Exhibit 10.20


 


SPECIFIC TERMS IN THIS EXHIBIT HAVE
BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).


	 
 

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          

                                                                                                                                                                                                          


 

                                                                                                                            

                                                                                                                            

                                                                                                                            

                                                                                                                            

                                                                                                                           
	
        1. Shipbroker

         

         

         

         

         

         

        N/A

	
        THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)
UNIFORM TIME CHARTER PARTY FOR CONTAINER VESSELS CODE NAME: “BOXTIME”

         
	
         


PART I

         

		
        2. Place and dale

         

        Athens, March 30th
        2011

         

	
        3. Owners/Disponeni Owners & Place ol Business,
        Telephone, Telex and

         

        Telefax Number

         

        RAYMOND Shipping CO.

         

        80, Broad str. Monrovia LIBERIA

         

         Costamare Inc. as Owners’ guarantor (the “Owners’
        Guarantor”) (See  Clause 81)

         

        Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
        MH 96960

         
	
        4. Charterers & Place of Business, Telepbone, Telex
        and Telefax Number

         

        Italia Marittima S.p.A.

         

        Passeggio Sant’ Andrea 4 - 34123
        Trieste, Italy

         

         Evergreen International S.A. as Charterers’ guarantor
        (the 

         “Charterers’ Guarantor”) (See Clause 78)

         

        2nd Floor, MMG Tower, East 53rd
        Street, Panama, Republic of Panama

         

	
        5. Vessel’s Name

         

        Hull No. S4021

         
	
        6. Call Sign/Telex Number

         

        to be advised

         

	
        7. GRT/NRT

         

        to be advised

         
	
        8. DWT on Summer Freeboard

         

        110,875 MT (See part III)

         
	
        9. TEU Capacity (Maximum)

         

        8,770 TEUs

         

	
        10. Class (CI. 5)

         

        G.L.

         
	
        11. Flag

         

        Greek

         
	
        12. Service Speed (See Part III)

         

        ***** Knots

         
	
        13. Fuel Consumption (See Part III)

         

        ***** MT

         

	
        14. Type(s) of Fuel(s) (CI. 12(d))

         

        ISO 8217:2005 HFO 700 (See part
        III)

         
	
        15. Maximum Bunker Capacity

         

        to be advised

         

	
        16. Bunkers/Price on Delivery (Min.-Max.) (Cl. 12(a)
        and (c))

         

        See clause 49

         
	
        17. Bunkers/Price on Redelivery (Min.-Max.) (Cl.
        12(a) and (c))

         

        See clause 49

         

	
        18. Place of Delivery (CI. 1(b))

         

        AFSPS PUSAN, S.KOREA

         
	
        19. Earliest Date of Delivery (local lime) (Cl. (b))

         

        within 1st quarter,
        2013 and See Clause 59

         

	
        20. Latest Date of Delivery (local Lime) (CI. 1 (b))

         

        See clause 59

         
	
        21. Place of Redelivery (Cl. 6(m))

         

        See clause 90

         

	
        22. Trading Limits (Cl. 3 and Cl. 5(c))

         

        Worldwide trading always within IWL. (See
Cl.3) The following countries to be excluded from trade. Iraq, Haiti, North Korea, Congo, Turkish occupied  Cyprus, Israel,
Cabinda, Guinea Biscao, Nicaragua, Erithrea, Sierra Leone, Cambodia, Cuba, Albania, St Laurence Seaway, Liberia, Orinocco river,
 Somalia, Australia and war risk and other countries which result in blacklisting/sanction by other countries and/or UN. 

         

	
        23. Period of Charter and Options if any (CI. 1(a),
        CI. 6(m) and CI. 7(f))

         

        Firm T/C period of 5 years
and with optional period of 1 +1 year  at both parties option +/- ***** days on final period CHOPT- See CI. 89

         
	
        24. State number of Days Options have to be declared
        after commencement of


        Charter Period (Cl. 1(a))

         

        See Clause 89

         

	
        25. Rate of Hire per Day and to whom payable (CI.
        1(a), CI. 7(a) and (b))

         

        USD: 41,700 pdpr inclot. net for
        the firm and optional periods.

         
	
        26. Quantity of Hazardous Goods allowed (Cl. 4(b))

         

        In accordance with vessel’s
Document of Compliance for the  Carriage of Dangerous Goods Certificate.

         

	
        27. Insured Value of Vessel (CI. 18(a))

         

        to be advised

         
	
        28. Daily Rate for Supercargo (Cl. 13(h))

         

        USD: 2

         

	 	
        29. Victualing Rate per Meal for other Charters’
        Servants etc. (Cl. 13(j))

         

        USD: 3

         

	
        30. Name of Owners’ P & I Club (Cl. 18(b))

         

        THE SWEDISH CLUB

         
	
        31. Name of Charterers’ P & I Club (Cl. 18(b))

         

        ASSURANCE FORENINGEN GARD

         

	
        32. Charterers’ maximum Claim settlement authority (Cl.
        16(h))

         

        USD: 15,000

         
	
        33. General Average to be adjusted at (Cl. 14 (c))

         

        London

         

	
        34. Law and Arbitration (state a, b, or c of CI. 20.
        as agreed; if c agreed also state 


        Place of Arbitration) (CI. 20)

         

        London, English law to apply.

         
	
        35. Brokerage Commission and to whom payable (Cl.
        21)

         

        Nil

         

	
        36. Number of Additional Clauses covering special Provisions

         

        Additional clauses 25 -108 and
        additional Clause inclusive are to be incorporated in this Charter Party.

         

	 	 	 	 	 	 


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



    	 



    	



    




	(continued) 	“BOXTIME” UNIFORM TIME CHARTER PARTY FOR CONTAINER VESSELS 	PART I






 


It is mutually agreed between Ihe
party mentioned in Box 3 (hereinafter referred to as “the Owners”) and the Party mentioned in Box 4 (hereinafter referred
to as “the Charterers”) that this Contract shall be performed in accordance wilh the conditions contained in Part I including
additional clauses, if any agreed and stated in Box 36, and Part II as well as Part III. In the event ol a conflict of conditions,
the provisions of Pan I and Part III shall prevail over those of Part II to the extent of such conflict but no further.


 


	Signature (Owners)	Signature (Charterers)
	 	 
	The Owners’ Guarantor
	The Charters Guarantor

		
	 	 


 


    	 



    	



    



INDEX


“BOXTIME” Charter Party


 





	
        CLAUSE NO.

        1.     PERIOD OF CHARTER PARTY AND DELIVERY

        2.     OWNERS’ UNDERTAKING

        3.     TRADING LIMITS

        4.     PERMITTED CARGOES

        a) Uncontainerised Goods

        b) Hazardous Goods

        c) Live Animals

        d) Radioactive Goods

        e) Arms & Ammunition

        5.     OWNERS’ OBLIGATIONS

        Maintain in Class and efficient operation.

        a) Container Lashings

        b) Crew Assistance

        c) Documentation

        d) Insurance of !he Vessel

        e) Fumigation and/or Deratisation

        f) Smuggling

        6.     CHARTERERS’ OBLIGATIONS

        a) Provision of Details

        b) Instructions to the Master

        c) Stevedoring

        d) Charterers’ Lashings

        e) Condition of Containers

        f) Stowage in Containers

        g) Stowage Planning

        h) Operating Expenses

        j) Bunker Fuel

        k) Agency Costs

        I) Damage to Vessel

        m) Redelivery

        n) Additional Premiums

        o) Advances to Master

        p) Contraband

        7.     HIRE

        a) Rate

        b) Payment

        c) Default

        d) Redelivery Adjustment

        e) Deductions

        f) Extension

        8.     OFF HIRE

        a) Unable lo Comply with lnstructions

        b) Deviation

        c) Blocking & Trapping

        d) Requisitions

        e) Loss of Trme

        9.     LOSS OF VESSEL

         

        10.   LASHINGS AND STEVEDORING

        a) Owners’ Lashings

        b) Charterers’ Lashings

        c) Stowage Planning

        d) Stevedoring

        e) Liability

        11.   VESSEL’S GEAR

        a) Regulations

        b) Condition

        c) Suez and Panama Canal

        d) Refrigeration

        c) Lighting
	
        12.   BUNKER FUEL

        a) Quantity at Delivery/Redelivery

        b) Pre and Post Charter Bunkering

        c) Purchase Price

        d) Specification

        e) Consumption

        f) Bunkering

        13.   CHARTERERS’ REQUIREMENTS

        a) Plans

        b) Flag, Funnel, Name and Configuration

        c) Ballast Warranty

        d) Weather Routing

        e) Communications Facilities

        f) Logs and Witnesses

        g) Replacement of Master and Officers

        h) Supercargo

        j) Victualling

        k) Sub-Letting

        I) Inspections

        m) Substitution and Sub-Contracting

        n) Laid-Up Returns

        o) Signing Bills of Lading

        14.   OWNERS’ REQUIREMENTS

        a) Maintenance

        b) Bills of Lading

        c) General Average

        d) Salvage

        e) Liens

        15.   SUNDRY MATTERS

        a) Pilotage/Towage

        b) Watchmen

        c) Stowaways

        d) On/Off Hire Surveys

        e) Sub-Contraclors

        16.   CHARTERS’ RESPONSIBILITIES/LIABILITIES

        a) Charterers’ Responsibilities

        b) Claims Handling

        c) General Indemnity

        d) Fines etc., Indemnity

        e) Time Limit

        f) Agency

        g) General Average Exclusion

        h) Claims Authority

        17.   OWNERS’ RESPONSIBILITIES/LIABILITIES

        a) For Goods and Containers

        b) For Refrigerated Goods

        c) Limitation of Liability

        cl) Time Limit

        e) For Personal Injury

        f) Limitation Proceedings

        g) Consequential Loss

        18.   INSURANCES

        a) Hull and Machinery

        b) Protection and Indemnity (P & I)

        c) War Risks

        19.   WAR

         

        20.   LAW AND ARBITRATION

        a)  London

        b) NewYork

        c) Alternative

        21.   COMMISSION

         

        22.   NOTICES








 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	It is agreed on the date shown in
    Box 2 between the party named in Box 3 as	1	 	thoroughly
    efficient state of hull and machinery and in every way fitted for	67
	 	the Owners of the Vessel named in
    Box 5 and the party named in Box 4 as	2	 	The
    container service throughout the currency of this Charter Party. However	68
	 	the
    Charterers as follows:	3	 	Owners
    have right to re-class the Vessel with class member of IACS. The	 
	 	 	 	 	Owners
    shall, inter alia, provide and pay the cost of the following:	69
	1.	Period of Charter
    Party and Delivery	4	 	(a)
    Container Lashings: (See Clause 10(a) 54).	70
	 	(a) In consideration of the hire
    detailed in Box 25 the Owners let and the	5	 	(b)
    Crew Assistance with inter alia:-	71
	 	Charterers
    hire the Vessel for the period together with any optional exten-	6	 	(i)	preparing
    the Vessel’s cranes, derricks, winches and/or cargo handling	72
	 	sion(s) thereto as indicated in
    Box 23. Such options, always at the Charter-	7	 	 	gear
    for use,	73
	 	ers’
    discretion, must be declared to the Owners within the period as indi-	8	 	(ii)	opening and closing
    any hatches (other than pontoon type hatches),	74
	 	cated in Box 24	9	 	 	ramps and other
    means of access to goods and containers,	75
	 	(b)
    The Owners shall deliver the Vessel to the Charterers at the Place of De-	10	 	(iii)	docking,
    undocking and shifting operations in part,	76
	 	livery as indicated in Box 18.
    Unless agreed by the Charterers to the contra-	11	 	(iv)	bunkering.	77
	 	ry, delivery shall take place no
    earlier than the time/date as indicated in Box	12	 	(v)	maintaining
    power during loading and discharging operations,	78
	 	19 and no later than the
    time/date as indicated in Box 20. (See Clause 59)	13	 	(vi)	instructing
    crane drivers and winchmen in the use of Vessel’s gear,	79
	 	If
    prior to delivery the Owners give notice to the Charterers that the Vessel	14	 	(vii)	supervising stevedores
    lashing and unlashing goods and containers	80
	 	will
    not be ready for delivery by the time/date as indicated in Box 20, the	15	 	 	and the regular
    checking of lashings at sea when weather conditions	81
	 	Charterers
    shall declare within 48 hours after receiving notice thereof from	16	 	 	permit (See Clause 10 (d)(ii)).	82
	 	the
    Owners whether they cancel or will take deliver of the Vessel but	17	 	(viii)	monitoring, recording
    performances and, when available, supplying	83
	 	without
    prejudice to the Charterers’ right to claim proved damages	18	 	 	labour for the
    repairing of the Charterers’ refrigeration machinery,	84
	 	(c)
    If the Owners are unable to deliver the Vessel at the Place of Delivery as	19	 	 	weather permitting (See Clause
    17 (b)).	85
	 	indicated
    in Box 18 for any reason beyond the control of the Owners, delive-	20	 	The
    above services shall be rendered by the crew if required, provided port	86
	 	ry
    shall take place at the nearest point to the nominated Place of Delivery to	21	 	and
    local labour regulations permit, and except when repairing the Charterers’	87
	 	which
    the Vessel may safely and reasonably proceed.	22	 	refrigeration
    machinery any overtime incurred shall be for the account of the	88
	 	The
    Owners shall give notice of readiness to deliver to the Charterers and/or	23	 	Owners.	89
	 	the
    Charterers’ local agents when in position to come on hire.	24	 	(c)
    Documentation: Any documentation required by Owners relating to the	90
	 	(d)
    Deliver shall be effected at any time, day or night, Saturdays, Sundays and	25	 	Vessel
    and its operation that maybe re-	 
	 	holidays
    included.	26	 	quired to permit the
    Vessel to trade within the limits as indicated in Box 22,	91
	 	(e)
    Al the time of delivery the Vessel shall be clean and in at respects fit to	27	 	including,
    but not limited to, certificates of financial responsibility for oil pol-	92
	 	receive
    goods and ISO standard containers.	28	 	lution,
    provided such oil pollution certificates are obtainable from the Own-	93
	 	(f)
    The Charterers’ acceptance of delivery of the Vessel shall not prejudice	29	 	ers’
    P&I club or some other available source, valid international tonnage	94
	 	their rights against the Owners
    under this Charter Party. (See Clause 56)	30	 	certificate,
    Suez and Panama tonnage certificates, valid certificate of regis-	95
	 	 	 	 	try
    and certificates relating to the strength and/or severceability of the	96
	2.	Owners’ Undertaking	31	 	Vessel’s
    gear. (see Clause 11(a)). Such documentation shall be	97
	 	The
    Owners undertake that, at delivery, the Vessel shall be of the descrip- tion	32	 	maintained
    during the currency of this Charter Party.	
	 	set out In PARTS I and Ill hereof.
    (See Clause 56)	33	 	(d) Insurance of
    the Vessel. (See Clause 18).	98
	 	 	 	 	(e)
    Fumigation and/or deratisation. The provision of certificates thereof at the	99
	3.	Trading Limits	34	 	commencement
    of the Charter Party and the renewal thereof throughout the	100
	 	The
    Vessel shall be employed in lawful trades within Institute Warranty Li-mits	35	 	Charter
    Party, except if this is required as a result of the Charterers’ goods	101
	 	(IWL) and within the Trading Limits
    as indicated in Box 22 for the carri-age of	36	 	and
    containers carried under this Charter Party, in which case these	102
	 	lawful
    goods between safe ports or places where she can safely lie always	37	 	expenses
    shall be for the account of the Charterers.	103
	 	afloat.
    The Vessel shall not be obliged to force ice nor to follow ice-breakers.	38	 	(f)
    Smuggling: in the event of smuggling by the Master, Officers and/or crew,	104
	 	Transit
    of Bering Sea on throught voyages to or from the Far East is treated	39	 	the
    Owners shall bear the cost of any fines, taxes or imposts levied and the	105
	 	as lawful trade as indicated in
    Box 22 Charterers paying any additional	 	 	Vessel shall be off
    hire for any time lost as a result thereof (See Clause 6 (p)).	106
	 	premium.
    if any. Charterers have option of trading vessel beyong I.W.L..,	 	 		
	 	subject
    to Owners prior consent which should not he unreasonably withheld,	 	 	 	 	 
	 	and
    Charterers to pay such additional insurance premium if any against		6.   	Charterers’
    Obligations	107
	 	presentation
    of insurers invoice and always in line with Lloyds of London	 	 	Except
    as provided elsewhere in this Charter Party, the Charterers shall	108
	 	premium
    for such period.	 	 	provide
    and pay the costs of the following throughout the currency or this	109
	 	The
    Owners warrant that, at the time of signing this Charter Party, the Vessel	40	 	Charter
    Party:	110
	 	has
    not traded to any countries which would make the Vessel unacceptable	41	 	(a)
    Provision of Details: The provision of full and accurate details of goods	111
	 	for
    calls at ports within the Trading Limits as indicated in Box 22. The	42	 	and
    containers (including any documentation required at any ports ol call),	112
	 	Charterers
    shall provide a list of such countries.	43	 	their
    weights and stowage positions to the Master as early as possible	113
	 	 	 	 	but
    not later than upon arrival at the port of loading, with regular updating	114
	4.	Permitted Cargoes	44	 	thereof
    and the provision of a full and accurate plan of the stowage of all	115
	 	Except
    as provided below, the Vessel shall be used exclusively for the carri-	45	 	goods
    and containers actually loaded prier to sailing. Such details shall in-	116
	 	age
    of goods in ISO standard containers complying with the International	46	 	clude:-	117
	 	Convention
    for Safe Containers.	47	 	(i)	gross weights of
    containers,	118
	 	(a)
    Uncontainerised Goods: Uncontainerised goods may be carried only with	48	 	(ii)	any feature of
    the goods requiring attention by the crew during the voy-	119
	 	the
    prior consent of the Owners and the Master provided that they are suitably	49	 	 	age including,
    but not limited to, any hazardous or other dangerous	120
	 	prepared
    for carriage.	50	 	 	feature and/or
    the need for carriage within a specified temperature range	121
	 	(b)
    Hazardous Goods: The Owners agree that the Chatterers may carry the	51	 	(b)
    Instructions to the Master: The Master, although appointed by the Ow-	122
	 	maximum quantity as indicated in
    Box 26 of hazardous goods in containers.	52	 	ners,
    shall at all times during the currency ol this Charter Party be under the	123
	 	provided
    same are loaded, stowed, discharged and documented in accor-	53	 	orders
    and directions of the Charterers as regards employment and agency.	124
	 	dance
    with IMO regulations and Dangerous Carriage Certificate, any	54	 	The
    Charterers shall be obliged at all times to furnish the Master with full and	125
	 	mandatory
    local requirements and regula-	 	 	timely
    instructions.	126
	 	tions
    of the flag state. (see additional clause)	55	 	(c) Stevedoring:
    (See Clause 10 (d)(i)).	127
	 	(c)
    Live Animals. Live animals may be carried only with the prior consent of	56	 	(d) Charterers’ Lashings:
    (See Clause 10 (b))	128
	 	the
    Owners and the Master.	57	 	(e)
    Condition of Containers: The Charterers warrant that all containers	129
	 	(d)
    Radioactive Goods: Radioactive goods other than isotopes shall be	58	 	carried
    pursuant to this Charter Party have been constructed to a design	 130
131
132
133
	 	excluded.
    Radioactive isotopes may be carried only with the prior consent of	59	 	approved
    by a Classification Society and are properly maintained.
	 	the
    Owners and the Master and provided that they are of such a category as	60	 	(I)
    Stowage in Containers: The correct stowage and safe securing of all goods
	 	not
    to invalidate the Vessel’s P & I and Hull and Machinery cover.	61	 	within
    containers (including securing to flat rack containers) to withstand the	134
	 	(e)
    Arms & Ammunition: Arms and ammunition may he carried only with the	62	 	rigours
    of the voyage	135
	 	prior
    consent at the Owners and the Master.	63	 	(g) Stowage Planning:
    (See Clause 10 (c)).	136
	 	 	 	 	(h)
    Operating Expenses: All port charges, fight and canal dues, pilotage,	137
	5.	Owners’ Obligations	64	 	towage,
    consular charges, compulsory garbage/sludge disposal charges,	138
	 	Except
    as provided elsewhere in this Charter Party, the Owners shall, at	65	 		 
	 	their expense, maintain the Vessel
    in the Class as Indicated in Box 10 in a	66	 	 	 	 


