# EDGAR Filing Document

**Accession Number:** 0001943421
**File Stem:** 0001171843-25-005522
**Filing Date:** 2025-8
**Character Count:** 1760776
**Document Hash:** 073494d12f82f5046d3cc990133e7e04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005522.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001171843-25-005522

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 77

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Rubico Inc.
- **CENTRAL INDEX KEY:** 0001943421
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 1T
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288796
- **FILM NUMBER:** 251237832

**BUSINESS ADDRESS:**
- **STREET 1:** VAS SOFIAS 1 & MEG. ALEXANDROU
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 151 24
- **BUSINESS PHONE:** 30 2108128180

**MAIL ADDRESS:**
- **STREET 1:** VAS SOFIAS 1 & MEG. ALEXANDROU
- **CITY:** ATHENS
- **STATE:** J3
- **ZIP:** 151 24

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Central Tactical Acquisitions Inc.
- **DATE OF NAME CHANGE:** 20220818

**As filed with the U.S. Securities and Exchange Commission on August 20, 2025.**

**Registration No. 333-288796**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Amendment No. 1**

to

**Form F-1**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Rubico Inc.**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Republic of the Marshall Islands**<br> (State or other jurisdiction of<br> incorporation or organization) | **4412**<br> (Primary Standard Industrial<br> Classification Code Number) | **N/A**<br> (I.R.S. Employer Identification No.) |

---

**20 Iouliou Kaisara Str**

**19002 Paiania** 

**Athens, Greece**

**+30 210 812 8107**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**Watson Farley & Williams LLP** 

**Attention: Will Vogel, Esq.** 

**120 West 45<sup>th</sup> Street, 20<sup>th</sup> Floor** 

**New York, New York 10036** 

**(212) 922-2200**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies to:***

**Will Vogel, Esq** **.** <br> **Watson Farley & Williams LLP** <br> **120 West 45<sup>th</sup> Street, 20<sup>th</sup> Floor** <br> **New York, New York 10036** <br> **+1 (212) 922-2200 (telephone number)**<br>

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after this Registration Statement becomes effective.**

If any of the securities being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

<br> Emerging growth company ☒ <br>

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED AUGUST 20, 2025**

**PRELIMINARY PROSPECTUS** 

**Up to 15,000,000 Common Shares**

**Rubico Inc.**

This prospectus relates in part to the offer and resale of up to 15,000,000 shares of our common stock, par value $0.01 per share (our "Common Shares"), including the associated preferred share purchase rights, by B. Riley Principal Capital II, LLC (the "Selling Shareholder" or "BRPC II").

We have issued or will issue these Common Shares to the Selling Shareholder under a common share purchase agreement, dated July 21, 2025 (the "Purchase Agreement"), that we entered into with the Selling Shareholder, pursuant to which we may, in our sole discretion, elect to sell to the Selling Shareholder up to $30,000,000 worth of our Common Shares in one or more transactions from time to time after the date of this prospectus.

We will not receive any of the proceeds from the sale of our Common Shares by the Selling Shareholder. However, we may receive up to $30,000,000 aggregate gross proceeds from sales of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement. See "The Committed Equity Financing" for a description of the Purchase Agreement and "Selling Shareholder" for additional information regarding the Selling Shareholder.

The Selling Shareholder may resell or otherwise dispose of our Common Shares described in this prospectus in a number of different ways and at varying prices. See "Plan of Distribution (Conflict of Interest)" for more information about how the Selling Shareholder may resell or otherwise dispose of our Common Shares pursuant to this prospectus. The Selling Shareholder is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the "Securities Act").

We will pay the expenses incurred in registering under the Securities Act the offer and resale of the Common Shares offered hereby by the Selling Shareholder. We have also engaged Seaport Global Securities LLC to act as a "qualified independent underwriter" in this offering, whose fees and expenses will be borne by the Selling Shareholder. See "Plan of Distribution (Conflict of Interest)."

Our Common Shares are listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "RUBI." The last reported sale price of the Common Shares on August 19, 2025, was $2.47 per share.

We qualify as an "emerging growth company" and a "foreign private issuer", each as defined under U.S. federal securities laws, rules and regulations. As such, we may elect to comply with certain reduced reporting requirements. See "Prospectus Summary—Implications of Being a Foreign Private Issuer" and "Prospectus Summary—Implications of Being an Emerging Growth Company."

We have a multi-class capital structure consisting of Common Shares and Series D Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Each Series D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing agreement covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series D Preferred Shares, holders of our Series D Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled "Description of Capital Stock" for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares. The Lax Trust, an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Top Ships Inc. (the "Parent")—a public company incorporated under the laws of the Republic of the Marshall Islands—Mr. Evangelos Pistiolis, is the sole beneficial owner of our Series D Preferred Shares. The Series D Preferred Shares held by the Lax Trust represent 97.0% of our total voting power. In addition, 3 Sororibus Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, may be deemed to beneficially own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power. Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own the majority of our voting power, they have the ability to control us and our affairs, including, among other matters, the election of our Board of Directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. Please see "Risk Factors—Risks Relating to Our Common Shares and this Offering—Our significant shareholder has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote."

**Investing in our securities involves a high degree of risk. See "Risk Factors" beginning on page 12 of this prospectus for a discussion of information that should be considered in connection with an investment in our securities.**

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is , 2025

**TABLE OF CONTENTS**

**** 

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#summary) | [1](#summary) |
| [THE OFFERING](#theoffering) | [11](#theoffering) |
| [RISK FACTORS](#riskfactors) | [12](#riskfactors) |
| [FORWARD-LOOKING STATEMENTS](#fwlstatements) | [46](#fwlstatements) |
| [THE COMMITTED EQUITY FINANCING](#equityfinancing) | [48](#equityfinancing) |
| [USE OF PROCEEDS](#useofproceeds) | [57](#useofproceeds) |
| [CAPITALIZATION](#capitalization) | [58](#capitalization) |
| [DIVIDEND POLICY](#dividendpolicy) | [59](#dividendpolicy) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#MDA) | [60](#MDA) |
| [BUSINESS](#business) | [73](#business) |
| [MANAGEMENT](#management) | [92](#management) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#certainrelatioships) | [95](#certainrelatioships) |
| [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT](#securityownership) | [96](#securityownership) |
| [SELLING SHAREHOLDER](#sellingshareholder) | [97](#sellingshareholder) |
| [DESCRIPTION OF CAPITAL STOCK](#descriptionofcapitalstock) | [98](#descriptionofcapitalstock) |
| [CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS](#marshallislandscompconsiderations) | [108](#marshallislandscompconsiderations) |
| [SHARES ELIGIBLE FOR FUTURE SALE](#shareseligibleforfuturesale) | [112](#shareseligibleforfuturesale) |
| [TAX CONSIDERATIONS](#taxconsiderations) | [113](#taxconsiderations) |
| [PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)](#planofdistribution) | [121](#planofdistribution) |
| [SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES](#serviceofprocess) | [124](#serviceofprocess) |
| [EXPENSES RELATING TO THIS OFFERING](#expensesrelating) | [124](#expensesrelating) |
| [LEGAL MATTERS](#legalmatters) | [124](#legalmatters) |
| [EXPERTS](#experts) | [124](#experts) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#additionalinfo) | [125](#additionalinfo) |
| [INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS OF RUBICO INC.](#Index) | [F-1](#Index) |

---

This prospectus is part of a registration statement on Form F-1 filed with the SEC by Rubico Inc. The Selling Shareholder named in this prospectus may, from time to time, sell the securities described in this prospectus in one or more offerings. This prospectus includes important information about us, the Common Shares, and other information you should know before investing. We may in the future prepare a supplement to this prospectus. Any prospectus supplement may also add, update, or change information in this prospectus. If there is any inconsistency between the information contained in this prospectus and any prospectus supplement, you should rely on the information contained in the prospectus supplement.

This prospectus does not contain all of the information provided in the registration statement that we filed with the SEC. You should read this prospectus together with the additional information about us described in the section below entitled "Where You Can Find Additional Information." You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered to you. We have not, and the Selling Shareholder has not, authorized any other person to provide you with additional, different or inconsistent information. If anyone provides you with additional, different or inconsistent information, you should not rely on it. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission (the "SEC" or the "Commission"), is effective. We are not, and the Selling Shareholder is not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus unless otherwise specified herein. Our business, financial condition, results of operations and prospects may have changed since that date. Information contained on our website does not constitute part of this prospectus.

The Selling Shareholder may offer and sell the securities through agents or to or through underwriters or dealers. A prospectus supplement, if required, may describe the terms of the plan of distribution and set forth the names of any agents, underwriters or dealers involved in the sale of securities. See "Plan of Distribution (Conflict of Interest)."

The market data and other statistical information used throughout this prospectus has been compiled from publicly available information and industry publications. These sources generally state that the information they provide is believed to be reliable however, it is subject to subjective assessments and changes and cannot always be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any market research and statistical survey. Therefore, the accuracy and completeness of the information are not guaranteed and estimates and beliefs based on such data may not be reliable. In addition, such market data and statistical information may be different from other sources and may not reflect all or even a comprehensive set of the actual events and transactions occurring in the market. Although we are responsible for all of the disclosures contained in this prospectus and we believe that such market data and statistical information is reliable, we have not independently verified its accuracy or completeness. In addition, some data is also based on our good faith estimates and our management's understanding of industry conditions. Such data involve risks and uncertainties and are subject to change based on various factors, including those discussed under the headings "Forward-Looking Statements" and "Risk Factors" in this prospectus.

**PROSPECTUS SUMMARY**

*This section summarizes material information that appears later in this prospectus and is qualified in its entirety by the more detailed information and financial statements included elsewhere herein. This summary may not contain all of the information that may be important to you. As an investor or prospective investor, you should carefully review the entire prospectus, including the risk factors and the more detailed information that appears later in this prospectus before you consider making an investment in our securities.* 

*Unless otherwise indicated, references in this prospectus to "Rubico," the "Company," "we," "our," and "us," refer to Rubico Inc. or any one or more of its subsidiaries, or to such entities collectively. References in this registration statement to the "Parent" refer to Top Ships Inc. References to our "Fleet Manager" or "CSI" are to Central Shipping Inc, a related party of our Parent and us, which performs the day-to-day management of our fleet.*

*Unless otherwise indicated, references to "U.S. dollars," "dollars," "USD" and "$" in this prospectus are to the lawful currency of the United States of America. We use the term "deadweight tons", or "dwt", expressed in metric tons, each of which is equivalent to 1,000 kilograms, in describing the size of vessels.* 

**Our Company** 

We are a global provider of shipping transportation services. We specialize in the ownership of vessels. The vessels initially comprising our fleet and each of the vessels we may acquire in the future is or will be owned through a separate wholly owned subsidiary.

We are an international owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T *Eco Malibu* with an age of 4.1 years and the M/T *Eco West Coast* with an age of 4.2 years, each focusing on the transportation of crude oil.

We were incorporated by the Parent under the laws of the Republic of the Marshall Islands on August 11, 2022 to serve as the holding company for two of its vessel-owning subsidiaries, Athenean Empire Inc. (the "Athenean Rubico Predecessor" or "Athenean") and Roman Empire Inc. (the "Roman Rubico Predecessor" or "Roman" and, together with the Athenean Rubico Predecessor, the "Rubico Predecessor") that were contributed to us by the Parent in connection with the distribution of our issued and outstanding Common Shares (including the related preferred stock purchase rights), to the Parent's shareholders and warrant holders (the "Spin-Off"). The financial statements presented in this registration statement are carve-out financial statements from the Parent's consolidated historical financial statements. The carve-out financial statements in this registration statement include audited combined carve-out financial statements of the Rubico Predecessor as of December 31, 2022, 2023 and 2024, and for each of the three years in the period ended December 31, 2024.

**Chartering of our Fleet**

We intend to expand our fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers, including recreational transportation, depending on our assessment of market conditions and available opportunities at the time when an acquisition is possible. Our targets may include newbuilding vessels or vessels from the secondhand market, including acquisitions from unrelated third parties, the Parent or other related parties.

**Management of our Company and our Fleet** 

Prior to the consummation of the Spin-Off, we entered into a letter agreement (the "CSI Letter Agreement") with our Fleet Manager, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, that detailed the terms on which any vessels we may acquire will be managed. Both Athenean and Roman, our vessel-owning subsidiaries, entered into management agreements, each a Management Agreement and together the Management Agreements, with our Fleet Manager on May 28, 2020. Both the Management Agreements and the CSI Letter Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the CSI Letter Agreement or each of the Management Agreements.

Pursuant to the CSI Letter Agreement as well as each of the Management Agreements, we pay a management fee of $651 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, each of the Management Agreements provides and the CSI Letter Agreement provides for payment to our Fleet Manager of: (i) $592 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. Our Fleet Manager also performs supervision services for any newbuilding vessel we may acquire while the vessel is under construction, for which we pay our Fleet Manager the actual cost of the supervision services plus a fee of 7% of such supervision services.

Our Fleet Manager provides, at cost, all accounting, reporting and administrative services. Finally, each of the Management Agreements provide and the CSI Letter Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of our board of directors (the "Board of Directors" or the "Board"). Each of the Management Agreements and the CSI Letter Agreement has an initial term of five years, after which they will both continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of each of the Management Agreements and the terms of the CSI Letter Agreement, all fees payable to our Fleet Manager are adjusted annually according to the US Consumer Price Inflation ("CPI") of the previous year and if CPI is less than 2% then a 2% increase is effected.

For further information, please see "Certain Relationships and Related Party Transactions."

**Our Competitive Strengths** 

***Opportunity for growth.*** We believe we will be well positioned to opportunistically expand and maximize our current fleet due to competitive cost structure, strong customer relationships and experienced management team.

***Demonstrated access to financing.*** We believe that we are well placed to take advantage of business opportunities due to the Fleet Manager's operational platform, which we aim to leverage, along with our Fleet Manager's demonstrated access to financing at the Parent. We believe that our ability to access financing will continue to allow us to capture additional market opportunities when they arise.

***Our Fleet Manager's commercial relationships, reputation and track record.*** We believe that our Fleet Manager's network of commercial relationships and reputation and track record in building shipping fleets should provide us with access to attractive acquisition, chartering and vessel financing opportunities.

***Modern, Fuel Efficient, Scrubber Fitted Fleet.*** Our vessels have the latest-generation, fuel efficient design and specifications. We believe that modern, fuel-efficient vessels like ours command higher charter rates than conventional vessels.

**Our Business Strategies** 

***Opportunistic and sector-agnostic vessel acquisition strategy.*** We plan to exploit opportunities in any sector related to seaborne transportation of goods or passengers, including recreational transportation that provides an attractive demand and supply profile as well as a positive market outlook in the medium to long-term by acquiring vessels trading on this sector. The decision for entering a new sector will be based on robust fundamentals and thoughtful analysis of factors affecting both the demand side and the supply side, while the selection of the target vessel will be subject to strict qualitative criteria including the environmental performance and energy efficiency of the acquisition candidates.

***Expand our fleet through accretive acquisitions.*** We intend to grow our current fleet through timely and selective acquisitions of additional vessels at attractive valuations. In evaluating acquisitions, we consider and analyze, among other things, our expectation of fundamental developments in the shipping industry, the level of liquidity in the resale and charter market, the vessel condition and technical specifications, the expected remaining useful life, as well as the overall strategic positioning of our fleet and customers. For vessels acquired with charters attached, we also consider the credit quality of the charterer and the duration and terms of the contracts in place. Based on our Fleet Manager's successful track record, commercial expertise and reputation in the marketplace as well as our transparent and public corporate structure, we believe that we are well-positioned to source off-market opportunities to acquire secondhand vessels. As a result, we may be able to acquire vessels on more favorable terms than what would be obtained without access to such opportunities.

***Access to attractive chartering opportunities. Our Fleet Manager has built relationships with many well-known charterers, which we believe is the result of its*** and our Parent's reputation for reliable service, safety and dependability. Through a combination of fixed period time charters and spot charters, our Parent and Fleet Manager have historically provided services to many national, regional and international oil companies, charterers and oil traders, including Shell, BP, ExxonMobil, Petrobras, ConocoPhillips, Pemex, Hellenic Petroleum, Glencore, Clearlake, Vitol and Trafigura. We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements and specifications of our charterers, which we believe will enable us to obtain repeat business from our customers.

***Environmental, Social, Governance, or ESG, Practices.*** We actively manage a broad range of ESG initiatives, taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our business on society and the environment. Scrubber installations, Existing Vessel Design Index, or EEXI, upgrades, and Energy Saving Devices ("ESDs") installations, weather routing, slow steaming, ballast and trim optimization during the ballast voyage legs, application of noise reduction designs and frequent propeller and hull cleaning policy constitute examples of the environmental practices our management team has deployed. Moreover, we pay considerable attention to our human resources both on our vessels, or vessels we may acquire and ashore, proven by a variety of practices, including, gender discrimination elimination, performance KPIs, worldwide training and medical insurance.

**Recent and Other Developments Summary**

On June 23, 2025, we entered into a share purchase agreement to sell 75,000 Common Shares at a purchase price of $20.00 per Common Share, for aggregate gross proceeds of $1.5 million, in a private placement pursuant to exemptions from registration under the Securities Act (the "Private Placement"). Pursuant to the share purchase agreement, the purchasers in the Private Placement received customary registration rights and are subject to lock-up restrictions on resale of the Common Shares sold in the Private Placement for a period of 45 days following the commencement of trading of the Common Shares on an exchange. The closing of the Private Placement was conditioned on the consummation of the Spin-Off distribution.

On August 1, 2025, the Spin-Off distribution was consummated and on August 4, 2025, the Private Placement closed. Our Common Shares began trading on Nasdaq under the symbol "RUBI" on August 4, 2025.

On August 7, 2025, we entered into the New Huarong SLBs (as defined below) in the aggregate amount of $84.0 million, for the purpose of refinancing the Huarong SLB (as defined below) and AVIC SLB (as defined below) secured by the vessels M/T *Eco West Coast* and M/T *Eco Malibu*, respectively. The New Huarong SLBs are expected to close in December 2025, subject to closing conditions set forth in the relevant memoranda of agreement. For more information, see Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—New Huarong SLBs."

**Committed Equity Facility**

***Agreements***

On July 21, 2025, we entered into a common shares purchase agreement (the "Purchase Agreement") and a registration rights agreement (the "Registration Rights Agreement") with the Selling Shareholder. Pursuant to the Purchase Agreement, we have the right to sell to the Selling Shareholder, from time to time during the term of the Purchase Agreement, up to $30,000,000 million of our Common Shares, subject to certain limitations and conditions set forth in the Purchase Agreement.

Sales of our Common Shares pursuant to the Purchase Agreement, and the timing of any sales, are solely at our option, and we are under no obligation to sell any securities to the Selling Shareholder under the Purchase Agreement. In accordance with our obligations under the Registration Rights Agreement, we have filed the registration statement that includes this prospectus with the SEC to register under the Securities Act the resale by the Selling Shareholder of up to 15,000,000 of our Common Shares that we may, in our sole discretion, elect to sell to the Selling Shareholder in one or more transactions from time to time after the date of this prospectus.

Our right to cause the Selling Shareholder to purchase our Common Shares is subject to certain conditions set forth in the Purchase Agreement, including that the registration statement that includes this prospectus be declared effective by the SEC. The satisfaction of these conditions is referred to as the "Commencement", and the date on which these conditions are satisfied is the "Commencement Date".

***Purchases***

Beginning on the Commencement Date, and for 36 months thereafter, we will have the right, but not the obligation, from time to time, at our sole discretion, to direct the Selling Shareholder to purchase a specified number of our Common Shares (each, a "Purchase"). Each Purchase shall not exceed the lesser of the following (the "Purchase Maximum Amount"): (i) 1,500,000 of our Common Shares and (ii) a percentage to be specified by us, not to exceed 25% (the "Purchase Valuation Percentage"), times the aggregate number of our Common Shares traded on Nasdaq during the applicable Purchase Valuation Period (as defined below). The number of shares to be purchased by the Selling Shareholder in a given Purchase (the "Purchase Share Amount") will be adjusted to the extent necessary to give effect to the applicable Purchase Maximum Amount and certain additional limitations set forth in the Purchase Agreement.

We may elect to initiate a Purchase by timely delivering written notice to the Selling Shareholder (a "Purchase Notice") prior to 9:00 a.m., New York City time, on any day (each, a "Purchase Date") on which our Common Shares trades or may be traded on Nasdaq (a "Trading Day"), so long as (a) the closing sale price of our Common Shares on Nasdaq on the Trading Day immediately prior to such Purchase Date is not less than $1.00, subject to adjustment as set forth in the Purchase Agreement (the "Threshold Price"), and (b) all Common Shares subject to all prior Purchases effected by us under the Purchase Agreement have been received by the Selling Shareholder prior to the time we deliver the Purchase Notice.

The per share purchase price that the Selling Shareholder is required to pay for our Common Shares in a Purchase will be 97% of the volume weighted average price of our Common Shares (the "VWAP") over a specified period on the Purchase Date. This period (the "Purchase Valuation Period") begins at the official open of the regular trading session on Nasdaq on the applicable Purchase Date, and ends at the earliest to occur of (i) 3:59 p.m., New York City time, on that Purchase Date or such earlier time publicly announced by the trading market as the official close of the regular trading session on that Purchase Date, (ii) such time that the total aggregate number of our Common Shares traded on Nasdaq during the Purchase Valuation Period reaches the applicable share volume maximum amount for such Purchase (the "Purchase Share Volume Maximum"), calculated by dividing (a) the applicable Purchase Share Amount for that Purchase, by (b) the Purchase Valuation Percentage for that Purchase, and (iii) if we further specify in the applicable Purchase Notice for such Purchase that a "limit order discontinue election" shall apply to such Purchase (a "Limit Order Discontinue Election"), such time that the trading price of our Common Shares on Nasdaq during the Purchase Valuation Period falls below the applicable minimum price threshold for that Purchase specified by us in the Purchase Notice, which shall not be less than the Threshold Price, or if we do not specify a minimum price threshold in such Purchase Notice, a price equal to 75% of the closing sale price of our Common Shares on the Trading Day immediately prior to the applicable Purchase Date for such Purchase (the "Minimum Price Threshold").

Under the Purchase Agreement, for purposes of calculating the volume of Common Shares traded during a Purchase Valuation Period, as well as the VWAP for a Purchase Valuation Period, the following transactions, to the extent they occur during such Purchase Valuation Period, shall be excluded: (x) the opening or first purchase of Common Shares at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, (y) the last or closing sale of Common Shares at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, and (z) if we have specified in the applicable Purchase Notice for such Purchase that a "limit order continue election" (a "Limit Order Continue Election") shall apply to such Purchase (instead of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common Shares on Nasdaq during such Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Purchase.

***Intraday Purchases***

In addition to the regular Purchases described above, after the Commencement, we will also have the right, but not the obligation, subject to the continued satisfaction of the conditions set forth in the Purchase Agreement, to direct the Selling Shareholder to purchase, on any Trading Day, including on a Purchase Date on which a regular Purchase is effected, a specified number of our Common Shares (each, an "Intraday Purchase"). Each Intraday Purchase is not to exceed the lesser of the following (the "Intraday Purchase Maximum Amount"): (i) 1,500,000 of our Common Shares and (ii) a percentage to be specified by us, not to exceed 25%, times the total aggregate volume of Common Shares traded on Nasdaq during the applicable "Intraday Purchase Valuation Period." The number of shares to be purchased by the Selling Shareholder in a given Intraday Purchase (the "Intraday Purchase Share Amount") will be adjusted to the extent necessary to give effect to the applicable Intraday Purchase Maximum Amount and certain additional limitations set forth in the Purchase Agreement.

We may elect to initiate an Intraday Purchase by timely delivering irrevocable written notice (an "Intraday Purchase Notice") to the Selling Shareholder after the later of (a) 10:00 a.m., New York City time (b) the end of the Purchase Valuation Period for any prior regular Purchase on that Purchase Date and (c) the end of the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected on that Purchase Date (if any), and prior to 3:30 p.m., New York City time, on such Purchase Date. We may only deliver an Intraday Purchase Notice so long as (i) the sale price of our Common Shares at the time of delivery of the Intraday Purchase Notice is not less than the Threshold Price and (ii) all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement have been received by the Selling Shareholder prior to the time we deliver the Intraday Purchase Notice.

The per share purchase price for our Common Shares that we elect to sell to the Selling Shareholder in an Intraday Purchase pursuant to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a regular Purchase, provided that the VWAP for each Intraday Purchase effected on a Purchase Date will be calculated over a different period during the regular trading session on Nasdaq on the relevant Purchase Date, each of which will commence and end at different times on that Purchase Date, and the applicable minimum price threshold in the event we do not specify a minimum price threshold in the Intraday Purchase Notice will be a price equal to 75% of the sale price of our Common Shares at the time of delivery of the applicable Intraday Purchase Notice.

***Other Terms***

The Purchase Agreement does not set an upper limit on the price per share that the Selling Shareholder could be obligated to pay for Common Shares that we elect to sell to it in any Purchase or any Intraday Purchase. In the case of Purchases and Intraday Purchases, all share and dollar amounts used in determining the purchase price per share, or in determining the applicable maximum purchase share amounts or applicable volume or price threshold amounts, will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate any per share purchase price, maximum purchase share amount or applicable volume or price threshold amount.

From and after Commencement, we will control the timing and amount of any sales of our Common Shares to the Selling Shareholder. Whether we conduct actual sales of Common Shares to the Selling Shareholder under the Purchase Agreement, and the size and terms of those sales, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of our Common Shares and determinations by us as to the appropriate sources of funding for our business and operations.

The net proceeds to us from sales that we elect to make to the Selling Shareholder under the Purchase Agreement, if any, will depend on the frequency and prices at which we sell our Common Shares to the Selling Shareholder. We expect that any proceeds received by us from such sales to the Selling Shareholder will be used for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion.

We may not issue or sell any share of our Common Shares to the Selling Shareholder under the Purchase Agreement that, when aggregated with all other Common Shares then beneficially owned by the Selling Shareholder and its affiliates would result in the Selling Shareholder beneficially owning more than 4.99% of the outstanding Common Shares (the "Beneficial Ownership Limitation").

Neither the Purchase Agreement nor the Registration Rights Agreement has restrictions on future financings, rights of first refusal, participation rights, penalties or liquidated damages, other than a prohibition (with certain limited exceptions) on entering into an "equity line of credit," an "at the market offering" or other similar continuous offering.

The Selling Shareholder has agreed that none of the Selling Shareholder or any entity managed or controlled by the Selling Shareholder, or any of their respective officers, will engage in or effect, directly or indirectly, for its own account or for the account of any other of such persons or entities, any short sales of our Common Shares or hedging transaction that establishes a net short position in our Common Shares during the term of the Purchase Agreement.

The Purchase Agreement will automatically terminate on the earliest to occur of (i) the first day of the month next following the third anniversary of the Commencement Date, (ii) the date on which the Selling Shareholder shall have purchased from us under the Purchase Agreement Common Shares for an aggregate gross purchase price of $30 million, (iii) the date on which our Common Shares shall have failed to be listed or quoted on Nasdaq or another U.S. national securities exchange identified as an "eligible market" (an "Eligible Market") in the Purchase Agreement, (iv) the 30th Trading Day after the date on which a voluntary or involuntary bankruptcy proceeding involving our company has been commenced that is not discharged or dismissed prior to such Trading Day, and (v) the date on which a bankruptcy custodian is appointed for all or substantially all of our property or we make a general assignment for the benefit of creditors.

We have the right to terminate the Purchase Agreement at any time after Commencement, at no cost or penalty, at any time. We and the Selling Shareholder may also agree to terminate the Purchase Agreement by mutual written consent, provided that no termination of the Purchase Agreement will be effective during the pendency of any Purchase or any Intraday Purchase that has not then fully settled in accordance with the Purchase Agreement. Neither we nor the Selling Shareholder may assign or transfer our respective rights and obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by us or the Selling Shareholder.

As consideration for the Selling Shareholder's commitment to purchase Common Shares at our direction under the Purchase Agreement, we agreed to pay a commitment fee to the Selling Shareholder of $300,000, equal to 1% of the full amount of the maximum gross proceeds under the Purchase Agreement (the "Commitment Fee"). The Commitment Fee shall be payable to the Selling Shareholder upon the earlier of (i) the settlement of the first purchase, if any, that we direct the Selling Shareholder to make under the Purchase Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling Shareholder to make any purchases under the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the Commitment Fee to the Selling Shareholder within three trading days following the termination of the Purchase Agreement in accordance with its terms. Furthermore, we have agreed to reimburse the Selling Shareholder for the reasonable legal fees and disbursements of the Selling Shareholder's legal counsel in an amount not to exceed $240,000 in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, consisting of $150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter, for a maximum three-year term, in which we direct the Selling Shareholder to purchase our Common Shares, as contemplated by the Purchase Agreement and the Registration Rights Agreement.

The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. Copies of the agreements have been filed as exhibits to the registration statement that includes this prospectus and are available electronically on the SEC's website at www.sec.gov.

We do not know what the purchase price for our Common Shares will be and therefore cannot be certain as to the number of shares we might issue to the Selling Shareholder under the Purchase Agreement after the Commencement Date. We have 3,132,333 Common Shares outstanding, as adjusted for cancellation of fractional shares, of which 1,446,410 shares are held by non-affiliates of ours (based on information available to us as of the date hereof). The Purchase Agreement provides that we may sell up to $30,000,000 of our Common Shares to the Selling Shareholder and we are registering 15,000,000 Common Shares under the Securities Act for resale by the Selling Shareholder under this prospectus. Depending on the market price of our Common Shares at the times we elect to issue and sell shares to the Selling Shareholder, we may need to register under the Securities Act additional Common Shares for resale by the Selling Shareholder in order to receive aggregate gross proceeds equal to the full amount available to us under the Purchase Agreement. If all of the 15,000,000 Common Shares offered for resale by the Selling Shareholder under this prospectus were issued and outstanding as of the date hereof, those shares would represent approximately 83% of the total number of outstanding Common Shares and approximately 91% of the total number of outstanding Common Shares held by non-affiliates of our company, in each case based on information known to us as of the date hereof. If we elect to issue and sell more than the 15,000,000 shares offered under this prospectus to the Selling Shareholder, which we have the right, but not the obligation, to do, we must first register under the Securities Act and have the SEC declare effective the sale by the Selling Shareholder of additional Common Shares, which could cause additional substantial dilution to our shareholders.

The number of our Common Shares ultimately offered for resale by the Selling Shareholder through this prospectus is dependent upon the number of Common Shares, if any, we elect to sell to the Selling Shareholder under the Purchase Agreement from and after the Commencement Date. The issuance of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement will not affect the rights or privileges of our existing shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted. Although the number of Common Shares that our existing shareholders own will not decrease, the Common Shares owned by our existing shareholders will represent a smaller percentage of our total outstanding Common Shares after any such issuance.

**Corporate Information** 

Rubico Inc. is a holding company existing under the laws of the Republic of the Marshall Islands. Our executive offices are currently located at 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece and our telephone number is +30 210 812 8107. Our website is www.rubicoinc.com. The Commission maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. The information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part of this prospectus.

**Risk Factors Summary**

An investment in our securities is subject to a number of risks, including risks relating to our industry, business and corporate structure. The following summarizes some, but not all, of these risks, the occurrence of which could have a material adverse effect on our business, financial condition and results of operations, which could cause the trading price of our Common Shares to decline and could result in a loss of all or part of your investment. Please carefully consider all of the information discussed in the section entitled "Risk Factors" in this prospectus for a more thorough description of these and other risks.

**Risks Relating to Our Industry**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The international tanker industry has historically been both cyclical and
volatile .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The current state of the world financial market and current economic conditions
could have a material adverse impact on our results of operations, financial condition and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financial results may be adversely affected by the outbreak of epidemic
and pandemic diseases, and the related governmental responses thereto .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volatility of SOFR could affect our profitability, earnings, and cash flows .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to complex laws and regulations, including environmental
regulations that can adversely affect the cost, manner or feasibility of doing business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to international safety regulations
and requirements imposed by classification societies and the failure to comply with these regulations may subject us to increased liability,
may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Climate change and greenhouse gas restrictions may adversely impact our
operations and markets .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing growth of electric vehicles could lead to a decrease in trading
and the movement of crude oil worldwide .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our vessels, or vessels we may acquire, may suffer
damage due to the inherent operational risks of the tanker industry and we may experience unexpected dry-docking costs, which may adversely
affect our business and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market value of our vessels, and those we may
acquire in the future, may fluctuate significantly, which could cause us to incur losses if we decide to sell them following a decline
in their market values or we may be required to write down their carrying value, which will adversely affect our earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An over-supply of tanker capacity may lead to reductions in charter hire
rates and profitability .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our vessels, or vessels we may acquire, call on
ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government or other governmental
authorities, it could lead to monetary fines or adversely affect our business, reputation and the market for our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A recent action by the U.S. to impose new port fees
on Chinese-owned and operated vessels and Chinese-built vessels could have a material adverse effect on our operations and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political instability, terrorist or other attacks, war, international hostilities
and public health threats can affect the tanker industry, which may adversely affect our business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acts of piracy on ocean-going vessels could adversely affect our business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased inspection procedures and tighter import and export controls could
increase costs and disrupt our business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on our information systems to conduct our
business, and failure to protect these systems against security breaches could adversely affect our business and results of operations.
Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.

**Risks Relating to Our Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our financing arrangements contain restrictive covenants
that may limit our liquidity and corporate activities, which could limit our operational flexibility and have an adverse effect on our
financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Servicing current and future debt will limit funds available for other purposes
and could impair our ability to react to changes in our business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Parent and certain of our Parent's executive officers have been
subject to litigation in the past and we may be subject to similar or other litigation in the future .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our current fleet consists of two Suezmax tanker
vessels. Any limitation in the availability or operation of these vessels could have a material adverse effect on our business, results
of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to be dependent on a limited number of
customers for a large part of our revenues, and failure of such counterparties to meet
their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to manage our planned growth properly, we may not be able to
successfully expand our market share .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our flexible acquisition strategy entails certain
risks and uncertainties associated with our opportunistic entry into ownership of a new class of vessels, and we cannot assure you that
we will complete any such acquisition or manage such risks successfully.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A limited number of financial institutions hold our cash and their failure
may adversely affect our business, results of operations and financial condition .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delays or defaults by the shipyards in the construction of any newbuildings
could increase our expenses and diminish our net income and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to obtain additional debt financing may be dependent on our
ability to charter our vessels, or vessels we may acquire, the performance of our charters and the creditworthiness of our charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The industry for the operation of tanker vessels and the transportation
of oil is highly competitive and we may not be able to compete for charters with new entrants or established companies with greater resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to attract and retain key management personnel and other
employees in the international tanker shipping industry, which may negatively impact the effectiveness of our management and our results
of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If labor interruptions are not resolved in a timely
manner, they could have a material adverse effect on our business, results of operations, cash flows, financial condition and available
cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we expand our business, we will need to improve
our operations and financial systems and staff; if we cannot improve these systems or recruit suitable employees, our performance may
be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A drop in spot charter rates may provide an incentive for some charterers
to default on their charters, which could affect our cash flow and financial condition .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in operating costs could decrease earnings and available cash .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rising fuel prices may adversely affect our profits .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inflation could adversely affect our operating results and financial condition .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The aging of our fleet may result in increased operating costs in the future,
which could adversely affect our earnings .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless we set aside reserves or are able to borrow
funds for vessel replacement, our revenue will decline at the end of a vessel's useful life, which would adversely affect our business,
results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing and operating secondhand vessels may result in increased operating
costs and vessels off-hire, which could adversely affect our earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not have adequate insurance to compensate us if we lose any vessels
that we acquire .

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to increased premium payments, or calls, as we obtain
some of our insurance through protection and indemnity associations .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increasing regulation as well as scrutiny and changing
expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance ("ESG")
policies may impose additional costs on us or expose us to additional risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shift in consumer demand from crude oil towards
other energy sources or changes to trade patterns for crude oil and refined petroleum products may have a material adverse effect on our
business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technological innovation and quality and efficiency
requirements from our customers could reduce our charter hire income and the value of our vessels, or vessels we may acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or
the FCPA, could result in fines, criminal penalties, and an adverse effect on our business .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The smuggling of drugs or other contraband onto our vessels, or vessels
we may acquire may lead to governmental claims against us .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maritime claimants could arrest our vessels, or vessels we may acquire,
which could interrupt our cash flow .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Governments could requisition our vessels, or vessels we acquire, during
a period of war or emergency, resulting in loss of earnings .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal tax authorities could treat us as a "passive foreign
investment company," which could have adverse U.S. federal income tax consequences to U.S. shareholders .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changing laws and evolving reporting requirements could have an adverse
effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be unable to make, on a timely or cost-effective basis, the changes
necessary to operate as a publicly traded company, and we may experience increased costs after the Spin-Off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have no operating history as a publicly traded company, and our historical
financial information is not necessarily representative of the results we would have achieved as a publicly traded company and may not
be a reliable indicator of our future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to access the credit and capital markets at the times
and in the amounts needed on acceptable terms.

**Risks Relating to our Relationship with our Fleet Manager and its Affiliates**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on our Fleet Manager, an affiliate of our significant shareholder,
to perform the day-to-day management of our fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Fleet Manager is a privately held company and there may be limited or
no publicly available information about it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Fleet Manager may have conflicts of interest
between us and its other clients.

**Risks Relating to Our Common Shares and this Offering**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trading market
that will provide you with adequate liquidity may not develop. The price of our Common Shares may fluctuate significantly. Further, there
is no guarantee of a continuing public market to resell our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may rely in part on equity issuances, which will not require shareholder
approval, to fund our growth, and such equity issuances could dilute your ownership interests and may depress the market price of our
Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Common Shares may in the future be subject to significant
fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may experience rapid and substantial share price volatility unrelated
to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess
the rapidly changing value of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A possible "short squeeze" due to a sudden increase in demand
of our Common Shares that largely exceeds supply may lead to further price volatility in our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a newly incorporated company, we may not have the surplus or net profits
required by law to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our Board of Directors
and will depend on a number of factors. Our Board of Directors may not declare dividends in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our significant shareholder has significant influence over us, and a trust
established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares,
and thereby to control the outcome of matters on which our shareholders are entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "foreign private issuer," which could make our Common
Shares less attractive to some investors or otherwise harm our stock price .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a "controlled company" under Nasdaq corporate governance
rules and we therefore are exempt from certain corporate governance requirements that could adversely affect our public shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuance of preferred shares, such as our Series D Preferred Shares and
our Series A Participating Preferred Stock, may adversely affect the voting power of our common shareholders have a dilutive effect on
them and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price
of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot predict the impact our multi-class capital structure may have
on the market price or liquidity of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anti-takeover provisions in our Amended and Restated Articles of Incorporation
and Amended and Restated Bylaws could make it difficult for our shareholders to replace or remove our current Board of Directors or could
have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our
Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an "emerging growth company" and we cannot be certain
if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are incorporated in the Republic of the Marshall Islands, which does
not have a well-developed body of corporate law, and as a result, shareholders may have fewer rights and protections under Marshall Islands
law than under a typical jurisdiction in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a Marshall Islands corporation with principal executive offices in Greece
and subsidiaries in the Marshall Islands, our operations may be subject to economic substance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It may not be possible for investors to serve process on or enforce U.S.
judgments against us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Amended and Restated Articles of Incorporation include forum selection
provisions for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable
judicial forum for disputes with us or our directors, officers, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not achieve the intended benefits of having forum selection provisions
if they are found to be unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since we have broad discretion in how we use the proceeds from this offering,
we may use the proceeds in ways with which you disagree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasers who purchase our securities in this offering pursuant to a securities
purchase agreement may have rights not available to purchasers that purchase without the benefit of a securities purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is not possible to predict the actual number of shares we will sell under
the Purchase Agreement to the Selling Shareholder, or the actual gross proceeds resulting from those sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors who buy shares at different times will likely pay different prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may fail to meet the continued listing requirements of Nasdaq, which
could cause our Common Shares to be delisted.

**Formation Transactions**

We are an international owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T *Eco Malibu* with an age of 4.1 years and the M/T *Eco West Coast* with an age of 4.2 years, each focusing on the transportation of crude oil. The vessels of our fleet were contributed to us by the Parent in connection with the Spin-Off.

The Spin-Off distribution was pro rata to the beneficial holders of the Parent's outstanding common shares and to beneficial holders of the Parent's outstanding common stock purchase warrants on an as-exercised basis to the extent such warrants contain anti-dilution provisions conferred an interest equivalent to the Spin-Off distribution, in each case as of June 16, 2025, the record date of the Spin-Off, so that such holders maintained the same proportionate interest (on a fully-diluted basis) in each respective class of shares of the Parent and of us both immediately before and immediately after the Spin-Off. A new series of preferred shares (the "Series D Preferred Shares") distributed to the holder of the Series D preferred shares of the Parent was created to mirror the rights of the Series D perpetual preferred shares of the Parent. The holder of the Series D preferred shares of the Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Parent, Mr. Evangelos Pistiolis. In connection with the Spin-Off, the Parent distributed 100,000 Series D Preferred Shares. The Parent did not distribute the Series D Preferred Shares to its common shareholders in connection with the Spin-Off.

On June 23, 2025, in connection with the Spin-Off, Nasdaq approved the listing of our Common Shares under the symbol "RUBI." The Common Shares began trading on Nasdaq on August 4, 2025, the Trading Day following the consummation of the Spin-Off.

We have a multi-class capital structure consisting of Common Shares and Series D Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Each Series D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing agreement covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series D Preferred Shares, holders of our Series D Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled "Description of Capital Stock" for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares.

The Lax Trust is the sole beneficial owner of our Series D Preferred Shares. The Series D Preferred Shares held by the Lax Trust represent 97.0% of our total voting power. In addition, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power. Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own the majority of our voting power, they have the ability to control us and our affairs, including, among other matters, the election of our Board of Directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. Please see "Risk Factors—Risks Relating to Our Common Shares and this Offering—Our significant shareholder has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote."

**Implications of Being a Foreign Private Issuer** 

As a non-U.S. company which qualifies as a "foreign private issuer" subject to reporting requirements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), we are subject to different requirements under the U.S. securities laws than U.S. domestic issuers. See "Risk Factors—Risks Relating to Our Company— We are a "foreign private issuer," which could make our Common Shares less attractive to some investors or otherwise harm our stock price." and "Where You Can Find Additional Information."

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the auditor attestation requirement in the assessment of the emerging growth company's
internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from new or revised financial accounting standards applicable to public companies until such
standards are also applicable to private companies; and

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight
Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would
be required to provide additional information about the audit and financial statements.

We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of the closing of this offering or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company if we have more than $1.235 billion in "total annual gross revenues" during the most recently completed fiscal year, or we have issued more than $1 billion in non-convertible debt in the past three years, or we become a "large accelerated filer". For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies.

We are choosing to take advantage of these reduced burdens, save for the exemption from new or revised financial accounting standards applicable to public companies until such standards are also applicable to private companies. We are choosing to "opt out" of such extended transition period and will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

**THE OFFERING**

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| | |
|:---|:---|
| Issuer | Rubico, Inc. a Marshall Islands corporation. |
| Common Shares Outstanding | 3,132,333, as adjusted for cancellation of fractional shares. |
| Common Shares being registered for resale by the Selling Shareholder | Up to 15,000,000 Common Shares that we may elect, in our sole discretion, to issue and sell to the Selling Shareholder, from time to time from and after the Commencement Date in the Purchase Agreement. |
| Nasdaq Symbol | "RUBI" |
| Use of Proceeds | All of the Common Shares being sold in this offering are being sold by the Selling Shareholder. We will not receive any proceeds from these sales.<br> We may receive up to $30 million in aggregate gross proceeds from the Selling Shareholder under the Purchase Agreement in connection with sales of our Common Shares to the Selling Shareholder. We estimate that the net proceeds to us from the sale of our Common Shares to the Selling Shareholder could be up to $29.5 million, after estimated fees and expenses, over a 36-month period, assuming that we sell Common Shares to them for aggregate gross proceeds of $30 million. The net proceeds from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which we sell our Common Shares to the Holder after the date of this prospectus. See "Plan of Distribution (Conflict of Interest)" and "The Committed Equity Financing" elsewhere in this prospectus for more information.<br> We intend to use the net proceeds from sales under the Purchase Agreement to for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion. |
| Conflict of Interest | BRPC II is an affiliate of B. Riley Securities, Inc. ("BRS"), a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA").<br> BRS will act as an executing broker that will effectuate resales to the public in this offering of the Common Shares that BRPC II may acquire from us pursuant to the Purchase Agreement. Because BRPC II will receive all the net proceeds from those resales, BRS is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule 5121.<br> FINRA Rule 5121 requires that a "qualified independent underwriter" (as defined in FINRA Rule 5121) participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. Accordingly, we have engaged Seaport Global Securities LLC, a registered broker-dealer and FINRA member (the "QIU"), to be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. BRPC II has agreed to pay the QIU a cash fee of $50,000 upon completion of this offering as consideration for its services and to reimburse the QIU up to $10,000 for expenses incurred in connection with acting as the qualified independent underwriter in this offering. The QIU will receive no other compensation for acting as the qualified independent underwriter in this offering.<br> In addition, in accordance with FINRA Rule 5121, BRS is not permitted to sell our Common Shares in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder. See "Plan of Distribution (Conflict of Interest)." |
| Risk Factors | An investment in our Common Shares involves risks. You should carefully consider each of the factors described or referred to under "Risk Factors" beginning on page 12 before you make an investment in our Common Shares. |

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**RISK FACTORS**

*You should carefully consider the following risk factors that may affect our business, future operating results and financial condition, as well as the other information set forth in this prospectus, before making a decision to invest in our securities. If any of the following risks actually occurs, our business, operating results, cash flows, financial condition, and ability to pay dividends could be materially and adversely affected. In such case, the trading price of our securities would likely decline, and you may lose all or part of your investment. The risks below are not the only ones we face. Additional risks not currently known to us, or that we currently deem immaterial, may also adversely affect us.* 

**Risks Relating to Our Industry** 

***The international tanker industry has historically been both cyclical and volatile.***

The international tanker industry in which we operate is cyclical, with attendant volatility in charter hire rates, vessel values and industry profitability. For tanker vessels, the degree of charter rate volatility has varied widely. The Baltic Dirty Tanker Index, or the BDTI, a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into account input from brokers around the world regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. In 2024, the BDTI reached a high of 1,552 and a low of 860. Although the BDTI was 1,015 as of August 18, 2025, there can be no assurance that the crude oil charter market will continue to increase, and the market could again decline. Recent heightened volatility in charter prices has resulted primarily from the war between Russia and Ukraine and sanctions on Russian exports of crude oil and petroleum products, and there is great uncertainty about the future impact of those events. Additionally, the war between Israel and Hamas, conflict between Israel and Iran and conflict between the United States and Iran have resulted in increased tensions in the Middle East region, including missile attacks by the Houthis on vessels in the Red Sea and Gulf of Aden. Such circumstances have had and could in the future result in adverse consequences for the tanker industry. In general, volatility in charter rates depends, among other factors, on (i) supply and demand for tankers, (ii) the demand for crude oil and petroleum products, (iii) the inventories of crude oil and petroleum products in the United States and in other industrialized nations, (iv) oil refining volumes, (v) oil prices, and (vi) any restrictions on crude oil production imposed by the Organization of the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries.

Currently, both of our vessels are employed on time charters. However, changes in spot rates and time charter rates can affect the revenues we receive from operations in the event our charterers default or seek to renegotiate the charter hire, as well as the value of our vessels, or vessels we acquire, even if our vessels are employed under long-term time charters. Our ability to re-charter our vessels, or vessels we acquire on the expiration or termination of their time or bareboat charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the tanker markets and several other factors outside of our control and we cannot guarantee that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably. If we are not able to obtain new contracts in direct continuation with existing charters or for newly acquired vessels, or if new contracts are entered into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts terms, our revenues and profitability could be adversely affected and we may not be able to comply with the financial covenants in our financing arrangements. A decline in charter hire rates will also likely cause the value of our vessels, or vessels we acquire to decline which could lead us to record impairment adjustments to the carrying values of our fleet.

Fluctuations in charter rates and vessel values result from changes in the supply and demand for vessels and changes in the supply and demand for oil. Factors affecting the supply and demand for our vessels, or vessels we acquire are outside of our control and are unpredictable. The nature, timing, direction and degree of changes in the tanker industry conditions are also unpredictable.

<u>Factors that influence demand for tanker vessel capacity include:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply and demand for oil carried;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in oil production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the distance oil is to be moved by sea;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any restrictions on crude oil production imposed by the Organization of
the Petroleum Exporting Countries, or OPEC, and non-OPEC oil producing countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global and regional economic and political conditions,
including "trade wars" and developments in international trade, national oil reserves policies, fluctuations in industrial
and agricultural production, armed conflicts and work stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the production of oil in areas linked
by pipelines to consuming areas, the extension of existing, or the development of new pipeline systems in markets we may serve, or the
conversion of existing non-oil pipelines to oil pipelines in those markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• worldwide and regional availability of refining capacity and inventories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental and other legal and regulatory developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic slowdowns caused by public health events
or inflationary pressures and resultant governmental responses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather, natural disasters and other acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased use of renewable and alternative sources of energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from alternative sources of energy, other shipping companies
and other modes of transportation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• international sanctions, embargoes, import and export
restrictions, nationalizations, piracy and wars or other conflicts, including the wars between Russia and Ukraine and between Israel and
Hamas; tensions between Israel and Iran and between the United States and Iran; or the Houthi crisis in and around the Red Sea.

<u>The factors that influence the supply of tanker capacity include:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of newbuilding deliveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and expected newbuilding orders for vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scrapping rate of older vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of financing for new or secondhand tankers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of steel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speed of vessel operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vessel freight rates, which are affected by factors that may affect the
rate of newbuilding, swapping and laying up of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of steel and vessel equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological advances in the design, capacity propulsion technology, and
fuel consumption efficiency of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential conversion of vessels for alternative use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in environmental and other regulations that may limit the useful
lives of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• port or canal congestion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• national or international regulations that may effectively cause reductions
in the carrying capacity of vessels or early obsolescence of tonnage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental concerns and regulations, including ballast water management,
low sulfur fuel consumption regulations, and reductions in CO2 emissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of vessels that are out of service at
a given time, namely those that are laid-up, drydocked, awaiting repairs or otherwise not available for hire, including those that are
in dry-dock for the purpose of installing exhaust gas cleaning systems, known as scrubbers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in global petroleum production.

The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable. Market conditions have been volatile in recent years and continued volatility may reduce demand for transportation of oil over longer distances and increase the supply of tankers, which may have a material adverse effect on our business, financial condition, results of operations, cash flows, ability to pay dividends and existing contractual obligations.

***The current state of the world financial market and current economic conditions could have a material adverse impact on our results of operations, financial condition and cash flows.***

Various macroeconomic factors, including rising inflation, higher interest rates, global supply chain constraints, and the effects of overall economic conditions and uncertainties such as those resulting from the current and future conditions in the global financial markets, could adversely affect our results of operations, financial condition and ability to pay dividends. Inflation and rising interest rates may negatively impact us by increasing our operating costs and our cost of borrowing. Interest rates, the liquidity of the credit markets and the volatility of the capital markets could also affect the operation of our business and our ability to raise capital on favorable terms, or at all. Adverse economic conditions also affect demand for goods and oil. Reduced demand for these or other products could result in significant decreases in rates we obtain for chartering our vessels. In addition, the cost for crew members, oils and bunkers, and other supplies may increase. Furthermore, we may experience losses on our holdings of cash and investments due to failures of financial institutions and other parties. Difficult economic conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. As a result, downturns in the worldwide economy could have a material adverse effect on our business, results of operations, financial condition, and ability to pay dividends.

The world economy continues to face a number of challenges, including the wars between Ukraine and Russia, Israel and Hamas, Israel and Iran, the United States and Iran and tensions in and around the Red Sea and Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea, political unrest and conflict in the Middle East, the South China Sea region, and other geographic countries and areas, terrorist or other attacks (including threats thereof) around the world, war (or threatened war) or international hostilities, and epidemics or pandemics, and banking crises or failures, such as the Silicon Valley Bank, Signature Bank, and First Republic Bank failures. See also "—Our financial results may be adversely affected by the outbreak of epidemic and pandemic diseases, and the related governmental responses thereto." In addition, the continuing war in Ukraine, the length and breadth of which remains highly unpredictable, has led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas or the Houthi rebel attacks on shipping in and around the Red Sea and their impact on the world economy is uncertain. Although a cease-fire declared between Israel and Hamas on January 15, 2025, heightened regional tension and renewed conflict in Gaza and Yemen developed in March 2025, which may lead to continued attacks on vessels transiting the Red Sea. Additionally, on June 13, 2025, Israeli airstrikes targeted Iranian nuclear and military sites, top generals and nuclear scientists. On June 21, 2025, the United States struck three nuclear sites in Iran. If such conditions are sustained, the longer-term net impact on our business would be difficult to predict with any degree of accuracy. Such events may have unpredictable consequences and contribute to instability in the global economy or cause a decrease in worldwide demand for certain goods and, thus, shipping.

In Europe, concerns regarding the possibility of sovereign debt defaults by European Union, or EU, member countries, although generally alleviated, have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the U.S. and other parts of the world. The withdrawal of the UK from the European Union, or Brexit, further increases the risk of additional trade protectionism. Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business, operating results, cash flows and financial condition.

In addition, the recent economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak economic trends in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the world's fastest growing economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. China's GDP growth rate for the year ended December 31, 2022, was approximately 3.0%, one of its lowest rates in 50 years, thought to be mainly caused by the country's zero-COVID policy and strict lockdowns. For the year ended December 31, 2024, China reported that its GDP growth rate recovered to 5.0%. Looking ahead, China's economic growth is expected to remain steady, with forecasts projecting a GDP growth rate of around 5.0% for 2025. Although the Chinese government has implemented economic stimulus measures, it is possible that China and other countries in the Asia Pacific region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws and policies by local authorities, including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect vessels that are either chartered to Chinese customers or that call to Chinese ports, vessels that undergo drydocking at Chinese shipyards and Chinese financial institutions that are generally active in ship financing, and could have a material adverse effect on our business, operating results, cash flows and financial condition.

Furthermore, governments have and may continue to turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. Under the current U.S. administration, there is significant and increasing uncertainty about the future relationship between the United States, China, and other exporting countries, including with respect to trade policies, treaties, government regulations, and tariffs. In January 2025, during the initial days of President Trump's second term, the U.S. announced the imposition of additional substantial tariffs on imports from various countries, including China, Canada and Mexico—U.S.'s top three trade partners—and the subject countries indicated their intention to impose counter measures. In February 2025, President Trump announced that the U.S. would impose tariffs of 10% on all imported goods from China, which took effect in February 2025, and 25% on all steel and aluminum imports beginning in March 2025. On February 13, 2025, President Trump ordered his trade advisers to come up with "reciprocal" tariffs on U.S. trade partners to retaliate against taxes, tariffs, regulations and subsidies, thus increasing the possibility of a global trade war. On March 4, 2025, the U.S. imposed 25% tariffs on imports from Mexico and Canada and enacted an extra 10% tariff on Chinese imports, therefore doubling the previously levied tariff from February to an additional 20% on existing tariffs. In response, Canada planned to immediately impose a 25% tariff on U.S. imports, and Mexico stated that the country would also retaliate, intending to disclose plans in due time. Additionally, China announced retaliatory tariffs on U.S. agricultural goods and export restrictions to the U.S., in addition to filing a lawsuit with the World Trade Organization. On March 5, 2025, President Trump announced that cars made in North America that comply with the continent's existing free trade agreement are exempted from tariffs for a month. On March 6, 2025, President Trump announced that the U.S. will pause the 25% tariffs on U.S. imports from Mexico and Canada that are covered under a 2020 United States-Mexico-Canada Agreement (USMCA) trade agreement until April 2, 2025. Goods that are not covered by the agreement remain subject to tariffs. On March 11, 2025, President Trump announced higher tariffs on steel and aluminum from Canada; however, hours later, reverted to previous plan to continue with the 25% tariffs on steel and aluminum products from Canada. On March 12, 2025, Canada announced new retaliatory trade duties on U.S. goods, imposing 25% counter tariffs on various goods including tools, computers and servers, and sports equipment, that took effect on March 13, 2025. Additionally, on February 26, 2025, President Trump announced a possible 25% tariff on European imports, which was imposed as of March 12, 2025. The EU announced on March 12, 2025 that it will respond with retaliatory tariffs that will take effect on U.S. products starting April 1, 2025, reinstating tariff packages form 2018 and 2020 that includes tariffs on U.S. products like whiskey and other alcoholic beverages. On March 13, 2025, President Trump posted on social media that he would place a 200% tariff on all wines, champagne and alcoholic products form the EU if the proposed 50% tariff on U.S. whiskey is carried out. On March 25, 2025, President Trump signed an executive order increasing tariffs to 25% for any goods from countries importing Venezuelan oil. On March 26, 2025, President Trump signed an executive order imposing 25% tariff on all automobile and automobile parts imports.

On April 2, 2025, President Trump announced new tariffs on many U.S. trading partners, including a 34% tariff on imports from China, a 20% tariff on products from the E.U., and a baseline 10% tariff on imports from many countries. These tariffs are in addition to the previous announcements of 25% tariffs on auto imports, tariffs implemented against China, Canada and Mexico, and trade penalties on steel and aluminum. The previously announced tariff rates for Canada and Mexico will stay the same and the goods that comply with USMCA will continue to be excluded from these tariffs. However, the 20% charge on imports from China will be in addition to the 34% import tariff announced. Specific products that are subject to tariffs, such as automobiles, will be exempted from the tariffs announced, and tariffs on products such as pharmaceutical drugs are to be announced at a later date.

Following a period of market turbulence, on April 9, 2025, President Trump announced a 90-day pause to the April 2nd tariffs for most countries. Countries subject to the pause on the tariffs are still to be subject to the baseline 10% tariff. This consequently lowers the tariff rate for the E.U., Japan, and South Korea, among other countries. However, President Trump announced an increased tariff rate of a minimum of 145% against Chinese imports. On April 11, 2025, President Trump announced that electronics including smartphones and laptops would be excluded from newly announced tariffs—meaning these goods wouldn't be subject to most tariffs levied on China to date or the 10% baseline levies imposed on other countries. However, officials have stated this exemption is temporary.

On May 23, 2025, President Trump announced plans to impose a 50% tariff on imports from the EU beginning June 1, 2025. On May 25, 2025, President Trump announced he would delay implementing the 50% tariff and extend trade negotiations with the EU until July 9, 2025.

On May 28, 2025, the US Court of International Trade ruled that the tariffs President Trump imposed on April 2, 2025, are illegal. On May 29. 2025, the U.S. Court of Appeals for the Federal Circuit granted the Trump administration's request to temporarily put on hold the US Court of International Trade judgment that struck down the April 2, 2025 tariffs. This litigation is on-going, and its resolution is uncertain.

Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and may significantly reduce global trade.

Moreover, increasing trade protectionism may cause an increase in (i) the cost of goods exported from regions globally, particularly from the Asia-Pacific region, (ii) the length of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce the quantity of goods to be shipped, shipping time schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers' business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to employ our vessels. This could have a material adverse effect on our business, operating results, cash flows and financial condition.

Credit markets in the United States and Europe have in the past experienced significant contraction, deleveraging and reduced liquidity, and there is a risk that the U.S. federal government and state governments and European authorities may continue to implement a broad variety of governmental action and/or introduce new financial market regulations. Global financial markets and economic conditions have been, and continue to be, volatile and we face risks associated with the trends in the global economy, such as changes in interest rates, instability in the banking and securities markets around the world, the risk of sovereign defaults, and reduced levels of growth, among other factors. Major market disruptions and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business, results or operations or impair our ability to borrow under any future financial arrangements we may enter into contemplating borrowing from the public and/or private equity and debt markets. Many lenders have increased interest rates, enacted tighter lending standards, refused to refinance existing debt at all or on terms similar to current debt and reduced (or in some cases ceased to provide) funding to borrowers and other market participants, including equity and debt investors and, in some cases, have been unwilling to provide financing on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms or at all. In the absence of available financing or financing in favorable terms, we may be unable to complete vessel acquisitions, take advantage of business opportunities or respond to competitive pressures.

***Our financial results may be adversely affected by the outbreak of epidemic and pandemic diseases, and the related governmental responses thereto.***

Global public health threats, such as the COVID-19 outbreak, influenza and other highly communicable diseases or viruses, outbreaks which have from time to time occurred in various parts of the world in which we operate, including China, could disrupt global financial markets and economic conditions and adversely impact our operations, the timing of completion of any future newbuilding projects, as well as the operations of our customers.

For example, the outbreak of COVID-19 caused severe global disruptions, with governments in affected countries imposing travel bans, quarantines and other emergency public health measures. Although the incidence and severity of COVID-19 and its variants have diminished over time, similar restrictions, and future prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to have an adverse impact on global economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels may not be able to call on, or disembark from ports located in regions affected by the outbreak. In addition, we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical goods and personnel, disruptions to crew changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, among other potential consequences attendant to epidemic and pandemic diseases.

The extent to which our business, operating results, cash flows, financial condition, financings, value of our vessels or vessels we may acquire and ability to pay dividends may be negatively affected by future pandemics, epidemics or other outbreaks of infectious diseases is highly uncertain and will depend on numerous evolving factors that we cannot predict, including, but not limited to (i) the duration and severity of the infectious disease outbreak; (ii) the imposition of restrictive measures to combat the outbreak and slow disease transmission; (iii) the introduction of financial support measures to reduce the impact of the outbreak on the economy; (iv) shortages or reductions in the supply of essential goods, services or labor; and (v) fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase in interest rates or reduction in the availability of credit. We cannot predict the effect that a future infectious disease outbreak, pandemic or epidemic may have on our business, operating results, cash flows and financial condition, which could be material and adverse.

***Volatility of SOFR could affect our profitability, earnings, and cash flows.***

While our financing agreements previously used London Interbank Offered Rate ("LIBOR"), including during the fiscal years ended December 31, 2022 and 2023, in 2023 we amended our financing agreements to transition from LIBOR to the Secured Overnight Financing Rate, or "SOFR," in line with current market practice and hence in 2024 all our financing agreements are based on SOFR. As a result, none of our financing arrangements currently utilizes LIBOR.

An increase in SOFR, including as a result of interest rate increases that could be effected by the United States Federal Reserve in response to rising inflation, would affect the amount of interest payable under our existing financing agreements, which, in turn, could have an adverse effect on our profitability, earnings, cash flow and ability to pay dividends. Furthermore, as a secured rate backed by government securities, SOFR may be less likely to correlate with the funding costs of financial institutions. As a result, parties may seek to adjust spreads relative to SOFR in underlying contractual arrangements. Therefore, the use of SOFR-based rates may result in interest rates and/or payments that are higher or lower than the rates and payments that were expected when interest was based on LIBOR. If SOFR performs differently than expected or if our lenders insist on a different reference rate to replace SOFR, that could increase our borrowing costs (and administrative costs to reflect the transaction), which would have an adverse effect on our profitability, earnings, and cash flows. Alternative reference rates may behave in a similar manner or have other disadvantages or advantages in relation to our future indebtedness and the transition to SOFR or other alternative reference rates in the future could have a material adverse effect on us.

In order to manage any future exposure to interest rate fluctuations, we may from time-to-time use interest rate derivatives to effectively fix any floating rate debt obligations. No assurance can, however, be given that the use of these derivative instruments, if any, may effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark to market valuation of these derivatives. Also, adverse movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position, and have the potential to cause us to breach covenants in our financing agreements that require maintenance of certain financial positions and ratios.

***We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.***

Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels, or vessels we acquire will operate or are registered, which can significantly affect the operation of our vessels, or vessels we acquire. These regulations include, but are not limited to the International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended and generally referred to as MARPOL, including the designation of Emission Control Areas, or ECAs, thereunder, the International Convention on Load Lines of 1966, the International Convention on Civil Liability for Oil Pollution Damage of 1969, generally referred to as CLC, the International Convention on Civil Liability for Bunker Oil Pollution Damage, or Bunker Convention, the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or ISM Code, the International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, the U.S. Clean Water Act, the U.S. Clean Air Act, the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002, or the MTSA, and European Union regulations. Compliance with such laws, regulations and standards, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels, or vessels we acquire. We may also incur additional costs in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air emissions, the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.

Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly liable for the discharge of oil within the 200-mile exclusive economic zone around the United States. Events such as the 2010 explosion of the *Deepwater Horizon* and the subsequent release of oil into the Gulf of Mexico, or other events, may result in further regulation of the shipping industry, and modifications to statutory liability schemes, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. An oil spill could result in significant liability, including fines, penalties and criminal liability and remediation costs for natural resource damages under other federal, state and local laws, as well as third-party damages. We are required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other pollution incidents. Although insurance covers certain environmental risks, there can be no assurance that such insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends, if any, in the future.

***We are subject to international safety regulations and requirements imposed by classification societies and the failure to comply with these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.***

The operation of our vessels, or vessels we acquire is affected by the requirements set forth in the United Nations' International Maritime Organization's International Management Code for the Safe Operation of Ships and Pollution Prevention, or ISM Code. The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. We expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports, including United States and European Union ports.

In addition, the hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the International Convention for Safety of Life at Sea. If a vessel does not maintain its class and/or fails any annual survey, intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable, which will negatively impact our revenues and results from operations.

***Climate change and greenhouse gas restrictions may adversely impact our operations and markets.***

Due to concern over the risk of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap-and-trade regimes (of which there are around forty five in the world thus far), carbon taxes, taxonomy of 'green' economic activities, increased efficiency standards and incentives or mandates for renewable energy. In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships to reduce greenhouse gas emissions from ships. The initial strategy identifies levels of ambition to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through the implementation of further phases of EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely. MEPC 81, in March 2024, agreed on an illustration of a possible draft outline of an 'IMO net-zero framework' for cutting GHG emissions from international shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. At the conclusion of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in late 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity, and a global GHG emission pricing mechanism. The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions. These measures are set to be formally adopted in October 2025 before entry into force in 2027.

Additional greenhouse regulations may result in increased implementation and compliance costs and expenses, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *IMO Data Collection System (DCS)*: Since 2019, the IMO data collection
system, (the "IMO DCS"), which requires vessels above 5,000 gross tons to report consumption data for fuel oil, hours under
way and distance travelled. This IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, and offshore
installations. Data is reported annually to the flag state, which is used to calculating a ship's operational carbon intensity indicator
(CII).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Amendments to MARPOL Annex VI*: Beginning in January 2023, Annex VI
imposed reporting requirements in connection with the implementation of the Energy Efficiency Existing Ship Index, or EEXI, and carbon
intensity indicator, or CII, framework, which amendments became effective on May 1, 2024. Beginning in January 2023, Annex VI requires
EEXI and CII certification. The first annual reporting was to be completed in 2023, with initial ratings given in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net zero greenhouse emissions in the EU by 2050*: in 2021, the EU
adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the
EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July
2021, the European Commission launched the "Fit for 55" to support the climate policy agenda. As of January 2019, large ships
calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.

In addition, although the emissions of greenhouse gases from international shipping are not currently subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which entered into force in 2005 and required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris Agreement (discussed further below), a new treaty may be adopted in the future that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change affects the propulsion options in subsequent vessel designs and could increase our costs related to acquiring new vessels, operating and maintaining our existing vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.

Furthermore, on January 1, 2024 the EU Emissions Trading Scheme, or the ETS, for ships sailing into and out of EU ports came into effect, and the FuelEU Maritime Regulation came into effect on January 1, 2025. The ETS applies gradually over the period from 2024 to 2026. 40% of allowances would have to be surrendered in 2025 for the year 2024; 70% of allowances would have to be surrendered in 2026 for the year 2025; and 100% of allowances would have to be surrendered in 2027 for the year 2026. Compliance is on a companywide (rather than per ship) basis and "shipping company" is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who assumes all duties and responsibilities for the ship under the ISM Code, as well as the responsibility for full compliance under the ETS and the ISM Code. If the latter contractual arrangement is entered into this needs to be reflected in a certified mandate signed by both parties and presented to the administrator of the scheme. The cap under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Furthermore, the newly passed EU Emissions Trading Directive 2023/959/EC makes clear that all maritime allowances would be auctioned and there will be no free allocation. 78.4 million emissions allowances are to be allocated specifically to maritime. If we do not have allowances, we will be forced to purchase allowances from the market, which can be costly. To prepare for and manage the administrative aspects of EU ETS compliance, we have made significant investments in new systems, including personnel, data management, cost recovery mechanisms, revised service agreement terms and transparent emissions reporting procedures. However, the cost of future compliance and of our future EU emissions and costs to purchase an allowance for emissions (if we must purchase in order to comply) are unknown and difficult to predict, and are based on a number of factors, including the size of our fleet, our trips within and to and from the EU, and the prevailing cost of allowances.

Additionally, on July 25, 2023, the European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 ("FuelEU") under the FuelEU Initiative of its "Fit-for-55" package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by covered vessels. Among other things, FuelEU requires that greenhouse gas intensity of fuel used by covered vessels is reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping companies may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance balances from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026. Both the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing the complexity and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.

Compliance with changes in laws, regulations, and obligations relating to climate change affects the propulsion options in subsequent vessel designs and could increase our costs related to acquiring new vessels, operating and maintaining our existing tanker vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.

Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy sources. In addition, the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, scarcity of water resources, may negatively impact our operations. Any long-term material adverse effect on the oil and gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.

***Increasing growth of electric vehicles could lead to a decrease in trading and the movement of crude oil worldwide.***

The IEA noted in its Global EV Outlook 2024 that total electric cars sold annually worldwide grew from about 120,000 in 2012 to more than 14 million in 2023, bringing the total number of electric cars to approximately 40 million, more than six times the number from 2018. Electric car sales in the first quarter of 2024 were 3 million, up over 30% from the same quarter of 2023. This was driven mainly by China, which sold about half a million more electric cars than over the same period in 2023. IEA forecasts are for electric vehicles ("EVs") to grow from 40 million in 2023 to 240 million by 2030, which the IEA forecasts would reduce worldwide demand for oil products by 6 million barrels per day in 2030. IEA estimates that EV operations in 2019 avoided the consumption of almost 0.7 million barrels per day of oil products. According to the World Economic Forum, there were about 1.1 billion cars registered in 2015 and there will be about 2 billion cars registered by 2040. A growth in EVs worldwide may result in decreased demand for our vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to make cash distributions.

***Our vessels, or vessels we may acquire, may suffer damage due to the inherent operational risks of the tanker industry and we may experience unexpected dry-docking costs, which may adversely affect our business and financial condition.***

The operation of an ocean-going vessel carries inherent risks. Our vessels, or vessels we may acquire and their cargoes are at risk of being damaged or lost because of events such as marine disasters, bad weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy, epidemic and pandemic diseases, quarantine and other circumstances or events. These hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships or delay or re-routing, which may also subject us to litigation. In addition, the operation of tankers has unique operational risks associated with the transportation of oil. An oil spill may cause significant environmental damage, and the costs associated with a catastrophic spill could exceed the insurance coverage available to us. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the oil transported in such tankers.

If our vessels, or vessels we may acquire suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable and may be substantial. We may have to pay dry-docking costs that our insurance does not cover in full. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space at dry-docking facilities is sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space at a suitable dry-docking facility or our vessels, or vessels we may acquire may be forced to travel to a dry-docking facility that is not conveniently located to our vessels' positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant dry-docking facilities would decrease our earnings.

***The market value of our vessels, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur losses if we decide to sell them following a decline in their market values or we may be required to write down their carrying value, which will adversely affect our earnings.***

The fair market value of our vessels, or vessels we may acquire, may increase and decrease depending on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and market conditions affecting the shipping industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prevailing level of charter rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from other shipping companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• types, sizes and ages of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of other modes of transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply and demand for vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shipyard capacity and slot availability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost of newbuildings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price of steel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• number of tankers scrapped;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental or other regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological advances and the development, availability, and cost of nuclear
power, natural gas, coal, renewable energy, and other alternative sources of energy.

If we sell any of our vessels or any vessel we may acquire at a time when vessel prices have fallen, the sale price may be less than the vessel's carrying amount in our financial statements, in which case we will realize a loss. Vessel prices can fluctuate significantly, and in the case where the market value falls below the carrying amount, we will evaluate the vessel for a potential impairment adjustment. If the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the vessel is less than its carrying amount, we may be required to write down the carrying amount of the vessel to its fair value in our financial statements and incur a loss and a reduction in earnings.

***An over-supply of tanker capacity may lead to reductions in charter hire rates and profitability.***

The market supply of tankers is affected by a number of factors such as demand for energy resources, crude oil, petroleum products and chemicals, as well as strong overall economic growth of the world economy. If the capacity of new tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel capacity will increase, which could lead to reductions in asset prices and charter rates. The impact of the sanctions on Russian exports of crude oil and petroleum products is uncertain and has generated increased volatility in the supply of tankers available for worldwide trade. As of August 15, 2025, newbuilding orders have been placed for an aggregate of approximately 14.8% of the existing global tanker fleet, with the bulk of deliveries expected during 2027.

An over-supply of oil tankers would increase the oil tanker charter hire rate volatility and we may not be able to find profitable charters for our vessels, or vessels we may acquire, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to pay dividends.

***If our vessels, or vessels we may acquire, call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government or other governmental authorities, it could lead to monetary fines or adversely affect our business, reputation and the market for our Common Shares.***

Our business could be adversely impacted if we are found to have violated economic sanctions under the applicable laws of the European Union, the United States or another applicable jurisdiction against countries such as Iran, Syria, North Korea, and Cuba. U.S. economic sanctions, for example, prohibit a wide scope of conduct, target numerous countries and individuals, and are frequently updated or changed.

Many economic sanctions relate to our business, including prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities, or prohibitions against certain transactions with designated nationals who may be operating under aliases or through non-designated companies.

Additionally, the U.S. Iran Threat Reduction Act amended the Exchange Act, to require issuers that file annual or quarterly reports under Section 13(a) of the Exchange Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly engaged in certain activities prohibited by sanctions against Iran or transactions or dealings with certain identified persons. We are subject to this disclosure requirement.

While our vessels have not called on ports located in countries or territories that are the subject of country-wide or territory-wide sanctions or embargoes imposed by the U.S. government or other applicable governmental authorities ("Sanctioned Jurisdictions") in violation of applicable sanctions or embargo laws and although we intend to maintain compliance with all applicable sanctions and embargo laws, and we endeavor to take precautions reasonably designed to ensure compliance with such laws, it is possible that, in the future, our vessels may call on ports in Sanctioned Jurisdictions in violation of applicable sanctions or embargo laws on charterers' instructions and without our consent. If such activities result in a violation of sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions, and our reputation and the market for our Common Shares could be adversely affected.

The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended or expanded over time.

In particular, the ongoing war in Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia. Current or future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the governments of the U.S., European Union, and/or other international bodies. If we determine that such sanctions require us to terminate existing or future contracts to which we, or our subsidiaries, are party or if we are found to be in violation of such applicable sanctions, our results of operations may be adversely affected or we may suffer reputational harm.

Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, any such violation could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our Common Shares may adversely affect the price at which our Common Shares trade. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. Investor perception of the value of our Common Shares may also be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in countries or territories that we operate in.

***A recent action by the U.S. to impose new port fees on Chinese-owned and operated vessels and Chinese-built vessels could have a material adverse effect on our operations and financial results.***

The United States Trade Representative (USTR) has recently put forward significant trade actions under Section 301 of the Trade Act of 1974 with the aim of addressing China's dominance in the maritime, logistics, and shipbuilding industries. These actions have the potential to dramatically increase the port fees and therefore the overall operating expenses for ships calling at U.S. ports. Specifically, the USTR has enacted a series of fees that would function as direct increases to port-related costs.

The action generally would include a fee targeting Chinese owners and operators for each instance a vessel owned or operated by a Chinese entity enters a U.S. port. The fee would be calculated at a rate of $50 per net ton of the vessel for each port entrance beginning October 14, 2025 and increasing over time, plateauing at $140 per net ton in 2028.

Another fee focuses on operators with fleets comprised of Chinese-built vessels. Under the action, in the case of a vessel not subject to the fees on Chinese owners and operators described above, fees generally would be imposed each time a Chinese-built vessel enters a U.S. port. The fee relevant to our vessels generally would be calculated at a rate of $18 per net ton of the vessel for each port entrance beginning October 14, 2025 and increasing over time, plateauing at $33 per net ton in 2028. There are several exceptions to this fee, including for vessels with capacity of 55,000 dwt or less, vessels arriving to the US empty or in ballast, and vessels entering a port in the continental United States from a voyage of less than 2,000 nautical miles from a foreign port or point.

The actual implementation of this action remains uncertain. Specifics, such as applicability to SLB arrangements with Chinese leasing financiers, have not been clarified. Furthermore, retaliatory measures from China or other nations could further compound disruptions and cost increases within the global shipping industry. In addition to direct port fee increases, retaliatory actions by China or other countries could indirectly impact port-related costs. For example, China could impose retaliatory port fees or restrictions on vessels of non-Chinese origin calling at Chinese ports, which could disrupt global shipping patterns and potentially increase congestion and costs at ports worldwide, including U.S. ports.

Of the two vessels we operate, neither was constructed in China and we currently don't have any newbuilding vessel orders in any Chinese shipyard. However, both of the vessels are subject to SLB arrangements with China-based lessors. In an SLB, the lessor is the registered owner of the vessel. It is currently unclear whether the vessels would be subject to fees on Chinese owners due to the SLB arrangements.

Given the potential magnitude of these port-related fees and the many uncertainties surrounding their implementation, it is not possible at this time to fully predict the ultimate financial impact. However, if the action or similar measures are implemented, port fees for our vessels or vessels we charter and our operating costs for voyages calling at U.S. ports could materially increase.

Even though port fees are typically borne by the charterer, if port fees are assessed due to our or the lessor's ownership of the relevant vessel, it is possible that charterers may demand that we bear these costs or otherwise reduce the applicable charter rate. This, in turn, could significantly reduce our profitability, negatively impact our ability to compete effectively, and materially and adversely affect our operations and financial results.

***Political instability, terrorist or other attacks, war, international hostilities and public health threats can affect the tanker industry, which may adversely affect our business.***

We conduct most of our operations outside of the United States and our business, operating results, cash flows, financial conditions, and available cash may be adversely affected by changing economic, political, and governmental conditions in the countries and regions in which our vessels or other vessels we may acquire are employed or registered. Moreover, we operate in a sector of the economy that is likely to be adversely impacted by the effects of political uncertainty and armed conflicts, including the wars between Ukraine and Russia, between Israel and Hamas, Hezbollah and Iran, between the United States and Iran, Russia and NATO tensions, China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea and the U.S. and Panama, political unrest and conflicts in the Middle East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis on vessels transiting the Red Sea or Gulf of Aden), and other countries and geographic areas, geopolitical events, such as Brexit or another withdrawal from the European Union, terrorist or other attacks (or threats thereof) around the world, and war (or threatened war) or international hostilities. Such events may contribute to further economic instability in the global financial markets, international commerce and could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all.

The war between Russia and Ukraine may lead to further regional and international conflicts or armed action. This war has disrupted supply chains and caused instability in the energy markets and the global economy, with effects on shipping freight rates, which have experienced volatility. The United States, the United Kingdom, and the European Union, among other countries, have announced unprecedented economic sanctions and other penalties against certain persons, entities, and activities connected to Russia, including removing Russian-based financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and restricting imports of Russian oil, liquified natural gas, and coal. These sanctions have caused supply disruptions in the oil and gas markets and could continue to cause significant volatility in energy prices, which could result in increased inflation and may trigger a recession in the U.S. and China, among other regions. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial condition, operating results, and cash flows. Moreover, we will be subject to additional insurance premiums in case we transit through or call to any port or area designated as listed areas by the Joint War Committee or other organizations. These factors may also result in the weakening of the financial condition of our charterers, suppliers, counterparties, and other agents in the shipping industry. As a result, our business, operating results, cash flows, and financial condition may be negatively affected since our operations are dependent on the success and economic viability of our counterparties.

The ongoing war between Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the European Union, or other countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in which we operate. In addition, the U.S. and certain other North Atlantic Treaty Organization (NATO) countries have been supplying Ukraine with military aid. U.S. officials have also warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses involved in the shipping industry, including ours, and could create economic uncertainty particularly if such attacks spread to a broad array of countries and networks. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial condition, operating results, and cash flows.

The Russian Foreign Harmful Activities Sanctions program includes prohibitions on the import of certain Russian energy products into the United States, including crude oil, petroleum, petroleum fuels, oils, liquefied natural gas and coal, as well as prohibitions on all new investments in Russia by U.S. persons, among other restrictions. Furthermore, the United States, the EU and other countries have also prohibited a variety of specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering, financing, shipping, insurance (including reinsurance and protection and indemnity), flagging, and customs brokering. These prohibitions took effect on December 5, 2022 with respect to the maritime transport of crude oil and took effect on February 5, 2023 with respect to the maritime transport of other petroleum products. An exception exists to permit such services when the price of the seaborne Russian oil into non-EU countries does not exceed the relevant price cap; but implementation of this price exception relies on a recordkeeping and attestation process that allows each party in the supply chain of seaborne Russian oil to demonstrate or confirm that oil has been purchased at or below the price cap. Violations of the price cap policy or the risk that information, documentation, or attestations provided by parties in the supply chain are later determined to be false may pose additional risks adversely affecting our business.

Furthermore, the intensity and duration of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. Beginning in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. An increasing number of companies have rerouted their vessels to avoid transiting the Red Sea, incurring greater shipping costs and delays. For vessels transiting the region, war risk premiums have increased substantially, and should these attacks continue, we could similarly experience a significant increase in our insurance costs and we may not be adequately insured to cover losses from these incidents, however since currently all our vessels are on time charter these increased war premiums if any will be paid by our charterers. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other regions, including in and around the Red Sea, and could adversely affect our business, financial conditions, operating results, and cash flows.

In the past, other political conflicts have also resulted in attacks on vessels, mining of waterways, and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. The ongoing war in Ukraine has previously resulted in missile attacks on commercial vessels in the Black Sea. The recent outbreak of conflict in and around the Red Sea has also resulted in missile attacks on vessels. Acts of terrorism and piracy have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia, and the Indian Ocean. Any of these occurrences could have a material adverse impact on our future performance, operating results, cash flows, financial position, and our ability to pay cash distributions to our shareholders.

***Acts of piracy on ocean-going vessels could adversely affect our business.***

Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the Red Sea, the Gulf of Aden off the coast of Somalia, the Indian Ocean, and the Gulf of Guinea region off the coast of Nigeria, which has experienced increased incident of piracy in recent years. Sea piracy incidents continue to occur, particularly in the South China Sea, the Indian Ocean, the Gulf of Guinea, and the Strait of Malacca, and there has been a recent resurgence of such incidents in the Gulf of Aden. Acts of piracy could result in harm or danger to the crews that man our vessels and other vessels we may acquire. Additionally, if piracy attacks occur in regions in which our vessels and other vessels we may acquire are deployed being characterized as "war risk" zones by insurers or if our vessels and other vessels we may acquire are deployed in Joint War Committee "war and strikes" listed areas, premiums payable for insurance coverage could increase significantly and such insurance coverage may be more difficult to obtain, if available at all. In addition, crew and security equipment costs, including costs that may be incurred to employ onboard security armed guards, could increase in such circumstances. Furthermore, while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not "on-hire" for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention hijacking as a result of an act of piracy against our vessels and other vessels we may acquire, or an increase in cost or unavailability of insurance for our vessels and other vessels we may acquire could have a material adverse impact on our business, financial condition, and operating results.

***Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.***

International shipping is subject to various security and customs inspections and related procedures in countries of origin and destination. Inspection procedures can result in the seizure of, delay in the loading, off-loading or delivery of, the contents of our vessels, or vessels we may acquire or the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our business, financial condition, and results of operations.

***We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.***

The efficient operation of our business is dependent on computer hardware and software systems both onboard our vessels, or vessels we may acquire and at our onshore offices. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. We rely on industry-accepted security measures and technology to securely maintain confidential and proprietary information kept on our information systems. However, these measures and technology may not adequately prevent cybersecurity breaches, the access, capture or alteration of information by criminals, the exposure or exploitation of potential security vulnerabilities, the installation of malware or ransomware, acts of vandalism, computer viruses, misplaced data or data loss. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business, results of operations and financial condition, as well as our cash flows, including cash available for dividends to our stockholders.

Additionally, any changes in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. Most recently, the war between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian government and other countries in the region. It is possible that these attacks could have collateral effects on additional critical infrastructure and financial institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat and any potential impact at this time.

In July 2023, the SEC adopted rules requiring the mandatory disclosure of material cybersecurity incidents, as well as cybersecurity governance and risk management practices. A failure to make the required disclosure could result in the imposition of injunctions, fines and other penalties by the SEC. Complying with these obligations could cause us to incur substantial costs and could increase negative publicity surrounding any cybersecurity incident.

**Risks Relating to Our Company** 

***Our financing arrangements contain restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility and have an adverse effect on our financial condition and results of operations.***

Our financing arrangements in the form of the bareboat charters in connection with the sale and leaseback agreements ("SLBs") of our vessels contain, and any future financing arrangements we may enter into are expected to contain, customary covenants, events of default and termination event clauses, including cross-default provisions and restrictive covenants and performance requirements that may affect our operational and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to incur additional indebtedness, pay dividends, create liens, sell assets, or engage in mergers or acquisitions. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. There can be no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs.

As a result of these restrictions, we may need to seek permission from our lenders and other financing counterparties in order to engage in some corporate actions. Our lenders' and other financing counterparties' interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us from taking actions that we believe are in our best interests, which may adversely impact our revenues, results of operations and financial condition.

A failure by us to meet our payment and other obligations, including our financial covenant requirements, could lead to defaults under our financing facilities or any future financing facilities. If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications, the current or future owners of our leased vessels or the banks that finance or future vessels, as appropriate, could retake possession of our vessels or require us to pay down our indebtedness to a level where we are in compliance with our covenants or sell vessels in our fleet. Events beyond our control, including changes in the economic and business conditions in the shipping markets in which we operate, interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations and outbreaks of epidemic and pandemic diseases may affect our ability to comply with these covenants. We could lose our vessels if we default on our financing facilities, which would negatively affect our revenues, results of operations and financial condition.

***Servicing current and future debt will limit funds available for other purposes and could impair our ability to react to changes in our business.***

We must dedicate a portion of our cash flow from operations to pay the principal and interest on our indebtedness. These payments limit funds otherwise available for working capital, capital expenditures and other purposes. As of December 31, 2024, we had a total indebtedness of $77.4 million, excluding deferred finance fees. Our current or future debt could have other significant consequences on our operations. For example, it could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our vulnerability to general economic downturns and adverse competitive
and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require us to dedicate a substantial portion, if
not all, of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund
working capital, capital expenditures and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit our flexibility in planning for, or reacting to, changes in our business
and the industry in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• place us at a competitive disadvantage compared to competitors that have
less debt or better access to capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit our ability to raise additional financing on satisfactory terms or
at all; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adversely impact our ability to comply with the
financial and other restrictive covenants of our current or future financing arrangements, which could result in an event of default under
such agreements.

Furthermore, our current or future interest expense will increase if interest rates increase. If we do not have sufficient earnings, we may be required to refinance all or part of our current or future debt, sell assets, borrow more money or sell more securities, and we cannot guarantee that the resulting proceeds therefrom, if any, will be sufficient to meet our ongoing capital and operating needs. Because interest paid on loans is generally a margin plus a reference rate, such as SOFR, that is subject to change, our actual interest costs would increase as the reference rate increases. During an inflationary period, such as one we are currently experiencing, the SOFR or similar reference rate will generally be increased, thus costing us more money to service our debt obligations and reducing our results of operations and cash flow. Any event of default under a financing agreement pursuant to which we have granted security could permit the relevant financier to exercise its rights as a secured lender and take the relevant collateral, which may include our vessels.

