the Sellers may upon completion of the
  146Sellers work
  tender Notice of Readiness for delivery whilst the Vessel is still in drydock
  147and the Buyers
  shall be obliged to take delivery in accordance with Clause 3, whether
  148the Vessel is in
  drydock or not and irrespective of Clause 5 b).
  149*         Notes,
  if any, in the surveyors report which are accepted by the Classification
  Society
  150without
  condition/recommendation are not to be taken into account.
  151**       6 a)
  and 6 b) are alternatives; delete whichever is not applicable. In the absence
  of deletions,
  152alternative 6 a)
  to apply.
  1537.        Spares/bunkers,
  etc.
  154The Sellers
  shall deliver the Vessel to the Buyers with everything belonging to her on
  board and on
  155Shore and on order. All spare parts and spare
  equipment, including spare tail and shaft(s) and/orspare
  156propeller(s)/
  propeller blade(s), if any, belonging to the Vessel at the time of inspection
  used or
  157unused, whether
  on board or not shall become the Buyers property, but spares on order are
  to be
  158excluded.
  Forwarding charges, if any, shall be for the Buyers account. The Sellers are
  not required to
  159replace spare
  parts includingspare tail and shaft(s) andspare propeller(s)/propeller
  blade(s) which
  160are taken out of
  spare and used as replacement prior to delivery, but the replaced items shall
  be the
  161property of the
  Buyers. However, all spare parts and spare
  equipment shall be at least to the minimumrequirements
  of the  Classification Society. All
  communication, wireless and navigational aids, which wereon
  board the Vessel at the time of the inspection.The
  radio installation and navigational equipment shall beincluded in the
  sale
  162without extra
  payment if they are the property of the Sellers. Unused  Broached/unbroached stores andprovisions,
  as well as the Bobcat and spare parts for the Bobcat shall
  be
  163included in the
  sale and be taken over by the Buyers without extra payment.
  164The Sellers have
  the right to take ashore crockery, plates, cutlery, linen and other articles
  bearing the
  165Sellers flag or
  name, provided they replace same with similar unmarked items. Library, forms,
  etc.,
  166exclusively for
  use in the Sellers vessel(s), shall be excluded without compensation.
  Captains,
  167Officers and
  Crews personal belongings including the stop chest are to be excluded from
  the sale,
  168as well as the
  following additional items (including items on hire);
  169The Buyers shall
  take over the remaining bunkers and unused lubricating oils in storage tanks
  and
  170broached
  sealed drums, greases and hydraulic
  oils and pay the Sellers net cost (purchase) current netmarket
  price (excluding barging expenses) at the port and date  and all prices shall be evidenced byoriginal
  invoices.
  171of delivery of
  Vessel,
  172Payment under
  this Clause shall be made at the same time and place and in the same currency
  as
  173the Purchase
  Price.
  174