 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	unless garbage / sludge are actually
    given out by the Owners, and	 	 	 	required shall
    be provided by the Charterers. If as a result of contraband	200
	 	compulsory shore watchmen or highly
    recommended by Bimco/guards	 	 	 	and/or unmanifested
    drugs or goods found in containers or other cargo,	 
	 	unless same are provided by the
    port due to fault of the Owners,/ crew,	 	 	 	specifically requested
    by local port Authorities the Owners’ P&I Club have to	 
	 	see also Clause 64 and all other
    charges and expenses relating to the	 	 	 	put up a bond it is
    agreed that the Charterers’ P&I will promptly put up a	 
	 	operation of the Vessel not otherwise
    provided for in this Charter Party, other	139	 	 	counter - guarantee
    to support the bond put up by the Owners’ P&I	 
	 	than charges or expenses
    relating to the crew.	140	 	 	 	 	 
	 	(j) Bunker Fuel: (See
    Clause 17).	141	 	7.	Hire	201
	 	(k) Agency Costs: All agency
    fees and expenses for normal ship’s husban-	142	 	 	(a) Rate: The
    Charterers shall pay hire at the rate stated in Box 25, per day or	202
	 	dry at all ports or places of
    call. See Clause 44	143	 	 	pro rata for
    part of a day, from the lane the Vessel is delivered to the Charter-	203
	 	(l) Damage to Vessel: Any
    damage to the Vessel or loss or damage to its	144	 	 	ers until her redelivery
    to the Owners. All calculation of hire shall be made by	204
	 	equipment caused by stevedores
    during the currency of this Charter Party	145	 	 	reference to Universal
    Time Co-ordinated (U.T.C.).	205
	 	shall be reported by the Master
    or the Owners to the Charterers or their	146	 	 	(b) Payment:
    (See clause 60)Payment of hire shall be made in cash in full and	206
	 	agents, in writing.	 	 	 	without dis-	 
	 	within 24 hours of the occurrence
    or as Soon as possible thereafter but la-	147	 	 	count, free of any
    withholding tax semi-monthly 15 days in advance. If hire	207
	 	test when the lass or damage could
    have been discovered by the exercise of	148	 	 	or any instalment
    thereof is not paid	 
	 	due diligence. The Master shall
    endeavour to obtain written acknowledge-	149	 	 	as aforesaid,
    the Charterers shall pay interest ot the rate of 0.1 per cent per	208
	 	ment by the party causing loss
    or damage unless it is made good in the	150	 	 	day on the
    amount outstanding from and including the due date until the date	209
	 	meantime. The Charterers shall
    pay for stevedore damage whether or not	151	 	 	of payment.	210
	 	payment has been made by stevedores
    to the Charterers.	152	 	 	(c) Default:
    In default of punctual and regular payment as herein specified, the	211
	 	Damage for which the Charterers
    are responsible affecting seaworthiness,	153	 	 	Owners may require
    the Charterers to make payment of the amount due	212
	 	or the proper working of the Vessel
    and/or her equipment, shall be repaired	154	 	 	within ***** banking
    days of receipt of notification from the Owners, failing	213
	 	without delay to the Vessel after
    each occurrence in the Chalerers’ time	155	 	 	which the Owners will
    have the right to withdraw the Vessel without prejudice	 
	 	and shall be paid for by the Charterers.
    Other repairs to damage for which	156	 	 	to any claim the Owners
    may have against the Charterers under this Charter	214
	 	the Charterers are responsible
    shall also be carried out in the Charterers’	157	 	 	Party. Further, so
    long as the fine remains unpaid, after such *****, or any	215
	 	time but, if this is not possible,
    such repairs shall be carried out whilst the	158	 	 	material breach of
    contract whatsoever by the Charterers occured the Owners	216
	 	Vessel is in drydock in the Owners
    time provided this does not interfere with	159	 	 	shall	 
	 	the Owners’ repair work,
    or by the Vessel’s crew at the Owners’ conve-	160	 	 	be entitled to suspend
    the performance of any and all of their obligations	 
	 	nience. All costs of such
    repairs shall be for the Charterers’ account. The	161	 	 	hereunder and shall
    have no responsibility whatsoever for any consequen-	217
	 	Actual costs of such repairs provided
    with proper supporting invoices shall	 	 	 	ces thereof in respect
    of which the Charterers hereby agree to indemnify the	218
	 	be for the Charterers account.	 	 	 	Owners. Hire shall
    continue to accrue and any extra expenses resulting from	219
	 	(m) Redelivery: Redelivery
    of the Vessel at the Place of Redelivery as indi-	162	 	 	such suspension shall
    be for the Charterers’ account.	220
	 	cated in Box 21 unless
    agreed by the Owners or provided elsewhere to the	163	 	 	(d) Redelivery
    Adjustment: Should the Vessel be on her voyage towards the	221
	 	contrary, in the same condition
    to that pertaining when the Vessel was deli-	164	 	 	Place of Redelivery
    at the time payment of hire becomes due, said payment	222
	 	vered, fair wear and tear excepted,
    at the end of the period as indicated in	165	 	 	shall be made for
    the estimated time necessary to complete the voyage, less	223
	 	Box 23. The Charterers
    shall give the Owners one-months 120/90/45/30/15	166	 	 	disbursements made
    by the Charterers for the Owners’ account, includmg the	224
	 	days notice of expected	 	 	 	estimated value of
    bunker fuel on board at redelivery. When the Vessel is	225
	 	date and Place of redelivery,
    which advice shall be updated 10, 5 and 2 days	167	 	 	redelivered to the
    Owners any difference shall be refunded to or paid by the	226
	 	prior to expected redelivery.	168	 	 	Charterers as appropriate,
    bul not later than three months after redelivery of	227
	 	At the time of redelivery the
    Vessel shall be clean and fit to load goods and	169	 	 	the Vessel.	228
	 	ISO standard containers. If the
    Charterers have changed the configuration	170	 	 	(e) Deductions:
    On production of supporting vouchers the Charterers shall be	229
	 	of the Vessel to carry different
    size ISO standard containers or non ISO	171	 	 	entitled to deduct
    from payments of hire any expenditure incurred on be-	230
	 	standard containers, they shall,
    in their time and at their cost, prior to rede-	172	 	 	half of the Owners
    which may be payable by the Owners under this Charter	231
	 	livery, return the Vessel to its
    previous configuration, unless the Owners	173	 	 	Party. If such expenditure
    is incurred in a currency other than that in which	232
	 	agree to waive this requirement,
    in which case the Charterers shall return	174	 	 	hire is payable, conversion
    into such currency for the purpose of deduction	233
	 	the Vessel to its previous configuration,
    at their cost, after redelivery at such	175	 	 	shall be effected
    at the rate of exchange at the place of the bank where hire is	234
	 	time and place stipulated by the
    Owners but in the Owners’ time. Without	176	 	 	paid prevailing on
    the date when the expenditure was incurred.	235
	 	prejudice to any other claim the
    Owners may have under this Charter Party	177	 	 	(I) Extension:
    The Charterers shall arrange the Vessel’s trading so as to per-	236
	 	the Owners shall not be obliged
    to accept redelivery of the Vessel before it is	178	 	 	mit redelivery at
    the place and in the period as indicated in Boxes 21 and 23,	237
	 	returned to its previous configuration.	179	 	 	respectively. If the
    Vessel is not chartered for a minimum/maximum period	238
	 	(n) Additional Prerniums:
    All additional premiums for hull and machinery,	180	 	 	and the Vessel is
    sent on a final voyage reasonably calculated to allow rede-	239
	 	war risks, including blocking
    and trapping, or protection and indemnity in-	181	 	 	livery within such
    period at the Place of Redelivery as provided under this	240
	 	surance incurred by the Owners
    over and above the premiums payable by	182	 	 	Charter Party, and
    the voyage is prolonged for reasons beyond the Charter-	241
	 	the Owners. The Owners shall allow
    the Charterers to arrange these addi-	183	 	 	ers’ control,
    the Charterers shall have the use of the Vessel at the rate and on	242
	 	tional covers on their behalf
    if the Charterers so request and if the proposed	184	 	 	the conditions of
    this Charter Party for such extended time as may be re-	243
	 	insurers and terms are acceptable
    to the Owners. If the Charterers arrange	185	 	 	quired for completion
    of said voyage and redelivery as aforesaid.	244
	 	such insurance the Charterers’
    insurers shall confirm cover latest 24 hours	186	 	 	 	 	245
	 	before the Vessel is due to be
    exposed to the risk so insured (See Clause	187	 	8.	Off Hire	 
	 	18)	188	 	 	Atter delivery in
    accordance with Clause 1 hereof, the Vessel shall remain on	246
	 	(o) Advances to Master:
    The Charterers shall procure that their local agents	189	 	 	hire until redelivered
    in accordance with Clause 6(m), except for the fol-	247
	 	at alt proper ports of call shall,
    upon request by the Owners Master, make	190	 	 	lowing periods:	248
	 	funds available to	 	 	 	(a) Unable to Comply
    with Instructions: If the Vessel is unable to comply with	249
	 	the Master him for disbursements,
    which advances the Charterers may	191	 	 	the instructions of
    the Charterers on account of:-	250
	 	recoup from the	 	 	 	(i)	any damage, defect. breakdown,
    or deficiency of the Vessel’s hull, ma-	251
	 	Owners by deduction from the hire
    payments in accordance with Clause	192	 	 	 	chinery, equipment or repairs
    or maintenance or deficiency of the	252
	 	7(e). The Owners to give
    written notice to head once of cash in advance 7	193	 	 	 	Vessel’s service speed by
    reason of breakdown thereto, including	253
	 	working days prior to arrive above
    mentioned port.	 	 	 	 	dry-	 
	 	(p) Contraband: In the
    event that contraband and/or unmanifested drugs or	194	 	 	 	docking, excepting those occasions
    when Clause 6 (l) applies,	 
	 	goods are found to have been shipped
    as part of the goods and/or in con-	195	 	 	(ii)	any deficiency of the Master,
    Officers and/or crew. including the fai-	254
	 	tamers on board, any fines, taxes
    or imposts levied shall be for the Charter-	196	 	 	 	lure, refusal or inability of
    the Master, Officers and/or crew to perform	255
	 	ers’ account, and the Vessel
    shall remain on hire during any time lost as a	197	 	 	 	service immediately required,
    whether or not within the control of the	256
	 	result thereof unless it can be
    established that the Master, Officers and/or	198	 	 	 	Owners,	257
	 	crew are involved in smuggling
    (See Clause 5 (f)). In this event any security	199	 	 	(iii)	arrest of the Vessel at the suit
    of a party where a claim is not caused by	258
	 	 	 	 	 	 	or connected with a claim or default
    of or alleged against the	259
	 	 	 	 	 	 	Charterers, their servants, agents
    or subcontractors or by reason of cargo	260
	 	 	 	 	 	 	carried. (See Clause	 
	 	 	 	 	 	 	5(f)).	 
	 	 	 	 	 	 	 	261