***Our Parent and certain of our Parent's executive officers have been subject to litigation in the past and we may be subject to similar or other litigation in the future.***

Our Parent and certain of its executive officers were defendants in purported class-action lawsuits pending in the U.S. District Court for the Eastern District of New York, brought on behalf of its shareholders. The lawsuits alleged violations of Sections 9, 10(b), 20(a) and/or 20A of the Securities Exchange Act of 1934, as amended, or the Exchange Act and Rule 10b-5 promulgated hereunder. On August 3, 2019, the Eastern District Court of New York dismissed the case with prejudice. On August 26, 2019, plaintiffs appealed the dismissal to the United States Court of Appeals for the Second Circuit. On April 2, 2020, the Court of Appeals issued a summary order affirming the District Court's decision dismissing Plaintiffs' claims and denying leave to amend and the case was finally concluded in our Parent's favor.

We may, from time to time, be a party to other litigation in the normal course of business. Monitoring and defending against legal actions, whether or not meritorious, is time-consuming for our management and detracts from our ability to fully focus our internal resources on our business activities. In addition, our legal fees and costs incurred in connection with such activities and any legal fees of co-defendants for which we are deemed responsible may be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages. A decision adverse to our interests could result in the payment of substantial damages and could have a material adverse effect on our cash flow, results of operations and financial position.

With respect to any litigation, our insurance may not reimburse us or may not be sufficient to reimburse us for the expenses or losses we may suffer in contesting and concluding such lawsuit. Furthermore, our insurance does not cover legal fees associated with co-defendants. Substantial litigation costs, including the substantial self-insured retention that we are required to satisfy before any insurance applied to the claim, or an adverse result in any litigation may adversely impact our business, operating results or financial condition.

***Our current fleet consists of two Suezmax tanker vessels. Any limitation in the availability or operation of these vessels could have a material adverse effect on our business, results of operations and financial condition.***

Our current fleet consists of two Suezmax tanker vessels. Until we identify and acquire additional vessels, we will depend upon these two vessels for all of our revenue. If our vessels are unable to generate revenues as a result of off-hire time, early termination of the applicable time charters or otherwise, our business, results of operations, financial condition and ability to pay dividends could be materially adversely affected. Our vessels are both employed on time charter contracts with a single charterer and, until we identify and acquire additional vessels, we will rely upon one charterer for all of our revenue.

***We expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.***

During 2024, 100% of our revenues derived from one charterer, Clearlake Shipping Pte Ltd ("Clearlake"), which is the charterer of both of our vessels. Such agreement subjects us to counterparty risks. The ability of Clearlake to perform its obligations under its contracts with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition of the counterparty, charter rates received for specific types of vessels, work stoppages or other labor disturbances. The combination of a reduction of cash flow resulting from declines in world trade, a reduction in borrowing bases under reserve-based credit facilities and the lack of availability of debt or equity financing may result in a significant reduction in the ability of charterers to make charter payments to us. In addition, in depressed market conditions, charterers and customers may no longer need a vessel that is then under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations under those contracts. Should one of our counterparties fail to honor its obligations under agreements with us, we could sustain significant losses that could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.***

Our fleet currently consists of two vessels and we may acquire additional vessels in the future. We intend to expand our fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers, including recreational transportation. Our future growth will primarily depend on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• generate excess cash flow for investment without jeopardizing our ability
to cover current and foreseeable working capital needs (including debt service);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• raise equity and obtain required financing for our existing and new operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify opportunities in the tanker sector and other seaborne transportation
sectors or related sectors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• locate and acquire suitable vessels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identify and consummate acquisitions or joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integrate any acquired business successfully with our existing operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our manager's ability to hire, train and retain qualified personnel
and crew to manage and operate our growing business and fleet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhance our customer base; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manage expansion.

Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. Furthermore, our current operating and financial systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve those systems may be ineffective. We may not be successful in executing our growth plans and we may incur significant additional expenses and losses in connection therewith.

***Our flexible acquisition strategy entails certain risks and uncertainties associated with our opportunistic entry into ownership of a new class of vessels, and we cannot assure you that we will complete any such acquisition or manage such risks successfully.***

We intend to expand our fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as diversification into sectors related to seaborne transportation of goods or passengers, including recreational transportation. However, there can be no assurance that we will successfully identify any such opportunities in the future or complete any such acquisition in other sectors.

Our management team and CSI may not have experience in any other sector we enter and may not identify such opportunities or manage such expansion successfully.

***A limited number of financial institutions hold our cash and their failure may adversely affect our business, results of operations and financial condition.***

A limited number of financial institutions, including institutions located in Greece and the Netherlands, hold all of our cash. Our cash balances have been deposited from time to time with banks in Greece and the Netherlands. Our cash balances are not covered by insurance in the event of default by these financial institutions. Several banks, including Credit Suisse, have recently been subject to extraordinary resolution procedures or sale because of the risk of such a default. The occurrence of such a default could have a material adverse effect on our business, financial condition, results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.

***Delays or defaults by the shipyards in the construction of any newbuildings could increase our expenses and diminish our net income and cash flows.***

As of the date of this registration statement, we do not have any contracts for newbuilding vessels. We may enter into contracts for newbuilding vessels in the future. Vessel construction projects are generally subject to risks of delay that are inherent in any large construction project, which may be caused by numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals, design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events of force majeure. Significant delays could adversely affect our financial position, results of operations and cash flows. Additionally, failure to complete a project on time may result in the delay of revenue from that vessel, and we may continue to incur costs and expenses related to delayed vessels, such as supervision expenses.

***Our ability to obtain additional debt financing may be dependent on our ability to charter our vessels, or vessels we may acquire, the performance of our charters and the creditworthiness of our charterers.***

Our inability to re-charter our vessels, or vessels we may acquire, and the actual or perceived credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain the additional capital resources that we will require to purchase additional vessels or maintain our existing fleet or may significantly increase our costs of obtaining such capital. Our inability to obtain financing, or receiving financing at a higher than anticipated cost, may materially affect our results of operation and our ability to implement our business strategy.

***The industry for the operation of tanker vessels and the transportation of oil is highly competitive and we may not be able to compete for charters with new entrants or established companies with greater resources.***

We will employ our tankers and any additional vessels we may acquire in a highly competitive market that is capital intensive and highly fragmented. The operation of tanker vessels and the transportation of cargoes shipped in these vessels, as well as the shipping industry in general, is extremely competitive. Competition arises primarily from other vessel owners, including major oil companies as well as independent tanker shipping companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil can be intense and depends on price, location, size, age, condition and the acceptability of the vessel and its operators to the charterers. Due in part to the highly fragmented market, competitors with greater resources could enter and operate larger fleets through consolidations or acquisitions that may be able to offer better prices and fleets than us.

***We may be unable to attract and retain key management personnel and other employees in the international tanker shipping industry, which may negatively impact the effectiveness of our management and our results of operations.***

Our success will depend to a significant extent upon the abilities and efforts of our management team. All of our executive officers are employees of Central Mare Inc., or Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, and we will enter into agreements with Central Mare for the compensation of our executive officers and certain other employees. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel could adversely affect our results of operations. We do not maintain "key man" life insurance on any of our officers.

***If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.***

The Fleet Manager is responsible for recruiting, mainly through a crewing agent, the senior officers and all other crew members for our vessels and all other vessels we may acquire. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.

***If we expand our business, we will need to improve our operations and financial systems and staff; if we cannot improve these systems or recruit suitable employees, our performance may be adversely affected.***

Our current operating and financial systems may not be adequate if we implement a plan to expand the size of our fleet, and our attempts to improve those systems may be ineffective. If we are unable to operate our financial and operations systems effectively or to recruit suitable employees as we expand our fleet, our performance may be adversely affected.

***A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could affect our cash flow and financial condition.***

When we enter into a time charter or bareboat charter, rates under that charter are fixed throughout the term of the charter. If the spot charter rates in the tanker shipping industry become significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our then existing charters, the charterers may have incentive to default under that charter or attempt to renegotiate the charter. If our charterers fail to pay their obligations, we would have to attempt to re-charter our vessels, or vessels we may acquire at lower charter rates, and as a result we could sustain significant losses which could have a material adverse effect on our cash flow and financial condition, which would affect our ability to meet our future loans or current leaseback obligations. If our future lenders choose to accelerate our indebtedness and foreclose their liens, or if the owners of our sold and leased back vessels or any leased vessels we may acquire choose to repossess vessels in our fleet as a result of a default under any SLBs, our ability to continue to conduct our business would be impaired.

***An increase in operating costs could decrease earnings and available cash.***

Vessel operating costs include the costs of crew, fuel (for spot-chartered vessels), provisions, deck and engine spares and stores, insurance and maintenance and repairs, which depend on a variety of factors, many of which are beyond our control. Some of these costs, primarily relating to insurance and enhanced security measures, have been increasing. If any of our vessels or, vessels we may acquire, suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-docking repairs are unpredictable and can be substantial. Increases in any of these expenses could decrease our earnings and available cash.

***Rising fuel prices may adversely affect our profits.***

Fuel is a significant expense if vessels are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can earn on the short-term or spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on board at prevailing market prices, which could be materially higher than fuel prices at the inception of the time charter period. As a result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical events, supply and demand for oil and gas, actions by OPEC and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns, and environmental concerns. Further, fuel may become much more expensive in the future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.

***Inflation could adversely affect our operating results and financial condition.***

Inflation could have an adverse impact on our operating results and subsequently on our financial condition both directly through the increase of various costs necessary for the operation of our vessels, and any vessels we may acquire in the future, such as crew, repairs and materials, and indirectly through its adverse impact on the world economy in terms of increasing interest rates and slowdown of global growth. If inflationary pressures intensify further, we may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease our profit margins. Inflation may also raise our costs of capital, which would result in the deterioration of our financial condition.

***The aging of our fleet may result in increased operating costs in the future, which could adversely affect our earnings.***

In general, the cost of maintaining a vessel in good operating condition increases with the age of the vessel. As our vessels and any vessel we may acquire in the future age, operating and other costs will increase. In the case of bareboat charters, operating costs are borne by the bareboat charterer. Cargo insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, including environmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to our vessels, or vessels we may acquire and may restrict the type of activities in which our vessels, or vessels we may acquire may engage. As our fleet ages, market conditions might not justify those expenditures or enable us to operate our vessels, or vessels we may acquire profitably during the remainder of their useful lives.

***Unless we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a vessel's useful life, which would adversely affect our business, results of operations and financial condition.***

Unless we maintain reserves or are able to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their remaining useful lives. We estimate that our vessels have a useful life of up to 25 years from the date of their initial delivery from the shipyard. In case we acquire secondhand vessels, they are depreciated from the date of their acquisition through their remaining estimated useful life. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels, or vessels we may acquire, to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, results of operations and financial condition will be materially and adversely affected.

***Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings.***

We may expand our fleet through the acquisition of secondhand vessels. While we rigorously inspect previously owned or secondhand vessels prior to purchase, this does not normally provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover defects or other problems with such vessels prior to purchase. Any such hidden defects or problems, when detected, may be expensive to repair, and if not detected, may result in accidents or other incidents for which we may become liable to third parties. Also, when purchasing previously owned vessels, we do not receive the benefit of warranties from the builders if the vessels we buy are older than one year. In general, the costs to maintain a vessel in good operating condition increase with the age and type of the vessel. In the case of chartered-in vessels, we run the same risks.

Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to our vessels, or vessels we may acquire and may restrict the type of activities in which the vessels may engage. As our vessels, or vessels we may acquire age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.

***We may not have adequate insurance to compensate us if we lose any vessels that we acquire.***

There are a number of risks associated with the operation of ocean-going vessels, including mechanical failure, collision, fire, human error, war, terrorism, piracy, loss of life, contact with floating objects, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, hostilities and labor strikes. Any of these events may result in loss of revenues, increased costs and decreased cash flows. In addition, the operation of any vessel is subject to the inherent possibility of marine disaster, including oil spills and other environmental mishaps.

We carry insurance for our vessels and intend to carry insurance for all vessels we acquire against those types of risks commonly insured against by vessel owners and operators. These insurances include hull and machinery insurance, protection and indemnity insurance (which includes environmental damage and pollution insurance coverage), freight demurrage and defense and war risk insurance. Reasonable insurance rates can best be obtained when the size and the age/trading profile of the fleet is attractive. As a result, rates become less competitive as a fleet downsizes.

We do not currently maintain strike or off-hire insurance, which would cover the loss of revenue during extended vessel off-hire periods, such as those that occur during an unscheduled drydocking due to damage to the vessel from accidents except in cases of loss of hire up to a limited number of days due to war or a piracy event. Other events that may lead to off-hire periods include natural or man-made disasters that result in the closure of certain waterways and prevent vessels from entering or leaving certain ports. Accordingly, any extended vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our business and our results of operations and operating cash flow.

Changes in the insurance markets attributable to the risk of terrorism in certain locations around the world could make it difficult for us to obtain certain types of coverage. In addition, the insurance that may be available to us may be significantly more expensive than our existing coverage.

We may not be adequately insured to cover losses against all risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or underinsured loss or liability could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends. It may also result in protracted legal litigation.

In the future, we may not be able to obtain adequate insurance coverage at reasonable rates for the vessels we acquire. The insurers may not pay particular claims. Our insurance policies also contain deductibles for which we will be responsible as well as limitations and exclusions that may increase our costs or lower our revenue.

***We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity associations.***

We may be subject to increased premium payments, or calls, in amounts based on our claim records and the claim records of our Fleet Manager as well as the claim records of other members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related liability. In addition, our protection and indemnity associations may not have enough resources to cover claims made against them. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations and financial condition.

***Increasing regulation as well as scrutiny and changing expectations from investors, lenders and other market participants with respect to our Environmental, Social and Governance ("ESG") policies may impose additional costs on us or expose us to additional risks.***

Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company's ESG practices. Companies which do not adapt to or comply with investor, lender or other evolving industry shareholder expectations and standards, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.

We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us, especially given the highly focused and specific trade of crude oil transportation in which we are presently engaged. If we do not meet these standards, our business and/or our ability to access capital could be harmed.

On March 6, 2024, the SEC adopted final rules to enhance and standardize climate-related and ESG-related disclosures by public companies and in public offerings. The final rules would have added extensive and prescriptive disclosure items requiring companies, including foreign private issuers, to disclose climate-related risks and certain emissions. Specifically, the rules would have required the inclusion of certain climate-related financial metrics in a note to companies' audited financial statements. The rules were challenged in federal court before they became effective and, in April 2024, the SEC announced that it would voluntarily stay the effectiveness of the rules pending judicial review. On June 12, 2025, the SEC formally withdrew the rules. While the current SEC leadership determined to withdraw these rules, the SEC could again change its policy priorities, under a future presidential administration or otherwise, and may propose similar rules in the future.

Additionally, certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to environmental, social and governance factors. These limitations in both the debt and equity capital markets may affect our ability to develop as our plans for growth may include accessing the equity and debt capital markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition.

Moreover, from time to time, we may incur additional costs, establish and publicly announce goals and commitments in respect of certain ESG items. While we may create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly report on our progress toward achieving our environmental goals and commitments, the resulting scrutiny from market participants or regulators could adversely affect our reputation and/or our access to capital.

***A shift in consumer demand from crude oil towards other energy sources or changes to trade patterns for crude oil and refined petroleum products may have a material adverse effect on our business.***

A significant portion of our earnings are related to the crude oil industry. A shift in the consumer demand from crude oil towards other energy resources such as wind energy, solar energy, hydrogen energy, or nuclear energy will potentially affect the demand for our vessels and any vessel we may acquire in the future. This could have a material adverse effect on our future performance, results of operations, cash flows, and financial position.

Seaborne trading and distribution patterns are primarily influenced by the relative advantage of the various sources of production, locations of consumption, pricing differentials, and seasonality. Changes to the trade patterns of crude oil and oil products may have a significant negative or positive impact on ton-miles and, therefore, the demand for our tanker vessels. This could have a material adverse effect on our future performance, results of operations, cash flows, and financial position.

***Technological innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessels, or vessels we may acquire.***

Our customers, in particular those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire supply chain, including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital for our operations. Charter hire rates and the value and operational life of a vessel are determined by a number of factors including the vessel's efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize related docking facilities and pass through canals and straits. The length of a vessel's physical life is related to its original design and construction, its maintenance and the impact of the stress of operations. If new vessels are built that are more efficient or more flexible or have longer physical lives than our vessels, or vessels we may acquire, competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels, or vessels we may acquire, and the resale value of our vessels, or vessels we may acquire could significantly decrease which may have a material adverse effect on our future performance, results of operations, cash flows and financial position.

***Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977, or the FCPA, could result in fines, criminal penalties, and an adverse effect on our business.***

We may operate in a number of countries throughout the world, including countries known to have a reputation for corruption. We are committed to doing business in accordance with applicable anti-corruption laws and have adopted a code of business conduct and ethics that is consistent and in full compliance with the FCPA. We are subject, however, to the risk that we, our affiliated entities or our or their respective officers, directors, employees, and agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA. In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management. Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain jurisdictions, and might adversely affect our business, earnings or financial condition.

***The smuggling of drugs or other contraband onto our vessels, or vessels we may acquire may lead to governmental claims against us.***

Our vessels, or vessels we may acquire, may call in ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels, or vessels we may acquire, are found with contraband, whether inside or attached to the hull of our vessels and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an adverse effect on our business, results of operations, cash flows, and financial condition, as well as our ability to pay dividends. Under some jurisdictions, vessels used for the conveyance of illegal drugs could result in forfeiture of the subject vessel to the government of such jurisdiction.

***Maritime claimants could arrest our vessels, or vessels we may acquire, which could interrupt our cash flow.***

Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against that vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien by "arresting" or "attaching" a vessel through foreclosure proceedings. The arrest or attachment of our vessels or vessels we acquire could result in a significant loss of earnings for the related off-hire period. In addition, in jurisdictions where the "sister ship" theory of liability applies, a claimant may arrest the vessel which is subject to the claimant's maritime lien and any "associated" vessel, which is any vessel owned or controlled by the same owner. In countries with "sister ship" liability laws, claims might be asserted against us or any of our vessels for liabilities of any other vessels we may own.

***Governments could requisition our vessels, or vessels we acquire, during a period of war or emergency, resulting in loss of earnings.***

A government could requisition our vessels for title or hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Although we would be entitled to compensation in the event of a requisition, the amount and timing of payment of such compensation is uncertain. Government requisition of our vessels or vessels we may acquire could negatively impact our revenues should we not receive adequate compensation.

***U.S. federal tax authorities could treat us as a "passive foreign investment company," which could have adverse U.S. federal income tax consequences to U.S. shareholders.***

A foreign corporation will be treated as a "passive foreign investment company," or PFIC, for U.S. federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of certain types of "passive income" or (2) at least 50% of the average value of the corporation's assets produce or are held for the production of those types of "passive income." For purposes of these tests, "passive income" includes dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. Income derived from the performance of services does not constitute "passive income" for this purpose. U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.

In general, income derived from the bareboat charter of a vessel should be treated as "passive income" for purposes of determining whether a foreign corporation is a PFIC, and such vessel should be treated as an asset which produces or is held for the production of "passive income." On the other hand, income derived from the time charter of a vessel should not be treated as "passive income" for such purpose, but rather should be treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces or is held for the production of "passive income."

We believe that the Rubico Predecessor was not a PFIC for its 2024 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. In this regard, we intend to treat the gross income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute ''passive income,'' and the assets that we own and operate in connection with the production of that income do not constitute passive assets.

There is, however, no direct legal authority under the PFIC rules addressing our proposed method of operation. Accordingly, no assurance can be given that the United States Internal Revenue Service, or IRS, or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in the nature and extent of our operations.

Our U.S. shareholders may face adverse U.S. federal income tax consequences and certain information reporting obligations if we were treated as a PFIC. Under the PFIC rules, unless those shareholders make an election available under the Code (which election could itself have adverse consequences for such shareholders, as discussed below under "Tax Considerations—United States Federal Income Taxation of U.S. Holders—The QEF Election"), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon excess distributions and upon any gain from the disposition of their Common Shares, as if the excess distribution or gain had been recognized ratably over the shareholder's holding period of the Common Shares. See "Tax Considerations—United States Federal Income Taxation of U.S. Holders" for a more comprehensive discussion of the U.S. federal income tax consequences to U.S. shareholders if we were treated as a PFIC.

***We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.***

Under the U.S. Internal Revenue Code of 1986, as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income and such income is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code.

We took the position for U.S. federal income tax reporting purposes that the Rubico Predecessor was not subject to U.S. federal income taxation for the 2022, 2023 and 2024 taxable years. However, there are factual circumstances beyond our control that could cause us to lose the benefit of the exemption and thereby become subject to U.S. federal income tax on our U.S. source shipping income. Due to the factual nature of the issues involved, we may not qualify for exemption under Section 883 of the Code for 2025 or any future taxable year.

***Changing laws and evolving reporting requirements could have an adverse effect on our business.***

Changing laws, regulations and standards relating to reporting requirements, including the European Union General Data Protection Regulation, or GDPR, may create additional compliance requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested in, and continue to invest in, reasonably necessary resources to comply with evolving standards.

GDPR broadens the scope of personal privacy laws to protect the rights of European Union citizens and requires organizations to report on data breaches within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Non-compliance with GDPR may expose entities to significant fines or other regulatory claims which could have an adverse effect on our business, and results of operations.

***We may be unable to make, on a timely or cost-effective basis, the changes necessary to operate as a publicly traded company, and we may experience increased costs after the Spin-Off.***

Following the Spin-Off, we now need to provide internally or obtain from unaffiliated third parties some of the services we received from the Parent. We may be unable to replace these services in a timely manner or on terms and conditions as favorable as those we receive from the Parent. We may be unable to successfully establish the infrastructure or implement the changes necessary to operate independently or may incur additional costs. If we fail to obtain the services necessary to operate effectively or if we incur greater costs in obtaining these services, our business, financial condition and results of operations may be adversely affected.

***We have no operating history as a publicly traded company, and our historical financial information is not necessarily representative of the results we would have achieved as a publicly traded company and may not be a reliable indicator of our future results.***

We derived the historical financial information included in this registration statement in part from the Parent's consolidated financial statements, and this information does not necessarily reflect the results of operations and financial position we would have achieved as a separate publicly-traded company during the periods presented or those that we will achieve in the future. This is primarily because of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to the Spin-Off, we operated as part of the
Parent's broader corporate organization, and the Parent performed various corporate functions for us. Our historical financial information
reflects allocations of corporate expenses from the Parent for these and similar functions. These allocations may not reflect the costs
we will incur for similar services in the future as a publicly traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our historical financial information does not reflect
changes that we expect to experience in the future as a result of our separation from the Parent, including changes in our cost structure,
personnel needs, tax structure, financing and business operations. As part of Parent, we enjoyed certain benefits from the Parent's
operating diversity, size, borrowing leverage and available capital for investments, and we may lose these benefits after the Spin-Off.
As a separate entity, we may be unable to purchase services and technologies or access capital markets on terms
as favorable to us as those we obtained as part of the Parent prior to the Spin-Off.

Following the Spin-Off, we are responsible for the additional costs associated with being a publicly traded company, including costs related to corporate governance, investor and public relations and public reporting. In addition, certain costs incurred by the Parent, including executive oversight, accounting, treasury, tax, legal, human resources, occupancy, procurement, information technology and other shared services, have historically been allocated to us by the Parent; but these allocations may not reflect the future level of these costs to us as we begin to provide these services ourselves. Therefore, our historical financial statements may not be indicative of our future performance as a separate publicly traded company. We cannot assure you that our operating results will continue at a similar level when we are a separate publicly traded company. For additional information about our past financial performance and the basis of presentation of our financial statements, see "Management's Discussion and Analysis of Operating and Financing Review and Prospects" and our historical financial statements and the notes thereto included elsewhere in this registration statement.

***We may not be able to access the credit and capital markets at the times and in the amounts needed on acceptable terms.***

From time to time, we may need to access the capital markets to obtain long-term and short-term financing. We have not previously accessed the capital markets as a separate public company, and our access to, and the availability of, financing on acceptable terms and conditions in the future will be impacted by many factors, including our financial performance, our credit ratings or absence thereof, the liquidity of the overall capital markets and the state of the economy. We cannot assure you that we will have access to the capital markets at the times and in the amounts needed or on terms acceptable to us.

**Risks Relating to our Relationship with our Fleet Manager and its Affiliates** 

***We are dependent on our Fleet Manager, an affiliate of our significant shareholder, to perform the day-to-day management of our fleet.***

Our executive management team is provided by Central Mare. We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Furthermore, upon delivery of any vessels we may acquire, we expect to subcontract their day-to-day management to our Fleet Manager. Our Fleet Manager is a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder. We are dependent on our Fleet Manager for the technical and commercial operation of our fleet as well as for all accounting and reporting functions and the loss of our Fleet Manager's services or its failure to perform obligations to us could materially and adversely affect the results of our operations. If our Fleet Manager suffers material damage to its reputation or relationships it may harm our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to operate our vessels, or vessels we may acquire and service our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• renew existing charters upon their expiration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain new charters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain financing on commercially acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain satisfactory relationships with our customers and suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully execute our growth strategy.

***Our Fleet Manager is a privately held company and there may be limited or no publicly available information about it.***

Our Fleet Manager is a privately held company. The ability of our Fleet Manager to provide services for our benefit will depend in part on its own financial strength. Circumstances beyond our control could impair our Fleet Manager's financial strength, and there may be limited publicly available information about its financial condition. As a result, an investor in our Common Shares might have little advance warning of problems affecting our Fleet Manager, even though these problems could have a material adverse effect on us.

***Our Fleet Manager may have conflicts of interest between us and its other clients.***

We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Our Fleet Manager may provide similar services for vessels owned by other shipping companies, and it also may provide similar services to companies with which our Fleet Manager is affiliated, including the Parent. These responsibilities and relationships could create conflicts of interest between our Fleet Manager's performance of its obligations to us, on the one hand, and our Fleet Manager's performance of its obligations to its other clients, on the other hand. These conflicts may arise in connection with the crewing, supply provisioning and operations of the vessels in our fleet versus vessels owned by other clients of our Fleet Manager. In particular, our Fleet Manager may give preferential treatment to vessels owned by other clients whose arrangements provide for greater economic benefit to our Fleet Manager. These conflicts of interest may have an adverse effect on our results of operations.

**Risks Relating to Our Common Shares and this Offering** 

***A trading market that will provide you with adequate liquidity may not develop. The price of our Common Shares may fluctuate significantly. Further, there is no guarantee of a continuing public market to resell our Common Shares.***

Prior to the Spin-Off, there was no public market for our Common Shares. We do not know the extent to which investor interest will lead to the development of a trading market or how liquid that market might be. You may not be able to resell your Common Shares at or above the initial trading price. Additionally, the lack of liquidity may result in wide bid-ask spreads, contribute to significant fluctuations in the market price of the Common Shares and limit the number of investors who are able to buy the Common Shares.

Further there is no guarantee that we will be able to maintain listing on Nasdaq for any period of time by perpetually satisfying Nasdaq's continued listing requirements. Our failure to continue to meet these requirements may result in our securities being delisted. We cannot assure you that any continuing public market to resell our Common Shares will be available.

***We may rely in part on equity issuances, which will not require shareholder approval, to fund our growth, and such equity issuances could dilute your ownership interests and may depress the market price of our Common Shares.***

We may issue additional Common Shares or other equity securities of equal or senior rank in the future in connection with, among other things, future vessel acquisitions or repayment of outstanding indebtedness, without shareholder approval, in a number of circumstances.

As part of our business strategy, we may rely in part on issuances of equity, warrants or preferred securities, which may carry voting rights and may be convertible or exercisable into Common Shares, to fund the growth of our fleet. We may issue such securities in private placements, including to related parties, or in registered offerings.

Our issuance of additional Common Shares, including upon conversion of convertible securities or exercise of warrants, or other equity securities of equal or senior rank, or with voting rights, may have the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;• Our existing common shareholders' proportionate ownership interest
in us will decrease;

&nbsp;&nbsp;&nbsp;&nbsp;• the amount of cash available for dividends payable per Common Share may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;• the relative voting strength of each previously outstanding Common Share
may be diminished; and

&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our Common Shares may decline.

***The market price of our Common Shares may in the future be subject to significant fluctuations.***

The market price of our Common Shares may in the future be subject to significant fluctuations as a result of many factors, some of which are beyond our control. Among the factors that could in the future affect our stock price are:

&nbsp;&nbsp;&nbsp;&nbsp;• variations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in market valuations of similar companies and stock market price
and volume fluctuations generally;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings estimates or the publication of research reports by analysts;

&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community about our business or the
shipping industry generally;

&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by us or our competitors such as acquisitions or restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;• the thin trading market for our Common Shares, which makes it somewhat illiquid;

&nbsp;&nbsp;&nbsp;&nbsp;• regulatory developments;

&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;• domestic and international economic, market and currency factors unrelated
to our performance.

The stock markets in general, and the markets for shipping and shipping stocks in particular, have experienced extreme volatility that has sometimes been unrelated to the operating performance of individual companies. These broad market fluctuations may adversely affect the trading price of our Common Shares.

***We may experience rapid and substantial share price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares.***

As a relatively small-capitalization company with relatively small public float, we may experience greater share price volatility, extreme price run-ups or rapid price declines, larger spreads in bid and ask prices, lower trading volume and less liquidity than large-capitalization companies. Such volatility, including any share price run-up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Shares. In addition, holders of our Common Shares may experience losses, which may be material, if the price of our Common Shares declines after this offering or if such investors purchase our Common Shares prior to any price decline.

Furthermore, if the trading volumes of our Common Shares are low, investors buying or selling in relatively small quantities may be able to easily influence the price of our Common Shares. Such low volume of trades could also cause the price of our Common Shares to fluctuate greatly, with large percentage changes in share price occurring in any Trading Day session. Holders of our Common Shares may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Shares. As a result of this volatility, investors may experience losses on their investment in our Common Shares. A decline in the market price of our Common Shares also could adversely affect our ability to issue additional Common Shares or other securities and our ability to obtain additional financing in the future. Please also see "—Risks Relating to Our Common Shares and this Offering—The market price of our Common Shares may in the future be subject to significant fluctuations."

***A possible "short squeeze" due to a sudden increase in demand of our Common Shares that largely exceeds supply may lead to further price volatility in our Common Shares.***

Investors may purchase our Common Shares to hedge existing exposure in our Common Shares or to speculate on the price of our Common Shares. Speculation on the price of our Common Shares may involve long and short exposures. To the extent aggregate short exposure exceeds the number of Common Shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our Common Shares for delivery to lenders of our Common Shares. Those repurchases may in turn, dramatically increase the price of our Common Shares until investors with short exposure are able to purchase additional Common Shares to cover their short position. This is often referred to as a "short squeeze." Following such a short squeeze, once investors purchase the shares necessary to cover their short position, the price of our Common Shares may rapidly decline. A short squeeze could lead to volatile price movements in our Common Shares that are not directly correlated to the performance or prospects of our company.

***As a newly incorporated company, we may not have the surplus or net profits required by law to pay dividends. The declaration and payment of dividends will always be subject to the discretion of our Board of Directors and will depend on a number of factors. Our Board of Directors may not declare dividends in the future.***

The declaration, timing and amount of any dividend is subject to the discretion of our Board of Directors and will be dependent upon our earnings, financial condition, market prospects and our growth strategy, capital expenditure requirements, dividends to holders of our preferred shares, investment opportunities, restrictions in our financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends to shareholders, overall market conditions and other factors.

In addition, we may incur expenses or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days or loss of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described in this registration statement and any future reports we may file with the SEC, that could reduce or eliminate the amount of cash that we have available for distribution as dividends. Our growth strategy contemplates that we will finance the acquisition of additional vessels in part through raising equity capital. However, if external sources of funds on terms acceptable to us are limited, our Board of Directors may determine to finance acquisitions with cash from operations, which would reduce or even eliminate the amount of cash available for the payment of dividends. In addition, any credit facilities that we may enter into or the terms of preferred shares which we may issue in the future may include restrictions on our ability to pay dividends on our Common Shares. Further, under the terms of our current financing arrangements, and possibly any future financing arrangements, we will not be permitted to pay dividends that would result in an event of default or if an event of default has occurred and is continuing. As a result of these and other factors, we cannot assure you that our Board of Directors will declare dividend payments on our Common Shares in the future.

Further, Marshall Islands law generally prohibits the payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends may be declared and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. As a newly incorporated company, we may not have the required surplus or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.

***Our significant shareholder has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote.***

The Lax Trust, may be deemed to beneficially own, directly or indirectly, all of the 100,000 outstanding Series D Preferred Shares. Each Series D Preferred Share carries 1,000 votes.

By the Lax Trust's beneficial ownership of 100% of our Series D Preferred Shares, following the Spin-Off and the Private Placement, the Lax Trust may be deemed to beneficially own 97.0% of our total voting power and to control the outcome of matters on which our shareholders are entitled to vote, including the election of our directors and other significant corporate actions.

In addition, following the Spin-Off and the Private Placement, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares, and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares.

The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power, and therefore to control the outcome of matters on which our shareholders are entitled to vote, including the election of our directors and other significant corporate actions.

In order to satisfy the minimum percentage of voting of Mr. Evangelos J. Pistiolis contained in our SLBs as described below as well as any future such minimum voting rights financing agreement covenants, the voting rights per share of Series D Preferred Shares are adjusted such that during the term of any facility containing such a minimum voting percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or preferred share issuances. Both the number of the Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits or combinations of the Company's outstanding shares.

This concentration of ownership may delay, deter or prevent acts that would be favored by our other shareholders or deprive shareholders of an opportunity to receive a premium for their shares as part of a sale of our business, and it is possible that the interests of Lax Trust, 3 Sororibus Trust, Mr. Evangelos J. Pistiolis or the family of Mr. Evangelos J. Pistiolis may conflict with our interests and the interests of our other holders of shares. Any such conflicts of interest could result in our entry into transactions on terms not determined by market forces. In addition, this concentration of share ownership may adversely affect the trading price of our shares because investors may perceive disadvantages in owning shares in a company with such concentrated shareholding. This concentration of ownership of our voting shares could adversely affect our business, financial condition and results of operations, and the trading price of our Common Shares.

***We are a "foreign private issuer," which could make our Common Shares less attractive to some investors or otherwise harm our stock price.***

We are a "foreign private issuer," as such term is defined in Rule 405 under the Securities Act. As a "foreign private issuer" the rules governing the information that we disclose differ from those governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant events within four days of their occurrence. In addition, our officers and directors are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchase and sales of our securities. Our exemption from the rules of Section 16 of the Exchange Act regarding sales of Common Shares by insiders means that you will have less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act. Moreover, we are exempt from the proxy rules, and proxy statements that we distribute will not be subject to review by the Securities and Exchange Commission, or the SEC. Accordingly, there may be less publicly available information concerning us than there is for other U.S. public companies that are not foreign private issuers. These exemptions and scaled disclosure requirements are not related to our status as an emerging growth company and will continue to be available to us even if we no longer qualify as an emerging growth company but remain a foreign private issuer. These factors could make our Common Shares less attractive to some investors or otherwise harm our stock price.

We could lose our foreign private issuer status under U.S. securities laws. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. We would then also be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We may then also be required to modify certain of our policies to comply with good or required governance practices associated with U.S. domestic issuers. Such conversion and modifications will involve additional costs.

***We are a "controlled company" under Nasdaq corporate governance rules and we therefore are exempt from certain corporate governance requirements that could adversely affect our public shareholders.***

Since the Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own of a majority of the voting power of our issued and outstanding share capital, we qualify as a "controlled company" under the Nasdaq listing rules. Under these rules a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including, without limitation (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers be determined or recommended to the board of directors by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating and corporate governance committee comprised solely of independent directors.

We do not intend to rely on the "controlled company" exemption. Our status as a controlled company, however, could cause our Common Shares to appear less attractive to certain investors or otherwise harm our trading price.

***Issuance of preferred shares, such as our Series D Preferred Shares and our Series A Participating Preferred Stock, may adversely affect the voting power of our common shareholders have a dilutive effect on them and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our Common Shares.***

Our Amended and Restated Articles of Incorporation currently authorize our Board of Directors to issue preferred shares in one or more series and to determine the rights, preferences, privileges and restrictions, with respect to, among other things, dividends, conversion, voting, redemption, liquidation and the number of shares constituting any series without shareholders' approval. Our Board of Directors has issued, and may in the future issue, preferred shares with voting rights superior to those of the Common Shares, such as the Series D Preferred Shares or the Series A Participating Preferred Stock, which could have a dilutive effect on our common shareholders. If our Board of Directors determines to issue preferred shares, such issuance may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. The issuance of preferred shares with voting and conversion rights may also adversely affect the voting power of the holders of Common Shares. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our Common Shares and our shareholders' ability to realize any potential change of control premium.

***We cannot predict the impact our multi-class capital structure may have on the market price or liquidity of our Common Shares.***

We cannot predict whether our multi-class capital structure will result in a lower or more volatile market price of our Common Shares or have other adverse consequences for our shareholders. For example, certain index providers have policies that restrict or prohibit the inclusion of companies with multi-class share structures in certain of their indices. Under such policies, our multi-class capital structure would make us ineligible for inclusion in certain indices, and as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices will not be investing in our Common Shares. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices would likely preclude investment in our Common Shares by many of these funds. Additionally, the holding of low-voting stock, such as our Common Shares, may not be permitted by the investment policies of certain institutional investors, or may be less attractive to other investors. As a result, the market price or liquidity of our Common Shares could be adversely affected.

***Anti-takeover provisions in our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws could make it difficult for our shareholders to replace or remove our current Board of Directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our Common Shares.***

Several provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board to maximize shareholder value in connection with any unsolicited offer to acquire our Company. However, these anti-takeover provisions could make it difficult for our shareholders to change the composition of our Board of Directors in any one year, preventing them from changing the composition of our management. In addition, the same provisions may discourage, delay or prevent a merger or acquisition that some shareholders may consider favorable.

These provisions:

&nbsp;&nbsp;&nbsp;&nbsp;• authorize our Board of Directors to issue "blank
check" preferred stock without shareholder approval, including preferred shares with superior voting rights, such as the Series
D Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;• provide for a classified Board of Directors with staggered, three-year terms;

&nbsp;&nbsp;&nbsp;&nbsp;• permit the removal of any director only for cause;

&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting shareholder action by written consent unless the written consent
is signed by all shareholders entitled to vote on the action;

&nbsp;&nbsp;&nbsp;&nbsp;• limiting the persons who may call special meetings of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;• establishing advance notice requirements for nominations for election to
our Board of Directors or for proposing matters that can be acted on by shareholders at meetings of shareholders.

In addition, in connection with the Spin-Off we entered into a shareholders' rights agreement pursuant to which our Board of Directors may cause the substantial dilution of any person that attempts to acquire us without the approval of our Board of Directors.

These anti-takeover provisions including provisions of our shareholders' rights agreement, could substantially impede the ability of our shareholders to impose a change in control and, as a result, may adversely affect the market price of our Common Shares and your ability to realize any potential change of control premium.

***We are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. While we have elected to take advantage of some of the reduced reporting obligations, we are choosing to "opt-out" of the extended transition period relating to the exemption from new or revised financial accounting standards. We cannot predict if investors will find our Common Shares less attractive because we may rely on these exemptions. If some investors find our Common Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile.

In addition, under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, or Sarbanes-Oxley, for so long as we are an emerging growth company. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies.

***We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law, and as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.***

Our corporate affairs are governed by our Amended and Restated Articles of Incorporation, our Amended and Restated Bylaws, and by the Marshall Islands Business Corporations Act, or the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our public shareholders may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a United States jurisdiction.

***As a Marshall Islands corporation with principal executive offices in Greece and subsidiaries in the Marshall Islands, our operations may be subject to economic substance requirements.***

The Council of the European Union, or the Council, routinely publishes a list of "non-cooperative jurisdictions" for tax purposes, which includes countries that the Council believes need to improve their legal framework and to work towards compliance with international standards in taxation. In February 2023, the Republic of the Marshall Islands, among others, was placed by the EU on the list of non-cooperative jurisdictions for lacking in the enforcement of economic substance requirements and was subsequently removed from such list in October 2023. EU member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including increased monitoring and audits, withholding taxes, and non-deductibility of costs, and although we are not currently aware of any such measures being adopted, they can be adopted by one or more EU members states in the future. The European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed countries. EU legislation prohibits certain EU funds from being channeled or transited through entities in non-cooperative jurisdictions.

We are a Marshall Islands corporation with principal executive offices in Greece. The Marshall Islands has enacted economic substance regulations with which we may be obligated to comply. Those regulations require certain entities that are not otherwise tax resident elsewhere that carry out particular activities to comply with an economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generating activities for shipping companies will generally occur in international waters), and (iii) having regard to the level of relevant activity carried out in the Marshall Islands, has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands, and (c) an adequate number of qualified employees in the Marshall Islands.

If we fail to comply with our obligations under this legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials or with respect to the Marshall Islands economic substance requirements, revocation of the formation documents and dissolution of the applicable non-compliant Marshall Islands entity or struck from the register of companies in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial conditions, and operating results. Accordingly, any implementation of, or changes to, any of the economic substance regulations that impact us could increase the complexity and costs of carrying on business in these jurisdictions, and thus could adversely affect our business, financial condition or results of operations.

We do not know what actions the Marshall Islands may take, if any, to remove itself from the list of "non-cooperative jurisdictions" if it should be placed back on the list; how quickly the EU would react to any changes in regulations of the Marshall Islands; or how EU banks or other counterparties will react while we or our subsidiaries remain as entities organized and existing under the laws of the Marshall Islands during a period if the Marshall Islands is again placed on the list of "non-cooperative jurisdictions." The effect of the EU list of non-cooperative jurisdictions, and any noncompliance by us with legislation or regulations adopted by the Marshall Islands to achieve removal from the list, could have a material adverse effect on our business, financial conditions and operating results.

***It may not be possible for investors to serve process on or enforce U.S. judgments against us.***

We and our subsidiaries are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition, all of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiaries or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us or our subsidiaries based on those laws.

***Our Amended and Restated Articles of Incorporation include forum selection provisions for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.***

Our Amended and Restated Articles of Incorporation provide that, unless we consent in writing to the selection of an alternative forum, (A) to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the Company to the Company or the Company's shareholders, and (iii) any action asserting a claim arising pursuant to any provision of the BCA or our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws, and (B) the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, as applicable, and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable, and after giving effect to clause (A) above. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. Although our forum selection provisions shall not relieve us of our statutory duties to comply with the federal securities laws and the rules and regulations thereunder, and our shareholders are not deemed to have waived our compliance with such laws, rules, and regulations, as applicable, our forum selection provisions may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, and may increase the costs associated with such lawsuits, which may discourage lawsuits with respect to such claims. Please also see below, "—We may not achieve the intended benefits of having forum selection provision if they are found to be unenforceable."

***We may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable.***

Our Amended and Restated Articles of Incorporation include a forum selection clause which provides that, unless we consent in writing to an alternative forum, to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including, among others, any derivative action or proceeding brought on behalf of the Company, and that, subject to the foregoing, the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or Exchange Act, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or Exchange Act, as applicable. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. The enforceability of similar forum selection provisions in other companies' governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find the forum selection provisions contained in our Amended and Restated Articles of Incorporation to be inapplicable or unenforceable (in whole or in part) in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits) as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts would contravene Section 27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims. Accordingly, the applicability of the provisions of our Amended and Restated Articles of Incorporation selecting a Marshall Islands forum for certain types of claims may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances, the effect of our forum selection provisions may be uncertain. As a result, we could be required to litigate claims in multiple jurisdictions, incur additional costs with resolving such action in other jurisdictions, or otherwise not receive the benefits that we expect our forum selection provisions to provide, which could adversely affect our business, financial condition and results of operations.

***Since we have broad discretion in how we use the proceeds from this offering, we may use the proceeds in ways with which you disagree.***

Our management will have significant flexibility in applying the net proceeds of this offering. You will be relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, prospects, financial condition, operating results and cash flow.

***Purchasers who purchase our securities in this offering pursuant to a securities purchase agreement may have rights not available to purchasers that purchase without the benefit of a securities purchase agreement.***

In addition to rights and remedies available to all purchasers in this offering under federal securities and state law, the purchasers that enter into a securities purchase agreement will also be able to bring claims of breach of contract against us. The ability to pursue a claim for breach of contract provides those investors with the means to enforce the covenants uniquely available to them under the securities purchase agreement including, but not limited to (i) timely delivery of securities, (ii) agreement to not issue any Common Shares or securities convertible into Common Shares for a period of ninety (90) days from closing of the offering, subject to certain exceptions and (iii) indemnification for breach of contract.

***It is not possible to predict the actual number of shares we will sell under the Purchase Agreement to the Selling Shareholder, or the actual gross proceeds resulting from those sales.***

On July 21, 2025, we entered into the Purchase Agreement with the Selling Shareholder, pursuant to which the Selling Shareholder has committed to purchase up to $30,000,000 of our Common Shares, subject to certain limitations and conditions set forth in the Purchase Agreement. We may issue Common Shares and sell them to the Selling Shareholder under the Purchase Agreement at our discretion from time to time over the 36-month period beginning on the Commencement Date. We generally have the right to control the timing and amount of any sales of our Common Shares to the Selling Shareholder under the Purchase Agreement. Sales of our Common Shares, if any, to the Selling Shareholder under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to the Selling Shareholder all, some or none of the Common Shares that may be available for us to sell to the Selling Shareholder pursuant to the Purchase Agreement. Because the purchase price that the Selling Shareholder will pay for Common Shares under the Purchase Agreement will fluctuate based on the market price of our Common Shares at the time we elect to sell shares to the Selling Shareholder, it is not possible for us to predict, as of the date of this prospectus and prior to any such sales, the number of our Common Shares that we will sell to the Selling Shareholder under the Purchase Agreement, the purchase price per share that the Selling Shareholder will pay for shares purchased from us under the Purchase Agreement, or the aggregate gross proceeds that we will receive from those purchases by the Selling Shareholder under the Purchase Agreement. The Purchase Agreement provides that we may sell up to an aggregate of $30,000,000 of our Common Shares to the Selling Shareholder and we are registering 15,000,000 Common Shares for resale under the registration statement that includes this prospectus. If it becomes necessary for us to issue and sell to the Selling Shareholder more than this number of Common Shares in order to receive aggregate gross proceeds equal to $30,000,000 under the Purchase Agreement, we must first file with the SEC one or more additional registration statements to register under the Securities Act the resale by the Selling Shareholder of those additional Common Shares, and the SEC must declare them effective, in each case before we may elect to sell any additional Common Shares to the Selling Shareholder under the Purchase Agreement. Any issuance and sale by us under the Purchase Agreement of a substantial amount of Common Shares in addition to the 15,000,000 Common Shares being registered for resale under this prospectus could cause additional substantial dilution to our shareholders. The number of Common Shares ultimately offered for resale by the Selling Shareholder is dependent upon the number of Common Shares, if any, we ultimately elect to sell to the Selling Shareholder under the Purchase Agreement.

***Investors who buy shares at different times will likely pay different prices.***

Pursuant to the Purchase Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and numbers of shares sold to the Selling Shareholder. If and when we do elect to sell Common Shares to the Selling Shareholder pursuant to the Purchase Agreement, the Selling Shareholder may resell all, some or none of those shares at any time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from the Selling Shareholder in this offering at different times will likely pay different prices for those shares, and so may experience different levels of dilution and in some cases substantial dilution and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from the Selling Shareholder in this offering as a result of future sales made by us to the Selling Shareholder at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling Shareholder under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement with the Selling Shareholder may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.

***We may fail to meet the continued listing requirements of Nasdaq, which could cause our Common Shares to be delisted.***

There can be no assurance that we will remain in compliance with Nasdaq's listing qualification rules, or that our Common Shares will not be delisted, which could have an adverse effect on the market price of, and the efficiency of the trading market for, our Common Shares.

**FORWARD-LOOKING STATEMENTS** 

The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection therewith. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements in this prospectus are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.

Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully in the section entitled "Risk Factors." Any of these factors or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. In addition to these important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain or develop new and existing customer relationships
with major crude oil companies and major commodity traders, including our ability to enter
into long-term charters for our vessels and those we may acquire in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating and financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future vessel acquisitions, our business strategy and expected and
unexpected capital spending or operating expenses, including any dry-docking, crewing, bunker costs and insurance costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial condition and liquidity, including our ability to pay amounts
that we owe and to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting
vessel supply and demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to take delivery of, integrate into our fleet, and employ
any newbuildings we may acquire or order in the future and the ability of shipyards to deliver vessels on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on our Parent and our fleet manager to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aging of our vessels, and those we may acquire in the future, and resultant increases in operation
and dry-docking costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our vessels, and any vessels we may acquire in the future, to pass classification inspections
and vetting inspections by oil majors ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant changes in vessel performance, including increased vessel breakdowns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their
obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to repay outstanding indebtedness, to obtain additional financing
and to obtain replacement charters for our vessels, and any vessels we may acquire in the future, in each case, at commercially acceptable
rates or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to governmental rules and regulations or actions taken by regulatory authorities and the expected
costs thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain the listing of our Common Shares on Nasdaq or another trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with additional costs and risks related to our environmental, social and governance policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liability from litigation and our vessel operations, including purported discharge of pollutants ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in general economic and business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general domestic and international political conditions, potential disruption
of shipping routes due to accidents, political events, including "trade wars," piracy, acts by terrorists or other hostilities
or conflicts, including the war in Ukraine, the war between Israel and Hamas, tensions between the United States and Iran and between
Israel and Iran or the Houthi crisis in and around the Red Sea;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in production of or demand for oil, either globally or in particular regions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the strength of world economies and currencies, including fluctuations in charterhire rates and vessel values;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liability from future litigation and potential
costs due to our vessel operations, and the operation of any vessels we may acquire in the future, including due to any environmental
damage and vessel collisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the length and severity of public health threats,
epidemics and pandemics and other disease outbreaks and their impact on the demand for commercial seaborne transportation and the condition
of the financial markets and governmental responses thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors discussed in the "Risk Factors"
section of this prospectus.

Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements.

**THE COMMITTED EQUITY FINANCING**

On July 21, 2025, we entered into the Purchase Agreement and the Registration Rights Agreement with the Selling Shareholder. Upon the terms and subject to the satisfaction of the conditions contained in the Purchase Agreement, from and after the Commencement Date, we will have the right, in our sole discretion, to sell to the Selling Shareholder up to $30,000,000 million of our Common Shares, subject to certain limitations set forth in the Purchase Agreement, from time to time after the date of this prospectus and during the term of the Purchase Agreement. Sales of Common Shares by us to the Selling Shareholder under the Purchase Agreement, and the timing of any such sales, are solely at our option, and we are under no obligation to sell any securities to the Selling Shareholder under the Purchase Agreement. In accordance with our obligations under the Registration Rights Agreement, we have filed the registration statement that includes this prospectus with the SEC to register under the Securities Act the resale by the Selling Shareholder of up to 15,000,000 Common Shares that we may, in our sole discretion, elect to sell to the Selling Shareholder, from time to time from and after the Commencement Date pursuant to the Purchase Agreement, following our execution of the Purchase Agreement, on July 21, 2025, as consideration for its commitment to purchase our Common Shares that we may, in our sole discretion, direct the Selling Shareholder to purchase from us pursuant to the Purchase Agreement, from time to time after the date of this prospectus and during the term of the Purchase Agreement.

We do not have the right to commence any sales of our Common Shares to the Selling Shareholder under the Purchase Agreement until the Commencement Date, which is the date on which all of the conditions to the Selling Shareholder's purchase obligation set forth in the Purchase Agreement have initially been satisfied, none of which are in the Selling Shareholder's control, including that the registration statement that includes this prospectus shall have been declared effective by the SEC and the final form of this prospectus shall have been filed with the SEC. From and after the Commencement Date, we have the right, but not the obligation, from time to time at our sole discretion over the 36-month period beginning on the Commencement Date, to direct the Selling Shareholder to purchase up to a specified maximum amount of Common Shares in one or more Purchases and Intraday Purchases as set forth in the Purchase Agreement, by timely delivering a written Purchase Notice for each Purchase, and timely delivering a written Intraday Purchase Notice for each Intraday Purchase, if any, to the Selling Shareholder in accordance with the Purchase Agreement on any Trading Day we select as the Purchase Date therefor, so long as, (i) with respect to Purchases, the closing sale price of our Common Shares on the Trading Day immediately prior to such Purchase Date is not less than the Threshold Price and, with respect to Intraday Purchases, the sale price of our Common Shares at the time of delivery of the Intraday Purchase Notice is not less than the Threshold Price and (ii) all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement (as applicable) have been received by the Selling Shareholder in the manner set forth in the Purchase Agreement, prior to the time we deliver such notice to the Selling Shareholder.

From and after Commencement, the Company will control the timing and amount of any sales of Common Shares to the Selling Shareholder. Actual sales of shares of our Common Shares to the Selling Shareholder under the Purchase Agreement will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of our Common Shares and determinations by us as to the appropriate sources of funding for our company and its operations.

We may not issue or sell any Common Shares to the Selling Shareholder under the Purchase Agreement that, when aggregated with all other Common Shares then beneficially owned by the Selling Shareholder and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 thereunder), would result in the Selling Shareholder beneficially owning Common Shares in excess of the 4.99% Beneficial Ownership Limitation, which is defined in the Purchase Agreement as 4.99% of our outstanding Common Shares.

The net proceeds to us from sales that we elect to make to the Selling Shareholder under the Purchase Agreement, if any, will depend on the frequency and prices at which we sell our Common Shares to the Selling Shareholder. We expect that any proceeds received by us from such sales to the Selling Shareholder will be used as described under "Use of Proceeds."

Neither we nor the Selling Shareholder may assign or transfer our respective rights and obligations under the Purchase Agreement or the Registration Rights Agreement, and no provision of the Purchase Agreement or the Registration Rights Agreement may be modified or waived by us or the Selling Shareholder.

As consideration for the Selling Shareholder's commitment to purchase Common Shares at our direction upon the terms and subject to the conditions set forth in the Purchase Agreement, we agreed to pay a commitment fee to the Selling Shareholder of $300,000, equal to 1% of the full amount of the gross proceeds under the Purchase Agreement. The Commitment Fee shall be payable to the Selling Shareholder upon the earlier of (i) the settlement of the first purchase, if any, that we direct the Selling Shareholder to make under the Purchase Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling Shareholder to make any purchases under the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the Commitment Fee to the Selling Shareholder within three trading days following the termination of the Purchase Agreement in accordance with its terms. In addition, we have agreed to reimburse the Selling Shareholder for the reasonable legal fees and disbursements of the Selling Shareholder's legal counsel in an amount not to exceed $240,000 in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, consisting of $150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter in which we direct the Selling Shareholder to purchase our Common Shares, as contemplated by the Purchase Agreement and the Registration Rights Agreement.

The Purchase Agreement and the Registration Rights Agreement contain customary representations, warranties, conditions and indemnification obligations of the parties. Copies of the agreements have been filed as exhibits to the registration statement that includes this prospectus and are available electronically on the SEC's website at www.sec.gov.

**Purchases of Common Shares Under the Purchase Agreement**

*Purchases*

From and after the Commencement Date, we will have the right, but not the obligation, from time to time at our sole discretion over the 36-month period beginning on the Commencement Date, to direct the Selling Shareholder to purchase a specified number of Common Shares, not to exceed the applicable Purchase Maximum Amount, in a Purchase under the Purchase Agreement, by timely delivering a written Purchase Notice to the Selling Shareholder, prior to 9:00 a.m., New York City time, on any Trading Day we select as the Purchase Date for such Purchase, so long as the closing sale price of our Common Shares on the Trading Day immediately prior to such Purchase Date is not less than the Threshold Price and all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement have been received by the Selling Shareholder prior to the time we deliver such Purchase Notice to the Selling Shareholder.

The Purchase Maximum Amount applicable to such Purchase will be equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,500,000 Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Purchase Percentage (as specified in the applicable Purchase Notice
for such Purchase) of the total aggregate number (or volume) of shares of our Common Shares traded on Nasdaq during the applicable Purchase
Valuation Period for such Purchase.

The actual number of shares of Common Shares that the Selling Shareholder will be required to purchase in a Purchase, which we refer to as the Purchase Share Amount, will be equal to the number of shares that we specify in the applicable Purchase Notice, subject to adjustment to the extent necessary to give effect to the applicable Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement, including the Beneficial Ownership Limitation.

The per share purchase price that the Selling Shareholder will be required to pay for the Purchase Share Amount in a Purchase effected by us pursuant to the Purchase Agreement, if any, will be equal to the VWAP of our Common Shares for the applicable Purchase Valuation Period on the Purchase Date for such Purchase, less a fixed 3% discount to the VWAP for such Purchase Valuation Period. The Purchase Valuation Period for a Purchase is defined in the Purchase Agreement as the period beginning at the official open (or "commencement") of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, and ending at the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such time that the total aggregate number (or volume) of Common Shares
traded on Nasdaq during such Purchase Valuation Period reaches the applicable Purchase Share Volume Maximum for such Purchase, which will
be determined by dividing (a) the applicable Purchase Share Amount for such Purchase, by (b) the Purchase Percentage we specified in the
applicable Purchase Notice for such Purchase); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we further specify in the applicable Purchase Notice for such Purchase
that a Limit Order Discontinue Election shall apply to such Purchase, such time that the trading price of our Common Shares on Nasdaq
during such Purchase Valuation Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price
Threshold.

Under the Purchase Agreement, for purposes of calculating the volume of Common Shares traded during a Purchase Valuation Period, including for purposes of determining whether the applicable Purchase Share Volume Maximum for a Purchase has been reached, for purposes of calculating the VWAP of our Common Shares for the applicable Purchase Valuation Period, and to the extent that we specify in the applicable Purchase Notice that the Limit Order Discontinue Election will apply, the following transactions, to the extent they occur during such Purchase Valuation Period, shall be excluded: (x) the opening or first purchase of Common Shares at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, (y) the last or closing sale of Common Shares at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Purchase, and (z) if we have specified in the applicable Purchase Notice for such Purchase that a Limit Order Continue Election shall apply to such Purchase (instead of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common Shares on Nasdaq during such Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Purchase.

*Intraday Purchases*

In addition to the Purchases described above, from and after the Commencement Date, we will also have the right, but not the obligation, subject to the continued satisfaction of the conditions set forth in the Purchase Agreement, to direct the Selling Shareholder to make Intraday Purchases, not to exceed the applicable Intraday Purchase Maximum Amount, in an Intraday Purchase under the Purchase Agreement, by timely delivering a written Intraday Purchase Notice to the Selling Shareholder, after 10:00 a.m., New York City time (and after the Purchase Valuation Period for any earlier Purchase and the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected on the same Purchase Date if applicable, have ended), and prior to 3:30 p.m., New York City time, on such Purchase Date, so long as the sale price of our Common Shares at the time of delivery of the Intraday Purchase Notice is not less than the Threshold Price and all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement (as applicable) have been received by the Selling Shareholder in the manner set forth in the Purchase Agreement, prior to the time we deliver such Intraday Purchase Notice to the Selling Shareholder.

The Intraday Purchase Maximum Amount applicable to such Intraday Purchase will be equal to the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,500,000 Common Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Purchase Percentage (as specified by us in the applicable Intraday
Purchase Notice for such Intraday Purchase) of the total aggregate number (or volume) of shares of our Common Shares traded on Nasdaq
during the applicable Intraday Purchase Valuation Period for such Intraday Purchase.

The actual number of Common Shares that the Selling Shareholder will be required to purchase in an Intraday Purchase, which we refer to as the Intraday Purchase Share Amount, will be equal to the number of shares that we specify in the applicable Intraday Purchase Notice, subject to adjustment to the extent necessary to give effect to the applicable Intraday Purchase Maximum Amount and other applicable limitations set forth in the Purchase Agreement, including the Beneficial Ownership Limitation.

The per share purchase price that the Selling Shareholder will be required to pay for the Intraday Purchase Share Amount in an Intraday Purchase effected by us pursuant to the Purchase Agreement, if any, will be calculated in the same manner as in the case of a Purchase (including the same fixed percentage discounts to the applicable VWAP used to calculate the per share purchase price for a Purchase as described above), provided that the VWAP used to determine the purchase price for the Intraday Purchase Share Amount to be purchased in an Intraday Purchase will be equal to the VWAP for the applicable Intraday Purchase Valuation Period on the Purchase Date for such Intraday Purchase and the applicable minimum price threshold in the event we do not specify a minimum price threshold in the Intraday Purchase Notice will be a price equal to 75% of the sale price of our Common Shares at the time of delivery of the applicable Intraday Purchase Notice. The Intraday Purchase Valuation Period for an Intraday Purchase is defined in the Purchase Agreement as the period during the regular trading session on Nasdaq on such Purchase Date, beginning at the latest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such time of confirmation of the Selling Shareholder's receipt of
the applicable Intraday Purchase Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such time that the Purchase Valuation Period for any prior regular Purchase
effected on the same Purchase Date (if any) has ended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such time that the Intraday Purchase Valuation Period for the most recent
prior Intraday Purchase effected on the same Purchase Date (if any) has ended,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• and ending at the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 3:59 p.m., New York City time, on such Purchase Date or such earlier time
publicly announced by the trading market as the official close of the regular trading session on such Purchase Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such time that the total aggregate number (or volume) of Common Shares
traded on Nasdaq during such Intraday Purchase Valuation Period reaches the applicable Intraday Purchase Share Volume Maximum for such
Intraday Purchase, which will be determined by dividing (a) the applicable Intraday Purchase Share Amount for such Intraday Purchase,
by (b) the Purchase Percentage we specified in the applicable Intraday Purchase Notice for determining the applicable Intraday Purchase
Share Amount for such Intraday Purchase); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we further specify Limit Order Discontinue Election in the applicable
Intraday Purchase Notice for such Intraday Purchase, such time that the trading price of our Common Shares on Nasdaq during such Intraday
Purchase Valuation Period (calculated in accordance with the Purchase Agreement) falls below the applicable Minimum Price Threshold.

As with regular Purchases, for purposes of calculating the volume of Common Shares traded during an Intraday Purchase Valuation Period, including for purposes of determining whether the applicable Intraday Purchase Share Volume Maximum for an Intraday Purchase has been reached, for purposes of calculating the VWAP of our Common Shares for the applicable Intraday Purchase Valuation Period, the following transactions, to the extent they occur during such Intraday Purchase Valuation Period, are excluded: (x) the opening or first purchase of Common Shares at or following the official open of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday Purchase, (y) the last or closing sale of Common Shares at or prior to the official close of the regular trading session on Nasdaq on the applicable Purchase Date for such Intraday Purchase, and (z) if we have specified in the applicable Intraday Purchase Notice for such Intraday Purchase that a Limit Order Continue Election shall apply to such Intraday Purchase (instead of specifying that a Limit Order Discontinue Election shall apply), all purchases and sales of Common Shares on Nasdaq during such Intraday Purchase Valuation Period at a price per share that is less than the applicable Minimum Price Threshold for such Intraday Purchase.

We may, in our sole discretion, timely deliver multiple Intraday Purchase Notices to the Selling Shareholder prior to 3:30 p.m., New York City time, on a single Purchase Date to effect multiple Intraday Purchases on such same Purchase Date, provided that the Purchase Valuation Period for any earlier regular Purchase effected on the same Purchase Date (as applicable) and the Intraday Purchase Valuation Period for the most recent prior Intraday Purchase effected on the same Purchase Date have ended prior to 3:30 p.m., New York City time, on such Purchase Date, and, so long as all Common Shares subject to all prior Purchases and all prior Intraday Purchases effected by us under the Purchase Agreement, including those effected earlier on the same Purchase Date (as applicable), have been received by the Selling Shareholder prior to the time we deliver to the Selling Shareholder a new Intraday Purchase Notice to effect an additional Intraday Purchase on the same Purchase Date as an earlier regular Purchase (as applicable) and one or more earlier Intraday Purchases effected on such same Purchase Date.

The terms and limitations that will apply to each subsequent additional Intraday Purchase effected on the same Purchase Date will be the same as those applicable to any earlier regular Purchase (as applicable) and any earlier Intraday Purchase effected on the same Purchase Date as such subsequent additional Intraday Purchase, and the per share purchase price for the Common Shares that we elect to sell to the Selling Shareholder in each subsequent additional Intraday Purchase effected on the same Purchase Date as an earlier regular Purchase (as applicable) and/or earlier Intraday Purchase(s) effected on such Purchase Date will be calculated in the same manner as in the case of such earlier regular Purchase (as applicable) and such earlier Intraday Purchase(s) effected on the same Purchase Date as such subsequent additional Intraday Purchase, with the exception that the Intraday Purchase Valuation Period for each subsequent additional Intraday Purchase will begin and end at different times (and may vary in duration) during the regular trading session on such Purchase Date, in each case as determined in accordance with the Purchase Agreement.

In the case of Purchases and Intraday Purchases effected by us under the Purchase Agreement, if any, all share and dollar amounts used in determining the purchase price per share of Common Shares to be purchased by the Selling Shareholder in a Purchase or an Intraday Purchase (as applicable), or in determining the applicable maximum purchase share amounts or applicable volume or price threshold amounts in connection with any such Purchase or Intraday Purchase (as applicable), in each case, will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction occurring during any period used to calculate such per share purchase price, maximum purchase share amounts or applicable volume or price threshold amounts.

At or prior to 5:30 p.m., New York City time, on the applicable Purchase Date for a Purchase and/or Intraday Purchase, the Selling Shareholder will provide us with a written confirmation for such Purchase and/or Intraday Purchase, as applicable, setting forth the applicable purchase price (both on a per share basis and the total aggregate purchase price) to be paid by the Selling Shareholder for the Common Shares purchased by the Selling Shareholder in such Purchase and/or Intraday Purchase, as applicable.

The payment for, against delivery of, Common Shares purchased by the Selling Shareholder in any Purchase or any Intraday Purchase under the Purchase Agreement will be fully settled within one Trading Day immediately following the applicable Purchase Date for such Purchase or such Intraday Purchase (as applicable), as set forth in the Purchase Agreement.

**Conditions Precedent to Commencement and Each Purchase**

The Selling Shareholder's obligation to accept Purchase Notices and Intraday Purchase Notices that are timely delivered by us under the Purchase Agreement and to purchase shares of our Common Shares in Purchases and Intraday Purchases under the Purchase Agreement, are subject to (i) the initial satisfaction, at the Commencement, and (ii) the satisfaction, at the applicable "Purchase Condition Satisfaction Time" (as such term is defined in the Purchase Agreement) on the applicable Purchase Date for each Purchase and Intraday Purchase after the Commencement Date, of the conditions precedent thereto set forth in the Purchase Agreement, all of which are entirely outside of the Selling Shareholder's control, which conditions including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy in all material respects of the representations and warranties
of the Company included in the Purchase Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company having performed, satisfied and complied in all material respects
with all covenants, agreements and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the registration statement that includes this prospectus (and any one
or more additional registration statements filed with the SEC that include Common Shares that may be issued and sold by the Company to
the Selling Shareholder under the Purchase Agreement) having been declared effective under the Securities Act by the SEC, and the Selling
Shareholder being able to utilize this prospectus (and the prospectus included in any one or more additional registration statements filed
with the SEC under the Registration Rights Agreement) to resell all of the Common Shares included in this prospectus (and included in
any such additional prospectuses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the SEC shall not have issued any stop order suspending the effectiveness
of the registration statement that includes this prospectus (or any one or more additional registration statements filed with the SEC
that include Common Shares that may be issued and sold by the Company to the Selling Shareholder under the Purchase Agreement) or prohibiting
or suspending the use of this prospectus (or the prospectus included in any one or more additional registration statements filed with
the SEC under the Registration Rights Agreement), and the absence of any suspension of qualification or exemption from qualification of
the Common Shares for offering or sale in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA shall not have provided an objection to, and shall have confirmed
in writing that it has determined not to raise any objections with respect to the fairness and reasonableness of, the terms and arrangements
of the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there shall not have occurred any event and there shall not exist any
condition or state of facts, which makes any statement of a material fact made in the registration statement that includes this prospectus
(or in any one or more additional registration statements filed with the SEC that include Common Shares that may be issued and sold by
the Company to the Selling Shareholder under the Purchase Agreement) untrue or which requires the making of any additions to or changes
to the statements contained therein in order to state a material fact required by the Securities Act to be stated therein or necessary
in order to make the statements then made therein (in the case of this prospectus or the prospectus included in any one or more additional
registration statements filed with the SEC under the Registration Rights Agreement,
in the light of the circumstances under which they were made) not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• this prospectus, in final form, shall have been filed with the SEC under
the Securities Act prior to Commencement, and all reports, schedules, registrations, forms, statements, information and other documents
required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed
with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading in the Common Shares shall not have been suspended by the SEC
or Nasdaq, the Company shall not have received any final and non-appealable notice that the listing or quotation of the Common Shares
on Nasdaq, shall be terminated on a date certain (unless, prior to such date, the Common Shares are listed or quoted on any other Eligible
Market, as such term is defined in the Purchase Agreement), and there shall be no suspension of, or restriction on, accepting additional
deposits of the Common Shares, electronic trading or book-entry services by The Depository Trust Company with respect to the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company shall have complied with all applicable federal, state and
local governmental laws, rules, regulations and ordinances in connection with the execution, delivery and performance of the Purchase
Agreement and the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of any statute, regulation, order, decree, writ, ruling or
injunction by any court or governmental authority of competent jurisdiction which prohibits the consummation of or that would materially
modify or delay any of the transactions contemplated by the Purchase Agreement or the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of any action, suit or proceeding before any arbitrator or
any court or governmental authority seeking to restrain, prevent or change the transactions contemplated by the Purchase Agreement or
the Registration Rights Agreement, or seeking material damages in connection with such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the Common Shares that may be issued pursuant to the Purchase Agreement
shall have been approved for listing or quotation on Nasdaq (or if the Common Shares is not then listed on Nasdaq, then on any Eligible
Market), subject only to notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no condition, occurrence, state of facts or event constituting a Material
Adverse Effect (as such term is defined in the Purchase Agreement) shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of any bankruptcy proceeding against the Company commenced
by a third party, and the Company shall not have commenced a voluntary bankruptcy proceeding, consented to the entry of an order for relief
against it in an involuntary bankruptcy case, consented to the appointment of a custodian of the Company or for all or substantially all
of its property in any bankruptcy proceeding, or made a general assignment for the benefit of its creditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt by the Selling Shareholder of the legal opinions and negative
assurances, bring-down legal opinions and negative assurances, and audit comfort letters, in each case as required under the Purchase
Agreement.

**Termination of the Purchase Agreement**

Unless earlier terminated as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the first day of the month next following the third anniversary of the
Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the Selling Shareholder shall have purchased Common
Shares under the Purchase Agreement for an aggregate gross purchase price equal to $30,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the Common Shares shall have failed to be listed or
quoted on Nasdaq or any other Eligible Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 30th Trading Day after the date on which a voluntary or involuntary
bankruptcy proceeding involving our company has been commenced that is not discharged or dismissed prior to such Trading Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which a bankruptcy custodian is appointed for all or substantially
all of our property, or we make a general assignment for the benefit of our creditors.

We have the right to terminate the Purchase Agreement at any time after Commencement, at no cost or penalty, at any time. We and the Selling Shareholder may also terminate the Purchase Agreement at any time by mutual written consent.

The Selling Shareholder also has the right to terminate the Purchase Agreement upon 10 Trading Days' prior written notice to us, but only upon the occurrence of certain events, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence and continuation of a Material Adverse Effect (as such
term is defined in the Purchase Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of a Fundamental Transaction (as such term defined in the
Purchase Agreement) involving our company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if any registration statement is not filed by the applicable Filing Deadline
(as defined in the Registration Rights Agreement) or declared effective by the SEC by the applicable Effectiveness Deadline (as defined
in the Registration Rights Agreement), or the Company is otherwise in breach or default in any material respect under any of the other
provisions of the Registration Rights Agreement, and, if such failure, breach or default is capable of being cured, such failure, breach
or default is not cured within 10 Trading Days after notice of such failure, breach or default is delivered to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if we are in breach or default in any material respect of any of our covenants
and agreements in the Purchase Agreement or in the Registration Rights Agreement, and, if such breach or default is capable of being cured,
such breach or default is not cured within 10 Trading Days after notice of such breach or default is delivered to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of the registration statement that includes this prospectus
or any additional registration statement we file with the SEC pursuant to the Registration Rights Agreement lapses for any reason (including
the issuance of a stop order by the SEC), or this prospectus or the prospectus included in any additional registration statement we file
with the SEC pursuant to the Registration Rights Agreement otherwise becomes unavailable to the Selling Shareholder for the resale of
all of the Common Shares included therein, and such lapse or unavailability continues for a period of 20 consecutive Trading Days or for
more than an aggregate of 60 Trading Days in any 365-day period, other than due to acts of the Selling Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading in the Common Shares on Nasdaq (or if the Common Shares is then
listed on an Eligible Market, trading in the Common Shares on such Eligible Market) has been suspended for a period of three consecutive
Trading Days.

No termination of the Purchase Agreement by us or by the Selling Shareholder will become effective prior to the time when any pending Purchase and any pending Intraday Purchase has been fully settled in accordance with the terms and conditions of the Purchase Agreement, and no termination will affect any of our respective rights and obligations under the Purchase Agreement with respect to any pending Purchase, any pending Intraday Purchase, the Commitment Fee and any fees and disbursements of the Selling Shareholder's legal counsel in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement. Both we and the Selling Shareholder have agreed to complete our respective obligations with respect to any such pending Purchase and any pending Intraday Purchase under the Purchase Agreement. Furthermore, no termination of the Purchase Agreement will affect the Registration Rights Agreement, which will survive any termination of the Purchase Agreement.

**No Short-Selling or Hedging by the Selling Shareholder**

The Selling Shareholder has agreed not to engage in or effect, directly or indirectly, for its own principal account or for the principal account of its sole member, any of its or its sole member's respective officers, or any entity managed or controlled by it or its sole member, any (i) "short sale" (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of the Common Shares or (ii) hedging transaction, which establishes a net short position with respect to the Common Shares, during the term of the Purchase Agreement.

**Effect of Sales of our Common Shares under the Purchase Agreement on our Shareholders**

All Common Shares that may be issued or sold by us to the Selling Shareholder under the Purchase Agreement that are being registered under the Securities Act for resale by the Selling Shareholder in this offering are expected to be freely tradable. The Common Shares being registered for resale in this offering may be issued and sold by us to the Selling Shareholder from time to time at our discretion over a period of up to 36 months commencing on the Commencement Date. The resale by the Selling Shareholder of a significant amount of shares registered for resale in this offering at any given time, or the perception that these sales may occur, could cause the market price of our Common Shares to decline and to be highly volatile. Sales of our Common Shares, if any, to the Selling Shareholder under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to the Selling Shareholder all, some or none of the shares of our Common Shares that may be available for us to sell to the Selling Shareholder pursuant to the Purchase Agreement.

If and when we do elect to sell shares of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement, after the Selling Shareholder has acquired such shares, the Selling Shareholder may resell all, some or none of such shares at any time or from time to time in its discretion and at different prices. As a result, investors who purchase shares from the Selling Shareholder in this offering at different times will likely pay different prices for those shares, and so may experience different levels of dilution and in some cases substantial dilution and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from the Selling Shareholder in this offering as a result of future sales made by us to the Selling Shareholder at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to the Selling Shareholder under the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of our arrangement with the Selling Shareholder may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.

Because the purchase price per share to be paid by the Selling Shareholder for the Common Shares that we may elect to sell to the Selling Shareholder under the Purchase Agreement, if any, will fluctuate based on the market prices of our Common Shares during the applicable Purchase Valuation Period for each Purchase, and during the applicable Intraday Purchase Valuation Period for each Intraday Purchase, made pursuant to the Purchase Agreement, if any, as of the date of this prospectus it is not possible for us to predict the number of Common Shares that we will sell to the Selling Shareholder under the Purchase Agreement, the actual purchase price per share to be paid by the Selling Shareholder for those shares, or the actual gross proceeds to be raised by us from those sales, if any.

Upon the consummation of the Spin-Off, we had 3,132,333 Common Shares outstanding, as adjusted for cancellation of fractional shares, of which 1,446,410 shares are held by our non-affiliates, based on information available to us as of the date hereof. The Purchase Agreement provides that we may sell up to $30,000,000 million of our Common Shares to the Selling Shareholder, and we are registering 15,000,000 of our Common Shares under the Securities Act for resale by the Selling Shareholder under this prospectus. If all of the 15,000,000 shares offered for resale by the Selling Shareholder under this prospectus were issued and outstanding as of the date hereof, such shares would represent approximately 83% of the total number of outstanding Common Shares and approximately 91% of the total number of outstanding Common Shares held by non-affiliates of our company, in each case, based on information available to us as of the date hereof.

If we elect to issue and sell more than the 15,000,000 shares offered under this prospectus to the Selling Shareholder, which we have the right, but not the obligation, to do, we must first file with the SEC one or more additional registration statements to register under the Securities Act the resale by the Selling Shareholder of any such additional shares of our Common Shares we wish to sell from time to time under the Purchase Agreement, which the SEC must declare effective, in each case before we may elect to sell any additional shares of our Common Shares to the Selling Shareholder under the Purchase Agreement. Any issuance and sale by us under the Purchase Agreement of a substantial amount of Common Shares in addition to the 15,000,000 Common Shares being registered for resale by the Selling Shareholder under the registration statement that includes this prospectus could cause additional substantial dilution to our shareholders.

The number of Common Shares ultimately offered for resale by the Selling Shareholder through this prospectus is dependent upon the number of Common Shares, if any, we elect to sell to the Selling Shareholder under the Purchase Agreement from and after the Commencement Date. The issuance of our Common Shares to the Selling Shareholder pursuant to the Purchase Agreement will not affect the rights or privileges of our existing shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted. Although the number of shares of our Common Shares that our existing shareholders own will not decrease, the shares of our Common Shares owned by our existing shareholders will represent a smaller percentage of our total outstanding shares of our Common Shares after any such issuance.

The following table sets forth the amount of gross proceeds we would receive from the Selling Shareholder from our sale of Common Shares to the Selling Shareholder under the Purchase Agreement at varying purchase prices:

---

| | | | |
|:---|:---|:---|:---|
| **Assumed**<br> **Average**<br> **Purchase Price**<br> **Per Share** | **Number of Registered**<br> **Shares to be Issued**<br> **if Full Purchase (1)** | **Percentage of**<br> **Outstanding Shares**<br> **After Giving Effect to**<br> **the Issuance to the Selling Shareholder (2)** | **Gross Proceeds from the**<br> **Sale of Shares to the Selling Shareholder Under the Purchase**<br> **Agreement** |
| $10.00 | 3000000.00 | 49% | $30000000 |
| $15.00 | 2000000.00 | 39% | $30000000 |
| $20.00 | 1500000.00 | 32.4% | $30000000 |
| $25.00 | 1200000.00 | 28% | $30000000 |
| $30.00 | 1000000.00 | 24% | $30000000 |

---

(1) Although the Purchase Agreement provides that we may sell up to $30,000,000 million of our Common Shares to the Selling Shareholder, we are only registering 15,000,000 shares under the registration statement that includes this prospectus, which may or may not cover all of the shares we ultimately sell to the Selling Shareholder under the Purchase Agreement. The number of shares to be issued as set forth in this column is without regard for the Beneficial Ownership Limitation.

(2) The denominator is based on 3,132,333 Common Shares outstanding, as adjusted for cancellation of fractional shares, upon consummation of the Spin-Off, adjusted to include the issuance of the number of shares set forth in the adjacent column that we would have sold to the Selling Shareholder, assuming the average purchase price in the first column. The numerator is based on the number of shares issuable under the Purchase Agreement (that are the subject of this offering) at the corresponding assumed average purchase price set forth in the first column.

**USE OF PROCEEDS**

All of the Common Shares offered pursuant to this prospectus will be sold by the Selling Shareholder for its own account. We will not receive any proceeds from these sales of Common Shares.

However, we may receive up to $30 million in aggregate gross proceeds from the Selling Shareholder under the Purchase Agreement in connection with sales of our Common Shares to the Selling Shareholder. We estimate that the net proceeds to us from the sale of our Common Shares to the Selling Shareholder could be up to $29.5 million, after estimated fees and expenses, over a 36-month period, assuming that we sell Common Shares to them for aggregate gross proceeds of $30 million. The net proceeds from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which we sell our Common Shares to the Holder after the date of this prospectus. See "Plan of Distribution (Conflict of Interest)" and "The Committed Equity Financing" elsewhere in this prospectus for more information.

We intend to use the net proceeds of this offering for general corporate purposes, which may include, among other things, funding for working capital needs, debt repayments, and fleet expansion. At this time, we have not specifically identified any vessels to acquire or debt repayment, nor have we specifically identified another material use for which we intend to use the net proceeds, and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us. The foregoing represents our current intentions with respect to the use of the net proceeds of this offering based upon our present plans and business conditions, but our management will have significant flexibility and discretion in applying the net proceeds. The occurrence of unforeseen events or changed business conditions could result in the application of the net proceeds of this offering in a manner other than as described above. The principal purposes of this offering are to obtain additional capital to fund our operations and growth and to facilitate our future access to the public equity markets.

The Selling Shareholder will pay any underwriting fees, discounts and selling commissions incurred by it in connection with any sale of Common Shares. We will bear all other costs, fees and expenses incurred in effecting the registration of the Common Shares covered by this prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees and fees and expenses of our counsel and independent registered public accountants.

**CAPITALIZATION** 

The following table sets forth our capitalization and indebtedness as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. on an adjusted basis to give effect to our issuance of 3,132,333 Common Shares, par value $0.01 per share, as adjusted for cancellation of fractional shares, and 100,000 Series D Preferred Shares (see "Description of Capital Stock—Preferred Shares") in conjunction with the Spin-Off distribution including 75,000 Common Shares at a purchase price of $20.00 per Common Shares, for aggregate gross proceeds of $1.5 million in the Private Placement and to give effect to $2.9 million of scheduled debt repayments under the AVIC and Huarong SLB facilities paid by the Rubico Predecessor from December 31, 2024 to the date of this registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. on a further adjusted basis, assuming our issuance and sale of 15,000,000
Common Shares for an aggregate purchase price of $30 million, resulting in net proceeds of $29.5 million after deducting estimated issuance
costs and commissions of $0.5 million.

Except as set forth above, there have been no significant changes to our capitalization since December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| ***Based on our audited carve-out financial statements of the Rubico Predecessor: <br>(Expressed in thousands of U.S. Dollars, except number of shares and per share data)*** | **Actual** | **As Adjusted** | **As Further Adjusted<sup>(4)</sup>** |
| ***Debt:<sup>(1) (2)</sup>*** | | | |
| Current portion of long - term debt | 4221 | 4221 | 4221 |
| Non-current portion of long - term debt | 71580 | 68647 | 68647 |
| **Total debt** | **75801** | **72868** | **72868** |
| **Parent company equity <sup>(3)</sup>** |  |  |  |
| Net parent investment | 3066 |  |  |
| Common shares |  | 31 | 181 |
| Series D preferred shares |  | 1 | 1 |
| Retained Earnings | 31049 |  |  |
| Additional paid-in capital |  | 35583 | 64888 |
| **Total Parent company equity** | **34115** | **35615** | **65070** |
| **Total capitalization** | **109916** | **108483** | **137938** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Our
 indebtedness (both current and non-current portions) is secured by titles on our vessels
 and is guaranteed by the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 capitalization table does not take into account any amortization of deferred finance fees
 incurred after December 31, 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 connection with the Spin-Off, the Parent contributed the Rubico Predecessor to us as a capital
 contribution in exchange for 3,057,333 newly issued Common Shares, par value $0.01 per share,
 including the related preferred stock purchase rights (and assuming the cancellation of our
 existing outstanding Common Shares that are held by the Parent), and 100,000 newly issued
 Series D Preferred Shares, as further described under "Our Company" and "Description
 of Capital Stock."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 "as further adjusted" information is illustrative only and will change based
 on actual pricing and other terms of this offering determined at pricing. The final public
 offering price will be determined through negotiation between us, the Placement Agent and
 the investors in the offering and may be at a discount to the current market price. Therefore,
 the assumed public offering price used here and throughout this prospectus may not be indicative
 of the final public offering price.

**Pro Forma Earnings per Common Share**

The following table sets forth our pro forma earnings per common share for the years ended December 31, 2022, 2023 and 2024, giving effect to the issuance of 3,057,333 common shares in connection with the Spin-Off for the years ended December 31, 2022 and 2023 and the issuance of 3,132,333 common shares in connection with the Spin-Off and the Private Placement for the year ended 2024, par value $0.01 per share, as if such shares were issued at the beginning of the applicable period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| *(Expressed in thousands of U.S. Dollars, except number of shares and per share data)* | **2022** | **2023** | **2024** |
| **Net income** | **10661** | **6631** | **5944** |
| Pro-Forma weighted average number of common shares outstanding | 3057333 | 3057333 | 3132333 |
| **Pro forma earnings per common share, basic and diluted** | **3.49** | **2.17** | **1.90** |

---

**DIVIDEND POLICY** 

The declaration, timing and amount of any dividend is subject to the discretion of our Board of Directors and will be dependent upon our earnings, financial condition, market prospects, capital expenditure requirements, dividends to holders of our preferred shares, investment opportunities, restrictions in our financing arrangements, the provisions of the Marshall Islands law affecting the payment of dividends to shareholders, overall market conditions and other factors. We have not declared any dividends since our inception. Our Board of Directors may review and amend our dividend policy from time to time in light of our plans for future growth and other factors.

In addition, we may incur expenses or liabilities, including extraordinary expenses, decreases in revenues, including as a result of unanticipated off-hire days or loss of a vessel, or increased cash needs, or be subject to other circumstances in the future, including as a result of the risks described in this registration statement and any future reports we may file with the SEC, that could reduce or eliminate the amount of cash that we have available for distribution as dividends. Our growth strategy contemplates that we will finance the acquisition of additional vessels in part through raising equity capital. However, if external sources of funds on terms acceptable to us are limited, our Board of Directors may determine to finance acquisitions with cash from operations, which would reduce or even eliminate the amount of cash available for the payment of dividends. In addition, any credit facilities that we may enter into or the terms of preferred shares which we may issue in the future may include restrictions on our ability to pay dividends on our Common Shares. Further, under the terms of our current financing arrangements, and possibly any future financing arrangements, we will not be permitted to pay dividends that would result in an event of default or if an event of default has occurred and is continuing. As a result of these and other factors, we cannot assure you that our Board of Directors will declare dividend payments on our Common Shares in the future.

In addition, since we are a holding company with no material assets other than the shares of our subsidiaries and affiliates through which we conduct our operations, our ability to pay dividends will depend on our subsidiaries and affiliates distributing to us their earnings and cash flow.

Further, Marshall Islands law generally prohibits the payment of dividends if the company is insolvent or would be rendered insolvent upon payment of such dividend, and dividends may be declared and paid out of our operating surplus. Dividends may also be declared or paid out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. As a newly incorporated company, we may not have the required surplus or net profits to pay dividends, and we may be unable to pay dividends in any anticipated amount or at all.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION** 

**AND RESULTS OF OPERATIONS** 

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the notes thereto, included herein. Those financial statements have been prepared in accordance with U.S. GAAP and, among other things, include more detailed information regarding the basis of presentation for the following information.* 

**<u>Factors Affecting our Results of Operations</u>**

We believe that the important measures for analyzing trends in the results of our operations consist of the following:

*Calendar days*. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.

*Available days.* We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled repairs, or scheduled guarantee inspections in the case of new buildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in methods of calculation.

*Operating days.* We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that reported by other companies due to differences in methods of calculation.

*Fleet utilization.* We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or scheduled guarantee inspections in the case of new buildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.

In the shipping industry, economic decisions are based on vessels' deployment upon anticipated TCE rates, and industry analysts typically measure shipping freight rates in terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. Consistent with industry practice, we use TCE rates because it provides a means of comparison between different types of vessel employment and, therefore, assists our decision-making process.

In evaluating our financial condition, we focus on the below measures to assess our historical operating performance and we use future estimates of the same measures to assess our future financial performance. In assessing the future performance of our fleet, the greatest uncertainty relates to future charter rates at the expiration of a vessel's present period employment, whether under a time charter or a bareboat charter. Decisions about future purchases and sales of vessels are based on the availability of excess internal funds, the availability of financing and the financial and operational evaluation of such actions and depend on the overall state of the shipping market and the availability of relevant purchase candidates.