8.        Documentation
  175The place of closing: London, U.K.
  176In exchange for payment of the Purchase Price the
  Sellers shall furnish the Buyers with delivery
  177documents, namely;  as set out in Addendum no. 1
  178a)        Legal
  Bill of Sole in a form recordable in (the country in which the Buyers are
  179to register the
  Vessel), warranting that the Vessel is free from all encumbrances, mortgages
  180and maritime
  liene or any other debts or claims whatsoever, duly materially attested and
  181legalized by the
  council l of such country or other competent authority.
  182b)        Current
  Certificate of Ownership issued by the competent authorities of the flag
  state of
  183the Vessel.
  184c)        Confirmation
  of Class issued within 72 hours prior to delivery.
  185d)        Current
  Certificate issued by the competent authorities stating that the Vessel is
  free from
  186registered
  encumbrances (incorporated in the
  Certificate of Deletion.)
  187e)        Certificate
  of Deletion of the Vessel from the Vessels registry or other official
  evidence of
  188deletion
  appropriate to the Vessels registry at the time of delivery, or, in the
  event that the
  189registry does
  not as matter of practice issue such documentation immediately, a written
  190undertaking by
  the Sellers to affect deletion from the Vessels registry forthwith and
  furnish a
  191Certificate or other
  official evidence of deletion to the Buyers promptly and latest within 4
  192(four) weeks
  after the Purchase Price has been paid and the Vessel has been delivered.
  193f)         Any
  such additional documents as may reasonably be required by the competent
  authorities
  194for the purpose
  of registering the Vessel provided the Buyers notify the Sellers any such
  195documents as
  soon as possible after the date of this Agreement.
  196At
  the time of delivery the Buyers and Sellers shall sign and deliver to each
  other a Protocol of
  197Delivery and Acceptance confirming the date and time
  of delivery of the Vessel from the Sellers to the
  198Buyers.
  199At the time of delivery the Sellers shall hand toassist the Buyers and provide them
  with all information,documents in original and copies
  of certificates as may be required for Buyers registration andoperational purposes, including
  the classification certificate(s) as well as all
  200plans etc., which are on board the Vessel. Other
  certificates which are on board the Vessel shall also
  201be handed over to the Buyers unless the Sellers are
  required to retain same. In which case the
  202Buyers to have the right to take copies. Other
  technical documentation, plans, manuals,
  drawings, chartsand instruction books as on board
  which may
  203be in the Sellers possession for the main engine, all auxillaries, deck
  machinery, radio and navigationalequipment and any such items held
  in Sellers office shall be released to Buyers at the time of deliverypomptly forwarded to the Buyers at their expense, if
  they so
  204request. The Sellers may keep the
  Vessels log books but the Buyers to have the right to take
  205copies of same.
  206Photocopies of all executed
  delivery documents shall be faxed to Buyers well in advance of delivery.9.        Encumbrances
  207The Sellers warrant that the Vessel, at the time of
  delivery, is free from all charters, encumbrances,
  208mortgages and maritime liens, any other debts or claimswhatsoeveras well as arrests, detentions,port state control deficiencies,
  taxes and free of slowaways. The Sellers hereby undertake
  209to indemnify the Buyers against all consequences of
  claims made against the Vessel which have
  210been incurred prior to the time of delivery.
  21110.      Taxes,
  etc.
  212Any taxes, fees and expenses in connection with the
  purchase and registration under the Buyers flag,
  213including all port charges
  following delivery, shall be for the Buyers account,
  whereas similar charges inconnection with the closing of the Sellers
  214register. Sellers
  crew repatriation and all port charges on arrival and until delivery of the
  Vesselshall be for the Sellers account.
  215


11.      Condition
  on delivery
  216The Vessel with everything belonging to her shall be
  at the Sellers risk and expense until she is
  217delivered to the Buyers, but subject to the terms
  and conditions of this Agreement she shall be
  218delivered and taken over substantially in the same condition as she was at the time
  of inspection,fair wear and tear excepted.
  219However, the Vessel shall be delivered with her present class maintained, withoutcondition/recommendation,
  220free of average damage affecting the Vessels class,
  with all continuous survey cycles completely
  upto date with no outstanding items
  and with all her classification certificates and
  221national certificates, as well as all other
  certificates as required under
  the Vessels present flag, clean andhad at the line of inspection,
  valid and
  222unextended without condition/recommendation by Class or
  the relevant authoritiesfrom
  at the time date of
  223delivery.
  224Inspection in this Clause 11, shall mean the
  Buyers inspection according to Clause 4 a) or 4 b), if
  225applicable, or the Buyers inspection prior to the
  signing of this Agreement if the Vessel is taken over
  226without inspection, the date of this Agreement shall
  be the relevant date.
  227*         Notes,
  if any, in the surveyors report which are accepted by the Classification
  Society
  228without
  condition/recommendation are not to be taken into account.
  22912.      Name/markings
  230Upon delivery the Buyers undertake to change the
  name of the Vessel and alter tunnel markings.
  23113.      Buyers default
  232Should the deposit not be paid in accordance with
  Clause 2, the Sellers have the right to cancel this
  233Agreement, and they shall be entitled to claim
  compensation for their losses and for all expenses
  234incurred together with interest.
  235Should the Purchase Price not be paid in accordance
  with Clause 3, the Sellers have the right to
  236cancel the Agreement, in which case the deposit
  together with interest earned shall be released to the
  237Sellers. If the deposit does not cover their loss,
  the Sellers shall be entitled to claim further
  238compensation for their losses and and for all
  expenses incurred together with interest.
  23914.      Sellers
  default.
  240Should the Sellers fail to give Notice of Readiness
  in accordance with Clause 5 a) or fail to be ready
  241to validly complete a legal transfer by the date
  stipulated in the line 61 the Buyers shall have
  242the option of cancelling this Agreement provided
  always that the Sellers shall be granted a
  243maximum of 3 banking days after Notice of Readiness
  has been given to make arrangements
  244for the documentation set out in Clause 8. If after
  Notice of Readiness has been given but before
  245the Buyers have taken delivery, the Vessel ceases to
  be physically ready for delivery and is not
  246made physically ready again in every respect by the
  date stipulated in line 61 and new Notice of
  247Readiness given, the Buyers shall retain their
  option to cancel. In the event that the Buyers elect
  248to cancel this Agreement the deposit together with
  interest earned shall be released to them
  249immediately.
  250Should the Sellers fail to give Notice of Readiness
  by the date stipulated in line 61 or fail to be ready
  251to validly complete a legal transfer as aforesaid
  they shall make due compensation to the Buyers for
  252their loss and for all expenses together with
  interest if their failure is due to proven
  253negligence and whether or not the Buyers cancel this
  Agreement.
  25415.      Buyers
  representatives  see also §20.
  255After this Agreement has been signed by both parties
  by fax and the deposit has been
  lodged, the Buyers
  256have the right to place up to two
  representatives on board the Vessel, at their sole risk and expense upon
  257vessels arrival at          on
  or about  up to the time
  and place of delivery.
  258These representatives are on board for the purpose
  of familiarisation and in the capacity of
  259observers only, and they shall not interfere in any
  respect with the operation of the Vessel. The
  260Buyers representatives shall sign the Sellers
  letter of indemnity prior to their embarkation.
  261