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 





	 	(iv)	any delay occasioned
    by any breach by the Owners of any obligation or	262	 	 	(c) Stowage Planning:
    The Charterers shall ensure that stowage is effected	323
	 	 	warranty in this Charter Party.	263	 	 	in accordance with the requirements
    of this Charter Party and of the Ves-	324
	 	(v)	the terms of employment of Master,
    Officers and/or crew.	 	 	 	sel’s stability and approved
    cargo securing mannual including, inter alia,	325
	 	If any of the above incidents affect the full use of the Vessel, it shall be off	264	 	 	that stack and tier weights are
    not ex-	 
	 	hire. If they partially
    affect the use of the Vessel, it shall be off hire to the ex-	265	 	 	ceeded and that heavy
    containers are not stowed over light containers on or	326
	 	tent such incidents
    affect the Charterers’ use of the Vessel (See also Clause	256	 		under deck, except
    with the Master’s prior approval. Heavy container may be	327
	 	11 (b)).	267	 		stowed over light containers on
    or under deck subject that same meets	 
	 	(b) Deviation:
    (See CI 42) In the event of the Vessel deviating (which	268	 		vessel’s stability and class
    approved, securing mannual calculation,	 
	 	expression inclu-	 	 		critirias and subject to Master’s
    prior approval.	 
	 	des putting back,
    or putting into any port or place other than that to which	269	 	 	(d) Stevedoring:	328
	 	she is bound under
    the instructions of the Charterers) other than to save life	270	 	 	(i) 
    The Charterers shall provide and pay for the cost of all stevedoring op-	329
	 	or property, hire
    shall cease to be payable from the commencement of such	271	 	 	erations during
    the currency of this Charter Party including, inter alia,	330
	 	deviation until the
    time when the Vessel is again ready to resume her service	272	 	 	receipt, loading,
    handling, stowing, lashing, securing, unsecuring. un-	331
	 	from a position not
    less favourable to the Charterers than that at which the	273	 	 	lashing, plugging,
    unplugging. unstowing, discharging, tallying and	332
	 	deviation commenced,
    provided always that due allowance shall be given for	274	 	 	delivering
    of all uncontai-	333
	 	any distance made
    good towards the Vessel’s destination and any bun-	275	 	 	nerised goods
    and containers and shall be liable to the Owners for all	334
	 	kers saved. However,
    should the Vessel alter course to avoid had weather	275	 	 	loss or damage caused to the Vessel by the improper or careless per-	335
	 	or be driven into
    port or anchorage by stress of weather, the Vessel shall re-	277	 	 	formance of such operations including loss/ damage to Owners	 
	 	main on hire and all
    costs thereby incurred shall be for the Charterers’ ac-	278	 	 	securing equipment.	 
	 	count.	279	 	 	(ii)  The
    Master shall supervise stevedores undertaking the tasks outlined in	336
	 	(c) Blocking and
    Trapping: If during the currency of this Charter Party the	280	 	 	Clause 10 (d) (i) to ensure that these are done correctly and to his	337
	 	Vessel is blocked
    or trapped in circumstances where Clause 19 (b), applies,	281	 	 	satisfaction. The Master shall ensure that all lashings are regularly	338
	 	the Vessel shall be
    off hire for the period blocked or trapped If the Vessel is	282	 	 	checked whilst at sea, weather permitting and crew available and	339
	 	blocked or trapped
    for a period of 365 days this Charter Party shall be termi-	283	 	 	permitted according to STCW•95 rules and any subsequent	 
	 	nated.	284	 	 	amentments thereto.	 
	 	(d) Requisitions:
    Should the Vessel be requisitioned by any government or	285	 	 	(e) Liability: Except in respect of the failure of any lashing supplied by the	340
	 	governmental authority
    during the period of this Charter Party, it shall be off	286	 	 	Charterers, the Owners shall be responsible. subject to the provisions of	341
	 	hire during the period
    of such requisition and any hire or other compensa-	287	 	 	Clause 17, for the consequences of the failure of any lashings or lashing	342
	 	tion paid by any government
    or governmental authority in respect of such	288	 	 	pattern design or execution or the failure to properly service lashings during	343
	 	requisition shall
    be paid to the Owners. However, the Charters shall have	289	 	 	the voyage provided service of lashing not affected by bad weather.	344
	 	the option
    of canceling the balance period of this Charter Party, provided this	290	 	 	 
	 	option is
    exercised within 14 days of receipt of notice or requisition.	291	 	11. 	Vessel’s Gear Equipment	345
	 	(e) Loss of Time:
    In the event of loss of time for which the Owners are res-	292	 	 	(a) Regulations: The Vessel’s cargo gear if any, and any other equipment	346
	 	ponsible, including
    but not limited to terms of employment of Master, Offic-	293	 	 	shall comply with the regulations of the countries to which the Vessel will be	347
	 	ers and/or crew, the
    Vessel shall be off hire for the time thereby lost. Any	294	 	 	employed and the Owners shall ensure that the Vessel is at all limes during	348
	 	time during which
    the Vessel is off hire under this Charter Party may be	295	 	 	the currency of this Charter Party in possession of valid certificates of effi-	349
	 	added to the charter
    period, at the option of the Charterers. Such option	296	 	 	ciency to comply with such regulations. If stevedores are not permitted to	350
	 	shall be declared
    not less than two months before expected redelivery, or	297	 	 	work due to failure of the Master and/or the Owners and/or the Owners’	351
	 	latest two
    weeks after the event if less than two months before expected re-	298	 	 	agents to comply with the aforementioned regulations or because the Ves-	352
	 	delivery
    within two months of occurrence and if remaining period is less	299	 	 	sel is not in possession of such valid certificates of efficiency, then the	353
	 	than two months from
    expiry of the C/P, immediately after the occurrence.	 	 	 	Charterers may suspend hire for the time lost thereby and the Owners shall	354
	 	(See Clause 32,69)	 	 	 	pay all expenses incurred incidental to and resulting from such failure (see	355
	 	 	 	 	Clause 5 (c)).	356
	 	(f) Any and all expenses
    reasonably incurred resulting from the above that	 	 	 	(b) Condition: All cargo handling gear, including derrick(s), crane(s) and	357
	 	are due to Owners
    negligence or failure, to be for the Owners	 	 	 	winch(es) if any, shall be kept in good working order and the Owners shall	358
	 	account, however Charterers
    will make best endeavours to minimize such	 	 	 	maintain, repair and/or replace such gear whenever necessary. In the event	359
	 	any extra expences.	 	 	 	of loss of time doe to a breakdown of derrick(s), crane(s) or winch(es) for	360
	 	 	 	 	 	any period by reason of disablement or insufficient power, hire shall be re-	361
	9. 	Loss of Vessel	300	 	 	duced pro rata for the period of such inefficiency in relation to the number of	362
	 	Should the Vessel
    be lost, or become a constructive total loss, hire shall	301	 	 	hatches affected, unless caused by mishandling by the Charterers or their	363
	 	cease at noon on the
    day of her loss or constructive total loss, and if mis-	302	 	 	servants. If the Charterers continue working by using shore crane(s) the	364
	 	sing, from noon on
    the date when last heard of, and any hire paid in advance	303	 	 	Owners shall pay such cranage but not exceeding the hire payable for such	365
	 	and not earned shall
    be returned to the Charterers and payment of any hire	304	 	 	period, in which case the Vessel shall not be off hire pro rata as stipulated	366
	 	due shall be suspended
    until the Vessel is reported safe. Nothwithstanding	305	 	 	above. The Vessel shall, however, be pro rata off hire if shore cranes are	367
	 	anything contrary
    stated in the PartI, Part II, Part Ill and Clause 23 to 108	 	 	 	not available during stoppages of derrick(s), crane(s) or winch(es) and all	368
	 	and additional Clauses
    of this Charter Party the Charter will be terminated	 	 	 	other unavoidable expenses hereby incurred shall be for the Owners’ ac-	368
	 	on the noon of the
    day that the Vessel is lost or become a constructive	 	 	 	count.	370
	 	total loss.	 	 	 	(c) Suez and Panama Canal: The Vessel shall be maintained during the cur-	371
	 	 	 	 	rency of this Charter Party with all necessary fittings tor Suez and Panama	372
	10. 	Lashings and Stevedoring	306	 	 	Canal transit in good working order.	373
	 	(a) Owners’
    Lashings: The Owners shall supply and maintain in good work-	307	 	 	(d) Refrigeration: The Owners shall ensure that all refrigeration facilities as	374
	 	ing order throughout
    the currency of this Charter Party sufficient lashing and	308	 	 	described in PART Ill are maintained in good working order throughout the	375
	 	securing equipment
    to facilitate the proper lashing and securing in ac-	309	 	 	currency of this Charter Party.	376
	 	cordance with the
    plan supplied by the Owners of the maximum number of	310	 	 	(e) Lighting: The Owners shall ensure that the Vessel will supply sufficient	377
	 	ISO standard containers
    which may be carried in accordance with the de-	311	 	 	lighting to deck and holds to permit 24 hour working free of expense to the	378
	 	tails provided in
    PART III hereto. The Owners further warrant that both the	312	 	 	Charterers and that such lighting will comply with the port regulations at all	379
	 	strength of the lashings
    and the design of the lashing pattern are adequate	313	 	 	ports of call throughout the currency of this Charter Party.	380
	 	for the stowage in
    accordance with PART lIl hereto and that these have	314	 	 	 
	 	been approved by the
    Vessel’s Classification Society or flag state.	315	 	12. 	Bunker Fuel	381
	 	(b) Chatterers’
    Lashings: Should any additional or alternative lashings to	316	 	 	(a) Quantity at Delivery/Redelivery: The Vessel shall be delivered with ap-	382
	 	those supplied by
    the Owners be required, these shall be supplied by the	317	 	 	proximately the quantity of fuel as indicated in Box 16 and, unless indicated to	383
	 	Charterers at their
    expense. Should the Charterers supply gear, equipment	318	 	 	the contrary in box 17, the Vessel shall be redelivered with an approximately	384
	 	or stores, the Master
    shall keep a record of it and care for it. Such gear,	319	 	 	similar quantity, provided that the quantity of fuel at redelivery is at least	385
	 	equipment or stores
    shall be redelivered to the Charterers at the time requi-	320	 	 	sufficient to allow the Vessel to reach safely the nearest port at which fuel of	386
	 	red by the Charterers
    in the same condition as supplied fair wear and tear	321	 	 	the required type is available. (See clause 49)	387
	 	excepted. However
    Master/ Officer/ Crew are to make utmost diligence to	322	 	 	(b) Pre and Post Charter Bunkering: Provided that it can be accomplished	388
	 	protect Charterers’
    property.	 	 	 	without hindrance to the operation of the Vessel, the Owners shall allow the	389







 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	Charterers
    to bunker for the account of the Charterers prior to delivery and	390	 	 	The
    Owners also undertake to endeavour to assist the Charterers by pro-	458
	 	the
    Charterers shall allow the Owners to bunker for the account of the Ow-	391	 	 	ducing
    or assisting the Charterers to trace the Vessel’s witnesses as may be	459
	 	ners
    prior to redelivery, in both cases by prior arrangement between the	392	 	 	requested
    by the Charterers to give testimony in connection with matters	460
	 	parties.	393	 	 	arising
    in relation to this Charter Party and such expenses as may be incur-	461
	 	(c)
    See Clause 49 Purchase Price: Unless otherwise stated in Boxes 16 and	394	 	 	red
    shall be for the Charterers’ account.	462
	 	17,
    the Charter	 	 	 	(g)
    Replacement of Master and Officers: If the Charterers shall have reason to	463
	 	ers
    shall purchase the fuel on board at delivery and the Owners shall pur-	395	 	 	be
    dissatisfied with the conduct of the Master or Officers, the Owners	464
	 	chase
    the fuel on board at redelivery at the Platts Oil Gram mean prices at	396	 	 	shall,
    on receiving particulars of the complaint, investigate same and, if con-	465
	 	the
    ports and dates of delivery and redelivery, respectively, or the nearest	397	 	 	firmed,
    replace the offending party(ies) at the Owners’ expense.	466
	 	bunkering
    port thereto.	398	 	 	(h)
    Supercargo: The Owners shall provide and maintain a clean and ade-	467
	 	(d)
    Specification: See Part III (Preliminary Description), Clause 56,	399	 	 	quate
    room for the Charterers’ supercargo if any, furnished to the same	468
	 	Appendix
    I (Full Specification), Appendix II (Final Description)	 	 	 	standard
    as officers’ accommodation. Supercargo shall be victualled with	469
	 	 	 	 	 	 	the
    Vessel’s officers. The Charterers shall pay for accommodation and vic-	470
	 	The
    Charterers shall supply fuel of the B.S.M.A. 100 1989 specification or	 	 	 	tualling of any supercargo at the
    daily rale as indicated in Box 28.	471
	 	any
    amendment thereto as indicated in Box 14.	400	 	 	(j)
    Victualling: The Owners, when requested and authorised by the Charter-	472
	 	(e)
    Consumption: The Vessel’s fuel consumption in port and at sea shall not	401	 	 	ers
    or their agents, shall victual other officials and servants of the Charter-	473
	 	exceed the amounts shown
    in PART Ill, at all times for port consumption and	402	 	 	ers at the rate per person per meal
    as indicated in Box 29.	474
	 	in
    smooth water with winds not exceeding Beaufort Scale 4 and Douglas sea	403	 	 	(k)
    Sub-Letting: The Charterers shall have the right to sub-let all or part of	475
	 	condition
    3 for consumption	 	 	 	the
    Vessel with the prior consent of the Owners, which shall not be unrea-	476
	 	at
    sea. (See Clause 25)	404	 	 	sonably
    withheld, or with prior notice only if sub-let to the Charterers’	477
	 	(f)
    Bunkering: The Chief Engineer shall cooperate with the Charterers’ bun-	405	 	 	subsidiaries
    or affiliates, whilst still remaining responsible to the Owners for	 
	 	kering
    agents and fuel suppliers and comply with their requirements during	406	 	 	the	 
	 	bunkering,
    including, but not limited to, checking. verifying and acknow-	407	 	 	performance
    of this Charter Party.	478
	 	ledging
    readings or soundings, meters etc. before, during and/or after de-	408	 	 	(I)
    Inspections: The Owners shall co-operate with the Charterers to facilitate	479
	 	livery
    of fuel.	409	 	 	the
    Charterers’ inspection of the Vessel at any time, upon receipt of reason-	480
	 	Three
    (3) samples of all fuel shall be taken during delivery using a sampling	410	 	 	able
    notice, in the Charterers’ time.	481
	 	flange.
    sealed and	 	 	 	(m)
    Substitution and Sub-Contracting: Subject to Clause 28 and 69 Unless	482
	 	signed
    by suppliers, Chief Engineer and the Charterers’ agent, each of	411	 	 	the
    Charterers’ prior consent	 
	 	whom
    should retain one sample. If any claim should arise in respect of the	412	 	 	be
    obtained in writing, which shall not be unreasonably withheld, the Ow-	483
	 	quality
    or specification of the fuel supplied, the Owners and the Charterers	413	 	 	ners
    may not:-	484
	 	agree
    to have samples of the fuel analysed by a mutually agreed qualified	414	 	 	(i)    substitute any other vessel for that named herein, even though it might	485
	 	analyst.
    See Clause 103.	415	 	 	be
    of identical specification, before, at the beginning of or throughout	486
	 	 	 	 	 	 	the
    currency of this Charter Party or,	487
	13.	Charterers’ Requirements	416	 	 	(ii)   sub.conlract any of their obligations including the management of the	468
	 	(a)
    Plans: On signing this Charter Party the Owners shall, if the Charterers	417	 	 	Vessel,
    In the event of any sub-contracting the Owners shall remain	489
	 	so
    request, furnish the Charterers with the following documents in English:	418	 	 	responsible
    for the performance of this Charter Party or.	490
	 	(i)	General Arrangement
    Plan	419	 	 	(iii)  change the flag of the Vessel.	491
	 	(ii)	Capacity Plan	420	 	 	(n)
    Laid-Up Returns: The Charterers shall have the right to order the laying-	492
	 	(iii)	Container Stowage
    Plan	421	 	 	up
    of the Vessel at any time and for any period of time at a safe berth or place	493
	 	(iv)	Plan of Deck and
    (where the Vessel not cellular) Under-Deck Container	422	 	 	and
    in the event of such laying-up the Owners shall promptly take steps to	494
	 	 	Lashing Plan approved
    by the Vessel’s Classification Society.	423	 	 	effect
    all the economies in operating costs, including insurance, which may	495
	 	(v)	Trim and Stability
    Book	424	 	 	be
    possible and give prompt credit to the Charterers in respect of all such	496
	 	(vi)	Hydrostatic Curves
    Plan	425	 	 	economies.
    At the request of the Charterers, the Owners shall at any time	497
	 	(vii) 	Loading Scale	426	 	 	provide
    an estimate of the economies which would be possible in the event	498
	 	(viii)	 Tank Plan	427	 	 	of
    the laying-up of the Vessel. The laying-up port or place shall be at the	499
	 	and
    any other operational documents that the Charterers may reasonably	428	 	 	Charterers’
    option but shall always be safe and acceptable to the Owners’	500
	 	request
    and which are necessary for the safe and efficient operation of the	429	 	 	insurers.
    Should the Charterers in liaison with the Owners decide that the	501
	 	Vessel.
    All documents received by the Charterers shall be returned to the	430	 	 	Master,
    Officers and crew should be paid off, then the cost of repatriation	502
	 	Owners
    on redelivery.	431	 	 	and,
    later, cost of rejoining, including laying-up preparation and reactiva-	503
	 	(b)
    Flag. Funnel, Name and Configuration: The Charterers, if required, shall	432	 	 	tion
    cost, and all expenses incurred shall be for the Charterers’ account.	504
	 	be
    allowed to fly their house flag, paint the funnel in the Charterers’ colours	433	 	 	The
    Charterers shall give sufficient notice of their intention in this respect to	505
	 	and/or
    the name of the Line on the Vessel’s side, change the Vessel’s name,	434	 	 	enable
    the Owners to make necessary arrangements for decommissioning	506
	 	subject
    to the authorities approval, and/or change the Vessel’s container	435	 	 	and
    recommissioning.	507
	 	stowage
    configuration to carry different sized containers, all during the cur-	436	 	 	Any
    returns of premium or calls payable to the Owners by reason of the Ves-	508
	 	rency
    of this Charter Party. If the Charterers elect to exercise any or all of	437	 	 	sel
    remaining within the confines of any port area in excess of any minimum	509
	 	these
    options all alterations necessary shall be effected during the Charter-	438	 	 	period
    provided for in the Owners’ insurance policies shall be remitted to	510
	 	ers’
    time and at the Charterers’ expense. Unless the Owners elect to waive	439	 	 	the
    Charterers upon receipt by the Owners, provided the Vessel was on hire	511
	 	this
    requirement or enter into an alternative agreement with the Charterers,	440	 	 	for
    the full period, otherwise such return shall be shared pro rata between	512
	 	the
    Vessel shall be returned to its condition prior to the commencement of	441	 	 	the
    Owners and the Charterers according to the proportion of qualifying	513
	 	the
    Charter Party at the Charterers’ expense before redelivery. (See Clause	442	 	 	time
    on and off hire.	514
	 	79)	 	 	 	 	(o)
    Signing Bills of Lading: (in accordance with the mate’s receipts if the	515
	 	(c)
    Ballast Warranty: The Owners warrant that the Vessel is capable of ope-	443	 	 	mates
    receipts are issued by the Master/Chief Officer): If required, the	 
	 	rating
    under this Charter Party in ballast without requiring any solid ballast	444	 	 	Master
    shall sign bills of lading as	 
	 	and
    using fuel and water ballast only.	445	 	 	presented
    by the Charterers. If required, the Charterers and/or their agents	516
	 	(d)
    Weather Routing: The Charterers may supply the Master with weather	446	 	 	are
    hereby authorised by the Owners to sign bills of lading in strict	517
	 	routing
    information during the currency of this Charier Party. In this event	447	 	 	accordance
    with the mate’s receipts (if mate’s receipts are issued by the	 
	 	the
    Master shall comply with the reporting procedure of the Charterers’	448	 	 	Master/Chief
    Officer) on the Owners’	 
	 	weather
    routing service.	449	 	 	and/or the Master’s behalf (See
    Clauses 16 (a), (b) and (c)). The Charterers	518
	 	(e)
    Communtrations Facrlines: The Owners shall permit the Charterers use	450	 	 	shall
    indemnify the Owners and the Master against all consequences or lia-	519
	 	of
    the Vessel’s communication facilities at cost during the currency of this	451	 	 	bilities
    arising therefrom.	520
	 	Charter
    Party.	452	 	 	 	 
	 	(f)
    Logs and Witnesses: The Owners shall maintain full deck, engine room	453	 	14.	Owners’ Requirements	521
	 	and,
    where appropriate, refrigeration logs during the currency of this Char-	454	 	 	(a)
    Maintenance: The Owners shall have the right to take the Vessel out of	522
	 	ter
    Party but at least 3 years after the day of occurance and the Charterers	455	 	 	service
    for emergency repairs at any time and for routine maintenance by	523
	 	shall
    have full access to all the Vessel’s logs, rough and official, covering this	 	 	 	prior
    arrangement with the Charterers. The Owners shall endeavour to ac-	524
	 	period.
    The Owners undertake to produce all such documentation promptly	456	 	 	commodate
    the Charterers’ requirements in determining the timing of such	525
	 	upon
    request of the Charterers.	457	 	 	maintenance
    arid the Charterers shall endeavour to accommodate the Ow-	526