**<u>Time Charter Revenues</u>**

Our time charter revenues are driven primarily by the number and size of vessels in our fleet, the number of operating days during which our vessels generate revenues and the amount of daily charterhire that our vessels earn under charters, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our vessels, the amount of time that our vessels spend in dry-dock undergoing repairs, maintenance and upgrade work, the duration of the charter, the age, condition and specifications of our vessels, levels of supply and demand in the global transportation market for oil and oil products and other factors affecting spot market charter rates such as vessel supply and demand imbalances.

Vessels operating on period charters, time charters or bareboat charters provide more predictable cash flows, but can yield lower profit margins than vessels operating in the short-term, or spot, charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market, either directly or through a pool arrangement, could generate revenues that are less predictable, but could enable us to capture increased profit margins during periods of improvements in charter rates, although we could be exposed to the risk of declining charter rates, which could have a materially adverse impact on our financial performance. If we employ vessels on period charters, future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.

Under a time charter, the charterer typically pays us a fixed daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and canal charges. We remain responsible for paying the chartered vessel's operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, and we also pay commissions to CSI, one or more unaffiliated ship brokers and charterer to in-house brokers associated with the charterer for the arrangement of the relevant charter.

Under a bareboat charter, the vessel is chartered for a stipulated period of time, which gives the charterer possession and control of the vessel, including the right to appoint the master and the crew. Under bareboat charters, all voyage and operating costs are paid by the charterer.

As of the date of this registration statement, all of our vessels are bareboat chartered-in under our SLB agreements, which are accounted for as financings. We may in the future operate vessels in the spot market until the vessels have been chartered under appropriate medium to long-term charters.

**<u>Vessel Operating Expenses</u>**

Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and value added tax, or VAT, and other miscellaneous expenses. We analyze vessel operating expenses on a U.S. dollar per day basis. Additionally, vessel operating expenses can fluctuate due to factors beyond our control, such as unplanned repairs and maintenance attributable to damages or regulatory compliance and factors which may affect the shipping industry in general, such as developments relating to insurance premiums, or developments relating to the availability of crew.

**<u>Voyage Expenses</u>**

Voyage expenses primarily consist of port charges, including canal dues, bunkers (fuel costs) and commissions. All these expenses, except commissions, are paid by the charterer under a time charter or bareboat charter contract. The amount of voyage expenses are primarily driven by the routes that the vessels travel, the amount of ports called on, the canals crossed and the price of bunker fuels paid.

**<u>Dry-docking Costs</u>**

Dry-docking costs relate to regularly scheduled intermediate survey or special survey dry-docking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Dry-docking costs can vary according to the age of the vessel, the location where the dry-dock takes place, shipyard availability, local availability of manpower and material, and the billing currency of the yard. Please see "Note 2 "Significant Accounting Policies and Recent Accounting Pronouncements." In the case of tankers, dry-docking costs may also be affected by new rules and regulations. For further information please see "Business— Environmental and Other Regulations."

**<u>Management Fees—Related Party</u>**

As from May 28, 2020, the Athenean Rubico Predecessor and Roman Rubico Predecessor, our vessel owning subsidiaries, have outsourced to CSI, a related party controlled by the family of Mr. Evangelos J. Pistiolis, all operational, technical and commercial functions relating to the chartering and operation of M/Ts *Eco Malibu* and *Eco West Coast*. For further information, please see "Certain Relationships and Related Party Transactions."

**<u>General and Administrative Expenses</u>**

General and administrative expenses represent an allocation of the expenses incurred by our Parent based on the number of calendar days of our vessels to total calendar days of the Parent's fleet. These expenses consisted mainly of executive compensation (including bonuses), professional fees, utilities and directors' liability insurance.

A portion of our general and administrative expenses are denominated in Euros and are, therefore, affected by the conversion rate of the U.S. dollar versus the Euro.

**<u>Inflation</u>**

Although inflation has had a moderate impact on our vessel operating expenses and corporate overheads, management does not consider inflation to be a significant risk to direct costs in the current and foreseeable economic environment. It is anticipated that insurance costs, which have risen over the last three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing. There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.

**<u>Interest and Finance Costs</u>**

We incur interest expense on outstanding indebtedness under our financing facilities, which we include in interest and finance costs. We also incur finance costs in establishing those facilities which are deferred and amortized over the period of the respective facility. The amortization of the finance costs is presented in interest and finance costs.

**Main components of managing our business and main drivers of profitability**

The management of financial, general and administrative elements involved in the conduct of our business and ownership of our vessels requires the following main components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of our financial resources, including banking relationships,
i.e., administration of bank loans, sale and leasebacks and bank accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of our accounting system and records and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administration of the legal and regulatory requirements affecting our
business and assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of the relationships with our service providers and customers.

The principal factors that affect our profitability, cash flows and shareholders' return on investment include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• charter rates and periods of charter hire for our tankers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utilization of our tankers (earnings efficiency);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• levels of our tankers operating expenses and dry-docking costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• depreciation and amortization expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financing costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign exchange rates.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year ended December 31, 2022 compared with year ended December 31, 2023** | &nbsp;&nbsp;**Year ended December 31, 2022 compared with year ended December 31, 2023** | &nbsp;&nbsp;**Year ended December 31, 2022 compared with year ended December 31, 2023** | |
| &nbsp;&nbsp;**(Expressed in thousands of U.S. Dollars)** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | <br>&nbsp;&nbsp;**change YE22 v YE23** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2023** | $&nbsp;&nbsp;*%* |
| &nbsp;&nbsp;**Revenues** | &nbsp;&nbsp;**24784** | &nbsp;&nbsp;**24478** | &nbsp;&nbsp;***-1%*** |
| &nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;508 | &nbsp;&nbsp;508 | &nbsp;&nbsp;*0%* |
| &nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;4901 | &nbsp;&nbsp;4816 | &nbsp;&nbsp;*-2%* |
| &nbsp;&nbsp;Vessel depreciation | &nbsp;&nbsp;4480 | &nbsp;&nbsp;4480 | &nbsp;&nbsp;*0%* |
| &nbsp;&nbsp;Management fees-related parties | &nbsp;&nbsp;528 | &nbsp;&nbsp;550 | &nbsp;&nbsp;*4%* |
| &nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;394 | &nbsp;&nbsp;1688 | &nbsp;&nbsp;*328%* |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;**13973** | &nbsp;&nbsp;**12436** | &nbsp;&nbsp;***-11%*** |
| &nbsp;&nbsp;**OTHER EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Interest and finance costs | &nbsp;&nbsp;(3312) | &nbsp;&nbsp;(5867) | &nbsp;&nbsp;*77%* |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;- | &nbsp;&nbsp;62 | &nbsp;&nbsp;*100%* |
| &nbsp;&nbsp;**Total other expenses, net** | &nbsp;&nbsp;**(3312)** | &nbsp;&nbsp;**(5805)** | &nbsp;&nbsp;***75%*** |
| &nbsp;&nbsp;**Net Income** | &nbsp;&nbsp;**10661** | &nbsp;&nbsp;**6631** | &nbsp;&nbsp;***-38%*** |

---

 ****

***Year on Year Comparison of Operating Results***

During the year ended December 31, 2023, revenues, voyage expenses, vessel operating expenses, vessel depreciation and management fees-related parties remained approximately on the same levels as the vessels remained on the same time-charters and their utilization didn't vary between the years.

**General and administrative expenses**

During the year ended December 31, 2023, our general and administrative expenses increased by $1.3 million, or 328%, compared to the year ended December 31, 2022, due to the allocation of $1.3 million of bonuses to the Parent's CEO declared in 2023 (with no bonuses being declared in 2022).

**Interest and Finance Costs**

During the year ended December 31, 2023, interest and finance costs increased by $2.6 million, or 77%, compared to the same period in 2022 mainly due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a $2.0 million increase in interest costs mainly due to the increase in
the variable interest rate of our credit facilities (LIBOR and SOFR) which increased from 4.22% in January 2023 to 5.37% in December 2023,
while LIBOR ranged from 0.10% in January 2022 to 4.22% in December 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of $0.6 million in amortization of deferred financing
 fees due to the acceleration of the amortization of deferred financing fees relating to the prepayment of the ABN and the Alpha Bank
 facilities (see "—Liquidity and Capital Resources—Debt Facilities—Prepayments of senior secured loans)".

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;**change YE23 v YE24** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;**2024** | $&nbsp;&nbsp;*%* |
| &nbsp;&nbsp;**Revenues** | &nbsp;&nbsp;**24478** | &nbsp;&nbsp;**24205** | &nbsp;&nbsp;**-1%** |
| &nbsp;&nbsp;**EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;508 | &nbsp;&nbsp;495 | &nbsp;&nbsp;-3% |
| &nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;4816 | &nbsp;&nbsp;4655 | &nbsp;&nbsp;-3% |
| &nbsp;&nbsp;Vessel depreciation | &nbsp;&nbsp;4480 | &nbsp;&nbsp;4181 | &nbsp;&nbsp;-7% |
| &nbsp;&nbsp;Management fees-related party | &nbsp;&nbsp;550 | &nbsp;&nbsp;567 | &nbsp;&nbsp;3% |
| &nbsp;&nbsp;General and administrative expenses | &nbsp;&nbsp;1688 | &nbsp;&nbsp;1887 | &nbsp;&nbsp;12% |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;**12436** | &nbsp;&nbsp;**12420** | &nbsp;&nbsp;**0%** |
| &nbsp;&nbsp;**OTHER EXPENSES:** |  |  |  |
| &nbsp;&nbsp;Interest and finance costs | &nbsp;&nbsp;(5867) | &nbsp;&nbsp;(6501) | &nbsp;&nbsp;11% |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;62 | &nbsp;&nbsp;25 | &nbsp;&nbsp;-60% |
| &nbsp;&nbsp;**Total other expenses, net** | &nbsp;&nbsp;**(5805)** | &nbsp;&nbsp;**(6476)** | &nbsp;&nbsp;**12%** |
| &nbsp;&nbsp;**Net Income** | &nbsp;&nbsp;**6631** | &nbsp;&nbsp;**5944** | &nbsp;&nbsp;**-10%** |

---

**Year on Year Comparison of Operating Results**

During the year ended December 31, 2024, revenues, voyage expenses, vessel operating expenses and management fees-related parties remained approximately on the same levels as the vessels remained on the same time-charters and their utilization didn't vary between the years.

 ****

**General and administrative expenses**

During the year ended December 31, 2024, our general and administrative expenses increased by $0.2 million, or 12%, compared to the year ended December 31, 2023, mainly due to an increase of $0.2 million of bonuses allocated to us from the Parent compared to the same period in 2023.

**Vessel depreciation**

During the year ended December 31, 2024, Vessel depreciation decreased by $0.3 million, or 7%, compared to the same period in 2023, due to the fact that effective January 1, 2024, we revised our scrap rate estimate from $300 to $430 per lightweight ton, a fact that increased the residual value per vessel by $3.2 million leading to a corresponding decrease in depreciable value over the average remaining 21.3 years of useful life of the vessels).

**Interest and finance costs**

During the year ended December 31, 2024, Interest and finance costs increased by $0.6 million, or 11%, compared to the same period in 2023, mainly due to an increase of $1.1 million in interest expense (mainly due to the refinancing of all our vessels in December 2023 that resulted in an aggregate increase of debt outstanding of $20.9 million, at the time of refinancing) offset by a decrease in amortization of finance charges of $0.5 million (mainly due to the acceleration of finance charges of $0.6 million of the ABN and Alpha Bank facilities in December 2023 due to their refinancing, please see "—Debt Facilities" below).

**Implications of Being an Emerging Growth Company** 

We had less than $1.235 billion in revenue during our last fiscal year, which means that we qualify as an "emerging growth company" as defined in the JOBS Act. An emerging growth company may take advantage or specified reduced reporting and other burdens that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the auditor attestation requirement in the assessment of
the emerging growth company's internal controls over financial reporting under Section 404(b) of Sarbanes-Oxley;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from compliance with any new requirements adopted by the PCAOB,
requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide
additional information about the audit and financial statements.

We may take advantage of these provisions until the end of the fiscal year following the fifth anniversary of the closing of this offering or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company if, among other things, we have more than $1.235 billion in "total annual gross revenues" during the most recently completed fiscal year. We may choose to take advantage of some, but not all, of these reduced burdens. For as long as we take advantage of the reduced reporting obligations, the information that we provide shareholders may be different from information provided by other public companies. We are choosing to "opt out" of the extended transition period relating to the exemption from new or revised financial accounting standards and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth public companies. Section 107 of the JOBS Act provides that our decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

**Liquidity and Capital Resources**

Since our formation, our principal sources of funds have been funds in the form of equity or working capital provided by our Parent, operating cash flow and long-term borrowing. Our principal use of funds has been capital expenditures to build our vessels, maintain the quality of our vessels, comply with international shipping standards and environmental laws and regulations and fund working capital requirements.

Our business is capital intensive and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer vessels and the selective sale of older vessels. Future acquisitions are subject to management's expectation of future market conditions, our ability to acquire vessels on favorable terms and our liquidity and capital resources.

As of December 31, 2023, we had an indebtedness of $80.0 million, which after excluding unamortized financing fees amounts to a total indebtedness of $81.8 million. As of December 31, 2023, our cash and cash equivalent balances amounted to $3.8 million, held in U.S. Dollar accounts, $1.0 million of which are classified as restricted cash.

As of December 31, 2024, we had an indebtedness of $75.8 million, which after excluding unamortized financing fees amounts to a total indebtedness of $77.4 million. As of December 31, 2024, our cash and cash equivalent balances amounted to $2.2 million, held in U.S. Dollar accounts, $1.0 million of which are classified as restricted cash.

As of the date of this registration statement we have no contractual commitments for the acquisition of any vessel or for any material capital expenditures with respect to our existing vessels in the twelve-month period following the end of the period covered by our financial statements. See "—Debt Facilities" below for a description of amortization payments due under our financing agreements. Our cash flow projections indicate that cash on hand and cash to be provided by operating activities as well as net proceeds from the Private Placement will be sufficient to cover the liquidity needs that become due in the twelve-month period following the end of the period covered by our financial statements.

**Working Capital Requirements and Sources of Capital**

As of December 31, 2024, we had a working capital deficit (current assets less current liabilities) of $5.6 million, which includes an amount of $2.2 of unearned revenue. This amount represents current liabilities that do not require future cash settlement. For the year ended December 31, 2024 we realized a net income of $5.9 million and generated cash flow from operations of $10.5 million. In our opinion we will be able to finance our working capital deficit and our obligations as they come due in the twelve-month period ending one year after December 31, 2024.

Our operating cash flow, provided that SOFR expectations for 2025 remain as they are as of the date of this registration statement, is expected to slightly increase when compared to the same period in 2024, since all our vessels have financing facilities with fluctuating interest rates, leading to a decrease in interest costs (please see "—Quantitative and Qualitative Disclosures about Market Risk—Interest Rate Risk").

**Cash Flow Information**

Cash and cash equivalents and restricted cash were $3.4 million, $3.8 and $2.2 million as of December 31, 2022, 2023 and 2024, respectively.

*Net Cash from Operating Activities*.

Net cash provided by operating activities decreased by $1.3 million, or 11%, in the year ended December 31, 2024 to $10.5 million, compared to $11.8 million in the year ended December 31, 2023.

Net cash provided by operating activities decreased by $3.7 million, or 24%, in the year ended December 31, 2023 to $11.8 million, compared to $15.5 million in the year ended December 31, 2022.

Net cash provided by operating activities increased by $2.2 million, or 17%, for 2022 to $15.5 million, compared to $13.3 million for 2021.

Adjustments to reconcile net income to net cash provided by operating activities for the year ended December 31, 2024 totaled $4.6 million. This consisted mainly of $4.2 million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations was increased by a $0.7 million increase in current liabilities and offset by a $0.5 million increase in current assets.

Adjustments to reconcile net income to net cash provided by operating activities for the year ended December 31, 2023 totaled $5.2 million. This consisted mainly of $4.5 million of depreciation expenses and $0.7 million of amortization of deferred financing costs.

Adjustments to reconcile net income to net cash provided by operating activities for the year ended December 31, 2022 totaled $4.7 million. This consisted mainly of $4.5 million of depreciation expenses and $0.2 million of amortization of deferred financing costs. The cash inflow from operations was increased by a $0.2 million increase in current liabilities.

*Net Cash from Investing Activities*.

There was no net cash used in or provided by investing activities in the years ended December 31, 2023 and 2024.

Net cash used in investing activities in the year ended December 31, 2022 was $0.1 million that comprised of advances for vessels under construction of 2021, paid in 2022.

*Net Cash from Financing Activities*.

Net cash used in financing activities in the period ended December 31, 2024 was $12.1 million, consisting of $7.6 million of principal payments of long-term debt, $4.4 million of net advances to the parent and $0.1 million payments of financing costs.

Net cash used in financing activities in the year ended December 31, 2023 was $11.5 million, consisting of $82.0 million of proceeds from long term debt, offset by $61.2 million of long-term debt prepayments, $25.6 million of advances to the parent, $5.0 million of principal payments of long-term debt and $1.7 million payments of financing costs.

Net cash used in financing activities in the year ended December 31, 2022 was $15.9 million, consisting of $10.5 million payments to the parent and $5.4 million of principal payments of long-term debt.

**Debt Facilities**

***<u>Prepayments of senior secured loans</u>***

 ****

*<u>ABN Facility</u>*

On March 18, 2021, we entered into a credit facility with ABN AMRO for $36.8 million for the financing of the vessel M/T *Eco West Coast*. This facility was drawn down in full. The credit facility was repayable in 24 consecutive quarterly installments of $0.61 million commencing in June 2021, plus a balloon installment of $22.0 million payable together with the last installment.

The facility bore interest at LIBOR plus a margin of 2.50%. From June 23, 2023, ABN Amro switched the facility's variable rate from LIBOR to Compounded SOFR. On December 14, 2023, this facility was fully prepaid using part of the proceeds from the AVIC SLB (see "—New Financings Committed under Sale and Leaseback Agreements—AVIC SLB").

*<u>Alpha Bank Facili</u>ty*

On May 6, 2021, we entered into a credit facility with Alpha Bank for $38.0 million for the financing of the vessel M/T *Eco Malibu*. This facility was drawn down in full. The credit facility was repayable in 12 consecutive quarterly installments of $0.75 million and 12 consecutive quarterly installments of $0.63 million, commencing three months from draw down, and a balloon payment of $21.5 million payable together with the last installment. The facility bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023, Alpha Bank switched the facility's variable rate from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid through part of the proceeds from the Huarong SLB (see "—New Financings Committed under Sale and Leaseback Agreements—Huarong SLB").

***<u>New Financings Committed under Sale and Leaseback Agreements</u>***

 ****

***<u>AVIC</u>*** ***<u>SLB</u>***

On December 14, 2023, we consummated an SLB (the "AVIC SLB") with AVIC International Leasing Co., Ltd ("AVIC") in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured by the vessel M/T *Eco West Coast*. We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising 120 consecutive monthly installments of $0.18 million and a balloon payment of $19.0 million payable together with the last installment, plus interest based on Term SOFR plus a margin of 2.65% per annum. As part of this transaction, we have continuous options to buy back the vessel at purchase prices stipulated in the bareboat charter agreement depending on when the option will be exercised. At the end of the ten-year period, we have an obligation to buy back the vessel at a cost represented by the balloon payment. On August 8, 2025, we exercised the purchase option on the M/T *Eco West Coast* in connection with the refinancing of the AVIC SLB by the New Huarong SLBs described below. The purchase option price is expected to be approximately $36.6 million, and the purchase is expected to occur in December 2025, subject to satisfaction of closing conditions set forth in the relevant bareboat charter agreement.

***<u>Huarong SLB</u>***

On December 20, 2023, we consummated an SLB (the "Huarong SLB") with China Huarong Shipping Financial Leasing Co Ltd. ("Huarong") in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured by the vessel M/T *Eco Malibu*. We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising 120 consecutive monthly installments of $0.18 million and a balloon payment of $19.0 million payable together with the last installment, plus interest based on Term SOFR plus a margin of 2.50% per annum. As part of this transaction, we have continuous options to buy back the vessel at purchase prices stipulated in the bareboat charter agreement depending on when the option will be exercised. At the end of the ten-year period, we have an obligation to buy back the vessel at a cost represented by the balloon payment. On August 8, 2025, we exercised the purchase option on the M/T *Eco Malibu* in connection with the refinancing of the Huarong SLB by the New Huarong SLBs described below. The purchase option price is expected to be approximately $36.8 million, and the purchase is expected to occur in December 2025, subject to satisfaction of closing conditions set forth in the relevant bareboat charter agreement.

The Parent has entered into agreements to refinance the financing agreements with China Merchants Bank Financial Leasing Co. Ltd. ("CMBFL"), which are expected to close in the fourth quarter of 2025. We expect to enter into amendments to the AVIC and Huarong SLBs with the lenders pursuant to which we together with the Parent will become joint guarantors of the SLBs. As of the date of this registration statement both we and our Parent are in compliance with all covenants in the AVIC and Huarong SLBs.

We also expect to provide a corporate guarantee to CMBFL. CMBFL is the financier of three of our Parent's vessels and, as of the date of this registration statement, their aggregate outstanding loan balance to the Parent is $141.8 million.

***<u>New Huarong SLBs</u>***

On August 7, 2025, we entered into an SLB in the amount of $42.0 million, for the purpose of refinancing the AVIC SLB secured by the vessel M/T *Eco West Coast* (together with the SLB secured by the vessel M/T *Eco Malibu* entered into on the same date, the "New Huarong SLBs"). Pursuant to the SLB terms, we will bareboat charter back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $0.18 million along with a purchase obligation of $20.0 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus a margin of 1.95% per annum. Under the SLB terms, we will have the option to buy back the vessel following the end of the first year at purchase prices stipulated in the bareboat charter agreement depending on when the option is exercised.

On August 7, 2025, we entered into an SLB in the amount of $42.0 million, for the purpose of refinancing the Huarong SLB secured by the vessel M/T *Eco Malibu*. Pursuant to the SLB terms, we will bareboat charter back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $0.19 million along with a purchase obligation of $19.0 million at the expiry of the bareboat charter, bearing an interest rate of 3-month term SOFR plus a margin of 2.1% per annum. Under the SLB terms, we will have the option to buy back the vessel following the end of the first year at purchase prices stipulated in the bareboat charter agreement depending on when the option is exercised.

In connection with the New Huarong SLBs described above, Rubico Inc. and the Parent each provided a guarantee of the obligations of our vessel-owning subsidiaries under the respective SLB. The New Huarong SLBs, and the relevant appurtenant guarantees, contain customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including that Rubico Inc. maintain a leverage ratio (as defined in the relevant corporate guarantees) of no more than 85% and (ii) minimum liquid funds (as defined in the relevant corporate guarantees) of $0.50 million in connection with the SLB of M/T *Eco Malibu* and $0.40 million in connection with the SLB of M/T *Eco West Coast*.

The New Huarong SLBs are expected to close in December 2025, subject to closing conditions set forth in the relevant memoranda of agreement.

**Trend Information**

Our results of operations depend primarily on the charter rates earned by our vessels. Over the course of 2024, the BDTI reached a high of 1,552 and a low of 860. Historically and even more so since the start of the financial crisis in 2008 the performance of the BDTI has been characterized by high volatility. Although the BDTI was 1,015 as of August 18, 2025, there can be no assurance that the tanker charter market will continue to increase, and the market could again decline.

Meanwhile, the war in Ukraine has amplified the volatility in the tanker market. In the short term, the effect of the invasion of Ukraine has been positive for the tanker market, yet the overall longer-term effect on ton-mile demand is uncertain given that cargoes exported previously from Russia will need to be substituted by cargoes from different sources due to the oil and oil products embargo enacted by the United States, the European Union and the United Kingdom.

In addition, the continuing war in Ukraine led to increased economic uncertainty amidst fears of a more generalized military conflict or significant inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Whether the present dislocation in the markets and resultant inflationary pressures will transition to a long-term inflationary environment is uncertain, and the effects of such a development on charter rates, vessel demand and operating expenses in the sector in which we operate are uncertain. As described above, the initial effect of the invasion in Ukraine on the tanker freight market was positive, despite the short-term volatility in charter rates and increases on specific items of operating costs. If these conditions are sustained, the longer-term net impact on the tanker market and our business would be difficult to predict. However, such events may have unpredictable consequences, and contribute to instability in the global economy, a decrease in supply or cause a decrease in worldwide demand for certain goods and, thus, shipping. Regarding the possible impact of supply chain disruptions that have or may emanate from the military conflict in Ukraine, our operations have not been affected materially and we do not expect them to be in the future.

Furthermore, the intensity and duration of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. Beginning in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. A number of companies have rerouted their vessels to avoid transiting the Red Sea, incurring greater shipping costs and delays and for vessels transiting the region, war risk premium has increased substantially. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other regions, including in and around the Red Sea and the Persian Gulf. Regarding the possible impact of supply chain disruptions that have or may emanate from the war between Israel and Hamas, our operations have not been affected materially and we do not expect them to be materially affected in the future.

Inflation has had a moderate impact on our vessel operating expenses and corporate overheads. It is anticipated that insurance costs, which have risen over the last three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing. There will therefore be an increased demand for qualified crew and this has and will continue to put inflationary pressure on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs to preserve liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.

For further discussion of industry trends, refer to "—Business—The International Shipping Industry."

**EBITDA**

EBITDA which is not a measure prepared in accordance with U.S. GAAP (i.e., a "Non-US GAAP" measure) is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess our financial and operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding the potentially disparate effects between periods of interest, taxes, depreciation and amortization, and which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect results of operations between periods.

This Non-U.S. GAAP measure should not be considered in isolation from, as a substitute for, or superior to financial measures prepared in accordance with U.S. GAAP. In evaluating EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our definition of EBITDA may not be the same as reported by other companies in the shipping industry or other industries. EBITDA does not represent and should not be considered as an alternative to operating income or cash flow from operations, as determined by U.S. GAAP.

**<u>Reconciliation of Net Income to EBITDA</u>**

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| | | | |
|:---|:---|:---|:---|
| | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** |
| &nbsp;&nbsp;*(Expressed in thousands of U.S. Dollars)* | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;**Net Income** | **10661** | **6631** | **5944** |
| &nbsp;&nbsp;Add: Vessel depreciation | 4480 | 4480 | 4181 |
| &nbsp;&nbsp;Add: Interest and finance costs | 3312 | 5867 | 6501 |
| &nbsp;&nbsp;Less: Interest Income |  | (62) | (25) |
| &nbsp;&nbsp;**EBITDA** | **18453** | **16916** | **16601** |

---

 ****

***Performance Indicators***

The figures shown below are non-GAAP financial and non-financial statistical metrics used by management to measure performance of our vessels. For the "Fleet Data" figures, there are no comparable U.S. GAAP measures.

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| | | | |
|:---|:---|:---|:---|
| | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** |
| &nbsp;&nbsp;*(Expressed in thousands of U.S. Dollars)* | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;**Fleet Data:** |  |  |  |
| &nbsp;&nbsp;Calendar days | 730 | 730 | 732 |
| &nbsp;&nbsp;Available days | 730 | 730 | 732 |
| &nbsp;&nbsp;Operating days | 730 | 730 | 732 |
| &nbsp;&nbsp;Fleet utilization | 100.00% | 100.00% | 100.00% |
| &nbsp;&nbsp;**Average Daily Results:** |  |  |  |
| &nbsp;&nbsp;TCE rate | 33254 | 32836 | 32391 |
| &nbsp;&nbsp;Daily Vessel Operating Expenses | 6714 | 6597 | 6359 |

---

Time charter equivalent rate, or TCE rate, is a metric of the average daily revenue performance of a vessel. Our definition of TCE may not be the same as reported by other companies in the shipping industry or other industries. Our method of calculating TCE rate is determined by dividing TCE revenues by operating days for the relevant time period. TCE revenues are revenues minus voyage expenses. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, but are payable by us in the case of a voyage charter, as well as commissions. TCE revenues and TCE rate, which are standard shipping industry performance metrics, provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE rates and TCE revenues to compare period-to-period changes in our performance and it assists investors and our management in evaluating our financial performance. The following table reconciles our net revenues from vessel to TCE rate.

We define vessel operating expenses to include crew wages and related costs, spares and consumable stores, insurance, maintenance and repairs and registration, taxes and other related expenses. Daily vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Our ability to control our fixed and variable expenses, including our daily vessel operating expenses, also affects our financial results.

---

| | | | |
|:---|:---|:---|:---|
| | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** | **PERIOD AND YEAR ENDED DECEMBER 31,** |
| &nbsp;&nbsp;*(Expressed in thousands of U.S. Dollars, except for daily rates)* | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;Revenues | 24784 | 24478 | 24205 |
| &nbsp;&nbsp;Voyage expenses | (508) | (508) | (495) |
| &nbsp;&nbsp;Time charter equivalent revenues | 24276 | 23970 | 23710 |
| &nbsp;&nbsp;Operating days | 730 | 730 | 732 |
| &nbsp;&nbsp;**Daily time charter equivalent rate** | **33254** | **32836** | **32391** |

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**Critical Accounting Estimates**

The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions and conditions.

Critical accounting estimates are those that reflect significant judgments of uncertainties and potentially result in materially different results under different assumptions and conditions. We have described below what we believe is our most critical accounting estimate, because it generally involves a comparatively higher degree of judgment in its application. For a description of all our significant accounting policies, see Note 2 to our audited carve-out financial statements included in this registration statement.

**Impairment of Long-lived Assets**

Critical accounting estimates are those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations.

We prepared our carve-out financial statements in accordance with U.S. GAAP, which requires us to make estimates in the application of our accounting policies based on our best assumptions, judgments and opinions. We base these estimates on the information currently available to us and on various other assumptions we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Following is a discussion of the accounting policies that involve a high degree of judgment and the methods of their application. For a further description of our material accounting policies, please read Note 2 of the carve-out financial statements included elsewhere in this registration statement.

We evaluate the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of our long-lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans and overall market conditions. If there are indications for impairment present, we determine undiscounted projected net operating cash flows for each vessel and compare it to the vessel's carrying value. If the carrying value of the related vessel exceeds its undiscounted projected net operating net cash flows, the carrying value is reduced to its fair value.

The carrying values of our vessels and any vessels we may acquire may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings.

Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether they will improve or decrease by any significant degree. Charter rates may be at depressed levels for some time, which could adversely affect our revenue and profitability, and future assessments of vessel impairment.

In order to perform the undiscounted cash flow test, we make assumptions about future charter rates, commissions, vessel operating expenses, dry-dock costs, fleet utilization, scrap rates used to calculate estimated proceeds at the end of vessels' useful lives and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. The undiscounted projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days (based on the ten-year historical averages of the one-year, three-year and five-year time charter rates) over the remaining useful life of each vessel, which we estimate to be 25 years from the date of initial delivery from the shipyard. Expected outflows for scheduled vessels' maintenance and vessel operating expenses are based on historical data, and adjusted annually assuming an average annual inflation derived from the most recent twenty-year average consumer price index. Effective fleet utilization, average commissions, dry-dock costs and scrap values are also based on historical data.

In Note 2 to our audited carve-out financial statements included in this registration statement we discuss our policy for impairing the carrying value of our vessels. During the past two years, the market values of Suezmax tankers have been increasing and hence we believe that there are no indications for impairment of our vessels. Thus, no undiscounted cash flow tests were deemed necessary to be performed for any of our vessels. Therefore, for the years ended December 31, 2023 and 2024, this is not considered a critical accounting estimate.

As of December 31, 2023 and 2024, based on third party valuations, the basic charter-free market value of our operating vessels was higher than their carrying value by approximately 58% and 66.7%, respectively.

Our estimates of basic charter-free market value assume that our vessels are in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on third party valuations from established shipbrokers.

Our vessels are currently employed under long-term time charters. For more information, see "—Business—Business Overview—Our Fleet."

**Quantitative and Qualitative Disclosures about Market Risk** 

**Interest Rate Risk**

Currently, our financing facilities use variable interest rates as we pay interest at SOFR plus a margin. Consequently, we are exposed to risks associated with changes in SOFR, since we have not entered into any hedging contracts to protect against such interest rate fluctuations. Furthermore, in the future, depending on our vessel acquisitions and financing arrangements, our exposure to risks associated with changes in interest rates relating to any unhedged variable–rate borrowings, according to which we will pay interest at SOFR plus a margin (and if applicable a credit adjustment spread) may increase. As such increases in interest rates could affect our results of operations and ability to service our debt.

Based on the amount of our outstanding fluctuating interest rate indebtedness, as of December 31, 2024, a hypothetical one percentage point increase in the U.S. dollar SOFR would increase our interest rate expense for 2025, on an annualized basis, by approximately $0.77 million

Based on the amount of our outstanding fluctuating interest rate indebtedness, as of December 31, 2023, a hypothetical one percentage point increase in the U.S. dollar SOFR would increase our interest rate expense for 2024, on an annualized basis, by approximately $0.82 million.

Based on the amount of our outstanding fluctuating interest rate indebtedness, as of December 31, 2022, a hypothetical one percentage point increase in the applicable interest rate would increase our interest rate expense for 2023, on an annualized basis, by approximately $0.71 million.

**Foreign Currency Exchange Rate Risk**

We generate all of our revenue in U.S. dollars. The minority of our operating expenses and part of our general and administration expenses are anticipated to be in currencies other than the U.S. dollar, primarily the Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. We do not consider the risk from exchange rate fluctuations to be material for our results of operations. However, the portion of our business conducted in other currencies could increase in the future, which could expand our exposure to losses arising from exchange rate fluctuations. We have not hedged currency exchange risks associated with our expenses.

**BUSINESS** 

**History and Development of our Company** 

We are an international owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tankers, the M/T *Eco Malibu* with an age of 4.1 years and the M/T *Eco West Coast* with an age of 4.2 years, each focusing on the transportation of crude oil.

We intend to expand our fleet into other seaborne transportation sectors depending on available opportunities, opportunistically considering further expansion into Suezmax crude oil tanker vessels as well as diversification into other sectors related to seaborne transportation of goods or passengers, including recreational transportation, depending on our assessment of market conditions and available opportunities at the time when an acquisition is possible. Our targets may include newbuilding vessels or vessels from the secondhand market, including acquisitions from unrelated third parties, the Parent or other related parties.

Currently, we do not have any agreements or commitments to acquire additional vessels.

We were incorporated under the laws of the Republic of the Marshall Islands, pursuant to the BCA, on August 11, 2022. Our executive offices are currently located at 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece and our telephone number is +30 210 812 8107. Our website is www.rubicoinc.com. The SEC maintains a website that contains reports, proxy and information statements, and other information that we file electronically at www.sec.gov. Information on such websites does not constitute a part of this registration statement and is not incorporated by reference herein.

On March 18, 2021, we entered into a credit facility with ABN Amro for $36.8 million for the financing of the vessel M/T *Eco West Coast* (see "Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—Prepayments of senior secured loans—ABN Facility.") The facility bore interest at LIBOR plus a margin of 2.50%. From June 23, 2023, ABN Amro switched the facility's variable rate from LIBOR to Compounded SOFR. On December 14, 2023, this facility was fully prepaid using part of the proceeds from the AVIC SLB (see "Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—AVIC SLB.")

On May 6, 2021, we entered into a credit facility with Alpha Bank for $38.0 million for the financing of the vessel M/T *Eco Malibu* (see "Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—Prepayments of senior secured loans—Alpha Bank Facility"). The facility bore interest at LIBOR plus a margin of 3.00%. From June 9, 2023, Alpha Bank switched the facility's variable rate from LIBOR to Term SOFR. On December 21, 2023, this facility was fully prepaid through part of the proceeds from the Huarong SLB (see "Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—Huarong SLB").

On December 14, 2023, we consummated an SLB with AVIC in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T *Eco West Coast*. For more information, see Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—AVIC SLB."

On December 20, 2023, we consummated an SLB with Huarong in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T *Eco Malibu*. For more information, see Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—Huarong SLB."

On August 7, 2025, we entered into the New Huarong SLBs in the aggregate amount of $84.0 million, for the purpose of refinancing the Huarong SLB and the AVIC SLB secured by the vessels M/T *Eco West Coast* and M/T *Eco Malibu*, respectively. The New Huarong SLBs are expected to close in December 2025, subject to closing conditions set forth in the relevant memoranda of agreement. For more information, see Management's Discussion and Analysis of Operating and Financing Review and Prospects—Liquidity and Capital Resources—Debt Facilities—New Financings Committed under Sale and Leaseback Agreements—New Huarong SLBs."

 ****

***Formation Transactions***

The vessels of our fleet were contributed to us by the Parent in connection with the Spin-Off.

The Spin-Off distribution was pro rata to the beneficial holders of the Parent's outstanding common shares and to beneficial holders of the Parent's outstanding common stock purchase warrants on an as-exercised basis to the extent such warrants contain anti-dilution provisions conferred an interest equivalent to the Spin-Off distribution, in each case as of June 16, 2025, the record date of the Spin-Off, so that such holders maintained the same proportionate interest (on a fully-diluted basis) in each respective class of shares of the Parent and of us both immediately before and immediately after the Spin-Off. A new series of preferred shares (the "Series D Preferred Shares") distributed to the holder of the Series D preferred shares of the Parent was created to mirror the rights of the Series D perpetual preferred shares of the Parent. The holder of the Series D preferred shares of the Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Parent, Mr. Evangelos Pistiolis. In connection with the Spin-Off, the Parent distributed 100,000 Series D Preferred Shares. The Parent did not distribute the Series D Preferred Shares to its common shareholders in connection with the Spin-Off.

On June 23, 2025, in connection with the Spin-Off, Nasdaq approved the listing of our Common Shares under the symbol "RUBI." The Common Shares began trading on Nasdaq on August 4, 2025, the Trading Day following the consummation of the Spin-Off.

We have a multi-class capital structure consisting of Common Shares and Series D Preferred Shares. Our common shareholders are entitled to one vote for each Common Share held. Each Series D Preferred Share has the voting power of 1,000 Common Shares and counts for 1,000 votes for purposes of determining quorum at a meeting of shareholders, subject to certain adjustments to satisfy minimum voting right financing agreement covenants. Except as otherwise required by law or provided by our Amended and Restated Articles of Incorporation and Statement of Designation for our Series D Preferred Shares, holders of our Series D Preferred Shares and holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. Please see the section of this prospectus entitled "Description of Capital Stock" for further information regarding our capital structure, and the rights, including the voting rights, privileges, and preferences of the holders of our shares.

The Lax Trust is the sole beneficial owner of our Series D Preferred Shares. The Series D Preferred Shares held by the Lax Trust represent 97.0% of our total voting power. In addition, 3 Sororibus Trust may be deemed to beneficially own 46.8% of our Common Shares and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 7.0% of our Common Shares. The Lax Trust together with the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.6% of our total voting power. Because the Lax Trust, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis beneficially own the majority of our voting power, they have the ability to control us and our affairs, including, among other matters, the election of our Board of Directors and, as a result, the ability of our common shareholders to influence our corporate matters is limited. Please see "Risk Factors—Risks Relating to Our Common Shares and this Offering—Our significant shareholder has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote."

**Business Overview**

**Our Fleet**

We are an international owner and operator of two modern, fuel efficient eco, 157,000 dwt Suezmax tanker, the M/T *Eco Malibu* with an age of 4.1 years and the M/T *Eco West Coast* with an age of 4.2 years, each focusing on the transportation of crude oil.

The following table lists the vessels in our fleet as of the date of this registration statement:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;&nbsp;&nbsp;**Dwt** | &nbsp;&nbsp;&nbsp;&nbsp;**Yard** | &nbsp;&nbsp;&nbsp;&nbsp;**Charterer** | &nbsp;&nbsp;**End of firm period** | &nbsp;&nbsp;**Charterer's Optional Periods** | &nbsp;&nbsp;**Gross Rate fixed period/ options** |
| &nbsp;&nbsp;&nbsp;&nbsp;M/T *Eco West Coast* | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai | &nbsp;&nbsp;&nbsp;&nbsp;Clearlake | &nbsp;&nbsp;&nbsp;&nbsp;January 2027 | &nbsp;&nbsp;&nbsp;&nbsp;1+1 years | &nbsp;&nbsp;$32,850 / $34,750 / $36,750 &nbsp;&nbsp;&nbsp;&nbsp;Time Charter<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;M/T *Eco Malibu* | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;Hyundai | &nbsp;&nbsp;&nbsp;&nbsp;Clearlake | &nbsp;&nbsp;&nbsp;&nbsp;March 2027 | &nbsp;&nbsp;&nbsp;&nbsp;1+1 years | &nbsp;&nbsp;$32,850 / $34,750 / $36,750 &nbsp;&nbsp;&nbsp;&nbsp;Time Charter<sup>(1)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Both
 of our vessels are chartered by Clearlake. According to the provisions of each time charter,
 the Rubico Predecessor is entitled to terminate the charter in case of the charterer's
 failure of punctual and regular payment of hire, while the charterer may cancel the relevant
 charter if we are in breach of certain maintenance obligations under the relevant agreement,
 if the relevant vessel is not available for a scheduled voyage due to the action of third
 parties, or if the relevant vessel is or is expected to be off-hire for more than sixty consecutive
 days due to certain mechanical or operational causes. In addition, both parties have the
 option to terminate the relevant charter in case of the outbreak of war or hostilities between
 two or more of the United States, the United Kingdom, the former U.S.S.R. (except that declaration
 of war or hostilities solely between any two or more of the countries or republics having
 been part of the former U.S.S.R. shall be exempted), the People's Republic of China
 and the Marshall Islands.

**Our Business Strategy**

**Competitive Strengths**

*Opportunity for growth*. We believe we will be well positioned to opportunistically expand and maximize our current fleet due to competitive cost structure, strong customer relationships and experienced management team.

*Demonstrated access to financing*. We believe that we are well placed to take advantage of business opportunities due to the Fleet Manager's operational platform, which we aim to leverage, along with our Fleet Manager's demonstrated access to financing at the Parent. We believe that our ability to access financing will continue to allow us to capture additional market opportunities when they arise.

*Our Fleet Manager's commercial relationships, reputation and track record*. We believe that our Fleet Manager's network of commercial relationships and reputation and track record in building shipping fleets should provide us with access to attractive acquisition, chartering and vessel financing opportunities.

*Modern, Fuel Efficient, Scrubber Fitted Fleet*. Our vessels have the latest-generation, fuel efficient design and specifications. We believe that modern, fuel-efficient vessels like ours command higher charter rates than conventional vessels.

**Strategies**

*Opportunistic and sector-agnostic vessel acquisition strategy*. We plan to exploit opportunities in any sector related to seaborne transportation of goods or passengers, including recreational transportation that provides an attractive demand and supply profile as well as a positive market outlook in the medium to long-term by acquiring vessels trading on this sector. The decision for entering a new sector will be based on robust fundamentals and thoughtful analysis of factors affecting both the demand side and the supply side, while the selection of the target vessel will be subject to strict qualitative criteria including the environmental performance and energy efficiency of the acquisition candidates.

*Expand our fleet through accretive acquisitions*. We intend to grow our current fleet through timely and selective acquisitions of additional vessels at attractive valuations. In evaluating acquisitions, we consider and analyze, among other things, our expectation of fundamental developments in the shipping industry, the level of liquidity in the resale and charter market, the vessel condition and technical specifications, the expected remaining useful life, as well as the overall strategic positioning of our fleet and customers. For vessels acquired with charters attached, we also consider the credit quality of the charterer and the duration and terms of the contracts in place. Based on our Fleet Manager's successful track record, commercial expertise and reputation in the marketplace as well as our transparent and public corporate structure, we believe that we are well-positioned to source off-market opportunities to acquire secondhand vessels. As a result, we may be able to acquire vessels on more favorable terms than what would be obtained without access to such opportunities.

*Access to attractive chartering opportunities*. Our Fleet Manager has built relationships with many well-known charterers, which we believe is the result of its and our Parent's reputation for reliable service, safety and dependability. Through a combination of fixed period time charters and spot charters, our Parent and Fleet Manager have historically provided services to many national, regional and international oil companies, charterers and oil traders, including Shell, BP, ExxonMobil, Petrobras, ConocoPhillips, Pemex, Hellenic Petroleum, Glencore, Clearlake, Vitol and Trafigura. We focus on the needs of our customers and intend to acquire tankers and upgrade our fleet based on the requirements and specifications of our charterers, which we believe will enable us to obtain repeat business from our customers.

*Environmental, Social, Governance, or ESG, Practices*. We actively manage a broad range of ESG initiatives, taking into consideration their expected impact on the sustainability of our business over time, and the potential impact of our business on society and the environment. Scrubber installations, Existing Vessel Design Index, or EEXI, upgrades, and Energy Saving Devices ("ESDs") installations, weather routing, slow steaming, ballast and trim optimization during the ballast voyage legs, application of noise reduction designs and frequent propeller and hull cleaning policy constitute examples of the environmental practices our management team has deployed. Moreover, we pay considerable attention to our human resources both on our vessels, or vessels we may acquire and ashore, proven by a variety of practices, including, gender discrimination elimination, performance KPIs, worldwide training and medical insurance.

**Management of Our Fleet**

Prior to the consummation of the Spin-Off, we entered into the CSI Letter Agreement with our Fleet Manager, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, that detailed the terms on which any vessels we may acquire will be managed. Both Athenean and Roman, our vessel-owning subsidiaries, have entered into the Management Agreements with our Fleet Manager on May 28, 2020. Both the Management Agreements and the CSI Letter Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the CSI Letter Agreement or each of the Management Agreements.

Pursuant to the CSI Letter Agreement as well as each of the Management Agreements, we currently pay a management fee of $670 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, each of the Management Agreements and the CSI Letter Agreement provide for payment to our Fleet Manager of: (i) $609 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. Our Fleet Manager will also perform supervision services for any newbuilding vessel we may acquire while the vessel is under construction, for which we will pay our Fleet Manager the actual cost of the supervision services plus a fee of 7% of such supervision services.

Our Fleet Manager provides, at cost, all accounting, reporting and administrative services. Finally, each of the Management Agreements and the CSI Letter Agreement provide for a performance incentive fee for the provision of management services to be determined at the discretion of our Board of Directors. Each of the Management Agreements and the CSI Letter Agreement have an initial term of five years, after which they will both continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of each of the Management Agreements and the intended terms of the CSI Letter Agreement, all fees payable to our Fleet Manager are adjusted annually according to the CPI of the previous year and if CPI is less than 2% then a 2% increase is effected.

**Employment of Our Fleet**

As of the date of this registration statement, both of our current vessels are chartered on a time charter by Clearlake Shipping Pte Ltd. For both of our vessels, we had entered into time charters with Clearlake for a period of three years at a firm daily rate of $33,950, with a charterer's option to extend for two additional years at $34,750 and $36,750, respectively. On July 6, 2023, our Parent entered into an agreement with Clearlake to extend the duration of the fixed period of the time charterparties of both vessels to a fixed term of a minimum of 30 months and maximum of 36 months. The daily rate of the extended period was agreed at $32,850, with the daily rates of the optional periods remaining the same. The time charter for M/T *Eco Malibu* commenced on May 15, 2021, with the fixed term expiring between September 13, 2026 and March 13, 2027 and the time charter for M/T *Eco West Coast* commenced on March 30, 2021, with the fixed term expiring between July 30, 2026 and January 30, 2027, with the fixed term depending on the period elected by the charterer as set out above. A time charter is generally a contract to provide your ship for a predefined period to the charterer for an agreed daily US$ rate. This rate can be fixed or index-linked, with the latter mounting volatility of freight earnings, as shipping freight indices fluctuate on a seasonal and year-to-year basis. Fluctuations derive from imbalances in the availability of cargoes for shipment and the number of vessels available at any given time to transport these cargoes. Vessels operating in the time charter market ensure that there will be employment on the vessel for the defined period, while the index-linked hire rate may enable us to capture increased profit margins during periods of improvements in tanker vessel charter rates.

**<u>The International Shi</u>pp<u>ing Industry</u>**

The seaborne transportation industry is a vital link in international trade, with ocean going vessels representing the most efficient and often the only method of transporting large volumes of basic commodities and finished products. Demand for tankers is dictated by world oil demand and trade, which is influenced by many factors, including international economic activity; geographic changes in oil production, processing, and consumption; oil price levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as the United States, China and India.

Demand for tankers and tonnage of oil shipped is primarily a function of global oil consumption, which is driven by economic activity, as well as the long-term impact of oil prices on the location and related volume of oil production. Global oil demand returned to limited growth in 2010 and has since been expanding at a modest pace, as a steady rise in Asia has outweighed decreasing demand in Europe and in the United States, with a notable exception for 2020 and 2021 in which years the COVID-19 epidemic dramatically reduced oil demand. According to the International Energy Agency, global oil demand increased to 102.6 million barrels/day in 2024, compared to 101.7 million barrels/day in 2023.

We strategically monitor developments in the tanker industry on a regular basis and, subject to market demand, will seek to enter into shorter or longer time or bareboat charters according to prevailing market conditions.

We will compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our reputation as an operator. We will arrange our time charters and bareboat charters through the use of brokers, who negotiate the terms of the charters based on market conditions. We currently compete primarily with owners of tankers in Suezmax class size. Ownership of tankers is highly fragmented and is divided among major oil companies and independent vessel owners.

**<u>Customers</u>**

The only customer of the Rubico Predecessor during the last year was Clearlake.

**<u>Seasonality</u>**

Historically, oil trade and, therefore, charter rates increased in the winter months and eased in the summer months as demand for oil and oil products in the Northern Hemisphere rose in colder weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal transport of heating oil than a decade ago as new uses for oil and oil products have developed, spreading consumption more evenly over the year. This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning and motor vehicles. This seasonality may affect operating results. However, to the extent that our vessels, or any vessels we may acquire are chartered at fixed rates on a long-term basis, seasonal factors will not have a significant direct effect on our business.

**Environmental and Other Regulations**

Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels and other vessels we may acquire may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating procedures.

A variety of government and private entities subject our vessels and other vessels we may acquire to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the United States Coast Guard, (the "USCG"), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels and other vessels we may acquire. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels and other vessels we may acquire.

Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for our vessels and other vessels we may acquire that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels and other vessels we may acquire. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.

**International Maritime Organization (IMO)**

The IMO, the United Nations agency for maritime safety and the prevention of pollution by vessels, adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as "MARPOL," the International Convention for the Safety of Life at Sea of 1974 ("SOLAS Convention"), and the International Convention on Load Lines of 1966 (the "LL Convention") and International Convention on Standards of Training, Certification and Watchkeeping for Seafarers ("STCW"). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to dry bulk, tanker and LNG carriers, among other vessels, and is divided into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk, in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions.

Since 2014, the IMO's Marine Environmental Protection Committee, or the "MEPC," amendments to MARPOL Annex I Condition Assessment Scheme, or "CAS" have required compliance with the 2011 International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, or "ESP Code," which provides for enhanced inspection programs. Effective July 1, 2024, amendments to the ESP Code became effective, addressing inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.

*Air Emissions*

In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits "deliberate emissions" of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of "volatile organic compounds" from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, ("PCBs") are also prohibited. We believe that our vessels are currently compliant in all material respects with these regulations.

The Marine Environment Protection Committee ("MEPC") adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. Effective January 1, 2020, there has been a global limit of 0.5% m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels or exhaust gas cleaning systems (or "EGCS"). Ships are required to obtain bunker delivery notes and International Air Pollution Prevention ("IAPP") Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships became effective on March 1, 2020. Fuels with higher sulfur content than required by Reg. 14 of Annex VI can still be delivered to a ship, provided the ship uses equivalent measures, such as an EGCS. Additional amendments to Annex VI revising, among other terms, the definition of "Sulphur content of fuel oil" and "low-flashpoint fuel" and pertaining to the sampling and testing of onboard fuel oil, became effective in April 2022. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or a statement that the flashpoint has been measured at or above 70°C as mandatory information became effective on May 1, 2024. These regulations subject ocean-going vessels to stringent emissions controls, and may cause us to incur substantial costs.

MEPC 77 adopted a non-binding resolution which urges member states and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near the Arctic.

Sulfur content standards are even stricter within certain "Emission Control Areas," or ("ECAs"). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and United States Caribbean Sea area. In December 2022, the Committee adopted Resolution MEPC.361(79) establishing a new ECA for the Mediterranean Sea as a whole. These amendments entered into force on May 1, 2024, however, ships operating in this ECA will be exempted from compliance with the 0.10% m/m sulfur content standard for fuel oil until July 1, 2025. At MEPC 82, the IMO adopted additional amendments to Annex VI designating the Canadian Arctic and the Norwegian Sea as ECAs, which will become effective on March 1, 2026. Ocean-going vessels in these areas will be subject to stringent emission controls and ocean-going vessels trading in ECAs are subject to increased operational costs due to the higher price of fuel with low sulfur content and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency ("EPA") or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.

MEPC 79 adopted amendments to Annex VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating values to the IMO DCS, which became effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships with enhanced targets to mitigate harmful emissions. The revised IMO GHG Strategy comprises a common ambition to ensure an uptake of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping by 2050. In March 2024, MEPC 81 agreed on a draft outline of an 'IMO net-zero framework' for cutting GHG emissions from international shipping, which lists regulations under MARPOL to be adopted or amended to allow a new global pricing mechanism for maritime GHG emissions. At the conclusion of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity, and a global GHG emission pricing mechanism. The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions. These measures are set to be formally adopted in October 2025 before entry into force in 2027.

Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Now Annex VI provides for a three-tier reduction in NOx emissions from marine diesel engines, with the final tier (or Tier III) to apply to engines installed on vessels constructed on or after January 1, 2016 and which operate in the North American ECA or the U.S. Caribbean Sea ECA as well as ECAs designated in the future by the IMO. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in late 2009. Additionally, amendments to Annex II, which strengthen discharge requirements for cargo residues and tank washings in specified sea areas (including North West European waters, Baltic Sea area, Western European waters and Norwegian Sea), came into effect in January 2021. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency ("EPA") or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.

As determined at the MEPC 70, Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018, and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO used such data as the first step in its roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or a statement that the flashpoint has been measured at or above 70°C as mandatory information, became effective May 1, 2024.

As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans ("SEEMPS"), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index ("EEDI"). Under these measures, by 2025, all newbuild ships are required to be 30% more energy efficient than those built in 2014. Additionally, MEPC 75 adopted amendments to MARPOL Annex VI which brought forward the effective date of the EEDI's "phase 3" requirements from January 1, 2025, to April 1, 2022, for several ship types, including gas carriers, general cargo ships, and LNG carriers. MEPC 81 adopted amendments to the guidelines for the development of SEEMPs, including methodology for collecting data. These amendments will go into effect in August 1, 2025.

Additionally, MEPC 76 adopted amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. The revised Annex VI entered into force in November 2022, and includes requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index ("EEXI"), and (2) operational carbon intensity reduction requirements based on a new operational carbon intensity indicator ("CII"). The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII requirement, which took effect from January 1, 2023, ships of 5,000 gross tonnage are required to document and verify their actual annual operational CII achieved against a determined required annual operational CII. All ships that fall under the new CII regime are required to have a CII rating of C or above in order to be compliant. Ships that have a CII rating of D for three consecutive years or E, are required to submit a corrective action plan, to show how the required index (C or above) would be achieved or else they will be deemed non-compliant. The EEXI and CII certification requirements entered into effect on January 1, 2023. MEPC 79 adopted amendments to Annex VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating values to the IMO DCS, which became effective on May 1, 2024.

Additionally, MEPC 76 adopted amendments requiring ships of 5,000 gross tonnage and above to revise their SEEMP to include methodology for calculating the ship's attained annual operation CII and the required annual operational CII, on or before June 1, 2023. MEPC 76 also approved amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil (or HFO) by ships in Arctic waters on and after July 1, 2024. For ships subject to Regulation 12A (oil fuel tank protection), the prohibition will become effective on or after July 1, 2029.

Pursuant to the IMO's short-term targets for the reduction of greenhouse gas emissions in the shipping industry by 2030, we may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition.

*Safety Management System Requirements*

The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation of Liability for Maritime Claims, or the LLMC, sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.

Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention, or the ISM Code, our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.

The Military Sealift Command adopted amendments to modernize the Global Maritime Distress and Safety System (or GMDSS), which entered into force on January 1, 2024. The amendments, which include amendments to SOLAS, may require vessel owners/operators to ensure their radio equipment is compliant.

The ISM Code requires that vessel operators obtain a Safety Management Certificate (or "SMC") for each vessel they operate. This certificate evidences compliance by a vessel's management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a Document of Compliance (or "DOC"), issued by each flag state (or Recognized Organization ("RO") on behalf of the flag administration), under the ISM Code. We have obtained applicable Documents of Compliance for our offices and safety management certificates for our vessel. The DOC & SMC are renewed as required.

Amendments to SOLAS chapter II-2, intended to prevent the supply of oil fuel not complying with SOLAS flashpoint requirements, requiring that ships carrying oil fuel must, prior to bunkering, be provided with a declaration certifying that the oil fuel supplied is in conformity with SOLAS regulation II.2/4.2.1, will enter into effect January 1, 2026.

Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity, and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, and from July 1, 2016 with respect to new oil tankers and bulk carriers. Regulation II-1/3-10 requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers, or GBS Standards. Amendments to the International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers, 2011 became effective, addressing inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.

The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers ("STCW"). As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.

Actions by the IMO's Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, effective January 2021, cyber-risk management systems must be incorporated by ship-owners and managers. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard to predict at this time.

*Pollution Control and Liability Requirements*

The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments, or the BWM Convention, in 2004. The BWM Convention entered into force globally on September 8, 2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.

Specifically, ships over 400 gross tons generally must comply with a "D-1 standard," requiring the exchange of ballast water only in open seas and away from coastal waters. The "D-2 standard" specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. For most ships, compliance with the D-2 standard involves installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast Water Management systems (or BWMS), which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the Ballast Water, must be approved in accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMS installed on or after October 28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. MEPC 72's amendments to the BWM Convention requires all ships to meet the D-2 standard. The cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements. Amendments to the BWM Convention concerning commissioning testing of BWMS became effective in 2022, and other amendments concerning the form of the Ballast Water Record Book entered into force on February 1, 2025.

The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000, the CLC. Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel's registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner's actual fault and under the 1992 Protocol where the spill is caused by the shipowner's intentional or reckless act or omission where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner's liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&I Clubs in the International Group issue the required Bunkers Convention "Blue Cards" to enable signatory states to issue certificates. We will ensure that our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force as required by law.

The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage, or the Bunker Convention, to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in a ship's bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.

Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions such as the United States where the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.

*Anti-Fouling Requirements*

 

In 2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the "Anti-fouling Convention," which entered into force on September 17, 2008, and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti-fouling System Certificate is issued for the first time; and subsequent surveys when the anti-fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention came into effect which includes controls on the biocide cybutryne; ships shall not apply cybutryne or re-apply anti-fouling systems containing cybutryne from January 1, 2023.

We have obtained Anti-fouling System Certificates for our vessels that is subject to the Anti-fouling Convention.

*Compliance Enforcement*

Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this registration statement, our vessels are ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations might have on our operations.

**United States Regulations**

 ****

*General*

President Donald Trump has signed a number of executive orders and directives that are likely to have an impact on U.S. regulations. For example, a regulatory freeze was issued, which permits the withdrawal of rules sent to be published and authorizes those in charge of federal agencies to delay for 60 days the effective date of rules that have been published but are not yet effective. This and additional executive orders could impact regulatory requirements.

 

*The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act*

 

The U.S. Oil Pollution Act of 1990, or OPA, established an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA affects all "owners and operators" whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.'s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define "owner and operator" in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.

Under OPA, vessel owners and operators are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) injury
 to, destruction or loss of, or loss of use of, natural resources and related assessment costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) injury
 to, or economic losses resulting from, the destruction of real and personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) loss
 of subsistence use of natural resources that are injured, destroyed or lost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) net
 loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction
 or loss of real or personal property, or natural resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) lost
 profits or impairment of earning capacity due to injury, destruction or loss of real or personal
 property or natural resources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) net
 cost of increased or additional public services necessitated by removal activities following
 a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence
 use of natural resources.

OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. Effective March 2023, the USCG adjusted the limits of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,500 per gross ton or $21,521,000 (subject to periodic adjustment for inflation), for non-tank vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). These limits of liability do not apply if an incident was proximately caused by the violation of any applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party's gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.

CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for clean-up, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.

OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG's financial responsibility regulations by providing applicable certificates of financial responsibility.

The 2010 *Deepwater Horizon* oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement's, or BSEE, revised Production Safety Systems Rule, or PSSR, effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, in August 2023, the BSEE amended the Well Control Rule, which strengthens testing and performance requirements, and may affect offshore drilling operations. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels and other vessels we may acquire could negatively impact the cost of our operations and adversely affect our business.

OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners' responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where the Company's vessels call.

We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage, that could have an adverse effect on our business and results of operation.

*Other United States Environmental Initiatives*

The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990), or CAA, requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The CAA requires states to adopt State Implementation Plans, or SIPs, some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels and other vessels we may acquire.

The U.S. Clean Water Act, or CWA, prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition of "waters of the United States," or WOTUS, thereby expanding federal authority under the CWA. On December 30, 2022, the EPA and U.S. Army Corps of Engineers announced the final revised WOTUS rule, which was published on January 18, 2023. In August 2023, the EPA and Department of the Army issued a final rule to amend the revised WOTUS definition to conform the definition of WOTUS to the U.S. Supreme Court's interpretation of the Clean Water Act in its decision dated May 25, 2023. The final rule became effective September 8, 2023 and operates to limit the Clean Water Act. On March 12, 2025, the EPA announced it would work with the U.S. Army Corp of Engineers further to review the definition of WOTUS further to the U.S. Supreme Court's interpretation and undertake a rulemaking process to revise the definition of WOTUS. During the rulemaking process, the EPA advised it would provide guidance implementing the pre-2015 definition of WOTUS.

The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels and other vessels we may acquire to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels and other vessels we may acquire from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act, or VIDA, which was signed into law on December 4, 2018 and requires that the USCG develop implementation, compliance and enforcement regulations regarding ballast water. On October 26, 2020, the EPA published a Notice of Proposed rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA, and in November 2020, held virtual public meetings. On October 18, 2023, the EPA published a Supplemental Notice to the Vessel Incidental Discharge National Standards of Performance, which shares new ballast water information that the EPA received from the USCG. On September 20, 2024, the EPA finalized national standards of performance for non-recreational vessels 79-feet in length and longer with respect to incidental discharges and on October 9, 2024, these Vessel Incidental Discharge National Standards of Performance were published. Within two years of publication, the USCG is required to develop corresponding implementing regulations. Currently USCG ballast water management regulations adopted under the U.S. National Invasive Species Act, or NISA, require mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters.

Therefore, until new USCG regulations are final and enforceable, non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent ("NOI") or retention of a PARI form and submission of annual reports. We have submitted NOIs for all our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations requires the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost, or may otherwise restrict our vessels from entering U.S. waters. Our vessels are equipped with ballast water treatment systems, which are subject to functionality monitoring and treated ballast water sampling and analysis, in compliance with the requirements stipulated in EPA VGP 2013.

**European Union Regulations**

In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of April 29, 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses. As of January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. The system entered into force on March 1, 2018. July 2020 saw the European Parliament's Committee on Environment, Public Health and Food Safety vote in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System (in addition to voting for a revision to the monitoring, reporting and verification of CO2 emissions). In September 2020, the European Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime transport.

On July 14, 2021, the European Commission published a package of draft proposals as part of its "Fit for 55" environmental legislative agenda and as part of the wider EU Green Deal growth strategy. There are two key initiatives relevant to maritime arising from the proposals: (a) a bespoke emissions trading scheme for maritime (Maritime ETS) which commenced in 2024 and applies to all ships above a gross tonnage of 5000; and (b) a FuelEU draft regulation which seeks to require all ships above a gross tonnage of 5000 to carry on board a "FuelEU certificate of compliance" from June 30, 2025 as evidence of compliance with the limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use of on-shore power supply (OPS) at berth.

ETS was agreed in December 2022 and FuelEU was passed into law on July 25, 2023 and entered into force on January 1, 2025. More specifically, Maritime ETS is to apply gradually over the period from 2024 to 2026. In 2025, shipping companies would have to surrender 40% of ETS allowances for 2024 emissions; in 2026 shipping companies would have to surrender 70% of ETS allowances for the 2025 missions; and 100% in 2027 for 2026 emissions. The cap under the ETS would be set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports; and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). More recent proposed amendments signal that 100% of non-EU emissions may be caught if the IMO does not introduce a global market-based measure by 2028. All maritime allowances will be auctioned and there will be no free allocation for the shipping sector. From a risk management perspective, new systems, including data management systems, personnel, cost recovery mechanisms, revised service agreement terms, and emissions reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspects of ETS compliance.

Additionally, on July 25, 2023, the European Council of the European Union adopted the Fuel EU Maritime Regulation 2023/1805 ("FuelEU") under the FuelEU Initiative of its "Fit-for-55" package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by covered vessels. Among other things, the Maritime Fuel Regulation requires that greenhouse gas intensity of fuel used by covered vessels is reduced by 2% starting January 1, 2025, with additional reductions contemplated every five years (up to 80% by 2050). Shipping companies may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance balances from future years. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026. Both the ETS and FuelEU schemes have significant impacts on the management of the vessels calling to EU ports, by increasing the complexity and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time charterers.

Responsible recycling and scrapping of ships are becoming increasingly important issues for shipowners and charterers alike as the industry strives to replace old ships with cleaner, more energy efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new. In 2009, the IMO oversaw the creation of the Hong Kong Ship Recycling Convention (the "Hong Kong Convention"), which sets standards for ship recycling. Concerned at the lack of progress in satisfying the conditions needed to bring the Hong Kong Convention into force, the EU published its own Ship Recycling Regulation 1257/2013 (SRR) in 2013, with a view to facilitating early ratification of the Hong Kong Convention both within the EU and in other countries outside the EU. The 2013 regulations are vital to responsible ship recycling in the EU. SRR requires that, from December 31, 2020, all existing ships sailing under the flag of EU member states and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials (IHM) with a certificate or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling Certificate) will be necessary, while non-EU flagged vessels will need a Statement of Compliance. Now that the Hong Kong Convention has been ratified and will enter into force on June 26, 2025, it is expected the EU Ship Recycling Regulation will be reviewed in light of this.

The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berths in the Baltic, the North Sea, and the English Channel (the so-called "SOx-Emission Control Area"). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.

EU Directive 2004/35/CE (as amended) regarding the prevention and remedying of environmental damage addresses liability for environmental damage (including damage to water, land, protected species and habitats) on the basis of the "polluter pays" principle. Operators whose activities caused the environmental damage are liable for the damage (subject to certain exceptions). With regard to specified activities causing environmental damage, operators are strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of damage. The directive requires preventative and remedial actions, and that operators report environmental damage or an imminent threat of such damage.

In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the Fit for 55 (described above) to support the climate policy agenda.

On November 10, 2022, the EU Parliament adopted the Corporate Sustainability Reporting Directive ("CSRD"). EU member states have 18 months to integrate it into national law. The CSRD will create new, detailed sustainability reporting requirements and will significantly expand the number of EU and non-EU companies subject to the EU sustainability reporting framework. The required disclosures will go beyond environmental and climate change reporting to include social and governance matters (for example, respect for employee and human rights, anti- corruption and bribery, corporate governance and diversity and inclusion). In addition, it will require disclosure regarding the due diligence processes implemented by a company in relation to sustainability matters and the actual and potential adverse sustainability impacts of an in-scope company's operations and value chain. The CSRD will begin to apply for financial years starting in 2024 to large EU and non-EU undertakings subject to certain financial and employee thresholds being met. New systems, personnel, data management systems and reporting procedures will have to be put in place, at significant cost, to prepare for and manage the administrative aspect of CSRD compliance. We note that following the publication of the Omnibus package of proposals on February 26, 2025 which are designed to simplify EU regulations and cut red tape, the application of all reporting requirements in the CSRD for companies that are due to report in 2026 and 2027 is postponed and to 2028. If implemented into law, the Omnibus package will simplify compliance for SMEs and all companies with up to 1,000 employees and 50 million turnover will be outside the scope of the CSRD. For the companies in scope (above 1,000 employees and 50 million turnover), the Commission will adopt a delegated act to revise and simplify the existing sustainability reporting standards (ESRS). The proposed provisions in CSRD also create a derogation for companies with more than 1,000 employees and a turnover below EUR 450 million by making the reporting of Taxonomy voluntary, and also, put a stronger emphasis on transition finance by introducing the option of reporting on partial Taxonomy-alignment.

**International Labor Organization**

The International Labor Organization (the "ILO") is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 ("MLC 2006"). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships above 500 gross tonnage or over and are either engaged in international trade. We believe that our vessels are in substantial compliance with and are certified to meet MLC 2006 and its amendments.

**Greenhouse Gas Regulation**

Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change (this task having been delegated to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions with targets extended through 2020. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships. On January 20, 2025, President Donald Trump signed an executive order initiating the United States' withdrawal from the Paris Agreement; the withdrawal will take at least one year to complete.

At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, a MEPC 80 in July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which revoked the 2018 initial strategy. The 2023 IMO GHG Strategy identifies a number of levels of ambition, including (1) decreasing the carbon intensity from ships through implementation of further phases of energy efficiency for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international shipping, by at least 40% by 2030, comparted to 2008; and (3) uptake of zero or near-zero Green House Gas ("GHG") emission technologies, fuels, and/or energy sources, striving to represent 10% of the energy sources used by international shipping by 2030; and (4) to reach net-zero GHG emissions by or around 2050. At the conclusion of MEPC 82, a draft legal text was used as a basis for ongoing talks about mid-term GHG reduction measures, which are expected to be adopted in 2025. The proposed mid-term measures include a goal-based marine fuel standard, phasing in the mandatory use of fuels with less GHG intensity, and a global GHG emission pricing mechanism. The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions. These measures are set to be formally adopted in October 2025 before entry into force in 2027. The pricing mechanism could be in the form of a global carbon levy or in the form of a global emissions trading scheme thus removing the need for the existing fragmented and localized schemes as are present in the EU, China, Japan and Singapore. UK too is consulting on introducing a UK based emissions trading scheme (UK ETS) to apply from 2026 for ships above 5000GT but for domestic voyages only (i.e., voyages taking place between two UK ports). These regulations could cause us to incur additional substantial expenses.

As noted above, at the MEPC 70 meeting in October 2016 adopted a mandatory data collection system (DCS) which requires ships above 5,000 gross tons to report consumption data for fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and off-shore installations. The SEEMPs of all ships covered by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated data are reported to the flag state. If the data have been reported in accordance with the requirements, the flag state issues a statement of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of the Global Integrated Shipping Information System (GISIS) platform. IMO will then produce annual reports, summarizing the data collected. Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the European Economic Area (EEA) must be reported in two separate, but largely overlapping, systems: the EU MRV, which applies since 2018, and the IMO DCS – which applies since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on 4 February 2019 aims to align and facilitate the simultaneous implementation of the two systems however it is still not clear when the proposal will be adopted.

IMO's MEPC 76 adopted amendments to Annex VI that will require ships to reduce their greenhouse gas emissions. The Revised MARPOL Annex VI entered into force on November 1, 2022. The revised Annex VI includes carbon intensity measures (requirements for ships to calculate their Energy Efficiency Existing Ship Index (EEXI) following technical means to improve their energy efficiency and to establish their annual operational carbon intensity indicator and rating. MEPC 76 also adopted guidelines to support the implementation of the amendments. MEPC 79 adopted amendments to Annex VI to revise the IMO DCS and reporting requirements in connection with the implementation of the EEXI and the CII framework, which amendments became effective on May 1, 2024.

In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the Fit for 55 (described above) to support the climate policy agenda. Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union's carbon market are also forthcoming.

In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states could enact environmental regulations that could negatively affect our operations. On November 2, 2021, the EPA issued a proposed rule under the CAA designed to reduce methane emissions from oil and gas sources. In November 2022, the EPA issued a supplemental proposal that would achieve more comprehensive emissions reductions and add proposed requirements for sources not previously covered. The EPA held a public hearing in January 2023 on the proposal and in December 2023, issued a final rule to sharply reduce emissions of methane and other air pollution from oil and natural gas operations, including storage vessels. In 2024, the EPA issued a final Waste Emissions Charge rule to reduce methane emissions, applicable to waste emissions from high-emitting oil and gas facilities. On March 14, 2025, a joint Congressional resolution, signed by President Trump, disapproved the 2024 Waste Emissions Charge Rule, such that it is no longer in effect. The EPA is evaluating options and obligations with respect to implementing Clean Air Act section 136(c-g) (pertaining to methane emissions and waste reduction).

Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.

**Vessel Security Regulations**

Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002, or MTSA.

To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.

Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facilities Security Code, or the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an International Ship Security Certificate, or ISSC, from a recognized security organization approved by the vessel's flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at a port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore and our Fleet Manager; the development of vessel security plans; ship identification number to be permanently marked on a vessel's hull; a continuous synopsis record kept onboard showing a vessel's history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.

The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel's compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant negative financial impact on us.

All vessels have been issued with ISSC, which is subject to Verifications that have ensured that the security system and any associated security equipment of the vessel fully complies with the applicable requirements of MTSA and the ISPS Code, is in satisfactory condition and fit for the service for which the vessel is intended.

The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of Somalia, including the Gulf of Aden and the Red Sea and the Arabian Sea areas and the West Africa area including the Gulf of Guinea. Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP5 industry standard.

**Inspection by Classification Societies**

The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified "in class" by a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers constructed on or after July 1, 2015. The Rules attempt to create a level of consistency between IACS Societies. Our vessels are certified as being "in class" by their Classification Society (American Bureau of Shipping).

A vessel must undergo annual surveys, intermediate surveys, dry-dockings and special surveys. In lieu of a special survey, a vessel's machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, dry-docking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our financing arrangements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.

**Risk of Loss and Liability Insurance**

**General**

The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected and we might not be always able to obtain adequate insurance coverage at reasonable rates.

**Hull & Machinery and War Risks Insurances**

We maintain marine hull and machinery and war risks insurances, which include the risk of actual or constructive total loss, for our vessel. Our vessels are covered up to at least their fair market value with a deductible of $150,000 per incident. We also maintain increased value coverage for our vessels. Under this increased value coverage, in the event of total loss of the relevant vessel, we will be able to recover the sum insured under the increased value policy in addition to the sum insured under the hull and machinery policy. Increased value insurance also covers excess liabilities which are not recoverable under our hull and machinery policy by reason of under insurance.

**Protection and Indemnity Insurance**

Protection and indemnity insurance, provided by mutual protection and indemnity associations, or P&I Associations, covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury, illness or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property such as fixed and floating objects, pollution arising from oil or other substances, salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or "clubs."

Our coverage limit is as per International Group's rules, where there are standard sub-limits for oil pollution at $1 billion, passenger liability at $2 billion and seamen liabilities at $3 billion. The 12 P&I Associations that comprise the International Group insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities in excess of each association's own retention of $10 million up to, currently, approximately $8.9 billion. As a member of a P&I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&I Associations comprising the International Group.

**Permits and Authorizations**

We are required by various governmental and quasi-governmental agencies to obtain certain permits, licenses and certificates with respect to our vessels and other vessels we may acquire. The kinds of permits, licenses and certificates required depend upon several factors, including the commodity transported, the waters in which the vessel operates, the nationality of the vessel's crew and the age of a vessel. We believe that we have obtained all permits, licenses and certificates currently required to permit our vessels to operate as planned. Additional laws and regulations, environmental or otherwise, may be adopted which could limit our ability to do business or increase the cost of us doing business in the future.

**Organizational Structure**

Rubico Inc. is the owner of all of the issued and outstanding shares of the Rubico Predecessor, Athenean Empire Inc. and Roman Empire Inc., each incorporated under the laws of the Republic of the Marshall Islands. Rubico Inc. was incorporated on August 11, 2022 as Central Tactical Acquisitions Inc. and on March 3, 2023 its articles of incorporation were amended to effect a change in the name of the corporation to Rubico Inc.

**Property, Plants and Equipment**

We do not own any real estate property. We maintain our principal executive offices at 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece. Other than our vessels, we do not have any material property. See "Business—Business Overview—Our Fleet".

**MANAGEMENT**

**Directors and Executive Officers** 

Set forth below are the names, ages and positions of our directors and executive officers. Members of our Board of Directors are elected annually on a staggered basis, and each director elected holds office for a three-year term. Officers are elected from time to time by vote of our Board of Directors and hold office until a successor is elected. The business address of each of our directors and executive officers listed below is 20 Iouliou Kaisara Str, 19002, Paiania, Athens, Greece.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** |
| Kalliopi Ornithopoulou | 66 | &nbsp;&nbsp;&nbsp;&nbsp;Director, President, Chairwoman, Chief Executive Officer |
| Nikolaos Papastratis | 46 | &nbsp;&nbsp;&nbsp;&nbsp;Director, Chief Financial Officer, Secretary |
| Aristovoulos Christinis | 71 | &nbsp;&nbsp;&nbsp;&nbsp;Independent Non-Executive Director |
| George Xiradakis | 61 | &nbsp;&nbsp;&nbsp;&nbsp;Independent Non-Executive Director |
| George M. Daskalakis | 70 | &nbsp;&nbsp;&nbsp;&nbsp;Independent Non-Executive Director |

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Biographical information with respect to each of our directors and executives is set forth below.

**Kalliopi Ornithopoulou** has more than 40 years of maritime and international business experience in the areas of finance and banking. She has served in executive positions of both Greek and International banks with a specialization in shipping from 1982 until 2010. From September 2009 to the date of this registration statement she is a freelance financial advisor for Greek shipping companies as well as for Aegean Baltic Bank and two UK-based banks. Ms. Ornithopoulou holds a B.Sc in Economics and Politics from Pantios University of Athens.

**Nikolaos Papastratis** has more than 17 years of experience in the shipping finance, finance and accounting industry. Mr. Papastratis experience includes Financial Reporting / Controlling in Central Mare Inc from September 2009 to the date of this registration statement, a ship management company and a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, being responsible for its shipping company client accounts. Currently Mr. Nikolaos Papastratis holds the position of Financial Controller in Central Mare. Prior to Central Mare, Mr. Papastratis was an in-house management consultant in the Vardinogiannis Group of companies for 3 years and prior to that a consultant in the advisory and corporate finance department of PriceWaterhouseCoopers for 2 years. Mr. Papastratis holds a BA in Economics from the Kapodistrian University of Athens and an MBA from the Athens Laboratory of Business Administration (ALBA).

**Aristovoulos Christinis** has more than 50 years of maritime and international business experience having started as a deck hand in a cargo vessel and progressed to various executive positions in the operations and chartering departments of London based tanker and dry-cargo shipping companies (Solidor Shipping, European Navigation London, Spinoza Shipping, Marcan Shipping, Top Tankers UK). From 1995 to 2004 he was a full member of the Baltic Exchange London, a membership organization for the maritime industry and freight market information provider for the trading and settlement of physical and derivative contracts. From April 2018 to the date of this registration statement he has been working as freelance advisor to the shipping industry with various worldwide shipping companies. Mr. Christinis holds a Shipping diploma from London Westminster College.

**George Xiradakis** has more than 40 years of maritime and international finance experience. He served as Senior Manager in the French bank Credit Lyonnais both in Athens and Paris. In 1999 he founded XRTC Business Consultants which acts as a commercial representative of foreign banks and institutions in Greek Shipping Market. Since 2009 XRTC acting as Advisor to Chinese Finance market and in 2010 awarded in Lloyd's List Greek Shipping Awards as "Financier of the Year 2010" for the completion of the first bilateral loan between a Chinese bank that was a milestone transaction in the world of ship financing being the first transaction of the new Chinese market. He graduated from the Nautical Marine Academy of Aspropyrgos-Athens in 1984 and he holds a diploma in Commercial Operations from City of London Polytechnic and an MSc in Maritime Studies from University of Wales. Mr. Xiradakis is President of the Association of Banking and Financial Executives of Hellenic Shipping, Vice President of China Hellenic Chamber (HCCI). He is President Emeritus of International Propeller Club-Port of Piraeus, Vice President of the Heraklion Port Authority, Member of the BOD of the Piraeus Chamber of Commerce & Industry, BOD member of Piraeus Marine Club, Member of the Mediterranean Committee of China Classification Society and Member of the Greece- China Association, Hellenic Maritime Museum and Hellas Liberty Floating Museum. He is currently a non-executive director of C3is Inc. and Imperial Petroleum Inc., both of which are listed on Nasdaq, and has also been a Board Member of other U.S. listed shipping companies.

**George M. Daskalakis** has been an active sale and purchase shipbroker for the last 43 years having participated in more than 3,500 transactions. From July 1996 to the date of this registration statement he has been the senior partner and director of Allied Shipbroking Inc, one of the largest shipbroking and ship-chartering firms in Greece. Before that he has served as a managing director in Belacasa Compania Naviera S.A. for 9 years where he introduced to the Greek shipping market the bareboat chartering structure and helped established more than 25 new shipping companies by arranging the purchase and financing of their fleet through finance brokers. From 1980 to 1987 he worked as a shipbroker in Vakis Vlahoulis S.A. and Overseas Agency S.A.

No family relationships exist among any of the directors and executive officers.

**Compensation** 

We expect to pay aggregate cash compensation of $0.1 million for the first year following the Spin-Off for the services of our executive officers and directors. Each director will be fully indemnified by us for actions associated with being a director to the extent permitted under Marshall Islands law. We do not have a retirement plan for our officers or directors.

We will enter into an agreement with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our significant shareholder, pursuant to which Central Mare will furnish our executive officers as described below.

Under the terms of the agreement for the provision of our executive officers, we will be obligated to pay base salary and additional incentive compensation as determined by our Board of Directors. The initial term of the agreement will expire after one year from its inception and will be automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then applicable term.

If any of our officers' employment is terminated without cause, she or he will be entitled to certain personal and household security costs. If she or he is removed from our Board of Directors or not re-elected, then her or his employment will terminate automatically without prejudice to Central Mare's rights to pursue damages for such termination. In the event of a change of control, each officer will be entitled to receive a cash payment of three years' annual base salary. The agreement will also contain death and disability provisions for each officer. In addition, the officers will be subject to non-competition and non-solicitation undertakings.

**Equity Incentive Plan**

We have adopted our 2025 Equity Incentive Plan, or the Plan. The Plan is administered by the Compensation Committee of our Board of Directors, which can make awards totaling in aggregate up to 15% of the number of Common Shares outstanding at the time any award is granted. Under the Plan, our officers, key employees, directors, consultants and service providers may be granted incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, unrestricted stock, restricted stock units, and unrestricted stock at the discretion of our Compensation Committee. Any awards granted under the Plan that are subject to vesting are conditioned upon the recipient's continued service as an employee or a director of the Company, through the applicable vesting date.

**Employees** 

We have no direct employees while our executive officers and a number of employees are furnished to us pursuant to agreements with Central Mare, as described below. Our Fleet Manager ensures that all seamen have the qualifications and licenses required to comply with international regulations and shipping conventions, and that our vessels employ experienced and competent personnel. As of December 31, 2024, the Rubico Predecessor employed 42 sea-going employees, indirectly through our Fleet Manager.

**Board Practices** 

Our directors do not have service contracts and do not receive any benefits upon termination of their directorships. Our Board of Directors has an audit committee, a compensation committee and a nominating committee. Our Board of Directors has adopted a charter for each of these committees.

**Audit Committee**

Our audit committee consists of George Xiradakis (Chairman), Aristovoulos Christinis and George M. Daskalakis. Our Board of Directors has determined that the members of the audit committee meet the applicable independence requirements of the SEC and Nasdaq.

The audit committee has powers and performs the functions customarily performed by such a committee (including those required of such a committee by and Nasdaq and the SEC). The audit committee is responsible for selecting and meeting with our independent registered public accounting firm regarding, among other matters, audits and the adequacy of our accounting and control systems.

**Compensation Committee**

Our compensation committee consists of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, each of whom is an independent director. The compensation committee reviews and approves the compensation of our executive officers.

**Nominating Committee**

Our nominating committee consists of George Xiradakis, Aristovoulos Christinis and George M. Daskalakis, each of whom is an independent director. The nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our Board of Directors.

**Share Ownership** 

The shares owned by our directors and executive officers are disclosed below in "Security Ownership of Certain Beneficial Owners and Management."

**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

*We have entered, or may enter in the future, into significant contractual agreements and transactions with related parties. Related party transactions are subject to review and approval of the independent members of our Board. The information in this section includes, were applicable, a summary of the terms of the agreements entered into with related parties. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the relevant agreements filed as exhibits hereto.* 

*In addition to the information contained in this section, you should carefully review the notes to our financial statements included in this prospectus for additional information about our related party transactions.* 

 

**Management Agreements**

Please see "Business—Management of Our Fleet" for a description of the management of our vessels, or any vessels we may acquire from CS and "Management—Compensation" for a description of the terms under which our officers are provided to us by Central Mare.

**Contribution and Conveyance Agreement**

We entered into the Contribution and Conveyance Agreement with the Parent. Pursuant to the Contribution and Conveyance Agreement, the Parent (i) contributed the Rubico Predecessor to us in exchange for the shares to be distributed in the Spin-Off and (ii) indemnified us and the Rubico Predecessor for any and all obligations and other liabilities arising from or relating to the operation, management or employment of our vessels prior to the effective date of the Spin-Off.

**SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** 

The following table sets forth information regarding the beneficial ownership of our capital stock as of December 31, 2024, and upon completion of this offering, held by beneficial owners of 5% or more of our voting stock and by our directors and officers as a group. All of our common shareholders, including the shareholders listed in the table below, are entitled to one vote for each Common Share held.

Prior to the Spin-Off, our sole shareholder was the Parent. The following table sets forth information regarding beneficial ownership of our voting securities, comprising our Common Shares and Series D Preferred Shares, immediately following the completion of the Spin-Off by each person or entity known by us to be the beneficial owner of more than 5% of each class of our voting securities, each of our directors and executive officers, and all of our directors and executive officers as a group. To the best of our knowledge, except as disclosed in the table below or with respect to our directors and executive officers, we are not controlled, directly or indirectly, by another corporation, by any foreign government or by any other natural or legal persons. We are not aware of any arrangements the operation of which may at a subsequent date result in our change of control. All shareholders of Common Shares are entitled to one vote for each common share held and holders of our Series D Preferred Shares are entitled to 1,000 votes per Series D Preferred Share held.

Except as otherwise noted below, we based the share amounts reported in the table below on each person's beneficial ownership of the Parent common shares on June 16, 2025, the record date of the Spin-Off, and having given effect to a distribution in the Spin-Off of 3,057,333 of our Common Shares at a distribution ratio of one Common Share for every two common shares of the Parent held by such person or underlying our common share purchase warrants, as well as the issuance of 75,000 Common Shares in the Private Placement concurrently with the Spin-Off distribution. As of the date of this registration statement, the Parent had outstanding 4,626,197 shares of common stock, 100,000 Series D Preferred Shares and common stock purchase warrants exercisable to purchase up to 1,488,478 common shares of the Parent whose holders received the Spin-Off distribution of our Common Shares on an as-exercised basis. Information for certain holders is based on their latest filings with the SEC with respect to beneficial ownership of common shares of the Parent or information delivered to us.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares** <br> **Beneficially Owned** <br> **as of the Record Date of the Spin-Off** | **Shares** <br> **Beneficially Owned** <br> **as of the Record Date of the Spin-Off** | **Shares** <br> **Beneficially Owned** <br> **as of the Record Date of the Spin-Off** | **Shares** <br> **Beneficially Owned** <br> **as of the Record Date of the Spin-Off** |
| <br>**Name** | **Security** | **Number** | **Percentage** <br> **of Class** | **Percentage** <br> **of Total** <br> **Voting** <br> **Power** |
| Lax Trust<sup>(1)</sup> | Series D Preferred Shares | 100000 | 100.0% | 97.0% |
| 3 Sororibus Trust<sup>(2)(3)</sup> | Common Shares | 1465359 | 46.8% | 1.4% |
| Evangelos J. Pistiolis <sup>(3)</sup> | Common Shares | 220564 | 7.0% | 0.2% |
| Directors and executive officers as a group |  | 0 | 0 | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Lax Trust is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis. The business address of the Lax Trust is Level 3, 18 Stanley Street, Auckland 1010, New Zealand. In order to satisfy the minimum percentage of voting of Mr. Evangelos J. Pistiolis contained in our SLBs as described above as well as any future such minimum voting rights financing agreement covenants, the voting rights per share of Series D Preferred Shares are adjusted such that during the term of any facility containing such a minimum voting percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or preferred stock issuances. Both the number of the Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits or combinations of the Company's outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 3
 Sororibus Trust is an irrevocable trust established for the benefit of certain family members
 of Mr. Evangelos J. Pistiolis. The business address of 3 Sororibus Trust is 31 Kitiou Kyprianou,
 3036, Limassol, Cyprus. 3 Sororibus Trust is the sole shareholder of Family Trading Inc.,
 or Family Trading, a Marshall Islands corporation, and may be deemed to beneficially own
 all of the Common Shares beneficially owned by Family Trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 above information is derived, in part, from the Amendment No. 39 to the Schedule 13D/A filed
 with the SEC on February 14, 2024 reporting beneficial ownership of the common shares of
 the Parent.