16.      Arbitration.
  262a)*      This
  Agreement shall be governed by and construed in accordance with English law
  and
  263any
  dispute arising out of this Agreement shall be referred to arbitration in
  London in
  264accordance
  with the Arbitration Acts 1950 and 1979 or any statutory modification or
  265re-enactment
  thereof for the time being in force, one arbitrator being appointed by
  each
  266party.
  On the receipt by one party of the nomination in writing of the other partys
  arbitrator,
  267that
  party shall appoint their arbitrator within fourteen days , failing which
  decision of the
  268single
  arbitrator appointed shall apply. If the arbitrator properly appointed shall
  not agree
  269they
  shall appoint an umpire whose decision shall be final.  Arbitrators shall be appointed by the
  270London Maritime Arbitrators Association and in accordance
  with English law.b)*      This
  Agreement shall be governed by and construed in accordance with Title 9 of
  the
  271United
  States Code and the Law of the State of New York and should any dispute arise
  out of
  272this
  Agreement, the matter in dispute shall be referred to those persons at New
  York one to
  273be
  appointed by such  of the parties
  hereto, and the third by the two so chosen their
  274decision
  or that of any two of them shall be final, and for purpose of enforcing any
  award this
  275Agreement
  may be made a rule of the Court.
  276The
  proceedings shall be conducted in accordance with the rules of the Society of
  Maritime
  277Arbitration
  Inc, New York.
  278e)*      Any
  dispute arising out of this Agreement shall be referred to arbitration at
  279subject
  to the procedure applicable there.
  281*         16
  a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In
  the absence of
  282deletions,
  alternatives 16 a) to apply.
  28317.      The cost of meeting room for closing Incl. Communication and
  any incidental costs shall be borneequally by Sellers and Buyers.18.      With reference to §6 of this contract, if any damage is found
  which in the opinion of Class Surveyorpresent at the inspection constitute a recommendation not
  requiring Vessel to drydock until theVessel shall drydock at the next scheduled drydocking,
  then Sellers and Buyers shall apply twoshipyards mutually agreed in the delivery area for
  quotations for repairs of the said damages. Thecost to be the direct cost to repair such damage, i.e.: no
  drydocking fees, no off hire, etc.The matter it shall be in the Sellers option whether to
  repair said damages prior to delivery or deliver therecommendation against a reduction in price of the cost of
  repairs, which to be defined as the average ofthe two quotations obtained. If no damage is found by Class Surveyor,
  then the Vessel shall bedelivered without pre-delivery drydocking.19.       The Sellers shall provide a letter stating that to
  the best of their knowledge, the Vessel is not blacklistedby the Arab Boycott League in Damascus or in any other
  nation or organisation and also to confirm thatthe Vessel is not excluded to trade to and from the U.S.A.
  and Canada and is not contaminated withgypsy moth and/or lava and/or eggs and has not previously
  traded to Russian and/or Japanese infectedports/areas.20.      With reference to §15 of this contract, upon Sellers tendering
  the 3 days approximate notice of Vesselsexpected readiness to tender the actual Notice of
  Readiness for delivery, the Buyers shall be allowed toplace a further representative on board and up to 2 other
  crew members to be allowed on board duringdaylight hours, when Sellers crew shalldemonstrate and
  familiarise Buyers representatives/crew on theoperation of theVessels equipment, machinery and systems,
  provided there are enough cabins toaccommodate them and in such case they are at Buyers risk
  and expenses.  SIGNED IN DUPLICATE:  BUYERS:
  
  SELLERS/s/ Cliff Hanson
  
  /s/ Ijan ThunbengiMANAGING DIRECTOR
  
  Ijan ThunbengiBRITANNIA BULK, PLC
  
  Jointly
  andseverally to both parties.