 


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



    	 



    	



    

 


PART II


“BOXTIME” Charter Party


 


	 	ners’ choice of
    location for maintenance (See Clause 8(a)(i)).	527	 	 	terers’ goods and containers prior to loading,
    in which case of all such costs	599
	 	(b) Bills at Lading: The Charterers warrant that bills
    of lading issued in res-	528	 	 	shall be for the Charterers’ account.	600
	 	pect of the carriage of goods and containers under this Charter
    Party shall	529	 	 	(d) On / Off Hire Surveys: Joint on and off hire surveys
    shall be conducted by	601
	 	contain the following clauses:	530	 	 	mutually acceptable surveyors at the Places of Delivery and
    Redelivery, res-	602
	 	(i)	A clause paramount applying the Hague or Hague-Visby
    Rules or a	531	 	 	pectively. The on hire survey shall be conducted in the Owners’
    time unless	603
	 	 	carriage of goods by sea statute making either of these
    mandatorily	532	 	 	the Vessel has commenced loading. The off hire survey shall
    be conducted	604
	 	 	applicable, in either case according to the practice-prevalent	533	 	 	in the Charterers’ time. The cost of the survey to be equally
    shared	605
	 	 	prevailing at the	 	 	 	between Owners and Charterers.	 
	 	 	port(s) of loading.	534	 	 	Both surveys shall cover condition of the Vessel and amounts
    of fuel on	606
	 	(ii)	A “New Jason” clause.	535	 	 	board and the Owners shall procure that the Master, Chief Engineer,
    Offic-	607
	 	(iii)	A “General Average” clause providing for adjustment
    at a port or place	536	 	 	ers and crew shall co-operate with the surveyors in conducting
    such sur-	608
	 	 	at the option of the Carrier according to the York-Antwerp
    Rules 1974	537	 	 	veys.	609
	 	 	1994	 	 	 	(e) Sub-Contractors: In this Charter Party the term
    “sub-contractor” shall in-	610
	 	 	or any amendment thereto.	538	 	 	clude sub-contractors and their respective servants, agents
    and sub-con-	611
	 	(iv) 	A “Himalaya” or “Circular Indemnity” clause giving the Owners the be-	539	 	 	tractors.	612
	 	 	nefit of the bill of lading terms and conditions
    and/or protection from	540	 	 	 	 	 
	 	 	tortious claims by third parties.	541	 	16.	Charterers’ Responsibilities/Liabilities	613
	 	(v)	A “Sister Ship Salvage” clause.	542	 	 	(a) Charterers’ Responsibilities: Except as elsewhere
    provided in this Char-	614
	 	(vi) 	A “Both-to-Blame Collision” clause.	543	 	 	ter Party and without prejudice to the Charterers’ right to
    initiate recovery	615
	 	(c) General Average: General average shall be adjusted
    at the place as indi-	544	 	 	against the Owners under Clause 17, the Charterers shall be
    responsible for	616
	 	cated in Box 33
    according to the York-Antwerp Rules 1974 1994 or any amend-	545	 	 	all claims in respect of any liability or expense whatsoever
    or howsoever	617
	 	ment
    thereto by an adjuster appointed by the     Owners. In the event of general	546	 	 	arising in connection with the goods and containers carried
    pursuant to this	618
	 	average or salvage, the Charterers shall provide an acceptable
    temporary	547	 	 	Charter Party or their carriage (even if such liability arises
    wholly or in part	619
	 	security covering all goods and containers to avoid delay and
    secure their	548	 	 	by reason of the act, neglect or default of the Owners or of
    such servant,	620
	 	release so that transit/delivery may continue. The Owners agree
    that the	549	 	 	agent or sub-contractor).	621
	 	Charterers temporary guarantee may be exchanged in due course
    for a full	550	 	 	(b) Claims Handling: If any such claim or allegation
    as described in Clause	622
	 	set of securities from the appropriate interested parties covering
    all goods	551	 	 	16(a) shall be made against the Owners or against any vessel
    owned by any	623
	 	and containers. The Charterers agree to co-operate with the
    Owners and	552	 	 	of them, the Charterers provided it is accepted by Owners P&I
    will:	624
	 	the Owners’ appointed adjusters, to assist by supplying manifest
    and other	553	 	 	(i)	take over the conduct and defence of such claim or
    allegation and	625
	 	information and, where required, to endeavour to secure the
    assistance of	554	 	 	 	settle same at their own expense obtaining, where appropriate,relea-	626
	 	the Charterers’ local agents in the collection of security,
    at the Owners’ ex-	555	 	 	 	ses in joint names or, should the Owners so request,	627
	 	pense.	556	 	 	(ii)	put the Owners in funds to meet legal fees, witness
    and third party ex-	628
	 	All goods and containers shall contribute in general average,
    whether ship-	557	 	 	 	penses and settlement funds, excluding the Owners’ own
    office expen-	629
	 	ped on or under deck. Charter hire shall not contribute.	558	 	 	 	ses, to deal with such claim or allegation themselves.	630
	 	General average shall be adjusted in any currency at the sole
    option of the	559	 	 	(c) General Indemnity:
    If in spite of Clause 16(a) any claims as therein des-	631
	 	Owners. Exchange into the currency of adjustment shall be calculated
    at the	560	 	 	cribed are nevertheless made, the Charterers shall indemnify
    the Owners	632
	 	rate prevailing on the date of payment for disbursements and
    on the date of	561	 	 	and such servant, agent or sub-contractor against all consequences
    what-	633
	 	completion of discharge of the Vessel for allowances, contributory
    values,	562	 	 	soever thereof, without prejudice to the Charterers’ right
    subsequently to	634
	 	etc. The Owners shall not declare General Average when the
    amount of	563	 	 	initiate action against the Owners.	635
	 	sacrifices and expenses admissible in General Average arising
    in	 	 	 	(d) Fines etc., Indemnity: The Charterers shall indemnify
    the Owners against	636
	 	connection with the Vessel is estimated not to exceed USD 500,000.	 	 	 	any expenses, fines, liabilities, losses, damages, claims or
    demands which	637
	 	(d) Salvage: All time lost and all legal and other expenses
    (excluding any	564	 	 	the Owners may incur or suffer by reason of any failure of
    the goods or con-	638
	 	damage to the Vessel) incurred in saving or attempting to save
    life or pro-	565	 	 	tainers or the documentation relating thereto to comply with
    any relevant	639
	 	perty shall be borne equally by the Owners and the Charterers.
    All salvage	566	 	 	laws, regulations, directions or notices of customs, port and
    other authori-	640
	 	and proceeds from derelicts shall be divided equally between
    the Owners	567	 	 	ties, or by reasons of any infestation, contamination or condemnation
    of	641
	 	and the Charterers after deducting the Master’s, Officers’
    and crew’s share.	568	 	 	goods or containers or infestation, damage or contamination
    of the Vessel	642
	 	The Charterers shall be bound by all measures taken by the
    Owners in order	569	 	 	by the Charterers’ goods or containers.	643
	 	to secure payment of salvage and to settle its amount.	570	 	 	(e) Time Limit: The Charterers shall be discharged from
    all liability under	644
	 	(e) Liens: The Charterers warrant that they will not
    suffer, nor permit to be	571	 	 	this Charter Party unless notice of arbitration in accordance
    with Clause 20	645
	 	continued, any lien or encumbrance incurred by them or their
    agents, which	572	 	 	is given within 15 months of redelivery.	646
	 	might have priority over the title and interest of the Owners
    in the Vessel. In	573	 	 	(f) Agency: Without
    prejudice to sub-clause 16 (a) the Owners authorise and	647
	 	no event shall the Charterers procure, nor permit to be procured,
    for the	574	 	 	empower the Charterers to act as the Owners’ agents and/or
    trustees to sti-	648
	 	Vessel any supplies, necessaries or services without previously
    obtaining a	575	 	 	pulate for the Owners to have as against other persons the
    benefit of any im-	649
	 	statement, signed by an authorised representative of the furnisher
    thereof.	576	 	 	munities, exemptions or liberties regarding the goods and containers
    the	650
	 	acknowledging that such supplies, necessaries or services are
    being furni-	577	 	 	subject of this Charter Party or their carriage but the Charterers
    shall have	651
	 	shed on the credit of the Charterers and not on the credit
    of the Vessel or of	578	 	 	no authority to make any contracts imposing any obligations
    upon the Ow-	652
	 	the Owners and that the furnisher claims no maritime lien on
    the Vessel	579	 	 	ners in connection with the goods and containers or their carriage.	653
	 	therefor.	580	 	 	(g) General Average
    Exclusion: Nothing in this Clause 16 shall apply to pre-	654
	 	The Owners shall have a lien on the Charterers’ goods and containers
    and	581	 	 	clude any claim made by the owners of any property on board
    the Vessel for	655
	 	upon all sub-freights and/or sub-hire for unpaid charter hire,
    unreimbursed	582	 	 	general average contribution in accordance with the York-Antwerp
    Rules	656
	 	Charterers’ expenses initially paid by the Owners and contributions
    in gen-	583	 	 	1994 1974 or any amendment thereto.	657
	 	eral average properly due.	584	 	 	(h) Claims Authority: The Charterers shall make no payment
    in excess of the	658
	 	 	 	 	 	 	amount as stated in
    Box 32 in settlement of a claim for which they intend to	659
	15.	Sundry Matters	585	 	 	seek recovery from the Owners without prior consultation with
    the Owners.	660
	 	(a) Pilotage/Towage: Although engaged by the Charterers
    or their agents	586	 	 	The Owners authorise the Charterers to grant extensions of
    time in respect	661
	 	and paid by the Charterers, all pilotage, towage and other
    such services to	587	 	 	of such claims provided the Charterers give the Owners immediate
    notice	662
	 	the Vessel to assist with navigation shall be engaged as agents
    of the Ow-	588	 	 	thereof.	663
	 	ners who, for the purposes of this Charter Party, shall remain
    responsible for	589	 	 	 	 	 
	 	the due performance thereof. Nothing contained in this Charter
    Party shall	590	 	17.	Owners’ Responsibilities/Liabilities	664
	 	be construed as a demise of the Vessel to the Charterers and
    the Owners	591	 	 	Except as elsewhere provided in this Charter Party, the responsibilities
    and	665
	 	remain responsible for the navigation thereof at all times.	592	 	 	liabilities of the Owners shall be as follows:	666
	 	(b) Watchmen: The cost of compulsory shore gangway
    watchmen shall be	593	 	 	(a) For Goods and Containers: The Owners shall be liable
    for loss, damage	667
	 	borne equally between the Owners and the Charterers
    throughout the cur-	594	 	 	or expense in respect of goods and containers arising or resulting
    from:	668
	 	rency of this
    Charter Party. See line 140	595	 	 	(i)	lack of due diligence on their part before and at the
    beginning of each	669
	 	(c) Stowaways: Any costs incurred in respect
    of stowaways shall be for the	596	 	 	 	voyage to make the Vessel seaworthy and to properly
    man, equip and	670
	 	Owners’ account, unless it can be established
    that the means by which the	597	 	 	 	supply it and make all parts of the Vessel in which
    goods and contain-	671
	 	Stowaway gained access to the Vessel was by secreting
    away in the Char-	598	 	 	 	ers are carried fit and safe for their reception, carriage
    and preserva-	672


 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	 	tion, unless the Charterers
    consent to lead container’s in parts of the	673	 	days notice to the Charterers,
    the Owners shall be entitled to effect any rea-	748
	 	 	Vessel which the Master considers
    to be unfit, in which case the Char-	674	 	sonable change to this value. The
    Owners agree that their insured value for	749
	 	 	terers shall indemnify Ihe Owners,	675	 	the purpose of this Clause shall
    represent the Charterers maximum liability	750
	 	(ii)	failure on their part properly and
    carefully to carry, keep and care for	676	 	to the Owners
    for damage to the Vessel in accordance with Clause 6 (i) in-	751
	 	 	the goods and containers while on
    board, or	677	 	cluding time spent on repairs.	752
	 	(iii)	unreasonable deviation from the
    voyage ordered or approved by the	678	 	(b) Protection and Indemnity
    (P & I): The Owners and the Charterers warrant	753
	 	 	Charterers.	679	 	that the Vessel is entered on full
    terms with their respective P & I Clubs as in-	754
	 	(b) For Refrigerated
    Goods: In respect of blown-air containers, the Owners	680	 	dicated in Boxes
    30 and 31 and that such entries will be maintained with all	755
	 	shall be responsible
    only to maintain the supply of air at the required tempe-	681	 	calls paid up to date throughout
    the currency of this Charter Party.	756
	 	rature to the containers,
    provided proper instructions are given to the Mas-	682	 	(c) War Risks: The Owners
    warrant that the Vessel is insured against loss of	757
	 	ter by the Charterers
    and the containers are presented at the carriage tem-	683	 	the Vessel by War Risks and War
    P & I Risks for IWL trading excluding addi-	758
	 	peratures.	684	 	tional premium/restricted/ prohibited
    areas, which cover will be maintained	759
	 	In respect of integral
    refrigerated containers or blown-air containers with a	685	 	 	 
	 	marine refrigeration
    clip-on unit attached or any containers with any ma-	686	 	 	 
	 	chinery for temperature/atmosphere
    control containing goods, the Owners	687	 	 	 
	 	shall be responsible
    for the provision of electrical power only. The Owners	688	 	 	 
	 	shall endeavour to monitor
    and record the performance of all such units	689	 	 	 
	 	whilst on board in accordance
    with the Charterers’ instructions and to re-	690	 	 	 
	 	pair and rectify any
    breakdown, fault or deficiency which may occur in res-	691	 	 	 
	 	pect of such units,
    using the resources on board the Vessel. If repair works	692	 	 	 
	 	are performed, all additional
    expenses incurred by the Owners, including	693	 	 	 
	 	spare parts, shall be
    for the account of the Charterers and the Vessel’s crew	694	 	 	 
	 	shall always be considered
    the Charterers servants. If such resources are	695	 	 	 
	 	insufficient, the Owners
    shall immediately notify the Charterers so they may	696	 	 	 
	 	take action to obtain
    any required spares or specialised repair facilities.	697	 	 	 
	 	Except as provided above,
    the Owners shall not be liable for malfunctioning	698	 	 	 
	 	of integral refrigerated
    containers and power packs put on board by the	699	 	 	 
	 	Charterers.	700	 	 	 
	 	The Owners shall be
    entitled to reject and require the Charterers to dis-	701	 	 	 
	 	charge any container
    loaded at a temperature not within the required carri-	702	 	 	 
	 	age temperature range.
    If, at the Charterers’ request, Ihe Owners consent to	703	 	 	 
	 	receive and carry such
    container(s), the Charterers shall indemnify the Ow-	704	 	 	 
	 	ners against all consequences
    thereat.	705	 	 	 
	 	(c) Limitation of
    Liability: The liability of the Owners to the Charterers for	706	 	 	 
	 	loss, damage or expense
    in respect of goods and containers as herein pro-	707	 	 	 
	 	vided shall be limited
    as follows:	708	 	 	 
	 	(i)	In respect of goods liability shall
    be en the same basis as applicable	709	 	 	 
	 	 	under mandatory law between the
    Charterers and a third party by rea-	710	 	 	 
	 	 	son of the Charterers having issued
    a bill of lading or similar contract of	711	 	 	 
	 	 	carriage, provided that such Bill
    of Lading contains no declaration of	712	 	 	 
	 	 	value. Where no mandatory law so
    applies, liability shall be limited to	713	 	 	 
	 	 	GB-Pounds 100
    666,67     SDR per package or 2 SDR per KG of the	714	 	 	 
	 	 	goods weight whichever is higher.	 	 	 	 
	 	(ii)	In respect of containers, liability
    shall be the reasonable cost of repair or	715	 	 	 
	 	 	the value of the container at the
    time of such loss or damage, which-	716	 	 	 
	 	 	ever is the lesser. The value of
    a leased container is the value stated in	717	 	 	 
	 	 	the lease agreement and for an owned
    container it is its market value.	718	 	 	 
	 	 	For the purpose of this Charter
    Party containers not owned or leased by	719	 	 	 
	 	 	the Charterers shall be regarded
    as goods for liability purposes.	720	 	 	 
	 	(d) Time Limit:
    Except as provided in Clause 16(h), the Owners shall be dis-	721	 	 	 
	 	charged from all liability
    under this Charter Party in respect of claims for	722	 	 	 
	 	which extensions of
    time have not been sought and obtained by the Charter-	723	 	 	 
	 	ers unless notice
    of arbitration in accordance with Clause 20 is given within	724	 	 	 
	 	15 months of the delivery
    of goods, if the claim relates to goods, or the date	725	 	 	 
	 	when the Charterers
    become aware of the incident giving rise to the claim	726	 	 	 
	 	for all other claims.	727	 	 	 
	 	(e) For Personal
    Injury: The Owners shall indemnify the Charterers against	728	 	 	 
	 	any claims for personal
    injury incurred on or about the Vessel unless	729	 	 	 
	 	caused by the negligence
    of the Charterers, their servants, agents or sub-	730	 	 	 
	 	contractors or any defect
    in the Charterers’ goods and/or containers.	731	 	 	 
	 	(f) Limitation Proceedings:
    The Owners shall have the control and conduct of	732	 	 	 
	 	any limitation proceedings
    on the joint behalf of the Owners and the Char-	733	 	 	 
	 	terers. If successful,
    any unrecovered costs of such proceedings shall be	734	 	 	 
	 	borne equally between
    the Owners and the Charterers. If unsuccessful, the	735	 	 	 
	 	costs shall be borne
    by the party responsible under the terms of this Charter	736	 	 	 
	 	Party for the factor
    which caused the proceedings to fail. If more than one	737	 	 	 
	 	factor contributed and
    the Owners and the Charterers were each respons-	738	 	 	 
	 	ible for at least one
    factor the costs shall be borne equally.	739	 	 	 
	 	(g) Consequential
    Loss: Under no circumstances shall the Owners be res-	740	 	 	 
	 	ponsibte for any indirect
    or consequential loss arising from loss, damage or	741	 	 	 
	 	delay to goods and containers.
    howsoever caused.	742	 	 	 
	 	 