**SELLING SHAREHOLDER**

This prospectus relates to the possible offer and resale from time to time by the Selling Shareholder of up to 15,000,000 Common Shares that we may issue to the Selling Shareholder pursuant to the Purchase Agreement. For additional information regarding the issuance of the Common Shares to be offered by the Selling Shareholder pursuant to this prospectus, see the section titled "Committed Equity Financing." We are registering the Common Shares pursuant to the provisions of the Registration Rights Agreement in order to permit the Selling Shareholder to offer the Common Shares for resale from time to time. Except for the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement and as set forth in the section titled "Plan of Distribution (Conflict of Interest)" in this prospectus, the Selling Shareholder has not had any material relationship with us or any of our affiliates within the past three years. All of the data in the following table are as of July 21, 2025.

The table below presents information regarding the Selling Shareholder and the Common Shares that may be resold by the Selling Shareholder from time to time under this prospectus. This table is prepared based on information supplied to us by the Selling Shareholder, and reflects holdings as of July 21, 2025. The number of shares in the column "Maximum Number of Common Shares to be Offered Pursuant to this Prospectus" represents all of the Common Shares being offered for resale by the Selling Shareholder under this prospectus. The Selling Shareholder may sell some, all or none of the shares being offered for resale in this offering. We do not know how long the Selling Shareholder will hold the shares before selling them and, except as set forth in the section titled "Plan of Distribution (Conflict of Interest)" in this prospectus, we are not aware of any existing arrangements between the Selling Shareholder and any other shareholder, broker, dealer, underwriter or agent relating to the sale or distribution of the Common Shares being offered for resale by this prospectus.

Beneficial ownership in the table has been determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act and includes Common Shares with respect to which the Selling Shareholder has sole or shared voting and investment power. Because the purchase price to be paid by the Selling Shareholder for Common Shares that we may elect to sell to the Selling Shareholder will be determined on the applicable Purchase Dates therefor, the actual number of Common Shares that we may sell to the Selling Shareholder under the Purchase Agreement may be fewer than the number of shares being offered for resale under this prospectus. The fourth column assumes the resale by the Selling Shareholder of all of the Common Shares being offered for resale pursuant to this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Common Shares Beneficially Owned Prior to Offering** | **Number of Common Shares Beneficially Owned Prior to Offering** | | **Number of Common Shares to be Beneficially Owned After Offering<sup>(3)</sup>** | **Number of Common Shares to be Beneficially Owned After Offering<sup>(3)</sup>** |
| <br>**Name of Selling shareholder** | **Number<sup>(1)</sup>** | **Percentage<sup>(2)</sup>** | **Maximum Number of Common Shares to be Offered** <br>**Pursuant to**<br> **this Prospectus** | **Number** | **Percent** |
| B. Riley Principal Capital II, LLC<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;– | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;– |

---

(1) In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the Common Shares that the Selling Shareholder may be required to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Shareholder's control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Purchases and the Intraday Purchases of Common Shares under the Purchase Agreement are subject to certain agreed upon maximum amount limitations set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any Common Shares to the Selling Shareholder to the extent such shares would cause the Selling Shareholder's beneficial ownership of our Common Shares to (i) require a Regulatory Approval or (ii) exceed the Beneficial Ownership Limitation. The Beneficial Ownership Limitation may not be amended or waived under the Purchase Agreement.

(2) Applicable percentage ownership is based on 3,132,333 Common Shares, as adjusted for cancellation of fractional shares, outstanding upon consummation of the Spin-Off.

(3) Assumes the sale of all Common Shares being offered for resale pursuant to this prospectus.

(4) The business address of B. Riley Principal Capital II, LLC is 11100 Santa Monica Blvd., Suite 800, Los Angeles, California 90025. BRPC II's principal business is that of a private investor. BRPC II is a wholly-owned subsidiary of B. Riley Principal Investments, LLC ("BRPI"). As a result, BRPI may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II. B. Riley Financial, Inc. ("BRF") is the parent company of BRPC II and BRPI. As a result, BRF may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Bryant R. Riley is the Co-Chief Executive Officer and Chairman of the Board of Directors of BRF. As a result, Bryant R. Riley may be deemed to indirectly beneficially own the securities of the company held of record by BRPC II and indirectly beneficially owned by BRPI. Each of BRF, BRPI and Bryant R. Riley expressly disclaims beneficial ownership of the securities of the company held of record by BRPC II, except to the extent of its/his pecuniary interest therein. We have been advised that none of BRF, BRPI or BRPC II is a member of FINRA or an independent broker-dealer; however, each of BRF, BRPI, BRPC II and Bryant R. Riley is an affiliate of B. Riley Securities, Inc., a registered broker-dealer and FINRA member, and Bryant R. Riley is an associated person of BRS. BRS will act as an executing broker that will effectuate resales of our Common Stock that have been and may be acquired by BRPC II from us pursuant to the Purchase Agreement to the public in this offering. See "Plan of Distribution (Conflict of Interest)" for more information about the relationship between BRPC II and BRS.

**DESCRIPTION OF CAPITAL STOCK** 

*The following is a description of the material terms of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws. Please see our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part.* 

 

**Purpose**

Our purpose, as stated in our Amended and Restated Articles of Incorporation, is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the BCA. Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws do not impose any limitations on the ownership rights of our shareholders.

**Authorized Capital Stock** 

Under our Amended and Restated Articles of Incorporation, our authorized share capital stock consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,000,000,000 Common Shares, par value $0.01 per share, of which 3,132,333 shares, as adjusted for cancellation of fractional shares, were issued and outstanding upon consummation of the Spin-Off; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 20,000,000 preferred shares, par value $0.01 per
 share, out of which 100,000 Series D Preferred Shares have been designated, of which 100,000 were issued and outstanding upon consummation of the Spin-Off.

***Description of Common Shares***.

Each outstanding Common Share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of Common Shares are entitled to receive ratably all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our Common Shares will be entitled to receive pro rata our remaining assets available for distribution. Holders of Common Shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of Common Shares are subject to the rights of the holders of our preferred stock.

Prior to the Spin-Off, the Parent, as our then sole shareholder, approved an amendment to our Amended and Restated Articles of Incorporation to effect one or more reverse stock splits of the Common Shares issued and outstanding at the time of the reverse split at a cumulative exchange ratio of between one-for-two and one-for-250, with our Board of Directors to determine, in its sole discretion, whether to implement any reverse stock split, as well as the specific timing and ratio, within such approved range of ratios; provided that any such reverse stock split or splits are implemented prior to the third anniversary of the Spin-Off. While our Board of Directors will exercise its sole discretion as to whether and in what circumstances to effect any reverse stock split pursuant to this amendment of our Amended and Restated Articles of Incorporation, the Parent's determination to approve such amendment was intended to provide us the means to maintain compliance with the continued listing requirements of the trading market for our Common Shares, in particular any minimum bid price requirement, as well as to realize certain beneficial effects of a higher trading price for our Common Shares, including the ability to appeal to certain investors and potentially increased trading liquidity.

Broadridge Financial Solutions, Inc. is the transfer agent and registrar for our Common Shares.

***Preferred Shares***.

Our Board of Directors is authorized to provide for the issuance of preferred stock in one or more series with designations as may be stated in the resolution or resolutions providing for the issue of such preferred stock. At the time that any series of our preferred stock is authorized, our Board of Directors will fix the dividend rights, any conversion rights, any voting rights, redemption provisions, liquidation preferences and any other rights, preferences, privileges and restrictions of that series, as well as the number of shares constituting that series and their designation. Our Board of Directors could, without shareholder approval, cause us to issue preferred stock which has voting, conversion and other rights and preferences that could adversely affect the voting power and other rights of holders of our Common Shares and preferred shares, or make it more difficult to effect a change in control. In addition, preferred stock could be used to dilute the share ownership of persons seeking to obtain control of us and thereby hinder a possible takeover attempt which, if our shareholders were offered a premium over the market value of their shares, might be viewed as being beneficial to our shareholders. The material terms of any series of preferred stock that we offer through a prospectus supplement will be described in that prospectus supplement.

***Description of Series D Preferred Shares***.

The following description of the characteristics of the Series D Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the Statement of Designation which is filed as an exhibit hereto and is incorporated herein by reference.

The Series D Preferred Shares has the following characteristics:

*Conversion*. The Series D Preferred Shares are not convertible into Common Shares.

*Voting*. Each Series D Preferred Share has the voting power of 1,000 Common Shares. In order to satisfy the minimum percentage of voting of Mr. Evangelos J. Pistiolis contained in our SLBs as described above as well as any future such minimum voting rights financing agreement covenants, the voting rights per share of Series D Preferred Shares are adjusted such that during the term of any facility containing such a minimum voting percentage covenant, the combined voting power controlled by Mr. Evangelos J. Pistiolis or any related parties affiliated with Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or preferred stock issuances. Both the number of the Series D Preferred Shares and the votes per Series D Preferred Share are not adjusted in case of splits, subdivisions, reverse stock splits or combinations of the Company's outstanding shares.

*Distributions*. The Series D Preferred Shares shall have no dividend or distribution rights.

*Maturity*. The Series D Preferred Shares shall expire and all outstanding Series D Preferred Shares shall be redeemed by us for par value on the date that any financing facility with any financial institution which requires that any member of the family of Mr. Evangelos J. Pistiolis maintains a specific minimum ownership or voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of our issued and outstanding Common Shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise redeemable. Currently the AVIC, Huarong and New Huarong SLBs have similar provisions that are satisfied via the existence of the Series D Preferred Shares.

*Liquidation, Dissolution or Winding Up*. Upon any liquidation, dissolution or winding up of our Company, the Series D Preferred Shares shall have a liquidation preference of $0.01 per share.

*No Preemptive Rights; No Sinking Fund*. The holders of Series D Preferred Shares do not have any preemptive rights. The Series D Preferred Shares will not be subject to any sinking fund or any other obligation of us for their repurchase or retirement.

**Preferred Share Purchase Rights**

Prior to the Spin-Off, we entered into a Shareholders' Rights Agreement, or the Rights Agreement, with Broadridge Financial Services Inc., as Rights Agent.

Under the Rights Agreement, we declared a dividend payable of one preferred stock purchase right, or Right, for each Common Share outstanding immediately prior to the Spin-Off. Each Right entitles the registered holder to purchase from us one one-thousandth of a share of Series A Participating Preferred Stock, par value $0.01, at an exercise price of $40.00 per share. The Rights will separate from the Common Shares and become exercisable only if a person or group acquires beneficial ownership of 15% or more of our Common Shares (including through entry into certain derivative positions) in a transaction not approved by our Board of Directors. In that situation, each holder of a Right (other than the Acquiring Person (as defined below), whose Rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price, a number of Common Shares having a then-current market value equal to twice the exercise price. In addition, if the Company is acquired in a merger or other business combination after an Acquiring Person acquires 15% or more of our Common Shares, each holder of the Right will thereafter have the right to purchase, upon payment of the exercise price, a number of Common Shares of the Acquiring Person having a then-current market value equal to twice the exercise price. The Acquiring Person will not be entitled to exercise these Rights. Until a Right is exercised, the holder of a Right will have no rights to vote or receive dividends or any other shareholder rights.

The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board of Directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of the Rights or a permitted offer, the Rights should not interfere with a merger or other business combination approved by our Board of Directors.

We have summarized the material terms and conditions of the Rights Agreement and the Rights below. For a complete description of the Rights, we encourage you to read the Rights Agreement, which we have filed as an exhibit hereto.

*Detachment of the Rights*

The Rights are attached to all certificates representing our currently outstanding Common Shares, or, in the case of uncertificated Common Shares registered in book entry form, which we refer to as "book entry shares," by notation in book entry accounts reflecting ownership, and will attach to all Common Shares certificates and book entry shares we issue prior to the Rights distribution date that we describe below. The Rights are not exercisable until after the Rights distribution date and will expire at the close of business on the tenth anniversary of our entry into the Rights Agreement, unless we redeem or exchange them earlier as we describe below. The Rights will separate from the Common Shares and a Rights distribution date would occur, subject to specified exceptions, on the earlier of the following two dates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 10th day after public announcement that a person or group has acquired ownership of 15% or more
of the Company's Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 10th business day (or such later date as determined by the Company's
Board of Directors) after a person or group announces a tender or exchange offer which would result in that person or group holding 15%
or more of the Company's Common Shares.

"Acquiring Person" is generally defined in the Rights Agreement as any person, together with all affiliates or associates, who beneficially owns 15% or more of the Company's Common Shares then outstanding. However, the Company, any subsidiary of the Company or any employee benefit plan of the Company or of any subsidiary of the Company and any person holding Common Shares for or pursuant to the terms of any such plan, are excluded from the definition of "Acquiring Person." Certain inadvertent owners that would otherwise become an Acquiring Person, including those who would have this designation as a result of repurchases of Common Shares by us, will not become Acquiring Persons as a result of those transactions. For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding Common Shares, the Rights Agreement "grandfathers" their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations. In addition, none of the Lax Trust, 3 Sororibus Trust of Cyprus, Evangelos J. Pistiolis, or any of their affiliates or associates shall be considered an Acquiring Person.

Our Board of Directors may defer the Rights distribution date in some circumstances, and some inadvertent acquisitions will not result in a person becoming an Acquiring Person if the person promptly divests itself of a sufficient number of Common Shares.

Until the Rights distribution date: (i) the Rights will be evidenced by the certificates for Common Shares registered in the names of the holders thereof or, in the case of uncertificated Common Shares registered in book-entry form by notation in book entry accounts reflecting the ownership of such Common Shares (which certificates and Book Entry Shares, as applicable, shall also be deemed to be Rights Certificates) and not by separate Rights Certificates and (ii) the right to receive Rights Certificates will be transferable only in connection with the transfer of Common Shares.

As soon as practicable after the distribution date, we will prepare, execute and send, or cause to be sent (and the Rights Agent will, if requested and provided with all necessary information and documents, in the discretion of the Rights Agent, at the expense of the Company, send or cause to be sent) by first-class, postage-prepaid mail, to each record holder of Common Shares as of the close of business on the distribution date, at the address of such holder shown on the records of the Company, or the transfer agent or registrar for the Common Shares, a Rights Certificate evidencing one Right for each Common Share so held.

We will not issue Rights with any Common Shares we issue after the Rights distribution date, except as our Board of Directors may otherwise determine.

*Flip-In Event*

If an Acquiring Person obtains beneficial ownership of 15% or more of our Common Shares, then each Right will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares (or, in certain circumstances, cash, property or other securities of the Company) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by the Company, as further described below under "Redemption of Rights".

Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void.

*Flip-Over Event*

If, after an Acquiring Person obtains 15% or more of our Common Shares, (i) the Company merges into another entity; (ii) an acquiring entity merges into the Company; or (iii) the Company sells or transfers 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of Common Shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.

*Anti-dilution*

We may adjust the purchase price of the preferred shares, the number of preferred shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the preferred shares or Common Shares. No adjustments to the Exercise Price of less than 1% will be made.

*Redemption of Rights*

We may redeem the Rights for $0.0001 per Right under certain circumstances. If we redeem any Rights, we must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.0001 per Right. The redemption price will be adjusted if we effect a stock dividend or a stock split. The redemption price shall be payable, at our option, in cash, Common Shares or such other form of consideration as our Board of Directors shall determine. The redemption price shall be payable, at the option of the Company, in cash, Common Shares or such other form of consideration as the Board shall determine.

*Exchange of Rights*

After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the outstanding Common Shares, our Board of Directors may extinguish the Rights by exchanging one Common Share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, we may elect to exchange the Rights for cash or other securities of the Company having a value approximately equal to one Common Share.

 

*Amendment of Terms of Rights*

The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the Rights on or prior to the distribution date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).

**Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws**

The following description of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws is a summary of the Amended and Restated Articles of Incorporation and Amended and Restated Bylaws.

**Directors** 

Our directors are elected by the affirmative vote of a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws do not provide for cumulative voting in the election of directors.

The Board of Directors must consist of at least one member. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his or her successor shall have been duly elected and qualified, except in the event of his or her death, resignation, removal, or the earlier termination of his or her term of office. The Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for attendance at any meeting or for services rendered to us.

*Classified Board*

Our Amended and Restated Articles of Incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay shareholders who do not agree with the policies of the Board of Directors from removing a majority of the Board of Directors for two years.

**Shareholder Meetings** 

Under our Amended and Restated Bylaws, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the Board of Directors. Notice of every annual and special meeting of shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.

**Election and Removal**

Our Amended and Restated Bylaws require parties other than the Board of Directors to give advance written notice of nominations for the election of directors. The entire Board of Directors or any individual director may be removed, with cause, by the vote of two-thirds of the votes eligible to be cast by the holders of outstanding shares of our capital stock then entitled to vote at an election of directors. No director may be removed without cause by either the shareholders or the Board of Directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.

**Dissenters' Rights of Appraisal and Payment** 

Under the BCA, our shareholders generally have the right to dissent from the sale of all or substantially all of our assets not made in the usual course of our business and receive payment of the fair value of their shares. However, the right of a dissenting shareholder to receive payment of the appraised fair value of his or her shares is not available under the BCA for the shares of any class or series of stock, which shares at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. In the event of any further amendment of our Amended and Restated Articles of Incorporation, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment.

**Shareholders' Derivative Actions** 

Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder bringing the action is a holder of Common Shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates.

**Forum Selection** 

Our Amended and Restated Articles of Incorporation provide that, (A) unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine, including (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the Company to the Company or the Company's shareholders, and (iii) any action asserting a claim arising pursuant to any provision of the BCA or our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws and (B) the United States District Court for the Southern District of New York (or, if such court does not have jurisdiction over such claim, any other federal district court of the United States) shall be the sole and exclusive forum for all claims arising under the Securities Act or the Exchange Act, and any rule or regulation promulgated thereunder, to the extent such claims would be subject to federal or state jurisdiction pursuant to the Securities Act or the Exchange Act, as applicable, after giving effect to clause (A) above. Therefore, to the fullest extent permitted by law, we have selected the High Court of the Republic of the Marshall Islands as the exclusive forum for any derivative action alleging a violation of the Securities Act or Exchange Act. The enforceability of similar forum selection provisions in other companies' governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find the forum selection provisions contained in our Amended and Restated Articles of Incorporation to be inapplicable or unenforceable in such action. For example, with respect to derivative actions arising under the Exchange Act, there is currently disagreement among federal Courts of Appeals in the United States (a circuit split between the Courts of Appeals for the Seventh and Ninth Circuits) as to whether a forum selection clause which requires that derivative actions be brought in a specified forum other than the federal courts would contravene Section 27 of the Exchange Act under certain circumstances. The circuit split follows a line of cases that analyze the enforceability of forum selection provisions in the context of derivative Securities Act and Exchange Act claims.

Accordingly, the applicability of the provisions of our Amended and Restated Articles of Incorporation selecting a Marshall Islands forum for certain types of claims may be limited with respect to such claims arising under the Securities Act or Exchange Act and, as a result, under certain such circumstances, the effect of our forum selection provisions may be uncertain. It is possible that a court could find our forum selection provisions to be inapplicable or unenforceable for these or other reasons. As a result, we could be required to litigate claims in multiple jurisdictions, incur additional costs, or otherwise not receive the benefits that we expect our forum selection provisions to provide.

**Limitations on Liability and Indemnification of Officers and Directors** 

The BCA authorizes corporations to limit or eliminate the personal liability of directors and officers to corporations and their shareholders for monetary damages for breaches of directors' fiduciary duties. Our Amended and Restated Articles of Incorporation include a provision that eliminates the personal liability of directors for monetary damages for actions taken as a director to the fullest extent permitted by law.

Our Amended and Restated Articles of Incorporation provide that we must indemnify and hold harmless our directors and officers to the fullest extent permitted by the BCA. We are also required to advance certain expenses to our directors and officers incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that he or she is not entitled to indemnification under the relevant section of our Amended and Restated Articles of Incorporation. We may carry directors' and officers' insurance providing indemnification for our directors and officers for some liabilities. We believe that these indemnification provisions and this insurance are useful to attract and retain qualified directors and officers.

The limitation of liability and indemnification provisions in our Amended and Restated Articles of Incorporation may discourage shareholders from bringing a lawsuit against directors for breach of their fiduciary duty. These provisions may also have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our shareholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

**Anti-Takeover Effect of Certain Provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws** 

Several provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.

**Limited Actions by Shareholders**

Our Amended and Restated Bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders.

Our Amended and Restated Bylaws provide that the Board of Directors may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our Board of Directors and shareholder consideration of a proposal may be delayed until the next annual meeting.

Our Amended and Restated Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing. Our Amended and Restated Bylaws also specify requirements as to the form and content of a shareholder's notice. These provisions may impede shareholders' ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.

**Blank Check Preferred Stock**

Under the terms of our Amended and Restated Articles of Incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.

**Classified Board of Directors**

Our Amended and Restated Articles of Incorporation provide for a Board of Directors serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of the Company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.

**Election and Removal of Directors**

Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws prohibit cumulative voting in the election of directors. Our Amended and Restated Bylaws require parties other than our Board of Directors to give advance written notice of nominations for the election of directors. Our Amended and Restated Bylaws also provide that our directors may be removed only for cause and only upon the affirmative vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock then entitled to vote at an election of directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.

**Super-Majority Approval Requirements**

Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws provide that the vote of two-thirds of the votes eligible to be cast by holders of outstanding shares of our capital stock then entitled to vote at an election of directors is required to amend our Amended and Restated Bylaws or certain provisions of our Amended and Restated Articles of Incorporation at any annual or special meeting of shareholders. In addition, amendments to certain provisions of our Amended and Restated Bylaws may be made when approved by a vote of not less than 66 2/3% of the entire Board of Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended are provisions governing: the nature of business to be transacted at our annual meetings of shareholders, the calling of special meetings by our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our Board of Directors is elected, the nomination procedures of our Board of Directors, removal of our directors and the filling of vacancies on our Board of Directors.

**Business Combinations**

Although the BCA does not contain specific provisions regarding "business combinations" between companies organized under the laws of the Marshall Islands and "interested shareholders," we will include these provisions in our Amended and Restated Articles of Incorporation. Specifically, our Amended and Restated Articles of Incorporation will prohibit us from engaging in a "business combination" with certain persons for three years following the date the person becomes an interested shareholder. Subject to certain exceptions, interested shareholders generally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person who is the beneficial owner of 15% or more of our issued and
outstanding common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person who is our affiliate or associate and who held 15% or more
of our issued and outstanding common stock at any time within three years before the date on which the person's status as an interested
shareholder is determined, and the affiliates and associates of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to certain exceptions, a business combination includes, among
other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain mergers or consolidations of us or any direct or indirect majority-owned
subsidiary of ours;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any sale, lease, exchange, mortgage, pledge, transfer or other disposition
of our assets or of any subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our
assets, determined on a combined basis, or the aggregate value of all of our issued and outstanding stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain transactions that result in the issuance or transfer by us of
any stock of ours to the interested shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction involving us or any of our subsidiaries that has the effect
of increasing the proportionate share of any class or series of stock, or securities convertible into any class or series of stock, of
ours or any such subsidiary that is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested
shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any receipt by the interested shareholder of the benefit directly or indirectly
(except proportionately as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through
us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• These provisions of our Amended and Restated Articles of Incorporation
do not apply to a business combination if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• before a person became an interested shareholder, our Board of Directors
approved either the business combination or the transaction in which the shareholder became an interested shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction which resulted in the shareholder
becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock issued and outstanding at the time
the transaction commenced, other than certain excluded shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at or following the transaction in which the person became an interested
shareholder, the business combination is approved by our Board of Directors and authorized at an annual or special meeting of shareholders,
and not by written consent, by the affirmative vote of the holders of at least two-thirds of our issued and outstanding voting stock that
is not owned by the interested shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholder was or became an interested shareholder prior to the consummation
of the transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a shareholder became an interested shareholder inadvertently and (i) as
soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder;
and (ii) would not, at any time within the three-year period immediately prior to a business combination between us and such shareholder,
have been an interested shareholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the business combination is proposed prior to the consummation or abandonment
of and subsequent to the earlier of the public announcement or the notice required under our Amended and Restated Articles of Incorporation
which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an interested
shareholder during the previous three years or who became an interested shareholder with the approval of the Board; and (iii) is approved
or not opposed by a majority of the members of the Board of Directors then in office (but not less than one) who were directors prior
to any person becoming an interested shareholder during the previous three years or were recommended for election or elected to succeed
such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence
are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA,
 no vote of our shareholders is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction
 or a series of transactions), whether as part of a dissolution or otherwise, of assets of
 us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct
 or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50%
 or more of either the aggregate market value of all of our assets determined on a consolidated
 basis or the aggregate market value of all the issued and outstanding shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 proposed tender or exchange offer for 50% or more of our issued and outstanding voting stock.

**Registrar and Transfer Agent** 

The registrar and transfer agent for our Common Shares is Broadridge Financial Solutions, Inc.

**Listing** 

Our Common Shares are listed on Nasdaq under the symbol "RUBI."

**CERTAIN MARSHALL ISLANDS COMPANY CONSIDERATIONS** 

Our corporate affairs are governed by our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States, including Delaware. While the BCA provides that its provisions shall be applied and construed in a manner to make them uniform with the laws of the State of Delaware and other states of the United States of America with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions as courts in the United States. Accordingly, you may have more difficulty in protecting your interests under Marshall Islands law in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction that has developed a substantial body of case law. The following table provides a comparison between statutory provisions of the BCA and the General Corporation Law of the State of Delaware relating to shareholders' rights.

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| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| **Shareholder Meetings** | **Shareholder Meetings** |
| May be held at a time and place as designated in the bylaws. | May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. |
| ***Notice:*** | ***Notice:*** |
| Whenever shareholders are required to take any action at a meeting, written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting. Notice of a special meeting shall also state the purpose for which the meeting is called. | Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any. |
| A copy of the notice of any meeting shall be given personally, sent by mail or by electronic mail not less than 15 nor more than 60 days before the meeting. | Written notice shall be given not less than 10 nor more than 60 days before the meeting. |
| **Shareholders' Written Consent** | **Shareholders' Written Consent** |
| Unless otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. | Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted. |
| **Merger or Consolidation** | **Merger or Consolidation** |
| Any two or more domestic corporations may merge or consolidate into a single corporation if approved by the board of each constituent corporation and if authorized by a majority vote at a shareholder meeting of each such corporation by the holders of outstanding shares. | Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting. |

---

---

| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| Authorization by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences or special rights of the shares of such class so as to affect them adversely. | Authorization by a majority vote of the holders of a class of shares may be required if such class is entitled to vote if a proposed amendment to the articles, undertaken in connection with such merger or consolidation, would increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences, or special rights of the shares of such class so as to affect them adversely. However, unless expressly required by its certificate of incorporation, no vote of stockholders of a constituent corporation that has a class or series of stock that is listed on a national securities exchange or held of record by more than 2,000 holders immediately prior to the execution of the agreement of merger by such constituent corporation shall be necessary to authorize a merger that meets certain conditions. |
| Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation's usual or regular course of business, once approved by the board of directors (and notice of the meeting shall be given to each shareholder of record, whether or not entitled to vote), shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting, unless any class of shares is entitled to vote thereon as a class, in which event such authorization shall require the affirmative vote of the holders of a majority of the shares of each class of shares entitled to vote as a class thereon and of the total shares entitled to vote thereon. | Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote. |
| Upon approval by the board, any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any such corporation. | Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting. |
| **Directors** | **Directors** |
| The number of directors may be fixed by the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw. The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw. | The number of board members shall be fixed by, or in a manner provided by, the bylaws and amended by an amendment to the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation. |

---

---

| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director. | Shareholders entitled to vote upon amendments to the bylaws hold the power to adopt, amend or repeal bylaws in a stock corporation that has received any payment for its stock, unless such power is otherwise conferred upon the directors in the certificate of incorporation. An amendment to the certification of incorporation must be approved by the board and a majority of outstanding stock entitled to vote thereon. |
| ***Removal of Directors:*** | ***Removal of Directors:*** |
| Any or all of the directors may be removed for cause by vote of the shareholders. The articles of incorporation or the bylaws may provide for such removal by board action, except in the case of any director elected by cumulative voting, or by shareholders of any class or series when entitled by the provisions of the articles of incorporation. | Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides. |
| If the articles of incorporation or bylaws provide any or all of the directors may be removed without cause by vote of the shareholders. | In the case of a classified board, shareholders may effect the removal of any or all directors only for cause unless the certificate of incorporation provides otherwise. |
| **Dissenters' Rights of Appraisal** | **Dissenters' Rights of Appraisal** |
| Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his or her shares shall not be available for the shares of any class or series of stock, which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i) listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation. | Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration which is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders. Notwithstanding those limited exceptions, appraisal rights will be available if shareholders are required by the terms of an agreement of merger or consolidation to accept certain forms of uncommon consideration. |

---

---

| | |
|:---|:---|
| **Marshall Islands** | **Delaware** |
| A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for such shares if the amendment:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• alters or abolishes any preferential right of any outstanding shares having preference; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• alters or abolishes any preemptive right granted by law and not disseated by the articles of incorporation of such holder to acquire shares or other securities; or<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class. | Shareholders do not have appraisal rights due to an amendment of the company's certificate of incorporation unless provided for in such certificate. |

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**SHARES ELIGIBLE FOR FUTURE SALE**

Our Common Shares being distributed in this offering will be freely transferable, except for Common Shares held by persons that are our "affiliates" as defined in the rules under the Securities Act. Affiliates are individuals or entities that control, are controlled by or are under common control with us, and may include our officers, directors and principal shareholders. Common Shares held by affiliates may only be sold pursuant to an effective registration statement under the Securities Act or Rule 144 under the Securities Act. We cannot predict whether substantial amounts of our Common Shares will be sold in the open market following this offering. Sales of substantial amounts of our Common Shares in the public market, or the perception that substantial sales may occur, could lower the market price for our Common Shares.

In the Spin-Off distribution we distributed approximately 3,057,333 Common Shares. These Common Shares are freely tradable without restriction or further registration or qualifications under the Securities Act except for Common Shares held by persons that are our affiliates as described above. In addition, we issued 75,000 Common Shares in the Private Placement, which shares may only be resold pursuant to an effective registration statement under the Securities Act or Rule 144 under the Securities Act and will be subject to lock-up restrictions on resale for a period of 45 days following the commencement of trading of the Common Shares on an exchange.

Future sales of substantial amounts of our Common Shares in the public market after this offering, or the possibility of these sales occurring, could adversely affect the prevailing market prices for our Common Shares and could impair our ability to raise equity capital through the sale of our equity securities in the future.

**TAX CONSIDERATIONS** 

The following is a summary of the material U.S. federal income tax and Marshall Islands tax consequences of the ownership and disposition of our Common Shares as well as the material U.S. federal and Marshall Islands income tax consequences applicable to us and our operations. The discussion below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of our Common Shares that is treated for U.S. federal income tax purposes as:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;• an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If you are not described as a U.S. Holder and are not an entity treated as a partnership or other pass-through entity for U.S. federal income tax purposes, you will be considered a "Non-U.S. Holder." The U.S. federal income tax consequences applicable to Non-U.S. Holders is described below under the heading "—United States Federal Income Taxation of Non-U.S. Holders."

This discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our Common Shares through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our Common Shares, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership.

This summary is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, its legislative history, Treasury Regulations promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis.

This summary does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder's individual circumstances. In particular, this discussion considers only holders that will own and hold our Common Shares as capital assets within the meaning of Section 1221 of the Code and does not address the potential application of the alternative minimum tax or the U.S. federal income tax consequences to holders that are subject to special rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or "financial services entities";

&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;• taxpayers who have elected mark-to-market accounting for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;• certain expatriates or former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more (by vote or value) of our shares;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that own shares through an "applicable partnership interest";

&nbsp;&nbsp;&nbsp;&nbsp;• persons required to recognize income for U.S. federal income tax purposes no later than when such income is reported on an "applicable financial statement";

&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold our Common Shares as part of a straddle, constructive sale, hedging, conversion or other integrated transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency is not the U.S. dollar.

This summary does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S., non-Marshall Islands tax laws.

We have not sought, nor do we intend to seek, a ruling from the Internal Revenue Service, or the IRS, as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description herein, and its determination may be upheld by a court.

Because of the complexity of the tax laws and because the tax consequences to any particular holder of our Common Shares may be affected by matters not discussed herein, each such holder is urged to consult with its tax advisor with respect to the specific tax consequences of the ownership and disposition of our Common Shares, including the applicability and effect of state, local and non-U.S. tax laws, as well as U.S. federal tax laws.

**United States Federal Income Tax Consequences**

***Taxation of Operating Income in General***

 **

Unless exempt from U.S. federal income taxation under the rules discussed below, a foreign corporation is subject to U.S. federal income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic alliance, joint operating agreement, code sharing arrangement or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we refer to as "shipping income," to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States constitutes income from sources within the United States, which we refer to as "U.S.- source shipping income."

Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from sources within the United States. We are not permitted by law to engage in transportation that produces income which is considered to be 100% from sources within the United States.

Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.

In the absence of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income generally would be subject to a 4% tax imposed without allowance for deductions as described below.

***Exemption of Operating Income from United States Federal Income Taxation***

 ****

Under Section 883 of the Code and the Treasury Regulations thereunder, we will be exempt from U.S. federal income tax on our U.S.-source shipping income if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) we
 are organized in a foreign country, or our " country
 of organization", that grants an "equivalent exemption" to corporations
 organized in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. more
 than 50% of the value of our stock is owned, directly or indirectly, by individuals who are "residents" of our
country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the
United States (each such individual a "qualified shareholder" and such individuals collectively, "qualified shareholders"),
which we refer to as the "50% Ownership Test," or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. our
 stock is "primarily and regularly traded on an established securities market"
 in our country of organization, in another country that grants an "equivalent exemption"
 to U.S. corporations, or in the United States, which we refer
to as the "Publicly-Traded Test."

The Marshall Islands, the jurisdiction where we and the Rubico Predecessor are incorporated, grants an "equivalent exemption" to U.S. corporations. Therefore, we will be exempt from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.

In order to satisfy the 50% Ownership Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number of days in the non-U.S. corporation's taxable year, directly or indirectly, by "qualified shareholders." For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries, other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations). We believe that the Rubico Predecessor satisfied the 50% Ownership Test for the 2024 taxable year and took this position on our U.S. federal income tax return for the 2024 year. This is a factual determination made on an annual basis, and no assurance can be given that we will satisfy the 50% Ownership Test in future taxable years.

In order to satisfy the Publicly-Traded Test, Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be "primarily traded" on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. We anticipate that our Common Shares, which are our sole class of issued and outstanding stock that is traded, will be "primarily traded" on Nasdaq, which is an established securities market for this purpose. In order to satisfy the Publicly-Traded Test, Treasury Regulations also require that our stock be "regularly traded" on an established securities market. Under the Treasury Regulations, our stock generally will be considered to be "regularly traded" if one or more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets, which we refer to as the "listing threshold." Our Parent's common stock, which is listed on the NYSE American LLC and is our Parent's only class of publicly-traded stock, did not constitute more than 50% of our Parent's outstanding shares by vote for the 2024 taxable year, and accordingly, our Parent did not satisfy the listing threshold for the 2024 taxable year.

***Taxation in Absence of Exemption***

 ****

To the extent the benefits of Section 883 of the Code are unavailable, our U.S.-source shipping income, to the extent not considered to be "effectively connected" with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, which we refer to as the "4% gross basis tax regime." Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.

To the extent the benefits of the exemption under Section 883 of the Code are unavailable and our U.S.-source shipping income is considered to be "effectively connected" with the conduct of a U.S. trade or business, as described below, any such "effectively connected" U.S.-source shipping income, net of applicable deductions, would be subject to the U.S. federal corporate income tax imposed at a current rate of 21%. In addition, we may be subject to the 30% "branch profits" tax on earnings effectively connected with the conduct of such U.S. trade or business, as determined after allowance for certain adjustments.

Our U.S.-source shipping income would be considered "effectively connected" with the conduct of a U.S. trade or business only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have, or are considered to have, a fixed place of business in the United States involved in the earning
of shipping income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantially all of our U.S.-source shipping income is attributable to
regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular
intervals between the same points for voyages that begin or end in the United States, or in the case of leasing income, is attributable
to such fixed place of business in the United States.

We do not currently have, nor intend to have or permit circumstances that would result in having, any vessel operating to the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source shipping income will be "effectively connected" with the conduct of a U.S. trade or business.

 **

***United States Taxation of Gain on Sale of a Vessel***

 **

Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States or will otherwise not be subject to U.S. federal income taxation.

 **

***United States Federal Income Taxation of U.S. Holders***

 **

The following represents the opinion of our United States counsel, Watson Farley & Williams LLP, and is a summary of the material U.S. federal income tax consequences to U.S. Holders of the ownership and disposition of our Common Shares.

 

*Taxation of Distributions Paid on Common Shares* 

 

Subject to the passive foreign investment company, or PFIC, rules discussed below, any distributions made by us with respect to Common Shares to a U.S. Holder will generally constitute dividends, which may be taxable as ordinary income or "qualified dividend income" as described in more detail below, to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of our earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder's tax basis in his or her Common Shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends-received deduction with respect to any distributions they receive from us.

Dividends paid on Common Shares to a U.S. Holder which is an individual, trust, or estate (a "U.S. Non-Corporate Holder") will generally be treated as "qualified dividend income" that is taxable to such shareholders at preferential U.S. federal income tax rates provided that (1) the Common Shares are readily tradable on an established securities market in the United States (such as Nasdaq on which our Common Shares are listed); (2) we are not a passive foreign investment company, or PFIC, for the taxable year during which the dividend is paid or the immediately preceding taxable year (which we do not expect to be); (3) the U.S. Non-Corporate Holder has owned the Common Shares for more than 60 days in the 121-day period beginning 60 days before the date on which the Common Shares become ex-dividend; and (4) certain other conditions are met.

Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a U.S. Holder.

Special rules may apply to any "extraordinary dividend"—generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder's adjusted basis in a Common Share—paid by us. If we pay an "extraordinary dividend" on our Common Shares that is treated as "qualified dividend income," then any loss derived by a U.S. Non-Corporate Holder from the sale or exchange of such Common Shares will be treated as long-term capital loss to the extent of such dividend.

*Sale, Exchange or other Disposition of Common Shares* 

 

Assuming we do not constitute a PFIC for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our Common Shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder's tax basis in such Common Shares. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder's holding period in the Common Shares is greater than one year at the time of the sale, exchange or other disposition. A U.S. Holder's ability to deduct capital losses is subject to certain limitations.

*Passive Foreign Investment Company Rules* 

 

Special U.S. federal income tax rules apply to a U.S. Holder that holds stock or is treated as holding stock by application of certain attribution rules (for instance, treating warrants as stock) in a foreign corporation classified as a PFIC for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our Common Shares, either:

&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or

&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the average value of the assets held by us during such taxable year produce, or is held for the production of, passive income.

For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary companies in which we own at least 25% of the value of the subsidiary's stock or other ownership interest. Income earned, or deemed earned, by us in connection with the performance of services should not constitute passive income. By contrast, rental income, which includes bareboat hire, would generally constitute "passive income" unless we are treated under specific rules as deriving rental income in the active conduct of a trade or business.

We believe that the Rubico Predecessor was not a PFIC for its 2024 taxable year and we do not expect to be treated as a PFIC in the current or subsequent taxable years. Although there is no legal authority directly on point, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from the time chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, we believe that such income does not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection with the production of such income, in particular vessels, do not constitute passive assets for purposes of determining whether we are a PFIC. We believe there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. It should be noted that in the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could disagree with this position. In addition, although we intend to conduct our affairs in a manner so as to avoid being classified as a PFIC with respect to any taxable year, there can be no assurance that the nature of our operations will not change in the future.

As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different taxation rules depending on whether the U.S. Holder makes an election to treat us as a "Qualified Electing Fund," which election is referred to as a "QEF election." As an alternative to making a QEF election, a U.S. Holder should be able to make a "mark-to-market" election with respect to the Common Shares, as discussed below. In addition, if we were to be treated as a PFIC, a U.S. Holder would be required to file an IRS Form 8621 with respect to such holder's Common Shares.

*Taxation of U.S. Holders Making a Timely QEF Election* 

 

If a U.S. Holder of our Common Shares makes a timely QEF election, which U.S. Holder is referred to as an "Electing Holder," the Electing Holder must report each year for U.S. federal income tax purposes its pro rata share of our ordinary earnings and its net capital gain, if any, for our taxable year that ends with or within the taxable year of the Electing Holder, regardless of whether or not distributions were received from us by the Electing Holder. The Electing Holder's adjusted tax basis in the Common Shares will be increased to reflect taxed but undistributed earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the Common Shares and will not be taxed again once distributed. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of the Common Shares. A U.S. Holder would make a QEF election with respect to any year that we are a PFIC by filing IRS Form 8621 with its U.S. federal income tax return. After the end of each taxable year, we will determine whether we were a PFIC for such taxable year. If we determine or otherwise become aware that we are a PFIC for any taxable year, we will use commercially reasonable efforts to provide each U.S. Holder with all necessary information, including a PFIC Annual Information Statement, in order to enable such holder to make a QEF election for such taxable year.

*Taxation of U.S. Holders Making a "Mark-to-Market" Election* 

 

Alternatively, if we were to be treated as a PFIC for any taxable year and, as anticipated, our Common Shares are treated as "marketable stock," a U.S. Holder of our Common Shares would be allowed to make a "mark-to-market" election with respect to our Common Shares. If that election is made, the U.S. Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the Common Shares at the end of the taxable year over such U.S. Holder's adjusted tax basis in the Common Shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder's adjusted tax basis in the Common Shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder's tax basis in its Common Shares would be adjusted to reflect any such income or loss amount. Gain realized on the sale, exchange or other disposition of the Common Shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the Common Shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder.

*Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election* 

 

Finally, if we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a "mark-to-market" election for that year, whom we refer to as a "Non-Electing Holder," would be subject to special rules with respect to (1) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on our Common Shares in a taxable year in excess of 125 percent of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder's holding period for our Common Shares), and (2) any gain realized on the sale, exchange or other disposition of our Common Shares. Under these special rules:

&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable year before we became a passive foreign investment company would be taxed as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.

These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or otherwise utilize leverage in connection with its acquisition of our Common Shares. If a Non-Electing Holder who is an individual dies while owning our Common Shares, such Non-Electing Holder's successor generally would not receive a step-up in tax basis with respect to such Common Shares.

*Net Investment Income Tax* 

 

A U.S. Holder that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on the lesser of (1) such U.S. Holder's "net investment income" (or undistributed "net investment income" in the case of estates and trusts) for the relevant taxable year and (2) the excess of such U.S. Holder's modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000, depending on the individual's circumstances). A U.S. Holder's net investment income will generally include its gross dividend income and its net gains from the disposition of the Common Shares, unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). Net investment income generally will not include a U.S. Holder's pro rata share of the Company's income and gain (if we are a PFIC and that U.S. Holder makes a QEF election, as described above in "—Taxation of U.S. Holders Making a Timely QEF Election"). However, a U.S. Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure to make this election could result in a mismatch between a U.S. Holder's ordinary income and net investment income. If you are a U.S. Holder that is an individual, estate or trust, you are urged to consult your tax advisor regarding the applicability of the net investment income tax to your income and gains in respect of your investment in our Common Shares.

***United States Federal Income Taxation of Non-U.S. Holders***

 ****

Dividends paid to a Non-U.S. Holder with respect to our Common Shares generally should not be subject to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains in the United States).

In addition, a Non-U.S. Holder generally should not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition of our Common Shares unless such gain is effectively connected with its conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that such holder maintains in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of sale or other disposition and certain other conditions are met (in which case such gain from United States sources may be subject to tax at a 30% rate or a lower applicable tax treaty rate).

Dividends and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base in the United States) generally should be subject to tax in the same manner as for a U.S. Holder and, if the Non-U.S. Holder is a corporation for U.S. federal income tax purposes, it also may be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.

***Backup Withholding and Information Reporting***

 ****

In general, information reporting for U.S. federal income tax purposes should apply to distributions made on our Common Shares within the United States to a non-corporate U.S. Holder and to the proceeds from sales and other dispositions of our Common Shares to or through a U.S. office of a broker by a non-corporate U.S. Holder. Payments made (and sales and other dispositions effected at an office) outside the United States will be subject to information reporting in limited circumstances.

In addition, backup withholding of U.S. federal income tax, currently at a rate of 24%, generally should apply to distributions paid on our Common Shares to a non-corporate U.S. Holder and the proceeds from sales and other dispositions of our Common Shares by a non-corporate U.S. Holder, who:

&nbsp;&nbsp;&nbsp;&nbsp;• fails to provide an accurate taxpayer identification number;

&nbsp;&nbsp;&nbsp;&nbsp;• is notified by the IRS that backup withholding is required; or

&nbsp;&nbsp;&nbsp;&nbsp;• fails in certain circumstances to comply with applicable certification requirements.

A Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.

Backup withholding is not an additional tax. Rather, the amount of any backup withholding generally should be allowed as a credit against a U.S. Holder's or a Non-U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required information is timely furnished to the IRS.

Individuals who are U.S. Holders (and to the extent specified in applicable Treasury regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities) who hold "specified foreign financial assets" (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other assets, our Common Shares, unless the Common Shares are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.

**Marshall Islands Tax Consequences** 

The following represents the opinion of our Marshall Islands counsel, Watson Farley & Williams LLP, and is a summary of the material Marshall Islands tax consequences of the ownership and disposition of our Common Shares.

We are incorporated in the Republic of the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, no Marshall Islands withholding tax will be imposed upon payment of dividends by us to its shareholders, and holders of our Common Shares that are not residents of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands tax on the sale or other disposition of our Common Shares.

**PLAN OF DISTRIBUTION (CONFLICT OF INTEREST)**

The Common Shares offered by this prospectus are being offered by the Selling Shareholder. The shares may be sold or distributed from time to time by the Selling Shareholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the Common Shares offered by this prospectus could be effected in one or more of the following methods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokers' transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions involving cross or block trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• through brokers, dealers, or underwriters who may act solely as agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "at the market" into an existing market for our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in other ways not involving market makers or established business markets,
including direct sales to purchasers or sales effected through agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in privately negotiated transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing.

In order to comply with the securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the state's registration or qualification requirement is available and complied with.

The Selling Shareholder is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act.

BRPC II has informed us that it presently anticipates using, but is not required to use, BRS, a registered broker-dealer and FINRA member and an affiliate of BRPC II, as a broker to effectuate resales, if any, of our Common Shares that it may acquire from us pursuant to the Purchase Agreement, and that it may also engage one or more other registered broker-dealers to effectuate resales, if any, of such Common Shares that it may acquire from us. Such resales will be made at prices and at terms then prevailing or at prices related to the then current market price. Each such registered broker-dealer will be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. BRPC II has informed us that each such broker-dealer it engages to effectuate resales of our Common Shares on its behalf, excluding BRS, may receive commissions from BRPC II for executing such resales for BRPC II and, if so, such commissions will not exceed customary brokerage commissions.

BRPC II is an affiliate of BRS, a registered broker-dealer and FINRA member, which will act as an executing broker that will effectuate resales of our Common Shares that may be acquired by BRPC II from us pursuant to the Purchase Agreement to the public in this offering. Because BRPC II will receive all the net proceeds from such resales of our Common Shares made to the public through BRS, BRS is deemed to have a "conflict of interest" within the meaning of FINRA Rule 5121. Consequently, this offering will be conducted in compliance with the provisions of FINRA Rule 5121, which requires that a "qualified independent underwriter," as defined in FINRA Rule 5121, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. Accordingly, we have engaged the QIU to be the qualified independent underwriter in this offering and, in such capacity, participate in the preparation of the registration statement that includes this prospectus and exercise the usual standards of "due diligence" with respect thereto. BRPC II shall pay the QIU a cash fee of upon the initial filing of the registration statement that includes this prospectus with the SEC as consideration for its services and to reimburse certain expenses incurred in connection with acting as the qualified independent underwriter in this offering. In accordance with FINRA Rule 5110, the cash fee and expense reimbursement to be paid to the QIU for acting as the qualified independent underwriter in this offering are deemed to be underwriting compensation in connection with sales of our Common Stock by BRPC II to the public. The QIU will receive no other compensation for acting as the qualified independent underwriter in this offering. In accordance with FINRA Rule 5121, BRS is not permitted to sell shares of our Common Stock in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

Except as set forth above, we know of no existing arrangements between the Selling Shareholder and any other shareholder, broker, dealer, underwriter or agent relating to the sale or distribution of the Common Shares offered by this prospectus.

Brokers, dealers, underwriters or agents participating in the distribution of the Common Shares offered by this prospectus may receive compensation in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares sold by the Selling Shareholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of Common Shares sold by the Selling Shareholder may be less than or in excess of customary commissions. Neither we nor the Selling Shareholder can presently estimate the amount of compensation that any agent will receive from any purchasers of Common Shares sold by the Selling Shareholder.

We may from time to time file with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part to amend, supplement or update information contained in this prospectus, including, if and when required under the Securities Act, to disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Shareholder, including with respect to any compensation paid or payable by the Selling Shareholder to any brokers, dealers, underwriters or agents that participate in the distribution of such shares by the Selling Shareholder, and any other related information required to be disclosed under the Securities Act.

We will pay the expenses incident to the registration under the Securities Act of the offer and sale of the Common Shares covered by this prospectus by the Selling Shareholder.

As consideration for the Selling Shareholder's irrevocable commitment to purchase our Common Shares at our direction under the Purchase Agreement, we agreed to pay a Commitment Fee to the Selling Shareholder of $300,000, equal to 1% of the full amount of the maximum gross proceeds under the Purchase Agreement. The Commitment Fee shall be payable to the Selling Shareholder upon the earlier of (i) the settlement of the first purchase, if any, that we direct the Selling Shareholder to make under the Purchase Agreement or (ii) 90 days after the Closing Date. Notwithstanding the foregoing, if we do not direct the Selling Shareholder to make any purchases under the Purchase Agreement, or if the Commencement does not occur, then we have agreed to pay the Commitment Fee to the Selling Shareholder within three trading days following the termination of the Purchase Agreement in accordance with its terms. In accordance with FINRA Rule 5110, the $300,000 Commitment Fee is deemed to be underwriting compensation in connection with sales of our shares of Common Shares by the Selling Shareholder to the public.

Furthermore, we have agreed to reimburse the Selling Shareholder for the reasonable legal fees and disbursements of the Selling Shareholder's legal counsel in an amount not to exceed $240,000 in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement, consisting of $150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter, for a maximum three-year term, in which we direct the Selling Shareholder to purchase our Common Shares, as contemplated by the Purchase Agreement and the Registration Rights Agreement. In accordance with FINRA Rule 5110, these reimbursed fees and expenses are deemed to be underwriting compensation in connection with sales of our Common Shares by the Selling Shareholder to the public. Moreover, in accordance with FINRA Rule 5110, the 3% fixed discount to current market prices of our Common Shares reflected in the purchase prices payable by the Selling Shareholder for our Common Shares that we may require it to purchase from us from time to time under the Purchase Agreement is deemed to be underwriting compensation in connection with sales of our Common Shares by the Selling Shareholder to the public.

We also have agreed to indemnify the Selling Shareholder and certain other persons against certain liabilities in connection with the offering of Common Shares offered hereby, including liabilities arising under the Securities Act or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. The Selling Shareholder has agreed to indemnify us against liabilities under the Securities Act that may arise from certain written information furnished to us by the Selling Shareholder specifically for use in this prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons, we have been advised that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable.

We estimate that the total expenses for the offering will be approximately $0.5 million.

The Selling Shareholder has represented to us that at no time prior to the date of the Purchase Agreement has the Selling Shareholder, its sole member, any of their respective officers, or any entity managed or controlled by the Selling Shareholder or its sole member, engaged in or effected, in any manner whatsoever, directly or indirectly, for its own account or for the account of any of its affiliates, any short sale (as such term is defined in Rule 200 of Regulation SHO of the Exchange Act) of our Common Shares or any hedging transaction, which establishes a net short position with respect to our Common Shares. The Selling Shareholder has agreed that during the term of the Purchase Agreement, none of the Selling Shareholder, its sole member or any of their respective officers, or any entity managed or controlled by the Selling Shareholder or its sole member, will enter into or effect, directly or indirectly, any of the foregoing transactions for its own account or for the account of any other such person or entity.

We have advised the Selling Shareholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M precludes the Selling Shareholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered by this prospectus.

This offering will terminate on the date that all Common Shares offered by this prospectus have been sold by the Selling Shareholder.

Our Common Shares are currently listed on Nasdaq under the symbol "RUBI".

The Selling Shareholder and/or one or more of its affiliates has provided, currently provides and/or from time to time in the future may provide various investment banking and other financial services for us and/or one or more of our affiliates that are unrelated to the transactions contemplated by the Purchase Agreement and the offering of shares for resale by the Selling Shareholder to which this prospectus relates, for which investment banking and other financial services they have received and may continue to receive customary fees, commissions and other compensation from us, aside from any discounts, fees and other compensation that the Selling Shareholder has received and may receive in connection with the transactions contemplated by the Purchase Agreement, including the $300,000 Commitment Fee we have agreed to pay to the Selling Shareholder, (ii) the 3% fixed discount to current market prices of our Common Shares reflected in the purchase prices payable by the Selling Shareholder for our Common Shares that we may require it to purchase from us from time to time under the Purchase Agreement, and (iii) our reimbursement of up to an aggregate of $240,000 of the Selling Shareholder's legal fees ($150,000 paid prior to the filing of this registration statement and $7,500 per fiscal quarter for the maximum three year term of the Purchase Agreement) in connection with the transactions contemplated by the Purchase Agreement and the Registration Rights Agreement.

**SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES** 

We are a Marshall Islands corporation and our principal executive office is located outside of the United States in Athens, Greece.

Most of our directors and officers and those of our subsidiaries are residents of countries other than the United States. Substantially all of our and our subsidiaries' assets and a substantial portion of the assets of our directors and officers are located outside the United States. As a result, it may be difficult or impossible for United States investors to effect service of process within the United States upon us, our directors or officers, our subsidiaries or to realize against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. The Trust Company of the Marshall Islands, Inc., Trust Company Complex, Ajeltake Island, Ajeltake Road, Majuro, Marshall Islands MH96960 as our registered agent, can accept service of process on our behalf in any such action.

In addition, there is uncertainty as to whether the courts of the Marshall Islands would (1) recognize or enforce against us, or our directors, or officers, judgments of courts of the United States based on civil liability provisions of applicable U.S. federal and state securities laws; or (2) impose liabilities against us or our directors and officers in original actions brought in the Marshall Islands, based on these laws.

**EXPENSES RELATING TO THIS OFFERING** 

Set forth below is an itemization of the total expenses, expected to be incurred in connection with the offer and sale of our Common Shares. Except for the SEC registration fee, all amounts are estimates.

---

| | |
|:---|:---|
| SEC registration fee | $4793 |
| FINRA filing fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
| Accounting fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 |
| Legal fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197500 |
| Printing expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 |
| **Total** | $245000 |

---

**LEGAL MATTERS** 

Certain legal matters with respect to United States Federal and New York law and Marshall Islands law in connection with this offering will be passed upon for us by Watson Farley & Williams LLP, New York, New York. The Selling Shareholder is being represented by Duane Morris LLP, New York, New York.

**EXPERTS** 

The combined carve out financial statements of Rubico Inc. Predecessor as of December 31, 2023 and 2024, and for each of the three years in the period ended December 31, 2024, included in this Registration Statement have been audited by Deloitte Certified Public Accountants S.A., an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The office of Deloitte Certified Public Accountants, S.A. is located at Fragoklissias 3a & Granikou Street, Maroussi, Athens 151 25, Greece.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC a registration statement on Form F-1 under the Securities Act, including relevant exhibits and schedules, under the Securities Act with respect to the securities offered by this prospectus. For the purposes of this section, the term registration statement on Form F-1 means the original registration statement on Form F-1 and any and all amendments including the schedules and exhibits to the original registration statement or any amendment. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. Each statement made in this prospectus concerning a document filed as an exhibit to the registration statement on Form F-1 is qualified by reference to that exhibit for a complete statement of its provisions. You should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and the securities offered hereby.

We are required to file reports, including annual reports on Form 20-F, and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at www.rubicoinc.com as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document.

As a foreign private issuer, we will be exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**RUBICO INC. PREDECESSOR**

**COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**INDEX TO COMBINED CARVE-OUT FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm](#f_001) | [F-2](#f_001) |
| [Combined carve-out balance sheets as of December 31, 2023 and 2024](#f_002) | [F-3](#f_002) |
| [Combined carve-out statements of income for years ended December 31, 2022, 2023 and 2024](#f_003) | [F-4](#f_003) |
| [Combined carve-out statements of changes in equity for the years ended December 31, 2022, 2023 and 2024](#f_004) | [F-5](#f_004) |
| [Combined carve-out statements of cash flows for the years ended December 31, 2022, 2023 and 2024](#f_005) | [F-6](#f_005) |
| [Notes to combined carve-out financial statements](#f_006) | [F-7](#f_006) |

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Rubico Inc.

**Opinion on the Financial Statements**

We have audited the accompanying combined carve-out balance sheets of Rubico Inc. Predecessor (the "Company") as of December 31, 2023 and 2024, the related combined carve-out statements of income, changes in equity, and cash flows, for each of the three years in the period ended December 31, 2024 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte Certified Public Accountants S.A.

Athens, Greece

April 4, 2025

We have served as the Company's auditor since 2022.

---

| |
|:---|
| **RUBICO INC. PREDECESSOR** |
| **COMBINED CARVE-OUT BALANCE SHEETS** |
| **DECEMBER 31, 2023 AND 2024** |
| **(Expressed in thousands of U.S. Dollars)** |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2023** | **December 31,**<br>**2024** |
| **<u>ASSETS</u>** |  |  |
| &nbsp;&nbsp;&nbsp;**CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2794 | 1161 |
| &nbsp;&nbsp;&nbsp;Prepayments and other | 181 | 127 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable |  | 229 |
| &nbsp;&nbsp;&nbsp;Due from related parties (Note 5) |  | 351 |
| &nbsp;&nbsp;&nbsp;Inventories | 202 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **3177** | **2044** |
| **FIXED ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Vessels, net (Note 4) | 114550 | 110369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fixed assets** | **114550** | **110369** |
| **OTHER NON CURRENT ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Restricted cash (Note 7) | 1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current assets** | **1000** | **1000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **118727** | **113413** |
| **<u>LIABILITIES AND EQUITY</u>** |  |  |
| **CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt (Note 7) | 4224 | 4221 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 255 | 901 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 299 | 299 |
| &nbsp;&nbsp;&nbsp;Unearned revenue | 2408 | 2195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **7186** | **7616** |
| **NON-CURRENT LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Non-current portion of long-term debt (Note 7) | 75808 | 71580 |
| &nbsp;&nbsp;&nbsp;Unearned revenue |  | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total non-current liabilities** | **75808** | **71682** |
| **COMMITMENTS AND CONTINGENCIES (Note 8)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **82994** | **79298** |
| **EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp;Net parent investment (Note 1) | 10628 | 3066 |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 25105 | 31049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **35733** | **34115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | **118727** | **113413** |

---

**RUBICO INC. PREDECESSOR**

**COMBINED CARVE-OUT STATEMENTS OF INCOME**

**YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2023** | **2024** |
| &nbsp;&nbsp;&nbsp;**Revenues (Note 14)** | **24784** | **24478** | **24205** |
| **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Voyage expenses (including $310, $310 and $302 respectively, to related party) (Note 5) | 508 | 508 | 495 |
| &nbsp;&nbsp;&nbsp;Vessel operating expenses (including $3, $13 and $14 respectively, to related party) (Note 5 and 10) | 4901 | 4816 | 4655 |
| &nbsp;&nbsp;&nbsp;Vessel depreciation (Note 4) | 4480 | 4480 | 4181 |
| &nbsp;&nbsp;&nbsp;Management fees-related party (Note 5) | 528 | 550 | 567 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses (Note 5 and 9) | 394 | 1688 | 1887 |
| &nbsp;&nbsp;&nbsp;**Operating income** | **13973** | **12436** | **12420** |
| **OTHER EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest and finance costs (Note 11) | (3312) | (5867) | (6501) |
| &nbsp;&nbsp;&nbsp;Interest income |  | 62 | 25 |
| &nbsp;&nbsp;&nbsp;**Total other expenses, net** | **(3312)** | **(5805)** | **(6476)** |
| **Net Income** | **10661** | **6631** | **5944** |

---

**RUBICO INC. PREDECESSOR** 

**COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY**

**FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Parent Investment** | **Retained Earnings** | **Total** |
| **BALANCE, December 31, 2021** | **46697** | **7813** | **54510** |
| Net Income | **—** | 10661 | 10661 |
| Net decrease in Net Parent Investment (Note 2) | (10472) | **—** | (10472) |
| **BALANCE, December 31, 2022** | **36225** | **18474** | **54699** |
| Net Income | **—** | 6631 | 6631 |
| Net decrease in Net Parent Investment (Note 2) | (25597) | **—** | (25597) |
| **BALANCE, December 31, 2023** | **10628** | **25105** | **35733** |
| Net Income | **—** | 5944 | 5944 |
| Net decrease in Net Parent Investment (Note 2) | (7562) | **—** | (7562) |
| **BALANCE, December 31, 2024** | **3066** | **31049** | **34115** |

---

**RUBICO INC. PREDECESSOR**

**COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of U.S. Dollars)**

---

| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2023** | **2024** |
| **Cash Flows from Operating Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | 10661 | 6631 | 5944 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vessel depreciation | 4480 | 4480 | 4181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 180 | 713 | 195 |
| &nbsp;&nbsp;&nbsp;(Increase)/Decrease in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5 | (31) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | (5) | 5 | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other | (8) | (117) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from related parties |  |  | (351) |
| &nbsp;&nbsp;&nbsp;Increase/(Decrease) in: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 71 | (180) | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 152 |  | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue |  | 303 | (111) |
| **Net Cash provided by Operating Activities** | **15536** | **11804** | **10498** |
| **Cash Flows from Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advances for vessels under construction | (85) |  |  |
| **Net Cash used in Investing Activities** | **(85)** | **—** | **—** |
| **Cash Flows from Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from debt |  | 82000 |  |
| &nbsp;&nbsp;&nbsp;Net payments to Parent company | (10472) | (25597) | (7562) |
| &nbsp;&nbsp;&nbsp;Principal payments of debt | (5460) | (5028) | (4400) |
| &nbsp;&nbsp;&nbsp;Prepayment of debt |  | (61150) |  |
| &nbsp;&nbsp;&nbsp;Payment of financing costs |  | (1668) | (169) |
| **Net Cash used in Financing Activities** | **(15932)** | **(11443)** | **(12131)** |
| **Net (decrease)/increase in cash and cash equivalents and restricted cash** | **(481)** | **361** | **(1633)** |
| **Cash and cash equivalents and restricted cash at beginning of the year** | **3914** | **3433** | **3794** |
| **Cash and cash equivalents and restricted cash at end of the year** | **3433** | **3794** | **2161** |
| **Cash breakdown** |  |  |  |
| Cash and cash equivalents | 2433 | 2794 | 1161 |
| Restricted cash, current |  |  |  |
| Restricted cash, non-current | 1000 | 1000 | 1000 |
| **SUPPLEMENTAL CASH FLOW INFORMATION** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance fees included in Accounts payable/Accrued liabilities/Due to related parties |  | 143 |  |
| &nbsp;&nbsp;&nbsp;Interest paid | 2974 | 5327 | 6154 |

---

The accompanying notes are an integral part of these combined carve-out financial statements.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Basis of Presentation and General Information** 

The accompanying combined carve-out financial statements include three wholly owned subsidiaries of Top Ships Inc. (the "Parent"): Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. (in aggregate defined as the "Company" or "Rubico Inc. Predecessor"). Roman Empire Inc. and Athenean Empire Inc. own two 157,000 dwt suezmax tankers, the M/T Eco West Coast and the M/T Eco Malibu, built in March and May 2021 respectively. Both vessels are time chartered to Clearlake Shipping Pte Ltd.

The Parent will contribute Roman Empire Inc. and Athenean Empire Inc. to Rubico Inc. in connection with the spin-off in exchange for common shares in Rubico Inc., which the Parent intends to distribute to holders of its common stock on a pro rata basis. Rubico Inc was formed on August 11, 2022 under the laws of the Republic of the Marshall Islands to serve as the holding company of Roman Empire Inc. and Athenean Empire Inc.

The accompanying combined carve-out financial statements of the Company include the historical carrying costs of the assets and the liabilities of Roman Empire Inc., Athenean Empire Inc. and Rubico Inc. from their date of incorporation and an allocation of the Parent's General and administrative expenses and Management fees related party (see Note 9 and 5). Both Roman Empire Inc. and Athenean Empire Inc. were incorporated on February 18, 2020 under the laws of the Marshall Islands.

The Company's vessels are managed by Central Shipping Inc. ("CSI"), a related party affiliated with the family of Evangelos J. Pistiolis, the Parent's Chief Executive Officer, Director and President, Mr. Evangelos J. Pistiolis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies** 

***Basis of presentation:*** The accompanying combined carve-out financial statements include the accounts of the Subsidiaries comprising the Company as discussed in Note 1. These combined carve-out financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of the Parent. The combined carve-out financial statements reflect the financial position, results of operations and cash flows of the Company in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission, or the SEC.

Intercompany accounts and transactions between the Subsidiaries and the Parent have been treated and presented as Net parent investment in the accompanying combined carve-out balance sheets. Increases in Net Parent Investments represent contributions from the parent and decreases in Net Parent Investments represent distribution from the Company to the Parent. For the years ended December 31, 2022, 2023 and 2024 the Company transferred amounts of $10,472, $25,597 and $7,562 respectively to the Parent consisting of operating cashflow surplus and for the year ended December 31, 2023 operating cashflow surplus and the net proceeds from the 2023 refinancing (Note 7). None of the Parent's cash and cash equivalents or debt and the related interest expense at the corporate level have been assigned to the Company in the combined carve-out financial statements.

The combined carve-out statements of income reflect expense allocations made to the Company by the Parent for certain corporate functions and for shared services provided by the Parent. These allocations were made by the Parent on a pro-rata basis based on the number of calendar days of the Company's vessels to total calendar days of the Parent's fleet. See Notes 5 and 9 for further information on expenses allocated by the Parent. Both the Company and the Parent consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. Nevertheless, the combined carve-out financial statements may not be indicative of the Company's future performance and may not include all of the actual expenses that would have been incurred by the Company as an independent publicly traded company or reflect the Company's financial position, results of operations and cash flows that would have been reported if the Company had been a stand-alone entity during the periods presented.

***Use of Estimates:*** The preparation of the accompanying combined carve-out financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates mainly include vessel useful lives and residual values. Actual results may differ from these estimates.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

***Foreign Currency Translation:*** The Company's functional currency is the U.S. Dollar because its vessels operate in international shipping markets, and therefore primarily transacts business in U.S. Dollars. The Company's books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates and any gains and losses are included in the statements of income.

***Cash and Cash Equivalents:*** The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.

***Restricted Cash:*** The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than twelve months, such deposits are presented as current assets while if original maturities are longer than twelve months, such deposits are presented as non-current assets.

***Trade Accounts Receivable, net:*** The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of a provision for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates, as well as receivable European Union Allowances ("EUAs") from charterers (see below). At each balance sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had no potentially uncollectible accounts and hence formed no provision for doubtful accounts at December 31, 2023 and 2024 respectively.

***Inventories:*** Inventories consist of lubricants and paints on board the vessels. Inventories are stated at the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost, which consists of the purchase price, is determined by the first in, first out method.

***Vessel Cost:*** Vessels are stated at cost, which consists of the contract price, pre-delivery costs and capitalized interest (if any) incurred during the construction of new building vessels, and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expense as incurred and are included in Vessel operating expenses in the statements of income. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel's initial voyage). Vessels acquired from entities under common control are recorded at historical cost.

***Impairment of Long-Lived Assets:*** The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company's long-lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for its vessels and compares it to the vessels carrying value. If the carrying value of the vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The impairment evaluation the Company conducted as of December 31, 2023 and 2024 showed that there are no impairment indications for its vessels.

***Vessel Depreciation:*** Depreciation is calculated using the straight-line method over the estimated useful life of the Company's vessels, after deducting the estimated salvage value. The vessels salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, of $0.3 per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $0.3 to $0.43 per lightweight ton, in order to align the scrap rate estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, pursuant to ASC 250 "Accounting Changes and Error Corrections", was applied prospectively and did not require retrospective application. The effect of the increase in the estimated scrap rate resulted in a reduction in depreciation expense for the year ended December 31, 2024 by $299. Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

***Dry-Docking Costs:*** All dry-docking and special survey costs are expensed in the period incurred.

***Financing Costs:*** Fees incurred and paid to lenders for obtaining new loans or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Unamortized fees relating to loans prepaid or refinanced are expensed in the period when a prepayment or refinancing is made and charged to interest and finance costs. Any unamortized balance of costs relating to debt refinanced that does not meet the criteria for debt extinguishment, is amortized over the term of the refinanced debt.

***Accounting for Revenue and Expenses:*** Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. The Company's time charter agreements are classified as operating leases pursuant to Accounting Standards Codification ("ASC") 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification ("ASC") 606 because: (i) the vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.

Revenue is shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.

Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel's delivery to the charterer, except for any agreed or estimated off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, vessel management fees, broker's commissions and operating expenses such as, crew wages, provisions and stores, technical maintenance and insurance expenses are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents' fees, and extra war risk insurance are paid by the charterer, with the exception of broker's commissions. Vessel operating expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and balances resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates.

The Company pays commissions to ship brokers and to CSI, associated with arranging the Company's charters. These brokers' commissions are recognized over the related charter period and are included in voyage expenses in the accompanying Statements of income.

***Segment Reporting:*** The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Board of Directors of the Company, the chief operating decision makers, ("CODM") assess performance for the vessel operations segment and decides how to allocate resources based on Combined net income thus the Company has determined that it operates under one reportable segment. The CODM do not use discrete financial information to evaluate the operating results for each type of charter or vessel but is instead regularly provided with only the combined expenses as noted on the face of the combined carve-out statements of income. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

***Liability for European Union Allowances ("EUAs"):*** The maritime emissions trading scheme ("ETS"), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers are presented under Trade accounts receivable in the accompanying combined carve-out balance sheets. Any EUAs that have been paid into the EUA trading account of Central Mare Inc, a related party affiliated with the family of Evangelos J. Pistiolis, by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the first settlement of EUAs for the 2024 voyages subject to ETS on September 30, 2025, such receivables and liabilities have been presented as current. The receivable and payable EUAs as well as the EUAs paid by our time charterers to our Central Mare Inc are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value as at the reporting date.

***Recent Accounting Pronouncements:*** In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, which requires the disclosure of significant segment expenses that are part of an entity's segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption had limited impact on the Company's combined carve-out financial statements or disclosures with no impact to the Company's financial position or results of operations.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)". The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied prospectively to financial statements issued for reporting periods after the effective date of this update, with retrospective application to any or all prior periods presented in the financial statements permitted. The Company evaluated the impact of this ASU on its combined carve-out financial statements and determined that there is no effect on its results of operations.

There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company's combined carve-out financial statements in the current or any future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Going Concern** 

The Company for the year ended December 31, 2024 realized net income of $5,944 and generated cash flow from operations of $10,498. At December 31, 2024, the Company had a working capital deficit of $5,572, which includes an amount of $2,195 of unearned revenue. This amount represents current liabilities that do not require future cash settlement.

In the Company's opinion, the Company will be able to finance its working capital deficit in the next 12 months with cash on hand and operational cash flow and hence the Company believes it has the ability to continue as a going concern and finance its obligations as they come due over the next twelve months following the date of the issuance of these combined carve-out financial statements. Consequently, the combined carve-out financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Vessels, net** 

The amounts in the balance sheets are analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Vessel Cost** | **Accumulated Depreciation** | **Net Book Value** |
| **Balance, December 31, 2022** | **126646** | **(7616)** | **119030** |
| —Depreciation |  | (4480) | (4480) |
| **Balance, December 31, 2023** | **126646** | **(12096)** | **114550** |
| —Depreciation |  | (4181) | (4181) |
| **Balance, December 31, 2024** | **126646** | **(16277)** | **110369** |

---

As of December 31, 2024 the titles of ownership of both our vessels are held by the respecting vessel lenders to secure the relevant sale and lease back financing transactions (see Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions with Related Parties** 

***CSI Management Agreement:*** On May 28, 2020, the Company entered into two management agreements, one for each vessel, with CSI (the "CSI Management Agreement"). The CSI Management Agreement can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the CSI Management Agreement.

Pursuant to the CSI Management Agreement, the Company pays a management fee of $651 per day for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, the CSI Management Agreement provides for payment to CSI of: (i) $592 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI will perform supervision services for any newbuilding vessels while the vessels are under construction, for which the Company will pay CSI the actual cost of the supervision services plus a fee of 7% of such supervision services.

CSI provides, at cost, all accounting, reporting and administrative services. Finally, the CSI Management Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of the Company's Board of Directors. The CSI Management Agreement has an initial term of five years, after which it will continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of the CSI Management Agreement, all fees payable to CSI are adjusted annually according to the US Consumer Price Inflation ("CPI") of the previous year and if CPI is less than 2% then a 2% increase is effected.

As of December 31, 2023 and 2024, the Company did not owe any amounts to CSI. The fees charged by and expenses relating to CSI for the years ended December 31, 2022, 2023 and 2024 are as follows

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | |
|  | **2022** | **2023** | **2024** | <br>**Presented in:** |
| Management fees | 438 | 460 | 477 | Management fees – related parties –Statements of income |
| Superintendent fees | 3 | 13 | 14 | Vessel operating expenses – Statements of income |
| Accounting and reporting cost\* | 90 | 90 | 90 | Management fees – related parties – Statements of income |
| Financing fees |  | 164 |  | Net in Current and Non-current portions of long-term debt – Balance sheet |
| Commission on charter hire agreements | 310 | 310 | 302 | Voyage expenses - Statements of income |
| **Total** | **841** | **1037** | **883** |  |

---

\*Accounting and reporting cost represents an allocation of the expenses incurred by the Parent based on the number of calendar days of the Company's vessels to total calendar days of the Parent's fleet.

***Central Mare:*** The Parent has agreed with Central Mare Inc to manage and collect on its behalf all of the EUAs due to the Parent from the Parent's (and hence the Company's) charterers. As of December 31, 2023 and 2024, the amounts due from Central Mare Inc were $- and $351 respectively, referring exclusively to EUA's collected on the Company's behalf from the Company's charterers. Such amount is included in Due from related parties in the accompanying combined carve-out balance sheets.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Leases** 

**Lease arrangements, under which the Company acts as the lessor**

**Charter agreements:**

During the years ended December 31, 2023 and 2024, the Company operated two vessels (M/T's Eco West Coast and Eco Malibu) under time charters with Clearlake Shipping Pte Ltd ("Clearlake").

Future minimum time-charter receipts of the Company's vessels in operation as of December 31, 2024, based on commitments relating to its non-cancellable time charter contracts as of December 31, 2024, are as follows:

---

| | |
|:---|:---|
| **Year ending December 31,** | **Time Charter receipts** |
| 2025 | 23980 |
| 2026 | 14027 |
| **Total** | **38007** |

---

In arriving at the minimum future charter revenues, it has been assumed that no off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Debt** 

The amounts in the balance sheets are analyzed as follows:

---

| | | |
|:---|:---|:---|
| **Bank / Vessel** | **December 31,** | **December 31,** |
|  | **2023** | **2024** |
| **Total long term debt:** |  |  |
| AVIC Facility (M/T Eco West Coast) | 40817 | 38617 |
| Huarong Facility (M/T Eco Malibu) | 41000 | 38800 |
| **Total long term debt** | **81817** | **77417** |
| Less: Deferred finance fees | (1785) | (1616) |
| **Total long term debt net of deferred finance fees** | **80032** | **75801** |
| Presented: |  |  |
| **Current portion of long term debt** | **4224** | **4221** |
| **Long term debt** | **75808** | **71580** |
| **Total Debt net of deferred finance fees** | **80032** | **75801** |

---

***<u>Alpha Bank Facility</u>***

On May 6, 2021, the Company entered into a credit facility with Alpha Bank for $38,000 for the financing of the vessel M/T Eco Malibu. This facility was drawn down in full. The credit facility was repayable in 12 consecutive quarterly installments of $750 and 12 consecutive quarterly installments of $625, commencing three months from draw down, and a balloon payment of $21,500 payable together with the last installment.

The facility contained various covenants, including (i) an asset cover ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the Parent, current or future, of no more than 75% and minimum free liquidity of $500 per delivered vessel owned/operated applicable to the Company and to the Parent. Additionally, the facility contained restrictions on the vessel owning company from incurring further indebtedness or guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis together with entities affiliated with him could not control less than 50.1% of the voting rights of the Parent. It also restricted the shipowning company and the Parent from paying dividends if such a payment would result in an event of default or in a breach of covenants under the loan agreement.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

The facility was secured as follows:

• First priority mortgage over M/T Eco Malibu;

• Assignment of insurance and earnings of the mortgaged vessel;

• Specific assignment of any time charters with duration of more than 12 months;

• Corporate guarantee of the Parent;

• Pledge of the shares of the shipowning subsidiary;

• Pledge over the earnings account of the vessel.

The facility bore interest at LIBOR plus a margin of 3.00%. On June 9, 2023 Alpha Bank switched the facility's variable rate from LIBOR to Term SOFR. On December 21, 2023 the facility was fully prepaid using part of the proceeds from the Huarong facility (see below) and the Company accelerated the amortization of $225 of deferred finance fees outstanding relating to the facility.

***<u>ABN Facility</u>***

 ****

On March 18, 2021, the Company entered into a credit facility with ABN Amro for $36,800 for the financing of the vessel M/T Eco West Coast. This facility was drawn down in full. The credit facility was repayable in 24 consecutive quarterly installments of $615 commencing in June 2021, plus a balloon installment of $22,040 payable together with the last installment.

The facility contained various covenants, including (i) an asset cover ratio of 125% applicable to the vessel owning company, (ii) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the Parent, current or future, of no more than 75% (iii) minimum free liquidity of $500 per delivered vessel owned/operated by the Parent, applicable to the Company and to the Parent and (iv) market adjusted total assets of the Parent minus total liabilities to be at least $60,000. Additionally, the facility contained restrictions on the shipowning company incurring further indebtedness or guarantees and change of control provisions, whereby Mr. Evangelos J. Pistiolis could not control less than 50.1% of the voting rights of the Parent. It also restricted the shipowning company and the Parent from paying dividends if such a payment would result in an event of default or in a breach of covenants under the loan agreement.

The facility was secured as follows:

• First priority mortgage over M/T Eco West Coast;

• Assignment of insurance and earnings of the mortgaged vessel;

• Specific assignment of any time charters with duration of more than 12 months;

• Corporate guarantee of the Parent;

• Pledge of the shares of the shipowning subsidiary;

• Pledge over the earnings account of the vessel.

The facility bore interest at LIBOR plus a margin of 2.50%. From June 23, 2023 ABN Amro bank switched the facility's variable rate from LIBOR to Compounded SOFR. On December 14, 2023 the facility was fully prepaid using part of the proceeds from the AVIC facility (see below) and the Company accelerated the amortization of $264 of deferred finance fees outstanding relating to the facility.

**<u>FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS</u>**

All the below sale and leaseback agreements ("SLB"s) contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including (i) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the Parent, current or future, of no more than 75% and (ii) minimum free liquidity of $500 per delivered vessel owned/operated applicable to the Company and to the Parent.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

Additionally, all the SLBs contain restrictions on the relative shipowning company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in an event of default or a termination event under the SLB agreements. The same dividend restrictions apply to the Company and the Parent as well. All the SLBs have change of control provisions whereby there may not be a change of control of the Company, save with the prior written consent of the financier.

Finally both Huarong and AVIC SLBs have an asset cover ratio covenant of 120%.

All the below SLBs are secured mainly by the following:

• Ownership of the vessel financed;

• Assignment of insurances and earnings of the vessel financed;

• Specific assignment of any time charters of the vessel financed with duration of more than 12 months;

• Corporate guarantee of the Parent;

• Pledge of the shares of the relative shipowning subsidiary;

• Pledge over the earnings account of the vessel financed.

The Company transferred $19,050 to the Parent out of the net proceeds from the below SLBs (after their previous facilities prepayment).

***<u>AVIC Facility</u>***

On December 14, 2023 the Company consummated an SLB with AVIC International Leasing Co. Ltd ("AVIC" and the "AVIC Facility"), for $41,000 for the refinancing of the M/T Eco West Coast. The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus 2.65%.

As part of this transaction, the Company has continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.

The AVIC Facility is accounted for as a financing transaction, as control remains with the Company and M/T Eco West Coast will continue to be recorded as an asset on the Company's balance sheet.

The applicable SOFR as of December 31, 2024 was approximately 4.47%.

***<u>Huarong Facility</u>***

On December 20, 2023 the Company consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. ("Huarong" and the "Huarong Facility"), for $41,000 for the refinancing of the M/T Eco Malibu. The Company has bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on Term SOFR plus 2.50%.

As part of this transaction, the Company has continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option will be exercised and at the end of the ten-year period the Company has an obligation to buy back the vessel at a cost represented by the balloon payment.

The Huarong Facility is accounted for as a financing transaction, as control remains with the Company and M/T Eco Malibu will continue to be recorded as an asset on the Company's balance sheet.

The applicable SOFR as of December 31, 2024 was approximately 4.52%.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

***Scheduled Principal Repayments:*** The Company's annual principal payments required to be made after December 31, 2024 on its loan obligations, are as follows:

---

| | |
|:---|:---|
| **Years** |  |
| December 31, 2025 | 4400 |
| December 31, 2026 | 4400 |
| December 31, 2027 | 4400 |
| December 31, 2028 | 4400 |
| December 31, 2029 and thereafter | 59817 |
| **Total** | **77417** |

---

As of December 31, 2024, both the Company and the Parent were in compliance with all debt covenants with respect to the AVIC and Huarong Facilities. The fair value of debt outstanding on December 31, 2024, after excluding unamortized financing fees, approximates its carrying amount due the fact that it has variable interest rates (SOFR).

 ****

***Financing Costs:*** The net additions in deferred financing costs amounted to $1,811 and $26 during the years ended December 31, 2023 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Commitments and Contingencies** 

<u>Legal proceedings:</u>

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers may disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. The Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business. The Company does not believe that contingent liabilities related to these matters, either individually or in the aggregate, will materially affect the Company's combined carve-out financial statements.

<u>Environmental Liabilities:</u>

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the combined carve-out financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **General and administrative expenses** 

General and administrative expenses represent an allocation of the expenses incurred by the Parent based on the number of calendar days of the Company's vessels to total calendar days of the Parent's fleet. These expenses consisted mainly of executive compensation, bonuses, professional fees, utilities and directors' liability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Vessel Operating Expenses** 

The amounts in the statements of income are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Vessel Operating Expenses** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2023** | **2024** |
| Crew wages and related costs | 2897 | 3006 | 2932 |
| Insurance | 381 | 367 | 362 |
| Repairs and maintenance | 761 | 338 | 347 |
| Spares and consumable stores | 755 | 1034 | 944 |
| Registration, taxes and other (Note 12) | 107 | 71 | 70 |
| **Total** | **4901** | **4816** | **4655** |

---

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Interest and Finance Costs** 

The amounts in the statements of income are analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Interest and Finance Costs** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
|  | **2022** | **2023** | **2024** |
| Interest on debt | 3102 | 5126 | 6224 |
| Bank charges and other financial costs | 29 | 28 | 82 |
| Amortization and write-off of financing fees | 181 | 713 | 195 |
| **Total** | **3312** | **5867** | **6501** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Income Taxes** 

Marshall Islands and Greece do not impose a tax on international shipping income. Under the laws of Marshall Islands and Greece the countries of the companies' incorporation and vessels' registration, the companies are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the statements of income.

Under the United States Internal Revenue Code of 1986, as amended (the "Code"), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a 4% U.S. Federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.

Under Section 883 of the Code and the regulations thereunder, the Company will be exempt from U.S. federal income tax on our U.S.-source shipping income if:

(1) the Company is organized in a foreign country, or its country of organization, grants an "equivalent exemption" to corporations organized in the United States; and

(2) either

A. more than 50% of the value of the Company's stock is owned, directly or indirectly, by individuals who are "residents" of the Company's country of organization or of another foreign country that grants an "equivalent exemption" to corporations organized in the United States (each such individual a "qualified shareholder" and such individuals collectively, "qualified shareholders"), which the Company refers to as the "50% Ownership Test," or

B. the Company's stock is "primarily and regularly traded on an established securities market" in the Company's country of organization, in another country that grants an "equivalent exemption" to U.S. corporations, or in the United States, which the Company refers to as the "Publicly-Traded Test."

The Marshall Islands, the jurisdiction where the Company is incorporated, grants an "equivalent exemption" to U.S. corporations. Therefore, the Company will be exempt from U.S. federal income tax with respect to the Company's U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.

In order to satisfy the 50% Ownership Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least half of the number of days in the non-U.S. corporation's taxable year, directly or indirectly, by "qualified shareholders." For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of countries, other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations).

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

For purposes of the Publicly-Traded Test, Treasury Regulations provide, in pertinent part, that stock of a foreign corporation will be considered to be "primarily traded" on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. The Parent's common shares, which is the Parent's sole class of issued and outstanding stock that is traded, is "primarily traded" on the NYSE American and the Company anticipates that its common shares will be "primarily traded" on the Nasdaq Capital Market.

The Treasury Regulations also require for purposes of the Publicly-Traded Test that the Company's stock be "regularly traded" on an established securities market. Under the Treasury Regulations, the Company's stock will be considered to be "regularly traded" if one or more classes of the Company's stock representing more than 50% of the Company's outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on one or more established securities markets, which the Company refers to as the "listing threshold."

For the 2022 and 2023 taxable years the Company was not subject to United States federal tax on U.S. source shipping income. For the 2024 taxable year the Company intends to take the position that it was not subject to United States federal tax on U.S. source shipping income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Fair Value of Financial Instruments and Concentration of Credit Risk** 

***Concentration of credit risk***

The principal financial assets of the Company consist of cash on hand and at banks, due from related parties, restricted cash and other receivables (including EUAs). The principal financial liabilities of the Company consist of long-term loans, accounts payable (including EUAs) due to suppliers and accrued liabilities. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers' financial condition and generally does not require collateral for its trade accounts receivable and does not have any agreements to mitigate credit risk. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions.

***Fair value of financial instruments***

The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the combined carve-out financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities;

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;

Level 3: Unobservable inputs that are not corroborated by market data.