	18.	Insurances	743	 	 	 
	 	(a) Holland Machinery:
    The Owners warrant that the Vessel is insured under	744	 	 	 
	 	Institute Time Clauses
    or similar clauses for IWL trading against loss, dam-	745	 	 	 
	 	age and collision liabilities
    for the value as indicated in Box 27 which cover	746	 	 	 
	 	will be maintained throughout
    the currency of this Charter Party. Upon 10	747	 	 	 


 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	Throughout the currency of this Charter Party	760	 	aimed at enforcing the same to which the Owners are subject,
    and to	 
	 	 	 	 	obey the orders and directions of those who are charged with
    their	 
	19.	War Risks Clause for time Charter,
    2004	761	 	enforcement;	 
	 	(a) For the purpose of this Clause, the words:	 	 	 	 	 
	 	 	 	 	(iv) to discharge at any other port any cargo or part thereof
    which may	 
	 	(i) «Owners» shall include the shipowners, bareboat charterers,	 	 	render the Vessel liable to confiscation as a contraband carrier;	 
	 	disponent owners, managers or other operators who are charged with the	 	 	 	 	 
	 	management of the Vessel, and the Master; and	 	 	(v) to call at any other port to change the crew or any part
    thereof or other	 
	 	 	 	 	persons on board the vessel when there is reason to believe
    that they	 
	 	(ii) «War Risks» shall include any actual, threatened or reported:	 	 	may be subject to internment, imprisonment or other sanctions.	 
	 	war; act of war; civil war; hostilities; revolution; rebellion; civil	 	 	 	 	 
	 	commotion; warlike operations; laying of mines; acts of piracy; acts of	 	 	(g) If in accordance with their rights under the foregoing
    provisions of	 
	 	terrorists; acts of hostility or malicious damage; blockades (whether	 	 	this Clause, the Owners shall refuse to proceed to a loading
    or	 
	 	imposed against all vessels or imposed selectively against vessels of	 	 	discharging ports, or any one or more of them, they shall immediately	 
	 	certain flags or ownership or against certain cargoes or crews or	 	 	inform the Charterers. No cargo shall be discharged at any
    alternative	 
	 	otherwise howsoever); by any person, body, terrorist or political group,
    or	 	 	port without first giving the Charterers notice of the Owners’
    intention to	 
	 	the Government of any state whatsoever, which, in the reasonable	 	 	do so and requesting them to nominate a safe port for such
    discharge.	 
	 	judgement of the Master and/or the Owners, may be dangerous or are	 	 	Failing such nomination by the Charterers within 48 hours of
    the receipt	 
	 	likely to be or to become dangerous to the Vessel, her cargo, crew or	 	 	of such notice and request, the Owners may discharge the cargo
    at any	 
	 	other persons on board the Vessel.	 	 	safe port of their own choice.	 
	 	 
	 	(b) The Vessel, unless the written consent of the Owners be first	 	 	(h) If in compliance with any of the provisions of sub-clauses
    (b) to (g) of	 
	 	obtained, shall not be ordered to or required to continue to or through,	 	 	this Clause anything is done or not done, such shall not be
    deemed a	 
	 	any port, place, area or zone (whether of land or sea), or any waterway
    or	 	 	deviation, but shall be considered as due fulfilment of this
    Charter Party.	 
	 	canal, where it appears that the Vessel, her cargo, crew or other persons	 	 	 	 	 
	 	on board the Vessel, in the reasonable judgement of the Master and/or	 	 	 	 	 
	 	the Owners, may be, or are likely to be, exposed to War Risks. Should the	 	 	War	 
	 	Vessel be within any such place as aforsaid, which only becomes	 	 	(a) Unless the consent of the Owners be first obtained,
    the Vessel shall not	762
	 	dangerous, or is likely to be or to become dangerous, after her entry into	 	 	be ordered to nor obliged to:	763
	 	it, she shall be at liberty to leave it.	 	 	(i)	remain in or
    pass through any area which is dangerous or is likely to	764
	 	 	 	 	 	become dangerous as a result of
    war, hostilities, warlike action or piracy,	765
	 	(c) The Vessel shall not be required to load contraband cargo, or to pass	 	 	 	actual or threatened, nor	766
	 	through any blockade, whether such blockade be imposed on all vessels,
    or	 	 	(ii)	call at any port where there is any revolution, civil war, civil
    commotion or	767
	 	is imposed selectively in any way whatsoever against vessels of certain	 	 	 	any threat thereof, nor	768
	 	flags or ownership, or against certain cargoes or crews or otherwise	 	 	(iii)	carry any goods that may in any way expose her
    to any risk of seizure,	769
	 	howsoever, or to proceed to an area where she shall be subject, or is	 	 	 	capture or detention.	770
	 	likely to be subject to a belligerent’s right of search and/ or confiscation.	 	 	(b) However, should the Owners consent to allowing
    the Vessel to proceed,	771
	 	 	 	 	notwithstanding the existence or threat of the danger(s)
    outlined in Clause	772
	 	(d) (i) The Owners may effect war risks insurance in respect of the Hull	 	 	19(a), the Owners agree that the Vessel proceeds at
    their own risk in con-	773
	 	and Machinery of the Vessel and their other interests (including, but not	 	 	sideration of the Charterers agreeing that the Owners
    may effect the follow-	774
	 	limited to, loss of earnings and detention, the crew and their protection	 	 	ing insurances for which the Charterers will reimburse
    the Owners the net	775
	 	and indemnity Risks), and the premiums and/or calls thereafter shall be	 	 	cost of premium/calls therefor. (See Clause 6 (n))	776
	 	for their account.	 	 	(i)	Reinstatement of the War Risks cover on Hull and P & I for
    trading to the	777
	 	 	 	 	 	required area.	778
	 	(ii) If the Underwritters of such insurance should require
    payment of	 	 	(ii)	Any further
    additional premia necessary to maintain Hull cover whilst	779
	 	premiums andl or calls because, pursuant to the Charterers’ orders,
    the	 	 	 	blocked or trapped
    pending release of the Vessel, acceptance of con-	780
	 	Vessel is within, or is due to enter and remain within, or pass through
    any	 	 	 	structive total
    loss by insurers or trapped for 355 consecutive days,	781
	 	area or areas which are specified by such Underwritters as being subject	 	 	 	whichever shall first occur.	782
	 	to additional premiums because of War Risks, then the actual premiums	 	 	(iii)	Insurance of hire on the Vessel
    for not exceeding 365 days.	783
	 	and/or calls paid shall be reimbursed by the Charterers to the Owners at	 	 	(c) In the event of the wages of the Master, Officers
    and/or crew and/or other	784
	 	the same time as the next payment of hire is due, or upon redelivery,	 	 	of the Vessel’s operating expenses are affected
    by any of the factors men-	785
	 	whichever occurs first.	 	 	tioned in (a) above, the amount of any increase shall
    be added to the hire	786
	 	 	 	 	due upon production of the Owners’ account therefor
    together with appro-	787
	 	(e) If the Owners become liable under the terms of erntoyment to pay to	 	 	priate receipts and paid by the Charterers to the Owners
    with the next hire	788
	 	the crew any bonus or additional wages in respect of sailing into an area	 	 	payment.	789
	 	which is dangerous in the manner delined by the said terms, then the	 	 	(d) The Vessel shall have the liberty to comply with
    any orders or directions of	790
	 	actual bonus or additional wages paid shall be reimbursed to the Owners	 	 	whatsoever nature given by the government of the nation
    where the Ow-	791
	 	by the Charterers at the same time as the next payment of hire is due,
    or	 	 	ners are domiciled or whose flag the Vessel flies or
    any other government or	792
	 	upon redelivery, whichever occurs first.	 	 	person or body acting, or purporting to act, with the
    authority of such gov-	793
	 	 	 	 	ernment or by any party having, under the terms of
    the war risk insurance on	794
	 	(f) The Vessel shall have the liberty:-	 	 	the Vessel, the right to give such orders or directions.	795
	 	 	 	 	(e) In the event of the outbreak of war, whether there
    be a declaration of war	796
	 	(i) to comply with all orders, directions, recommendations or advice as
    to	 	 	or not, between any two or more of the following countries
    or involving the	797
	 	departure, arrival, routes, sailing in convoy, ports of call, stoppages,	 	 	nation where the Owners are domiciled or whose flag
    the Vessel flies:	798
	 	destinations, discharge of cargo, delivery, or in any other way	 	 	People’s Republic of China, France, Federal Republic
    of Germany, United	799
	 	whatsoever, which are given by the Government of the Nation under	 	 	States of America, United Kingdom, Union of Soviet
    Socialist Republics,	800
	 	whose flag the Vessel sails, or other Government to whose laws the	 	 	either the Owners or the Charterers may cancel this
    Charter Party and, un-	801
	 	Owners are subject, or any other Government, body or group whatsoever	 	 	less otherwise agreed, the Vessel shall be redelivered
    to the Owners at the	802
	 	acting with the power to compel compliance with their orders or	 	 	port of destination or, if debarred under this Clause
    from reaching or enter-	803
	 	directions;	 	 	ing it, at a near open and safe port at the Owners’
    option after discharge of	804
	 	 	 	 	any goods and containers on board.	805
	 	(ii) to comply with the order, directions or recommendations of any war	 	 	(f) If in compliance with the provisions of this Clause
    anything is done or is	806
	 	risks underwriters who have the authority to give the same under the	 	 	not done, such shall not be deemed a deviation.	807
	 	terms of the war risks insurance;	 	 	 	 	 
	 	 	 	  28.	 	 Law and Arbitration	808
	 	(iii) to comply with the terms of any resolution of the Security Council
    of	 	*)  	(a) London: This Charter Party
    shall be governed by English law and any dis-	809
	 	the United Nations, the effective orders of any other Supranational body	 	 	pute arising out of this Charter Party shall be referred to
    arbitration in Lon-	810
	 	which has the right to issue and give the same, and with national laws	 	 	 	 	 



 


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



    	 



    	



    

PART II


“BOXTIME” Charter Party


 


	 	don, one arbitrator being appointed by each party, in accordance
    with the	811	 	 	If Box 34 in
    PART I is not filled in, sub-clause (a) of this Clause shall apply.	829
	 	Arbitration Acts 1996 1950
    and 1979 or any statutory modification     or re-enact-	812	 	*)  	(a), (b) and (c) are alternatives;
    indicate alternative agreed in Box 34.	830
	 	ment thereof for the time being in force. On the receipt by one party of
    the	813	 	 	 	 
	 	nomination in writing of the other party’s arbitrator, that party
    shall appoint	814			21.	Commission	831
	 	their arbitrator within fourteen days, failing which the decision of the
    single	815	 	 	The Owners shall pay a commission at the rate stated in Box 35 to
    the party	832
	 	Arbitrator appointed shall apply. If two Arbitrators properly appointed
    shall	816	 	 	mentioned in Box 35 on any hire paid under this Charter Party but
    in no case	833
	 	not agree they shall appoint an umpire whose decision shall be final.	817	 	 	less than is necessary to cover the actual expenses of the Brokers.
    If the full	834
	*)  	(b) New York: Should any dispute arise out of this Charter Party,
    the matter in	818	 	 	hire is not paid owing to breach of Charter Party by either of the
    parties the	835
	 	dispute shall be referred to three persons in New York, one to be appointed	819	 	 	party liable therefor shall indemnify the Brokers against their
    loss of com-	836
	 	by each of the parties hereto, and the third by the two so chosen; their
    deci-	820	 	 	mission.	837
	 	sion or that of any two of them shall be final, and for the purpose of enforcing	821	 	 	Should the parties agree to cancel this Charter Party, the Owners
    shall in-	838
	 	any award, this agreement may be made a rule of the Court. The arbitrators	822	 	 	demnify the Brokers against any loss of commission but in such case
    the	839
	 	shall be members of the Society of Maritime Arbitrators, Inc. of New York	823	 	 	commission shall not exceed the brokerage on one year’s hire.	840
	 	and the proceedings shall be conducted in accordance with the rules of the	824	 	 	 	 
	 	Society.	825	 	22.	Notices	841
	*)  	(c) Alternative: Any dispute arising out of this Charter Party
    shall be referred	826	 	 	Any notice to the Owners shall be
    sent to the address as indicated in Box 3.	842
	 	to arbitration at the place indicated
    in Box 34, subject to the law and proce-	827	 	 	Any notice to the Charterers shall be sent to the address as indicated in	843
	 	dures applicable there.	828	 	 	Box 4.	844


 


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



    	 



    	



    

RIDER CLAUSES TO Hull No. S4021

CHARTER PARTY DATED 30/03/2011


 


PART III-VESELL’S DESCRIPTION
- See also Cl.56


 


8.800 teu/ Gearless Cellular
Container ship.


 


	MANAGERS	Costamare
    Shipping Company S.A

    60 Zephyrou str & Syngrou ave.

    175 64 Athens – Greece

    Phone: +30 210 9490000 Fax:+30 210 9409051/52

    E-Mail: info@costamare.com
	YEAR
    BUILT	2013
	SHIPYARD	Sungdong
    Shipbuilding & Marine Engineering Co., LTD
	CLASS	G.L X
    100A5, “Container Ship”, DG, IW, RSD, BWM, +MC, AUT, NAV -O,EP
	ENG./BRIDGE	Bridge/
    engine semi-aft


 


8 Holds / 17 Hatches plus one aftermost deck
bay. 50 panels with max.

weight 45 m/t including loose lashing materials excluding lashing rods.


 


	Hatch No	Opening	Panels
	No 1	12.60 x 23.1 m	2
	No 2	12.64 x 33.1 m	3
	No 3	12.60 x 38.2 m	3
	


No 4-17


	


12.60 x 43.4 m


	


3 each



	No 15	12.60 x 15.2 m	2


 


The panels are not interchangeable and
can be operated in a non-sequential order.


 


	MAIN
    PARTICULARS	 	 
	L.O.A	 	299.95 m
	L.B.P	 	285.50 m
	Breadth	(moulded)	48.20 m
	Depth	(moulded)	24.60 m
	Scantling draught	(moulded)	14.50 m
	 	 	 
	Design draught	(moulded)	12.50 m
	Deadweight @ Scantling Draught	110.875 mt
	Deadweight @ Design Draught	86.375 mt


 


	Tank
    Capacities	Volume
    (m3)
	Fuel
    Oil	8.300
	Diesel
    Oil	800
	Ballast
    Water	30.000
	Fresh
    Water	400


 


Max Containers Intake: 8.770 teu


 


	Holds	3.880
    teu
	Deck	4.890
    teu
	Total	8.770
    teu




    	1



    	



    


UNDER DECK CLEARANCES.


 


In case cargo holds are fully loaded, three
(3) tiers of high cube containers (40’ X 8’ X 9’ 6”) can be included per stack, in any sequence.


 


Calculations with regard to containers
intake are subject to compliance with the provisions of “Cargo Securing Manual”, visibility restrictions from the
Bridge, stress and stability limitations.


 


Fittings


 


Holds.


 


Fully cellularized in holds for loading
20’/40’ containers. 2x20’ can be loaded from the first tier in all cargo holds. 40’ cells in all cargo
holds capable for loading either 1x40’ or, 2x20’ units up to 9th tier.


 


Deck.