The carrying values of cash and cash equivalents, restricted cash, prepaid expenses, trade accounts receivable and trade accounts payable and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of debt approximates its recorded value due to its variable interest rate, being the SOFR. SOFR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level 2 items in accordance with the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Revenues** 

Revenues are comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **2022** | **2023** | **2024** |
| Time charter revenues | 24784 | 24478 | 24205 |
| **Total** | **24784** | **24478** | **24205** |

---

The Company, for both of its vessels, had entered into time charters with Clearlake for a period of three years that included a charterer's option to renew for a further two one-year periods at predetermined daily rates. On July 12, 2023 the Company entered into an agreement with Clearlake to extend the duration of the fixed period of the time charter parties of both vessels for a fixed term of minimum 30 months and maximum of 36 months. Due to the volatility of the charter rates, the Company only accounts for the options when the charterer gives notice that the option will be exercised. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. As of December 31, 2024, the Company's vessels are employed under time charters.

**NOTES TO COMBINED CARVE-OUT FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2023 AND 2024**

**AND FOR THE YEARS ENDED DECEMBER 31, 2022, 2023 and 2024**

**(Expressed in thousands of United States Dollars)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Subsequent Events** 

The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the combined carve-out financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the combined carve-out financial statements.

**Up to 15,000,000 Common Shares**

**Rubico Inc.**

**PRELIMINARY PROSPECTUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**PART II**

**Item 6.** **Indemnification of Directors and Officers.** 

&nbsp;&nbsp;&nbsp;&nbsp;I. Section 12 of Article III of the Amended and Restated Bylaws of Rubico Inc. (the "*Corporation*") provides as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Corporation upon the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the Business Corporation Act of the Republic of The Marshall Islands, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;II. Section 60 of the Business Corporations Act of the Republic of the Marshall Islands provides as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Actions not by or in right of the corporation. A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of no contest, or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the bests interests of the corporation, and, with respect to any criminal action or proceedings, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Actions by or in right of the corporation. A corporation shall have the power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director or officer of the corporation, or is or was serving at the request of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claims, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his or her duty to the corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the court shall deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When director or officer successful. To the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (1) or (2) of this section, or in the defense of a claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Payment of expenses in advance. Expenses incurred in defending a civil or criminal action, suit or proceeding may be paid in advance of the final disposition of such action, suit or proceeding as authorized by the Board in the specific case upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Indemnification pursuant to other rights. The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Continuation of indemnification. The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Insurance. A corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director or officer of the corporation or is or was serving at the request of the corporation as a director or officer against any liability asserted against him and incurred by him in such capacity whether or not the corporation would have the power to indemnify him against such liability under the provisions of this section.

**Item 7.** **Recent Sales of Unregistered Securities.** 

On June 23, 2025, we entered into a share purchase agreement to sell 75,000 Common Shares at a purchase price of $20.00 per Common Share, for aggregate gross proceeds of $1.5 million, in a private placement pursuant to exemptions from registration under the Securities Act (the "Private Placement"). Pursuant to the share purchase agreement, the purchasers in the Private Placement received customary registration rights and will be subject to lock-up restrictions on resale of the Common Shares sold in the Private Placement for a period of 45 days following the commencement of trading of the Common Shares on an exchange. The Private Placement closed concurrently with the Spin-Off distribution.

**Item 8.** **Exhibits and Financial Statement Schedules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The following exhibits are included in this registration statement on Form F-1:

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [3.1](exh_31.htm) | [Amended and Restated Articles of Incorporation](exh_31.htm) |
| [3.2](exh_32.htm) | [Amended and Restated Bylaws](exh_32.htm) |
| [3.3](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm) | [Form of Statement of Designation of the Series A Participating Preferred Stock of the Company (incorporated by reference to Exhibit 2.2 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_22.htm) |
| [3.4](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_23.htm) | [Form of Statement of Designation of the Series D Preferred Shares of the Company (incorporated by reference to Exhibit 2.3 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_23.htm) |
| [4.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm) | [Form of Common Share Certificate (incorporated by reference to Exhibit 2.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_21.htm) |
| [5.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_51.htm) | [Opinion of Watson Farley & Williams LLP, as to the legality of the securities being registered (incorporated by reference to Exhibit 5.1 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on July 21, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_51.htm) |
| [8.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_81.htm) | [Opinion of Watson Farley & Williams LLP, as to certain tax matters (incorporated by reference to Exhibit 8.1 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on July 21, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_81.htm) |
| [10.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_41.htm) | [Form of Shareholders' Rights Agreement by and between the Company and Broadridge Financial Services Inc. as Rights Agent (incorporated by reference to Exhibit 4.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_41.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_102.htm) | [Contribution and Conveyance Agreement dated August 1, 2025, by and between the Company and Top Ships Inc. (incorporated by reference to Exhibit 10.2 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on August 13, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_102.htm) |
| [10.3](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm) | [Management Agreement by and between Athenean Empire Inc. and Central Shipping Inc. (incorporated by reference to Exhibit 4.5 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 21, 2023)](https://www.sec.gov/Archives/edgar/data/1943421/000117184323004031/exh_45.htm) |

---

---

| | |
|:---|:---|
| [10.4](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_44.htm) | [Management Agreement by and between Roman Empire Inc. and Central Shipping Inc. (incorporated by reference to Exhibit 4.4 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_44.htm) |
| [10.5](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_107.htm) | [Letter Agreement dated August 1, 2025, from Central Shipping Inc. to the Company, in respect of provision of management services (incorporated by reference to Exhibit 10.7 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on August 13, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_107.htm) |
| [10.6](https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm) | [Loan Agreement for a Secured Floating Interest Rate Loan Facility of up to $38,000,000, dated May 6, 2021, by and among Alpha Bank S.A. and Athenean Empire Inc. in relation to the M/T Eco Malibu (incorporated by reference to Exhibit 4.23 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on April 15, 2022)](https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_353588.htm) |
| [10.7](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_47.htm) | [Deed of Amendment and Restatement dated June 22, 2023, among Roman Empire Inc. as borrower and hedge guarantor, Top Ships Inc. as parent guarantor and ABN AMRO Bank N.V. as arranger, lender, hedge counterparty, facility agent and security agent, relating to a facility agreement dated March 18, 2021 in respect of the financing of M/T Eco West Coast. (incorporated by reference to Exhibit 4.7 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_47.htm) |
| [10.8](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm) | [Bareboat Charter in respect of M/T Eco West Coast, dated December 8, 2023 (incorporated by reference to Exhibit 4.18 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-18.htm) |
| [10.9](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm) | [Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Great Equinox Limited, relating to the bareboat charter of M/T Eco West Coast (incorporated by reference to Exhibit 4.19 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-19.htm) |
| [10.10](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm) | [Bareboat Charter in respect of M/T Eco Malibu, dated December 8, 2023 (incorporated by reference to Exhibit 4.20 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-20.htm) |
| [10.11](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm) | [Guarantee and Indemnity dated December 8, 2023, between Top Ships Inc. and Giant 9 Holding Limited, relating to the bareboat charter of M/T Eco Malibu (incorporated by reference to Exhibit 4.21 of the Annual Report on Form 20-F filed with the SEC by Top Ships Inc. on March 29, 2024)](https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex4-21.htm) |
| [10.12](exh_1012.htm) | [Bareboat Charter in respect of M/T Eco Malibu, dated August 7, 2025\*](exh_1012.htm) |
| [10.13](exh_1013.htm) | [Guarantee dated August 7, 2025, between Rubico Inc. and Lustre 6 Holding Limited, relating to the bareboat charter of M/T Eco Malibu\*](exh_1013.htm) |
| [10.14](exh_1014.htm) | [Memorandum of Agreement, dated August 7, 2025 between Athenean Empire Inc. and Lustre 6 Holding Limited in respect of the M/T Eco Malibu\*](exh_1014.htm) |
| [10.15](exh_1015.htm) | [Bareboat Charter in respect of M/T Eco West Coast, dated August 7, 2025\*](exh_1015.htm) |
| [10.16](exh_1016.htm) | [Guarantee dated August 7, 2025, between Rubico Inc. and Lustre 4 Holding Limited, relating to the bareboat charter of M/T Eco West Coast\*](exh_1016.htm) |
| [10.17](exh_1017.htm) | [Memorandum of Agreement, dated August 7, 2025 between Roman Empire Inc. and Lustre 4 Holding Limited in respect of the M/T Eco West Coast\*](exh_1017.htm) |
| [10.18](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_412.htm) | [Form of Share Purchase Agreement (incorporated by reference to Exhibit 4.12 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_412.htm) |
| [10.19](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_413.htm) | [Equity Incentive Plan (incorporated by reference to Exhibit 4.13 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_413.htm) |
| [10.20](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_1015.htm) | [Common Share Purchase Agreement by and between the Company and the Selling Shareholder, dated July 21, 2025 (incorporated by reference to Exhibit 10.15 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on July 21, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_1015.htm) |
| [10.21](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_1016.htm) | [Registration Rights Agreement by and between the Company and the Selling Shareholder, dated July 21, 2025 (incorporated by reference to Exhibit 10.16 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on July 21, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_1016.htm) |
| [10.22](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_106.htm) | [Form of Registration Rights Agreement dated August 4, 2025, by and among the Company and the purchasers in the Private Placement (incorporated by reference to Exhibit 10.6 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on August 13, 2025).](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_106.htm) |
| [14.1](exh_141.htm) | [Code of Business Ethics and Conduct](exh_141.htm) |
| [21.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_81.htm) | [List of Subsidiaries (incorporated by reference to incorporated by reference to Exhibit 8.1 of the Registration Statement on Form 20-F previously filed with the SEC by Rubico Inc. on June 4, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325003674/exh_81.htm) |
| [23.1](exh_231.htm) | [Consent of Independent Registered Public Accounting Firm](exh_231.htm) |
| 23.2 | Consent of Watson Farley & Williams LLP (included in Exhibits [5.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_51.htm) and [8.1](https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_81.htm) hereto) |
| [24.1](#poa) | [Powers of Attorney (included in the signature page hereto)](#poa) |
| [107](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_107.htm) | [Filing Fee Table (incorporated by reference to Exhibit 107 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on July 21, 2025)](https://www.sec.gov/Archives/edgar/data/1943421/000117184325004576/exh_107.htm) |

---

\*Filed herewith

**Item 9.** **Undertakings** 

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Athens, Greece on the 20th day of August, 2025.

---

| | | |
|:---|:---|:---|
| **RUBICO INC.** | **RUBICO INC.** | **RUBICO INC.** |
| By: | /s/ Nikolaos Papastratis | /s/ Nikolaos Papastratis |
|  | Name: | Nikolaos Papastratis |
|  | Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Will Vogel, with full power to act alone, his or her true lawful attorney-in-fact and agent, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this registration statement, whether pre-effective or post-effective, including any subsequent registration statement for the same offering which may be filed under Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary to be done, as fully for all intents and purposes as he or she might or could do in person hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on August 20, 2025.

---

| | |
|:---|:---|
| /s/ Kalliopi Ornithopoulou | Chief Executive Officer<br> (Principal Executive Officer), President and Chairwoman of the Board |
| Kalliopi Ornithopoulou | Chief Executive Officer<br> (Principal Executive Officer), President and Chairwoman of the Board |
| /s/ Nikolaos Papastratis | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) and Director |
| Nikolaos Papastratis | Chief Financial Officer<br> (Principal Financial Officer and Principal Accounting Officer) and Director |
| /s/ Aristovoulos Christinis | Director |
| Aristovoulos Christinis | |
| /s/ George Xiradakis |  |
| George Xiradakis | Director |
| /s/ George M. Daskalakis |  |
| George M. Daskalakis | Director |

---

**AUTHORIZED REPRESENTATIVE** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative of the Registrant in the United States, has signed this registration statement in the City of Newark, State of Delaware, on August 20, 2025.

---

| | | |
|:---|:---|:---|
| PUGLISI & ASSOCIATES | PUGLISI & ASSOCIATES | PUGLISI & ASSOCIATES |
| By: | /s/ Donald J. Puglisi | /s/ Donald J. Puglisi |
|  | Name: | Donald J. Puglisi |
|  | Title: | Authorized Representative in the United States |

---

## Exhibit 3.1

**Exhibit 3.1**

**STATEMENT TO AMEND AND RESTATE** 

**THE ARTICLES OF INCORPORATION OF**

**RUBICO INC.**

**UNDER SECTION 93 OF THE**

**MARSHALL ISLANDS BUSINESS CORPORATIONS ACT**

The undersigned, Nikos Papastratis, as the Chief Financial Officer of Rubico Inc. (the "Corporation"), a corporation incorporated under the laws of the Republic of the Marshall Islands, for the purpose of amending and restating the Articles of Incorporation of said Corporation pursuant to Section 93 of the Marshall Islands Business Corporations Act, hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the Corporation is: Rubico Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Articles of Incorporation were filed with the Registrar of Corporations
on August 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Articles of Incorporation are amended and restated in their entirety
and are replaced by the Amended and Restated Articles of Incorporation attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Amended and Restated Articles of Incorporation were authorized by actions
of the Board of Directors and Shareholders of the Corporation.

IN WITNESS WHEREOF, the undersigned has executed this Statement to Amend and Restate the Articles of Incorporation on this 25<sup>th</sup> day of June, 2025.

---

| |
|:---|
| <u>/s/ Nikos Papastratis</u> |
| Name: Nikos Papastratis |
| Title: Chief Financial Officer of Rubico Inc. |

---

AMENDED AND RESTATED ARTICLES OF INCORPORATION

OF

RUBICO INC.

PURSUANT TO THE MARSHALL ISLANDS BUSINESS CORPORATION ACT

&nbsp;&nbsp;&nbsp;&nbsp;A. The name of the Corporation (the " <u>Corporation</u> ") is:

RUBICO INC.

&nbsp;&nbsp;&nbsp;&nbsp;B. The purposes for which the Corporation is formed are to engage in any lawful act or activity for which corporations may be organized under the Marshall Islands Business Corporations Act (the " <u>BCA</u> "). The Corporation shall have every power which a corporation now or hereafter organized under the Marshall Islands Business Corporation Act may have.

&nbsp;&nbsp;&nbsp;&nbsp;C. The registered address of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH96960. The name of the Corporation's registered agent at such address is The Trust `Company of the Marshall Islands, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;D. The aggregate number of shares of stock that the Corporation is authorized to issue is one billion twenty million (1,020,000,000) registered shares, of which one billion (1,000,000,000) shall be designated shares of common stock with a par value of one United States cent ($0.01) per share, and twenty million (20,000,000) shall be designated shares of preferred stock with a par value of one United States cent ($0.01) per share. The Board of Directors of the Corporation (the " <u>Board of Directors</u> ") shall have the authority to authorize the issuance from time to time of one or more classes of preferred shares with one or more series within any class thereof, with such voting powers, full or limited, or without voting powers and with such designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions thereon as shall be set forth in the resolution or resolutions adopted by the Board of Directors providing for the issuance of such preferred shares and without further vote or action by the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;E. Except as otherwise provided in a statement of designation establishing the terms of a series of preferred stock, no security of the Corporation whether now or hereafter authorized, solely by reason thereof, shall entitle its holder to any preferential or preemptive right to acquire additional shares of capital stock or any other security of the Corporation. Nothing herein shall prevent the Corporation from granting preferential or preemptive rights by contract.

&nbsp;&nbsp;&nbsp;&nbsp;F. The bylaws of the Corporation may be amended, repealed or adopted by action of the Board, pursuant to the provisions of the Corporation's bylaws as in effect at such time, or by the affirmative vote of two-thirds or more of the votes cast by the holders of shares entitled to vote thereon (considered for this purpose as one class). Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of the holders of two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or repeal this Article F.

G. (a) The number of directors constituting the entire Board of Directors shall be not less than one nor more than twelve, as fixed from time to time by the vote of not less than two-thirds of the entire Board of Directors or the affirmative vote of two-thirds or more of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class); provided, however, that the number of directors shall not be reduced so as to shorten the term of any director at the time in office, and provided further, that the number of directors constituting the entire Board of Directors shall be one unless and until otherwise fixed by the vote of not less than two-thirds of the entire Board of Directors. The phrase "two-thirds of the entire Board of Directors" as used in these Articles of Incorporation shall be deemed to refer to two-thirds of the number of directors constituting the Board of Directors as provided in or pursuant to this Section (a) of this Article G, without regard to any vacancies then existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall be divided into three classes, as nearly equal in number as the then total number of directors constituting the entire Board of Directors permits, with the term of office of one or another of the three classes expiring each year. The Board of Directors shall have the right to designate the class of each director, with the term of office of the first class to expire at the first Annual Meeting of Shareholders of the Corporation, the term of office of the second class to expire at the second Annual Meeting of Shareholders of the Corporation and the term of office of the third class to expire at the third Annual Meeting of Shareholders of the Corporation. Commencing with the first Annual Meeting of Shareholders of the Corporation, the directors elected at an annual meeting of shareholders to succeed those whose terms then expire shall be identified as being directors of the same class as the directors whom they succeed, and each of them shall hold office until the third succeeding annual meeting of shareholders and until such director's successor is elected and has qualified. Any vacancies in the Board of Directors for any reason, and any created directorships resulting from any increase in the number of directors, may be filled by the vote of not less than two-thirds of the members of the Board of Directors then in office, although less than a quorum, and any directors so chosen shall hold office until the next election of the class for which such directors shall have been chosen and until their successors shall be elected and qualified. No decrease in the number of directors shall shorten the term of any incumbent director. Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of preferred stock shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the then authorized number of directors shall be increased by the number of directors so to be elected, and the terms of the director or directors elected by such holders shall expire at the next succeeding annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), any director or the entire Board of Directors of the Corporation may be removed at any time, but only for cause and only by the affirmative vote of two-thirds of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) cast at a meeting of the shareholders called for that purpose. Notwithstanding the foregoing, and except as otherwise required by law, whenever the holders of any one or more series of preferred stock shall have the right, voting separately as a class, to elect one or more directors of the Corporation, the provisions of this Section (c) of this Article G shall not apply with respect to the director or directors elected by such holders of preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Directors shall be elected by a plurality of the votes cast at a meeting of shareholders by the holders of shares entitled to vote in the election. Cumulative voting, as defined in Division 7, Section 71(2) of the BCA, shall not be used to elect directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of two-thirds of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or repeal this Article G.

H. The Corporation will comply with all applicable provisions of the Republic of the Marshall Islands Business Corporations Act, including retention, maintenance, and production of accounting, shareholder, beneficial owner, and director and officer records in accordance with Division 8 of the Republic of the Marshall Islands Business Corporations Act.

I. No director shall be personally liable to the Corporation or any of its shareholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or any limitation thereof is not permitted under the BCA. If the BCA is amended hereafter to authorize the further elimination or limitation of the liability of directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent authorized by the BCA, as so amended. Any repeal or modification of this Article I shall not adversely affect any right or protection of a director of the Corporation existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

J. The Corporation may transfer its corporate domicile from the Marshall Islands to any other place in the world.

K. At all meetings of shareholders of the Corporation, except as otherwise expressly provided by law, there must be present either in person or by proxy shareholders of record holding at least one-third of the voting power of shares issued and outstanding and entitled to vote at such meetings in order to constitute a quorum, but if less than a quorum is present, a majority of the voting power of those shares present either in person or by proxy shall have the power to adjourn any meeting until a quorum shall be present.

L. (a) The Corporation may not engage in any Business Combination with any Interested Shareholder for a period of three years following the time of the transaction in which the person became an Interested Shareholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) prior to such time, the Board of Directors of the Corporation approved either the Business Combination or the transaction which resulted in the shareholder becoming an Interested Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) upon consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder owned at least 85% of the voting stock of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) at or subsequent to such time, the Business Combination is approved by the Board of Directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least two-thirds of the votes cast by the outstanding voting stock that is not owned by the Interested Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) the shareholder became an Interested Shareholder prior to the consummation of the initial public offering of the Corporation's common stock under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The restrictions contained in this section shall not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the shareholder ceases to be an Interested Shareholder; and (ii) would not, at any time within the three-year period immediately prior to a Business Combination between the Corporation and such shareholder, have been an Interested Shareholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an Interested Shareholder during the previous three years or who became an Interested Shareholder with the approval of the Board; and (iii) is approved or not opposed by a majority of the members of the Board then in office (but not less than one) who were Directors prior to any person becoming an Interested Shareholder during the previous three years or were recommended for election or elected to succeed such Directors by a majority of such Directors. The proposed transactions referred to in the preceding sentence are limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to the BCA, no vote of the shareholders of the Corporation is required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation (other than to any direct or indirect wholly-owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a proposed tender or exchange offer for 50% or more of the outstanding voting shares of the Corporation.

The Corporation shall give not less than 20 days notice to all Interested Shareholders prior to the consummation of any of the transactions described in clause (i) or (ii) of the second sentence of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of this Article L only, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "Affiliate" means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "Associate," when used to indicate a relationship with any person, means: (i) Any corporation, partnership, unincorporated association or other entity of which such person is a director, officer or partner or is, directly or indirectly, the owner of 20% or more of any class of voting shares; (ii) any trust or other estate in which such person has at least a 20% beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such person, or any relative of such spouse, who has the same residence as such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "Business Combination," when used in reference to the Corporation and any Interested Shareholder of the Corporation, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation with (A) the Interested Shareholder or any of its affiliates, or (B) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the Interested Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately as a shareholder of the Corporation, to or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any shares, or any share of such subsidiary, to the Interested Shareholder, except: (A) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which securities were outstanding prior to the time that the Interested Shareholder became such; (B) pursuant to a merger with a direct or indirect wholly-owned subsidiary of the Corporation solely for purposes of forming a holding company; (C) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which security is distributed, pro rata to all holders of a class or series of shares subsequent to the time the Interested Shareholder became such; (D) pursuant to an exchange offer by the Corporation to purchase shares made on the same terms to all holders of said shares; or (E) any issuance or transfer of shares by the Corporation; provided however, that in no case under items (C)-(E) of this subparagraph shall there be an increase in the Interested Shareholder's proportionate share of the any class or series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of any class or series of shares, or securities convertible into any class or series of shares, or shares of any such subsidiary, or securities convertible into such shares, which is owned by the Interested Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares not caused, directly or indirectly, by the Interested Shareholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the Corporation), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted in subparagraphs (i)-(iv) of this paragraph) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "Control," including the terms "controlling," "controlled by" and "under common control with," means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting shares, by contract or otherwise. A person who is the owner of 20 percent or more of the outstanding voting shares of any corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting shares, in good faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "Interested Shareholder" means any person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of 15% or more of the outstanding shares of common stock of the Corporation, or (ii) is an affiliate or associate of the Corporation and was the owner of 15% or more of the outstanding shares of common stock of the Corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an Interested Shareholder; and the affiliates and associates of such person; provided, however, that the term "Interested Shareholder" shall not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation; provided that such person shall be an Interested Shareholder if thereafter such person acquires additional shares of common stock of the Corporation, except as a result of further Company action not caused, directly or indirectly, by such person. For the purpose of determining whether a person is an Interested Shareholder, the shares of common stock of the Corporation deemed to be outstanding shall include shares of common stock deemed to be owned by the person through application of paragraph (8) below, but shall not include any other unissued shares which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise. Notwithstanding the foregoing, none of the Lax Trust, Three Sororibus Trust of Cyprus, Evangelos Pistiolis, or any of their affiliates or associates shall be considered an Interested Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "Person" means any individual, corporation, partnership, unincorporated association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "Voting stock" means, with respect to any corporation, shares of any class or series entitled to vote generally in the election of directors and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "Owner," including the terms "own" and "owned," when used with respect to any shares, means a person that individually or with or through any of its affiliates or associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Beneficially owns such shares, directly or indirectly; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Has (A) the right to acquire such shares (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; provided, however, that a person shall not be deemed the owner of shares tendered pursuant to a tender or exchange offer made by such person or any of such person's affiliates or associates until such tendered shares is accepted for purchase or exchange; or (B) the right to vote such shares pursuant to any agreement, arrangement or understanding; provided, however, that a person shall not be deemed the owner of any shares because of such person's right to vote such shares if the agreement, arrangement or understanding to vote such shares arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in item (B) of subparagraph (ii) of this paragraph), or disposing of such shares with any other person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amendment of this Article L shall not be effective until 12 months after the approval of such amendment at a meeting of the shareholders of the Corporation and shall not apply to any Business Combination between the Corporation and any person who became an Interested Shareholder of the Corporation at or prior to the time of such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provisions of these Articles of Incorporation or the bylaws of the Corporation (and notwithstanding the fact that some lesser percentage may be specified by law, these Articles of Incorporation or the bylaws of the Corporation), the affirmative vote of two-thirds of the total number of votes eligible to be cast by the holders of issued and outstanding shares of stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) shall be required to amend, alter, change or repeal this Article L.

M. (a) Unless the Corporation consents in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for any Specified Claim related to the Corporation shall be the High Court of the Republic of the Marshall Islands. As used herein, "Specified Claim" means any internal corporate claim, intra-corporate claim, or claim governed by the internal affairs doctrine including, but not limited to: (i) any derivative action or proceeding brought on behalf of the Corporation; (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or shareholder of the Corporation to the Corporation or the Corporation's shareholders; and (iii) any action asserting a claim arising pursuant to any provision of the Marshall Islands Business Corporations Act or these Articles of Incorporation (as may be further amended from time to time) or the bylaws of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for all claims arising under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"), and any rule or regulation promulgated thereunder, to the extent such claims would be subject to the jurisdiction provisions of Section 22 of the Securities Act and Section 27 of the Exchange Act, as applicable, and after giving effect to paragraph (a) of this Article M, shall be the United States District Court for the Southern District of New York (or if such court does not have jurisdiction over such claim, any other federal district court of the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article M. If any provision in this Article M is held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability of the rest of these Articles shall not be affected and this Article M shall be interpreted and construed to the maximum extent possible to apply in the relevant jurisdiction with whatever modification or deletion may be necessary so as best to give effect to the intention of the Corporation.

## Exhibit 3.2

**Exhibit 3.2**

RUBICO INC.

AMENDED AND RESTATED BYLAWS

ARTICLE I

OFFICES

The principal place of business of the Corporation shall be at such place or places as the Directors shall from time to time determine. The Corporation may also have an office or offices at such other places within or without the Marshall Islands as the Board of Directors may from time to time appoint or the business of the Corporation may require.

ARTICLE II

SHAREHOLDERS

Section 1. Annual Meeting: The annual meeting of shareholders of the Corporation shall be held on such day and at such time and place within or without the Marshall Islands as the Board of Directors may determine for the purpose of electing Directors and of transacting such other business as may properly be brought before the meeting.

Section 2. Nature of Business at Annual Meetings of Shareholders: No business may be transacted at an annual meeting of shareholders, other than business that is either (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board (or any duly authorized committee thereof); (b) otherwise properly brought before the annual meeting by or at the direction of the Board (or any duly authorized committee thereof); or (c) otherwise properly brought before the annual meeting by any shareholder of the Corporation (i) who is a shareholder of record on the date of the giving of the notice provided for in Section 2 of this Article II and has remained a shareholder of record through the record date for the determination of shareholders entitled to vote at such annual meeting and (ii) who complies with the notice procedures set forth in Section 2 of this Article II.

In addition to any other applicable requirements, for business to be properly brought before an annual meeting by a shareholder, such shareholder must have given timely notice thereof in proper written form to the Secretary of the Corporation (the "Secretary").

To be timely a shareholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than one-hundred twenty (120) days nor more than one-hundred eighty (180) days prior to the one year anniversary of the immediately preceding annual meeting of shareholders. In no event shall the public disclosure of any adjournment of an annual meeting of the shareholders commence a new time period for the giving of the shareholder's notice described herein. To the extent, however, these Amended and Restated Bylaws are adopted less than one-hundred twenty (120) days prior to the anniversary date of the annual meeting of shareholders or the first annual meeting of shareholders, then for the first annual meeting of shareholders following adoption of these Amended and Restated Bylaws, such notice may be delivered not more than twenty (20) days subsequent to adoption hereof.

To be in proper written form, a shareholder's notice to the Secretary must set forth as to each matter such shareholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and record address of such shareholder along with such shareholder's tax identification number, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by such shareholder, (iv) a description of all arrangements or understandings between such shareholder and any other person or persons (including their names) in connection with the proposal of such business by such shareholder and any material interest of such shareholder in such business and (v) a representation that such shareholder intends to appear in person or by proxy at the annual meeting to bring such business before the meeting. In addition, notwithstanding anything in Section 2 of this Article II to the contrary, a shareholder intending to nominate one or more persons for election as a Director at an annual meeting must comply with Article III Section 3 of these Amended and Restated Bylaws for such nomination or nominations to be properly brought before such meeting.

No business shall be conducted at the annual meeting of shareholders except business brought before the annual meeting in accordance with the procedures set forth in Section 2 of this Article II; provided, however, that, once business has been properly brought before the annual meeting in accordance with such procedures, nothing in Section 2 of this Article II shall be deemed to preclude discussion by any shareholder of any such business. If the Chairman of an annual meeting determines that business was not properly brought before the annual meeting in accordance with the foregoing procedures, the Chairman of the meeting shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.

Section 3. Special Meeting: Special meetings of shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time by the order of the Board of Directors. No other person or persons are permitted to call a special meeting. No business may be conducted at the special meeting other than business brought before the meeting by the Board. Such meetings shall be held at such place and on a date and at such time as may be designated in the notice thereof by the officer of the Corporation designated by the Board of Directors to deliver the notice of such meeting. The business transacted at any special meeting shall be limited to the purposes stated in the notice.

Section 4. Notice of Meetings: Notice of every annual and special meeting of shareholders, other than any meeting the giving of notice of which is otherwise prescribed by law, stating the date, time, place and purpose thereof, and in the case of special meetings, the name of the person or persons at whose direction the notice is being issued, shall be given personally or sent by mail or by electronic transmission at least fifteen but not more than sixty days before such meeting, to each shareholder of record entitled to vote thereat and to each shareholder of record who, by reason of any action proposed at such meeting would be entitled to have his shares appraised if such action were taken, and the notice shall include a statement of that purpose and to that effect. If mailed, notice shall be deemed to have been given when deposited in the mail, directed to the shareholder at his address as the same appears on the record of shareholders of the Corporation or at such address as to which the shareholder has given notice to the Secretary. Notice of a meeting need not be given to any shareholder who submits a signed waiver of notice, whether before or after the meeting, or who attends the meeting without protesting prior to the conclusion thereof the lack of notice to him. If the Corporation shall issue any class of bearer shares, notice for all meetings shall be given in the manner proved in the Articles of Incorporation.

Section 5. Quorum: Quorum for meetings of shareholders shall be as set forth in the Articles of Incorporation.

Section 6. Voting: If a quorum is present, and except as otherwise expressly provided by law, the affirmative vote of a majority of the shares of stock represented at the meeting shall be the act of the shareholders. At any meeting of shareholders each shareholder entitled to vote any shares on any matter to be voted upon as such meeting shall be entitled to one vote on such matter for each such share, and may exercise such voting right either in person or by proxy. Any action required to be permitted to be taken at a meeting, may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all of the shareholders entitled to vote with respect to the subject matter thereof.

Section 7. Fixing of Record Date: The Board of Directors may fix a time not more than sixty nor less than fifteen days prior to the date of any meeting of shareholders, or more than sixty days prior to the last day on which the consent or dissent of shareholders may be expressed for any purpose without a meeting, as the time as of which shareholders entitled to notice of and to vote at such a meeting or whose consent or dissent is required or maybe expressed for any purpose, as the case may be, shall be determined, and all persons who were holders of record of voting shares at such time and no others shall be entitled to notice of and to vote at such meeting or to express their consent or dissent, as the case may be. The Board of Directors may fix a time not exceeding sixty days preceding the date fixed for the payment of any dividend, the making of any distribution, the allotment of any rights or the taking of any other action, as a record time for the determination of the shareholders entitled to receive any such dividend, distribution, or allotment or for the purpose of such other action.

ARTICLE III

DIRECTORS

Section 1. Number: The number of directors constituting the entire Board of Directors shall be determined as set forth in the Articles of Incorporation. The Directors need not be residents of the Marshall Islands nor shareholders of the Corporation. Corporations may, to the extent permitted by law, be elected Directors.

Section 2. How Elected: The Board of Directors shall be divided into three classes, as nearly equal in number as the then total number of directors constituting the entire Board of Directors permits, with the term of office of one or another of the three classes expiring each year. The directors elected at an annual meeting of shareholders to succeed those whose terms then expire shall be identified as being directors of the same class as the directors whom they succeed, and each of them shall hold office until the third succeeding annual meeting of shareholders and until such director's successor is elected and has qualified. Directors shall be elected by a plurality of the votes cast at a meeting of shareholders by the holders of shares entitled to vote in the election. Cumulative voting, as defined in Division 7, Section 71(2) of the BCA, shall not be used to elect directors.

Section 3. Nomination of Directors: Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election to the Board may be made at any annual meeting of shareholders (a) by or at the direction of the Board (or any duly authorized committee thereof) or (b) by any shareholders of the Corporation (i) who is a shareholder of record on the date of the giving of the notice provided for in Section 3 of this Article III and on the record date for the determination of shareholder entitled to vote at such meeting and (ii) who complies with the notice procedures set forth in Section 3 of this Article III.

In addition to any other applicable requirements, for a nomination to be made by a shareholder, such shareholder must have given timely notice thereof in proper written form to the Secretary.

To be timely, a shareholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than one-hundred twenty (120) days nor more than one-hundred eighty (180) days prior to the anniversary date of the immediately preceding annual meeting of shareholders. To the extent, however, these Amended and Restated Bylaws are adopted less than one-hundred twenty (120) days prior to the anniversary date of the annual meeting of shareholders or the first annual meeting of shareholders, then for the first annual meeting of shareholders following adoption of these Amended and Restated Bylaws, such notice may be delivered not more than twenty (20) days subsequent to adoption hereof.

To be in proper written form, a shareholder's notice to the Secretary must set forth; (a) as to each person whom the shareholder proposes to nominate for election as a director (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially or of record by the person and (iv) any other information relating to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder applicable to issuers that are not foreign private issuers and (b) as to the shareholder giving the notice (i) the name and record address of such shareholder along with such shareholder's tax identification number, (ii) the class or series and number of shares of capital stock of the Corporation which are owned beneficially and of record by such shareholder, (iii) a description of all arrangements or understandings between such shareholder and each proposed nominee and any other person and persons (including their names) pursuant to which the nomination(s) are to be made by such shareholder, (iv) a representation that such shareholder intends to appear in person or by proxy at the meeting to nominate the person or persons named in its notice and (v) any other information relating to such shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder. Such notice must be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve as a director if elected.

No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth in Section 3 of this Article III. If the Chairman of the meeting determines that a nomination was not made in accordance with the foregoing procedures, the Chairman shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.

Section 4. Removal:

No proposal by a shareholder to remove a director shall be voted upon at a meeting of the shareholders unless such shareholder has given timely notice thereof in proper written form to the Secretary. To be timely, a shareholder's notice to the Secretary must be delivered to or mailed and received at the principal executive offices of the Corporation not less than one hundred and twenty (120) days nor more than one hundred eighty (180) days prior to the anniversary date of the immediately preceding annual meeting of the shareholders. To the extent, however, these Amended and Restated Bylaws are adopted less than one-hundred twenty (120) days prior to the anniversary date of the annual meeting of shareholders or the first annual meeting of shareholders, then for the first annual meeting of shareholders following adoption of these Amended and Restated Bylaws, such notice may be delivered not more than twenty (20) days subsequent to adoption hereof. To be in proper written form, a shareholder's notice must set forth: (a) a statement of the grounds, if any, on which such director is proposed to be removed, (b) evidence reasonably satisfactory to the Secretary, of such shareholder's status as such and of the number of shares of each class of capital stock of the Corporation beneficially owned by such shareholder, and (c) a list of the names and addresses of other shareholders of the Corporation, if any, with whom such shareholder is acting in concert, and the number of shares of each class of capital stock of the Corporation beneficially owned by each such shareholder.

No shareholder proposal to remove a director shall be voted upon at an annual meeting of the shareholders unless proposed in accordance with the procedures set forth in Section 4 of this Article III. If the Chairman of the meeting determines, based on the facts, that a shareholder proposal to remove a director was not made in accordance with the foregoing procedures, the Chairman shall declare to the meeting that a proposal to remove a director of the Corporation was not made in accordance with the procedures prescribed by these Amended and Restated Bylaws, and such defective proposal shall be disregarded.

Section 5. Vacancies: Any vacancies in the Board of Directors for any reason, and any created directorships resulting from any increase in the number of directors, shall be filled as set forth in the Articles of Incorporation.

Section 6. Regular Meetings: Regular meetings of the Board of Directors may be held at such time and place as may be determined by resolution of the Board of Directors and no notice shall be required for any regular meeting. Except as otherwise provided by law, any business may be transacted at any regular meeting.

Section 7. Special Meetings: Special meetings of the Board of Directors may, unless otherwise prescribed by law, be called from time to time by the President, or any officer of the Corporation who is also a Director. The President or the Secretary shall call a special meeting of the Board upon written request directed to either of them by any two Directors stating the time, place, and purpose of such special meetings of the Board shall be held on a date and at such time and at such place as may be designated in the notice thereof by the officer calling the meeting.

Section 8. Notice of Special Meetings: Notice of the date, time and place of each special meeting of the Board of Directors shall be given to each Director at least forty-eight hours prior to such meeting, unless the notice is given orally or delivered in person, in which case it shall be given at least twenty-four hours prior to such meeting. For the purpose of this section, notice shall be deemed to be duly given to a Director if given to him personally (including by telephone) or if such notice be delivered to such Director by mail or email to his last known address. Notice of a meeting need not be given to any Director who submits a signed waiver of notice, whether before or after the meeting or who attends the meeting without protesting, prior to the conclusion thereof, the lack of notice to him.

Section 9. Quorum: The greater of (i) one third of the entire Board and (ii) a majority of the Directors at the time of office, present in person or by proxy or by communication equipment, shall constitute a quorum for the transaction of business.

Section 10. Voting: The vote of the majority of the Directors, present in Person, by proxy, or in communication by conference telephone, at a meeting at which a quorum is present shall be the act of the Directors. Any action required or permitted to be taken at a meeting may be taken without a meeting if all members of the Board consent thereto in writing.

Section 11. Compensation of Directors and Members of Committees: The Board may from time to time, in its discretion, fix the amounts which shall be payable to members of the Board of Directors and to members of any committee, for attendance at the meetings of the Board or of such committee and for services rendered to the Corporation.

Section 12. Indemnification. Any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another partnership, joint venture, trust or other enterprise shall be entitled to be indemnified by the Corporation upon the same terms, under the same conditions, and to the same extent as authorized by Section 60 of the Business Corporation Act of the Republic of The Marshall Islands, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The Corporation shall pay in advance expenses a director or officer incurred while defending a civil or criminal proceeding, provided that the director or officer will repay the amount if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that he or she is not entitled to indemnification under this section.

ARTICLE IV

COMMITTEES

Section 1. Executive Committee and Other Committees: The Board of Directors may, by resolution or resolutions passed by a majority of the entire Board, designate from among its members an executive committee to consist of one or more of the Directors of the Corporation, which, to the extent provided in said resolution or resolutions, or in these Bylaws, shall have and may exercise, to the extent permitted by law, the powers of the Board of Directors in the management of the business and affairs of the Corporation, and may have power to authorize the seal of the Corporation to be affixed to all papers which may require it. In addition, the Board of Directors may, by resolution or resolutions passed by a majority of the entire Board designate from among its members other committees to consist of one or more of the Directors of the Corporation, each of which shall perform such function and have such authority and powers as shall be delegated to it by said resolutions or as provided for in these Bylaws, except that only the executive committee may have and exercise the powers of the Board of Directors. Members of the executive committee and any other committee shall hold office for such period as may be prescribed by the vote of a majority of the entire Board of Directors. Vacancies in membership of such committees shall be filled by vote of the board of Directors. Committees may adopt their own rules of procedure and may meet at stated times or on such notice as they may determine. Each committee shall keep a record of its proceedings and report the same to the Board when requested.

ARTICLE V

OFFICERS

Section 1. Number of Designation: The Board of Directors shall appoint a President, Secretary and Treasurer or such other officers with such duties as it may deem necessary. Officers may be of any nationality, need not be residents of the Marshall Islands and may be, but are not required to be, Directors. Officers of the corporation shall be natural persons except the secretary may be a corporate entity. Any two or more offices may be held by the same natural person.

The officers shall be appointed annually by the Board of Directors at its first meeting following the annual election of Directors, but in the event of the failure of the Board to so appoint any officer, such officer may be appointed at any subsequent meeting of the Board of Directors. The salaries of the officers and any other compensation paid to them shall be fixed from time to time by the Board of Directors. The Board of Directors may at any meeting appoint additional officers. Each officer shall hold office until the first meeting of the Board of Directors following the next annual election of Directors and until his successor shall have been duly appointed and qualified, except in the event of the earlier termination of his term of office, through death, resignation, removal or otherwise. Any officer may be removed by the Board at any time with or without cause. Any vacancy in an office may be filled for the unexpired portion of the term of such office by the Board of Directors at any regular or special meeting.

Section 2. President: The President shall be the chief executive officer of the Corporation and shall have general management of the affairs of the Corporation together with the powers and duties usually incident to the office of President, except as specifically limited by appropriate written resolution of the Board of Directors and shall have such other powers and perform such other duties as may be assigned to him by the Board of Directors. The President shall preside at all meetings of shareholders at which he is present and, if he is a Director, at all meetings of the Directors.

Section 3. Treasurer: The Treasurer shall have general supervision over the case and custody of the fund, securities, and other valuable effects of the Corporation and shall deposit the same or cause the same to be deposited in the name of the Corporation in such depositories as the Board of Directors may designate, shall disburse the funds of the Corporation as may be ordered by the Board of Directors, shall have supervision over the accounts of all receipts and disbursements of the Corporation, shall, whenever required by the Board, render or cause to be rendered financial statements of the Corporation, shall have the power and perform the duties usually incident to the office of Treasurer, and shall have such powers and perform such other duties as may be assigned to him by the Board of Directors or President.

Section 4. Secretary: The Secretary shall act as Secretary of all meetings of the shareholders and of the Board of Directors at which he is present, shall have supervision over the giving and serving of notices of the Corporation, shall be the custodian of the corporate records and of the corporate seal of the Corporation, shall be empowered to affix the corporate seal to those documents, the execution of which, on behalf of the Corporation under its seal, is duly authorised and when so affixed may attest the same, and shall exercise the powers and perform such other duties as may be assigned to him by the Board of Directors or the President. If the Secretary is a corporation, the duties of the Secretary may be carried out by any authorised representative of such corporation.

Section 5. Other Officers: Officers other than those treated in Section 2 through 4 of this Article shall exercise such powers and perform such duties as may be assigned to them by the Board of Directors or the President.

Section 6. Bond: The Board of Directors shall have power to the extent permitted by law, to require any officer, agent or employee of the Corporation to give bond for the faithful discharge of his duties in such form and with such surety or sureties as the Board of Directors may deem advisable.

ARTICLE VI

CERTIFICATES FOR SHARES

Section 1. Form and Issuance: The shares of the Corporation shall be represented by certificates in a form meeting the requirements of law and approved by the Board of Directors. Certificates shall be signed by the President or a Vice President, and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasure. These signatures may be facsimiles if the certificate is countersigned by a transfer agent or registered by a registrar other than the Corporation itself or its employee. Shares may also be represented in uncertified form, and, specifically, the Corporation may issue shares to be represented in any manner permitted or required by the rules of the stock exchange on which the Corporation may be listed.

Section 2. Transfer: The Board of Directors shall have power and authority to make such rules and regulations as they may deem expedient concerning the issuance, registration and transfer of shares of the Corporation's stock, and may appoint transfer agents and registrars thereof.

Section 3. Loss of Stock Certificates: The Board of Directors may direct a new certificate or certificates of stock to be issued in place of any certificate of certificates theretofore issued by the Corporation alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost or destroyed. When authorising such issue of a new certificate of certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost or destroyed certificate or certificates, or his legal representative, to advertise the same in such manner as it shall require and/or give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be against the Corporation with respect to the certificate alleged to have been lost or destroyed.

ARTICLE VII

DIVIDENDS

Section 1. Declaration and Form: Dividends may be declared in conformity with law by, and at the discretion of, the Board of Directors at any regular or special meeting. Dividends may be declared and paid in cash, stock, or other property of the Corporation.

ARTICLE VIII

CORPORATE SEAL

Section 1. The seal of the Corporation, if any, shall be circular in form, with the name of the Corporation in the circumference and such other appropriate legend as the Board of Directors may from time to time determine.

ARTICLE IX

FISCAL YEAR

Section 1. The fiscal year of the Corporation shall be such period of twelve consecutive months as the Board of Directors may be resolution designate.

ARTICLE X

AMENDMENTS

The Board of Directors of the Corporation is expressly authorized to make, alter or repeal Bylaws of the Corporation by a vote of not less than a majority of the entire Board of Directors; provided however, that the Board of Directors of the Corporation is expressly authorized to make, alter or repeal Article II, Sections 2 and 3 and Article III, Sections 1 2, 3, 4 and 5 of these Bylaws only by a vote of not less than two-thirds of the entire Board of Directors.

## Exhibit 10.12

**Exhibit 10.12**

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2. Place and date 1. Shipbroker 4. Bareboat Charterers/Place of business (Cl. 1) ATHENEAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 3. Owners/Place of business (Cl. 1) LUSTRE 6 HOLDING LIMITED, a corporation incorporated under the laws of the Republic of Liberia with registration number C - 128841 whose registered oﬃce is at 80 Broad Street, Monrovia, Liberia 5. Vessel's name, call sign and ﬂag (Cl. 1 and 3) Vessel name: m.t. "Eco Malibu" Call sign: V7A4461 Flag: Republic of Marshall Islands 7. GT/NT 81,206 / 51,026 6. Type of Vessel suezmax tanker 9. Total DWT (abt.) in metric tons on summer freeboard 157,286 8 When/Where built 2021 Hyundai Heavy Industries Co., Ltd 11. Date of last special survey by the Vessel's classiﬁcaton society N/A 10. Classiﬁcaton Society (Cl. 3) ABS 12. Further partculars of Vessel (also indicate minimum number of months' validity of class certﬁcates agreed acc. to Cl. 3) IMO no. 9902823 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplicaton, reproducton or distributon of this BIMCO SmartCon document will consttute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

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Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplicaton, reproducton or distributon of this BIMCO SmartCon document will consttute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 15. Cancelling date (Cl. 5) See deﬁnition of "Cancelling Date" and Clause 33 (Cancellation) 14. Time for delivery (Cl. 4) See Clause 34 (Delivery and Charter of Vessel) 13. Port or Place of delivery (Cl. 3) Back to back with MOA delivery 17. No. of months' validity of trading and class certﬁcates upon redelivery (Cl. 15) Six (6) months 16. Port or Place of redelivery (Cl. 15) See Clauses 41.6 (Termination, Redelivery and Total Loss) 19. Frequency of dry - docking (Cl. 10(g)) In accordance with Approved Classiﬁcation Society or requirements of Flag State 18. Running days' notce if other than stated in Cl. 4 N/A 20. Trading limits (Cl. 6) International Navigating Limits and excluding any war listed area declared by the Joint War Committee, see also Clause 46.1(t), 46.1(u) and 46.1(v) (Undertakings) 22. Charter hire (Cl. 11) See Clause 36 (Charterhire and Advance Charterhire) 21. Charter period (Cl. 2) See Clause 32 (Charter Period) 23. New class and other safety requirements (state percentage of Vessel's insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A 25. Currency and method of payment (Cl. 11) Dollars/Bank transfer 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV See Clause 37 (Changes to Interest Rate, Default Interest) 27. Bank guarantee/bond (sum and place) (Cl. 24) (optonal) See Clause 24 26. Place of payment; also state beneﬁciary and bank account (Cl. 11) See Clause 36 (Charterhire and Advance Charterhire); such account as the Owners may notify the Charterers from time to time 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies) See Clause 39 (Insurance) - Clause 14 does not apply 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12) N/A 31. Additonal insurance cover, if any, for Charterers' account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 39 (Insurance) 30. Additonal insurance cover, if any, for Owners' account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 39 (Insurance)

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Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplicaton, reproducton or distributon of this BIMCO SmartCon document will consttute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 33. Brokerage commission and to whom payable (Cl. 27) N/A 32. Latent defects (only to be ﬁlled in if period other than stated in Cl. 3) N/A 35. Dispute Resoluton (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitraton must be stated (Cl. 30) Clause 30 not applicable. See Clause 66 (Governing Law and Enforcement) 34. Grace period (state number of clear banking days) (Cl. 28) N/A 36. War cancellaton (indicate countries agreed) (Cl. 26(f)) N/A 38. Name and place of Builders (only to be ﬁlled in if PART III applies) N/A 37. Newbuilding Vessel (indicate with "yes" or "no" whether PART III applies) (optonal) No 40. Date of Building Contract (only to be ﬁlled in if PART III applies) N/A 39. Vessel's Yard Building No. (only to be ﬁlled in if PART III applies) N/A 41. Liquidated damages and costs shall accrue to (state party acc. to Cl. 1) (a) N/A (b) N/A (c) N/A 43. Bareboat Charter Registry (indicate with "yes" or "no" whether PART V applies) (optonal) No 42. Hire/Purchase agreement (indicate with "yes" or "no" whether PART IV applies) (optonal) No, Part IV does not apply 45. Country of the Underlying Registry (only to be ﬁlled in if PART V applies) N/A 44. Flag and Country of the Bareboat Charter Registry (only to be ﬁlled in if PART V applies) N/A 46. Number of additonal clauses covering special provisions, if agreed Clause 32 (Charter Period) to Clause 68 (Deﬁnitions) PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditons contained in this Charter which shall include PART I and PART II and the Additonal Clauses . In the event of a conﬂict of conditons, the provisions of the Additonal Clauses shall prevail over the provisions of PART I and shall prevail over those of PART II to the extent of such conﬂict but no further . It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37 , 42 and 43 . If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conﬂict of conditons, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conﬂict but no further . Signature (Owners) Signature (Charterers)

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1 1. Deﬁnitions 2 In this Charter, the following terms shall have the meanings hereby assigned to them: 3 "The Owners" shall mean the party identiﬁed in Box 3; 4 "The Charterers" shall mean the party identiﬁed in Box 4; 5 "The Vessel" shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. "Financial Instrument s " has the meaning ascribed to it in Clause 68 (Deﬁni ti ons). means the mortgage, deed of covenant or other such ﬁnancial security instrument as annexed to this Charter and stated in Box 28. 6 7 8 2. Charter Period 9 10 In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to hire the Vessel for the period stated in Box 21 ("The Charter Period") . See also Clause 32 (Charter Period) 11 3. Delivery 12 (not applicable when Part III applies, as indicated in Box 37) 13 (a) The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in 14 every respect ready in hull, machinery and equipment for service under this Charter. 15 16 The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in Box 13 . in such ready safe berth as the Charterers may direct. 17 (b) The Vessel shall be properly documented on delivery in accordance with the laws of the ﬂag state indicated in 18 Box 5 and the requirements of the classiﬁcation society stated in Box 10. The Vessel upon delivery shall have her 19 survey cycles up to date and trading and class certiﬁcates valid for at least the number of months agreed in Box 20 12. 21 (c) The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a 22 full performance by the Owners of all the Owners' obligations under this Clause 3, and thereafter the Charterers 23 shall not be entitled to make or assert any claim against the Owners on account of any conditions, 24 representations or warranties expressed or implied with respect to the Vessel . but the Owners shall be liable for 25 the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or 26 27 appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested themselves within twelve (12) months after delivery unless otherwise provided in Box 32. 28 4. Time for Delivery (See Clause 34 (Delivery and Charter of Vessel)) 29 (not applicable when Part III applies, as indicated in Box 37) 30 31 The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers' consent and the Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. 32 33 34 35 Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days' preliminary and not less than fourteen (14) running days' deﬁnite notice of the date on which the Vessel is expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in the Vessel's position. 36 5. Cancelling (See Clause 33 (Cancella ti on)) 37 (not applicable when Part III applies, as indicated in Box 37) 38 (a) Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the 39 option of cancelling this Charter by giving the Owners notice of cancellation within thirty - six (36) running hours 40 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and eﬀect. PART II

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the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared within one hundred and sixty - eight (168) running hours of the receipt by the Charterers of such notice or within thirty - six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then exercise their option of cancelling, the seventh day after the readiness date stated in the Owners' notice shall be 41 (b) If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in 42 a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to 43 44 45 46 47 substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. 48 (c) Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on 49 the Owners under this Charter. 50 6. Trading Restrictions (see also Clauses 46.1 (t), 46.1 (u) and 46.1 (v)) (Undertakin gs)) 51 52 The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits indicated in Box 20. 53 54 55 56 The Charterers undertake not to employ the Vessel or suﬀer the Vessel to be employed otherwise than in conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein) without ﬁrst obtaining the consent of the insurers to such employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe. 57 58 59 60 The Charterers also undertake not to employ the Vessel or suﬀer her employment in any trade or business which is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure or conﬁscation. 61 62 63 64 65 Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or waste are speciﬁcally excluded from the cargo permitted to be loaded or carried under this Charter. This exclusion does not apply to radio - isotopes used or intended to be used for any industrial, commercial, agricultural, medical or scientiﬁc purposes provided the Owners' prior approval has been obtained to loading thereof. 66 7. Surveys on Delivery and Redelivery 67 Provision on Delivery see Clause 47.2 (Inspec ti on of Vessel) (not applicable when Part III applies, as indicated in Box 37) 68 69 The Owners and Charterers shall each appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at the time of delivery and redelivery pursuant to Clause 41.6 (Termina ti on , Redelivery and Total Loss) hereunder (if applicable) at the costs of the Charterers . The Owners shall bear all expenses of the On - hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Oﬀ - hire Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. 70 71 72 8. Inspection (See Clause 47 (Inspec ti on of Vessel)) 73 74 The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 75 (a) to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and 76 maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is 77 found to require repairs or maintenance in order to achieve the condition so provided; 78 (b) in dry - dock if the Charterers have not dry - docked Her in accordance with Clause 10(g). The costs and fees for 79 such inspection or survey shall be paid by the Charterers; and 80 (c) for any other commercial reason they consider necessary (provided it does not unduly interfere with the 81 commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the 82 Owners. PART II

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83 84 All time used in respect of inspection, survey or repairs shall be for the Charterers' account and form part of the Charter Period. 85 86 87 The Charterers shall also permit the Owners to inspect the Vessel's log books whenever requested and shall whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel. 88 9. Inventories, Oil and Stores (See Clause 34.7 (Delivery and Charter of Vessel)) Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 89 90 91 92 93 94 95 A complete inventory of the Vessel's entire equipment, outfit including spare parts, appliances and of all consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. 96 10. Maintenance and Operation 103 97 (a) (i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the 98 absolute disposal for all purposes of the Charterers and under their complete control in every respect. The 99 Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of 100 repair, in eﬃcient operating condition and in accordance with good commercial maintenance practice and, 101 except as provided for in Clause 14(l), if applicable, at their own expense they shall at all times keep the Vessel's 102 Classiﬁcation Class fully up to date with the Classiﬁcation Society indicated in Box 10 and maintain all other necessary certiﬁcates in force at all times. 104 105 106 (ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements or by compulsory legislation , the Charterers shall ensure that the same are complied with and the time and costs of compliance shall be for the Charterers' account. costing (excluding the Charterers' loss of time) more than the percentage stated in Box 23, or if Box 23 is left blank, 5 per cent of the Vessel's insurance value as stated in Box 29, then the extent, if any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall be shared between the parties concerned in order to achieve a reasonable distribution thereof as between the Owners and the Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence of agreement, be referred to the dispute resolution method agreed in Clause 30. 107 108 109 110 111 112 113 114 115 116 117 (iii) Financial Security - The Charterers shall maintain ﬁnancial security or responsibility in respect of third party liabilities as required by any government, including federal, state or municipal or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place, territorial or contiguous waters of any country, state or municipality in performance of this Charter without any delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such government or division or authority thereof. 118 119 120 The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy such requirements at the Charterers' sole expense and the Charterers shall indemnify the Owners against all consequences whatsoever (including loss of time) for any failure or inability to do so. 125 121 (b) Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, 122 navigate, operate, supply, fuel and, whenever required, repair the Vessel during the Charter Period and they 123 shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of 124 the Vessel under this Charter, including annual ﬂag state fees of the Flag State and any foreign general municipality and/or state taxes. The Master, oﬃcers and crew of the Vessel shall be the servants of the Charterers for all purposes PART II

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126 whatsoever, even if for any reason appointed by the Owners. 127 128 Charterers shall comply with the regulations regarding oﬃcers and crew in force in the country of the Vessel's ﬂag or any other applicable law. 129 (c) 130 The Charterers shall keep the Owners and the mortgagee(s) advised of the intended employment, planned dry - docking and major repairs of the Vessel, as reasonably required. 131 (d) 132 133 134 Flag and Name of Vessel – During the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours, install and display their funnel insignia and ﬂy their own house ﬂag (with all fees, costs and expenses arising in rela ti on thereto for the Charterers' account) . The Charterers shall also have the liberty, with the Owners' consent, which shall not be unreasonably withheld, to change the ﬂag and/or the name of the Vessel during the Charter Period (with all fees, costs and expenses arising in rela ti on thereto for the Charterers' account) . Painting and re - painting, instalment and re - instalment, registration and re - registration, if required by the Owners, shall be at the Charterers' expense and time . 135 136 (e) 137 138 139 144 145 146 147 148 149 150 151 152 Changes to the Vessel – Subject to Clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance ﬁrst securing the Owners' approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the Vessel to its former condition before the termination of this Charter . 140 (f) Use of the Vessel's Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment, 141 and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent 142 shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary 143 wear and tear excepted. The Charterers shall from time to time during the Charter Period replace , renew or substitute such items of equipment as shall be so damaged or worn as to be unﬁt for use. The Charterers are to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment be eﬀected in such manner (both as regards workmanship and quality of materials) as not to diminish the value of the Vessel. Title of any equipment so replaced, renewed or substituted shall vest in and remain with the Owners. The Charterers have the right to ﬁt additional equipment at their expense and risk (p rovided that no permanent structural damage is caused to the Vessel by reason of such in st all a t i on) and but the Charterers shall , at their expenses , remove such equipment and make g ood any damage caused by the ﬁ tti ng or removal of such addi ti onal equipment before the Vessel is redelivered to the Owners. at the end of the period if requested by the Owners. Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith, also for any new equipment required in order to comply with radio regulations. 153 (g) Periodical Dry - Docking - The Charterers shall dry - dock the Vessel and clean and paint her underwater parts 154 whenever the same may be necessary, but not less than once during the period stated in Box 19 . or, if Box 19 has 155 been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the 156 Classiﬁcation Society or ﬂag state. 157 11. Hire (See Clause 36 (Charterhire and Advance Charterhire)) 158 (a) The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect of which time shall be of the essence. 159 160 (b) The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 161 which shall be payable not later than every thirty (30) running days in advance, the ﬁrst lump sum being payable 162 on the date and hour of the Vessel's delivery to the Charterers. Hire shall be paid continuously throughout the 163 Charter Period. PART II Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

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164 (c) 165 Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 and at the place mentioned in Box 26. 166 (d) 167 168 Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally according to the number of days and hours remaining before redelivery and advance payment to be eﬀected accordingly. The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last 169 (e) Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. 170 171 172 reported or when the Vessel is posted as missing by Lloyd's, whichever occurs ﬁrst. Any hire paid in advance to be adjusted accordingly. 173 (f) Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If 174 Box 24 has not been ﬁlled in, the three months Interbank oﬀered rate in London (LIBOR or its successor) for the 175 176 currency stated in Box 25, as quoted by the British Bankers' Association (BBA) on the date when the hire fell due, increased by 2 per cent, shall apply. 177 (g) 178 179 Payment of interest due under sub - clause 11(f) shall be made within seven (7) running days of the date of the Owners' invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire payment date. 180 12. Mortgage ((See Clause 64.3 (Ass ig nment and Transfer)) 181 (only to apply if Box 28 has been appropriately ﬁlled in) 182 (a)\* The Owners warrant that they have not eﬀected any mortgage(s) of the Vessel and that they shall not eﬀect any 183 mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. 184 (b)\* The Vessel chartered under this Charter is ﬁnanced by a mortgage according to the Financial Instrument. 185 186 187 188 189 190 191 The Charterers undertake to comply, and provide such information and documents to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The Charterers conﬁrm that, for this purpose, they have acquainted themselves with all relevant terms, conditions and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be required by the mortgagee(s). The Owners warrant that they have not eﬀected any mortgage(s) other than stated in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or eﬀect any 192 193 other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. 194 196 (a) 197 198 199 200 201 202 \*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). 195 13. Insurance and Repairs (See also Clause 39 (Insurance)) Sub j ect to Clause 39 (Insurance), d D uring the Charter Period the Vessel shall be kept insured in accordance with Clause 39 (Insurance) by the Charterers at their expense against hull and machinery, marine and (including blocking and trappin g) war and Protection and Indemnity risks and fre ig ht , demurrage and defence risks (and any risks against which it is compulsory to insure for the operation of the Vessel, including but not limited to maintaining ﬁnancial security in accordance with sub - clause 10(a)(iii)) in such form as the Owners shall in writing approve . , which approval shall not be unreasonably withheld. Such insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the Owners' Financiers mortgagee(s) (if any), and the Charterers shall be at liberty to protect under such insurances the interests of any managers they may appoint provided such manager has entered into a manager's undertaking in form and substance acceptable to the OnOwners and the Owners' Financiers (if an y) . Insurance policies shall cover the Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. PART II

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Owners , the Owners' Financiers (if an y) and the Charterers according to their respective interests. 203 204 Subject to the provisions of the agreed loss payable clauses, Financial Instrument, if any, and the approval of the Owners and the insurers, the Charterers shall eﬀect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the extent of coverage under the insurances herein provided for. 205 206 207 208 209 210 The Charterers also to remain responsible for and to eﬀect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances. 211 212 All time used for repairs under the provisions of sub - clause 13(a) and for repairs of latent defects according to Clause 3(c) above , including any deviation, shall be for the Charterers' account. 213 (b) 214 215 216 217 218 (c) 219 If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall be limited to the amount for each party set out in Box 30 and Box 31 , respectively . The Owners or the Charterers as the case may be shall immediately furnish the other party Owners with particulars of any additional insurance eﬀected, including copies of any cover notes or policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary. The Charterers hereby undertake that an y addi ti onal insurances that they arrange now or in the future will always be compliant with the terms of the underlying hull and machinery policies. The Charterers shall upon the request of the Owners, provide information and promptly execute such documents as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument (if an y) . 220 (d) 221 222 223 224 225 Subject to the provisions of the Financial Instrument s and Clause 41.13 (Termina ti on, Redelivery and Total Loss) , if any, should the Vessel become a Total Loss, an actual, constructive, compromised or agreed total loss under the insurances required under sub - clause 13(a), all insurance payments for such loss shall be paid to the Owners (or, if applicable, the Owners' Financiers in accordance with the terms of the relevant loss payable clauses). who shall distribute the moneys between the Owners and the Charterers according to their respective interests. The Charterers undertake to notify the Owners and the Owners' Financiers (if an y), and the mortgagee(s), if any, of any occurrences in consequence of which the Vessel is likely to become a T t otal L l oss as deﬁned in this Clause. 226 (e) 227 The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. 228 (f) 229 For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub - clause 13(a), the value of the Vessel is the sum indicated in Clause 39 (Insurance). Box 29. 230 14. Insurance, Repairs and Classiﬁcation 231 232 (Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered deleted). not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies 233 (a) During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and 234 machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall 235 236 237 238 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. shall cover the Owners and the Charterers according to their respective interests. PART II

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PART II 239 (b) During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection 240 and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, 241 including maintaining ﬁnancial security in accordance with sub - clause 10(a)(iii)) in such form as the Owners shall 242 in writing approve which approval shall not be unreasonably withheld. 243 (c) 244 245 In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which would otherwise have been covered by such insurance . 246 (d) The Charterers shall, subject to the approval of the Owners or Owners' Underwriters, eﬀect all insured repairs, 247 and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as 248 well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for 249 under the provisions of sub - clause 14(a). 250 251 The Charterers to be secured reimbursement through the Owners' Underwriters for such expenditures upon presentation of accounts. 252 (e) 253 254 The Charterers to remain responsible for and to eﬀect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances. 255 (f) 256 257 All time used for repairs under the provisions of sub - clauses 14(d) and 14(e) and for repairs of latent defects according to Clause 3 above, including any deviation, shall be for the Charterers' account and shall form part of the Charter Period. 258 259 The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for such time as may be required to make such repairs. 260 (g) 261 262 If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any additional insurance eﬀected, including copies of any cover notes or policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary. 263 264 265 (h) 266 267 Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances required under sub - clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall distribute the moneys between themselves and the Charterers according to their respective interests. 268 (i) 269 If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged by the Owners in accordance with sub - clause 14(a), this Charter shall terminate as of the date of such loss. 270 (j) 271 The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. 272 (k) 273 For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub - clause 14(a), the value of the Vessel is the sum indicated in Box 29. 274 (l) 275 276 Notwithstanding anything contained in sub - clause 10 (a), it is agreed that under the provisions of Clause 14 , if applicable, the Owners shall keep the Vessel's Class fully up to date with the Classiﬁcation Society indicated in Box 10 and maintain all other necessary certiﬁcates in force at all times . 277 15. Redelivery (See Clause 41.6 (Termina ti on , Redelivery and Total Loss)) Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 278 279 280 At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe and ice - free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The Charterers shall give the Owners not less than thirty (30) running days' preliminary notice of expected date, range of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days' deﬁnite notice 281

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282 of expected date and port or place of redelivery. 283 Any changes thereafter in the Vessel's position shall be notiﬁed immediately to the Owners. 284 285 286 287 288 289 The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. 290 291 292 Subject to the provisions of Clause 10 , the Vessel shall be redelivered to the Owners in the same or as good structure, state, condition and class as that in which she was delivered, fair wear and tear not aﬀecting class excepted . 293 294 The Vessel upon redelivery shall have her survey cycles up to date and trading and class certiﬁcates valid for at least the number of months agreed in Box 17. 295 16. Non - Lien 296 Save for Permitted Security Interest (if an y), t T he Charterers will not suﬀer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the Owners in the Vessel . The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice reading as follows : 297 298 299 300 301 302 "This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever." or a no ti ce in such analogous form as reasonabl y required by any Mort gag ee (if an y). 303 17. Indemnity (See Clauses 38.3 (Possession of Vessel), 39.16 (Insurance), 39.17 (Insurance), 39.18 (Insurance), 41.4 (Termina ti on , Redelivery and Total Loss), 54 (Indemni ti es) and 56.4 (Increased Costs)) arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including 304 (a) The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising 305 out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature 306 307 308 309 the provision of bail. 310 311 Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, oﬃcers or agents signing Bills of Lading or other documents. 312 (b) 313 If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including the provision of bail. 314 315 316 In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. 317 18. Lien 318 The Owners shall to have a lien upon all cargoes, sub - hires and sub - freights belonging or due to the Charterers or any sub - charterers and any Bill of Lading freight for all claims under this Charter , and the Charterers to have a lien on the Vessel for all moneys paid in advance and not earned . 319 320 PART II Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

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321 19. Salvage 322 323 All salvage and towage performed by the Vessel shall be for the Charterers' beneﬁt and the cost of repairing damage occasioned thereby shall be borne by the Charterers. 324 20. Wreck Removal 325 326 327 In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation. 328 21. General Average 329 The Owners shall not contribute to General Average. 330 22. Assignment , Sub - Charter and Sale (See Clause 64 (Ass ig nment and Transfer)) 331 (a) 332 333 The Charterers shall not assign this Charter nor sub - charter the Vessel on a bareboat basis except with the prior consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and conditions as the Owners shall approve. 334 (b) 335 336 The Owners shall not sell the Vessel during the currency of this Charter except with the prior written consent of the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of this Charter . 337 23. Contracts of Carriage 338 (a)\* The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and 339 340 341 342 conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation relating to carrier's liability for cargo compulsorily applicable in the trade; if no such legislation exists, the documents shall incorporate the Hague - Visby Rules. The documents shall also contain the New Jason Clause and the Both - to - Blame Collision Clause. 343 (b)\* The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of 344 345 346 347 passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation relating to carrier's liability for passengers and their luggage compulsorily applicable in the trade; if no such legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of Passengers and their Luggage by Sea, 1974, and any protocol thereto. 348 \*Delete as applicable. 349 24. Bank Corporate Guarantee 350 (Optional, only to apply if Box 27 ﬁlled in) 351 The Charterers undertake to furnish, on or about the date of this Charter, before delivery of the Vessel, a ﬁrst class bank guarantee or bond in the sum and at the place as indicated in Box 27 as a corporate g uarantee from the Guarantor as guarantee and the other Security Documents (if not already earlier entered into) for full performance of their obligations under this Charter. 352 353 355 (a) 356 357 358 359 360 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 354 25. Requisition/Acquisition Sub j ect to the provisions of the Financial Instruments (if an y) and the General Ass ig nment, i I n the event of the Requisition for Hire of the Vessel by any governmental or other competent authority (hereinafter referred to as "Requisition for Hire") irrespective of the date during the Charter Period when "Requisition for Hire" may occur and irrespective of the length thereof and whether or not it be for an indeﬁnite or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time PART II

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361 362 363 364 365 (b) when the Charter would have terminated pursuant to any of the provisions hereof . always provided however that in the event of "Requisition for Hire" any Requisition Hire or compensation received or receivable by the Owners shall be payable to the Charterers during the remainder of the Charter Period or the period of the "Requisition for Hire" whichever be the shorter. Sub j ect to the other provisions of this Charter and the Financial Instruments (if an y) i I n the event of the Owners being deprived of their ownership in the Vessel by any Compulsory Acquisition of the Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as "Compulsory Acquisition"), then, irrespective of the date during the Charter Period when "Compulsory Acquisition" may occur, this Charter shall be deemed terminated as of the date of such "Compulsory Acquisition". In such event Charter Hire to be considered as earned and to shall be paid up to the date and time of such "Compulsory Acquisition". Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 366 367 368 369 370 371 26. War 372 (a) For the purpose of this Clause, the words "War Risks" shall include any war (whether actual or threatened), act 373 of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines 374 (whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades 375 (whether imposed against all vessels or imposed selectively against vessels of certain ﬂags or ownership, or 376 against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or 377 the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous 378 to the Vessel, her cargo, crew or other persons on board the Vessel. 379 (b) The Vessel, unless the wri tt en consent of the Owners be ﬁrst obtained, unless trading within the limits and safe places in accordance with The Approved Sub - charter and the Charterer has eﬀected the additional premium required by the Vessels insurers and prior no ti ce has been g iven to the Owners about the details of the i ti nerar y and the additional insurances of the Vessel, shall not continue to or go through any port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have the right to require the Vessel to leave such area. 380 381 382 383 384 385 (c) The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed 386 on all vessels, or is imposed selectively in any way whatsoever against vessels of certain ﬂags or ownership, or 387 against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, 388 or is likely to be subject to a belligerent's right of search and/or conﬁscation. 389 (d) 390 If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums and/or calls because, pursuant to the Charterers' orders, the Vessel is within, or is due to enter and remain within, any area or areas which are speciﬁed by such insurers as being subject to additional premiums because of War Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due. 391 392 393 394 (e) The Charterers shall have the liberty: 395 396 397 398 (i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which are given by the Government of the Nation under whose ﬂag the Vessel sails, or any other Government, body or group whatsoever acting with the power to compel compliance with their orders or directions; 399 400 (ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the authority to give the same under the terms of the war risks insurance; PART II

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401 402 403 404 (iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of the European Community, the eﬀective orders of any other Supranational body which has the right to issue and give the same, and with national laws 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 enforcement. 405 (f) In the event of outbreak of war (whether there be a declaration of war or not) 406 (i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; France; and the People's Republic of China, 407 408 409 410 411 412 413 414 (ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by the Owners. In all cases hire shall continue to be paid in accordance with Clause 11 and except as aforesaid all other provisions of this Charter shall apply until redelivery the end of the Charter Period . 415 27. Commission 416 417 418 The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the actual expenses of the Brokers and a reasonable fee for their work. 419 420 If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall indemnify the Brokers against their loss of commission. 421 422 Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of commission but in such case the commission shall not exceed the brokerage on one year's hire. 423 28. Termination (See Clauses 41 (Termina ti on , Redelivery and Total Loss) and 49 (Termina ti on Events)) 424 (a) Charterers' Default 425 The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter with immediate eﬀect by written notice to the Charterers if: 426 427 (i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, 428 429 430 431 the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as recognised at the agreed place of payment) in which to rectify the failure, and when so rectiﬁed within such number of days following the Owners' notice, the payment shall stand as regular and punctual. 432 433 434 Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners' notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and terminate the Charter without further notice; 435 (ii) the Charterers fail to comply with the requirements of: 436 (1) Clause 6 (Trading Restrictions) 437 (2) Clause 13(a) (Insurance and Repairs) 438 439 440 provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a speciﬁed number of days grace within which to rectify the failure without prejudice to the Owners' right to withdraw and terminate under this Clause if the Charterers fail to comply with such notice; Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. PART II

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441 442 443 (iii) the Charterers fail to rectify any failure to comply with the requirements of sub - clause 10 (a)(i) (Maintenance and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any event so that the Vessel's insurance cover is not prejudiced . 444 (b) Owners' Default 445 446 447 448 If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall be entitled to terminate this Charter with immediate eﬀect by written notice to the Owners. 449 (c) Loss of Vessel 450 451 452 453 454 This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss . For the purpose of this sub - clause, the Vessel shall not be deemed to be lost unless she has either become an actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. 455 (d) 456 457 Either party shall be entitled to terminate this Charter with immediate eﬀect by written notice to the other party in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors. 458 459 460 (e) 461 The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to the date of termination and to any claim that either party might have. 462 29. Repossession (See also Clauses 41 (Termina ti on , Redelivery and Total Loss) and 49 (Termina ti on Events)). In the event the Vessel is due for redelivery p ursuant to Clause 41.6 (Termina ti on , Redelivery and Total Loss) or Owners have made a request for redelivery of the Vessel in accordance with the a p p licable p rovisions of Clause 41.10 (Termina ti on , Redelivery and Total Loss), 463 464 465 466 467 In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, the Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at a port or place convenient to them without hindrance or interference by the Charterers, courts or local authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall hold the Vessel as gratuitous bailee only to the Owners and the Charterers shall procure that the master and crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall not be materially and adversely compromised) . The Owners shall arrange for an authorised representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. 468 469 470 471 472 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the Vessel by the Owners' representative. All arrangements and expenses relating to the settling of wages, disembarkation and repatriation of the Charterers' Master, oﬃcers and crew shall be the sole responsibility of the Charterers. 473 30. Dispute Resolution (See Clause 66 (Governing Law and Enforcement)) 474 (a)\* This Contract shall be governed by and construed in accordance with English law and any dispute arising out of 475 476 477 or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modiﬁcation or re - enactment thereof save to the extent necessary to give eﬀect to the provisions of this Clause. 478 479 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 480 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its PART II

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481 482 483 484 485 486 arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days speciﬁed. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days speciﬁed, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. 487 488 489 Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. 490 491 492 In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 493 (b)\* This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be ﬁnal, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be 494 495 496 497 498 conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. 499 500 501 In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. 502 (c)\* This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by 503 504 the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. 505 (d) 506 Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any diﬀerence and/or dispute arising out of or in connection with this Contract. 507 508 In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the following shall apply: 509 (i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other party of a written notice (the "Mediation Notice") calling on the other party to agree to mediation. 510 511 512 513 514 515 (ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice conﬁrm that they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event 516 517 of disagreement, as may be set by the mediator. 518 519 (iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. 520 521 (iv) The mediation shall not aﬀect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest. 522 523 (v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account PART II Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.

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Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 524 when setting the timetable for steps in the arbitration. 525 526 (vi) Unless otherwise agreed or speciﬁed in the mediation terms, each party shall bear its own costs incurred in the mediation and the parties shall share equally the mediator's costs and expenses. 527 528 529 (vii) The mediation process shall be without prejudice and conﬁdential and no information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration. 530 (Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) 531 (e) 532 If Box 35 in Part I is not appropriately ﬁlled in, sub - clause 30(a) of this Clause shall apply. Sub - clause 30(d) shall apply in all cases. 533 \*Sub - clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. 535 (a) 536 534 31. Notices (See Clause 44 (No ti ces)) Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service. 537 (b) The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. PART II

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1 1. Speciﬁcations and Building Contract 3 2 (a) The Vessel shall be constructed in accordance with the Building Contract (hereafter called "the Building Contract") as annexed to this Charter, made between the Builders and the Owners and in accordance with the speciﬁcations and plans annexed thereto, such Building Contract, speciﬁcations and plans having been counter - signed as 4 5 approved by the Charterers. 6 (b) No change shall be made in the Building Contract or in the speciﬁcations or plans of the Vessel as approved by 7 the Charterers as aforesaid, without the Charterers' consent. the course of her construction to satisfy themselves that construction is in accordance with such approved 8 (c) The Charterers shall have the right to send their representative to the Builders' Yard to inspect the Vessel during 9 10 speciﬁcations and plans as referred to under sub - clause (a) of this Clause. 11 (d) The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. 12 Subject to the provisions of sub - clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the 13 14 15 Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims against the Owners in respect of the Vessel's performance or speciﬁcation or defects, if any. 16 17 18 19 Nevertheless, in respect of any repairs, replacements or defects which appear within the ﬁrst 12 months from delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or remedies. 20 21 22 However, the Owners' liability to the Charterers shall be limited to the extent the Owners have a valid claim against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover under this Clause and shall make no further claim on the Owners for the diﬀerence between the amount(s) so 23 24 25 recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time incurred. 26 27 Any liquidated damages for physical defects or deﬁciencies shall accrue to the account of the party stated in Box 41(a) or if not ﬁlled in shall be shared equally between the parties. 28 The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) shall be borne by the party stated in Box 41(b) or if not ﬁlled in shall be shared equally between the parties. 29 30 2. Time and Place of Delivery with the Building Contract and speciﬁcations to the satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the Vessel aﬂoat when ready for delivery and properly documented at the Builders' Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be entitled to make any claim against the Owners in respect of any conditions, representations or warranties, 31 (a) Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance 32 33 34 35 36 37 38 39 40 41 Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. PART III

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Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. PART III 42 (b) If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled 43 under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers 44 written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers 45 and upon receipt of such notice by the Charterers this Charter shall cease to have eﬀect. 46 (c) If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, 47 before exercising such right of rejection, consult the Charterers and thereupon 48 49 50 (i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease to have eﬀect; or 51 52 53 54 55 (ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) running days require the Owners to negotiate with the Builders as to the terms on which delivery should be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and deliver her to the Charterers; 56 57 (iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders; 58 59 (iv) if this Charter terminates under sub - clause (b) or (c) of this Clause, the Owners shall thereafter not be liable to the Charterers for any claim under or arising out of this Charter or its termination. 60 (d) Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a 61 claim therefor shall accrue to the account of the party stated in Box 41(c) or if not ﬁlled in shall be shared 62 equally between the parties. 63 3. Guarantee Works 64 65 66 If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be performed in accordance with the building contract terms, and hire to continue during the period of guarantee works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. 67 4. Name of Vessel 68 69 The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be painted in the colours, display the funnel insignia and ﬂy the house ﬂag as required by the Charterers. 70 5. Survey on Redelivery 71 72 The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at the time of redelivery. 73 74 75 76 Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be paid at the rate of hire per day or pro rata.

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1 2 3 On expiration of this Charter and provided the Charterers have fulﬁlled their obligations according to Part I and II as well as Part III, if applicable, it is agreed, that on payment of the ﬁnal payment of hire as per Clause 11 the Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for. 4 In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers. 5 The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter. 6 7 8 9 10 11 12 13 The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing mortgage agreed not to be paid oﬀ by the time of delivery . Should any claims, which have been incurred prior to the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims . Any taxes, notarial, consular and other charges and expenses connected with the purchase and registration under Buyers' ﬂag, shall be for Buyers' account . Any taxes, consular and other charges and expenses connected with closing of the Sellers' register, shall be for Sellers' account . 14 15 16 17 In exchange for payment of the last month's hire instalment the Sellers shall furnish the Buyers with a Bill of Sale duly attested and legalized, together with a certiﬁcate setting out the registered encumbrances, if any. On delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship's Register and deliver a certiﬁcate of deletion to the Buyers. 18 The Sellers shall, at the time of delivery, hand to the Buyers all classiﬁcation certiﬁcates (for hull, engines, anchors, chains, etc.), as well as all plans which may be in Sellers' possession. 19 20 21 The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra payment. 22 23 24 25 The Vessel with everything belonging to her shall be at Sellers' risk and expense until she is delivered to the Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for possible faults or deﬁciencies of any description. Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 26 27 The Buyers undertake to pay for the repatriation of the Master, oﬃcers and other personnel if appointed by the Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent cost for their journey to any other place. 28 PART IV

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Copyright© 2001 BIMCO. All rights reserved. Any unauthorised copying, duplicaton, reproducton or distributon of this BIMCO SmartCon document will consttute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001. 1. 1. Deﬁnitions 2 For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: 3 4 "The Bareboat Charter Registry" shall mean the registry of the State whose ﬂag the Vessel will ﬂy and in which the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. 5 6 7 "The Underlying Registry" shall mean the registry of the state in which the Owners of the Vessel are registered as Owners and to which jurisdicton and control of the Vessel will revert upon terminaton of the Bareboat Charter Registraton. 8 2. Mortgage 9 10 The Vessel chartered under this Charter is ﬁnanced by a mortgage and the provisions of Clause 12(b) (Part II) shall apply. 11 3. Termination of Charter by Default 12 13 14 15 If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if the Owners shall default in the payment of any amounts due under the mortgage(s) speciﬁed in Box 28, the Charterers shall, if so required by the mortgagee, direct the Owners to re - register the Vessel in the Underlying Registry as shown in Box 45. 16 17 18 19 In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners under this Charter. PART V

#### EXECUTION VERSION

####  
**ADDITIONAL CLAUSES TO BARECON 2001 DATED ___________________ 2025**

#### Clause 32 – Charter Period
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 The period of this Charter (the "**Charter Period**") shall, subject to the terms of this
Charter, continue for a period of one hundred and twenty (120) months starting from the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) valid, binding and enforceable against the parties hereto,

with effect from the date hereof until the end of the Charter Period (subject to the terms of this Charter).

#### Clause 33 – Cancellation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the
Cancelling Date (or such later date as the parties to the MOA may agree); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full
force and effect for any reason (in whole or in part),

then this Charter shall immediately terminate and be cancelled (without prejudice to Clause 54 – (*Indemnities*) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers pursuant to Clause 42 – (*Fees and Expenses*) (and without prejudice to Clause 42 – (*Fees and Expenses*) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in accordance with Clause 42 – (*Fees and Expenses*) and such payment shall be irrevocable and unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners' risk of the Charterers failing to perform its obligations under this Charter. For the avoidance of doubt, the termination of this Charter shall not prejudice the operation of any provision of any Leasing Document which is expressed to survive the termination or cancellation of this Charter).

#### Clause 34 – Delivery and Charter of Vessel
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and
constitutes one of the Leasing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and
conditional upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Potential Termination Event or Termination Event having occurred which is continuing from the date
of this Charter to the last day of the Charter Period (inclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the representations and warranties contained in Clause 45 – (*Representations and Warranties*)
being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Delivery occurring on or before the Cancelling Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Owners having received from the Charterers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the
MOA) to the Owners (in their capacity as buyers under the MOA), the documents or evidence set out in Part A of Schedule 2 in form and
substance satisfactory to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy
of the protocol of delivery and acceptance evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance
Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance satisfactory to them,

and if any of the documents listed in Schedule 2 are not in the English language then, where required by the Owners, they shall be accompanied by a certified English translation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 The conditions precedent specified in Clause 34.2(e) are inserted for the sole benefit of the Owners and
may be waived or deferred in whole or in part and with or without conditions by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4 On the delivery to and acceptance by the Owners (in their capacity as buyers) of the Vessel from the Charterers
(in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by,
the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject
to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.5 On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver
to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement
of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed and/or the Charterers
do not take actual possession of the Vessel at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.6 The Charterers shall not be entitled for any reason whatsoever to
refuse to accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their
capacity as buyers) from the Charterers (in their capacity as sellers) under the MOA, and the Owners shall not be liable for any losses,
costs or expenses whatsoever or howsoever arising including without limitation, any loss of profit or any loss or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited
to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation, performance, capacity or fitness
for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
to commence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.7 The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating
oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel
on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils
and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule
2 in a form and substance satisfactory to the Owners within the time periods permitted therein.

#### Clause 35 – Quiet enjoyment
Provided that no Termination Event has occurred and continuing or Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers' lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between
the relevant parties, all acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers
in a form mutually acceptable to the Mortgagee and the Charterer.

#### Clause 36 – Charterhire and Advance Charterhire
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at
the request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire, the Advance
Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2 The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference
between the Purchase Price and the Financing Amount as of the Commencement Date (the "**Advance Charterhire** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement
Date by the Owners (as buyers under the MOA) setting off an amount equal to the Advance Charterhire against a corresponding amount of
the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 The Advance Charterhire shall not bear interest and shall be non-refundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
in arrears in monthly instalments on each Payment Date. Each instalment shall consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of Charterhire
(the "**Fixed Charterhire**") which shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to the first (1<sup>st</sup>) to the one hundred nineteenth (119<sup>th</sup>) instalments
(both inclusive), US$191,666 ()"**Original Fixed Charterhire A** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to the one hundred twentieth (120<sup>th</sup>) instalment, US$191,746 ()"**Original Fixed Charterhire B** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to the first (1<sup>st</sup>) to the one hundred nineteenth (119<sup>th</sup>) instalments
(both inclusive), *Original Fixed Charterhire A x Adjustment Value*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to the one hundred twentieth (120<sup>th</sup>) instalment, *Original Fixed Charterhire B x Adjustment Value*.

---

| | |
|:---|:---|
| (b) | a variable element of Charterhire (the "**Variable Charterhire**") which shall be calculated by applying the applicable Interest Rate to the Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, on the Commencement Date) for the relevant Hire Period ending on the relevant Payment Date by reference to the actual number of days elapsed. |
| 36.5A | For the purposes of determining the Variable Charterhire: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the Interpolated
Term SOFR for a period equal in length to for that Hire Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no Term SOFR is available for any relevant Hire Period and it is not possible to calculate the Interpolated
Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period, the
applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Hire Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR,
there shall be no Reference Rate for that Hire Period and Clause 37.3 shall apply for that Hire Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.6 Charterhire shall be payable in arrears on the tenth (10<sup>th</sup>) day of the calendar month following
the month in which the preceding Payment Date falls, save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first instalment of Charterhire shall fall on the tenth (10<sup>th</sup>) day of the calendar month
following the month in which the Commencement Date falls (the "**First Payment Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final instalment of Charterhire shall fall on the last day of the Charter Period,

such that there is a total of one hundred and twenty (120) Payment Dates during the Charter Period (each, a "**Payment Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.7 Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the
Owners by not later than 4.00 pm (Beijing time). Any payment of Charterhire which is due to be made on a Payment Date which is not also
a Business Day shall be made on the preceding Business Day instead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.8 Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be
of the essence of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.9 All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.10 All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers
to the Owners' designated bank account as the Owners may notify the Charterers in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.11 Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers' risk until
receipt by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.12 The Vessel shall not at any time be deemed off-hire and the Charterers' obligation to pay the Charterhire
and any other amounts payable in this Charter (including but not limited to the Termination Sum) in Dollars shall be absolute and unconditional
under any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (except in the case of the Advance Charterhire) any set off, counterclaim, recoupment, defence, claim
or other right which the Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without
limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing between
the Owners and the Charterers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation
of the Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use
of the Vessel or the ineligibility of the Vessel for any particular trade, or for registration or documentation under the laws of any
relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Total Loss or any damage to or forfeiture or court marshall's or other sale of the Vessel if the Termination
Sum or any part thereof remains due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction
or prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers unless for such
period where such arrest, detention or seizure is solely attributable to the fault of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar
proceedings by or against the Charterers and any other Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay
in performing or complying with any of the terms and provisions of this Charter or any of the Leasing Documents by any party to this Charter
or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the
Leasing Documents executed or to be executed pursuant to this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown,
damage, accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in
any way affecting any obligation of the Charterers under this Charter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak
of any viruses or any other highly infectious or contagious diseases (including the 2019 novel coronavirus), including but not limited
to those caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) closure of ports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prohibitions or restrictions against the Vessel calling at or passing through certain ports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel
or the operation of the ports (including stevedoring operations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fumigation or cleaning of the Vessel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination
event (or any other analogous event howsoever called) has occurred under the relevant charter agreement or management agreement (as the
case may be) of the Vessel as a result of the outbreak of such viruses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.13 All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services
tax), withholding or other taxes and import and export duties and all other similar types of charges which may be levied or assessed on
or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the operation of this Charter in respect of the hire and all other payments to be made pursuant to this
Charter and the remittance thereof to the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the import, export, purchase, operation, delivery and re-delivery of the Vessel,

shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in Hong Kong and (ii) the introduction or alteration after the date of this Charter of a law in Hong Kong or an alteration after the date of this Charter in the manner in which a law in Hong Kong is interpreted or applied (the "**Tax Changes**"), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

#### Clause 37 – Changes to Interest Rate, Default Interest
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 If, before the Reporting Time, the Owners determine (which determination shall be conclusive and binding)
that their cost of funds relating to the then prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market
Disruption Rate, the Owners shall promptly notify the Charterers accordingly and Clause 37.3 below
shall apply to the prevailing Outstanding Capital Balance or any part thereof for that Hire Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 Immediately following the notification referred to in Clause 37.1 above, if the Owners and Charterers
so require, the Owners and the Charterers shall negotiate in good faith (for a period not more than thirty (30) days) with a view to agreeing
upon a substitute basis for determining the applicable Interest Rate for that Hire Period. Subject to Clause 37.4, any substitute or alternative
basis agreed pursuant to this Clause shall, with the prior written consent of the Parties, be binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Clause 37.3 applies pursuant to Clause 36.5A and Clause 37.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a substitute basis is not so requested and/or agreed pursuant to Clause 37.2 above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 37.4,

the applicable Interest Rate shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Margin, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of funds certified and notified by the Owners, with relevant supporting evidence available to
the Owners at the relevant time (expressed as an annual rate of interest) relating to the then prevailing Outstanding Capital Balance
or any part thereof during the relevant Hire Period (as reasonably determined by the Owners),

provided that if the rate pursuant to (ii) above is less than zero, the relevant rate shall be deemed to be zero. It is hereby agreed that the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners pursuant to this Clause 37.3, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

If this Clause 37.3 applies pursuant to Clause 37.1 and the Owners do not notify a Funding Rate to the Charterers by the Reporting Time, the Owners' cost of funds relating to that portion of the Outstanding Capital Balance for that Hire Period shall be deemed, for the purposes of Clause 37.3(c)(ii) above, to be the Market Disruption Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.4 If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the
Owners are entitled to make any amendment or waiver to the terms of the Leasing Documents with the consent of the Charterers (at the Charterers'
cost) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition
to) that Published Rate; and

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this
Charter (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the
purposes of this Charter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) implementing market conventions applicable to that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for
calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall
be determined on the basis of that designation, nomination or recommendation),

and pending any such amendment or waiver and the Replacement Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate, Clause 37.3 shall apply to the calculation of the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.5 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional
interest on such late payment at a rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant
Hire Period which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment
became due up to and excluding the date of payment thereof  ***,*** and the Charterers and the Owners agree that such default rate
is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners' risk of the Charterers
failing to perform its obligations under this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.6 All interest (including default interest) and any other payments under this Charter which are of an annual
or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three
hundred and sixty (360) days' year.

#### Clause 38 – Possession of Vessel
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or
existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising
from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security
Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer
or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the
Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that
such party has received such written notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3 Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure
the immediate release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things
as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses,
costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without prejudice
to the generality of the foregoing and Clause 53 – (*Sale of the Vessel*), the Charterers agree to indemnify the Owners against
all consequences or liabilities arising from the master, officers or agents signing bills of lading or other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.4 If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners'
direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct
of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take
all reasonable steps to procure that the Vessel is released within a reasonable time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5 The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of
the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable
against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent)
an arrest (threatened or otherwise) of the Vessel.

#### Clause 39 – Insurance
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 The Charterers shall procure that the insurances for the Vessel are effected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping),
on an agreed value basis of at least the higher of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred
and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher
of (i) the highest level of cover from time to time available under protection and indemnity club entry and in the international marine
insurance market and (ii) an amount of not less than $1,000,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a
protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with first class international insurers and/or underwriters acceptable to the Owners and having a Standard
& Poor's rating of BBB+ or above, a Moody's rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the
Owners or, in the case of war risks through a protection and indemnity club which meets the requirements of paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) on terms and in form acceptable to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 In addition to the terms set out in Clause 13(a) (*Insurance and Repairs*), the Charterers shall
procure that the Obligatory Insurances shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable
the Owners' Financiers if so required by the Owners) as the only named assureds unless the interest of every other named assured or co-assured
is limited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any Obligatory Insurances for hull and machinery and war risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
claim on underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to any third party liability claims where cover for such claims is provided by the policy (and then only
in respect of discharge of any claims made against them); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are
entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against them,

and every other named assured or co-assured has undertaken in writing to the Owners or the Owners' Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners' Financiers (if any)) in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners' Financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whenever the Owners' Financiers (if any) require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as
additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation
against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other
assessments in respect of such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured
or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) name the same and the Owners as respectively the first ranking loss payee and the second ranking loss
payee (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss
payable clauses approved by the Owners' Financiers and the Owners with such directions for payment in accordance with the terms of such
relevant loss payable clause, as the Owners and the Owners' Financiers (if any) may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners
and/or the Owners' Financiers (as applicable) shall be made without set-off, counterclaim, deductions or condition whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide that such Obligatory Insurances shall be primary without right of contribution from other insurances
which may be carried by the Owners or the Owners' Financiers (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provide that the Owners and/or the Owners' Financiers (if any) may make proof of loss if the Charterers
fail to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage
which adversely affects the interest of the Owners and/or the Owners' Financiers (if any), or if any Obligatory Insurance is allowed to
lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners'
Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners' Financiers (if any) of prior written notice from
the insurers of such cancellation, change or lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3 The Charterers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
writing the Owners of the terms and conditions of all Insurances (copied to the Owners' Financiers (if any) and the brokers or insurers
with whom the Insurances are or will be placed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change
of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances
are taken from time to time pursuant to this Clause 39 – (*Insurance*), notify the Owners (copied to the Owners' Financiers
(if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers
propose to renew or obtain that Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain the Owners'
approval to such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance
is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) procure that the approved brokers and/or the war risks and protection and indemnity associations with
which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity
cover notify the Owners (copied to the Owners' Financiers (if any)) in writing of the terms and conditions of the renewal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as
renewed pursuant to Clause 39.3(c) (*Insurance*) together with copies of the relevant policies or cover notes or entry certificates
duly endorsed with the interest of the Owners and/or the Owners' Financiers (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.4 The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers
(if any) provide the Owners with copies (or upon the Owners' request, originals) of policies, cover notes and certificates of entry relating
to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners and/or
the Owners' Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
of assignment complying with the provisions of this Charter and the Financial Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
Owners' Financiers (if any) and/or such other party in accordance with the said loss payable clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they will advise the Owners and the Owners' Financiers (if any) promptly of any material change to the
terms of the Obligatory Insurances of which they are aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
the Owners' Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a
written application from the Owners and/or the Owners' Financiers (if any) not later than one (1) month before the expiry of the Obligatory
Insurances they will notify the Owners and the Owners' Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory
insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the event of their receiving
instructions to renew, they will promptly notify the Owners and the Owners' Financiers (if any) of the terms of the instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the
insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners' Financiers (if any) that such insurance
broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such Obligatory Insurances
any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances,
they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums, and they will
not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners' Financiers (if any) and where
practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.5 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the
Vessel is entered provides the Owners and the Owners' Financiers (if any) with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a letter or letters of undertaking in such form as may be required by the Owners and the Owners' Financiers
(if any) and agreed by such associations or in such association's standard form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority in relation to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.6 The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the
approved brokers (if any) through which the insurances are effected or renewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.7 The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances
are punctually paid and produce all relevant receipts when so required by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.8 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.9 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing
which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any sum payable under an Obligatory
Insurance repayable in whole or in part; and, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers shall procure that all necessary action is taken and all requirements are complied with
which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause
39 – (*Insurance*)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which
the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection
and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers shall not make or permit any changes relating to the classification or the classification
society of the Vessel or, subject to procuring the provision of a replacement manager's undertaking in substantially the same form as
the Manager's Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved
by the underwriters of the Obligatory Insurances, the Owners and the Owners' Financiers (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers shall procure that all quarterly or other voyage declarations which may be required by
the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America
and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and
the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any
requirements (as to extra premium or otherwise) which the insurers specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.10 The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
waive any right relating to any Obligatory Insurance without the prior written consent of the Owners and the Owners' Financiers (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.11 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total
Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners
to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.12 The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total
Loss or a Major Casualty the Charterers shall provide the following immediately without the Owners' making any request), copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all communications between the Charterers and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the approved brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the approved protection and indemnity and/or war risks associations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the approved insurers and/or underwriters, which relate directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Charterers' obligations relating to the Obligatory Insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i)
or (ii) above relating wholly or partly to the effecting or maintenance of the Obligatory Insurances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any communication with any party involved in case of a claim under any of the Vessel's insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.13 The Charterers shall promptly provide the Owners (or any persons which they may designate) with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any information which the Owners or the Owners' Financiers (or any such designated person) request for
the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the
Obligatory Insurances effected or proposed to be effected; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (*Insurance and Repairs*) or Clause 39 – (*Insurance*) dealing with or considering any matters relating to any such insurances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of any communication between all parties involved in case of a claim under any of the Vessel's
insurances exceeding the Major Casualty amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.14 If one or more of the Obligatory Insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at
their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers,
in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted
by law, a cut-through clause in a form acceptable to the Owners and/or the Owners' Financiers (if any). The Charterers shall procure that
underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.15 The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make
direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses which are incurred by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out
in respect of the Vessel; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Owners' Financiers (if any) in connection with or with a view to effecting, maintaining or renewing
a mortgagee's interest insurance, a mortgagee's additional perils insurance, all protection and indemnity insurance that is taken out
in respect of the Vessel subject to the Owners' Financiers (if any) having provided to the Owners at the relevant time any form of loan
facility to refinance the Vessel,

in the case as referred to in paragraph (a), in an amount at least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan amount from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners' Financiers (as the case may be) may from time to time consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.16 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage
to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring
at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.17 The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with
the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory Insurances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent
requirement under Schedule 2 of this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Owners procure the issuance of such detailed report no more than once every calendar year, unless
a Termination Event has occurred in which case such reports may be procured at the Charterer's cost at any such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) further from time to time upon the Owners' demand where, in the Owners' opinion, at any time during the
Charter Period there has been a material change in the terms of the Insurances and/or a change in the circumstances which would materially
adversely affect the adequacy of the Obligatory Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.18 The Charterers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep the Vessel insured at their expense against such other risks (other than loss of hire which shall
be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners consider reasonable for a prudent
shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified
by the Owners and having regard to the then existing available insurance cover and standard practice in the operation of vessels of the
same type as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels similar to the
Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional
perils insurance, mortgagee's interest insurance and mortgagee's additional perils insurance but excluding loss of hire and contingency
liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners
in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take
out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing
insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect
of the Vessel.

#### Clause 40 – Warranties relating to Vessel
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Charterers (in their capacity as sellers)
pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect
of the Vessel (or any part thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.3 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage,
expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or
performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability
to pay any Charterhire or other payment due under this Charter.

#### Clause 41 – Termination, Redelivery and Total Loss
**<u>Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the Charterers
shall be obliged to pay the Owners the Termination Sum on the Termination Date and it is hereby agreed by the parties hereto that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing obligation
and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until irrevocably
and unconditionally paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate
interest of the Owners, in protecting against the Owners' risk of the Charterers failing to perform its obligations under this Charter;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the
Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition
by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5
shall apply and the Owners shall be entitled to exercise their rights under Clauses 41.9 and 41.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.3 Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the
Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the Charterers, transfer the legal and
beneficial ownership of the Vessel on an "as is where is" basis to the Charterers (or their nominees as approved by the Owners)
free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners' Financier
(save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall
execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be completed otherwise in accordance
with Clause 53.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.4 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with
closing of the Owners' register shall be for the Charterers' account.

**<u>Redelivery</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.5 If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter,
the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners
may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers
shall where applicable, give the Owners not less than 30/20/10/5 running days' preliminary notice of expected date and port or place of
redelivery and not less than 5/3/2/1/ running days' definite notice of expected date and port or place of redelivery. Any changes thereafter
in the Vessel's position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the
Owners, the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be in compliance with the Obligatory Insurances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition
and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel's classification
and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair
wear and tear not affecting the Vessel's classification excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
intermediate surveys and drydock at the Charterers' time and expense without any recommendation or condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the satisfaction of the Approved Classification Society; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable
satisfaction of an Owners' Surveyor appointed at the cost of the Charterers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) has her survey cycles up-to-date and trading and class certificate valid for at least the number of months
agreed in Box 17;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the
time of Delivery, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free
of charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial
Instruments, if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be free of any crew and officers unless otherwise instructed by the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing
charter or as otherwise agreed by the Owners in their absolute discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the
next schedule dry docking of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) be redelivered to the Owner together with all material information generated during the Charter Period
in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether
or not such information is contained in the Charterer's equipment, computer or property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to
the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place of redelivery, including
without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.6 The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel
to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery
of the Vessel within any time period required by Clause 41 – (*Termination, Redelivery and Total Loss*). If the time of actual
redelivery is after the date on which redelivery is required to take place pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*) (the "**Redelivery Date** "), the Charterer shall, without prejudice to any other amounts payable under the
Leasing Documents (including without limitation pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*)) pay to
the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is redelivered in
accordance with Clause 41.5, the rate of hire equivalent to the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
determined by an Approved Valuer appointed by the Owners); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.

For the avoidance of doubt, all other terms, conditions and provisions of this Charter and the other Leasing Documents shall continue to apply during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7 The Charterers shall provide the Owners' Surveyor with all such facilities and access to the Vessel as
may be required to enable such Owners' Surveyor to conduct its survey of the Vessel and shall take all such actions as may be reasonably
recommended by the Owners' Surveyor to ensure that the Vessel shall be redelivered in accordance with Clause 41.5. The Owners shall not
be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the
Vessel under this Charter (including without limitation, Clause 41.5 and this Clause 41.7) are met, and the Vessel shall (if the redelivery
is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve
all rights to recover from the Charterers any costs, expense and/or liabilities incurred or suffered by them (including without limitation,
the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel
not being redelivered in accordance with the terms of this Charter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.8 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes, other consumable stores and spare parts in the Vessel (but excluding any such items owned by a third
party which is not a member of the Group) at no cost to the Owners.

**<u>Non-payment of Termination Sum</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.9 Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the Charterers
agree that should the Termination Sum not be paid on the Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers' right to possess and operate the Vessel shall immediately cease and (without in any way
affecting the Charterers' obligation to pay the Charterer the Termination Sum and comply with their other obligations under this Charter)
the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow
the orders and directions of the Owners and the Charterers shall, upon the Owners' request (at Owners' sole discretion), be obliged to
immediately (and at the Charterers' own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or location as the
Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners' right to recover the Termination
Sum from the Charterers under this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners' sole
discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the Vessel as they may require
and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment
contracts provided such contracts do not interfere with the Vessel's sale process, including relevant inspections, provided that the Earnings
of the Vessel during such period less its operational expenses (which would include, without limitation, any costs in relation to the
provision of bunkers and lubricating oils), (the "**Net Trading Proceeds**") shall be applied against the Termination Sum
and any other amounts payable under the Leasing Documents pursuant to Clause 65 – (*General Application of Proceeds*) provided,
that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained
in Clause 54 – (*Indemnities*) and be added to the Termination Sum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Owners shall be entitled (at Owners' sole discretion) to immediately thereafter sell the Vessel to
any third party on arm's length terms taking into account the prevailing market conditions, provided that the Charterers may for a period
not exceeding a total of sixty (60) days from the Termination Date (the "**Nomination Period**") nominate or identify a purchaser
for the Vessel (a "**Nominated Purchaser** "). During the Nomination Period the Owners and the Charterers shall use their
reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following
conditions being satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld
or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs
of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion);

and any net sale proceeds (after deducting all fees, taxes, disbursements and any other costs and expenses incurred or suffered by the Owners in connection with such sale) (the "**Net Sales Proceeds**") derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination Sum in accordance with Clause 65 – (*General Application of Proceeds*). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period
or until the Owners' Purchase (as referred to in Clause 41.10) is concluded or until any third party's sale is concluded, to purchase
the vessel with priority by paying the Termination Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.10 The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the
Charterers of the Owners' intention to retain the Vessel instead of selling the Vessel under Clause 41.9(c) and 41.9(d) above, "**Owners' Purchase** ", and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes
and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination
Sum calculated as of the day of the notice of the Owners' Purchase. If the Market Value (less such deductions) of the Vessel as at the
date of the notice of the Owners' Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners' Purchase,
the Charterers shall remain liable to pay the shortfall to the Owners and default interest shall continue to accrue on the unpaid portion
of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination
Sum calculated as of the day of the notice of the Owners' Purchase, the Owners shall pay the excess to Charterers within thirty (30) days
from the day of the notice of the Owners' Purchase in accordance with Clause 65 – (*General Application of Proceeds*).

**<u>Total Loss</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.11 Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other
damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterer shall, subject to Clause 41.12,
pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter
shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers
shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter, notwithstanding that the
Vessel has become a Total Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.12 Any Total Loss Proceeds unconditionally received by the Owners (or the Owners' Financiers in accordance
with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 65 – (*General Application of Proceeds*)
and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners' Financiers
in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times
be applied in accordance with Clause 65 – (*General Application of Proceeds*)). The obligation of the Charterers to pay the
Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed
in good faith, the claim for Total Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.13 If the Total Loss Proceeds unconditionally received by the Owners (or the Owners' Financiers in accordance
with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the
Owner on the Total Loss Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.14 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss.

#### Clause 42 – Fees and Expenses
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the
Owners within three (3) Business Days of the Owners' written demand on a full indemnity basis all costs, charges and expenses incurred
by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the due date under this Charter and
in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2 Each Party shall be responsible for their own costs and expenses
to review and negotiate the term sheet relating to this Charter. All documented costs and expenses (including, but not limited
to, third party legal costs) reasonably incurred by the Owners or Owners' legal counsel in the preparation, negotiation, finalisation
and execution of all documentation in relation to this Charter or any other Leasing Document (including without limitation any registration
or filing expenses, all documented costs incurred by the Owners and all third party legal costs, expenses and other disbursement incurred
by the Owners' legal counsels in connection with the same) shall be for the account of the Charterers (regardless of whether the transaction
contemplated by the Leasing Documents actually completes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration
of title of the Vessel in the Owners' name in the Flag State together with any and all fees (including but not limited to any vessel registration
and tonnage fees and the Owners' initial and ongoing annual registration and maintenance costs if required to be registered as a foreign
maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or
renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this
Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the
jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or
office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual
register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.4 All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal
fees) in relation to the transfer of title of the Vessel from the Owners to the Charterers and the re-delivery of the Vessel by the Charterers
to the Owners pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*) shall be for the account of the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required
pursuant to 37.4 to address the fact that a Published Rate Replacement Event has occurred); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers make a request to re-register the Vessel in another Flag State,

the Charterers shall, on demand, reimburse the Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.6 The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including
third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing
Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any
proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.7 Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided
in favour of the Owners and shall continue in full force and effect notwithstanding any breach of the terms of this Charter or termination
of this Charter pursuant to the terms hereof.

#### Clause 43 – No Waiver of Rights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party
or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further
exercise thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2 No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be
exclusive of any other right or remedy provided for herein or by law and all such rights and remedies shall be cumulative.

#### Clause 44 – Notices
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation
to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same)
shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email
address:

---

| | | |
|:---|:---|:---|
| (a) | to the Owners: | China Huarong Shipping Financial Leasing Company Limited |
|  |  | Room 6006, 6<sup>th</sup> Floor, No. 15 Second East Zhongshan Road, Shanghai, |
|  |  | China, 200002 |
|  |  | Attention: Annie Tao/Song Pengwu |
|  |  | Email: taobeijuan@hrflc.com/ tao.beijuan@msn.cn/ songpengwu@hrflc.com |
|  |  | Tel: +86(0)21 63268756 |
| (b) | to the Charterers: | **c/o TOP SHIPS INC.** |
|  |  | Attention: Alexandros Tsirikos |
|  |  | Email: atsirikos@topships.org |
|  |  | Tel: +30 210 8128180 |

---

or, if a party hereto changes its address or email address, to such other address or email address as that party may notify to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2 Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered
(in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication
received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to be served on the next following working day
in such place.

#### Clause 45 – Representations and Warranties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.1 The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the Charter
Period, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and
controlled by Guarantor B or (following the Disposal) the New Shareholder (as the case may be), and each Guarantor and (following the
Disposal) the New Shareholder controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
and validly existing under the laws of its jurisdiction of its incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate
actions and obtained all consents, approvals, authorisations, licenses or permits necessary for it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to execute each of the Leasing Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(c) (*Representations and Warranties*) remain in force and nothing has occurred which makes any of them liable to revocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved
Sub-charterer is a party (as the case may be), subject to any general principles of law limiting its obligations which are specifically
referred to in any legal opinion delivered to the Owners pursuant Clause 34.2(e), constitutes such Relevant Person's or an Approved Sub-charterer's
legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency
laws affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below, an
Approved Sub-charterer) of, and the transactions contemplated by, each Leasing Document to which it (and in the case of sub-paragraph
(ii) below, an Approved Sub-charterer) is a party do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws, Sanctions
or laws relating to anti-trust or collusion and laws relating to human rights violation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the constitutional documents of such Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any agreement or instrument binding upon it or any of its assets or constitute a default or termination
event (however described) under any such agreement or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there are no outstanding notices or demands from any governmental, quasi-governmental or public authority
or instrumentality or any other person claiming authority in respect of the Vessel requiring any work or other action to be taken or the
expenditure of any money to be taken in respect of the Vessel or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third party
has any Security Interest, other than the Permitted Security Interests, or any other interest, right or claim over, in or in relation
to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant
Person is a party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of its
Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no legal or administrative action involving a Relevant Person has been commenced or taken (including but
not limited to actions involving any Environmental Claim);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each Relevant Person has paid all taxes applicable to, or imposed on or in relation to it, its business
or if applicable, the Vessel, except for those being contested in good faith with adequate reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it is not necessary under the laws of the Relevant Jurisdictions that this Charter or any other Leasing
Document be registered, filed, recorded, notarized or enrolled with any court or other authority in that jurisdiction or that any stamp,
registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or the transactions
contemplated by those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is
a party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid
and binding against such Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise
from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct,
general and unconditional obligations of such Relevant Person and rank at least *pari passu* with all other present and future unsecured
and unsubordinated creditors of such Relevant Person save for any obligation which is mandatorily preferred by law and not by virtue of
any contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or,
once entered into, will create) the Security Interest which it is expressed to create with the ranking and priority it is expressed to
have;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established
a place of business in the United Kingdom or the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) no Relevant Person, Approved Manager, Sub-charterer and no member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns or controls a Prohibited Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) none of the Relevant Persons or any of their respective directors, officers, and employees or, to the
best of its knowledge, any Sub-charterer is in breach of applicable Sanctions laws, and none of them (i) has been or is currently being
investigated on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of
them with respect to Sanctions and (iii) has taken any action to evade the application of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) no Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws and each Relevant Person has instituted and maintained systems, controls, policies and procedures designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or Business
Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure
that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
Laws and Business Ethics Laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) that in relation to any Assignable Sub-Charter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document
and there have been no amendments, supplements or variations to the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions
contemplated under this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (in respect of any Assignable Sub-Charter (A)
whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits
assignment and/or (C) where the applicable law requires the consent of the relevant Approved Sub-Charterer in order to effect an assignment
thereof) the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent to the
assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the
case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the avoidance of doubt, the Charterers'
obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners' receipt of the relevant acknowledgements executed
by the relevant Approved Sub-Charterer, which includes among other things the consent to the aforesaid assignment, pursuant to the terms
of the General Assignment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and
in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where
trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United
Nations, the European Union, the United States of America, the United Kingdom or the People's Republic of China (provided that operation
or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach
or contrary to any published boycotts or sanctions imposed by the People's Republic of China) or (ii) would trigger the operation of any
sanctions limitation or exclusion clause in any insurance documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set
off, legal proceedings, attachment prior to judgment or other attachment or execution of judgement on the grounds of sovereign immunity
or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or
subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those referred to under Clause
49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative
receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material
part of their assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no Termination Event is continuing or might reasonably be expected to result from the entry into and performance
of this Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and
accurate in all material respects as at the date it was provided or as at the date at which such information was stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) none of the following events has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any default by the Charterers under the terms of the Initial Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) breach of any Sanctions by any Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused
to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major
Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with
Clause 38 – (*Possession of Vessel*) and the General Assignment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) all Environmental Laws relating to the ownership, operation and management of the Vessel and the business
of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel
which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred
which has or is reasonably likely to have a Material Adverse Effect.

#### Clause 46 – Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.1 The Charterers undertake that they shall comply or procure compliance with the following undertakings
during the Charter Period (and to the extent that the Charterers are required to procure or ensure compliance with any undertaking under
this Clause 46 – (*Undertaking*) by Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, the Charterers
are only required to use their best endeavours to procure or ensure such compliance):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or any other Permitted Security
Interests) in the Vessel to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there shall be sent to the Owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in
Guarantor B's or following the Disposal, the New Shareholder's audited consolidated annual financial statement accounts for that
financial year to be delivered under paragraph (iii) or (v) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
unaudited semi-annual accounts of the Charterers for that half-year (as referred to in Guarantor B's or following the Disposal, the New
Shareholder's audited consolidated financial statement accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of each Guarantor, the audited consolidated annual financial statement accounts of such Guarantor for that financial year;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
semi-annual consolidated unaudited accounts of each Guarantor for that half-year certified as to their correctness by at least one officer
of such Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150) days
after the end of each financial year of the New Shareholder, the audited consolidated annual financial statement accounts of the New Shareholder
for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end
of each half-year, the semi-annual consolidated unaudited accounts of the New Shareholder for that half-year certified as to their correctness
by at least one officer of the New Shareholder;

and if any of the statements above are not in the English language then they shall be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes
relating to any of their extraordinary shareholders' meeting which are despatched to the Charterers' or Guarantor B's or following the
Disposal, the New Shareholder's respective shareholders or creditors or any class of them, unless same are publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) they will provide the Owners promptly upon becoming aware of them, the details of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager,
Sub-charterer or other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any litigation, arbitration or administrative proceedings or investigations relating to any other matters
not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code
or of the ISPS Code) in relation to a Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being taken
to remedy it);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer
on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred, specifying the nature of the
Termination Event (and the steps, if any, being taken to remedy it));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure
the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or
permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party (including
without limitation to sell, charter and operate the Vessel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to
exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant
Person is a party, and if applicable, the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) they shall at their own cost and shall procure that each other Relevant Person will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant
Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing
Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration
or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice
or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence
or to ensure or protect the priority of any Security Interest which such Relevant Person creates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days
prior to the expiry of the fixed period as per the Initial Sub-charter), together with any evidence requested by the Owners, whether the
Initial Sub-charterer intends to and will (with irrevocable confirmation from the Initial Sub-charterer) extend the charter period of
the Initial Sub-charter in accordance with the terms thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners
as soon as they become aware of the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an event of default or termination event howsoever called under the terms of any Assignable Sub-charter
entitling either the Charterers or any Approved Sub-charterer to terminate an Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) breach of any Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Potential Termination Event or a Termination Event,

and will keep the Owners fully up-to-date with all developments and the Charterers shall, if so requested by the Owners, provide any such certificate signed by at least one officer, confirming that there exists no Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each
calendar year and otherwise upon the Owners' and/or the Owners' Financiers (if any) request (acting reasonably) from time to time and
as soon as practicable after receiving such request, provide the Owners with any additional financial or other information relating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Vessel (including, but not limited to the management, employment, condition, class records, location
and pooling arrangement of the Vessel) and, to their best knowledge having made due enquiry, to the Initial Sub-charterer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms and conditions of any Sub-charter together with any other information relating to such Sub-charter;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any other matter (which include without limitation, to their best knowledge having made due enquiry,
any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the Owners' Financiers (if
any)) at any time or which under the terms of the relevant Leasing Document may be sought from the person in possession of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other
Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the
Vessel's registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper
trading certificates and other vessel related documents and to comply with other relevant laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society
and shall be free of all overdue conditions, recommendations, qualifications and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) they shall not and shall ensure that each of the Other Charterers, the Guarantors and (following the Disposal),
the New Shareholder shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction
or change of ownership, or change of voting control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Charterers or any Other Charterer, other than any "Disposal" made under
and in accordance with the terms of this Charter and/or the Other Charters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Guarantor, unless it remains as the surviving entity after such merger, sub-division,
amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and clause 11.14
(*Financial Covenant*) of the relevant Guarantee is complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) they will comply, and will procure that each other Relevant Person, each other member of the Group or,
will use best endeavours to procure that, any Sub-charterer will comply, with all Sanctions and all laws and regulations relating to such
Relevant Person, the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code,
the ISPS Code (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Business Ethics Laws and
the laws of the Vessel's registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia,
implements the recommendations of the Sanctions Advisory, to ensure compliance with all such laws and regulations implemented from time
to time, including, without limitation they will, and will procure that (in the case of any Sub-charterer, use best endeavours to procure
that) each other Relevant Person, each other member of the Group and any Sub-charterer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their activities in a manner consistent with US and UN sanctions, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have sufficient resources in place to ensure execution of and compliance with their own sanctions policies
by their personnel, e.g., direct hires, contractors, and staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure subsidiaries and affiliates comply with the relevant policies, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have relevant controls in place to monitor automatic identification system (AIS) transponders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have controls in place to screen and assess onboarding or offloading cargo in areas they determine to
present a high risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) have controls to assess authenticity of bills of lading, as necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) have controls in place consistent with the Sanctions Advisory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) without limiting Clause 46.1(o), they will procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at
any port in any Prohibited Country or any area or country where trading in such area or country would constitute or would be reasonably
expected to constitute a breach of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation
or exclusion clause (or similar) in the Insurances or in any manner which would result or would reasonably be expected to result in any
Relevant Person or the Owners becoming a Prohibited Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that each charterparty in respect of the Vessel (other than the Initial Sub-charter) shall contain, for
the benefit of the Owners, language which gives effect to the provisions of Clause 46.1(p) as regards Sanctions and of this Clause and
which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions and which prohibits trading to
any Prohibited Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) they shall ensure that the Market Value of the Vessel will be tested at any of the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the absence of a Termination Event which is continuing, at least once every calendar year during the
Charter Period (being, 31 December of each calendar year) and the Charterers shall procure a valuation report issued by the Approved Valuers
to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated not earlier than fifteen (15) calendar
days before the applicable testing date (or on such other date as the Owners and the Charterers may agree));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of
the Vessel or vessels of the similar type of the Vessel, at any time at the request of the Owners, but in any case no more than once per
calendar year-in addition to any report obtained pursuant to sub-paragraph (i) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time at the request of the Owners (acting reasonably) if the Owners have determined that the then
applicable Outstanding Capital Balance is likely to exceed eighty five (85%) per cent of the Market Value of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon the occurrence of a Termination Event which is continuing, at any time at the request of the Owners,

and in each case above, the Charterers shall bear the fees and expenses of the Approved Valuers arising in connection with conducting any such valuations or reimburse the same to the Owners (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) they shall notify the Owners immediately of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
in connection with the Vessel or any Environmental Incident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrest or detention of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of that
Vessel for hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any damage caused to or alteration of the Vessel for any reason whatsoever which results, or may be expected
to result, in repairs on the Vessel which exceed $5,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or
otherwise, likely to become, a Major Casualty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on
a bareboat charter basis, irrespective of duration) save that the Owners' prior written consent shall be required to any Assignable Sub-charter
(such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their rights and interests under such Assignable
Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of
such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) they shall, and shall procure that each other Relevant Person will, comply with all applicable laws and
regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy to ensure
compliance with all such laws and regulations implemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) they shall, and shall procure that each other Relevant Person and their respective officers, directors
and employees, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
and/or Business Ethics Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use,
the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person
in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and
provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether they
are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners
in writing immediately upon being aware that any of the Charterers' shareholders, directors, officers or employees is a Prohibited Person
or has otherwise become a target of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager
on terms acceptable to the Owners and such Approved Manager has (prior to accepting its appointment entered into a Manager's Undertaking);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the shares of any Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The
New York Stock Exchange or the NASDAQ or Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days
upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to
the Owners and documented in such terms as the Owners may require; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to Clause 46.1(q), it is determined that the then applicable Outstanding Capital Balance exceeds
eighty five (85%) per cent of the Market Value of the Vessel (the "**LTV Breach**" and the said difference between the applicable
Outstanding Capital Balance and eighty five (85%) per cent of the Market Value of the Vessel shall be referred to as the "**shortfall** "),

the Charterers shall, promptly and in any event no later than the date falling thirty (30) days from the date on which the Owners receive the valuation report(s) pursuant to Clause 46.1(q), at the Owners' discretion, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance
payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire
for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provide, or ensure that a third party has provided, additional Security Interests which, has a Market
Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case of Security Interests
over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the Owners, and which is documented
in such terms as the Owners may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed),
they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction, arrangement, document or do
or omit to do anything which will have the effect of varying, amending, supplementing or waiving any term of the Initial Sub-charter or
any other Assignable Sub-Charter;

(z) they shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Earnings and any other amounts received by them in connection with the Vessel are paid into the Operating
Account ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of their operating expenses in connection with the Vessel are paid from the Operating Account or via
the monthly budget from the manager's bank account which shall be credited from the Operating Account ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the credit balance in the Operating Account shall not at any time as from the Commencement Date, be less
than $500,000;

(aa)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purchase, cancel or redeem any of its issued shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) increase or reduce the number of shares that it is authorized to issue or change the par value of such
shares or create any new class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) issues any further shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) they shall not, and shall procure that each Guarantor and (following the Disposal) the New Shareholder
shall not, make or pay any dividend or other distribution (in cash or in kind) in respect of its issued shares to any shareholder (including
the holders of preference shares (if any)) following the occurrence of a Termination Event (other than a Termination Event which has been
waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the Vessel shall be registered under the Flag State at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with
all stores on board together with all records, logs, plans, operating manuals and drawings in relation to the Vessel or the Vessel's operations
and/or maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July in
each calendar year, supply or procure the supply to the Owners all information necessary in order for the Owners to comply with their
or any Owners' Financiers' obligations under the Poseidon Principles in respect of the preceding year, including, without limitation,
all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement
of Compliance relating to the Vessel for the preceding calendar year and, for the avoidance of doubt, such information shall be "Confidential
Information" for the purposes of Clause 57 – (*Confidentiality*) but the Charterers acknowledge that, in accordance with
the Poseidon Principles, such information will form part of the information published regarding the Owners' and/or Owners' Financiers'
portfolio climate alignment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) they will procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Disposal shall take place unless fifteen (15) Business Days prior written notification has been given
to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without prejudice to paragraph (i) above, on the completion of a Disposal, the relevant Disposal Conditions
are, or will be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon the completion of the Disposal, the Security Interest created under the New Shares Security shall
be fully perfected in accordance with the terms of the New Shares Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall be made and/or deemed to be made any further amendments necessary consequential to the effect
of the Disposal to the Leasing Documents, or otherwise reasonably required by the Owners the "**Disposal Amendments** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall or shall procure that any other organisation or person whom the Charterers have contractually agreed
to take over all duties and responsibilities imposed by the ISM Code (including each Approved Manager or any Sub-charterer) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) promptly upon the Owners' request, provide and submit such signed mandate letter in the form required
by the Owners and the relevant authority and provide any other information and documents as required by the Owners and/or the relevant
authority in relation to any applicable Emission Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall fulfil all obligations (including without limitation, paying all documented costs, expenses, liabilities
and losses, legal and accounting fees and disbursements, penalties and interest) which may be imposed on the Owners as registered owner
of the Vessel by the MARPOL Carbon Intensity Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise,
or are asserted, under or in connection with EU ETS and Fuel EU Maritime, or any consequences resulting from or in connection with non-compliance
with EU ETS and Fuel EU Maritime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) without prejudice to the foregoing paragraph (ff) in relation to EU ETS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Vessel sails into any European Union ports, the Charterers shall register the Vessel as part of
a "Shipping Company" as required under EU ETS and shall comply in all respects with EU ETS and Fuel EU Maritime as it applies
to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the Owners
confirming that they have assumed responsibility for the operation of the Vessel and have indemnified the Owners of all liabilities under
EU ETS and Fuel EU Maritime (the "**ETS and Fuel EU Maritime Letter** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering authority
upon registration of the Vessel pursuant to EU ETS and shall promptly provide the Owners (which shall be no later than fourteen (14) days
of the Owners' demand) with evidence of such submission and registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that
any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities imposed by
the ISM Code (including the Approved Manager or any Sub-charterer) enters an agreement with the Owners setting out how the parties will
co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable
the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties' obligations under Clauses 46.1 (ff),
(gg) and (hh) (the "**ETS and Fuel EU Maritime Agreement** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) co-operate and exchange all relevant data and information with each other in a timely manner to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable
Emission Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances
in respect of the Vessel which are required to be surrendered to the relevant Emission Scheme Authority for that Emission Scheme during
the Charter Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with
all relevant documents (including without limitation, any relevant mandating documents required in connection with surrendering the relevant
Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be provided to such
Emission Scheme Authority relating to such Emission Scheme,

and to do all such things necessary or advisable to ensure that the Owners, the Charterers, each Emission Scheme Participant and the Vessel will be in compliance with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.2 **Russian oil price cap** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Charterers undertake that they will, at all times comply, and require compliance by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Sub-charterers of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all parties (each a "**Counterparty**") with whom the Charterers or a sub-charterer enters
into a contract of carriage in respect of the Vessel,

with the Russian Oil Price Cap Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will prior
to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) or the effective
date of a contract between the Charterers and an applicable Counterparty (whichever is earlier) and, throughout the duration of each contract,
prior to any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) price information demonstrating that the Russian Oil Products were purchased at or below the applicable
price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at
or below the applicable price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception
granted by the relevant authority in each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall promptly,
and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship
or similar transfer) provide to the Owners such of the following as the Owners shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) price information demonstrating that the Russian Oil Products were purchased at or below the applicable
price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that the
Charterers have complied in all respects with the Russian Oil Price Cap Measures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception
granted by the relevant authority in each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that
they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will
include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom the Charterers have sub-let the Vessel
or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information
and documentation at such times as is necessary for the Charterers to comply with this Clause 46.2 (*Russian oil price cap*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Charterers undertake that they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Owners with such information, and at such times, as they may reasonably require for the purposes
of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly upon request and within 30 days of any request provide the Owners with such other information
in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without
limitation any information relating to ancillary costs as may be specified from time to time pursuant to the Russian Oil Price Cap Measures;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) comply with such further or additional requirements as the Owners may from time to time require in writing,
acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating
to Russian Oil Products, or changes to any guidance, application, interpretation or market practice in respect of the Russian Oil Price
Cap Measures.

The obligations in this paragraph (e) are continuing and, in particular, shall survive and remain binding on the Charterers until all attestations and such other information as may be requested pursuant to this paragraph (e) have been received in satisfactory form by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves,
based on the information available, of the reliability and accuracy of any information provided by such counterparties for the purposes
of or relating to satisfying the requirements of paragraph (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Charterers agree that the Owners may forward all attestations and other documents which the Charterers
may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party
to which the Owners may be required to forward or disclose such attestations or other documents in accordance with the Russian Oil Price
Cap Measures.

#### Clause 47 – Inspection of Vessel
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.1 Without prejudice to Clause 47.2 (*Inspection of Vessel*) below, the Owners shall, after giving notice
to the Charterers, be entitled to inspect or survey the Vessel or instruct a surveyor to carry out such survey on their behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired
and maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (*Periodical Dry-Docking*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other reason they consider necessary,

provided it does not unduly interfere with the operation of the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.2 The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
47.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey
is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel), save that (a) upon the occurrence
of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel,
the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their
behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers;
and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey
on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights
of inspection and survey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.3 The Charterers shall also permit the Owners to inspect the Vessel's log books whenever requested and shall
whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.4 Except as otherwise provided under Clause 47.2, the documented costs and fees for any inspection and survey
permitted under this Clause shall be paid by the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.5 All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers'
account and form part of the Charter Period.

#### Clause 48 – VolUNTARY PREPAYMENT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.1 Upon providing the Owners not less than ninety (90) days' (or such shorter period as the Owners may agree)
prior written notice, the Charterers shall have the option to make a prepayment to the Owners on the next occurring Payment Date in an
amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof provided that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers may only exercise such option once per year after the date falling twelve (12) months from
the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such prepayment shall be made together with a prepayment fee in the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the option of such partial prepayment is exercised after the date falling twelve (12) months from the
Commencement Date but on or before the date falling twenty four (24) months after the Commencement Date, one point five per cent (1.5%)
of the amount prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the option of such partial prepayment is exercised after the date falling twenty four (24) months from
the Commencement Date but on or before the date falling thirty six (36) months from the Commencement Date, one per cent (1.00%) of the
amount prepaid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the option of such partial prepayment is exercised after the date falling thirty six (36) months from
the Commencement Date, zero per cent (0%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate amount of any such prepayment shall not exceed $5,000,000 in total throughout the Charter
Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such prepayment shall be deemed to be an advance payment of hire and credited against future instalment(s)
of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will
be reduced pro rata by the amount paid.

#### Clause 49 – Termination Events
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms
of any Leasing Document to which it is a party, unless such non-payment is caused by administrative or technical error and the relevant
payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5) Business Days (in the case of any other
payment, other than Charterhire) of the relevant due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (a), (f),
(g), (j)(iii), (l), (o), (p), (t), (u), (v), (x) or (z)(iii) or any Guarantor breaches or omits to observe or perform any of its undertakings
or the financial covenants contained under clause 11.14 (*Financial covenants*) of the relevant Guarantee or (following the Disposal)
the New Shareholder breaches or omits to observe or perform any of its undertakings or the financial covenants contained under the New
Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 – (*Insurance*)
in accordance with the provisions thereof (or any insurer in respect of such Insurances cancels the Insurances or disclaims liability
with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations
or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless
such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach
or omission to the satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to which
it is a party proves to be untrue or misleading when it is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any of the following occurs in relation to any Financial Indebtedness of any of the Charterer, the Guarantors
and (following the Disposal) the New Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any
applicable grace period has expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness of such entity becomes due and payable, or capable of being declared due and
payable, prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary
right of prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a lease, hire purchase agreement or charter creating any Financial Indebtedness of such entity is terminated
by the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or
other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of such entity ceases
to be available or becomes capable of being terminated or declared due and payable or cash cover is required or becomes capable of being
required, as a result of any termination event or event of default (howsoever defined);

provided that no Termination Event will occur under this paragraph (f) in respect of (A) the any Guarantor if the aggregate amount of Financial Indebtedness falling within sub-paragraphs (i) to (iv) above is less than US$10,000,000 (or its equivalent in any other currency or currencies) or (B) the Charterer if the aggregate amount of Financial Indebtedness falling within sub-paragraphs (i) to (iv) above is less than US$2,000,000 (or its equivalent in any other currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any of the following occurs in relation to any of the Charterer, the Guarantors and (following the Disposal)
the New Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such entity becomes, in the opinion of the Owners, unable to pay their debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of such entity, the value of its assets is less than its liabilities (taking into account contingent
liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any administrative or other receiver is appointed over all or a substantial part of the assets of such
entity unless as part of a solvent reorganisation which has been approved by the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they
are insolvent or likely to become insolvent, or a winding up or administration order is made in relation to such entity, or the members
or directors of such entity pass a resolution to the effect that they should be wound up, placed in administration or cease to carry on
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment
of a provisional liquidator, of such entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such entity petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension
or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by
number or value) of their creditors or of any class of them or with a minority proportion (by number or value) of their creditors or of
any class of them which would reasonably likely to have a Material Adverse Effect or any such suspension or deferral of payments, reorganisation
or arrangement is effected by court order, contract or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any meeting of the members or board of directors of such entity is summoned for the purpose of considering
a resolution or proposal to authorise or take any action of a type described in paragraph (iii), (iv), (v) or (vi);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in any jurisdiction, any event occurs or any procedure is commenced which, in the opinion of the Owners,
is similar to any of the foregoing referred to in (ii) to and including (vii) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction
which affects any asset or assets of such entity which is not discharged within fourteen (14) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Charterer or any Guarantor or (following the Disposal) the New Shareholder suspends or ceases or threatens
to suspend or cease carrying on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate
or charter the Vessel or any Relevant Person to comply with any provision of Leasing Document (as the case may be) and/or to ensure that
the obligations of any Relevant Person under any Leasing Document are legal, valid, binding or enforceable (I) is not granted, (II) expires
without being renewed, (III) is revoked or becomes liable to revocation or (IV) any condition of such a consent, approval, authorisation,
license or permit is not fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect
for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is amended or varied without the prior written consent of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Charterer, any Guarantor, the Approved Manager or (following the Disposal) the New Shareholder rescinds
or purports to rescind or repudiates or purports to repudiate a Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Security Interest constituted by any Leasing Document is in any way imperiled or in jeopardy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Termination Event (as defined in the Existing Charter) occurs under the Existing Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Termination Event (as defined in each Other Charter) occurs under such Other Charter (for the avoidance
of doubt, in relation to each Other Charter, this shall exclude any cancellation or termination of the MOA (as defined in such Other Charter)
and/or such Other Charter pursuant to clause 51A of such Other Charter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) if any Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or becomes a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns or controls a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has a Prohibited Person serving as a director, officer or employee;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) save as expressly permitted under this Charter there is a merger, amalgamation, demerger or corporate
reconstruction of any of the Charterers, the Other Charterers, the Guarantors and (following the Disposal) the New Shareholder, without
the Owners' prior written consent;

(r) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the shares of any Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The
New York Stock Exchange or the NASDAQ or Over the Counter (OTC), unless the Charterers comply with their obligations under Clause 46.1(x);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Guarantor and/or (following the Disposal) the New Shareholder cease being an entity reporting with
the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) there is a change in control of ownership or control of the Charterers or there is a change of voting
control in the case of any Guarantor and/or (following the Disposal) the New Shareholder as set out in Clause 45 – (*Representations and Warranties*) unless prior written consent from the Owners has been obtained prior to such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) there is any occurrence of any litigation, arbitration or administrative proceedings or investigations
involving a Relevant Person which has been commenced or taken and has been adversely determined and which has or is reasonably likely
to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Associated
Vessel (other than the Vessel and the Other Vessels) is terminated, cancelled or repudiated by the relevant lessor or owner or financier
as a consequence of any termination event or event of default (howsoever defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 Notwithstanding and without prejudice to Clause 33 – (*Cancellation*), upon the occurrence
of any Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this leasing of the
Vessel under this Charter and demanding payment of the Termination Sum (the "**Termination Notice** "), whereupon the Charterers
shall be obliged to pay the Termination Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination
Notice (the "**Termination Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.3 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event,
the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not
limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance
with Clause 41.5, or the title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with
41.9 or the Owners exercise the option set out in Clause 41.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.4 Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing
the rights of the Charterers pursuant to Clause 41.9), upon the occurrence of a Termination Event which is continuing, the Charterers
agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or
defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action
arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for
loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new
manager for the Vessel and the appointment of any originally appointed manager may be terminated immediately without any recourse to the
Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.5 Each Termination Event which is continuing shall either be a breach of condition by the Charterers where
it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed terminating
event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise
its rights under this clause, provided that, in case of a breach of contract claim, the claim amount of the Owners should not exceed the
applicable Termination Sum as at the relevant time.

#### Clause 50 – Mandatory Sale
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.1 If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations
as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers
of this event and the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such
written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier
than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures
set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.2 If it is or has become:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing
law or a change in the manner in which an existing law is or will be interpreted or applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contrary to, or inconsistent with, any regulation,

for any Relevant Person to maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.3 If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that reference
to "the People's Republic of China" applies to the definition of "Prohibited Person" or paragraph (e) of the definition
of "Sanctions Authority" applies to the definition of "Sanctions Authority", the Charterers shall be required to pay
the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners
(being no earlier than the last day of any applicable grace period permitted by law or the relevant official institution, agency or the
government of the People's Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.4 If the Mandatory Sale Price becomes payable in accordance with Clause 36.13 or Clause 37.3 or Clause 50.1
or Clause 50.2 or Clause 50.3 or Clause 55.5, the same shall (in each such case) be payable in consideration of the purchase and transfer
of the legal and beneficial title of the Vessel pursuant to Clause 53 – (*Sale of the Vessel*). The day on which the Mandatory
Sale Price is paid pursuant to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause 50.2 or Clause 50.3 or Clause 55.5 is a "**Mandatory Sale Date**" and such transfer of Vessel provided therein is a "**Mandatory Sale** ".

#### Clause 51 – Voluntary early termination
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1 The Charterers shall have the right (the "**Voluntary Early Termination** "), after the date
falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination
Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 51 –
(*Voluntary Early Termination*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2 The Voluntary Early Termination shall be exercisable only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon the Charterers providing not less than ninety (90) days' prior written notice (the "**Voluntary Early Termination Notice**") to purchase the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners)
(the "**Voluntary Early Termination Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the absence of the occurrence of a Termination Event which is continuing on or prior to either the
date of the Voluntary Early Termination Notice or the Voluntary Early Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3 The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary
Early Termination Price on the Voluntary Early Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.4 The sale of the Vessel pursuant to the Charterers' exercise of the Voluntary Early Termination shall be
conducted in accordance with Clause 53 – (*Sale of the Vessel*).

#### CLAUSE 51A –UStr Termination event

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| | |
|:---|:---|
| 51A.1 | If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in relation to any port call of the Vessel in the US (a "**US Port Call**"): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port
fees, dues, imposts, levies or any other additional fees or expenses (the "**Additional Port Call Fees**") (for the avoidance
of doubt, as between the Owners and Charterers (the "**Parties**") any such Additional Port Call Fees shall be borne by the
Charterers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the reasonable opinion of the Charterers, such Additional Port Call Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would be incurred by the Charterers and/or the Approved Sub-charterer
(as the case may be) exclusively due to the beneficial or legal ownership of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China's Targeting
of the Maritime, Logistics and Shipbuilding Sectors for Dominance, or any governmental policy or directive targeting Chinese maritime
or financial interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) would have direct and adverse effect to the business or operations of
the Charterers (for the purposes of this sub-paragraph (iii), a direct and adverse effect shall be deemed to exist if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention
to terminate the Initial Sub-charter as a result of the Additional Port Call Fees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) in relation to any other Assignable Sub-charter, the relevant Approved
Sub-charterer has informed the Charterers of its intention to terminate such other Assignable Sub-charter pursuant to certain provisions thereunder which are equivalent or similar to this Clause 51A (*USTR Termination Event*)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any
other fees or expenses that would need to be paid for the specific US Port Call had the Additional Port Call Fees not been imposed),

the Charterers shall notify the Owners accordingly and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive, ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the "**USTR Remedy Period**"), take all reasonable steps to mitigate any such circumstances or events ***provided that:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) this Clause 51A (*USTR Termination Event*) does not constitute a waiver of the obligations of any
Relevant Person under any Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures
that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably
incurred by the Owners in connection with such mitigation measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have
been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented
by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the
USTR Remedy Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Charterers shall have the option to (but always at the cost of the Charterers):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under
the MOA as of the relevant date, cancel the MOA in accordance with the terms thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) otherwise, purchase the Vessel on any date thereafter (the "**Special Termination Date** ")
as specified in a written notice by the Charterers to the Owners (the "**Special Termination Notice**") at the applicable
Special Termination Amount,

subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days' prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days' prior written notice (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Special Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers
and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount
on the Special Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) only one Special Termination Notice may be served throughout the duration of the Charter Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) upon the Owners' receipt in full of the applicable Special Termination Amount, the Owners shall immediately
transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set out at Clause 53 – (*Sale of the Vessel*) to the Charterers or their nominees.

#### Clause 52 – PURCHASE OBLIGATION
Provided all moneys owing and payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners' beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and the Charterers shall perform their obligations referred to in Clause 53 – (*Sale of the Vessel*) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).

#### Clause 53 – Sale of the Vessel
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.1 The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer's payment
of the Termination Sum under Clause 41 – (*Termination, Redelivery and Total Loss*), the Charterers' exercise of the Charterers'
Voluntary Early Termination under Clause 51 – (*Voluntary Early Termination*) or the Charterers' payment of the Special Termination
Amount under 51A (*USTR Termination Event*), the Charterers' payment of the Purchase Obligation Price under Clause 52 – (*Purchase Obligation*) or the completion of the Mandatory Sale under Clause 50 – (*Mandatory Sale*) shall be on an "as is where
is" and subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners
in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter,
relied on any condition, warranty or representation by the Owners or any person on the Owners' behalf, express or implied, whether arising
by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to
the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability,
design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation
by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters
referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any
such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation
or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners
thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties
or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of
the Vessel or any third party;

Owners' Financier in relation to the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory
Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination
Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the
case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter
on or prior to the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
Date or the Special Termination Date (as the case may be) which remain unpaid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or,
as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable
Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall
(save in the event of Total Loss) (at the Charterer's cost) transfer the legal and beneficial ownership of the Vessel on an "as is
where is" basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers' cost) execute a bill
of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title
of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the Vessel shall be deemed first to have
been redelivered to the Owners).

#### Clause 54 – Indemnities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.1 The Charterers shall indemnify the Owners, on the Owners' demand, against all documented claims, expenses,
liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as
a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and
any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair,
survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii) costs related to the
prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part
of it and (iii) enforcing the Owners' rights under this Charter or any Leasing Document or for taking any action following the occurrence
of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination
of the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without
prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in
connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions
or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.2 The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
Master, officers or agents signing Bills of Lading or other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.3 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other
Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from
the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every kind and nature and all other moneys
due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners
harmless against all such losses, moneys, costs, fees and expenses. The Parties hereby further agree and acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners may from time to time provide the Charterers with a replacement Schedule 3 *(The Vessels, The Parties and The Charters)* containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the
Other Charters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of manifest error, any such replacement Schedule 3 (*The Vessels, The Parties and The Charters*) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall
be deemed to automatically replace the existing Schedule 3 (*The Vessels, The Parties and The Charters*) and form part of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.4 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction)
against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents
and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have
(whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents
or by reason of any amount becoming payable, or liability arising, under this Clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by any Other Charterer or such Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any third party providing security for, or any other guarantor of any Other
Charterer's or such Relevant Person's obligations under the Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or
in connection with, the Leasing Documents by any of the aforesaid parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
to make any payment, or perform any obligation, in respect of any Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Other Charterer or such Relevant Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners
or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may
be directed by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.5 The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense,
liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners' Financiers or third parties
to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 54.5 shall not apply if the MOA is
terminated due to the application of Clause 51A (*USTR Termination Event*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.6 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 –
(*Cancellation*)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against
the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect
notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of
this Charter by the Owners. At the end of the Security Period, the Charterers shall procure the Guarantors (in the case of Guarantor A,
on a best endeavour basis) and (following the Disposal) the New Shareholder to furnish an undertaking to the Owners (to be documented
in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm the Guarantors'
and (following the Disposal) the New Shareholder's agreement to assume and to be bound by the indemnities provided by the Charterers
as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the
Charterers release any such indemnities in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.7 The obligations of the Charterers under this Clause 54 – (*Indemnities*) and in respect of
any Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission, matter or thing
which would reduce, release or prejudice any of its obligations under this Clause 54 – (*Indemnities*) or in respect of any
Security Interest created pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person)
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Relevant Person or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Relevant Person or any other person under the terms of any composition or arrangement
with any creditor of a Relevant Person or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or
delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over
assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality or other requirement in respect
of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of a Relevant Person or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Leasing Document or any other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Security Document
or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

#### Clause 55 – No Set-off or Tax deduction
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.1 All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts
under a Leasing Document shall be paid punctually and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without any form of set-off, cross-claim, condition or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made free and clear of all present and future taxes, levies, duties or deductions of any nature whatsoever,
whether levied now or in the future, unless required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net of any bank charges or bank fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.2 Without prejudice to Clause 55.1 (*No Set-off or Tax Deduction*), if the Owners are required by law
to make a tax deduction from any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners shall notify the Charterers as soon as they become aware of the requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
Owners receive and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal
to the full amount which they would otherwise have received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.3 The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount
equal to the loss, liability or cost which the Owners determine will be or has been (directly or indirectly) suffered for or on account
of tax by the Owners in respect of a Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.4 Clause 55.3 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are
incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that
tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable)
by the Owners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2
or 56.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.5 Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or
will be required to be made by the Charterers or the Owners in respect of a payment to the Owners as a result of the Tax Changes, the
Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their
interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer
shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours
to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding
the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory
Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with
the procedures set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.6 If the Charterers compensate the Owners by an increased payment pursuant to Clause 56.2 or 56.3 and the
Owners determine that they have obtained and utilized a tax credit attributable to this increased payment, the Owners shall reimburse
the Charterers that increased payment (or part thereof if the tax credit is attributable to only part of such increased payment).

#### Clause 56 – Increased Costs
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.1 This Clause 56 – (*Increased Costs*) applies if the Owners notify the Charterers that they
(or their financiers) consider that as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the introduction or alteration after the date of this Charter of a law or an alteration after the date
of this Charter in the manner in which a law is interpreted or applied (excluding any effect which relates to the application to payments
under this Charter of a tax on the Owners' overall net income); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with any regulation (including any which relates to capital adequacy or liquidity controls or
which affects the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced,
or altered, or the interpretation or application of which is altered, after the date of this Charter,

the Owners or a parent company of them (if any) has incurred or will incur an "**increased cost**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.2 In this Clause 56 – (*Increased Costs*), "**increased cost**" means, in relation
to the Owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners'
parent company or the Owners' Financiers (if any) having entered into, or being a party to, this Charter, of funding or financing the
acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reduction in the amount of any payment to the Owners under this Charter or in the effective return which
such a payment represents to the Owners (if any) on their capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the MOA,

and for the purposes of this Clause 56.2 the Owners may in good faith allocate or spread costs and/or losses among their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.3 Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the Owners'
demand and any evidence thereto (where available to the Owners), the amounts which the Owners from time to time notify the Charterers
to be necessary to compensate the Owners for the increased cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.4 If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or under
any order or judgment relating thereto has to be converted from the currency in which this Charter or such Leasing Document provided for
the sum to be paid (the "**Contractual Currency**") into another currency (the "**Payment Currency**") for the
purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making or lodging any claim or proof against the Charterers, whether in their liquidation, any arrangement
involving them or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtaining an order or judgment from any court or other tribunal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enforcing any such order or judgment;

the Charterers shall indemnify the Owners against the loss arising when the amount of the payment actually received by the Owners is converted at the available rate of exchange into the Contractual Currency.

In this Clause 56.4, the "**available rate of exchange**" means the rate at which the Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

#### Clause 57 – Confidentiality
The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the "**Confidential Information**") strictly confidential, provided that a Party may disclose Confidential Information in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is already known to the public or becomes available to the public other than through the act or omission
of the disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market regulation,
the US Securities and Exchange Commission's rules or by a governmental order, decree, regulation or rule (provided that the disclosing
Party shall give written notice of such required disclosure to the other Party prior to the disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant
and in discovery arising out of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of
its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving
Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for circumstances
arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to any permitted Sub-charterer of the Vessel provided that such person receiving Confidential Information
shall undertake that it would not disclose Confidential Information to any other party save for circumstances arising which are similar
to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to any of the following persons on a need to know basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) professional advisers retained by a disclosing party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) persons advising on, providing or considering the provision of financing to the disclosing party or an
Affiliate,

provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with the prior written consent of all Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to any person which is a classification society or other entity which the Owners or the Owners' Financiers
have engaged to make the calculations necessary to enable the Owners and/or the Owners' Financiers to comply with their reporting obligations
under the Poseidon Principles.

#### Clause 58 – Rights of Third Parties
No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not party to this Charter, save that any of the Other Owners may rely on the rights conferred on them under Clause 54.3.

#### Clause 59 – Partial Invalidity
If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

#### Clause 60 – Settlement or discharge Conditional
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.1 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person shall
be conditional upon no security or payment to the Owners by any Relevant Person or any other person being set aside, adjusted or ordered
to be repaid, whether under any insolvency law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or by
any other person in purported payment or discharge of an obligation of that Relevant Person to the Owners under the Leasing Documents
is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or otherwise, then that
amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents.

#### Clause 61 – Immunity
The Charterers waive any rights of sovereign immunity which they or any of their properties may enjoy in any jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter or any other Leasing Document.

#### Clause 62 – Counterparties
This Charter and each other Leasing Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Charter or that Leasing Document, as the case may be.

#### Clause 63 – FATCA
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.1 Defined terms

For the purposes of Clause 55 – (*No Set-off or Tax Deduction*) and this Clause 63 – (*FATCA*), the following terms shall have the following meanings:

"**Code**" means the United States Internal Revenue Code of 1986, as amended.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other jurisdiction.

"**FATCA Deduction**" means a deduction or withholding from a payment under this Charter or the Leasing Documents required by or under FATCA.

"**FATCA Exempt Party**" means a Relevant Party that is entitled under FATCA to receive payments free from any FATCA Deduction.

"**FATCA Non-Exempt Party**" means any Relevant Party who is not a FATCA Exempt Party.

"**IRS**" means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.

"**Relevant Party**" means any of the parties to this Charter and the Leasing Documents (other than the Initial Sub-charterer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.2 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter
within ten Business Days of a reasonable request by another Relevant Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including
IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating
to its status under FATCA (including its applicable "pass thru percentage" or other information required under FATCA or other
official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting
party's compliance with FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an
IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA
Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other Relevant Parties
or provide the relevant revised form, as applicable, reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its reasonable
opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality,
or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that
nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor
or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall
not be treated as confidential information of such party for purposes of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Relevant Party fails to confirm its status or to supply forms, documentation or other information
requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall
be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if that party failed to confirm its applicable passthru percentage then such party shall be treated for
the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.3 FATCA Deduction and gross-up by Relevant Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the representation made by the Charterers under Clause 45.1(p) (*Representations and Warranties*)
proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA
Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required
by FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment
due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have
been due if no FATCA Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there
is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making
either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence
satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental
or taxation authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Owners are required to make a deduction or withholding from a payment under any Financial Instruments
in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding,
the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding
and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not
been required to pay additional amounts under such Financial Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.4 FATCA Deduction by Owners

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.5 FATCA Mitigation

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 63.3 (*FATCA*) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.

#### Clause 64 – Assignment and Transfer
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.1 The Charterers shall not assign this Charter except with the Owners' prior consent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.2 The Owners may assign any of their rights or transfer by novation any of their rights and obligations
under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers
(such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale
is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at such time following the occurrence of a Termination Event which is continuing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale,
this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually
agreed amendments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.3 The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as
the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or
transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that
any Relevant Person (in the case of Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, on a best endeavour
basis) which is a party to a Leasing Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations
pursuant to such Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enters into all necessary documents or takes any necessary actions or provide all necessary assistance
required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or
executed) as from the completion of the relevant assignment, transfer or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.4 Without limiting the generality of Clause 64.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Clause 35 – (*Quiet enjoyment*), the Owners are entitled to enter into certain funding
arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions
acceptable to the Owners in their sole discretion (the "**Mortgagee**") provided that such funding arrangement shall not
result in any adverse effect of the Charterers' rights and obligations under the Leasing Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case, without the prior consent of the Charterers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
its agent, trustee or nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents
in favour of a Mortgagee (or its agent, trustee or nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other document or arrangement which is necessary to give effect to such financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers undertake to comply, and provide such information and documents and all necessary assistance
required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation,
repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency
of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further
agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this
in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners
(by sale of shares in the Owners or other transactions having the same effect) may be effected without the Charterers' consent, provided
always that (i) in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter
would continue on identical terms (save for logical, consequential or mutually agreed amendments) and (ii) to the extent that any prior
written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable Sub-charter, before the
Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence
that such Approved Sub-Charterer has granted such prior written consent. The Charterers shall, and shall procure Guarantors (in the case
of Guarantor A, on a best endeavour basis) and (following the Disposal) the New Shareholder shall (where applicable) remain jointly and
severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change
of the registered and/or beneficial ownership of the Vessel or the Owners from the Owners to such new owner and agree and undertake to
enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the
benefit and burden of this Charter) pursuant to this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All expenses arising out of assignment or transfer of this Charter as per Clause 64 – (*Assignment and Transfer*) shall be for the Owner's account subject to no Termination Event or Potential Termination Event having occurred or being
continuing at the relevant time.

#### Clause 65 – General Application of Proceeds
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.1 Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners
in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received
by the Owners from any Other Owner (as trustee of the Owners and the Other Owners) shall be applied in the following order of application
against amounts payable under the Leasing Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to the extent these are
not covered under the Termination Sum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, in or towards satisfaction of the Charterers' obligation to pay the Termination Sum (or such
portion of it that then remains unpaid) in any order of application in the amounts comprising the Termination Sum as the Owners may determine;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to
the Charterers, but always subject to the terms of the General Assignment.

#### Clause 66 – Governing Law and Enforcement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Charter and any non-contractual obligations arising under or in connection with it, shall be governed
by and construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence,
validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a "**Dispute** ")
shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 66 – (*Governing Law and Enforcement*). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association ()"**LMAA** ")
Terms current at the time when the arbitration proceedings are commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint
its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King's Counsel who is also a member of the
Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London)
and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen
(14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its
own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own
arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the
other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement.
Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.
If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written
notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where the reference is to three arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

#### Clause 67 – ENTIRE AGREEMENT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, in conjunction with the other Leasing Documents, constitutes the entire agreement between
the parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect
of its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party acknowledges that it has not entered into this agreement or any other Leasing Document in reliance
on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement or in any
other Leasing Document.

#### Clause 68 – Definitions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.1 In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
meanings ascribed to them below:

"**Acceptance Certificate**" means a certificate substantially in the form set out in Schedule 1 (*Acceptance Certificate*) to be signed by the Charterers at Delivery.

"**Account Bank**" means Citic Group Alpha Bank, Berenberg Bank, ABN Amro Bank N.V., Citi Bank, HSBC or another reputable bank acceptable to the Owners, in and/or through which all revenues and operating expenses of the Charterers shall be credited and/or transferred.

"**Account Security**" means the document creating security over the Operating Account made or to be made between the Charterers and the Owners.

"**Adjustment Value**" means the value derived by dividing the Initial Market Value by the Purchase Price. For the avoidance of doubt, if the Initial Market Value is higher than the Purchase Price, the Adjustment Value shall be deemed to be 1.

"**Advance Charterhire**" has the meaning as defined under Clause 36.2 (*Charterhire and Advance Charterhire*) of the Charter.

"**Affiliate**" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Annex VI**" means Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

"**Anti-Money Laundering Laws**" means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People's Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is subjected or subject to.

"**Anti-Terrorism Financing Laws**" means all applicable anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People's Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.

"**Approved Classification Society**" means Bureau Veritas, DNV or such other generally recognized first class international classification society which is a member of the International Association of Classification Societies and approved by the Owners in writing.

"**Approved Manager**" means the Commercial Manager or the Technical Manager.

"**Approved Valuer**" means Simpson Spence & Young, Clarksons Platou, MB Shipbrokers, Arrow Shipbrokers, Howe Robinson, Fearnleys or any other reputable shipbroker nominated by the Charterers and approved by the Owners from time to time.

"**Assignable Sub-charter**" means the Initial Sub-charter or any charter or any other form of employment contract relating to the Vessel, whether or not already in existence on a time charter basis with a duration exceeding or capable of exceeding twelve (12) months (inclusive of options to renew).

"**Approved Sub-charterer**" means the Initial Sub-charterer and any Sub-charterer under any other Assignable Sub-charter.

"**Associated Vessel**" means any ship or vessel (including, but not limited to, the Vessel and Other Vessels) from time to time wholly leased, hired, chartered or financed under any lease, hire purchase agreement, charter or any other financing arrangement by affiliates of the Owners and/or Other Owners to subsidiaries or affiliates of the Guarantors and (following the Disposal) the New Shareholder.

"**Breakfunding Costs**" means all breakfunding costs and expenses (excluding expenses relating to interest rate swaps and similar interest rate hedging instruments and any costs relating to the early termination of the Financial Instruments) incurred or payable by the Owners pursuant to the relevant funding arrangement entered into by the Owners for the purpose of financing any part of the Purchase Price as a result of the receipt of an amount pursuant to this Charter on a day other than a Payment Date.

"**Business Day**" means a day on which banks are open for business in the principal business centres of Hong Kong, Shanghai and Greece and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a day on which a payment is required to be made or other dealing is due to take place under
a Leasing Document in Dollars, also a day on which commercial banks are open in New York City; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the fixing of an interest rate in relation to the Outstanding Capital Balance, also a day
which is a US Government Securities Business Day.

"**Business Ethics Law**" means any laws, regulations and/or other legally binding requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are issued, administered or enforced by the United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).

"**Cancelling Date**" shall have the same meaning as defined under the MOA.

"**Commencement Date**" means the date on which Delivery takes place.

"**Charter Period**" means the period described in Clause 32.1 (*Charter Period*) unless it is terminated earlier in accordance with the provisions of this Charter.

"**Charterhire**" means each of, as the context may require, all of the instalments of hire payable hereunder on each applicable Payment Date comprising in each case both Fixed Charterhire and Variable Charterhire, as further detailed in Clause 36.5 (*Charterhire and Advance Charterhire*).

"**Commercial Manager**" means Central Shipping Inc., a corporation incorporated under the laws of Marshall Islands with registration number 98339 or any reputable management company designated by the Charterers and approved by the Owners in writing from time to time as the commercial manager of the Vessel.

"**Delivery**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners (in their capacity as buyers under the MOA) obtain title to the Vessel from the Charterers
(in their capacity as sellers under the MOA) in accordance with the terms of the MOA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers accept delivery of the Vessel from the Owners in accordance with the terms of this Charter.

"**Disposal**" means any sale or disposal by Guarantor B of its entire shareholding interests in the Charterers.

"**Disposal Conditions**" means, in relation to the Disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Termination Event has occurred when the Disposal commences and upon and immediately following completion
of the Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) written confirmation from the Owners that certain internal notification requirements relating to the Disposal
has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following the completion of the Disposal, each of Guarantors and the New Shareholder continues to be controlled
by companies affiliated with the family of Mr. Evangelos Pistiolis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any entity (other than Guarantor B) which, on implementation of the Disposal, will hold the entire shareholding
interest in the Charterers (the "**New Shareholder**") has (or the Owners are satisfied that the New Shareholder will, by
the completion of the Disposal, have) (A) entered into a new shares charge in respect of those shares in favour of the Owners on substantially
the same terms as the Shares Security and otherwise in an agreed form (the "**New Shares Security**") and (B) provided all
necessary constitutional documents and corporate authorisation required by the Owners in relation to the New Shareholder and the New Shares
Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the New Shareholder has (or the Owners are satisfied that the New Shareholder will, by the completion
of the Disposal, have) (A) entered into a guarantee in respect in favour of the Owners on substantially the same terms as the Guarantees
and otherwise in an agreed form (the "**New Guarantee**") and (B) provided all necessary corporate authorisation required
by the Owners in relation to the New Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion
of the Disposal, be issued) by lawyers appointed by the Owners (at the cost of the Charterers) relating to the New Shareholder, the New
Shares Security and the New Guarantee, in the form and substance acceptable to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the completion
of the Disposal, have) provided in favour of the Owners documents and confirmations in form and substance acceptable to the Owners giving

to which it is a party shall remain in full force and effect notwithstanding the Disposal and the operation of Clause 46.1 (ee)(iv) (including
the Disposal Amendments) and enforceable in accordance with their terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any documented costs or expenses incurred by the Owners in relation to the Disposal have been fully settled
by the Charterers (or the Owners are satisfied that they will, by the completion of the Disposal, be settled) by the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such evidence relating to the Disposal as the Owners (or the Owners' Financier) may require to be able
to satisfy their "know your customer" or similar identification procedures in relation to the transactions contemplated by the
Disposal has been provided to the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such other documents as the Owner may reasonably require.

"**Dollars**" and "**$**" and "**US$**" mean the lawful currency for the time being of the United States of America.

"**Document of Compliance**" shall have the same meaning as ascribed under the ISM Code.

"**Earnings**" means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Charterers and which arise out of the use or operation of the Vessel, including (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except to the extent that they fall within paragraph (b),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all freight, hire and passage moneys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any compensation payable in the event of requisition of the Vessel for hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any remuneration for salvage and towage services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any demurrage and detention moneys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) damages for breach (or payments for variation or termination) of any charterparty or other contract for
the employment of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all moneys which are at any time payable under any Insurances in respect of loss of hire (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and whenever the Vessel is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or
shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable
to the Vessel.

"**Emission Allowances**" means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognised by the Emission Scheme.

**"Emission Data"** means the Vessel's compliance with Emission Scheme, EU MRV and FEMREG.

"**Emission Scheme**" means a greenhouse gas emissions trading scheme which for the purposes of this Charter shall include the EU ETS and any other similar systems imposed by applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances.

"**Emission Scheme Authority**" means in relation to an Emission Scheme, the relevant authority administering or otherwise implementing such Emissions Scheme.

"**Emission Scheme Participant**" means in relation to an Emission Scheme, any person which is responsible for complying with the requirements of such Emissions Scheme.

"**Environmental Claim**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim by any governmental, judicial or regulatory authority or any other person which arises out of
an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any claim by any other person which relates to an Environmental Incident,

and "**claim**" means a claim for damages, compensation, fines, penalties or any other payment; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

"**Environmental Incident**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Vessel
or from the Vessel into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into
or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than the Vessel and which involves a
collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with
which the Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Vessel and/or any Relevant
Person and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative
action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Vessel and in connection with
which the Vessel is actually or potentially liable to be arrested and/or where any Relevant Person and/or any operator or manager of the
Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action.

"**Environmental Law**" means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material including any law pertaining to any Emission Scheme.

"**Environmentally Sensitive Material**" means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

"**ETS and Fuel EU Maritime Agreement**" shall have the meaning as defined under Clause 46.1(gg).

"**ETS and Fuel EU Maritime Letter**" shall have the meaning as defined under Clause 46.1(gg).

"**EU ETS**" means the European Union Emissions Trading System specifically applicable to shipping pursuant to the European Directive 2023/959 amending European Directive 2003/87/EC and Commission Implementing Regulation (EU) 2023/2599 of 22 November 2023 laying down rules for the application of Directive 2003/87/EC of the European Parliament and of the Council as regards the administration of shipping companies by administering authorities in respect of a shipping company.

"**EU MRV**" means the European Regulation 2023/957 of the European Parliament and of the Council of 10 May 2023 amending Regulation (EU) 2015/757 in order to provide for the inclusion of maritime transport activities in the EU ETS and for the monitoring, reporting and verification of emissions of additional greenhouse gases and emissions from additional ship types.

"**Existing Charter**" mean, the bareboat charterparty dated 8 December 2023 and entered into between the Existing Owner and the Existing Charterer, as amended and/or supplemented from time to time.

"**Existing Charterer**" mean the Charterers acting in their capacity as bareboat charterers under the Existing Charter.

"**Existing Owner**" mean the Owners acting their capacity as owners under the Existing Charter.

"**Financing Amount**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Prepositioning Date occurs in the calendar year 2025, $42,000,000 ()"**Original Financing Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

*the Original Financing Amount x the Adjustment Value*

"**Financial Indebtedness**" means, in relation to a person (the "**debtor**"), a liability of the debtor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under any loan stock, bond, note or other security issued by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under a financial lease, a deferred purchase consideration arrangement (other than deferred payments for
assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial
effect of a borrowing or raising of money by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) under any foreign exchange transaction, any interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual
liabilities, the liability of the debtor for the net amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability
of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person.

"**Financial Instruments**" means the applicable loan or facility agreement entered into between the Owners (or their affiliate) and the Owners' Financiers and any mortgage, deed of covenants, assignment in respect of this Charter, assignment in respect of the Guarantees, assignment in respect of Earnings, Insurances and Requisition Compensation, manager's undertaking and subordination (including assignment of manager's interests in the Insurances) or any other financial security instruments (excluding interest rate swaps and similar interest rate hedging instruments) granted by the Owners to the Owners' Financiers as security for the financing or refinancing of the Owners' acquisition of the Vessel.

"**Flag State**" means the flag state named in Box 5 of this Charter or any other state or jurisdiction approved in writing by the Owners (whose approval shall not be unreasonably withheld).

"**Fleet Vessel**" means any ship or vessel (including but not limited to the Vessel and Other Vessels) from time to time wholly owned, leased under a capital lease, operating lease with a purchase option at the end of the relevant charter period, vessels owned under a joint venture agreement where the relevant member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor and/or (following the Disposal) the New Shareholder (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant member of the Group at the relevant time and any yachts in operation.

"**Fuel EU Maritime**" means Fuel EU Maritime Regulation 2023/1805 dated 13 September 2023 on the use of renewable and low-carbon fuels in maritime transport, and amending Directive 2009/16/EC.

"**Funding Rate**" means any individual rate certified and notified by the Owners to the Charterers pursuant to Clause 37.3(c)(ii).

"**General Assignment**" means the general assignment executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, *inter alia,* assign its rights under the Insurances, Earnings and Requisition Compensation and any Assignable Sub-Charter in respect of the Vessel, in favour of the Owners and in the agreed form agreed on or prior to signing of this Charter.

"**Group**" means collectively, the Guarantors, (following the Disposal) the New Shareholder and their respective Subsidiaries from time to time.

"**Guarantees**" means collectively, the guarantee executed or to be executed by each Guarantor in favour of the Owners securing, amongst others, the Charterers' obligations in connection with the Leasing Documents.

"**Guarantors**" means collectively, Guarantor A and Guarantor B, and each or any of them, as the context may require, a "**Guarantor**".

"**Guarantor A**" means Top Ships Inc., a corporation incorporated under the laws of Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

"**Guarantor B**" means Rubico Inc., a corporation incorporated under the laws of Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

"**Hire Period**" means (i) in the case of the first Hire Period, the period commencing on the Commencement Date and ending on the First Payment Date; and (ii) in the case of each subsequent Payment Date, the period commencing on the last day of the preceding Hire Period and ending on the next occurring Payment Date.

"**Historic Term SOFR**" means, in relation to any Hire Period, the most recent applicable Term SOFR for a period equal in length to three months and which is as of a day which is no more than three (3) US Government Securities Business Days before the Quotation Day.

"**Holding Company**" means, in relation to a person, any other person in relation to which it is a Subsidiary.

"**IAPPC**" means a valid international air pollution prevention certificate for the Vessel issued pursuant to the MARPOL Protocol.

"**Index**" means the Baltic Tanker Indices applicable to the Vessel.

"**Initial Market Value**" means a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a date no earlier than thirty (30) days prior to the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with or without physical inspection of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Owners.

"**Initial Sub-charter**" means a time charter entered into between the Charterers and the Initial Sub-charterer as time charterer dated 1 April 2020 in relation to the Vessel, as amended and supplemented from time to time.

"**Initial Sub-charterer**" means Clearlake Shipping Pte Ltd or any other nominee nominated as the charterers under the Initial Sub-charter (which is acceptable to the Owners) in accordance with the terms of the Initial Sub-charter.

"**Insurances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all policies and contracts of insurance, including entries of the Vessel
in any protection and indemnity or war risks association, which are effected in respect of the Vessel or otherwise in relation to it whether
before, on or after the date of this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all rights and other assets relating to, or derived from, any of the
foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract
of insurance or entry has expired on or before the date of this Charter.

"**Interpolated Historic Term SOFR**" means, in relation to any Hire Period, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the most recent applicable Term SOFR (as of a day which is not more than three (3) US Government Securities
Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than three months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than three months, SOFR for a day which is
no more than five (5) US Government Securities Business Days (and no less than two (2) US Government Securities Business Days) before
the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Term SOFR (as of a day which is not more
than three (3) US Government Securities Business Days before the Quotation Day) the shortest period (for which Term SOFR is available)
which exceeds three months.

"**Interpolated Term SOFR**" means, in relation to any Hire Period, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Term SOFR (as of the Quotation Day in respect of that Hire Period) for the longest period
(for which Term SOFR is available) which is less than three months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than three months, SOFR for the day which
is two (2) US Government Securities Business Days before the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Term SOFR (as of the Quotation Day in respect of that
Hire Period) for the shortest period (for which Term SOFR is available) which exceeds three months.

"**Interest Rate**" means, in relation to each Hire Period and subject to Clause 37.3, the percentage rate of interest per annum equal to the aggregate of the (i) applicable Reference Rate for the relevant Hire Period and (ii) the Margin.

"**ISM Code**" means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time.

"**ISPS Code**" means the International Ship and Port Security Code as adopted by the Conference of Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or amended from time to time (and the terms "**safety management system**", "**Safety Management Certificate**" and "**Document of Compliance**" have the same meanings as are given to them in the ISM Code).

"**ISSC**" means a valid international ship security certificate for the Vessel issued pursuant to the ISPS Code.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinion delivered to the Owners pursuant to Clause 34.2(e).

"**Leasing Documents**" means this Charter, the MOA and the Security Documents.

"**Major Casualty**" means any casualty to the Vessel in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency.

"**Management Agreement**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the technical and commercial management agreement made or to be made between the Approved Manager and
the Charterers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other management agreement subsequently entered into in respect of the Vessel as may be approved
by the Owners (such approval not to be unreasonably withheld).

"**Manager's Undertaking**" means, in relation to an Approved Manager, the letter of undertaking from that Approved Manager subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners under the Leasing Documents in an agreed form agreed on or prior to signing of this Charter.

"**Mandatory Sale**" has the meaning given to that term in Clause 50.4.

"**Mandatory Sale Date**" has the meaning given to that term in Clause 50.4.

"**Mandatory Sale Price**" means, in respect of the Mandatory Sale Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued as at the date of payment of the Mandatory Sale Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in case of Clause 37.3) if the Mandatory Sale Date occurs on or before the date falling thirty six (36)
months from the Commencement Date, one per cent. (1.00 %)
of the Outstanding Capital Balance as at the relevant date ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
of the Mandatory Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under
the Leasing Documents at the relevant Mandatory Sale Date including any default interest on amounts under (a) to (f) above.

"**Margin**" means two point one per cent. (2.1%) per annum.

"**Market Disruption Rate**" means the Reference Rate.

"**Market Value**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of a Termination Event which is continuing ,
a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the occurrence of a Termination Event which is continuing :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to sub-paragraph (ii) below, the arithmetic mean of the
valuations shown by two (2) valuation reports prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such reports shall be prepared by Approved Valuers nominated by the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two
valuation reports obtained pursuant to the above paragraph (using the higher valuation figure as the denominator), the arithmetic mean
of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (a) above.

"**MARPOL Carbon Intensity Regulations**" means the regulations contained in Chapters 1, 2 and 4 of Revised MARPOL Annex VI which relate to "Regulations on the Carbon Intensity of International Shipping" and Resolution MEPC.328(76) implementing the CII and any associated guidelines and/or subsequent amendments, including the Ship Energy Efficiency Management Plan (SEEMP).

"**MARPOL Protocol**" means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997).

"**Material Adverse Effect**" means, in the opinion of the Owners, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, property, condition (financial or otherwise) or prospects of any Relevant Person
or the Group as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of any Relevant Person to perform its obligations under any Leasing Document to which it is
a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant
to any of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents.

"**MOA**" means the memorandum of agreement dated on or about the date of this Charter and made between the Owners (in their capacity as buyers) and the Charterers (in their capacity as sellers), pursuant to which the Charterers agree to sell and the Owners agree to purchase the Vessel upon the terms and conditions set out therein.

"**Net Sales Proceeds**" has the meaning given to it under Clause 41.9.

"**Net Trading Proceeds**" has the meaning given to it under Clause 41.9.

**"New Guarantee"** has the meaning given to such term in the definition of "Disposal Conditions".

**"New Shareholder"** has the meaning given to such term in the definition of "Disposal".

**"New Shares Security"** has the meaning given to such term in the definition of "Disposal Conditions".

"**Obligatory Insurances**" means any insurances of the Vessel required to be effected by or on behalf of the Charterers pursuant to Clause 39 – (*Insurance*).

"**Operating Account**" means an account in the name of the Charterers with an Account Bank.

"**Original Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Charterers, the annual financial statement accounts of the Charterers for that financial
year as referred to in Guarantor B's audited consolidated annual financial statement accounts of Guarantor B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Guarantor, its audited financial statements for the financial year ended 31 December
2024 (and if such statements are not in English, they shall be accompanied by a certified English translation).

"**Original Jurisdiction**" means, in relation to any Relevant Person, the jurisdiction under whose laws such Relevant Person incorporated or resided as at the date of this Charter.

**Other Charters**" means, other than the Charter, each, or as the context may require, any of the charters listed in the fourth column (*The Charters*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Charters**" means all such charters.

"**Other Charterers**" means, other than the Charterers, each, or as the context may require, any of the charterers listed in the third column (*The Charterers*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Charterers**" means all such charterers.

"**Other Owner**" means, other than the Owner, each, or as the context may require, any of the owners listed in the second column (*The Owners*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Owners**" means all such owners.

"**Other Vessel**" means, other than the Vessel, each, or as the context may require, any of the vessels listed in the first column (*The Vessels*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Vessels**" means all such vessels.

"**Outstanding Capital Balance**" means, on any relevant date, (i) the Financing Amount minus (ii) the aggregate Fixed Charterhire which has been paid by the Charterers and received by the Owners as at such date taking into account any payment made in accordance with Clause 46.1(x)(ii)(1) or Clause 48 – (*Voluntary Prepayment*).

"**Owners' Financier**" means any financier providing financing or refinancing facilities to the Owners or any affiliate of the Owners in respect of the Owners' purchase and/or lease of the Vessel to the Charterers under the terms of the Leasing Documents.

"**Owners' Surveyor**" means the surveyor appointed by the Owners in accordance with Clause 7.

"**Party**" means a party to this Charter, namely the Owners or the Charterers.

"**Payment Date**" means each of the dates upon which Charterhire is to be paid by the Charterers to the Owners pursuant to Clauses 36.2, 36.5, 36.6and 36.7 (*Charterhire*).

"**Perfection Requirements**" means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications of any Leasing Document (and/or any Security created under it) necessary for the validity, enforceability (as against the relevant Obligor or any relevant third party) and/or perfection of that Leasing Document.

"**Permitted Security Interest**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) prior to the completion of the "Voluntary Early Termination" or "Purchase Option"

the Existing Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any lien for unpaid master's and crew's wages in accordance with the ordinary course of operation of the
Vessel or in accordance with usual reputable maritime practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any lien for salvage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any lien for master's disbursements incurred in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
or maintenance of the Vessel provided such liens do not secure amounts more than thirty (30) days overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal
before whom such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good
faith by appropriate steps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security Interests arising by operation of law in respect of taxes which are not overdue or for payment
of taxes which are overdue for payment but which are being contested by the Owners or the Charterers in good faith by appropriate steps
and in respect of which adequate reserves have been made,

provided that the foregoing have not arisen due to the default or omission of any Relevant Person.

"**Poseidon Principles**" means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

"**Potential Termination Event**" means, an event or circumstance which, with the expiry of a grace period, the giving of any notice, the lapse of time and/or the making of any determination under the Leasing Documents and/or the satisfaction of any other condition, would constitute a Termination Event.

"**Prepositioning Date**" shall have the same meaning as defined under the MOA.