 


Fully fitted for loading 20’ or
40’ containers. Fully fitted with restraint devices including full set of O.S.H.A approved loose fittings and lashings.
Aftermost Bay is arranged exclusively for the stowage of 40’ containers. 45’ units can be arranged above
3rd/4th tier except Bays No 2-6 and 70.


 


4 sets of one tier (two levels)
and 14 sets of two tier (3 levels) lashing bridges are provided for optimum tier weight distribution. Total 18 sets of
lashing bridges.


 


Stack weights.


 


On Hatch Covers 


	20’	90 mt/ stack
	40’	170 mt/stack



Above aft mooring deck 


	40’	120 mt/stack



In Holds 


	20’	30 mt/ unit
	40’	30 mt/ unit


 


Stack weights are given for structural
strengthening aspects and actual tier weight distribution shall be in compliance with the lashing forces calculation results.


 


Reefer Plugs


 


	On
    deck	1.272

    pcs	 	 
	In Holds	190
    pcs	 	 
	Total	1.462

    pcs	 	Reefer plugs A.C 440V, 60 Hz, 32A
    CEE 17-3h type.




    	 



    	



    

Machinery


 


	Main Engine	One (1) set MAN 9S90ME-C8.2 Tier II
	MCR	47.430 kW at 78 rpm
	NCR (85% MCR)	40.316 kW at 73.9 rpm
	Generators	Two (2) sets x 3.860 kW plus two (2) sets x 4.345 kW
	 	 
	Emergency Generator	One (1) set Emergency diesel generator 500 kW.


 


Fuel Specifications


 


	Main and Auxiliary Engines	HFO Max 700 cSt @
    50° C




 


The bunkers to be delivered must meet ISO
8217:2005 International Standards.


 


Service Speed


 


Service speed shall be about ***** knots,
at the scantling draught of 14,5 m, at 85% MCR of main engine with ***** sea margin, with clean bottom, wind max. beaufort scale
4 and deep sea condition.


 


Consumption.


 


The daily fuel oil consumption of the Main
Engine shall be about ***** metric tons plus ***** tolerance, at NCR, at shop trial, based on marine diesel oil having a low calorific
value of 10.200 kcal/ kgr, at ISO ambient conditions.


 


Remark: Above speed/ consumption
figures purely based on data provided by shipyard and will be confirmed after vessel’s delivery.


 


Endurance: ***** nm


 


STABILITY


Homogeneous loading at 14t, with 45% containers
VCG, at scantling draught, basis full consumables on departure and 10% on arrival, satisfying IMO stability criterion.


 


About 7.080 teu.


 


LOADING OF DANGEROUS GOODS (D.O.C provisions)


 


	Compartment	D.G Classes permitted.
	Cargo hold No1	Class 1/2/3/4/5.1/6.1/8/9
	Cargo holds No 2, 3, 4, 6	Class 2/3/4/5.1/6.1/8/9
	Weather Deck	Class 1/2/3/4/5.1/5.2/6.1/8/9




    	 



    	



    

SUNDRY


 


		•	Water
                                         Ballast Treatment Plant.



		•	Alternative
                                         Marine Power System capable of supplying 60% capacity of reefer container.



		•	Full
                                         spade rudder with flap system (Becker type).



		•	Compliance
                                         with MARPOL Reg.12A, fully protected fuel oil tanks.



		•	Compliance
                                         with, l.S.M, l.S.O and l.S.P.S code requirements.



		•	Hydraulic
                                         “Side Pilot Doors” for pilot access.



		•	Bow
                                         thruster 3.000 kW.



		•	C02
                                         fire fighting system for Cargo Holds, Engine Room.



		•	Dedicated
                                         anti-heeling tanks. Auto anti-heeling pump, capacity 1.000 cbm/hour



		•	All
                                         modern Satcom and Navigation aids, including dual “Integrated Navigation System”.



		•	Modern
                                         Loadmaster computer with enhanced futures.



 


“All details “about”
and to be confirmed after vessel’s delivery”


 


	Clause 23:	Re-securing cargo



Re-securing cargo with proper care shall
be attended to by the crew during the steaming time as Charterers’ servants but always free of charge to Charterers.


 


	Clause 24:	 Deleted




 


	Clause 25:	 Fuel consumed while off-hire



Fuel used by the vessel while off-hire
to be agreed as to quantity, and the cost of replacing the same to be allowed as a deduction from the hire. Bunkers replacing
cost based on actual price of Charterers’ last replenishment.


 


	Clause 26:	Charterers’ Lien



Charterers’ to have a lien on the
vessel for all money paid in advance and not earned, and any overpaid hire or excess deposit shall be immediately refunded to
Charterers upon demand.


 


	Clause 27:	 Deleted




 


	Clause 28:	 Management of the Vessel



The Vessel shall be managed for the entire
charter period by Costamare Shipping Company S.A. having its principal place of business in 60 Zephyrou str and Syngrou ave. 175
64 Athens, Greece on appointment of the Owners. The Owners shall remain responsible for the performance of this charter. Unless
the Charterers’ prior written consent be obtained, the Owners cannot change the ship management company during the currency
of this charter. (See Clause 13 (m)).



    	 



    	



    

	Clause 29:	 Owners’ expenses



Owners to also provide and pay for all
other expenses of Officers and crew including immigration fees and also consular fees necessitated because of the vessel’s
flag or nationality of Owners. Vessel to have on board all certificates necessary to comply with current requirements at ports
of call and canals for and during the service failing which the Owners are to be responsible for all time lost and expenses incurred
thereby.


 


	Clause 30:	Fumigation



Vessel to be delivered with valid deratisation
or exemption certificate on board and if such does not cover the whole period of time-charter and fumigation and/or deratisation
is necessary, cost of the same and detention to be for the Owners’ account.


 


	Clause 31:	 Deduction from Charter Hire



Charterers have the liberty to deduct bunkers
cost on redelivery and estimated Owners’ disbursement which have not been settled during period from last hire payment until
the date of re-delivery. Undisputed off-hire, vessel’s performance claims and actual Owners’ disbursements with Owners’
consent shall be deducted by Charterers from the charter hire during the period of Charter Party.


 


	Clause 32:	Seizure or Detention



Should the vessel be seized or detained
by any authority during the currency of this Charter party, the Charterers’ liability for payment of hire shall cease immediately
from the time of her seizure or detention and all time so lost shall be treated as off-hire until the time of her release unless
such seizure or detention is caused by any act or omission or default of the Charterers, sub-Charterers or their servants or Agents
or by any reason of cargo carried.


 


Any extra expenses incurred by and/or during
above seizure or detention are to be for Owners’ account unless such seizure or detention is caused by any act or omission
or default of the Charterers, sub-Charterers or their servants or Agents or by reason of cargo carried. If the vessel is off-hired
for Sixty (60) consecutive days by reason of above seizure or detention unless such seizure or detention is caused by any act
or omission or default of the Charterers or their Agents or by reason of cargo carried. Charterers to have option as per Clause
69. Should the vessel have the possibility or risk to be seized or detained, the acknowledged party shall notify the other party
immediately without delay.


 


	Clause 33:	Return Insurance



Charterers to have the benefit of any return
insurance premium receivable by the Owners from the Underwriters by reason of the vessel being in port for a minimum of thirty
(30) days, provided the vessel is on full hire for this period or pro rata for the time on hire.


 


	Clause 34:	Blockade/Boycott/Picket/Blacklisted



Should the vessel be boycotted, picketed,
blacklisted or delayed by any similar action at a port or place by shore and/or port labor and/or tug boats and/or pilots or governments
and/or competent authority or ITF, because of the terms and conditions on which the Officers and/or crew are employed, or by reason
of the vessel’s Ownership, flag, vessel’s fittings and/or her other equipment, all consequences and



    	 



    	



    

any extra expenses incurred thereby to
be for Owners’ account and Charterers are entitled to put the vessel off-hire for any time lost. Charterers undertake not
to order the vessel to a port where the vessel’s flag is under Boycott, blacklisted, picket or other threat.


 


	Clause 35:	Communication Equipment



The vessel shall be equipped with Inmarsat
Satcom. See box 6.


Owners shall maintain and keep the Orion
system on line, provided that the Charterers agree to pay fees associated with the ocean route service when it apply. The Charterers
will provide ocean route service from every October to the next year’s April and pay the fees for this period of time. If
requested by the Master/Owners to provide same services from May to September, the Owners agree to pay the fees accordingly.


 


	Clause 36:	Arrest



Should the vessel be arrested during the
currency of the Charter Party at the suit of any person having a claim against or any interest in the vessel, hire under this
Charter Party shall not be payable in respect of any time actually lost to the Charterers whilst the vessel remains under arrest
and remains unemployed as a result of such arrest and the Owners shall reimburse the Charterers any direct expenditure including
but not limited to stevedoring stand by, additional wharfage, shifting expenses if shifting is ordered by the port authority as
a result of the arrest and additional agency expenses, if any, which they may incur under this Charter Party in respect of any
period during which by virtue of the operation of the clause, no hire is payable. The Clause shall be inoperative should the arrest
be caused through any act, or omission, or default of the Charterers or their Agents or by reason of cargo carried.


 


	Clause 37:	Insufficient Crewmembers



Any time lost by the vessel by reason of
the full crew not being on board when the vessel is ready to sail or from crew’s strike to be for Owners’ account
and all cost/expenses reasonably incurred for keeping waiting or canceling tugs, pilot or mooring boats to be for Owners’
account.


 


	Clause 38:	Benefit of Owners’ P.&I. Club



Charterers have the benefit of Owners’
P&I. Club association as far as the Club’s rules permit.


 


	Clause 39:	Pollution



The Owners warrant that during the currency
of this Charter Party the vessel will comply with any international and/or governmental and/or state and/or provincial rules and
regulations pertaining to water pollution. Should any delay to the vessel or extension of voyage occur from failure to comply
with any of the provisions of the said law, rules and/or regulations or amendments thereto, the vessel to be considered off-hire
for the period of such delay or extension. The Owners hereby accept full responsibility for and indemnify the Charterers against
all claims, liabilities, cost and expenses which arise including but not limited to claims by the Charterers against the Owners
by reason of any non-compliance.



    	 



    	



    

	Clause 40:	Taxes



Taxes and/or dues on the vessel and/or
cargo and/or freight (except income tax and/or time charter hire levied in the country of the vessel and/or Owners’ domicile
) arising out of the Charterers cargoes carried or the ports visited under this Charter Party should be for Charterers’
account.


 


	Clause 41:	Fresh Water



Fresh water consumed under this Charter
Party for the purposed of drinking and washing of Master, Officers, crew on board to be for the Owners’ account and same
used by stevedores and/or for the purposes of hold cleaning and/or for Charterers business to be Charterers’ account.


 


	Clause 42:	Deviation



Vessel has the liberty to deviate for the
purpose of saving life and/or property and to tow and assist vessels in distress, such operation not be deemed to be a diversion
under Charter Party but salvage attribution thus payable to vessel to be equally divided with Charterers after proper deduction
of expenses, if any (including captain’s Officers’ and crew’s share) incurred in this respect.


 


Shall the vessel become involve either
of the case, the Master/the Owner will do their utmost to minimize any delay to the Charterers.


 


	Clause 43:	Itinerary of Vessel



During voyages master to keep Charterers
and their agents informed of the Vessel’s position and expected time of arrival at next port. Charterers will separately
advise master of procedures for maintaining proper communications.


 


Charterers undertake to inform Owners during
the period of Charter as regards the itinerary of the vessel and names and full style of their Agents at ports of call whenever
so required by the Owners.


 


	Clause 44:	Agents



Owners to appoint Owners’ agent to
attend major Owners matters such as delivery, redelivery, general average, hospitalization, dry docking and major repairs. All
other husbandry matters will be attended by Charterers agents at Owner’s request and Owners to pay for actual services/
expenses incurred, together with 2,5% commission as per tariff.


 


	Clause 45:	Communication: entertainment and victualling fee



Charterers to pay Owners at the lump sum
rate of USD900.00 monthly for communication, entertainment/ victualling expenses. If actual expenses increase 20 pct or more than
above amount, over a period of one year, Owners to provide vouchers and amount to be increased accordingly.


 


	Clause 46:	 Deleted




    	 



    	



    

	Clause 47:	Vaccination Certificates



Owners to arrange at their expenses that
the Master, Officers and crew of the vessel hold valid vaccination certificates against yellow fever and smallpox or other necessary
health certificates unless these are required due to previous port(s) of vessel’s call under this Charter Party upon delivery
of the vessel and throughout the time charter period.


 


	Clause 48:	Pestilence and illness



Normal quarantine time and expenses to
enter port to be Charterers’ account. Any extra time or detention and expenses for quarantine due to pestilence and illness
of the vessel’s Master, Officers and crew to be for Owner’s account but if quarantine detention is on account of the
vessel having been sent by Charterers to any infected port including but not limited CIS ports, such detention time and expenses
to be for the Charterers’ account.


 


	Clause 49:	Bunkers on delivery/redelivery



Vessel to deliver with bunker quantities
as on board but always sufficient to safely reach main bunkering port. Bunkers on redelivery to be about the same quantities as
actually having been on board on delivery but always sufficient to reach nearest main bunkering port.


 


Bunker prices will be based on the Platt’s
Oilgram mean price on the date and port of delivery and redelivery. If lack of such price at port of delivery/ redelivery, it
shall be as per the Platt’s Oilgram mean price at nearest major bunkering port. If the delivery/ redelivery is not working
day it shall be as per either that of closest working day or the average of two working days’ Platt’s Oilgram mean
price if same interval between thereof


 


The Charterers have the right to deduct
bunkers on redelivery from the last sufficient hire payment(s).


 


	Clause 50:	Damage to Containers and equipment



For any damage caused by stevedores during
loading/discharging operation, the Master shall obtain written acknowledgement of receipt or confirmation acknowledging such from
stevedores or agent at the time of the occurrence and shall immediately report the incident to the Charterers or their agents
as soon as discovered but not later than redelivery.


 


	Clause 51:	Vessel Status



During voyage, the Master to keep the Charterers
and all their agents informed of vessel’s position and expected arrival time of the next port.


 


If the vessel is likely to be delayed by
reason of any damage, defect, breakdown, or deficiency of the vessel’s hull, Machinery, equipment or repairs and maintenance
including dry-docking thereto, Master or the Owners shall immediately notify such to Charterers and expected readiness.


 


	Clause 52	 



Vessel not to trade directly between China
and Taiwan unless she calls at an intermediary port. However if situation being changed in the future, with Charterers’
prior notice, vessel shall be able to trade directly.



    	 



    	



    

	Clause 53:	Cargo claim



Liabilities for cargo claims shall be borne
by Owners/time Charterers in accordance with the Interclub New York produce exchange agreement dated 1st September, 1996 and all
its reprints thereafter resp. latest amendments thereto.


 


	Clause 54:	Lashing materials



The vessel shall be delivered with complement
of fittings/materials requisite for carriage of containers fully fitted as per maximum quantities of ISO standard containers which
may be carried in accordance with the details provided in Appendix I (Full Specification) hereto and crew to maintain sufficiency
of lashing material throughout the period. Master to keep record of all Owners’ fittings/lashing materials rendered to Charterers.
Charterers to pay lumpsum U.S.$ 1750 every 30 days/pro rata for damaged and/or lost loose lashing materials. Such lumpsum figure
shall be adjusted subject to mutual agreement after 12 months from commencement of Charter period.


 


	Clause 55	 



It is understood that the Charterers will
employ the vessel in the container trade. The Charterers have the option to also to load yachts and other lawful generals allowed
for a full-container ship at the Master’s discretion, which not to be unreasonable withheld, suitable for the safe stowage
and carriage onboard the vessel, provided complying fully with IMO and other relevant regulations and regulations applicable at
port of call or transiting ports/canals etc. Any extra insurance and/or any extra expenses and/or all stowing material required
by the Master and/or loss of the time due to loading and/or shipping of the same to be for the Charterers’ account. Any
deck cargo (containers excluded) to be at the Charterers’ risk and expenses, and only to be loaded as far as vessel stability/trim/visibility
and permissible weights permit.


 


	Clause 56	Vessel’s Description



(1) The Vessel’s preliminary description
in Part III and full specifications attached in Appendix I hereof (both of which are inserted for information purposes only and
the Vessel’s conformity with Charter Party requirements will be determined by reference to the Final Description only) shall
be finalized within one (1) month after delivery to reflect the actual characteristics and performance of each vessel (the “Final
Description”, which will be issued once available as APPENDIX II of this Charter Party by way of addendum) and will be accepted
by Charterers (without any other claim except the claim for compensation permitted hereby), provided that in case any compensation
is received by the Owners from the shipyard for reasons other than delay, the Owners will pay over to Charterers 40% of such compensation.


 


(2) The Owners shall promptly notify the
Charterers of any proposed changes to the preliminary description and/or full specifications if such changes relate to the characteristics
and performance (speed/consumption), capacity of the vessel, delivery schedule, compensation and/or Owners’ cancellation
rights. Owners shall not make any changes to the same without obtaining the prior written consent of the Charterers which is not
to he unreasonably withheld or unduly delayed.



    	 



    	



    

(3) Acceptance of the delivery as per preliminary
description and of the Final Description as above provided shall be without prejudice to Charterers’ right to claim proved
loss during currency of the charter pursuant to Charter Party and ruling jurisdiction for non conformity of actual performance
with the Final Description.