"**Prohibited Countries**" means those countries and territories subject to country-wide or territory-wide Sanctions and/or trade embargoes from time to time during the Charter Period, in particular but not limited to pursuant to the U.S.'s Office of Foreign Assets Control of the U.S. Department of Treasury ("**OFAC**") or the United Nations including at the date of this Charter, but without limitation, non-Ukrainian government controlled areas of Donetsk, Luhansk and Zaporizhzhia Regions, Cuba, Syria, Iran, North Korea, Crimea and Venezuela and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Prohibited Person.

"**Prohibited Person**" means any person, entity or any other party which is (i) located, domiciled, resident or incorporated in a Prohibited Country, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, the United States and the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Kingdom, His Majesty's Treasury ("**HMT**") and the Foreign and Commonwealth Office of the United Kingdom, the Special Administrative Region of Hong Kong, the People's Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

"**Published Rate**" means SOFR or Term SOFR for any Quoted Tenor.

"**Published Rate Replacement Event**" means, in relation to any Published Rate:

(a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Parties, materially changed; <br> <br> (b)

(i) ---

| |
|:---|
| (A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; |
| B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent, |

---

---

| | |
|:---|:---|
|  | **provided that**, in each case, at that time, there is no successor administrator to continue to provide that Published Rate; |
| (ii) | the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate; |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly announces that
such Published Rate has been or will be permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Published Rate or its supervisor announces that that
Published Rate may no longer be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of an interest rate which is a constituent element of that Published
Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback
policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the circumstance(s) or event(s) leading to such determination are not (in the opinion
of the Parties) temporary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Published Rate is calculated in accordance with any such policy or arrangement
for a period no less than a reasonable period determined by the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Parties, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest
under this Charter.

"**Purchase Obligation**" means the purchase obligation referred to in Clause 52 – (*Purchase Obligation*).

"**Purchase Obligation Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Prepositioning Date occurs in the calendar year 2025, $19,000,000 (the "**Original Purchase Obligation Price**") ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

*the Original Purchase Obligation Price x the Adjustment Value*

"**Purchase Price**" has the meaning given to it in the MOA.

"**Quotation Day**" means, in relation to any Hire Period, two (2) US Government Securities Business Days before the first day of that Hire Period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Owners in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

"**Quoted Tenor**" means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service.

"**Reference Rate**" means, in relation to a Hire Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Term SOFR for three (3) months as of the relevant Quotation Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 36.5A,

and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero.

"**Relevant Jurisdiction**" means, in relation to each Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any jurisdiction where it conducts its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating
a Security Interest.

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Relevant Person**" means each of the Charterers (for the avoidance of doubt, reference to Charterers here include the Charterers acting in their capacities as sellers under the MOA), the Other Charterers, the Guarantors (in their respective capacity as the guarantor and/or the shareholder of the Charterers, as the case may be), any Approved Manager which is an entity within the Group, any Sub-charterer which is an entity within the Group, (following the Disposal) the New Shareholder (in its capacity as the guarantor and the shareholder of the Charterers) and any other party providing security to the Owners in respect of the Charterers' obligations under this Charter pursuant to a Security Document (except any Approved Manager or Sub-charterer which are not entities within the Group).

"**Replacement Reference Rate**" means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Published Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (provided that the market or economic reality that such reference
rate measures is the same as that measured by that Published Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "**Replacement Published Rate**" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Owners, generally accepted in the international or any relevant domestic syndicated
loan markets as the appropriate successor or alternative to a Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Owners, an appropriate successor or alternative to a Published Rate.

"**Reporting Time**" means close of business in Beijing on the date falling one (1) Business Day after the Quotation Day for the relevant Hire Period.

"**Requisition Compensation**" includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss".

"**Russian Oil Price Cap Measures**" means the Russian oil price cap restrictions and requirements imposed by law or regulation of the United Kingdom, the Council of the European Union and the United States of America and any other similar restrictions on the supply or delivery or maritime transportation of Russian Oil Products applicable to any person as amended from time to time.

"**Russian Oil Products**" means oil and oil products falling within commodity codes 2709 or 2710 which originate in or are consigned from Russia.

"**Safety Management Certificate**" shall have the same meaning as ascribed under the ISM Code.

"**Sanctions**" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) imposed by law or regulation of a Sanctions Authority, to the extent applicable to this transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise imposed by any applicable law or regulation by which any Relevant Person is bound or to which
it is subject.

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations or its Security Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union or the Council of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the People's Republic of China (including for the avoidance of doubt, Hong Kong), provided that this paragraph
(e) shall not apply to the Initial Sub-charterer when the Vessel is chartered under the Initial Sub-charter or the operation or use of
the Vessel by the Initial Sub-charterer (but not any further sub-lessee of the Vessel) when the Vessel is operated by the Initial Sub-charterer
(but not any further sub-lessee of the Vessel), in each case unless otherwise specified in Clause 50.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the governments and official institutions or agencies of any of paragraphs (a) to (e) above, including
the U.S. Department of the Treasury's Office of Foreign Assets Control, the United States Department of State, the U.S. Department of
Commerce and the Hong Kong Monetary Authority and His Majesty's Treasury.

"**Sanctions Advisory**" means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued May 14, 2020 by the US Department of the Treasury, Department of State and Coast Guard, as may be amended or supplemented, and any similar future advisory.

"**Secured Liabilities**" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) which a Relevant Person (other than the Other Owners) has, at the date of this Charter or at any later time or times, to the Owners under or in connection with the Leasing Documents or any judgment relating to the Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

"**Security Period**" means the period commencing on the date hereof and ending on the date on which the Owners are satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

"**Security Documents**" means collectively the Guarantees, any New Guarantee, the Account Security, the Shares Security, the General Assignment, the Manager's Undertakings and any other document whether or not it creates a Security Interest which is executed as security for the obligations of the Charterers under or in connection with this Charter.

"**Security Interest**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a mortgage, charge (whether fixed or floating) or pledge, lien, assignment, hypothecation or any other
security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the security rights of a plaintiff under an action *in rem*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other right which confers on a creditor or potential creditor a right or privilege to receive the
amount actually or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph (c)
does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

**"Shares Security**" means each, or as the context may require, any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the share charge executed or to be executed by Guarantor B (in its capacity as shareholder of the Charterers)
creating a Security Interest over all its shares in the Charterers in favour of the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (following the Disposal) the New Shares Security.

"**SOFR**" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).

"**Special Termination Amount**" means, in respect of the Special Termination Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Special Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued as at the date of payment of the Special Termination Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any documented legal or other costs reasonably incurred by the Owners in connection with Clause 51A (*USTR Termination Event*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) aside from the amounts described under paragraphs (a) to (d) above, any other moneys due and owing under
the Leasing Documents at the relevant Special Termination Date including any default interest on amounts under (a) to (e) above.

"**Special Termination Date**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Special Termination Notice**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Statement of Compliance**" means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

"**Subsidiary**" means a subsidiary within the meaning of section 1159 of the UK Companies Act 2006.

"**Sub-charter**" means, as the context requires, any sub-charter or other form of contract for employment in respect of the Vessel (including, but not limited to, any Assignable Sub-charter) entered or to be entered into by the Charterers (as disponent owners) and any other sub-charterer, whether or not already in existence.

"**Sub-charterer**" means the sub-charterer under a Sub-charter.

"**Technical Manager**" means Central Mare Inc., a corporation incorporated under the laws of Marshall Islands with registration number 32656 or any reputable management company designated by the Charterers and approved by Initial Sub-charterer, while on time charter to Initial Sub-charterer, and the Owners, thereafter, in writing from time to time as the technical manager of the Vessel.

"**Term SOFR**" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).

"**Termination Event**" means any event described in Clause 49.1.

"**Termination Fee**" means an amount equals to one point five per cent. (1.50%) of the Outstanding Capital Balance as at the relevant date.

"**Termination Notice**" has the meaning given to it under Clause 49.2 (*Termination Events*).

"**Termination Sum**" means, in respect of any date (such date being referred to as the "**Relevant Date**" for the purposes of this definition only), the aggregate of (without double counting amounts that may be included in more than one sub-paragraph below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Relevant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire due and payable, but unpaid up to (and including) the date of payment of the
Termination Sum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Termination Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any and all documented costs, losses and liabilities incurred by the Owners as a result of the early termination
of the leasing under this Charter including but not limited to any legal costs, any agency or broker fees incurred in attempting to re-charter
or otherwise dispose of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing,
recovering, repositioning, berthing, insuring and maintaining the Vessel and/or in collecting any payments due under this Charter and/or
in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents (including, but
not limited to, for carrying out any works or modifications or repairs required to cause the Vessel to conform with the provisions relating
to redelivery as required under Clause 41.5); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and payable,
but unpaid, under the Leasing Documents at the Relevant Date including any default interest on amounts under (a) to (f) above.

"**Total Loss**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actual, constructive, compromised, agreed or arranged total loss of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition
for hire for a fixed period not exceeding one (1) year without any right to an extension) unless it is redelivered within twenty-one (21)
days to the full control of the Owners or the Charterers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding
any event specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners
or the Charterers.

"**Total Loss Date**" means, in relation to the Total Loss of the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an actual loss of the Vessel, the date on which it occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which a notice of abandonment is given to the insurers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date when the Vessel was last heard of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of any compromise, arrangement or agreement made by or on behalf of the Charterers with the Vessel's
insurers in which the insurers agree to treat the Vessel as a Total Loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any expropriation, confiscation, requisition or acquisition of the Vessel whether for full
consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by
any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding
a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation,
confiscation, requisition or, as the case may be, the acquisition of the Vessel is completed by delivery of the Vessel to the relevant
government or official authority or the person or persons claiming to be or to represent the relevant government or official authority
unless it is redelivered within twenty-one (21) days to the full control of the Owners or the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of any arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking
or theft), unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers, the date falling on the
expiration of such days.

"**Total Loss Payment Date**" means, following the occurrence of a Total Loss, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling one hundred and twenty (120) days after the Total Loss Date or such later date as the
Owners may agree; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Owners receive the Total Loss Proceeds.

"**Total Loss Proceeds**" means the proceeds of any policy or contract of insurance or any Requisition Compensation in each case arising in respect of a Total Loss.

"**US**" means the United States of America.

"**US Government Securities Business Day**" means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation)
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.

"**US Tax Obligor**" means (a) a person which is resident for tax purposes in the United States of America or (b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes.

"**USTR Remedy Period**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Variable Charterhire**" shall have the meaning as defined under paragraph (b) of Clause 36.5.

"**Vessel**" means m.v. Eco Malibu with IMO number 9902823.

"**Voluntary Early Termination**" means the right to early terminate referred to in Clause 51.1.

"**Voluntary Early Termination Date**" shall have the meaning ascribed thereto in Clause 51.2.

"**Voluntary Early Termination Fee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Voluntary Early Termination is exercised on or after the date falling twelve (12) months from the
Commencement Date and until (including) the date falling twenty four (24) months after the Commencement Date, one point five per cent.
(1.50%) of the Outstanding Capital Balance on the applicable Voluntary Early Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Voluntary Early Termination is exercised after the date falling twenty four (24) months from the
Commencement Date and until (including) the date falling thirty six (36) months from the Commencement Date, one per cent. (1.00%) of the
Outstanding Capital Balance on the applicable Voluntary Early Termination Date; and

(c) if the Voluntary Early Termination is exercised after the date falling thirty six (36) months from the Commencement Date zero
per cent. (0%) of the Outstanding Capital Balance as at the applicable Voluntary Early Termination Date.

"**Voluntary Early Termination Notice**" shall have the meaning ascribed thereto in Clause 51.2.

"**Voluntary Early Termination Price**" means, in respect of any Voluntary Early Termination Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the relevant the Voluntary Early Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued but unpaid as at the date of payment of the Voluntary Early Termination
Date Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Voluntary Early Termination Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any documented legal (subject to pre-agreed cap) or other costs reasonably incurred by the Owners in connection
with the exercise of the Voluntary Early Termination under Clause 51 – (*Voluntary Early Termination*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under
the Leasing Documents at the relevant Voluntary Early Termination Date including any default interest on amounts under (a) to (e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.2 Inconsistency between Charter provisions and Leasing Documents

In the case of any conflict between the provisions or terms so of this Charter and the terms and provisions of a Leasing Document, the provisions of this Charter shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.3 Construction

Unless a contrary indication appears, in this Charter:

the "**Approved Manager**", the "**Charterers**", a "**Guarantor**", the "**New Shareholder**", any "**Relevant Person**", the "**Owners**", any "**Other Charterer**", any "**Other Owner**", or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents;

"**agreed form**" means, in relation to a document, such document in a form agreed in writing between the Owners and the Charterers and, if required by the Owners in their sole discretion, the Owners' Financiers;

"**asset**" includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

"**company**" includes any partnership, joint venture and unincorporated association;

"**consent**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation
and legalization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to anything which will be prohibited or restricted by law if a governmental or official authority
intervenes or acts in any way within a specified period after lodgment, filing, registration or notification, the expiry of that period
without intervention or action.

"**contingent liability**" means a liability which is not certain to arise and/or the amount of which remains unascertained;

"**continuing**" means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably) and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably), provided that following the issuance of a Termination Notice in accordance with Clause 49.2, a Termination Event is "continuing" if it has not been waived;

"**control**" over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast
at a general meeting of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give directions with respect to the operating and financial policies of such company with which the directors
or other equivalent officers of such company are obliged to comply;

"**document**" includes a deed; also a letter, fax or telex;

the Owners' "**cost of funds**" in relation to the Outstanding Capital Balance or any part thereof is a reference to the average cost (determined either on an actual or a notional basis) which the Owners would incur if they were to fund or finance, from whatever source(s) they may reasonably select, an amount equal to the amount of the Outstanding Capital Balance or any part thereof for a period equal in length to the Hire Period of the Outstanding Capital Balance or any part thereof;

"**expense**" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

"**gross negligence**" means a form of negligence which is distinct from ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has not been followed.

"**law**" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;

"**legal or administrative action**" means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

"**liability**" includes every kind of debt or liability (present or future, and including contingent liabilities only in the case of Clause 49.1(g)(ii), Clause 54 – (*Indemnities*) and the definition of "**Financial Indebtedness**"), whether incurred as principal or surety or otherwise;

"**months**" shall be construed in accordance with Clause 68.4 (*Meaning of "month"*);

"**person**" includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

"**policy**", in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;

"**protection and indemnity risks**" means the usual risks covered by a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

"**regulation**" includes any regulation, rule, official directive, request or guideline whether or not having the force of law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; and

"**tax**" includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.4 Meaning of "month"

A period of one or more "months" ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started ("**the numerically corresponding day**"), but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the Business Day following the numerically corresponding day if the numerically corresponding day is
not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding
day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the last Business Day in the relevant calendar month, if the period started on the last Business Day
in a calendar month or if the last calendar month of the period has no numerically corresponding day;

and "**month**" and "**monthly**" shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.5 In this Charter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to a Leasing Document or any other document being
in the form of a particular appendix or to any document referred to in the recitals include references to that form with any modifications
to that form which the Owners and the Charterers approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to, or to a provision of, a Leasing Document or
any other document are references to it as amended or supplemented, whether before the date of this Charter or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement,
whether made before the date of this Charter or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words denoting the singular number shall include the plural and vice versa; and

(e) references to a page or screen of an information service displaying a rate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the appropriate page of such other information service which displays that rate from time to time in place
of that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Owners after consultation with the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.6 Construction of Insurance terms

In this Charter:

"**approved**" means, for the purposes of Clause 39 – (*Insurance*), approved in writing by the Owners.

"**excess risks**" means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of such claims.

"**obligatory insurances**" means all insurances effected, or which the Charterers are obliged to effect, under Clause 39 – (*Insurance*) or any other provision of this Charter or another Leasing Document.

"**policy**" includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

"**protection and indemnity risks**" means the usual risks (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

"**war risks**" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.7 **Headings** 

In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded.

#### Schedule 1<br>Acceptance Certificate
**ATHENEAN EMPIRE INC.** (the "**Charterers**") hereby acknowledges that at [●] hours on [●], there was delivered to, and accepted by, the Charterers the Vessel known as m.v. "Eco Malibu", registered in the name of LUSTRE 6 HOLDING LIMITED (the "**Owners**") under the flag of the Marshall Islands with IMO number 9902823 under a bareboat charter dated [●] (the "**Charter**") and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will be subject to all the terms and conditions contained in the Charter.

The Charterers warrant that the representations and warranties made by them in Clause 45 – (*Representation and Warranties*) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.

_______________________________

Name:

Title: attorney in fact

for and on behalf of

**ATHENEAN EMPIRE INC.**

Dated:

#### Schedule 2

#### Part A
The following are the documents referred to in Clause 34.2(e)(i):

1 Corporate Authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for
the purpose of this Schedule only, collectively, the "**Pertinent Persons** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent
Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party
and resolving that it execute the Leasing Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices
to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 If required, an original of the power of attorney of any party to a Leasing Document authorising a specified
person or persons to execute the Leasing Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph
1.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant
Person, approving the terms of, and the transactions contemplated by such Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy
document relating to it specified in this Part A of Schedule 2 is correct, complete and in full force and effect as at a date no earlier
than the date of this Agreement.

---

| | |
|:---|:---|
| **2** | **Documents and other security** |
| 2.1 | A duly executed copy of this Charter, the MOA, the Shares Security and the Guarantees and of each document to be delivered under each of them. |
| 2.2 | Duly executed but undated copies of each of the Account Security, the General Assignment and the Manager's Undertaking and of each document to be delivered under each of them. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Evidence that the Charterers' Operating Account have been opened and maintained with the Account Bank.

3 Legal opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the
applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this Schedule, in form and substance acceptable to the Owners.

3.2 Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in
paragraphs 2.1 and 2.2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands, Greece and such other relevant
jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.

4 Valuation of Vessel

If the Prepositioning Date occurs in the calendar year 2026, valuation of the Vessel, indicating the Initial Market Value to be received by the Owners not later than thirty days prior to the Prepositioning Date.

5 Vessel Insurances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39 – (*Insurance*).

5.2 Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause
39 – (*Insurance*) from the relevant insurer, insurance broker, protection and indemnity association or war risks association
(as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers)
in an agreed form acceptable to the Owners.

6 Vessel Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as from
the Commencement Date, be managed by the relevant Approved Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 A copy of the Document of Compliance of the Technical Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 A copy of the Vessel's class certificate evidencing that the Vessel maintains such classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Copies of the Vessel's Safety Management Certificate (together with any other details of the applicable
safety management system which the Owners may require) and of any other documents required under the ISM Code and the ISPS Code (including,
without limitation, an ISSC and IAPPC).

7 Initial Sub-charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 A copy of the executed Initial Sub-charter (and any addendums thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Evidence to the satisfaction of the Owners that the Initial Sub-charterer consents to the sale and leaseback
of the Vessel contemplated by the Leasing Documents.

8 Deed of Release

An agreed form Deed of Release.

---

| | |
|:---|:---|
| 9 | Others |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than five
(5) Business Days the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their capacity
as sellers under the MOA) to the Owners (in their capacity as buyers under the MOA), specifying the aggregate amount payable by the Owners
(in their capacity as buyers under the MOA) to the Charterers (in their capacity as sellers under the MOA) for the purchase of the Vessel
under the MOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Evidence that all fees, costs and expenses then due from the Charterers to the Owners under the Leasing
Documents have been paid and received by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Copies of the Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their
financiers) to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the
Leasing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 A copy of any other consents, approvals, authorization or other document, opinion or assurance which the
Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of
the Leasing Documents or for the validity and enforceability of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 If required, evidence that any process agent referred to under the Leasing Documents has accepted its
appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 If required by the Flag State for purposes of registering the Vessel in the name of the Owners, evidence
that the Owners have been registered as a foreign maritime entity under the laws of the Flag State (with such cost to be borne by the
Charterers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 Such other documents as the Owners may require by giving notice to the Charterers.

#### Part B
The following are the documents referred to in Clause 34.2 (e)(ii):

1 Corporate Authorisations/Confirmation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document
provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination
Event or Termination Event has occurred and is continuing as of the Commencement Date.

2 Security Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Duly executed and dated copies of each of the Account Security, the General Assignment and each Manager's
Undertaking and of each document to be delivered under it and evidence of their delivery within the timing prescribed under it.

have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such
Security Documents.

3 Delivery and title registration of the Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Documentary evidence that the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is registered in the name of the Owners as legal owner with the Flag State free from encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners (in their
capacity as buyers) pursuant to the terms of the MOA, where such documents shall include without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of the Charterers, together
with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Charterers' power of attorney);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
executed by the Charterers and the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with
the laws and regulations of the Flag State (including, without limitation, a side letter to be entered into between the Owners and the
Charterers as required by the competent authorities of the Flag State).

4 Legal opinions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 A signed legal opinion of Watson Farley & Williams, legal advisers to the Owners on such matters on
the laws of England as may be satisfactory to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands
and Greece and any other jurisdictions as may be satisfactory to the Owners.

5 Deed of Release

A copy of the duly executed Deed of Release.

---

| | |
|:---|:---|
| 6 | Others |

---

The Owners being satisfied that all conditions precedent or documents or evidence specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.

#### Part C
The following are the documents referred to in Clause 34.8:

1 Security Interests

2 Legal opinions

Not later than three (3) Business Days after the Commencement Date, issued signed copies of the legal opinions referred to in paragraph 4 of Part B of Schedule 2 of this Charter.

3 Insurances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters
of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 – (*Insurance*)
acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may
be), each in the agreed form under paragraph 5.2 of Part A of Schedule 2 of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the
form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.

#### Schedule 3

#### THE VESSELS, THE PARTIES AND THE Charters

---

| | | | |
|:---|:---|:---|:---|
| **The Vessels** | **The Owners** | **The Charterers** | **The Charters** |
| m.v. Eco Malibu with IMO number 9902823<br> ("**Vessel A**") | Lustre 6 Holding Limited, a corporation with registration number C-128841 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner A")** | ATHENEAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104090 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer A")** | Bareboat charter entered or to be entered into between Owner A and Charterer A in respect of Vessel A, as amended and/or supplemented from time to time<br> **("Charter A")** |
| m.v. Eco Oceano CA with IMO number 9794020<br> ("**Vessel B**") | Lustre 3 Holding Limited, a corporation with registration number C-128838 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner B")** | ECO OCEANO CA INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 107152 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer B")** | Bareboat charter entered or to be entered into between Owner B and Charterer B in respect of Vessel B, as amended and/or supplemented from time to time<br> **("Charter B")** |
| m.v. Eco West Coast with IMO number 9902811<br> ("**Vessel C**") | Lustre 4 Holding Limited, a corporation with registration number C-128839 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner C")** | ROMAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104089 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer C")** | Bareboat charter entered or to be entered into between Owner C and Charterer C in respect of Vessel C, as amended and/or supplemented from time to time<br> **("Charter C")** |

---

---

| | | | |
|:---|:---|:---|:---|
| m.v. Julius Caesar with IMO number 9912244<br> ("**Vessel D**") | Lustre 1 Holding Limited, a corporation with registration number C-128836 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner D")** | JULIUS CAESAR INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104940 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer D")** | Bareboat charter entered or to be entered into between Owner D and Charterer D in respect of Vessel D, as amended and/or supplemented from time to time<br> **("Charter D")** |
| m.v. Legio X Equestris with IMO number 9912256<br> ("**Vessel E**") | Lustre 2 Holding Limited, a corporation with registration number C-128837 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner E")** | LEGIO X INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 107059 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer E")** | Bareboat charter entered or to be entered into between Owner E and Charterer E in respect of Vessel E, as amended and/or supplemented from time to time<br> **("Charter E")** |
| m.v. Eco Marina Del Rey with IMO number **9798349**<br> ("**Vessel F**") | Lustre 5 Holding Limited, a corporation with registration number C-128840 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner F")** | PCH DREAMING INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 94703 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer F")** | Bareboat charter entered or to be entered into between Owner F and Charterer F in respect of Vessel F, as amended and/or supplemented from time to time<br> **("Charter F")** |

---

**SCHEDULE 4** 

**Form of Attestation to be issued by CHARTERERS**

To: [Owners] <br>From: [Charterers]

Dated: [●]

**[Charterers] – Bareboat Charter dated [●] (the "Charter")**

Capitalised terms used in this attestation shall have the meanings set out in the Charter.

With respect to [●] [***describe cargo***] [scheduled to be] loaded at [●] [***insert port or details of ship-to-ship transfer***] on [●] [***insert date***] (the "**Voyage**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We confirm that we were, and the operation of the Vessel and, to the best of our knowledge, each sub-charterer
and any other relevant third party was, in compliance with the Russian Oil Price Cap Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We attest that, with respect to the Voyage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have received and retained price information demonstrating that the Russian Oil Products were purchased
at or below the relevant price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where not practicable to request and receive such information, we have obtained a signed attestation from
our sub-charterer or other relevant counterparty that the Russian Oil Products were purchased at or below the relevant price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) we have received a signed attestation from our sub-charterer or other relevant counterparty that the purchase
of Russian Oil Products was done pursuant to a license or a derogation.

**EXECUTION PAGE**

**OWNERS**

---

| |
|:---|
| **SIGNED by**) |
| duly authorized attorney-in-fact) |
| for and on behalf of) |
| **LUSTRE 6 HOLDING LIMITED**) |
| in the presence of:) |

---

Witness' signature:

Witness' name:

Witness' address:

**CHARTERERS**

---

| |
|:---|
| **SIGNED by**) |
| duly authorized attorney-in-fact) |
| for and on behalf of) |
| **ATHENEAN EMPIRE INC.**) |
| in the presence of:) |

---

Witness' signature:

Witness' name:

Witness' address:

## Exhibit 10.13

**Exhibit 10.13**

#### Dated _________________________ 2025

#### Rubico Inc.
as Guarantor

and

#### LUSTRE 6 HOLDING LIMITED
as Owner

#### Guarantee
relating to<br> a bareboat charter of the vessel m.v. ECO MALIBU<br> dated ____________ 2025

![](exh1013watson.jpg)

#### Index

---

| | |
|:---|:---|
| **Clause** | **Page** |

---

---

| | | |
|:---|:---|:---|
| 1 | Interpretation | 1 |
| 2 | Guarantee | 2 |
| 3 | Liability as Principal and Independent Debtor | 3 |
| 4 | Expenses | 3 |
| 5 | Adjustment of Transactions | 4 |
| 6 | Payments | 4 |
| 7 | Interest | 4 |
| 8 | Subordination | 5 |
| 9 | Enforcement | 5 |
| 10 | Representations and Warranties | 6 |
| 11 | Undertakings | 9 |
| 12 | Judgments and Currency Indemnity | 15 |
| 13 | Supplemental | 16 |
| 14 | Assignment | 18 |
| 15 | Notices | 18 |
| 16 | Invalidity of Bareboat Charter | 19 |
| 17 | Incorporation of Bareboat Charter Provisions | 19 |
| 18 | Governing Law and Enforcement | 20 |

---

---

| | |
|:---|:---|
| **Schedules** |  |
| Schedule 1 Form of Compliance Certificate | 22 |
| Execution Page | 23 |

---

Huarong Top Ships II - Guarantee

m.v. Eco Malibu

SINGAPORE/91894221v1

**THIS GUARANTEE** is made on ______________________ 2025

#### Parties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **RUBICO INC.**, a corporation incorporated under the laws of the Marshall Islands whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the "**Guarantor** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **LUSTRE 6 HOLDING LIMITED**, a corporation incorporated under
the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the "**Owner**" which
expression includes its successors and assigns)

#### Background
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) By a bareboat charter dated _______________ 2025 (the "**Bareboat Charter**") and made between (i) the Owner, as owner and (ii) **Athenean Empire Inc.,** a corporation incorporated under
the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands, MH96960, as charterer (the "**Charterer** "), the Owner has agreed to bareboat charter one (1) suezmax tanker named
m.v. "Eco Malibu" and flagged in the Marshall Islands with IMO no. 9902823 (the "**Vessel**") to the Charterer
pursuant to the terms and conditions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) As at the date of this Guarantee, the Guarantor is the shareholder of the Charterer and holds all of the
issued and outstanding shares in the Charterer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of
the Vessel under the Bareboat Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) This Guarantee is one of the Guarantees referred to in the Bareboat Charter.

#### Operative Provisions

#### 1 Interpretation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Defined expressions

Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction of certain terms

In this Guarantee:

"**bankruptcy**" includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation under any corporate or insolvency law of any country.

"**Compliance Certificate**" means a certificate in the form set out in Schedule 1 or in any other form approved by the Owner.

"**control**" over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast
at a general meeting of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give directions with respect to the operating and financial policies of such company with which the directors
or other equivalent officers of such company are obliged to comply.

"**Group**" means the Guarantor and its subsidiaries from time to time.

"**Party**" means a party to this Guarantee.

"**Relevant Person**" means each "Relevant Person" as defined in the Bareboat Charter.

"**Secured Liabilities**" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

"**Security Period**" means the period commencing on the date hereof and ending on the date on which the Owner is satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

#### 2 Guarantee
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Guarantee and indemnity

The Guarantor unconditionally and irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees the due payment of all amounts payable by each other Relevant Person under or in connection
to each Leasing Document to which such Relevant Person is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes to pay to the Owner on the Owner's demand any such amount which is not paid by that Relevant
Person when due and payable under or in connection to that Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantees the punctual performance by that Relevant Person of all that Relevant Person's obligations
under or in connection with that Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses which
are made or brought against or incurred by the Owner as a result of or in connection with any obligation or liability guaranteed by the
Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to
the amount which the Owner would otherwise have been entitled to recover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 No limit on number of demands

The Owner may serve more than one demand under Clause 2.1 (*Guarantee and indemnity*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Guarantee of whole amount

This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant Person is a party.

#### 3 Liability as Principal and Independent Debtor
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Principal and independent debtor

The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of the rights or defences of a surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Waiver of rights and defences

Without limiting the generality of Clause 3.1 (*Principal and independent debtor*), the Guarantor shall neither be discharged by, nor have any claim against the Owner in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to,
or affecting, the Bareboat Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security
Interest, including a failure to realise for its full market value an asset covered by such a Security Interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal
or invalid or otherwise defective for any reason, including a neglect to register it.

#### 4 Expenses
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Costs of preservation of rights, enforcement etc

The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in connection with the enforcement of, or the preservation of any rights under this Guarantee or any other Leasing Document, including any advice, claim or proceedings relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Fees and expenses payable under Leasing Documents

Clause 4.1 (*Costs of preservation of rights, enforcement etc*) is without prejudice to the Guarantor's liabilities in respect of any other Relevant Person's obligations under any Leasing Document to which it is a party.

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#### 5 Adjustment of Transactions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Reinstatement of obligation to pay

The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was invalid or unenforceable or on any similar ground.

#### 6 Payments
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Method of payments

Any amount due under this Guarantee shall be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in immediately available funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to such account as the Owner may from time to time notify to the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without any form of set-off, cross-claim or condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) free and clear of any tax deduction or withholding for or on account of any tax payable under any law
of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Grossing-up for taxes

If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Indemnity and evidence of payment of taxes

The Guarantor shall fully indemnify the Owner on the Owner's demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 6.2 (*Grossing-up taxes*). Within 30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to the appropriate taxation authority.

#### 7 Interest
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Accrual of interest

Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Bareboat Charter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Calculation of interest

Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 37.5 and 37.6 of the Bareboat Charter and otherwise in accordance with the terms thereof.

#### 8 Subordination
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Subordination of rights of Guarantor

All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that
Relevant Person, whether in respect of this Guarantee or any other transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take or enforce any Security Interest for any such amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered
by the Owner under such Leasing Document.

#### 9 Enforcement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 No requirement to commence proceedings against other Relevant Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Conclusive evidence of certain matters

However, as against the Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award
of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any
other Leasing Document,

shall be binding and conclusive as to all matters of fact and law to which it relates.

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#### 10 Representations and Warranties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 General

The Guarantor represents and warrants to the Owner as of the date of this Guarantee, and on each day henceforth until the last day of the Security Period as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Status

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall
Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor is not a FATCA foreign financial institution ()"**FFI**") or a US Tax Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Corporate power

The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to execute this Guarantee or any other Leasing Document to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document
to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Consents in force

All the capacities, actions and consents referred to in Clause 10.3 (*Corporate power*) remain in full force and nothing has occurred which makes any of them liable to revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 No conflicts

The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a contravention of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation applicable to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the constitutional documents of the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Legal, valid and binding obligations

This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor's legal, valid and binding obligations enforceable against it in accordance with its terms and any relevant insolvency laws affecting creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Governing law

The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated herein are valid and binding against the Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Immunity

Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 *Pari passu* ranking

The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least *pari passu* with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Legal or administrative action

No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause 11.8 (*Notification of legal or administrative action*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 No insolvency

The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Tax obligor and place of business

The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 No withholding taxes

All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Taxes paid

The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with adequate reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 No default

No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 Information

Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause 11.3 (*Provision of financial statements*) satisfied the requirements of Clause 11.4 (*Form of financial statements*); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 No litigation

No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Relevant Person, and their respective directors, officers, and employees is in compliance with all
Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice
or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action
to evade the application of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems, controls, policies and procedures
designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business
Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure
that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
Laws and Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 Environmental Laws

All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 Environmental Claim

No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 Environmental Incident

No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 Ownership of the Charterer

The Charterer is legally and beneficially and indirectly wholly owned and controlled by the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 Status of the Guarantor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York
Stock Exchange or NASDAQ or Over the Counter (OTC); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.

#### 11 Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 General

The Guarantor undertakes with the Owner to comply with the following provisions of this Clause 11 (*Undertakings*) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any undertaking under this Clause 11 (*Undertakings*) by Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Information provided to be accurate

All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not misleading and will not omit any material fact or consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Provision of financial statements

The Guarantor will send to the Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that financial year as referred
to in the Guarantor's audited consolidated annual financial statement accounts of the Guarantor for that financial year to be delivered
under paragraph (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor's audited consolidated financial
statement accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness by at least one officer
of the Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Form of financial statements

All accounts (audited and unaudited) delivered under Clause 11.3 (*Provision of financial statements*) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be prepared in accordance with all applicable laws and generally accepted accounting principles in the
United States consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit for the period to which
those accounts relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fully disclose or provide for all significant liabilities of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If not in the English language, be accompanied by an English translation duly certified as to its correctness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Shareholder and creditor notices

The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor's shareholders or creditors or any class of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Consents

The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 Valid obligations

The Guarantor will at its own cost, and will procure that each other Relevant Person will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant
Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing
Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration
or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice
or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible
in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 Notification of legal or administrative action

The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Notification of damage or default

The Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence
of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to result, in repairs
on the Vessel which exceed US$5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence
of any Termination Event,

and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by its authorised signatory, confirming that there exists no Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 Additional information

The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any additional financial or other information relating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to themselves and/or the Vessel (including, but not limited to the condition, location and employment
status of the Vessel); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 Compliance with operational laws

The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel's registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 Compliance with other laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable
laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy
to ensure compliance with all such laws and regulations implemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance
by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Sanctions, (including
but not limited to notifying the Owner in writing immediately upon being aware that any Relevant Person or their respective shareholders,
directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information
in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties
are in compliance with such laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance
by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Anti-Money Laundering
Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its
business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance
with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which
(i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or
trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People's Republic
of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any
case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People's Republic of China) or (ii) would
trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor shall, and shall procure that each other Relevant Person and their respective officers,
directors and employees, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
and/or Business Ethics Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use,
the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person
in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 No Security Interests

The Guarantor shall not, and shall procure that each other Relevant Person will not create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 Financial covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor shall ensure that, at any time during the Security Period, the Guarantor's Leverage Ratio
shall not be more than eighty five per cent (85%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less
than US$500,000.

In this Guarantee:

"**Leverage Ratio**" means, at any date, the ratio (expressed as a percentage) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Total Net Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership
by the Guarantor of each such Fleet Vessel.

"**Liquid Funds**" means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.

"**Market Value**" means, in relation to any Fleet Vessel,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of a Termination Event which is continuing, a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the occurrence of a Termination Event which is continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
reports prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with or without physical inspection of that Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by Approved Valuers nominated by the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two
valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the denominator), the arithmetic mean
of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.

"**Total Net Debt**" means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor's ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor's and/or such member's ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.

"**US GAAP**" means the generally accepted accounting principles in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 Compliance Certificate

The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (*Provision of financial statements*), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 11.14 (*Financial Covenants*); and each Compliance Certificate shall be signed by the Co-Chief Financial Officer of the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 Negative Pledge

The Guarantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that the Charterers will not create or permit to arise any Security Interest over any of its assets
present or future except for the Permitted Security Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure that its liabilities under this Guarantee will rank at least pari passu with all its other present
and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 No disposal of assets, change of business

The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of
their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether related or not except in
the usual course of their respective trading operations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any substantial change (or any change, in the case of the Charterer) to the nature of their respective
business or corporate structure from that existing as at the date of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 No merger etc

The Guarantor shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and Clause 11.14 (*Financial Covenants*) has been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 FATCA

The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 No payment of dividend

The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (*Termination Events*) of the Bareboat Charter.

#### 12 Judgments and Currency Indemnity
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Judgments relating to Bareboat Charter and other Leasing Documents

This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter and any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Currency indemnity

If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from the currency in which this Guarantee provided for the sum to be paid (the "**Contractual Currency**") into another currency (the "**Payment Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement
involving it or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtaining an order, judgment or award from any court or other tribunal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enforcing any such order, judgment or award;

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the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available rate of exchange into the Contractual Currency.

In this Clause 12.2 (*Currency indemnity*), the "**available rate of exchange**" means the rate at which the Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

#### 13 Supplemental
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Continuing guarantee

This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Rights cumulative, non-exclusive

The Owner's rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 No impairment of rights under Guarantee

If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other right of the Owner under this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Severability of provisions

If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability of its other provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Guarantee not affected by other Security Interests

This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or later hold in connection with the Bareboat Charter or any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Guarantor bound by Bareboat Charter and other Leasing Documents

The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Applicability of provisions of Guarantee to other rights

Clauses 3 (*Liability as principal and independent debtor*) and 16 (*Invalidity of Bareboat Charter*) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 (*Liability as principal and independent debtor*) and 16 (*Invalidity of Bareboat Charter*)), being an agreement referring to this Guarantee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 Third party rights

Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 Counterpart

This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter
within ten (10) Business Days of a reasonable request by the other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including
IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating
to its status under FATCA (including its applicable "pass thru percentage" or other information required under FATCA or other
official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting
party's compliance with FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or
W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party,
or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the
relevant revised form, as applicable, reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion,
might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to
disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing
in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated
as confidential information of such party for purposes of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm its status or to supply forms, documentation or other information requested
in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall
be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if that party failed to confirm its applicable passthru percentage then such party shall be treated for
the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

#### 14 Assignment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Assignment by Owner

Clause 64 (*Assignment and Transfer*) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to "the Charterers" therein shall be references to "the Guarantor" when applied herein and references to "the Leasing Document" and "this Charter" therein shall be references to "this Guarantee" when applied herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Assignment by Guarantor** 

The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.

#### 15 Notices
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Notices to Guarantor

Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:

**RUBICO INC.** 

20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece

Attention: Nikolaos Papastratis

Email: npapastratis@rubicoinc.com

Tel: +30 210 8128126

<br> or to such other address or email address which the Guarantor may notify to the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Validity of demands

A demand under this Guarantee shall be valid notwithstanding that it is served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing
Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the same time as the service of a notice under clause 44 (*Notice*) of the Bareboat Charter;

and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth payment instructions in respect of any amount or amounts payable to the Owner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Notices to Owner

Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under clause 44 (*Notice*) of the Bareboat Charter.

#### 16 Invalidity of Bareboat Charter
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Invalidity of Bareboat Charter or other Leasing Documents

In the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction
of any law or any other matter resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing
Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);

this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.

#### 17 Incorporation of Bareboat Charter Provisions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The following provisions of the Bareboat Charter apply to this Guarantee
as if they were expressly incorporated therein with any necessary modifications:

clause 43 (*No waiver of rights*);

clause 55 (*no set-off or tax deduction*);

clause 57 (*confidentiality*); and

clause 59 (*partial invalidity*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Clause 17 (*Incorporation of Bareboat Charter provisions*) is without
prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its terms, applies or relates to this
Guarantee.

#### 18 Governing Law and Enforcement
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Governing law

This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Arbitration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence,
validity or termination of this Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a "**Dispute** ")
shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (*Governing law and enforcement*).
The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association ()"**LMAA**") Terms current
at the time when the arbitration proceedings are commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two
so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the
LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge
practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the
other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint
its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14
days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified,
the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its
arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties
as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions
to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the
third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request
the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the reference is to three arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

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**IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.**

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#### Schedule 1<br>Form of Compliance Certificate
To:

**LUSTRE 6 HOLDING LIMITED**

From:

**RUBICO INC.** 

Date: _______________

**Guarantee dated** _______________ **2025 (the** "**Guarantee**"**) in respect of a bareboat charter for m.v. "ECO MALIBU"**

Dear Sirs

1 We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance Certificate.

2 We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if any, being taken to remedy the same.

3 We confirm compliance with the financial covenants set out in Clause 11.14 (*Financial covenants*) for the [6-month period][financial year] ending on [●].

4 We now certify that, on the basis of the calculations appended to this Certificate, as at [●]:

(a) the Leverage Ratio is [●] per cent. ([●]%), which does not exceed 85 per cent 85%); and

(b) the Liquid Funds is [●], which is not less than US$500,000.

Yours faithfully

Signed: ___________________________

Co-Chief Financial Officer of

**RUBICO INC.**

Huarong Top Ships II - Guarantee

m.v. Eco Malibu

SINGAPORE/91894221v1

#### Execution Page
**GUARANTOR**

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| |
|:---|
| **EXECUTED AS A DEED** |
| **by RUBICO INC.** |
| acting by |
| being an attorney-in-fact |
| in the presence of: |
| Witness' signature: |
| Witness' name: |
| Witness' address: |
| **OWNER** |
| **SIGNED, SEALED AND DELIVERED as a DEED** |
| **by LUSTRE 6 HOLDING LIMITED** |
| acting by |
| being an attorney-in-fact |
| in the presence of: |
| Witness' signature: |
| Witness' name: |
| Witness' address: |

---

Huarong Top Ships II - Guarantee

m.v. Eco Malibu

SINGAPORE/91894221v1

## Ex-14

**Exhibit 10.14**

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PART II 239 (b) During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection 240 and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, 241 including maintaining

#### EXECUTION VERSION
**<br> RIDER CLAUSES TO MEMORANDUM OF AGREEMENT**

**DATED** ____________________ **2025**

#### Clause 19 – Payment of purchase price by buyers
(a) Subject to the provisions of this Agreement, in consideration of the Buyers agreeing to pay the Purchase
Price of the Vessel to the Sellers, the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely,
with full title guarantee, on the Delivery Date.

(b) Subject to (i) the provision of a duly completed Payment Notice to be received by the Buyers not later
than five (5) Business Days prior to the Scheduled Delivery Date (or such shorter period as approved by the Buyers in writing) and (ii)
the fulfilment of the Delivery Conditions Precedent, the Purchase Price shall be paid in full by the Buyers to the Sellers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) on the Delivery Date, an amount corresponding to the amount of the Advance Charterhire payable by the
Sellers as bareboat charterers of the Vessel to the Buyers as owners under the Bareboat Charter shall be set off against a corresponding
amount of the Purchase Price payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) subject to the set-off under sub-paragraph (A) above, the balance of the Purchase Price (such balance
being referred to as the "**Net Purchase Price**") shall be remitted by the Buyers to the Sellers' Account on the immediately
succeeding Business Day after the Delivery Date.

#### Clause 20 – Conditional on Delivery under the Bareboat Charter
The Buyers' obligation to purchase the Vessel and the Sellers' obligation to sell the Vessel are conditional upon the simultaneous delivery to and acceptance by the Sellers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter and subject to there being no Termination Event having occurred or which would occur as a result of the performance by the Sellers and Buyers of their respective obligations under this Agreement.

#### Clause 21 – Condition of vessel
The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.

#### Clause 22 – Representations and Warranties of Sellers AND BUYERS
(a) The Sellers represent and warrant to the Buyers on the date hereof, the date of the Payment Notice and
on the Delivery Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Sellers or any member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is a Prohibited Person;

<br> Huarong Top Ships IIMOA Riders - Eco MalibuSINGAPORE/91895305v1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) owns or controls a Prohibited Person; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) has a Prohibited Person serving as a director, officer or, to the best of the Sellers' knowledge, employee;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or for
the benefit of a Prohibited Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited
by Sanctions.

#### Clause 23 – Physical presence
If there is any change in the flag state from the Flag State at the date of this Agreement and such new Flag State requires the Buyers to have a physical presence or office in the jurisdiction of such Flag State, all documented fees, costs and expenses arising out of or in connection with the establishment and maintenance of such physical presence or office by the Buyers shall be borne by the Sellers.

#### Clause 24 – Indemnities
(a) In consideration of the Buyers entering into this Agreement and the Bareboat Charter as at the date hereof,
the Sellers shall indemnify and pay such amounts to the Buyers in respect of all documented costs, claims, expenses, liabilities, losses,
damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by
or imposed on the Buyers arising from this Agreement or in connection with the Delivery, registration, purchase and inspection of the
Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection with or resulting from the occurrence
of a Termination Event or the funding of all or an portion of the Purchase Price (including but not limited to, in the event that the
Buyers have given instructions to remit the Net Purchase Price into Sellers' Account in accordance with Clause 19(b)(B) but not
received therein or by the Sellers for any reason whatsoever other than as a direct and sole result of the Buyers' gross negligence or
wilful misconduct), and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise.

(b) Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be provided
in favour of the Buyers and shall continue in full force and effect notwithstanding any breach of the terms of this Agreement or termination
of this Agreement pursuant to the terms hereof.

#### Clause 25 – Notice, Time and Place of Delivery
(a) The Sellers shall keep the Buyers well informed of the proposed Delivery Date of the Vessel and the intended
place of delivery and shall in any event specify the Scheduled Delivery Date in the Payment Notice.

(b) The Delivery shall be required to take place on or before the Cancelling Date.

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(c) The Vessel shall be delivered and taken over safely afloat at sea (international waters) or at a safe
and accessible berth or anchorage with the Delivery Date to be mutually agreed by the Sellers and the Buyers.

#### Clause 26 – Notices
Any notice, certificate, demand or other communication to be served, given, made or sent under or in relation to this Agreement shall be in English and in writing and (without prejudice to any other valid method or giving, making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email address:

(A) to the Buyers: **c/o China Huarong Shipping Financial Leasing Company Limited** Room 6006, 6<sup>th</sup> Floor, No. 15 Second East Zhongshan Road,
 Shanghai, China, 200002 Attention: Annie Tao/Song Pengwu Email: taobeijuan@hrflc.com /tao.beijuan@msn.cn /songpengwu@hrflc.com<br>
 Tel: +86(0)21 63268756

(B) to the Sellers: **c/o TOP SHIPS INC.** Address: 20, Iouliou Kaisara Str., Paiania, Attica, Greece Attention: Alexandros Tsirikos Email: atsirikos@topships.org Tel: +30 210 81 28 180 Fax: +30 210 80 56 441  **** ** 

or, if a party hereto changes its address or email address, to such other address (or email address) as that party may notify to the other.

#### Clause 27 – No Waiver of Rights
(a) No neglect, delay, omission or indulgence on the part of the Buyers in enforcing the terms and conditions
of this Agreement shall prejudice the strict rights of the Buyers or be construed as a waiver thereof nor shall any single or partial
exercise of any right of either party preclude any other or further exercise thereof.

(b) No right or remedy conferred upon the Buyers by this Agreement shall be exclusive of any other right or
remedy provided for herein or by law and all such rights and remedies shall be cumulative.

#### Clause 28 – No Set-off or Tax Deduction
(a) Any payment made by the Sellers to the Buyers under this Agreement shall be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (other than the set-off under Clause 19(b)(A)) without any form of set-off, cross-claim or condition;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) free and clear of any tax deduction or withholding unless required by law.

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(b) Without prejudice to paragraph (a) of this Clause, if the Sellers are required by law to make a tax deduction
from any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sellers shall notify the Buyers as soon as they become aware of the requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
Buyers receive and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal
to the full amount which they would otherwise have received.

(c) In this Clause, "**tax deduction**" means any deduction or withholding for or on account
of any present or future tax.

#### Clause 29 – Assignment and Transfer
(a) Without prejudice to clause 64 (*Assignment and Transfer*) of the Bareboat Charter the Sellers shall
not assign or transfer (whether by novation or otherwise) their rights and/or obligations under this Agreement except with the Buyers'
prior written consent.

(b) The Buyers may not assign or transfer (whether by novation or otherwise) any of their rights under this
Agreement except with the Sellers' prior written consent (not to be unreasonably withheld), following which consent the Sellers shall
execute such documents and do all such things as reasonably required by the Buyers to facilitate or effect such assignment or transfer.

(c) Each of the Sellers and Buyers shall bear their own costs arising from any assignment or transfer as permitted
under this Clause.

#### Clause 30 – Miscellaneous
(a) Unless otherwise expressly stated to the contrary in this Agreement, any payment which is due to be made
on a day which is not a Business Day shall be made on the preceding Business Day instead.

(b) If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law
of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any
way be affected or impaired.

(c) The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
any jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Agreement.

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

(e) This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement, as the case may be.

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#### Clause 30A – SELLERS' CANCELLATION OPTION
Without prejudice to any of the Buyers' rights under this Agreement, any other Leasing Document or at law or otherwise, if clause 51A (*USTR Termination Event*) of the Bareboat Charter applies prior to Delivery and subject to the satisfaction of the conditions as set out therein, the Sellers shall have the right to cancel this Agreement and and such cancellation shall become effective on the date as notified by the Sellers pursuant to clause 51A (*USTR Termination Event*) of the Bareboat Charter, whereupon:

(a) both the Sellers and the Buyers shall cease to have any obligations under this Agreement (including, but
not limited to, the Buyers' obligations to pay any Purchase Price), and further provided that, in consideration of the Buyers entering
into this Agreement and the Bareboat Charter as at the date hereof, the Buyers shall be entitled to retain all indemnified expenses and/or
fees paid by the Sellers under this Agreement and the other Leasing Documents, and if such fees have not been paid, the Sellers shall
forthwith pay such fees to the Buyers in accordance with the terms of the Bareboat Charter and other Leasing Documents; and

(b) any such amount are acknowledged and agreed by the Sellers to be a proportionate amount, having regard
to the legitimate interest of the Buyers in protecting against the risk of inter alia, this Agreement being cancelled.

#### Clause 31 – Governing law and jurisdiction
(a) This Agreement, and any non-contractual obligations arising out of or in connection with it, are governed
by English law.

(b) Any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "**Dispute** ")
shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof
save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the
London Maritime Arbitrators Association ()"**LMAA**") Terms current at the time when the arbitration proceedings are commenced.

(c) The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by the
two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of
the LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association, or a retired High Court
Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing
to the other Party requiring the other Party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating
that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has
done so within the fourteen (14) days specified. If the other Party does not appoint its own arbitrator and give notice that it has done
so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior
notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole
arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall prevent the Parties
agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed
are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of
such request.

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(d) Where the reference is to three (3) arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

(e) The language of the arbitration shall be English.

(f) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

#### Clause 32 – Definitions
Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same meaning as in the Bareboat Charter:

"**Advance Charterhire**" means an amount which is equal to the difference between the Purchase Price and the Financing Amount.

"**Bareboat Charter**" means the bareboat charterparty in respect of the Vessel dated on or about the date hereof and entered into between the Buyers as owner and the Sellers as bareboat charterer.

"**Business Day**" means a day on which banks are open for business in the principal business centres of New York, Hong Kong, Shanghai and Greece.

"**Cancelling Date**" means 31 March 2026 or such later date as may be agreed by the Buyers acting in their discretion.

"**Delivery**" means the passing of the legal and beneficial interest in the Vessel from the Sellers to the Buyers pursuant to the terms of this Agreement.

"**Delivery Conditions Precedent**" means the conditions precedent detailed in clauses 34.2(e)(i) and 34.2(e)(ii) of the Bareboat Charter.

"**Delivery Date**" means the date on which Delivery occurs.

"**Dispute**" shall have the meaning ascribed thereto Clause 31(b).

"**Dollars**" and "**US$**" mean the lawful currency, for the time being, of the United States of America.

"**Financing Amount**" shall have the same meaning as defined under the Bareboat Charter.

"**Flag State**" means the Republic of the Marshall Islands or any other flag state of the Vessel as may be agreed in writing by the Buyers and the Sellers.

"**Net Purchase Price**" has the meaning given to that term in Clause 19(b)(B).

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"**Payment Notice**" means an irrevocable request for payment of the Net Purchase Price served by the Sellers on the Buyers, which shall be in the form set out in Schedule 1 (*Form of Payment Notice*) and which shall be signed by at least one officer or authorised attorney of the Sellers.

"**Protocol of Delivery and Acceptance**" means the protocol of delivery and acceptance recording Delivery of the Vessel under this Agreement to be signed by the Buyers and Sellers in substantially the form attached as Schedule 2.

"**Purchase Price**" means $80,000,000

"**Sellers' Account**" means an account of the Sellers with the Sellers' Bank for the purposes of receiving amounts payable under this Agreement, details of which are notified to the Buyers in the Payment Notice.

"**Sellers' Bank**" means the ALPHA BANK S.A. with which the Sellers' Account is maintained, details of which are notified to the Buyers in the Payment Notice.

"**Scheduled Delivery Date**" means the date of delivery of the Vessel set out in the Payment Notice which shall always be on a Business Day on or before the Cancelling Date.

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#### Schedule 1<br>Form of Payment Notice

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| | |
|:---|:---|
| To: | **LUSTRE 6 HOLDING LIMITED** |

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Date: ____________________

**Memorandum of Agreement dated** ____________________ **(the "Agreement")<br> in relation to m.t. "ECO MALIBU" with IMO No. 9902823 (the "Vessel")**

1. We refer to the Agreement made between us in relation to the Vessel.

2. This is the Payment Notice as defined in the Agreement.

3. Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise defined
herein.

4. We hereby notify you that the Scheduled Delivery Date is _________________________ and we request that,
subject to the fulfillment of the Delivery Conditions, , you pay the Net Purchase Price in an amount of US$____________________ with the
following account (being the Sellers' Account) on the date as stipulated under clause 19(b) of the Agreement and such payment shall
be deemed satisfaction of your obligation under clause 19 of the Agreement to make payment of such amount:

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| | | |
|:---|:---|:---|
| Account Name | : |  |
| Bank | : |  |
| Branch Address | : |  |
| BIC/ SWIFT | : |  |
| Account Number | : |  |
| Intermediate Bank | : |  |
| Intermediate Bank's SWIFT | : |  |
| Quote Reference | : | "Net Purchase Price" - IMO number 9902823 |

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5. We further represent and warrant that no Termination Event or Potential Termination Event (each as defined
in the Bareboat Charter) has occurred and there has been no breach of any obligation or undertaking in the Leasing Documents (as defined
in the Bareboat Charter) which would, with the passing of time, constitute a Termination Event or Potential Termination Event (each as
defined in the Bareboat Charter).

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Yours faithfully,

_______________________________

Name:

Title: attorney-in-fact

for and on behalf of

**ATHENEAN EMPIRE INC.**

Date:

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#### Schedule 2<br>Form of Protocol of Delivery and Acceptance
**ATHENEAN EMPIRE INC.**, a corporation incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "**Sellers**") hereby sell, transfer and deliver and **LUSTRE 6 HOLDING LIMITED**, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the "**Buyers**") hereby accept delivery, title and risk of and in one (1) 157,286 DWT suezmax tanker named m.t. "**ECO MALIBU**" with IMO No. 9902823, as agreed between the Buyers and the Sellers, at _______ hour ________ time on __________________ and each of the Buyers and the Sellers confirm that the same is delivered in accordance with the Memorandum of Agreement dated ______________________ (as the same may be amended, supplemented and varied from time to time) entered into between (1) the Sellers as seller and (2) the Buyers as buyer.

……………………………………………….

Name:

Title: attorney-in-fact

For and on behalf of

**ATHENEAN EMPIRE INC.**

……………………………………………….

Name:

Title: attorney-in-fact

For and on behalf of

**LUSTRE 6 HOLDING LIMITED**

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**EXECUTION PAGE**

**BUYERS**

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|:---|
| **SIGNED BY**) |
| for and on behalf of) |
| **LUSTRE 6 HOLDING LIMITED**) |
| as attorney-in-fact) |
| in the presence of) |
| Witness' signature:) |
| Witness' name:) |
| Witness' address:) |
| **SELLERS** |
| **SIGNED BY**) |
| for and on behalf of) |
| **ATHENEAN EMPIRE INC.)** |
| as attorney-in-fact) |
| in the presence of) |
| Witness' signature:) |
| Witness' name:) |
| Witness' address:) |

---

Huarong Top Ships II

Execution Page to MOA Riders

Eco Malibu

## Exhibit 10.15

**Exhibit 10.15**

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#### EXECUTION VERSION

####  
**ADDITIONAL CLAUSES TO BARECON 2001 DATED ___________________ 2025**

Clause 32 – Charter Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1 The period of this Charter (the "**Charter Period**") shall, subject to the terms of this
Charter, continue for a period of one hundred and twenty (120) months starting from the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2 Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) valid, binding and enforceable against the parties hereto,

with effect from the date hereof until the end of the Charter Period (subject to the terms of this Charter).

Clause 33 – Cancellation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the
Cancelling Date (or such later date as the parties to the MOA may agree); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full
force and effect for any reason (in whole or in part),

then this Charter shall immediately terminate and be cancelled (without prejudice to Clause 54 – (*Indemnities*) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers pursuant to Clause 42 – (*Fees and Expenses*) (and without prejudice to Clause 42 – (*Fees and Expenses*) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in accordance with Clause 42 – (*Fees and Expenses*) and such payment shall be irrevocable and unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners' risk of the Charterers failing to perform its obligations under this Charter. For the avoidance of doubt, the termination of this Charter shall not prejudice the operation of any provision of any Leasing Document which is expressed to survive the termination or cancellation of this Charter).

Clause 34 – Delivery and Charter of Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.1 This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and
constitutes one of the Leasing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.2 The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional
upon:

Huarong Top Ships II

BBC Additional Clauses

"Eco West Coast"

SINGAPORE/91903150v1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the delivery of the Vessel by the Existing Owner to the Existing Charterer of the Vessel under the Existing
BBC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Potential Termination Event or Termination Event having occurred which is continuing from the date
of this Charter to the last day of the Charter Period (inclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the representations and warranties contained in Clause 45 – (*Representations and Warranties*)
being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Delivery occurring on or before the Cancelling Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Owners having received from the Charterers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the
MOA) to the Owners (in their capacity as buyers under the MOA), the documents or evidence set out in Part A of Schedule 2 in form and
substance satisfactory to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy
of the protocol of delivery and acceptance evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance
Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance satisfactory to them,

and if any of the documents listed in Schedule 2 are not in the English language then, where required by the Owners, they shall be accompanied by a certified English translation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 The conditions precedent specified in Clause 34.2(f) are inserted for the sole benefit of the Owners and
may be waived or deferred in whole or in part and with or without conditions by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.4 (i) On the delivery of the Vessel by the Existing Owner to the Existing Charterer under the Existing BBC
and (ii) on the delivery to and acceptance by the Owners (in their capacity as buyers) of the Vessel from the Charterers (in their capacity
as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under
this Charter and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions
of this Charter on the same day as the delivery date of the Vessel under the MOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.5 On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver
to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement
of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed and/or the Charterers
do not take actual possession of the Vessel at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.6 The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel
under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Charterers
(in their capacity as sellers) under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever
arising including without limitation, any loss of profit or any loss or otherwise:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited
to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation, performance, capacity or fitness
for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
to commence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.7 The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating
oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel
on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils
and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.8 The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule
2 in a form and substance satisfactory to the Owners within the time periods permitted therein.

Clause 35 – Quiet enjoyment

Provided that no Termination Event has occurred and continuing or Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers' lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between
the relevant parties, all acting reasonably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers
in a form mutually acceptable to the Mortgagee and the Charterer.

Clause 36 – Charterhire and Advance Charterhire

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.1 In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at
the request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire, the Advance
Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.2 The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference
between the Purchase Price and the Financing Amount as of the Commencement Date (the "**Advance Charterhire** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.3 The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement
Date by the Owners (as buyers under the MOA) setting off an amount equal to the Advance Charterhire against a corresponding amount of
the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.4 The Advance Charterhire shall not bear interest and shall be non-refundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.5 Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
in arrears in monthly instalments on each Payment Date. Each instalment shall consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of Charterhire
(the "**Fixed Charterhire**") which shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to the first (1<sup>st</sup>) to the one hundred nineteenth (119<sup>th</sup>) instalments
(both inclusive), US$183,333 ()"**Original Fixed Charterhire A** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to the one hundred twentieth (120<sup>th</sup>) instalment, US$183,373 ()"**Original Fixed Charterhire B** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to the first (1<sup>st</sup>) to the one hundred nineteenth (119<sup>th</sup>) instalments
(both inclusive), *Original Fixed Charterhire A x Adjustment Value*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to the one hundred twentieth (120<sup>th</sup>) instalment, *Original Fixed Charterhire B x Adjustment Value*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a variable element of Charterhire (the "**Variable Charterhire**") which shall be calculated
by applying the applicable Interest Rate to the Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case
of the first instalment only, on the Commencement Date) for the relevant Hire Period ending on the relevant Payment Date by reference
to the actual number of days elapsed.

36.5A For the purposes of determining the Variable Charterhire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the Interpolated
Term SOFR for a period equal in length to for that Hire Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If no Term SOFR is available for any relevant Hire Period and it is not possible to calculate the Interpolated
Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period, the
applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Hire Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR,
there shall be no Reference Rate for that Hire Period and Clause 37.3 shall apply for that Hire Period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.6 Charterhire shall be payable in arrears on the tenth (10<sup>th</sup>) day of the calendar month following
the month in which the preceding Payment Date falls, save that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first instalment of Charterhire shall fall on the tenth (10<sup>th</sup>) day of the calendar month
following the month in which the Commencement Date falls (the "**First Payment Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the final instalment of Charterhire shall fall on the last day of the Charter Period,

such that there is a total of one hundred and twenty (120) Payment Dates during the Charter Period (each, a "**Payment Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.7 Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the
Owners by not later than 4.00 pm (Beijing time). Any payment of Charterhire which is due to be made on a Payment Date which is not also
a Business Day shall be made on the preceding Business Day instead.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.8 Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be
of the essence of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.9 All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.10 All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers
to the Owners' designated bank account as the Owners may notify the Charterers in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.11 Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers' risk until
receipt by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.12 The Vessel shall not at any time be deemed off-hire and the Charterers' obligation to pay the Charterhire
and any other amounts payable in this Charter (including but not limited to the Termination Sum) in Dollars shall be absolute and unconditional
under any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (except in the case of the Advance Charterhire) any set off, counterclaim, recoupment, defence, claim
or other right which the Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without
limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing between
the Owners and the Charterers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation
of the Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any such indebtedness or obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use
of the Vessel or the ineligibility of the Vessel for any particular trade, or for registration or documentation under the laws of any
relevant jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Total Loss or any damage to or forfeiture or court marshall's or other sale of the Vessel if the Termination
Sum or any part thereof remains due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction
or prevention of or interference with or interruption or cessation in, the use or possession thereof by the Charterers unless for such
period where such arrest, detention or seizure is solely attributable to the fault of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar
proceedings by or against the Charterers and any other Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay
in performing or complying with any of the terms and provisions of this Charter or any of the Leasing Documents by any party to this Charter
or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the
Leasing Documents executed or to be executed pursuant to this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown,
damage, accident, defective cargo or any other cause which would or might but for this provision have the effect of terminating or in
any way affecting any obligation of the Charterers under this Charter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak
of any viruses or any other highly infectious or contagious diseases (including the 2019 novel coronavirus), including but not limited
to those caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) closure of ports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prohibitions or restrictions against the Vessel calling at or passing through certain ports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel
or the operation of the ports (including stevedoring operations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fumigation or cleaning of the Vessel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination
event (or any other analogous event howsoever called) has occurred under the relevant charter agreement or management agreement (as the
case may be) of the Vessel as a result of the outbreak of such viruses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.13 All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services
tax), withholding or other taxes and import and export duties and all other similar types of charges which may be levied or assessed on
or in connection with:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the operation of this Charter in respect of the hire and all other payments to be made pursuant to this
Charter and the remittance thereof to the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the import, export, purchase, operation, delivery and re-delivery of the Vessel,

shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in Hong Kong and (ii) the introduction or alteration after the date of this Charter of a law in Hong Kong or an alteration after the date of this Charter in the manner in which a law in Hong Kong is interpreted or applied (the "**Tax Changes**"), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

Clause 37 – Changes to Interest Rate, Default Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.1 If, before the Reporting Time, the Owners determine (which determination shall be conclusive and binding)
that their cost of funds relating to the then prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market
Disruption Rate, the Owners shall promptly notify the Charterers accordingly and Clause 37.3 below shall apply to the prevailing Outstanding
Capital Balance or any part thereof for that Hire Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.2 Immediately following the notification referred to in Clause 37.1 above, if the Owners and Charterers
so require, the Owners and the Charterers shall negotiate in good faith (for a period not more than thirty (30) days) with a view to agreeing
upon a substitute basis for determining the applicable Interest Rate for that Hire Period. Subject to Clause 37.4, any substitute or alternative
basis agreed pursuant to this Clause shall, with the prior written consent of the Parties, be binding on the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.3 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Clause 37.3 applies pursuant to Clause 36.5A and Clause 37.1; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a substitute basis is not so requested and/or agreed pursuant to Clause 37.2 above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 37.4,

the applicable Interest Rate shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Margin, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of funds certified and notified by the Owners, with relevant supporting evidence available to
the Owners at the relevant time (expressed as an annual rate of interest) relating to the then prevailing Outstanding Capital Balance
or any part thereof during the relevant Hire Period (as reasonably determined by the Owners),

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provided that if the rate pursuant to (ii) above is less than zero, the relevant rate shall be deemed to be zero. It is hereby agreed that the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners pursuant to this Clause 37.3, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

If this Clause 37.3 applies pursuant to Clause 37.1 and the Owners do not notify a Funding Rate to the Charterers by the Reporting Time, the Owners' cost of funds relating to that portion of the Outstanding Capital Balance for that Hire Period shall be deemed, for the purposes of Clause 37.3(c)(ii) above, to be the Market Disruption Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.4 If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the
Owners are entitled to make any amendment or waiver to the terms of the Leasing Documents with the consent of the Charterers (at the Charterers'
cost) which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition
to) that Published Rate; and

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this
Charter (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the
purposes of this Charter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) implementing market conventions applicable to that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for
calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall
be determined on the basis of that designation, nomination or recommendation),

and pending any such amendment or waiver and the Replacement Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate, Clause 37.3 shall apply to the calculation of the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.5 If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional
interest on such late payment at a rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant
Hire Period which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment
became due up to and excluding the date of payment thereof  ***,*** and the Charterers and the Owners agree that such default rate
is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners' risk of the Charterers
failing to perform its obligations under this Charter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.6 All interest (including default interest) and any other payments under this Charter which are of an annual
or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three
hundred and sixty (360) days' year.

Clause 38 – Possession of Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1 The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or
existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising
from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security
Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2 The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer
or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the
Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that
such party has received such written notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3 Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure
the immediate release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things
as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses,
costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without prejudice
to the generality of the foregoing and Clause 53 – (*Sale of the Vessel*), the Charterers agree to indemnify the Owners against
all consequences or liabilities arising from the master, officers or agents signing bills of lading or other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.4 If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners'
direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct
of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take
all reasonable steps to procure that the Vessel is released within a reasonable time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5 The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of
the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable
against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent)
an arrest (threatened or otherwise) of the Vessel.

Clause 39 – Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.1 The Charterers shall procure that the insurances for the Vessel are effected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in Dollars;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping),
on an agreed value basis of at least the higher of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred
and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher
of (i) the highest level of cover from time to time available under protection and indemnity club entry and in the international marine
insurance market and (ii) an amount of not less than $1,000,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a
protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with first class international insurers and/or underwriters acceptable to the Owners and having a Standard
& Poor's rating of BBB+ or above, a Moody's rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the
Owners or, in the case of war risks through a protection and indemnity club which meets the requirements of paragraph (d) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) on terms and in form acceptable to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 In addition to the terms set out in Clause 13(a) (*Insurance and Repairs*), the Charterers shall
procure that the Obligatory Insurances shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable
the Owners' Financiers if so required by the Owners) as the only named assureds unless the interest of every other named assured or co-assured
is limited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any Obligatory Insurances for hull and machinery and war risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
claim on underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to any third party liability claims where cover for such claims is provided by the policy (and then only
in respect of discharge of any claims made against them); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are
entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against them,

and every other named assured or co-assured has undertaken in writing to the Owners or the Owners' Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners' Financiers (if any)) in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners' Financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whenever the Owners' Financiers (if any) require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as
additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation
against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other
assessments in respect of such insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured
or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) name the same and the Owners as respectively the first ranking loss payee and the second ranking loss
payee (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss
payable clauses approved by the Owners' Financiers and the Owners with such directions for payment in accordance with the terms of such
relevant loss payable clause, as the Owners and the Owners' Financiers (if any) may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners
and/or the Owners' Financiers (as applicable) shall be made without set-off, counterclaim, deductions or condition whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) provide that such Obligatory Insurances shall be primary without right of contribution from other insurances
which may be carried by the Owners or the Owners' Financiers (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provide that the Owners and/or the Owners' Financiers (if any) may make proof of loss if the Charterers
fail to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage
which adversely affects the interest of the Owners and/or the Owners' Financiers (if any), or if any Obligatory Insurance is allowed to
lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners'
Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners' Financiers (if any) of prior written notice from
the insurers of such cancellation, change or lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.3 The Charterers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
writing the Owners of the terms and conditions of all Insurances (copied to the Owners' Financiers (if any) and the brokers or insurers
with whom the Insurances are or will be placed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change
of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances
are taken from time to time pursuant to this Clause 39 – (*Insurance*), notify the Owners (copied to the Owners' Financiers
(if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers
propose to renew or obtain that Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain the Owners'
approval to such matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance
is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) procure that the approved brokers and/or the war risks and protection and indemnity associations with
which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity
cover notify the Owners (copied to the Owners' Financiers (if any)) in writing of the terms and conditions of the renewal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as
renewed pursuant to Clause 39.3(c) (*Insurance*) together with copies of the relevant policies or cover notes or entry certificates
duly endorsed with the interest of the Owners and/or the Owners' Financiers (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.4 The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers
(if any) provide the Owners with copies (or upon the Owners' request, originals) of policies, cover notes and certificates of entry relating
to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners and/or
the Owners' Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
of assignment complying with the provisions of this Charter and the Financial Instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
Owners' Financiers (if any) and/or such other party in accordance with the said loss payable clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they will advise the Owners and the Owners' Financiers (if any) promptly of any material change to the
terms of the Obligatory Insurances of which they are aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
the Owners' Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a
written application from the Owners and/or the Owners' Financiers (if any) not later than one (1) month before the expiry of the Obligatory
Insurances they will notify the Owners and the Owners' Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory
insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the event of their receiving
instructions to renew, they will promptly notify the Owners and the Owners' Financiers (if any) of the terms of the instructions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the
insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners' Financiers (if any) that such insurance
broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such Obligatory Insurances
any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances,
they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums, and they will
not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy
to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners' Financiers (if any) and where
practicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.5 The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the
Vessel is entered provides the Owners and the Owners' Financiers (if any) with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a letter or letters of undertaking in such form as may be required by the Owners and the Owners' Financiers
(if any) and agreed by such associations or in such association's standard form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority in relation to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.6 The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the
approved brokers (if any) through which the insurances are effected or renewed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.7 The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances
are punctually paid and produce all relevant receipts when so required by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.8 The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association
are promptly issued and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.9 The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing
which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any sum payable under an Obligatory
Insurance repayable in whole or in part; and, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers shall procure that all necessary action is taken and all requirements are complied with
which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause
39 – (*Insurance*)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which
the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection
and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers shall not make or permit any changes relating to the classification or the classification
society of the Vessel or, subject to procuring the provision of a replacement manager's undertaking in substantially the same form as
the Manager's Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved
by the underwriters of the Obligatory Insurances, the Owners and the Owners' Financiers (if any);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers shall procure that all quarterly or other voyage declarations which may be required by
the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America
and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and
the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any
requirements (as to extra premium or otherwise) which the insurers specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.10 The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
waive any right relating to any Obligatory Insurance without the prior written consent of the Owners and the Owners' Financiers (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.11 The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total
Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners
to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.12 The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total
Loss or a Major Casualty the Charterers shall provide the following immediately without the Owners' making any request), copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all communications between the Charterers and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the approved brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the approved protection and indemnity and/or war risks associations; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the approved insurers and/or underwriters, which relate directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Charterers' obligations relating to the Obligatory Insurances including, without limitation, all requisite
declarations and payments of additional premiums or calls; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i)
or (ii) above relating wholly or partly to the effecting or maintenance of the Obligatory Insurances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any communication with any party involved in case of a claim under any of the Vessel's insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.13 The Charterers shall promptly provide the Owners (or any persons which they may designate) with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any information which the Owners or the Owners' Financiers (or any such designated person) request for
the purpose of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the
Obligatory Insurances effected or proposed to be effected; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (*Insurance and Repairs*) or Clause 39 – (*Insurance*) dealing with or considering any matters relating to any such insurances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies of any communication between all parties involved in case of a claim under any of the Vessel's
insurances exceeding the Major Casualty amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.14 If one or more of the Obligatory Insurances are not effected and maintained with first class international
insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at
their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers,
in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted
by law, a cut-through clause in a form acceptable to the Owners and/or the Owners' Financiers (if any). The Charterers shall procure that
underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.15 The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make
direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses which are incurred by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out
in respect of the Vessel; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Owners' Financiers (if any) in connection with or with a view to effecting, maintaining or renewing
a mortgagee's interest insurance, a mortgagee's additional perils insurance, all protection and indemnity insurance that is taken out
in respect of the Vessel subject to the Owners' Financiers (if any) having provided to the Owners at the relevant time any form of loan
facility to refinance the Vessel,

in the case as referred to in paragraph (a), in an amount at least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan amount from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners' Financiers (as the case may be) may from time to time consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.16 The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage
to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring
at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.17 The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with
the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory Insurances:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent
requirement under Schedule 2 of this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Owners procure the issuance of such detailed report no more than once every calendar year, unless
a Termination Event has occurred in which case such reports may be procured at the Charterer's cost at any such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) further from time to time upon the Owners' demand where, in the Owners' opinion, at any time during the
Charter Period there has been a material change in the terms of the Insurances and/or a change in the circumstances which would materially
adversely affect the adequacy of the Obligatory Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.18 The Charterers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep the Vessel insured at their expense against such other risks (other than loss of hire which shall
be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners consider reasonable for a prudent
shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified
by the Owners and having regard to the then existing available insurance cover and standard practice in the operation of vessels of the
same type as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels similar to the
Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional
perils insurance, mortgagee's interest insurance and mortgagee's additional perils insurance but excluding loss of hire and contingency
liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners
in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take
out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing
insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect
of the Vessel.

Clause 40 – Warranties relating to Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.1 It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Charterers (in their capacity as sellers)
pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect
of the Vessel (or any part thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.2 All conditions, terms or warranties express or implied by the law relating to the specifications, quality,
description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.3 The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage,
expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or
performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability
to pay any Charterhire or other payment due under this Charter.

---

| | |
|:---|:---|
| Clause | 41 – Termination, Redelivery and Total Loss |

---

**<u>Termination</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.1 Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the Charterers
shall be obliged to pay the Owners the Termination Sum on the Termination Date and it is hereby agreed by the parties hereto that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing obligation
and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until irrevocably
and unconditionally paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate
interest of the Owners, in protecting against the Owners' risk of the Charterers failing to perform its obligations under this Charter;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the
Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition
by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.2 If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5
shall apply and the Owners shall be entitled to exercise their rights under Clauses 41.9 and 41.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.3 Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the
Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the Charterers, transfer the legal and
beneficial ownership of the Vessel on an "as is where is" basis to the Charterers (or their nominees as approved by the Owners)
free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners' Financier
(save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall
execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be completed otherwise in accordance
with Clause 53.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.4 The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with
closing of the Owners' register shall be for the Charterers' account.

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**<u>Redelivery</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.5 If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter,
the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners
may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers
shall where applicable, give the Owners not less than 30/20/10/5 running days' preliminary notice of expected date and port or place of
redelivery and not less than 5/3/2/1/ running days' definite notice of expected date and port or place of redelivery. Any changes thereafter
in the Vessel's position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the
Owners, the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be in compliance with the Obligatory Insurances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition
and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel's classification
and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair
wear and tear not affecting the Vessel's classification excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
intermediate surveys and drydock at the Charterers' time and expense without any recommendation or condition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the satisfaction of the Approved Classification Society; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable
satisfaction of an Owners' Surveyor appointed at the cost of the Charterers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) has her survey cycles up-to-date and trading and class certificate valid for at least the number of months
agreed in Box 17;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the
time of Delivery, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free
of charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial
Instruments, if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be free of any crew and officers unless otherwise instructed by the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing
charter or as otherwise agreed by the Owners in their absolute discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the
next schedule dry docking of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) be redelivered to the Owner together with all material information generated during the Charter Period
in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether
or not such information is contained in the Charterer's equipment, computer or property; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to
the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place of redelivery, including
without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.6 The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel
to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery
of the Vessel within any time period required by Clause 41 – (*Termination, Redelivery and Total Loss*). If the time of actual
redelivery is after the date on which redelivery is required to take place pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*) (the "**Redelivery Date** "), the Charterer shall, without prejudice to any other amounts payable under the
Leasing Documents (including without limitation pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*)) pay to
the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is redelivered in
accordance with Clause 41.5, the rate of hire equivalent to the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
determined by an Approved Valuer appointed by the Owners); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.

For the avoidance of doubt, all other terms, conditions and provisions of this Charter and the other Leasing Documents shall continue to apply during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7 The Charterers shall provide the Owners' Surveyor with all such facilities and access to the Vessel as
may be required to enable such Owners' Surveyor to conduct its survey of the Vessel and shall take all such actions as may be reasonably
recommended by the Owners' Surveyor to ensure that the Vessel shall be redelivered in accordance with Clause 41.5. The Owners shall not
be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the
Vessel under this Charter (including without limitation, Clause 41.5 and this Clause 41.7) are met, and the Vessel shall (if the redelivery
is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve
all rights to recover from the Charterers any costs, expense and/or liabilities incurred or suffered by them (including without limitation,
the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel
not being redelivered in accordance with the terms of this Charter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.8 The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
unbroached provisions, paints, ropes, other consumable stores and spare parts in the Vessel (but excluding any such items owned by a third
party which is not a member of the Group) at no cost to the Owners.

**<u>Non-payment of Termination Sum</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.9 Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the Charterers
agree that should the Termination Sum not be paid on the Termination Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers' right to possess and operate the Vessel shall immediately cease and (without in any way
affecting the Charterers' obligation to pay the Charterer the Termination Sum and comply with their other obligations under this Charter)
the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow
the orders and directions of the Owners and the Charterers shall, upon the Owners' request (at Owners' sole discretion), be obliged to
immediately (and at the Charterers' own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or location as the
Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners' right to recover the Termination
Sum from the Charterers under this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners' sole
discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the Vessel as they may require
and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment
contracts provided such contracts do not interfere with the Vessel's sale process, including relevant inspections, provided that the Earnings
of the Vessel during such period less its operational expenses (which would include, without limitation, any costs in relation to the
provision of bunkers and lubricating oils), (the "**Net Trading Proceeds**") shall be applied against the Termination Sum
and any other amounts payable under the Leasing Documents pursuant to Clause 65 – (*General Application of Proceeds*) provided,
that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained
in Clause 54 – (*Indemnities*) and be added to the Termination Sum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Owners shall be entitled (at Owners' sole discretion) to immediately thereafter sell the Vessel to
any third party on arm's length terms taking into account the prevailing market conditions, provided that the Charterers may for a period
not exceeding a total of sixty (60) days from the Termination Date (the "**Nomination Period**") nominate or identify a purchaser
for the Vessel (a "**Nominated Purchaser** "). During the Nomination Period the Owners and the Charterers shall use their
reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following
conditions being satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld
or delayed); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs
of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion);

and any net sale proceeds (after deducting all fees, taxes, disbursements and any other costs and expenses incurred or suffered by the Owners in connection with such sale) (the "**Net Sales Proceeds**") derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination Sum in accordance with Clause 65 – (*General Application of Proceeds*). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period
or until the Owners' Purchase (as referred to in Clause 41.10) is concluded or until any third party's sale is concluded, to purchase
the vessel with priority by paying the Termination Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.10 The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the
Charterers of the Owners' intention to retain the Vessel instead of selling the Vessel under Clause 41.9(c) and 41.9(d) above, "**Owners' Purchase** ", and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes
and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination
Sum calculated as of the day of the notice of the Owners' Purchase. If the Market Value (less such deductions) of the Vessel as at the
date of the notice of the Owners' Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners' Purchase,
the Charterers shall remain liable to pay the shortfall to the Owners and default interest shall continue to accrue on the unpaid portion
of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination
Sum calculated as of the day of the notice of the Owners' Purchase, the Owners shall pay the excess to Charterers within thirty (30) days
from the day of the notice of the Owners' Purchase in accordance with Clause 65 – (*General Application of Proceeds*).

**<u>Total Loss</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.11 Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other
damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterer shall, subject to Clause 41.12,
pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter
shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers
shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter, notwithstanding that the
Vessel has become a Total Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.12 Any Total Loss Proceeds unconditionally received by the Owners (or the Owners' Financiers in accordance
with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 65 – (*General Application of Proceeds*)
and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners' Financiers
in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times
be applied in accordance with Clause 65 – (*General Application of Proceeds*)). The obligation of the Charterers to pay the
Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed
in good faith, the claim for Total Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.13 If the Total Loss Proceeds unconditionally received by the Owners (or the Owners' Financiers in accordance
with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the
Owner on the Total Loss Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.14 The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the
occurrence of a Total Loss.

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Clause 42 – Fees and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.1 Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the
Owners within three (3) Business Days of the Owners' written demand on a full indemnity basis all costs, charges and expenses incurred
by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the due date under this Charter and
in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.2 Each Party shall be responsible for their own costs and expenses to review and negotiate the term sheet
relating to this Charter. All documented costs and expenses (including, but not limited to, third party legal costs) reasonably incurred
by the Owners or Owners' legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to
this Charter or any other Leasing Document (including without limitation any registration or filing expenses, all documented costs incurred
by the Owners and all third party legal costs, expenses and other disbursement incurred by the Owners' legal counsels in connection with
the same) shall be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually
completes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration
of title of the Vessel in the Owners' name in the Flag State together with any and all fees (including but not limited to any vessel registration
and tonnage fees and the Owners' initial and ongoing annual registration and maintenance costs if required to be registered as a foreign
maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or
renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this
Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the
jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or
office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual
register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.4 All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal
fees) in relation to the transfer of title of the Vessel from the Owners to the Charterers and the re-delivery of the Vessel by the Charterers
to the Owners pursuant to Clause 41 – (*Termination, Redelivery and Total Loss*) shall be for the account of the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.5 If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required
pursuant to 37.4 to address the fact that a Published Rate Replacement Event has occurred); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers make a request to re-register the Vessel in another Flag State,

the Charterers shall, on demand, reimburse the Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.6 The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including
third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing
Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any
proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.7 Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided
in favour of the Owners and shall continue in full force and effect notwithstanding any breach of the terms of this Charter or termination
of this Charter pursuant to the terms hereof.

Clause 43 – No Waiver of Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.1 No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party
or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further
exercise thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.2 No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be
exclusive of any other right or remedy provided for herein or by law and all such rights and remedies shall be cumulative.

Clause 44 – Notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.1 Any notice, certificate, demand or other communication to be served, given made or sent under or in relation
to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same)
shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email
address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Owners: China Huarong Shipping Financial Leasing Company Limited

Room 6006, 6<sup>th</sup> Floor, No. 15 Second East Zhongshan Road, Shanghai, China, 200002

Attention: Annie Tao/Song Pengwu

Email: taobeijuan@hrflc.com/ tao.beijuan@msn.cn/ songpengwu@hrflc.com<br> Tel: +86(0)21 63268756

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Charterers: **c/o TOP SHIPS INC.** 

Attention: Alexandros Tsirikos

Email: atsirikos@topships.org

Tel: +30 210 8128180

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or, if a party hereto changes its address or email address, to such other address or email address as that party may notify to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.2 Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered
(in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication
received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to be served on the next following working day
in such place.

Clause 45 – Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.1 The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the Charter
Period, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and
controlled by Guarantor B or (following the Disposal) the New Shareholder (as the case may be), and each Guarantor and (following the
Disposal) the New Shareholder controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
and validly existing under the laws of its jurisdiction of its incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate
actions and obtained all consents, approvals, authorisations, licenses or permits necessary for it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to execute each of the Leasing Documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to comply with and perform its obligations under each of the Leasing Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(c) (*Representations and Warranties*) remain in force and nothing has occurred which makes any of them liable to revocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved
Sub-charterer is a party (as the case may be), subject to any general principles of law limiting its obligations which are specifically
referred to in any legal opinion delivered to the Owners pursuant Clause 34.2(f), constitutes such Relevant Person's or an Approved Sub-charterer's
legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency
laws affecting creditors' rights generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below, an
Approved Sub-charterer) of, and the transactions contemplated by, each Leasing Document to which it (and in the case of sub-paragraph
(ii) below, an Approved Sub-charterer) is a party do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws, Sanctions
or laws relating to anti-trust or collusion and laws relating to human rights violation);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the constitutional documents of such Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any agreement or instrument binding upon it or any of its assets or constitute a default or termination
event (however described) under any such agreement or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) there are no outstanding notices or demands from any governmental, quasi-governmental or public authority
or instrumentality or any other person claiming authority in respect of the Vessel requiring any work or other action to be taken or the
expenditure of any money to be taken in respect of the Vessel or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third party
has any Security Interest, other than the Permitted Security Interests, or any other interest, right or claim over, in or in relation
to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant
Person is a party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of its
Relevant Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) no legal or administrative action involving a Relevant Person has been commenced or taken (including but
not limited to actions involving any Environmental Claim);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each Relevant Person has paid all taxes applicable to, or imposed on or in relation to it, its business
or if applicable, the Vessel, except for those being contested in good faith with adequate reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it is not necessary under the laws of the Relevant Jurisdictions that this Charter or any other Leasing
Document be registered, filed, recorded, notarized or enrolled with any court or other authority in that jurisdiction or that any stamp,
registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or the transactions
contemplated by those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is
a party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid
and binding against such Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise
from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct,
general and unconditional obligations of such Relevant Person and rank at least *pari passu* with all other present and future unsecured
and unsubordinated creditors of such Relevant Person save for any obligation which is mandatorily preferred by law and not by virtue of
any contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or,
once entered into, will create) the Security Interest which it is expressed to create with the ranking and priority it is expressed to
have;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established
a place of business in the United Kingdom or the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) no Relevant Person, Approved Manager, Sub-charterer and no member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns or controls a Prohibited Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) none of the Relevant Persons or any of their respective directors, officers, and employees or, to the
best of its knowledge, any Sub-charterer is in breach of applicable Sanctions laws, and none of them (i) has been or is currently being
investigated on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of
them with respect to Sanctions and (iii) has taken any action to evade the application of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) no Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws and each Relevant Person has instituted and maintained systems, controls, policies and procedures designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or Business
Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure
that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
Laws and Business Ethics Laws,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) that in relation to any Assignable Sub-Charter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document
and there have been no amendments, supplements or variations to the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions
contemplated under this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (in respect of any Assignable Sub-Charter (A)
whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits
assignment and/or (C) where the applicable law requires the consent of the relevant Approved Sub-Charterer in order to effect an assignment
thereof) the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent to the
assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the
case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the avoidance of doubt, the Charterers'
obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners' receipt of the relevant acknowledgements executed
by the relevant Approved Sub-Charterer, which includes among other things the consent to the aforesaid assignment, pursuant to the terms
of the General Assignment);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and
in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where
trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United
Nations, the European Union, the United States of America, the United Kingdom or the People's Republic of China (provided that operation
or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach
or contrary to any published boycotts or sanctions imposed by the People's Republic of China) or (ii) would trigger the operation of any
sanctions limitation or exclusion clause in any insurance documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set
off, legal proceedings, attachment prior to judgment or other attachment or execution of judgement on the grounds of sovereign immunity
or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or
subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those referred to under Clause
49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative
receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material
part of their assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) no Termination Event is continuing or might reasonably be expected to result from the entry into and performance
of this Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and
accurate in all material respects as at the date it was provided or as at the date at which such information was stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) none of the following events has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any default by the Charterers under the terms of the Initial Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) breach of any Sanctions by any Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused
to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major
Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with
Clause 38 – (*Possession of Vessel*) and the General Assignment);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) all Environmental Laws relating to the ownership, operation and management of the Vessel and the business
of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel
which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred
which has or is reasonably likely to have a Material Adverse Effect.