 


	Clause 57	 



The Owners to pay the cost of delays, expenses
or fines incurred on account of smuggling or carriage of contraband drugs and marijuana by vessel’s Officers or crew or
servants. If any delay is caused to the vessel due to smuggling and/or discovery of contraband drugs and/or marijuana in sealed
containers and other goods shipped by Charterers attributable to a third party (person or person unknown) then the vessel to remain
on full hire and any fines, taxes, or other penalties levied shall be for Charterers’ account. If contraband drugs and/or
marijuana are discovered in any sealed container causing it to be necessary for specifically requested by local port Authorities
the Owners’ P.& I. Club to put a bond, as may be demanded by any authority, it is agreed that the Charterers’
P.& I. Club will promptly put up a counter guarantee to support the bond put up by the Owners’ P.& I. Club


 


	Clause 58	 



The Owners to provide and pay for all lubricating
oil, for all deck and engine-room stores and maintain her class and maintain her in a thoroughly efficient state in hull and machinery
during service.


 


	Clause 59	Delivery of the Vessel – Cancellation due to delay in delivery or Vessel deficiencies



(1) The Vessel’s delivery date under
the shipbuilding contract (which is subject to further changes in accordance with the provisions thereof and provided that the
Owners have obtained the Charterers’ prior written consent required under Clause 56(2) hereof) is within 1st
quarter 2013.


 


(2) The Owners shall give to the Charterers
90/60/30/20/12 days’ notices of the expected and a 7/5/3 days notice of the definite delivery date of the Vessel from the
shipyard. In the case that the delivery date of the Vessel is changed (delayed or advanced) after such notice, then both the Owners
and the Charterers shall liaise with each other (acting in good faith and always considering the Charterers’ trading pattern
and sailing schedule) a new delivery date based upon the date proposed by the shipyard.


 


(3) In respect of any delay, it will be
accepted by the Charterers (without any other claim except the claim for compensation permitted hereby) provided that in case
any compensation is received by the Owners from the shipyard, the Owners will pay over to the Charterers 40% of such compensation.



    	 



    	



    

(4) Cancellation for reasons due to delay
or vessel deficiencies by the Charterers: Back to back with the Owners’ cancellation rights under the shipbuilding contract.
The Charterers will not have a cancellation right of the charter in cases where the Owners do not have a right of cancellation
under the shipbuilding contract. It is agreed and understood that the Charterers and the Owners shall liaise with each other in
all cases before any decision is made to cancel the shipbuilding contract.


 


(5) The Owners shall keep the Charterers
regularly informed of the shipbuilding progress and shall immediately forward to the Charterers any notice/information received
from the shipyard regarding delay or advance in delivery.


 


(6) The Owners will endeavor to arrange
for sea trials to be conducted and completed at least 14 days prior to the delivery date of the Vessel. The Owners shall provide
the Charterers with the results of the sea trials (including all reports as to speed, consumption and performance) immediately
upon receipt or issue but in any event within two (2) days after sea trials and if possible not later than one week before delivery
of the Vessel from the shipyard.


 


	Clause 60:	Payment



Hire to be remitted monthly every 15 days
in advance by telegraphic transfer into the Owners’ bank account, banking charges if any incurred from remitting bank for
the Charterers’ account, the same to be for the Owners’ account if incurred by receiving bank. Last hire period is
to be paid in advance pro rata to be estimated date/time of vessel’s redelivery. The Owners to prepare invoice for Charter
hire and the same to be sent to the Charterers 7 working days before each Charter hire due.


 


	Clause 61	 



During the currency of this Charter Party
the Owners have the option to sell the Vessel subject to giving the Charterers minimum 20 days notice of their intention to sell
the vessel. Charterers, as potential Buyers, will always have the right of first refusal to this sale at terms not less favorable
than the terms under which the Owners intend to sell the Vessel to other potential Buyers. If a sale agreement cannot be reached
between the Owners and the Charterers within 30 days from Owners giving to the Charterers above notice of sale then the vessel
can be negotiated and sold to other Buyers who are not Charterers’ competitors unless Charterers’ consent is firstly
obtained which is not to be unreasonably withheld.


 


In the event of the Vessel’s sale
a Tripartite Agreement and/or Novation Agreement will be made between the Owners/Buyers/Charterers in order to govern the rights/obligations/responsibilities/liabilities
of Owners/Buyers/Charterers in relation to the transfer of subject time charter from the Owners to the Buyers. The wording of
the Tripartite Agreement is to be agreed between the Owners, Buyers and the Charterers.


 


	Clause 62:	Dry-dock the vessel



The Owners to have the option to dry-dock
the vessel for normal maintenance and/or according to Class requirements, giving three (3) months notice to the Charterers,



    	 



    	



    

indicating the expected duration. The place
should be mutually agreed always considering an economical dry-dock of the trade pattern of the Vessel.


 


Vessel to be off hire for dry-docking after
completion of discharge. Vessel to be on hire again upon completion of dry-docking work and on her arrival alongside the Charterers’
designated berth or at a point equidistant to the point where vessel off-hired.


 


	Clause 63	 




Should the vessel put back whilst on voyage
by reason of break down of machinery, collision, stranding, fire, or other accident or damage to the vessel, or dry-docking or
periodical survey, or deviate from the course of the voyage caused by sickness or accident to the Master, Officers, crew or any
person on board the vessel, or by reason of sending stowaway, (or refugee), or by reason of the refusal of the Master, Officers,
or crew to do their duties, or any Owners’ matter, the payment of hire shall be suspended from the time of inefficiency
in port or at sea until the vessel is again efficient in the same position or regain a point of progress equivalent to that when
the hire ceased hereunder. Bunkers consumed while the vessel is off hired and all extra expenses incurred shall be for Owners’
account.


 


	Clause 64	 



Sludge to be disposed by Owners at Owners’
account.


 


	Clause 65	 



Ostia rule to be applied and vessel, under
deck, is fitted hanging stacker to call U.S.A.


 


	Clause 66	 



Payment of hire to the Owners’ designated
bank account. The bank account details to be as specified in the hire invoice, which shall be prepared by the Owners to the Charterers
pursuant to Clause 60 of this Charter Party.


 


	Clause 67	 



The spare parts in respect of Charterers’
refrigerated containers will be furnished by Charterers. Such spare parts shall be delivered to the Charterers at the time required
by the Charterers in the same condition as supplied fair wear and tear excepted concerning equipment and also minus any pieces
used concerning consumables spare parts. However Master/Officer/crew are to take utmost diligence to protect Charterers property.


 


	Clause 68	 




Trading limits – As per Box 22.



    	 



    	



    

	Clause 69: 	Cancellation of Charter Party / off-hire period



If the vessel is off-hire for more than
one period of 60 consecutive full days during the course of this charter for any cause, except blocking and trapping as per clause
8(c), scheduled according to class requirements or mutually agreed drydockings/maintenance, and any off-hire time caused by the
Charterers, their Agents or a result of or relating to the goods carried, the Charterers shall have the option of cancelling the
remaining period of C/P, in case Owners have not provided a substitute vessel with similar specification and acceptable to Charterers.


 


	Clause 70:	Provision of Documents



The Owners shall provide the Charterers,
once available, with full specifications (which to be attached as Appendix I of this Charter Party) and shipbuilding contract
(including both draft & executed versions) in order for Charterers’ cross check relevant clauses therein. The Owners
may delete some sensitive commercial terms (such as, newbuilding price) before providing such documents to the Charterers.


 


	Clause 71:	Deleted




 


	Clause 72:	Deleted




 


	Clause 73:	Reefer containers - Extra Work



The Vessel has total 1,462
reefer plugs (1,272 on deck and 190 in holds) for reefer containers. The Charterers can use all Vessel’s reefer plugs
for reefer containers carriage during whole charter period. Cooling and ventilation instructions for reefer containers to
be given in writing by the Charterers to master prior to loading. The Owners shall monitor and record (two times a day,
weather and sea condition permitting) the performance of all such refrigerated or ventilated units whilst on board. Subject
to clause 17(B), the Master shall take any temporary measures for malfunction of the refrigerated containers on board with
due diligence using the spare parts supplied by the Charterers on board the Vessel. Owners shall cooperate in requesting
ship’s crew to provide the services as required by the Charterers. See Clause 5(b)(viii).


 


The Master will apply to the Charterers
for all officers/crew bonus/compensation and in this respect he should also submit as supporting documents the Charterers’
form/document/distribution list which will be duly signed by the Charterers’ port captain or agent and then the Master will
forward this application and the supporting documents to the “Charterers” Team per round voyage for approval. The
approved officers/crew bonus will be remitted to the Owners together with suitable stage of hire payment accordingly.


 


1. Reefer bonus


 


Reefer bonus/compensation application and
reefer container list shall be duly filled and signed by the Master and/or Chief Officer and the Charterers’ port captain
or



    	 



    	



    

agents and will be submitted by the Master
to the Charterers as mentioned above along with the distribution list duly signed by officers/crew.


 


		a)	for
                                         monitoring of containers at sea the officers/crew of the Vessel will receive as bonus/compensation
                                         the amount of U.S.$ 8.00 for each container. In the event of any reefer unit damage the
                                         Master and/or Chief Engineer will submit to the Charterers a duly signed reefer unit
                                         damage report.



 


		b)	For
                                         repairing Charters’ refrigeration machinery the officers/crew of the Vessel will
                                         receive as bonus/compensation the amount of U.S.$ 5.00 per man/hour.



 


		c)	For
                                         plugging/unplugging of reefer containers the officers/crew of the Vessel will receive
                                         as bonus/compensation the amount of U.S.$ 2.00 for each reefer container.



 


2. Lashing / unlashing bonus


 


Lashing/unlashing bonus application shall
be duly filled and signed by the Master and/or the Chief Officer and by Charterers port captain or agent and will be submitted
to the Charterers as mentioned above along with the container stowage plan of the location of containers lashed or unlashed by
the officers/crew, duly marked and along with distribution list duly signed by the officers/crew. For lashing/unlashing of containers
the officers/crew will receive the amount of U.S.$ 5.00 for each container per each lashing unlashing operation.


 


	Clause 74:	Deleted




 


	Clause 75:	Stowage



Planning of container or out of gauge containerized
stowage on board to be done by port planners or Charterers. A reasonable amount of out of gauge containerized cargo may be carried.
Such cargo may be carried on deck/hatches and in holds lashed but within capacity, stability of vessel, strength on deck/hatch
covers and Master’s satisfaction of lashing, stowage etc.


 


	Clause 76:	ISM Code



From the date of coming into force of the
International Safety Management (ISM) Code in relation to the Vessel and thereafter during the currency of this Charterparty,
the Owners shall procure that both the Vessel and the “Company” (as defined by the ISM Code) shall comply with the
requirements of the ISM Code. Upon request, the Owners shall provide a copy of the relevant Document of Compliance (DOC) and Safety
Management Certificate (SMC) to the Charterers. Except as otherwise provided in this Charter Party, loss, damage, expense or delay
caused by failure on the part of the Owners or “the Company” to comply with the ISM Code shall be for the Owners’
account.


 


	Clause 77:	War Risk Additional Premium



See Clause 19



    	 



    	



    

	Clause 78:	Charterers’ Guarantor



The Charterers’ Guarantors hereby
guarantee, irrevocably and unconditionally, the full performance by the Charterers of the Charter Party, its addendums, supplements
and amendments. This guarantee constitutes a primary and independent obligation of the Charterers’ Guarantors regardless
of the validity or enforceability of the Charter Party, its addendums, supplements or amendments and the Owners shall not be required
first to claim payment or performance from the Charterers or any other person before making demand on the Charterers’ Guarantors.
The Charterers’ Guarantors shall perform or effect payment immediately upon demand by the Owners, provided always that any
such performance or payment by the Charterers’ Guarantors will be made or effected at such time and in such manner as provided
for in this Charter Party and its addendums, supplements or amendments.


 


	Clause 79:	Vessel’s color and name of delivery



Charterers is entitled to have the Vessel
delivered ex shipyard in Charterers’ colors, name and funnel logos (the “Charterers’ Marks”). The Owners
shall give Charterers a written notice as a reminder eight (8) months before scheduled delivery date to ask for the Charterers’
intention of such. Provided that Owners have given the Charterers aforesaid notice, Charterers shall notify to the Owners in writing
about their decision latest six (6) months before scheduled delivery date. If Charterers fail to advise any of its intention before
the required mentioned deadline, then the Vessel will be delivered ex shipyard by Owners’ colors, name and funnel logos
(the “Owners’ Marks”). See Clause 13(b).


 


	Clause 80:	Slow Steaming



Charterers have the privilege of slow steaming
the Vessel at any speed acceptable to Vessel’s machinery and hull.


 


	Clause 81:	Owners’ Guarantor



The Owners’ Guarantor hereby guarantee,
irrevocably and unconditionally, the full performance by the Owners of the Charter Party, its addendums, supplements and amendments.
This guarantee constitutes a primary and independent obligation of the Owners’ Guarantor regardless of the validity or enforceability
of the Charter Party, its addendums, supplements and amendments and the Charterers shall not be required first to claim payment
or performance from the Owners or any other person before making demand on the Owners’ Guarantor. The Owners’ Guarantor
shall perform or effect payment immediately upon demand by the Charterers, provided always that any such performance or payment
by the Owners’ Guarantor will be made or effected at such time and in such manner as provided for in this Charter Party
and its addendums, supplements and amendments.


 


	Clause 82:	Charterers’ Observers



Upon request by the Charterers, the Owners
shall negotiate with the shipyard to allow the Charterers to dispatch their designated representative(s) to the shipyard for observing
the Vessel’s new building process at Charterers’ own risk and cost. The role of such Charterers’ representative(s)
is observer (the “Charterers’ Observers”) only. However, the Owners’ supervisors shall liaise/discuss
with the Charterers’



    	 



    	



    
Observers each other in good faith for any
findings and updated status if considered necessary.


 


	Clause 83:	Deleted



 


	Clause 84:	Deleted



 


	Clause 85:	Crew Works



 


Provided weather and safety of vessel permit
officers and crew to get vessel’s hatchcovers ready as much as possible prior to arrival at loading and/or discharging berth
so as to immediately commence loading and/or discharging cargoes.


 


	Clause 86:	Stowaways Clause for Time Charters





		(a)	(i) The Charterers warrant to exercise due care and diligence in preventing stowaways in gaining
access to the Vessel by means of secreting away in the goods and /or containers shipped by the Charterers.



 


			(ii) If, despite the exercise of due care and diligence by the Charterers, stowaways have gained
access to the Vessel by means of secreting away in the goods and/or containers shipped by the Charterers, this shall amount to
breach of charter for the consequences of which the Charterers shall be liable and shall hold the Owners harmless and shall keep
them indemnified against all claims whatsoever which may arise and be made against them. Furthermore, all time lost and all expenses
whatsoever and howsoever incurred, including fines, shall be for the Charterers’ account and the Vessel shall remain on hire.



 


			(iii) Should the Vessel be arrested as a result of the Charterers’ breach of charter according
to sub-clause (a)(ii)above, the Charterers shall take all reasonable steps to secure that, within a reasonable time, the Vessel
is released and at their expense put up bail to secure release of the Vessel.



 


		(b)	(i) If, despite the exercise of due care and diligence by the Owners, stowaways have gained access
to the Vessel by means other than secreting away in the goods and/or containers shipped by the Charterers, all time lost and all
expenses whatsoever and howsoever incurred, including fines, shall be for the Owners’ account and the Vessel shall be off
hire.



 


			(ii) Should the Vessel be arrested as a result of stowaways having gained access to the Vessel
by means other than secreting away in the goods and/or containers shipped by the Charterers, the Owners shall take all reasonable
steps to secure that, within a reasonable time, the Vessel is released and at their expense put up bail to secure release of the
Vessel.



 


	Clause 87:	Export + import permits



Export and/or import permits for cargo to
be at Charterers’ risk and expense, Charterers to obtain and be responsible for all necessary permits to enter and/or trade



    	 



    	



    



in and out of all ports during the currency
of this charter at their own risk and expense. Taxation or levies whatsoever for these purposes to be for Charterers’ account
and to be paid by Charterers. Charterers to remain responsible to arrange for standard carrier alpha code (SCAC).


 


	Clause 88	Deleted



 


	Clause 89	 





The Vessel is to be employed, for a period
as per Box 23. Both parties have the option of extending the period of this charter for further optional periods of one (1) plus
one (1) year. If either party exercises the option, then the optional period shall be deemed exercised. Charterers have an option
of ***** days more or less applicable on the final period.


 


	Clause 90	 





The Vessel to be redelivered, as per Box
21, at a port on dropping last outward sea pilot in the far east (Port Kelang/Japan range, including China and Taiwan), or Europe
(Skaw/Cape Passero range, including Taranto), range and port to be in the Charterers option at anytime day or night Sundays and
holidays included.


 


	Clause 91:	Quiet Enjoyment c/p clause





The Owners may at any time and without Charterer’s
consent grant security interests over the Vessel and/or assign the benefit of this Charter Party to their lenders (the “Owners’Lenders”)
as security for the Owners’ obligations to such Owners’ Lenders provided that prior to the grant of such security interest
and/or assignment the Owners shall use best endeavours to first furnish to the Charteres a legally binding undertaking issued by
the Owners’Lenders in favour of the Charterers in a form and substance acceptable to the Charterers and the Owners’
Lenders (in either case such acceptance not to be unreasonably withheld) to the effect that the Owners’Lenders will not,
in certain circumstances, interfere with the Charterers’quiet and peaceful use and enjoyment of the Vessel.


 


	Clause 92	 





Master to render assistance with vessels
engineers in repairing malfunctioning reefer containers whilst enroute. Charterers supplying repair kit and written instructions
and/or necessary spare parts for same. In case maintenance of temperatures or other like conditions can not be performed due to
bad weather or should fail in spite of crews endeavours, Owners/Vessel are not responsible for damage to the cargo. Damages to
the containers/cargo due to malfunctioning of aggregates of reefer containers arc for Charterers risk and expense. When crew is
doing above work crew to be considered as Charterers servants.


 


Charterers’ equipment: Master on Owners’
behalf is enquired to sign receipt of cargo handling materials and shall be responsible for redelivery of same to Charterers or
their agents prior to redelivery of vessel in like good order and condition (ordinary wear and tear excepted). Owners shall consequently
be responsible for any shortage




    	 



    	



    




of such materials unless Owners could prove
that such shortage is caused by Charterers and/or their servants in which case Owners not to be responsible.


 


	Clause 93:	General Average and New Jason Clause





General average shall be settled according
to the York/Antwerp Rules, 1994, but where the adjustment is made in accordance with the law and practice of the united states
of America, the following clause shall apply.


 


	Clause 94:	New Jason Clause





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 goods, shippers,
consignees or Owners of the goods 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 of incurred and shall pay salvage and special charges incurred in respect
of the goods.


 


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 goods and any salvage and special charges
thereon shall, if required be made by the goods, shippers, consignees or Owners of the goods to the carrier before delivery.


 


And the Charterers shall procure that all
bills of lading issued under this Charter Party shall contain the same clause.


 


	CLAUSE 95:	Deleted



 


	Clause 96:	New Both-to-blame Collision Clause





If the liability for any collision in which
the vessel is involved while performing this Charter Party falls to be determined in accordance with the laws of the United States
of America, the following clause 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 goods 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 goods, paid or payable by the other or non carrying ship
or her Owners to the Owners of the said goods 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 to a collision or contract.


 


And the Charterers shall procure that all
bills of lading issued under this Charter Party shall contain the same clause.


 


	Clause 97:	Hamburg Rules





Neither the Charterers nor their agents
shall permit the issue of any bills of lading or waybills or any other document evidencing a contract of carriage whether or not
signed on their behalf or on behalf of the Owners voluntarily incorporating the Hamburg rules or any legislation under which the
Hamburg rules are compulsory applicable in respect of any contract of carriage under or during the period of this charter or any
sub-charter. In the event that the Owners sustain any liability arising from the application of the Hamburg rules in circumstances
where those rules where not compulsory applicable and where the Owners would no otherwise have sustained a liability then the Charterers
shall indemnify the Owners for all loss and damage sustained thereby. Should the charts direct the vessel to countries where the
Hamburg rules are compulsorily applicable or otherwise cause the contracts or carriage under bills of lading or waybills to be
subject to Hamburg rules and should the Owners thereby sustain a liability, then the Charterers shall indemnify the Owners for
all loss or damage in excess of loss and damage which the Owners would have sustained if Hague-Visby rules had applied.


 


	Clause 98:	Bimco Double Bunking Clause





		(a)	The Charterers shall have the right, where and when it is customary and safe for vessels of similar
size and type to do so, to order the vessel to go, lie or remain alongside another vessel or vessels of any size or description
whatsoever or to order such vessels to come and remain alongside at such safe dock, wharf, anchorage or other place for transhipment,
loading or discharging of cargo and/or bunkering.



 


		(b)	The Charterers shall pay for and provide such assistance and equipment as may be required to enable
any of the operations mentioned in this clause safely to be completed and shall give the Owners such advance notice as they reasonably
can of the details of any such operations.



 


		(c)	Without prejudice to the generality of the Charterers’ rights under (a) and (b), it is expressly
agreed that the master shall have the right to refuse to allow the vessel to perform as provided in (a) and (b) if in his reasonable
opinion it is not safe so to do.



 


		(d)	The Owners shall be entitled to insure any deductible under the Vessel’s hull policy and
The Charterers shall reimburse the Owners any additional premium(s) required by the vessel’s underwriters and/or the cost
of insuring any deductible under the Vessel’s hull policy.







    	 



    	



    

		(e)	The Charterers shall further indemnify the Owners for any costs, damage and liabilities resulting
from such operation. The vessel shall remain on hire for any time lost including periods for repairs as a result of such operation.



 


	Clause 99:	International Group of P&I Clubs Financial Security in respect of Pollution Clause





1. Owners warrant that throughout the currency
of this charter they will provide the Vessel with the following certificates:


(a) If the Vessel is over 1,000 gross tons
and is registered in, or is required to enter a port or offshore facility in the territorial sea of, a State Party to the International
Convention on Civil Liability for Bunker Oil Pollution Damage 2001, a Certificate issued pursuant to Article 7 of that Convention.


(b) If the Vessel is constructed or adapted
for the carriage of persistent oil in bulk as cargo and is carrying more than 2,000 tons of such cargo, a Certificate issued pursuant
to Article 7 of the International Convention on Civil Liability for Oil Pollution Damage, 1992, as applicable.


(c) If the Vessel is over 300 gross tons
(or as might otherwise be required by US Federal Statutes and Regulations) and is required to enter US navigable waters or any
port or place in the US, a Certificate issued pursuant to Section 1016 (a) of the Oil Pollution Act 1990, and Section 108 (a) of
the Comprehensive Environmental Response, Compensation and Liability Act 1980, as amended, in accordance with US Coast Guard Regulations,
33 CFR Part 138.


2. Notwithstanding anything whether printed
or typed herein to the contrary,


(a) Save as required for compliance with
paragraph (I) hereof, Owners shall not be required to establish or maintain financial security in respect of oil or other pollution
damage to enable the vessel lawfully to enter, remain in or leave any port, place, territorial or contiguous waters of any country,
state or territory in performance of this charter.


(b) Charterers shall indemnify Owners and
hold them harmless in respect of any loss, damage, liability or expense (including but not limited to the costs of any delay incurred
by the Vessel as a result of any failure by the Charterers promptly to give alternative voyage orders) which Owners may sustain
due to non-compliance with any demand or requirement to establish or maintain financial security in order to enter, remain in or
leave any port, place or waters, other than to the extent provided in paragraph (1) hereof.


(c) Without prejudice to paragraphs 2(a)
and 2(b), if Owners establish or maintain financial security other than to the extent provided in paragraph (1) hereof (in order
to enable the vessel lawfully to enter, remain in or leave any port, place or waters), Charterers shall, unless otherwise expressly
agreed, indemnify Owners and hold them harmless in respect of any costs or delay incurred in establishing or maintaining such security.


(d) Owners shall not be liable for any loss,
damage, liability or expense whatsoever and howsoever arising which Charterers and/or the holders of any bill of lading issued
pursuant to this charter may sustain by reason of any requirement to establish or maintain financial security in order to enter,
remain in or leave any port, place or waters, other than to the extent provided in paragraph (1) hereof.



    	 



    	



    

	Clause 100:	Bimco ISPS/MTSA Clause for Time Charter Parties 2005



(a) (i) The Owners shall comply with the
requirements of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter
XI of SOLAS (ISPS Code) relating to the Vessel and “the company” (as defined by the ISPS Code). If trading to or from
the United States or passing through United States waters, the Owners shall also comply with the requirements of the US Maritime
Transportation Security Act 2002 (MTSA) relating to the Vessel and the  “Owner” (as defined by the MTSA).


 


(ii) Upon request the Owners
shall provide the Charterers with a copy of the relevant International Ship Security Certificate (or the interim International
Ship Security Certificate) and the full style contact details of the Company Security Officer (CSO).


 


(iii) Loss, damages, expense
or delay (excluding consequential loss, damages, expense or delay) caused by failure on the part of the Owners or “the Company”/“Owner”
to comply with the requirements of the ISPS code/MTSA or this clause shall be for the Owners’ account. Except as otherwise
provided in this Charter Party.


 


(b) (i) The Charterers shall provide the
Owners and the master with their full style contact details and, upon request , any other information the Owners require to comply
with the ISPS Code/MTSA. Where sub-letting is permitted under the terms of this Charter Party, the Charterers shall ensure that
the contact details of all suhcharterers are likewise provided to the Owners and the master.


 


Furthermore, the Charterers shall ensure
that all sub-charter parties they enter into during the period of this Charter Party contain the following provision:


 


“The Charterers shall provide the
Owners with their full style contact details and, where sub-letting is permitted under the terms of the Charter Party, shall ensure
that the contact details of all sub-charterers are likewise provided to the Owners”.


 


(ii) Loss, damages, expense or
delay (excluding consequential loss, damages, expense or delay) caused by failure on the part of the Charterers to comply with
this clause shall be for the Charterers’ account, except as otherwise provided in this Charter Party.


 


(c) Notwithstanding anything else contained
in this Charter Party all delay, costs or expenses whatsoever arising out of or related to security regulations or measures required
by the port facility or any relevant authority in accordance with the ISPS Code/MTSA including, but not limited to, security guards,
launch services, vessel escorts, security fees or taxes and inspections, shall be for the Charterers’ account, unless such
costs or expenses result solely from the negligence of the Owners, master or crew. All measures required by the Owners to comply
with the ship security plan shall be for the Owners’ account.


 


(d) If either party makes any payment which
is for the other party’s account according to this clause, the other party shall indemnify the paying party.



    	 



    	



    

	Clause 101:	U.S. Antidrug Abuse Act 1986 Clause for Time Charterers





(a) In pursuance of the provisions of the
U.S. Anti drug Abuse Act 1986, or any reenactment there of , the Charterers warrant to exercise the highest degree of care and
diligence in preventing unmanifested narcotic drugs and marijuana to be loaded or concealed on board the Vessel.


 


Non compliance with the provisions of this
clause shall amount to breach of warranty for the consequences of which the Charterers shall be liable and shall hold the Owners,
the master and the crew of the Vessel harmless and shall keep them indemnified against all claims whatsoever which may arise and
be made against them individually or jointly.


 


Furthermore, all time lost and all expenses
incurred, including fines, as a result of the Charterers’ breach of the provisions of this clause shall be for the Charterers’
account and the Vessel shall remain on hire.


 


Should the Vessel be arrested as a result
of the Charterers’ non-compliance with the provisions of this clause, the Charterers shall at their expense take all reasonable
steps to secure that within a reasonable time the Vessel is released and at their expense put up bail to secure release of the
Vessel.


 


The Owners shall remain responsible for
all time lost and all expenses incurred, including fines, in the event that unmanifested narcotic drugs and marijuana are found
in the possession or effects of the Vessel’s personnel.


 


(b) In pursuance of the provisions of sub-clause
(a) above, the Owners and the Charterers warrant that they shall both become signatories to the sea carrier initiative agreement
on signing this Charter Party or on delivery of the Vessel under this charter, whichever is the earlier, and will so remain during
the currency of the charter.


 


	Clause 102:	U.S. Customs-Trade Partnership Against Terrorism (C-TPAT) Clause





The Charterers have voluntarily signed the
C-TPAT agreement with the U.S. Customs service. The Owners, master and crew will use reasonable efforts to assist the Charterers
to comply with their obligations under the C-TPAT agreement. However, under no circumstances shall the Owners, master and crew
be liable for any delays, losses or damages howsoever arising out of any failure to meet the requirements of the C-TPAT agreement
signed by the Charterers.


 


The Charterers agree to indemnify and hold
the Owners, master and crew harmless for any claims made against the Owners, master and crew or for any delays, losses, damages,
expenses or penalties suffered by the Owners arising out of the C-TPAT agreement signed by the Charterers.






    	 



    	



    

	Clause 103:	Bunker Quality Control Clause for Time Charterers





(1) The Charterers shall supply bunkers
of a quality suitable for burning in the Vessel’s engines and auxiliaries and which conform to the specification(s) mutually
agreed under this Charter.


 


(2) At the time of delivery of the Vessel
the Owners shall place at the disposal of the Charterers, the bunker delivery note(s) and any samples relating to the fuels existing
on board.


 


(3) During the currency of the Charter
the Charterers shall ensure that bunker delivery notes are presented to the Vessel on the delivery of fuel(s) and that during bunkering
representative samples of the fuel(s) supplied shall be taken at the Vessel’s bunkering manifold and sealed in the presence
of competent representatives of the Charterers and the Vessel.


 


(4) The fuel samples shall be retained
by the Vessel for 90 (ninety) days after the date of delivery or for whatever period necessary in the case of a prior dispute and
any dispute as to whether the bunker fuels conform to the agreed specification(s) shall be settled by analysis of the sample(s)
by DNV or by another mutually agreed fuels analyst whose findings shall be conclusive evidence as to conformity or otherwise with
the bunker fuels specification(s).


 


(5) The owners reserve their right
to make a claim against the Charterers for any damage to the main engines or the auxiliaries caused by the use of unsuitable
fuels or fuels not complying with the agreed specifications. Additionally, if bunker fuels supplied do not conform with the
mutually agreed specification(s) or otherwise prove unsuitable for burning in the ship’s engines or auxiliaries the
Owners shall not be held responsible for any reduction in the Vessel’s speed performance and/or increased bunker
consumption nor for any time lost and any other consequences.


 


	Clause 104:	Fuel Sulphur Content Clause Time Charter Parties 2005





a) Without prejudice to anything else contained
in this Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the Vessel, at all times,
to comply with the maximum sulphur content requirements of any emission control zone when the Vessel is ordered to trade within
that zone. The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker surveyors used by the Charterers
to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI. including the Guidelines in respect of sampling
and the provision of bunker delivery notes. The Charterers shall indemnify, defend and hold harmless the Owners in respect of any
loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers’ failure to comply with this Sub-clause
(a).


 


b) Provided always that the Charterers have
fulfilled their obligations in respect of the supply of fuels in accordance with sub-clause (a), the Owners warrant that:


 


		(i)	The Vessel shall comply with Regulations 14 and 18 of MARPOL Annex VI and with the requirements
of any emission control zone; and



		(ii)	The Vessel shall be able to consume fuels of the required sulphur content when ordered by Charterers
to trade within any such zone.







    	 



    	



    

Subject to have supplied the Vessel with
fuels in accordance with Sub-Clause




a), the Charterers shall not otherwise be
liable for any loss, delay, fines, costs or expenses arising or resulting form the Vessel’s failure to comply with Regulations
14 and 18 of MARPOL Annex VI.


 


c) For the purpose of this Clause, “emission
control zone” shall mean zones as stipulated in MARPOL Annex VI and/or zones regulated by regional and/or national authorities
such as, but not limited to, the EU and the US Environmental Protection Agency.


 


	Clause 105:	Terrorism Risk Clause





The Charterers shall at their own cost and
expense to provide the charter’s liability insurance covering the loss of or damage caused by war risks (including terrorism).
And vice versa, the Owners shall at their cost and expense to provide the Owner’s liability insurance covering the loss of
or damage caused by war risks (including terrorism) as limited in the current war risk policy and P& I pool rules subject to
the termination clause (notice of cancellations).


 


	Clause 106:	U.S. Census Bureau Mandatory Automated Export System (AES) Clause for Time Charter Parties





(a) If the Vessel loads cargo in any US
port or place, the Charterers shall comply with the current US Census Bureau Regulations (15 CFR 30) or any subsequent amendments
thereto and shall undertake the role of carrier for the purposes of such regulations and shall, in their own name, time and expense:




(i) Have in place a SCAC (Standard Carrier
Alpha Code);




(ii) Have in place an ICB (International
Carrier Bond);




(iii) Provide the Owners with a timely confirmation
of (i) and (ii) above; and


(iv) Submit a export ocean manifest by AES
(Automated Export System) to the US Census Bureau and provide the Owners at the same time with a copy thereof.


(b) The Charterers assume liability
for and shall indemnify, defend and hold harmless the Owners against any loss and/or damage whatsoever (including
consequential loss and/or damage) and/or any expenses, fines, penalties and all other claims of whatsoever nature, including
but not limited to legal costs, arising from the Charterers’ failure to comply with any of the provisions of sub-clause
(a). Should such failure result in any delay then, notwithstanding any provision in this Charter Party to the contrary, the
Vessel shall remain on hire.


(c) If the Charterers’ ICB is used
to meet any penalties, duties, taxes or other charges which are solely the responsibility of the Owners, the Owners shall promptly
reimburse the Charterers for those amounts.


(d) The assumption of the role of carrier
by the Charterers pursuant to this Clause and for the purpose of the US Census Bureau Regulations (15 CFR 30) shall be without
prejudice to the identity of carrier under any bill of lading, other contract, law or regulation.


 


	Clause 107:	Deleted



 


	Clause 108:	Deleted




    	 



    	



    

Additional Clause: Excluded
Cargoes


Following cargoes are excluded even if containerized:
explosives (but 1,4S is permitted), chemical waste, and all goods listed in Basel convention, calcium hypochlorite UN nos. 1479,
1748, 2208, 2280, ammonium nitrate UN no. 1942.