Clause 46 – Undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.1 The Charterers undertake that they shall comply or procure compliance with the following undertakings
during the Charter Period (and to the extent that the Charterers are required to procure or ensure compliance with any undertaking under
this Clause 46 – (*Undertaking*) by Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, the Charterers
are only required to use their best endeavours to procure or ensure such compliance):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or any other Permitted Security
Interests) in the Vessel to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there shall be sent to the Owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in
Guarantor B's or following the Disposal, the New Shareholder's audited consolidated annual financial statement accounts for that
financial year to be delivered under paragraph (iii) or (v) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
unaudited semi-annual accounts of the Charterers for that half-year (as referred to in Guarantor B's or following the Disposal, the New
Shareholder's audited consolidated financial statement accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of each Guarantor, the audited consolidated annual financial statement accounts of such Guarantor for that financial year;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
semi-annual consolidated unaudited accounts of each Guarantor for that half-year certified as to their correctness by at least one officer
of such Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150) days
after the end of each financial year of the New Shareholder, the audited consolidated annual financial statement accounts of the New Shareholder
for that financial year; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end
of each half-year, the semi-annual consolidated unaudited accounts of the New Shareholder for that half-year certified as to their correctness
by at least one officer of the New Shareholder;

and if any of the statements above are not in the English language then they shall be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes
relating to any of their extraordinary shareholders' meeting which are despatched to the Charterers' or Guarantor B's or following the
Disposal, the New Shareholder's respective shareholders or creditors or any class of them, unless same are publicly available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) they will provide the Owners promptly upon becoming aware of them, the details of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager,
Sub-charterer or other member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any litigation, arbitration or administrative proceedings or investigations relating to any other matters
not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code
or of the ISPS Code) in relation to a Relevant Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being taken
to remedy it);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer
on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred, specifying the nature of the
Termination Event (and the steps, if any, being taken to remedy it));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure
the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or
permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party (including
without limitation to sell, charter and operate the Vessel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to
exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant
Person is a party, and if applicable, the Vessel;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) they shall at their own cost and shall procure that each other Relevant Person will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant
Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing
Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration
or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice
or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence
or to ensure or protect the priority of any Security Interest which such Relevant Person creates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days
prior to the expiry of the fixed period as per the Initial Sub-charter), together with any evidence requested by the Owners, whether the
Initial Sub-charterer intends to and will (with irrevocable confirmation from the Initial Sub-charterer) extend the charter period of
the Initial Sub-charter in accordance with the terms thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners
as soon as they become aware of the occurrence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an event of default or termination event howsoever called under the terms of any Assignable Sub-charter
entitling either the Charterers or any Approved Sub-charterer to terminate an Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) breach of any Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Potential Termination Event or a Termination Event,

and will keep the Owners fully up-to-date with all developments and the Charterers shall, if so requested by the Owners, provide any such certificate signed by at least one officer, confirming that there exists no Termination Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each
calendar year and otherwise upon the Owners' and/or the Owners' Financiers (if any) request (acting reasonably) from time to time and
as soon as practicable after receiving such request, provide the Owners with any additional financial or other information relating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Vessel (including, but not limited to the management, employment, condition, class records, location
and pooling arrangement of the Vessel) and, to their best knowledge having made due enquiry, to the Initial Sub-charterer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms and conditions of any Sub-charter together with any other information relating to such Sub-charter;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any other matter (which include without limitation, to their best knowledge having made due enquiry,
any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the Owners' Financiers (if
any)) at any time or which under the terms of the relevant Leasing Document may be sought from the person in possession of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other
Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership,
employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the
Vessel's registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper
trading certificates and other vessel related documents and to comply with other relevant laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society
and shall be free of all overdue conditions, recommendations, qualifications and conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) they shall not and shall ensure that each of the Other Charterers, the Guarantors and (following the Disposal),
the New Shareholder shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction
or change of ownership, or change of voting control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Charterers or any Other Charterer, other than any "Disposal" made under
and in accordance with the terms of this Charter and/or the Other Charters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any Guarantor, unless it remains as the surviving entity after such merger, sub-division,
amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and clause 11.14
(*Financial Covenant*) of the relevant Guarantee is complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) they will comply, and will procure that each other Relevant Person, each other member of the Group or,
will use best endeavours to procure that, any Sub-charterer will comply, with all Sanctions and all laws and regulations relating to such
Relevant Person, the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code,
the ISPS Code (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Business Ethics Laws and
the laws of the Vessel's registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia,
implements the recommendations of the Sanctions Advisory, to ensure compliance with all such laws and regulations implemented from time
to time, including, without limitation they will, and will procure that (in the case of any Sub-charterer, use best endeavours to procure
that) each other Relevant Person, each other member of the Group and any Sub-charterer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct their activities in a manner consistent with US and UN sanctions, as applicable;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have sufficient resources in place to ensure execution of and compliance with their own sanctions policies
by their personnel, e.g., direct hires, contractors, and staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure subsidiaries and affiliates comply with the relevant policies, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) have relevant controls in place to monitor automatic identification system (AIS) transponders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) have controls in place to screen and assess onboarding or offloading cargo in areas they determine to
present a high risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) have controls to assess authenticity of bills of lading, as necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) have controls in place consistent with the Sanctions Advisory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) without limiting Clause 46.1(o), they will procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at
any port in any Prohibited Country or any area or country where trading in such area or country would constitute or would be reasonably
expected to constitute a breach of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation
or exclusion clause (or similar) in the Insurances or in any manner which would result or would reasonably be expected to result in any
Relevant Person or the Owners becoming a Prohibited Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) that each charterparty in respect of the Vessel (other than the Initial Sub-charter) shall contain, for
the benefit of the Owners, language which gives effect to the provisions of Clause 46.1(p) as regards Sanctions and of this Clause and
which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions and which prohibits trading to
any Prohibited Country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) they shall ensure that the Market Value of the Vessel will be tested at any of the following instances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the absence of a Termination Event which is continuing, at least once every calendar year during the
Charter Period (being, 31 December of each calendar year) and the Charterers shall procure a valuation report issued by the Approved Valuers
to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated not earlier than fifteen (15) calendar
days before the applicable testing date (or on such other date as the Owners and the Charterers may agree));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of
the Vessel or vessels of the similar type of the Vessel, at any time at the request of the Owners, but in any case no more than once per
calendar year-in addition to any report obtained pursuant to sub-paragraph (i) above;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time at the request of the Owners (acting reasonably) if the Owners have determined that the then
applicable Outstanding Capital Balance is likely to exceed eighty five (85%) per cent of the Market Value of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) upon the occurrence of a Termination Event which is continuing, at any time at the request of the Owners,

and in each case above, the Charterers shall bear the fees and expenses of the Approved Valuers arising in connection with conducting any such valuations or reimburse the same to the Owners (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) they shall notify the Owners immediately of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
in connection with the Vessel or any Environmental Incident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrest or detention of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of that
Vessel for hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any damage caused to or alteration of the Vessel for any reason whatsoever which results, or may be expected
to result, in repairs on the Vessel which exceed $5,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or
otherwise, likely to become, a Major Casualty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on
a bareboat charter basis, irrespective of duration) save that the Owners' prior written consent shall be required to any Assignable Sub-charter
(such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their rights and interests under such Assignable
Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of
such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such Assignable Sub-charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) they shall, and shall procure that each other Relevant Person will, comply with all applicable laws and
regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy to ensure
compliance with all such laws and regulations implemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) they shall, and shall procure that each other Relevant Person and their respective officers, directors
and employees, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
and/or Business Ethics Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use,
the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person
in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and
provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether they
are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners
in writing immediately upon being aware that any of the Charterers' shareholders, directors, officers or employees is a Prohibited Person
or has otherwise become a target of Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager
on terms acceptable to the Owners and such Approved Manager has (prior to accepting its appointment entered into a Manager's Undertaking);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the shares of any Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The
New York Stock Exchange or the NASDAQ or Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days
upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to
the Owners and documented in such terms as the Owners may require; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to Clause 46.1(q), it is determined that the then applicable Outstanding Capital Balance exceeds
eighty five (85%) per cent of the Market Value of the Vessel (the "**LTV Breach**" and the said difference between the applicable
Outstanding Capital Balance and eighty five (85%) per cent of the Market Value of the Vessel shall be referred to as the "**shortfall** "),

the Charterers shall, promptly and in any event no later than the date falling thirty (30) days from the date on which the Owners receive the valuation report(s) pursuant to Clause 46.1(q), at the Owners' discretion, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance
payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire
for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) provide, or ensure that a third party has provided, additional Security Interests which, has a Market
Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case of Security Interests
over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the Owners, and which is documented
in such terms as the Owners may require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed),
they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction, arrangement, document or do
or omit to do anything which will have the effect of varying, amending, supplementing or waiving any term of the Initial Sub-charter or
any other Assignable Sub-Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) they shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Earnings and any other amounts received by them in connection with the Vessel are paid into the Operating
Account ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all of their operating expenses in connection with the Vessel are paid from the Operating Account or via
the monthly budget from the manager's bank account which shall be credited from the Operating Account ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the credit balance in the Operating Account shall not at any time as from the Commencement Date, be less
than $400,000;

(aa)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) they shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) purchase, cancel or redeem any of its issued shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) increase or reduce the number of shares that it is authorized to issue or change the par value of such
shares or create any new class of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) issues any further shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) they shall not, and shall procure that each Guarantor and (following the Disposal) the New Shareholder
shall not, make or pay any dividend or other distribution (in cash or in kind) in respect of its issued shares to any shareholder (including
the holders of preference shares (if any)) following the occurrence of a Termination Event (other than a Termination Event which has been
waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) the Vessel shall be registered under the Flag State at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with
all stores on board together with all records, logs, plans, operating manuals and drawings in relation to the Vessel or the Vessel's operations
and/or maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July in
each calendar year, supply or procure the supply to the Owners all information necessary in order for the Owners to comply with their
or any Owners' Financiers' obligations under the Poseidon Principles in respect of the preceding year, including, without limitation,
all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement
of Compliance relating to the Vessel for the preceding calendar year and, for the avoidance of doubt, such information shall be "Confidential
Information" for the purposes of Clause 57 – (*Confidentiality*) but the Charterers acknowledge that, in accordance with
the Poseidon Principles, such information will form part of the information published regarding the Owners' and/or Owners' Financiers'
portfolio climate alignment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) they will procure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Disposal shall take place unless fifteen (15) Business Days prior written notification has been given
to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) without prejudice to paragraph (i) above, on the completion of a Disposal, the relevant Disposal Conditions
are, or will be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon the completion of the Disposal, the Security Interest created under the New Shares Security shall
be fully perfected in accordance with the terms of the New Shares Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there shall be made and/or deemed to be made any further amendments necessary consequential to the effect
of the Disposal to the Leasing Documents, or otherwise reasonably required by the Owners the "**Disposal Amendments** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall or shall procure that any other organisation or person whom the Charterers have contractually agreed
to take over all duties and responsibilities imposed by the ISM Code (including each Approved Manager or any Sub-charterer) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) promptly upon the Owners' request, provide and submit such signed mandate letter in the form required
by the Owners and the relevant authority and provide any other information and documents as required by the Owners and/or the relevant
authority in relation to any applicable Emission Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall fulfil all obligations (including without limitation, paying all documented costs, expenses, liabilities
and losses, legal and accounting fees and disbursements, penalties and interest) which may be imposed on the Owners as registered owner
of the Vessel by the MARPOL Carbon Intensity Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise,
or are asserted, under or in connection with EU ETS and Fuel EU Maritime, or any consequences resulting from or in connection with non-compliance
with EU ETS and Fuel EU Maritime;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) without prejudice to the foregoing paragraph (ff) in relation to EU ETS:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Vessel sails into any European Union ports, the Charterers shall register the Vessel as part of
a "Shipping Company" as required under EU ETS and shall comply in all respects with EU ETS and Fuel EU Maritime as it applies
to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the Owners
confirming that they have assumed responsibility for the operation of the Vessel and have indemnified the Owners of all liabilities under
EU ETS and Fuel EU Maritime (the "**ETS and Fuel EU Maritime Letter** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering authority
upon registration of the Vessel pursuant to EU ETS and shall promptly provide the Owners (which shall be no later than fourteen (14) days
of the Owners' demand) with evidence of such submission and registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that
any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities imposed by
the ISM Code (including the Approved Manager or any Sub-charterer) enters an agreement with the Owners setting out how the parties will
co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable
the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties' obligations under Clauses 46.1 (ff),
(gg) and (hh) (the "**ETS and Fuel EU Maritime Agreement** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) co-operate and exchange all relevant data and information with each other in a timely manner to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable
Emission Scheme; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances
in respect of the Vessel which are required to be surrendered to the relevant Emission Scheme Authority for that Emission Scheme during
the Charter Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with
all relevant documents (including without limitation, any relevant mandating documents required in connection with surrendering the relevant
Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be provided to such
Emission Scheme Authority relating to such Emission Scheme,

and to do all such things necessary or advisable to ensure that the Owners, the Charterers, each Emission Scheme Participant and the Vessel will be in compliance with all Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.2 **Russian oil price cap** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Charterers undertake that they will, at all times comply, and require compliance by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Sub-charterers of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all parties (each a "**Counterparty**") with whom the Charterers or a sub-charterer enters
into a contract of carriage in respect of the Vessel,

with the Russian Oil Price Cap Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will prior
to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) or the effective
date of a contract between the Charterers and an applicable Counterparty (whichever is earlier) and, throughout the duration of each contract,
prior to any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) price information demonstrating that the Russian Oil Products were purchased at or below the applicable
price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at
or below the applicable price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception
granted by the relevant authority in each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall promptly,
and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship
or similar transfer) provide to the Owners such of the following as the Owners shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) price information demonstrating that the Russian Oil Products were purchased at or below the applicable
price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that the
Charterers have complied in all respects with the Russian Oil Price Cap Measures; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception
granted by the relevant authority in each applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that
they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will
include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom the Charterers have sub-let the Vessel
or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information
and documentation at such times as is necessary for the Charterers to comply with this Clause 46.2 (*Russian oil price cap*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Charterers undertake that they will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Owners with such information, and at such times, as they may reasonably require for the purposes
of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promptly upon request and within 30 days of any request provide the Owners with such other information
in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without
limitation any information relating to ancillary costs as may be specified from time to time pursuant to the Russian Oil Price Cap Measures;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) comply with such further or additional requirements as the Owners may from time to time require in writing,
acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating
to Russian Oil Products, or changes to any guidance, application, interpretation or market practice in respect of the Russian Oil Price
Cap Measures.

The obligations in this paragraph (e) are continuing and, in particular, shall survive and remain binding on the Charterers until all attestations and such other information as may be requested pursuant to this paragraph (e) have been received in satisfactory form by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves,
based on the information available, of the reliability and accuracy of any information provided by such counterparties for the purposes
of or relating to satisfying the requirements of paragraph (b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Charterers agree that the Owners may forward all attestations and other documents which the Charterers
may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party
to which the Owners may be required to forward or disclose such attestations or other documents in accordance with the Russian Oil Price
Cap Measures.

Clause 47 – Inspection of Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.1 Without prejudice to Clause 47.2 (*Inspection of Vessel*) below, the Owners shall, after giving notice
to the Charterers, be entitled to inspect or survey the Vessel or instruct a surveyor to carry out such survey on their behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired
and maintained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (*Periodical Dry-Docking*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other reason they consider necessary,

provided it does not unduly interfere with the operation of the Vessel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.2 The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
47.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey
is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel), save that (a) upon the occurrence
of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel,
the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their
behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers;
and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey
on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights
of inspection and survey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.3 The Charterers shall also permit the Owners to inspect the Vessel's log books whenever requested and shall
whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.4 Except as otherwise provided under Clause 47.2, the documented costs and fees for any inspection and survey
permitted under this Clause shall be paid by the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.5 All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers'
account and form part of the Charter Period.

Clause 48 – VolUNTARY PREPAYMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.1 Upon providing the Owners not less than ninety (90) days' (or such shorter period as the Owners may agree)
prior written notice, the Charterers shall have the option to make a prepayment to the Owners on the next occurring Payment Date in an
amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof provided that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers may only exercise such option once per year after the date falling twelve (12) months from
the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any such prepayment shall be made together with a prepayment fee in the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the option of such partial prepayment is exercised after the date falling twelve (12) months from the
Commencement Date but on or before the date falling twenty four (24) months after the Commencement Date, one point five per cent (1.5%)
of the amount prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the option of such partial prepayment is exercised after the date falling twenty four (24) months from
the Commencement Date but on or before the date falling thirty six (36) months from the Commencement Date, one per cent (1.00%) of the
amount prepaid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the option of such partial prepayment is exercised after the date falling thirty six (36) months from
the Commencement Date, zero per cent (0%);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate amount of any such prepayment shall not exceed $5,000,000 in total throughout the Charter
Period; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such prepayment shall be deemed to be an advance payment of hire and credited against future instalment(s)
of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will
be reduced pro rata by the amount paid.

Clause 49 – Termination Events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.1 The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination
Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms
of any Leasing Document to which it is a party, unless such non-payment is caused by administrative or technical error and the relevant
payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5) Business Days (in the case of any other
payment, other than Charterhire) of the relevant due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (a), (f),
(g), (j)(iii), (l), (o), (p), (t), (u), (v), (x) or (z)(iii) or any Guarantor breaches or omits to observe or perform any of its undertakings
or the financial covenants contained under clause 11.14 (*Financial covenants*) of the relevant Guarantee or (following the Disposal)
the New Shareholder breaches or omits to observe or perform any of its undertakings or the financial covenants contained under the New
Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 – (*Insurance*)
in accordance with the provisions thereof (or any insurer in respect of such Insurances cancels the Insurances or disclaims liability
with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations
or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless
such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach
or omission to the satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to which
it is a party proves to be untrue or misleading when it is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any of the following occurs in relation to any Financial Indebtedness of any of the Charterer, the Guarantors
and (following the Disposal) the New Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any
applicable grace period has expired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Financial Indebtedness of such entity becomes due and payable, or capable of being declared due and
payable, prior to its stated maturity date as a consequence of any event of default and not as a consequence of the exercise of any voluntary
right of prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a lease, hire purchase agreement or charter creating any Financial Indebtedness of such entity is terminated
by the lessor or owner as a consequence of any termination event or event of default (howsoever defined); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or
other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of such entity ceases
to be available or becomes capable of being terminated or declared due and payable or cash cover is required or becomes capable of being
required, as a result of any termination event or event of default (howsoever defined);

provided that no Termination Event will occur under this paragraph (f) in respect of (A) the any Guarantor if the aggregate amount of Financial Indebtedness falling within sub-paragraphs (i) to (iv) above is less than US$10,000,000 (or its equivalent in any other currency or currencies) or (B) the Charterer if the aggregate amount of Financial Indebtedness falling within sub-paragraphs (i) to (iv) above is less than US$2,000,000 (or its equivalent in any other currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any of the following occurs in relation to any of the Charterer, the Guarantors and (following the Disposal)
the New Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such entity becomes, in the opinion of the Owners, unable to pay their debts as they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of such entity, the value of its assets is less than its liabilities (taking into account contingent
liabilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any administrative or other receiver is appointed over all or a substantial part of the assets of such
entity unless as part of a solvent reorganisation which has been approved by the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they
are insolvent or likely to become insolvent, or a winding up or administration order is made in relation to such entity, or the members
or directors of such entity pass a resolution to the effect that they should be wound up, placed in administration or cease to carry on
business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment
of a provisional liquidator, of such entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such entity petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension
or deferral of payments, reorganisation of their debt (or certain of their debt) or arrangement with all or a substantial proportion (by
number or value) of their creditors or of any class of them or with a minority proportion (by number or value) of their creditors or of
any class of them which would reasonably likely to have a Material Adverse Effect or any such suspension or deferral of payments, reorganisation
or arrangement is effected by court order, contract or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any meeting of the members or board of directors of such entity is summoned for the purpose of considering
a resolution or proposal to authorise or take any action of a type described in paragraph (iii), (iv), (v) or (vi);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) in any jurisdiction, any event occurs or any procedure is commenced which, in the opinion of the Owners,
is similar to any of the foregoing referred to in (ii) to and including (vii) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction
which affects any asset or assets of such entity which is not discharged within fourteen (14) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Charterer or any Guarantor or (following the Disposal) the New Shareholder suspends or ceases or threatens
to suspend or cease carrying on its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate
or charter the Vessel or any Relevant Person to comply with any provision of Leasing Document (as the case may be) and/or to ensure that
the obligations of any Relevant Person under any Leasing Document are legal, valid, binding or enforceable (I) is not granted, (II) expires
without being renewed, (III) is revoked or becomes liable to revocation or (IV) any condition of such a consent, approval, authorisation,
license or permit is not fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect
for any reason or no longer constitutes valid, binding and enforceable obligations of any party to that document for any reason whatsoever;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is amended or varied without the prior written consent of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Charterer, any Guarantor, the Approved Manager or (following the Disposal) the New Shareholder rescinds
or purports to rescind or repudiates or purports to repudiate a Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Security Interest constituted by any Leasing Document is in any way imperiled or in jeopardy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any Termination Event (as defined in the Existing Charter A) occurs under the Existing Charter A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Termination Event (howsoever described in the Existing BBC) occurs under the Existing BBC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any Termination Event (as defined in each Other Charter) occurs under such Other Charter (for the avoidance
of doubt, in relation to each Other Charter, this shall exclude any cancellation or termination of the MOA (as defined in such Other Charter)
and/or such Other Charter pursuant to clause 51A of such Other Charter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) if any Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or becomes a Prohibited Person;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) owns or controls a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has a Prohibited Person serving as a director, officer or employee;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) save as expressly permitted under this Charter there is a merger, amalgamation, demerger or corporate
reconstruction of any of the Charterers, the Other Charterers, the Guarantors and (following the Disposal) the New Shareholder, without
the Owners' prior written consent;

(s) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the shares of any Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The
New York Stock Exchange or the NASDAQ or Over the Counter (OTC), unless the Charterers comply with their obligations under Clause 46.1(x);
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Guarantor and/or (following the Disposal) the New Shareholder cease being an entity reporting with
the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) there is a change in control of ownership or control of the Charterers or there is a change of voting
control in the case of any Guarantor and/or (following the Disposal) the New Shareholder as set out in Clause 45 – (*Representations and Warranties*) unless prior written consent from the Owners has been obtained prior to such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) there is any occurrence of any litigation, arbitration or administrative proceedings or investigations
involving a Relevant Person which has been commenced or taken and has been adversely determined and which has or is reasonably likely
to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Associated
Vessel (other than the Vessel and the Other Vessels) is terminated, cancelled or repudiated by the relevant lessor or owner or financier
as a consequence of any termination event or event of default (howsoever defined therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.2 Notwithstanding and without prejudice to Clause 33 – (*Cancellation*), upon the occurrence
of any Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this leasing of the
Vessel under this Charter and demanding payment of the Termination Sum (the "**Termination Notice** "), whereupon the Charterers
shall be obliged to pay the Termination Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination
Notice (the "**Termination Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.3 For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event,
the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not
limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance
with Clause 41.5, or the title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with
41.9 or the Owners exercise the option set out in Clause 41.10.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.4 Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing
the rights of the Charterers pursuant to Clause 41.9), upon the occurrence of a Termination Event which is continuing, the Charterers
agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or
defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action
arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for
loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new
manager for the Vessel and the appointment of any originally appointed manager may be terminated immediately without any recourse to the
Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.5 Each Termination Event which is continuing shall either be a breach of condition by the Charterers where
it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed terminating
event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise
its rights under this clause, provided that, in case of a breach of contract claim, the claim amount of the Owners should not exceed the
applicable Termination Sum as at the relevant time.

Clause 50 – Mandatory Sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.1 If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations
as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers
of this event and the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such
written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier
than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures
set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.2 If it is or has become:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing
law or a change in the manner in which an existing law is or will be interpreted or applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contrary to, or inconsistent with, any regulation,

for any Relevant Person to maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.3 If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that reference
to "the People's Republic of China" applies to the definition of "Prohibited Person" or paragraph (e) of the definition
of "Sanctions Authority" applies to the definition of "Sanctions Authority", the Charterers shall be required to pay
the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners
(being no earlier than the last day of any applicable grace period permitted by law or the relevant official institution, agency or the
government of the People's Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.4 If the Mandatory Sale Price becomes payable in accordance with Clause 36.13 or Clause 37.3 or Clause 50.1
or Clause 50.2 or Clause 50.3 or Clause 55.5, the same shall (in each such case) be payable in consideration of the purchase and transfer
of the legal and beneficial title of the Vessel pursuant to Clause 53 – (*Sale of the Vessel*). The day on which the Mandatory
Sale Price is paid pursuant to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause 50.2 or Clause 50.3 or Clause 55.5 is a "**Mandatory Sale Date**" and such transfer of Vessel provided therein is a "**Mandatory Sale** ".

Clause 51 – Voluntary early termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1 The Charterers shall have the right (the "**Voluntary Early Termination** "), after the date
falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination
Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 51 –
(*Voluntary Early Termination*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2 The Voluntary Early Termination shall be exercisable only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon the Charterers providing not less than ninety (90) days' prior written notice (the "**Voluntary Early Termination Notice**") to purchase the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners)
(the "**Voluntary Early Termination Date** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the absence of the occurrence of a Termination Event which is continuing on or prior to either the
date of the Voluntary Early Termination Notice or the Voluntary Early Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3 The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary
Early Termination Price on the Voluntary Early Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.4 The sale of the Vessel pursuant to the Charterers' exercise of the Voluntary Early Termination shall be
conducted in accordance with Clause 53 – (*Sale of the Vessel*).

#### CLAUSE 51A –UStr Termination event

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| | |
|:---|:---|
| 51A.1 | If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in relation to any port call of the Vessel in the US (a "**US Port Call**"): |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port
fees, dues, imposts, levies or any other additional fees or expenses (the "**Additional Port Call Fees**") (for the avoidance
of doubt, as between the Owners and Charterers (the "**Parties**") any such Additional Port Call Fees shall be borne by the
Charterers); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the reasonable opinion of the Charterers, such Additional Port Call Fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) would be incurred by the Charterers and/or the Approved Sub-charterer
(as the case may be) exclusively due to the beneficial or legal ownership of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China's Targeting
of the Maritime, Logistics and Shipbuilding Sectors for Dominance, or any governmental policy or directive targeting Chinese maritime
or financial interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) would have direct and adverse effect to the business or operations of
the Charterers (for the purposes of this sub-paragraph (iii), a direct and adverse effect shall be deemed to exist if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention
to terminate the Initial Sub-charter as a result of the Additional Port Call Fees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) in relation to any other Assignable Sub-charter, the relevant Approved
Sub-charterer has informed the Charterers of its intention to terminate such other Assignable Sub-charter pursuant to certain provisions thereunder which are equivalent or similar to this Clause 51A (*USTR Termination Event*)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any
other fees or expenses that would need to be paid for the specific US Port Call had the Additional Port Call Fees not been imposed),

the Charterers shall notify the Owners accordingly and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive, ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the "**USTR Remedy Period**"), take all reasonable steps to mitigate any such circumstances or events ***provided that:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) this Clause 51A (*USTR Termination Event*) does not constitute a waiver of the obligations of any
Relevant Person under any Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures
that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably
incurred by the Owners in connection with such mitigation measures;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have
been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented
by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the
USTR Remedy Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Charterers shall have the option to (but always at the cost of the Charterers):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under
the MOA as of the relevant date, cancel the MOA in accordance with the terms thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) otherwise, purchase the Vessel on any date thereafter (the "**Special Termination Date** ")
as specified in a written notice by the Charterers to the Owners (the "**Special Termination Notice**") at the applicable
Special Termination Amount,

subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days' prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days' prior written notice (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a Special Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers
and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount
on the Special Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) only one Special Termination Notice may be served throughout the duration of the Charter Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) upon the Owners' receipt in full of the applicable Special Termination Amount, the Owners shall immediately
transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set out at Clause 53 – (*Sale of the Vessel*) to the Charterers or their nominees.

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Clause 52 – PURCHASE OBLIGATION

Provided all moneys owing and payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners' beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and the Charterers shall perform their obligations referred to in Clause 53 – (*Sale of the Vessel*) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).

Clause 53 – Sale of the Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.1 The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer's payment
of the Termination Sum under Clause 41 – (*Termination, Redelivery and Total Loss*), the Charterers' exercise of the Charterers'
Voluntary Early Termination under Clause 51 – (*Voluntary Early Termination*) or the Charterers' payment of the Special Termination
Amount under 51A (*USTR Termination Event*), the Charterers' payment of the Purchase Obligation Price under Clause 52 – (*Purchase Obligation*) or the completion of the Mandatory Sale under Clause 50 – (*Mandatory Sale*) shall be on an "as is where
is" and subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners
in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter,
relied on any condition, warranty or representation by the Owners or any person on the Owners' behalf, express or implied, whether arising
by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to
the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability,
design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation
by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters
referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any
such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation
or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners
thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties
or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of
the Vessel or any third party;

Owners' Financier in relation to the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory
Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination
Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the
case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter
on or prior to the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
Date or the Special Termination Date (as the case may be) which remain unpaid; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or,
as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable
Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall
(save in the event of Total Loss) (at the Charterer's cost) transfer the legal and beneficial ownership of the Vessel on an "as is
where is" basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers' cost) execute a bill
of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title
of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the Vessel shall be deemed first to have
been redelivered to the Owners).

Clause 54 – Indemnities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.1 The Charterers shall indemnify the Owners, on the Owners' demand, against all documented claims, expenses,
liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as
a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and
any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair,
survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii) costs related to the
prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part
of it and (iii) enforcing the Owners' rights under this Charter or any Leasing Document or for taking any action following the occurrence
of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination
of the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without
prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in
connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions
or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.2 The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
Master, officers or agents signing Bills of Lading or other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.3 In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other
Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from
the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every kind and nature and all other moneys
due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners
harmless against all such losses, moneys, costs, fees and expenses. The Parties hereby further agree and acknowledge that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners may from time to time provide the Charterers with a replacement Schedule 3 *(The Vessels, The Parties and The Charters)* containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the
Other Charters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the absence of manifest error, any such replacement Schedule 3 (*The Vessels, The Parties and The Charters*) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall
be deemed to automatically replace the existing Schedule 3 (*The Vessels, The Parties and The Charters*) and form part of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.4 All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction)
against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents
and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have
(whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents
or by reason of any amount becoming payable, or liability arising, under this Clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to be indemnified by any Other Charterer or such Relevant Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to claim any contribution from any third party providing security for, or any other guarantor of any Other
Charterer's or such Relevant Person's obligations under the Leasing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or
in connection with, the Leasing Documents by any of the aforesaid parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
to make any payment, or perform any obligation, in respect of any Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to claim or prove as a creditor of any Other Charterer or such Relevant Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners
or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing Documents to be repaid in
full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may
be directed by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.5 The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense,
liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners' Financiers or third parties
to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 54.5 shall not apply if the MOA is
terminated due to the application of Clause 51A (*USTR Termination Event*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.6 Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 –
(*Cancellation*)) and without prejudice to any right to damages or other claim which the Charterers may have at any time against
the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect
notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of
this Charter by the Owners. At the end of the Security Period, the Charterers shall procure the Guarantors (in the case of Guarantor A,
on a best endeavour basis) and (following the Disposal) the New Shareholder to furnish an undertaking to the Owners (to be documented
in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm the Guarantors'
and (following the Disposal) the New Shareholder's agreement to assume and to be bound by the indemnities provided by the Charterers
as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the
Charterers release any such indemnities in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.7 The obligations of the Charterers under this Clause 54 – (*Indemnities*) and in respect of
any Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission, matter or thing
which would reduce, release or prejudice any of its obligations under this Clause 54 – (*Indemnities*) or in respect of any
Security Interest created pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person)
including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Relevant Person or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Relevant Person or any other person under the terms of any composition or arrangement
with any creditor of a Relevant Person or any of its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or
delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over
assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality or other requirement in respect
of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members
or status of a Relevant Person or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Leasing Document or any other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any unenforceability, illegality or invalidity of any obligation of any person under any Security Document
or any other document or security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

Clause 55 – No Set-off or Tax deduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.1 All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts
under a Leasing Document shall be paid punctually and:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without any form of set-off, cross-claim, condition or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) made free and clear of all present and future taxes, levies, duties or deductions of any nature whatsoever,
whether levied now or in the future, unless required by law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net of any bank charges or bank fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.2 Without prejudice to Clause 55.1 (*No Set-off or Tax Deduction*), if the Owners are required by law
to make a tax deduction from any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners shall notify the Charterers as soon as they become aware of the requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
Owners receive and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal
to the full amount which they would otherwise have received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.3 The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount
equal to the loss, liability or cost which the Owners determine will be or has been (directly or indirectly) suffered for or on account
of tax by the Owners in respect of a Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.4 Clause 55.3 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are
incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that
tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable)
by the Owners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2
or 56.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.5 Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or
will be required to be made by the Charterers or the Owners in respect of a payment to the Owners as a result of the Tax Changes, the
Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their
interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer
shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours
to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding
the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory
Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with
the procedures set out in Clause 50.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.6 If the Charterers compensate the Owners by an increased payment pursuant to Clause 56.2 or 56.3 and the
Owners determine that they have obtained and utilized a tax credit attributable to this increased payment, the Owners shall reimburse
the Charterers that increased payment (or part thereof if the tax credit is attributable to only part of such increased payment).

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Clause 56 – Increased Costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.1 This Clause 56 – (*Increased Costs*) applies if the Owners notify the Charterers that they
(or their financiers) consider that as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the introduction or alteration after the date of this Charter of a law or an alteration after the date
of this Charter in the manner in which a law is interpreted or applied (excluding any effect which relates to the application to payments
under this Charter of a tax on the Owners' overall net income); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with any regulation (including any which relates to capital adequacy or liquidity controls or
which affects the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced,
or altered, or the interpretation or application of which is altered, after the date of this Charter,

the Owners or a parent company of them (if any) has incurred or will incur an "**increased cost**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.2 In this Clause 56 – (*Increased Costs*), "**increased cost**" means, in relation
to the Owners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners'
parent company or the Owners' Financiers (if any) having entered into, or being a party to, this Charter, of funding or financing the
acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a reduction in the amount of any payment to the Owners under this Charter or in the effective return which
such a payment represents to the Owners (if any) on their capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the MOA,

and for the purposes of this Clause 56.2 the Owners may in good faith allocate or spread costs and/or losses among their assets and liabilities (or any class of their assets and liabilities) on such basis as they consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.3 Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the Owners'
demand and any evidence thereto (where available to the Owners), the amounts which the Owners from time to time notify the Charterers
to be necessary to compensate the Owners for the increased cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.4 If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or under
any order or judgment relating thereto has to be converted from the currency in which this Charter or such Leasing Document provided for
the sum to be paid (the "**Contractual Currency**") into another currency (the "**Payment Currency**") for the
purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making or lodging any claim or proof against the Charterers, whether in their liquidation, any arrangement
involving them or otherwise; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtaining an order or judgment from any court or other tribunal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enforcing any such order or judgment;

the Charterers shall indemnify the Owners against the loss arising when the amount of the payment actually received by the Owners is converted at the available rate of exchange into the Contractual Currency.

In this Clause 56.4, the "**available rate of exchange**" means the rate at which the Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

Clause 57 – Confidentiality

The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the "**Confidential Information**") strictly confidential, provided that a Party may disclose Confidential Information in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is already known to the public or becomes available to the public other than through the act or omission
of the disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market regulation,
the US Securities and Exchange Commission's rules or by a governmental order, decree, regulation or rule (provided that the disclosing
Party shall give written notice of such required disclosure to the other Party prior to the disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant
and in discovery arising out of such proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of
its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving
Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for circumstances
arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to any permitted Sub-charterer of the Vessel provided that such person receiving Confidential Information
shall undertake that it would not disclose Confidential Information to any other party save for circumstances arising which are similar
to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to any of the following persons on a need to know basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including
the employees, officers and directors thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) professional advisers retained by a disclosing party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) persons advising on, providing or considering the provision of financing to the disclosing party or an
Affiliate,

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provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) with the prior written consent of all Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to any person which is a classification society or other entity which the Owners or the Owners' Financiers
have engaged to make the calculations necessary to enable the Owners and/or the Owners' Financiers to comply with their reporting obligations
under the Poseidon Principles.

Clause 58 – Rights of Third Parties

No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not party to this Charter, save that any of the Other Owners may rely on the rights conferred on them under Clause 54.3.

Clause 59 – Partial Invalidity

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

Clause 60 – Settlement or discharge Conditional

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.1 Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person shall
be conditional upon no security or payment to the Owners by any Relevant Person or any other person being set aside, adjusted or ordered
to be repaid, whether under any insolvency law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2 If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or by
any other person in purported payment or discharge of an obligation of that Relevant Person to the Owners under the Leasing Documents
is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or otherwise, then that
amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Leasing Documents.

Clause 61 – Immunity

The Charterers waive any rights of sovereign immunity which they or any of their properties may enjoy in any jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Charter or any other Leasing Document.

Clause 62 – Counterparties

This Charter and each other Leasing Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Charter or that Leasing Document, as the case may be.

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Clause 63 – FATCA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.1 Defined terms

For the purposes of Clause 55 – (*No Set-off or Tax Deduction*) and this Clause 63 – (*FATCA*), the following terms shall have the following meanings:

"**Code**" means the United States Internal Revenue Code of 1986, as amended.

"**FATCA**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sections 1471 to 1474 of the Code or any associated regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
in paragraph (a) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs
(a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other jurisdiction.

"**FATCA Deduction**" means a deduction or withholding from a payment under this Charter or the Leasing Documents required by or under FATCA.

"**FATCA Exempt Party**" means a Relevant Party that is entitled under FATCA to receive payments free from any FATCA Deduction.

"**FATCA Non-Exempt Party**" means any Relevant Party who is not a FATCA Exempt Party.

"**IRS**" means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.

"**Relevant Party**" means any of the parties to this Charter and the Leasing Documents (other than the Initial Sub-charterer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.2 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter
within ten Business Days of a reasonable request by another Relevant Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including
IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating
to its status under FATCA (including its applicable "pass thru percentage" or other information required under FATCA or other
official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting
party's compliance with FATCA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an
IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA
Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other Relevant Parties
or provide the relevant revised form, as applicable, reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its reasonable
opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality,
or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that
nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor
or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall
not be treated as confidential information of such party for purposes of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Relevant Party fails to confirm its status or to supply forms, documentation or other information
requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall
be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if that party failed to confirm its applicable passthru percentage then such party shall be treated for
the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.3 FATCA Deduction and gross-up by Relevant Party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the representation made by the Charterers under Clause 45.1(p) (*Representations and Warranties*)
proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA
Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required
by FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment
due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have
been due if no FATCA Deduction had been required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there
is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making
either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence
satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental
or taxation authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Owners are required to make a deduction or withholding from a payment under any Financial Instruments
in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding,
the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding
and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not
been required to pay additional amounts under such Financial Instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.4 FATCA Deduction by Owners

The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.5 FATCA Mitigation

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 63.3 (*FATCA*) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.

Clause 64 – Assignment and Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.1 The Charterers shall not assign this Charter except with the Owners' prior consent in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.2 The Owners may assign any of their rights or transfer by novation any of their rights and obligations
under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers
(such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale
is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at such time following the occurrence of a Termination Event which is continuing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale,
this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually
agreed amendments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.3 The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as
the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or
transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that
any Relevant Person (in the case of Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, on a best endeavour
basis) which is a party to a Leasing Document:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations
pursuant to such Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enters into all necessary documents or takes any necessary actions or provide all necessary assistance
required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or
executed) as from the completion of the relevant assignment, transfer or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.4 Without limiting the generality of Clause 64.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Clause 35 – (*Quiet enjoyment*), the Owners are entitled to enter into certain funding
arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions
acceptable to the Owners in their sole discretion (the "**Mortgagee**") provided that such funding arrangement shall not
result in any adverse effect of the Charterers' rights and obligations under the Leasing Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Owners may do any of the following as security for the funding arrangements referred to in paragraph
(a) above, in each case, without the prior consent of the Charterers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
its agent, trustee or nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents
in favour of a Mortgagee (or its agent, trustee or nominee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition
Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any other document or arrangement which is necessary to give effect to such financing arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Charterers undertake to comply, and provide such information and documents and all necessary assistance
required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation,
repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency
of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further
agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this
in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners
(by sale of shares in the Owners or other transactions having the same effect) may be effected without the Charterers' consent, provided
always that (i) in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter
would continue on identical terms (save for logical, consequential or mutually agreed amendments) and (ii) to the extent that any prior
written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable Sub-charter, before the
Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence
that such Approved Sub-Charterer has granted such prior written consent. The Charterers shall, and shall procure Guarantors (in the case
of Guarantor A, on a best endeavour basis) and (following the Disposal) the New Shareholder shall (where applicable) remain jointly and
severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change
of the registered and/or beneficial ownership of the Vessel or the Owners from the Owners to such new owner and agree and undertake to
enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the
benefit and burden of this Charter) pursuant to this Clause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All expenses arising out of assignment or transfer of this Charter as per Clause 64 – (*Assignment and Transfer*) shall be for the Owner's account subject to no Termination Event or Potential Termination Event having occurred or being
continuing at the relevant time.

Clause 65 – General Application of Proceeds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.1 Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners
in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received
by the Owners from any Other Owner (as trustee of the Owners and the Other Owners) shall be applied in the following order of application
against amounts payable under the Leasing Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to the extent these are
not covered under the Termination Sum);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, in or towards satisfaction of the Charterers' obligation to pay the Termination Sum (or such
portion of it that then remains unpaid) in any order of application in the amounts comprising the Termination Sum as the Owners may determine;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to
the Charterers, but always subject to the terms of the General Assignment.

Clause 66 – Governing Law and Enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Charter and any non-contractual obligations arising under or in connection with it, shall be governed
by and construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence,
validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a "**Dispute** ")
shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 66 – (*Governing Law and Enforcement*). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association ()"**LMAA** ")
Terms current at the time when the arbitration proceedings are commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint
its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King's Counsel who is also a member of the
Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London)
and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen
(14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its
own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own
arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may,
without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the
other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement.
Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.
If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written
notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where the reference is to three arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

Clause 67 – ENTIRE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, in conjunction with the other Leasing Documents, constitutes the entire agreement between
the parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect
of its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party acknowledges that it has not entered into this agreement or any other Leasing Document in reliance
on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Agreement or in any
other Leasing Document.

Clause 68 – Definitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.1 In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
meanings ascribed to them below:

"**Acceptance Certificate**" means a certificate substantially in the form set out in Schedule 1 (*Acceptance Certificate*) to be signed by the Charterers at Delivery.

"**Account Bank**" means Citic Group Alpha Bank, Berenberg Bank, ABN Amro Bank N.V., Citi Bank, HSBC or another reputable bank acceptable to the Owners, in and/or through which all revenues and operating expenses of the Charterers shall be credited and/or transferred.

"**Account Security**" means the document creating security over the Operating Account made or to be made between the Charterers and the Owners.

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"**Adjustment Value**" means the value derived by dividing the Initial Market Value by the Purchase Price. For the avoidance of doubt, if the Initial Market Value is higher than the Purchase Price, the Adjustment Value shall be deemed to be 1.

"**Advance Charterhire**" has the meaning as defined under Clause 36.2 (*Charterhire and Advance Charterhire*) of the Charter.

"**Affiliate**" means in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**Annex VI**" means Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

"**Anti-Money Laundering Laws**" means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People's Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is subjected or subject to.

"**Anti-Terrorism Financing Laws**" means all applicable anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People's Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.

"**Approved Classification Society**" means Bureau Veritas, DNV or such other generally recognized first class international classification society which is a member of the International Association of Classification Societies and approved by the Owners in writing.

"**Approved Manager**" means the Commercial Manager or the Technical Manager.

"**Approved Valuer**" means Simpson Spence & Young, Clarksons Platou, MB Shipbrokers, Arrow Shipbrokers, Howe Robinson, Fearnleys or any other reputable shipbroker nominated by the Charterers and approved by the Owners from time to time.

"**Assignable Sub-charter**" means the Initial Sub-charter or any charter or any other form of employment contract relating to the Vessel, whether or not already in existence on a time charter basis with a duration exceeding or capable of exceeding twelve (12) months (inclusive of options to renew).

"**Approved Sub-charterer**" means the Initial Sub-charterer and any Sub-charterer under any other Assignable Sub-charter.

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"**Associated Vessel**" means any ship or vessel (including, but not limited to, the Vessel and Other Vessels) from time to time wholly leased, hired, chartered or financed under any lease, hire purchase agreement, charter or any other financing arrangement by affiliates of the Owners and/or Other Owners to subsidiaries or affiliates of the Guarantors and (following the Disposal) the New Shareholder.

"**Breakfunding Costs**" means all breakfunding costs and expenses (excluding expenses relating to interest rate swaps and similar interest rate hedging instruments and any costs relating to the early termination of the Financial Instruments) incurred or payable by the Owners pursuant to the relevant funding arrangement entered into by the Owners for the purpose of financing any part of the Purchase Price as a result of the receipt of an amount pursuant to this Charter on a day other than a Payment Date.

"**Business Day**" means a day on which banks are open for business in the principal business centres of Hong Kong, Shanghai and Netherlands and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a day on which a payment is required to be made or other dealing is due to take place under
a Leasing Document in Dollars, also a day on which commercial banks are open in New York City; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the fixing of an interest rate in relation to the Outstanding Capital Balance, also a day
which is a US Government Securities Business Day.

"**Business Ethics Law**" means any laws, regulations and/or other legally binding requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are issued, administered or enforced by the United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).

"**Cancelling Date**" shall have the same meaning as defined under the MOA.

"**Commencement Date**" means the date on which Delivery takes place.

"**Charter Period**" means the period described in Clause 32.1 (*Charter Period*) unless it is terminated earlier in accordance with the provisions of this Charter.

"**Charterhire**" means each of, as the context may require, all of the instalments of hire payable hereunder on each applicable Payment Date comprising in each case both Fixed Charterhire and Variable Charterhire, as further detailed in Clause 36.5 (*Charterhire and Advance Charterhire*).

"**Commercial Manager**" means Central Shipping Inc., a corporation incorporated under the laws of Marshall Islands with registration number 98339 or any reputable management company designated by the Charterers and approved by the Owners in writing from time to time as the commercial manager of the Vessel.

"**Deed of Release**" means a deed of release to be executed by the Existing Owner in favour of the Charterers discharging (i) all of the Charterers' obligations under the Existing BBC and documents conferring Security Interests entered into in connection with the Existing BBC and (ii) all Security Interests encumbering the Vessel or any part thereof, in such form as is satisfactory to the Owners*.***

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"**Delivery**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owners (in their capacity as buyers under the MOA) obtain title to the Vessel from the Charterers
(in their capacity as sellers under the MOA) in accordance with the terms of the MOA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Charterers accept delivery of the Vessel from the Owners in accordance with the terms of this Charter.

"**Disposal**" means any sale or disposal by Guarantor B of its entire shareholding interests in the Charterers.

"**Disposal Conditions**" means, in relation to the Disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Termination Event has occurred when the Disposal commences and upon and immediately following completion
of the Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) written confirmation from the Owners that certain internal notification requirements relating to the Disposal
has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following the completion of the Disposal, each of Guarantors and the New Shareholder continues to be controlled
by companies affiliated with the family of Mr. Evangelos Pistiolis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any entity (other than Guarantor B) which, on implementation of the Disposal, will hold the entire shareholding
interest in the Charterers (the "**New Shareholder**") has (or the Owners are satisfied that the New Shareholder will, by
the completion of the Disposal, have) (A) entered into a new shares charge in respect of those shares in favour of the Owners on substantially
the same terms as the Shares Security and otherwise in an agreed form (the "**New Shares Security**") and (B) provided all
necessary constitutional documents and corporate authorisation required by the Owners in relation to the New Shareholder and the New Shares
Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the New Shareholder has (or the Owners are satisfied that the New Shareholder will, by the completion
of the Disposal, have) (A) entered into a guarantee in respect in favour of the Owners on substantially the same terms as the Guarantees
and otherwise in an agreed form (the "**New Guarantee**") and (B) provided all necessary corporate authorisation required
by the Owners in relation to the New Guarantee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion
of the Disposal, be issued) by lawyers appointed by the Owners (at the cost of the Charterers) relating to the New Shareholder, the New
Shares Security and the New Guarantee, in the form and substance acceptable to the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the completion
of the Disposal, have) provided in favour of the Owners documents and confirmations in form and substance acceptable to the Owners giving

to which it is a party shall remain in full force and effect notwithstanding the Disposal and the operation of Clause 46.1 (ee)(iv) (including
the Disposal Amendments) and enforceable in accordance with their terms;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any documented costs or expenses incurred by the Owners in relation to the Disposal have been fully settled
by the Charterers (or the Owners are satisfied that they will, by the completion of the Disposal, be settled) by the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such evidence relating to the Disposal as the Owners (or the Owners' Financier) may require to be able
to satisfy their "know your customer" or similar identification procedures in relation to the transactions contemplated by the
Disposal has been provided to the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such other documents as the Owner may reasonably require.

"**Dollars**" and "**$**" and "**US$**" mean the lawful currency for the time being of the United States of America.

"**Document of Compliance**" shall have the same meaning as ascribed under the ISM Code.

"**Earnings**" means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Charterers and which arise out of the use or operation of the Vessel, including (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) except to the extent that they fall within paragraph (b),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all freight, hire and passage moneys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any compensation payable in the event of requisition of the Vessel for hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any remuneration for salvage and towage services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any demurrage and detention moneys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) damages for breach (or payments for variation or termination) of any charterparty or other contract for
the employment of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all moneys which are at any time payable under any Insurances in respect of loss of hire (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if and whenever the Vessel is employed on terms whereby any moneys falling within paragraphs (a)(i) to (vi) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to the Vessel.

"**Emission Allowances**" means an allowance, credit, quota, permit or equivalent, representing a right of a vessel to emit a specified quantity of greenhouse gas emissions recognised by the Emission Scheme.

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**"Emission Data"** means the Vessel's compliance with Emission Scheme, EU MRV and FEMREG.

"**Emission Scheme**" means a greenhouse gas emissions trading scheme which for the purposes of this Charter shall include the EU ETS and any other similar systems imposed by applicable lawful authorities that regulate the issuance, allocation, trading or surrendering of Emission Allowances.

"**Emission Scheme Authority**" means in relation to an Emission Scheme, the relevant authority administering or otherwise implementing such Emissions Scheme.

"**Emission Scheme Participant**" means in relation to an Emission Scheme, any person which is responsible for complying with the requirements of such Emissions Scheme.

"**Environmental Claim**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any claim by any governmental, judicial or regulatory authority or any other person which arises out of
an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any claim by any other person which relates to an Environmental Incident,

and "**claim**" means a claim for damages, compensation, fines, penalties or any other payment; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

"**Environmental Incident**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Vessel
or from the Vessel into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into
or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than the Vessel and which involves a
collision between the Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with
which the Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Vessel and/or any Relevant
Person and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative
action; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Vessel and in connection with
which the Vessel is actually or potentially liable to be arrested and/or where any Relevant Person and/or any operator or manager of the
Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action.

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"**Environmental Law**" means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material including any law pertaining to any Emission Scheme.

"**Environmentally Sensitive Material**" means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.

"**Escrow Agent**" has the meaning given to such term in the MOA.

"**Escrow Agreement**" has the meaning given to such term in the MOA.

"**ETS and Fuel EU Maritime Agreement**" shall have the meaning as defined under Clause 46.1(gg).

"**ETS and Fuel EU Maritime Letter**" shall have the meaning as defined under Clause 46.1(gg).

"**EU ETS**" means the European Union Emissions Trading System specifically applicable to shipping pursuant to the European Directive 2023/959 amending European Directive 2003/87/EC and Commission Implementing Regulation (EU) 2023/2599 of 22 November 2023 laying down rules for the application of Directive 2003/87/EC of the European Parliament and of the Council as regards the administration of shipping companies by administering authorities in respect of a shipping company.

"**EU MRV**" means the European Regulation 2023/957 of the European Parliament and of the Council of 10 May 2023 amending Regulation (EU) 2015/757 in order to provide for the inclusion of maritime transport activities in the EU ETS and for the monitoring, reporting and verification of emissions of additional greenhouse gases and emissions from additional ship types.

"**Existing BBC**" has the meaning given to such term in the MOA.

"**Existing Charter A**" means, the bareboat charterparty dated 8 December 2023 and entered into between Existing Owner A and Existing Charterer A, as amended and/or supplemented from time to time.

"**Existing Charterer**" has the meaning given to such term in the MOA.

"**Existing Charterer A**" means "Charterer A" as referred to in Schedule 3, acting in its capacity as bareboat charterers under Existing Charter A.

"**Existing Owner**" has the meaning given to such term in the MOA.

"**Existing Owner A**" means "Owner A" as referred to in Schedule 3, acting in its capacity as owners under Existing Charter A.

"**Financing Amount**" means:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Prepositioning Date occurs in the calendar year 2025, $42,000,000 ()"**Original Financing Amount** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

*the Original Financing Amount x the Adjustment Value*

"**Financial Indebtedness**" means, in relation to a person (the "**debtor**"), a liability of the debtor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under any loan stock, bond, note or other security issued by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under any acceptance credit, guarantee or letter of credit facility made available to the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under a financial lease, a deferred purchase consideration arrangement (other than deferred payments for
assets or services obtained on normal commercial terms in the ordinary course of business) or any other agreement having the commercial
effect of a borrowing or raising of money by the debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) under any foreign exchange transaction, any interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual
liabilities, the liability of the debtor for the net amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability
of another person which would fall within paragraphs (a) to (e) if the references to the debtor referred to the other person.

"**Financial Instruments**" means the applicable loan or facility agreement entered into between the Owners (or their affiliate) and the Owners' Financiers and any mortgage, deed of covenants, assignment in respect of this Charter, assignment in respect of the Guarantees, assignment in respect of Earnings, Insurances and Requisition Compensation, manager's undertaking and subordination (including assignment of manager's interests in the Insurances) or any other financial security instruments (excluding interest rate swaps and similar interest rate hedging instruments) granted by the Owners to the Owners' Financiers as security for the financing or refinancing of the Owners' acquisition of the Vessel.

"**Flag State**" means the flag state named in Box 5 of this Charter or any other state or jurisdiction approved in writing by the Owners (whose approval shall not be unreasonably withheld).

"**Fleet Vessel**" means any ship or vessel (including but not limited to the Vessel and Other Vessels) from time to time wholly owned, leased under a capital lease, operating lease with a purchase option at the end of the relevant charter period, vessels owned under a joint venture agreement where the relevant member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor and/or (following the Disposal) the New Shareholder (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant member of the Group at the relevant time and any yachts in operation.

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"**Fuel EU Maritime**" means Fuel EU Maritime Regulation 2023/1805 dated 13 September 2023 on the use of renewable and low-carbon fuels in maritime transport, and amending Directive 2009/16/EC.

"**Funding Rate**" means any individual rate certified and notified by the Owners to the Charterers pursuant to Clause 37.3(c)(ii).

"**General Assignment**" means the general assignment executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, *inter alia,* assign its rights under the Insurances, Earnings and Requisition Compensation and any Assignable Sub-Charter in respect of the Vessel, in favour of the Owners and in the agreed form agreed on or prior to signing of this Charter.

"**Group**" means collectively, the Guarantors, (following the Disposal) the New Shareholder and their respective Subsidiaries from time to time.

"**Guarantees**" means collectively, the guarantee executed or to be executed by each Guarantor in favour of the Owners securing, amongst others, the Charterers' obligations in connection with the Leasing Documents.

"**Guarantors**" means collectively, Guarantor A and Guarantor B, and each or any of them, as the context may require, a "**Guarantor**".

"**Guarantor A**" means Top Ships Inc., a corporation incorporated under the laws of Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

"**Guarantor B**" means Rubico Inc., a corporation incorporated under the laws of Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960.

"**Hire Period**" means (i) in the case of the first Hire Period, the period commencing on the Commencement Date and ending on the First Payment Date; and (ii) in the case of each subsequent Payment Date, the period commencing on the last day of the preceding Hire Period and ending on the next occurring Payment Date.

"**Historic Term SOFR**" means, in relation to any Hire Period, the most recent applicable Term SOFR for a period equal in length to three months and which is as of a day which is no more than three (3) US Government Securities Business Days before the Quotation Day.

"**Holding Company**" means, in relation to a person, any other person in relation to which it is a Subsidiary.

"**IAPPC**" means a valid international air pollution prevention certificate for the Vessel issued pursuant to the MARPOL Protocol.

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"**Index**" means the Baltic Tanker Indices applicable to the Vessel.

"**Initial Market Value**" means a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on a date no earlier than thirty (30) days prior to the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with or without physical inspection of the Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Owners.

"**Initial Sub-charter**" means a time charter entered into between the Charterers and the Initial Sub-charterer as time charterer dated 1 April 2020 in relation to the Vessel, as amended and supplemented from time to time.

"**Initial Sub-charterer**" means Clearlake Shipping Pte Ltd or any other nominee nominated as the charterers under the Initial Sub-charter (which is acceptable to the Owners) in accordance with the terms of the Initial Sub-charter.

"**Insurances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all policies and contracts of insurance, including entries of the Vessel
in any protection and indemnity or war risks association, which are effected in respect of the Vessel or otherwise in relation to it whether
before, on or after the date of this Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all rights and other assets relating to, or derived from, any of the
foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract
of insurance or entry has expired on or before the date of this Charter.

"**Interpolated Historic Term SOFR**" means, in relation to any Hire Period, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the most recent applicable Term SOFR (as of a day which is not more than three (3) US Government Securities
Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than three months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than three months, SOFR for a day which is
no more than five (5) US Government Securities Business Days (and no less than two (2) US Government Securities Business Days) before
the Quotation Day; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Term SOFR (as of a day which is not more
than three (3) US Government Securities Business Days before the Quotation Day) the shortest period (for which Term SOFR is available)
which exceeds three months.

"**Interpolated Term SOFR**" means, in relation to any Hire Period, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Term SOFR (as of the Quotation Day in respect of that Hire Period) for the longest period
(for which Term SOFR is available) which is less than three months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than three months, SOFR for the day which
is two (2) US Government Securities Business Days before the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Term SOFR (as of the Quotation Day in respect of that
Hire Period) for the shortest period (for which Term SOFR is available) which exceeds three months.

"**Interest Rate**" means, in relation to each Hire Period and subject to Clause 37.3, the percentage rate of interest per annum equal to the aggregate of the (i) applicable Reference Rate for the relevant Hire Period and (ii) the Margin.

"**ISM Code**" means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time.

"**ISPS Code**" means the International Ship and Port Security Code as adopted by the Conference of Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or amended from time to time (and the terms "**safety management system**", "**Safety Management Certificate**" and "**Document of Compliance**" have the same meanings as are given to them in the ISM Code).

"**ISSC**" means a valid international ship security certificate for the Vessel issued pursuant to the ISPS Code.

"**Legal Reservations**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation
of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability
for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences under the laws of any Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinion delivered to the Owners pursuant to Clause 34.2(f).

"**Leasing Documents**" means this Charter, the MOA, the Security Documents and the Escrow Agreement.

"**Major Casualty**" means any casualty to the Vessel in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency.

"**Management Agreement**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the technical and commercial management agreement made or to be made between the Approved Manager and
the Charterers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other management agreement subsequently entered into in respect of the Vessel as may be approved
by the Owners (such approval not to be unreasonably withheld).

"**Manager's Undertaking**" means, in relation to an Approved Manager, the letter of undertaking from that Approved Manager subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners under the Leasing Documents in an agreed form agreed on or prior to signing of this Charter.

"**Mandatory Sale**" has the meaning given to that term in Clause 50.4.

"**Mandatory Sale Date**" has the meaning given to that term in Clause 50.4.

"**Mandatory Sale Price**" means, in respect of the Mandatory Sale Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued as at the date of payment of the Mandatory Sale Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (in case of Clause 37.3) if the Mandatory Sale Date occurs on or before the date falling thirty six (36)
months from the Commencement Date, one per cent. (1.00%) of the Outstanding Capital Balance as at the relevant date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
of the Mandatory Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under
the Leasing Documents at the relevant Mandatory Sale Date including any default interest on amounts under (a) to (f) above.

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"**Margin**" means one point nine five per cent. (1.95%) per annum.

"**Market Disruption Rate**" means the Reference Rate.

"**Market Value**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of a Termination Event which is continuing ,
a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the occurrence of a Termination Event which is continuing :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to sub-paragraph (ii) below, the arithmetic mean of the
valuations shown by two (2) valuation reports prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such reports shall be prepared by Approved Valuers nominated by the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two
valuation reports obtained pursuant to the above paragraph (using the higher valuation figure as the denominator), the arithmetic mean
of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (a) above.

"**MARPOL Carbon Intensity Regulations**" means the regulations contained in Chapters 1, 2 and 4 of Revised MARPOL Annex VI which relate to "Regulations on the Carbon Intensity of International Shipping" and Resolution MEPC.328(76) implementing the CII and any associated guidelines and/or subsequent amendments, including the Ship Energy Efficiency Management Plan (SEEMP).

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"**MARPOL Protocol**" means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997).

"**Material Adverse Effect**" means, in the opinion of the Owners, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, property, condition (financial or otherwise) or prospects of any Relevant Person
or the Group as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of any Relevant Person to perform its obligations under any Leasing Document to which it is
a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant
to any of the Leasing Documents or the rights or remedies of the Owners under any of the Leasing Documents.

"**MOA**" means the memorandum of agreement dated on or about the date of this Charter and made between the Owners (in their capacity as buyers) and the Charterers (in their capacity as sellers), pursuant to which the Charterers agree to sell and the Owners agree to purchase the Vessel upon the terms and conditions set out therein.

"**Net Sales Proceeds**" has the meaning given to it under Clause 41.9.

"**Net Trading Proceeds**" has the meaning given to it under Clause 41.9.

**"New Guarantee"** has the meaning given to such term in the definition of "Disposal Conditions".

**"New Shareholder"** has the meaning given to such term in the definition of "Disposal".

**"New Shares Security"** has the meaning given to such term in the definition of "Disposal Conditions".

"**Obligatory Insurances**" means any insurances of the Vessel required to be effected by or on behalf of the Charterers pursuant to Clause 39 – (*Insurance*).

"**Operating Account**" means an account in the name of the Charterers with an Account Bank.

"**Original Financial Statements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Charterers, the annual financial statement accounts of the Charterers for that financial
year as referred to in Guarantor B's audited consolidated annual financial statement accounts of Guarantor B; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Guarantor, its audited financial statements for the financial year ended 31 December
2024 (and if such statements are not in English, they shall be accompanied by a certified English translation).

"**Original Jurisdiction**" means, in relation to any Relevant Person, the jurisdiction under whose laws such Relevant Person incorporated or resided as at the date of this Charter.

**Other Charters**" means, other than the Charter, each, or as the context may require, any of the charters listed in the fourth column (*The Charters*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Charters**" means all such charters.

"**Other Charterers**" means, other than the Charterers, each, or as the context may require, any of the charterers listed in the third column (*The Charterers*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Charterers**" means all such charterers.

"**Other Owner**" means, other than the Owner, each, or as the context may require, any of the owners listed in the second column (*The Owners*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Owners**" means all such owners.

"**Other Vessel**" means, other than the Vessel, each, or as the context may require, any of the vessels listed in the first column (*The Vessels*) of Schedule 3 (*The Vessels, The Parties and The Charters*), and "**Other Vessels**" means all such vessels.

"**Outstanding Capital Balance**" means, on any relevant date, (i) the Financing Amount minus (ii) the aggregate Fixed Charterhire which has been paid by the Charterers and received by the Owners as at such date taking into account any payment made in accordance with Clause 46.1(x)(ii)(1) or Clause 48 – (*Voluntary Prepayment*).

"**Owners' Financier**" means any financier providing financing or refinancing facilities to the Owners or any affiliate of the Owners in respect of the Owners' purchase and/or lease of the Vessel to the Charterers under the terms of the Leasing Documents.

"**Owners' Surveyor**" means the surveyor appointed by the Owners in accordance with Clause 7.

"**Party**" means a party to this Charter, namely the Owners or the Charterers.

"**Payment Date**" means each of the dates upon which Charterhire is to be paid by the Charterers to the Owners pursuant to Clauses 36.2, 36.5, 36.6and 36.7 (*Charterhire*).

"**Perfection Requirements**" means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications of any Leasing Document (and/or any Security created under it) necessary for the validity, enforceability (as against the relevant Obligor or any relevant third party) and/or perfection of that Leasing Document.

"**Permitted Security Interest**" means:

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described in the Existing BBC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any lien for unpaid master's and crew's wages in accordance with the ordinary course of operation of the
Vessel or in accordance with usual reputable maritime practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any lien for salvage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any lien for master's disbursements incurred in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
or maintenance of the Vessel provided such liens do not secure amounts more than thirty (30) days overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal
before whom such action is brought as security for costs and expenses where the Owners are prosecuting or defending such action in good
faith by appropriate steps; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security Interests arising by operation of law in respect of taxes which are not overdue or for payment
of taxes which are overdue for payment but which are being contested by the Owners or the Charterers in good faith by appropriate steps
and in respect of which adequate reserves have been made,

provided that the foregoing have not arisen due to the default or omission of any Relevant Person.

"**Poseidon Principles**" means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organisation from time to time.

"**Potential Termination Event**" means, an event or circumstance which, with the expiry of a grace period, the giving of any notice, the lapse of time and/or the making of any determination under the Leasing Documents and/or the satisfaction of any other condition, would constitute a Termination Event.

"**Prepositioning Date**" shall have the same meaning as defined under the MOA.

"**Prohibited Countries**" means those countries and territories subject to country-wide or territory-wide Sanctions and/or trade embargoes from time to time during the Charter Period, in particular but not limited to pursuant to the U.S.'s Office of Foreign Assets Control of the U.S. Department of Treasury ("**OFAC**") or the United Nations including at the date of this Charter, but without limitation, non-Ukrainian government controlled areas of Donetsk, Luhansk and Zaporizhzhia Regions, Cuba, Syria, Iran, North Korea, Crimea and Venezuela and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Prohibited Person.

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"**Prohibited Person**" means any person, entity or any other party which is (i) located, domiciled, resident or incorporated in a Prohibited Country, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, the United States and the U.S. Department of Treasury's Office of Foreign Assets Control ("**OFAC**"), the United Kingdom, His Majesty's Treasury ("**HMT**") and the Foreign and Commonwealth Office of the United Kingdom, the Special Administrative Region of Hong Kong, the People's Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

"**Published Rate**" means SOFR or Term SOFR for any Quoted Tenor.

"**Published Rate Replacement Event**" means, in relation to any Published Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Parties, materially changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <br>
(A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

**provided that**, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Published Rate publicly announces that it has ceased
or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue
to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly announces that
such Published Rate has been or will be permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Published Rate or its supervisor announces that that
Published Rate may no longer be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of an interest rate which is a constituent element of that Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the circumstance(s) or event(s) leading to such determination are not (in the opinion
of the Parties) temporary;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Published Rate is calculated in accordance with any such policy or arrangement
for a period no less than a reasonable period determined by the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Parties, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Charter.

"**Purchase Obligation**" means the purchase obligation referred to in Clause 52 – (*Purchase Obligation*).

"**Purchase Obligation Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Prepositioning Date occurs in the calendar year 2025, $20,000,000 (the "**Original Purchase Obligation Price**") ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:

*the Original Purchase Obligation Price x the Adjustment Value*

"**Purchase Price**" has the meaning given to it in the MOA.

"**Quotation Day**" means, in relation to any Hire Period, two (2) US Government Securities Business Days before the first day of that Hire Period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Owners in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).

"**Quoted Tenor**" means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant page or screen of an information service.

"**Reference Rate**" means, in relation to a Hire Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Term SOFR for three (3) months as of the relevant Quotation Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clause 36.5A,

and if, in either case, that rate is less than zero, the Reference Rate shall be deemed to be zero.

"**Relevant Jurisdiction**" means, in relation to each Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any property owned by it and charged under a Leasing Document is situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any jurisdiction where it conducts its business; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating
a Security Interest.

"**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

"**Relevant Person**" means each of the Charterers (for the avoidance of doubt, reference to Charterers here include the Charterers acting in their capacities as sellers under the MOA), the Other Charterers, the Guarantors (in their respective capacity as the guarantor and/or the shareholder of the Charterers, as the case may be), any Approved Manager which is an entity within the Group, any Sub-charterer which is an entity within the Group, (following the Disposal) the New Shareholder (in its capacity as the guarantor and the shareholder of the Charterers) and any other party providing security to the Owners in respect of the Charterers' obligations under this Charter pursuant to a Security Document (except any Approved Manager or Sub-charterer which are not entities within the Group).

"**Replacement Reference Rate**" means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Published Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (provided that the market or economic reality that such reference
rate measures is the same as that measured by that Published Rate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "**Replacement Published Rate**" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Owners, generally accepted in the international or any relevant domestic syndicated
loan markets as the appropriate successor or alternative to a Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Owners, an appropriate successor or alternative to a Published Rate.

"**Reporting Time**" means close of business in Beijing on the date falling one (1) Business Day after the Quotation Day for the relevant Hire Period.

"**Requisition Compensation**" includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of "Total Loss".

"**Russian Oil Price Cap Measures**" means the Russian oil price cap restrictions and requirements imposed by law or regulation of the United Kingdom, the Council of the European Union and the United States of America and any other similar restrictions on the supply or delivery or maritime transportation of Russian Oil Products applicable to any person as amended from time to time.

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"**Russian Oil Products**" means oil and oil products falling within commodity codes 2709 or 2710 which originate in or are consigned from Russia.

"**Safety Management Certificate**" shall have the same meaning as ascribed under the ISM Code.

"**Sanctions**" means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) imposed by law or regulation of a Sanctions Authority, to the extent applicable to this transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise imposed by any applicable law or regulation by which any Relevant Person is bound or to which
it is subject.

"**Sanctions Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations or its Security Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union or the Council of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the People's Republic of China (including for the avoidance of doubt, Hong Kong), provided that this paragraph
(e) shall not apply to the Initial Sub-charterer when the Vessel is chartered under the Initial Sub-charter or the operation or use of
the Vessel by the Initial Sub-charterer (but not any further sub-lessee of the Vessel) when the Vessel is operated by the Initial Sub-charterer
(but not any further sub-lessee of the Vessel), in each case unless otherwise specified in Clause 50.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the governments and official institutions or agencies of any of paragraphs (a) to (e) above, including
the U.S. Department of the Treasury's Office of Foreign Assets Control, the United States Department of State, the U.S. Department of
Commerce and the Hong Kong Monetary Authority and His Majesty's Treasury.

"**Sanctions Advisory**" means the Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities issued May 14, 2020 by the US Department of the Treasury, Department of State and Coast Guard, as may be amended or supplemented, and any similar future advisory.

"**Secured Liabilities**" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) which a Relevant Person (other than the Other Owners) has, at the date of this Charter or at any later time or times, to the Owners under or in connection with the Leasing Documents or any judgment relating to the Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

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"**Security Period**" means the period commencing on the date hereof and ending on the date on which the Owners are satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

"**Security Documents**" means collectively the Guarantees, any New Guarantee, the Account Security, the Shares Security, the General Assignment, the Manager's Undertakings and any other document whether or not it creates a Security Interest which is executed as security for the obligations of the Charterers under or in connection with this Charter.

"**Security Interest**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a mortgage, charge (whether fixed or floating) or pledge, lien, assignment, hypothecation or any other
security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the security rights of a plaintiff under an action *in rem*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other right which confers on a creditor or potential creditor a right or privilege to receive the
amount actually or contingently due to it ahead of the general unsecured creditors of the debtor concerned; however this paragraph (c)
does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.

**"Shares Security**" means each, or as the context may require, any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the share charge executed or to be executed by Guarantor B (in its capacity as shareholder of the Charterers)
creating a Security Interest over all its shares in the Charterers in favour of the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (following the Disposal) the New Shares Security.

"**SOFR**" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).

"**Special Termination Amount**" means, in respect of the Special Termination Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Special Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued as at the date of payment of the Special Termination Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any documented legal or other costs reasonably incurred by the Owners in connection with Clause 51A (*USTR Termination Event*); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) aside from the amounts described under paragraphs (a) to (d) above, any other moneys due and owing under
the Leasing Documents at the relevant Special Termination Date including any default interest on amounts under (a) to (e) above.

"**Special Termination Date**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Special Termination Notice**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Statement of Compliance**" means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

"**Subsidiary**" means a subsidiary within the meaning of section 1159 of the UK Companies Act 2006.

"**Sub-charter**" means, as the context requires, any sub-charter or other form of contract for employment in respect of the Vessel (including, but not limited to, any Assignable Sub-charter) entered or to be entered into by the Charterers (as disponent owners) and any other sub-charterer, whether or not already in existence.

"**Sub-charterer**" means the sub-charterer under a Sub-charter.

"**Technical Manager**" means Central Mare Inc., a corporation incorporated under the laws of Marshall Islands with registration number 32656 or any reputable management company designated by the Charterers and approved by Initial Sub-charterer, while on time charter to Initial Sub-charterer, and the Owners, thereafter, in writing from time to time as the technical manager of the Vessel.

"**Term SOFR**" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).

"**Termination Event**" means any event described in Clause 49.1.

"**Termination Fee**" means an amount equals to one point five per cent. (1.50%) of the Outstanding Capital Balance as at the relevant date.

"**Termination Notice**" has the meaning given to it under Clause 49.2 (*Termination Events*).

"**Termination Sum**" means, in respect of any date (such date being referred to as the

"**Relevant Date**" for the purposes of this definition only), the aggregate of (without double counting amounts that may be included in more than one sub-paragraph below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the Relevant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire due and payable, but unpaid up to (and including) the date of payment of the
Termination Sum;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Termination Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any and all documented costs, losses and liabilities incurred by the Owners as a result of the early termination
of the leasing under this Charter including but not limited to any legal costs, any agency or broker fees incurred in attempting to re-charter
or otherwise dispose of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing,
recovering, repositioning, berthing, insuring and maintaining the Vessel and/or in collecting any payments due under this Charter and/or
in obtaining the due performance of the obligations of the Charterers under this Charter or the other Leasing Documents (including, but
not limited to, for carrying out any works or modifications or repairs required to cause the Vessel to conform with the provisions relating
to redelivery as required under Clause 41.5); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and payable,
but unpaid, under the Leasing Documents at the Relevant Date including any default interest on amounts under (a) to (f) above.

"**Total Loss**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actual, constructive, compromised, agreed or arranged total loss of the Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration,
a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government
or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition
for hire for a fixed period not exceeding one (1) year without any right to an extension) unless it is redelivered within twenty-one (21)
days to the full control of the Owners or the Charterers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding
any event specified in paragraph (b) of this definition) unless it is redelivered within thirty (30) days to the full control of the Owners
or the Charterers.

"**Total Loss Date**" means, in relation to the Total Loss of the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an actual loss of the Vessel, the date on which it occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which a notice of abandonment is given to the insurers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date when the Vessel was last heard of; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of any compromise, arrangement or agreement made by or on behalf of the Charterers with the Vessel's
insurers in which the insurers agree to treat the Vessel as a Total Loss; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any expropriation, confiscation, requisition or acquisition of the Vessel whether for full
consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by
any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding
a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation,
confiscation, requisition or, as the case may be, the acquisition of the Vessel is completed by delivery of the Vessel to the relevant
government or official authority or the person or persons claiming to be or to represent the relevant government or official authority
unless it is redelivered within twenty-one (21) days to the full control of the Owners or the Charterers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of any arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking
or theft), unless it is redelivered within thirty (30) days to the full control of the Owners or the Charterers, the date falling on the
expiration of such days.

"**Total Loss Payment Date**" means, following the occurrence of a Total Loss, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling one hundred and twenty (120) days after the Total Loss Date or such later date as the
Owners may agree; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Owners receive the Total Loss Proceeds.

"**Total Loss Proceeds**" means the proceeds of any policy or contract of insurance or any Requisition Compensation in each case arising in respect of a Total Loss.

"**US**" means the United States of America.

"**US Government Securities Business Day**" means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation)
recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.

"**US Tax Obligor**" means (a) a person which is resident for tax purposes in the United States of America or (b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes.

"**USTR Remedy Period**" has the meaning given to that term in Clause 51A (*USTR Termination Event*).

"**Variable Charterhire**" shall have the meaning as defined under paragraph (b) of Clause 36.5.

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"**Vessel**" means m.v. Eco West Coast with IMO number 9902811.

"**Voluntary Early Termination**" means the right to early terminate referred to in Clause 51.1.

"**Voluntary Early Termination Date**" shall have the meaning ascribed thereto in Clause 51.2.

"**Voluntary Early Termination Fee**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Voluntary Early Termination is exercised on or after the date falling twelve (12) months from the
Commencement Date and until (including) the date falling twenty four (24) months after the Commencement Date, one point five per cent.
(1.50%) of the Outstanding Capital Balance on the applicable Voluntary Early Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Voluntary Early Termination is exercised after the date falling twenty four (24) months from the
Commencement Date and until (including) the date falling thirty six (36) months from the Commencement Date, one per cent. (1.00%) of the
Outstanding Capital Balance on the applicable Voluntary Early Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Voluntary Early Termination is exercised after the date
falling thirty six (36) months from the Commencement Date zero per cent. (0%) of the Outstanding Capital Balance as at the applicable
Voluntary Early Termination Date.

"**Voluntary Early Termination Notice**" shall have the meaning ascribed thereto in Clause 51.2.

"**Voluntary Early Termination Price**" means, in respect of any Voluntary Early Termination Date, the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Outstanding Capital Balance prevailing as at the relevant the Voluntary Early Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Variable Charterhire accrued but unpaid as at the date of payment of the Voluntary Early Termination
Date Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Voluntary Early Termination Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Breakfunding Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any documented legal (subject to pre-agreed cap) or other costs reasonably incurred by the Owners in connection
with the exercise of the Voluntary Early Termination under Clause 51 – (*Voluntary Early Termination*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under
the Leasing Documents at the relevant Voluntary Early Termination Date including any default interest on amounts under (a) to (e) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.2 Inconsistency between Charter provisions and Leasing Documents

In the case of any conflict between the provisions or terms so of this Charter and the terms and provisions of a Leasing Document, the provisions of this Charter shall prevail.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.3 Construction

Unless a contrary indication appears, in this Charter:

the "**Approved Manager**", the "**Charterers**", a "**Guarantor**", the "**New Shareholder**", any "**Relevant Person**", the "**Owners**", any "**Other Charterer**", any "**Other Owner**", or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents;

"**agreed form**" means, in relation to a document, such document in a form agreed in writing between the Owners and the Charterers and, if required by the Owners in their sole discretion, the Owners' Financiers;

"**asset**" includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

"**company**" includes any partnership, joint venture and unincorporated association;

"**consent**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation
and legalization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to anything which will be prohibited or restricted by law if a governmental or official authority
intervenes or acts in any way within a specified period after lodgment, filing, registration or notification, the expiry of that period
without intervention or action.

"**contingent liability**" means a liability which is not certain to arise and/or the amount of which remains unascertained;

"**continuing**" means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably) and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably), provided that following the issuance of a Termination Notice in accordance with Clause 49.2, a Termination Event is "continuing" if it has not been waived;

"**control**" over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast
at a general meeting of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give directions with respect to the operating and financial policies of such company with which the directors
or other equivalent officers of such company are obliged to comply;

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"**document**" includes a deed; also a letter, fax or telex;

the Owners' "**cost of funds**" in relation to the Outstanding Capital Balance or any part thereof is a reference to the average cost (determined either on an actual or a notional basis) which the Owners would incur if they were to fund or finance, from whatever source(s) they may reasonably select, an amount equal to the amount of the Outstanding Capital Balance or any part thereof for a period equal in length to the Hire Period of the Outstanding Capital Balance or any part thereof;

"**expense**" means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

"**gross negligence**" means a form of negligence which is distinct from ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has not been followed.

"**law**" includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;

"**legal or administrative action**" means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

"**liability**" includes every kind of debt or liability (present or future, and including contingent liabilities only in the case of Clause 49.1(g)(ii), Clause 54 – (*Indemnities*) and the definition of "**Financial Indebtedness**"), whether incurred as principal or surety or otherwise;

"**months**" shall be construed in accordance with Clause 68.4 (*Meaning of "month"*);

"**person**" includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

"**policy**", in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;

"**protection and indemnity risks**" means the usual risks covered by a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

"**regulation**" includes any regulation, rule, official directive, request or guideline whether or not having the force of law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; and

"**tax**" includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.4 Meaning of "month"

A period of one or more "months" ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started ("**the numerically corresponding day**"), but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the Business Day following the numerically corresponding day if the numerically corresponding day is
not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding
day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the last Business Day in the relevant calendar month, if the period started on the last Business Day
in a calendar month or if the last calendar month of the period has no numerically corresponding day;

and "**month**" and "**monthly**" shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.5 In this Charter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to a Leasing Document or any other document being in the form of a particular appendix or to
any document referred to in the recitals include references to that form with any modifications to that form which the Owners and the
Charterers approve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to, or to a provision of, a Leasing Document or any other document are references to it as
amended or supplemented, whether before the date of this Charter or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement,
whether made before the date of this Charter or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) words denoting the singular number shall include the plural and vice versa; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to a page or screen of an information service displaying
a rate shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the appropriate page of such other information service which displays that rate from time to time in place
of that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Owners after consultation with the Charterers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.6 Construction of Insurance terms

In this Charter:

"**approved**" means, for the purposes of Clause 39 – (*Insurance*), approved in writing by the Owners.

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"**excess risks**" means the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of such claims.

"**obligatory insurances**" means all insurances effected, or which the Charterers are obliged to effect, under Clause 39 – (*Insurance*) or any other provision of this Charter or another Leasing Document.

"**policy**" includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

"**protection and indemnity risks**" means the usual risks (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

"**war risks**" includes the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.7 **Headings** 

In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded.

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#### Schedule 1<br>Acceptance Certificate
**ROMAN EMPIRE INC.** (the "**Charterers**") hereby acknowledges that at [●] hours on [●], there was delivered to, and accepted by, the Charterers the Vessel known as m.v. "Eco West Coast", registered in the name of LUSTRE 4 HOLDING LIMITED (the "**Owners**") under the flag of the Marshall Islands with IMO number 9902811 under a bareboat charter dated [●] (the "**Charter**") and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will be subject to all the terms and conditions contained in the Charter.

The Charterers warrant that the representations and warranties made by them in Clause 45 – (*Representation and Warranties*) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.

_______________________________

Name:

Title: attorney in fact

for and on behalf of

**ROMAN EMPIRE INC.**

Dated:

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#### Schedule 2

#### Part A
The following are the documents referred to in Clause 34.2 (f)(i):

1 Corporate Authority

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for
the purpose of this Schedule only, collectively, the "**Pertinent Persons** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent
Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party
and resolving that it execute the Leasing Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its
behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices
to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 If required, an original of the power of attorney of any party to a Leasing Document authorising a specified
person or persons to execute the Leasing Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph
1.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant
Person, approving the terms of, and the transactions contemplated by such Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy
document relating to it specified in this Part A of Schedule 2 is correct, complete and in full force and effect as at a date no earlier
than the date of this Agreement.

2 Documents and other security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 A duly executed copy of this Charter, the MOA, the Guarantees
and of each document to be delivered under each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Duly executed but undated copies of each of the Shares Security,
the Account Security, the General Assignment and the Manager's Undertaking and of each document to be delivered under each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Evidence that the Charterers' Operating Account have been opened and maintained with the Account Bank.

3 Legal opinion

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Agreed form of legal opinion by English legal advisers to the
Owners on such matters on the laws of England in relation to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this
Schedule, in form and substance acceptable to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Agreed forms of legal opinions by lawyers appointed by the Owners
on such matters relating to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A this Schedule, concerning the laws of
the Republic of the Marshall Islands, Netherlands and such other relevant jurisdictions as the Owners may reasonably require, in form
and substance acceptable to the Owners.

4 Valuation of Vessel

If the Prepositioning Date occurs in the calendar year 2026, valuation of the Vessel, indicating the Initial Market Value to be received by the Owners not later than thirty days prior to the Prepositioning Date.

5 Vessel Insurances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Evidence that the Vessel is or will be on Delivery insured in
the manner required under Clause 39 – (*Insurance*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Agreed form of letters of undertaking and certificates of entry
(as the case may be) relating to insurances as set out in Clause 39 – (*Insurance*) from the relevant insurer, insurance broker,
protection and indemnity association or war risks association (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers)
in an agreed form acceptable to the Owners.

6 Vessel Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as from
the Commencement Date, be managed by the relevant Approved Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 A copy of the Document of Compliance of the Technical Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 A copy of the Vessel's class certificate evidencing that the Vessel maintains such classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Copies of the Vessel's Safety Management Certificate (together with any other details of the applicable
safety management system which the Owners may require) and of any other documents required under the ISM Code and the ISPS Code (including,
without limitation, an ISSC and IAPPC).

7 Initial Sub-charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 A copy of the executed Initial Sub-charter (and any addendums thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Evidence to the satisfaction of the Owners that the Initial Sub-charterer consents to the sale and leaseback
of the Vessel contemplated by the Leasing Documents.

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8 Escrow Agreement

A copy of the duly executed Escrow Agreement in form and substance acceptable to the Owners.

9 Deed of Release

An agreed form Deed of Release.

---

| | |
|:---|:---|
| 10 | Others |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than five
(5) Business Days prior to the Prepositioning Date *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their capacity
as sellers under the MOA) to the Owners (in their capacity as buyers under the MOA), specifying the aggregate amount payable by the Owners
(in their capacity as buyers under the MOA) to the Charterers (in their capacity as sellers under the MOA) for the purchase of the Vessel
under the MOA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Evidence that all fees, costs and expenses then due from the Charterers to the Owners under the Leasing
Documents have been paid and received by the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Copies of the Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their
financiers) to be able to satisfy each of their "know your customer" or similar identification procedures in relation to the
Leasing Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 A copy of any other consents, approvals, authorization or other document, opinion or assurance which the
Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of
the Leasing Documents or for the validity and enforceability of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 If required, evidence that any process agent referred to under the Leasing Documents has accepted its
appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 if any, evidence to the satisfactory to the Owners that the Delivery Shortfall (as defined in the MOA)
has been deposited in the Escrow Account (as defined in the MOA) or paid to the Existing Owner no later than one (1) Business Day prior
to the Prepositioning Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 If required by the Flag State for purposes of registering the Vessel in the name of the Owners, evidence
that the Owners have been registered as a foreign maritime entity under the laws of the Flag State (with such cost to be borne by the
Charterers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Such other documents as the Owners may require by giving notice to the Charterers.

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#### Part B
The following are the documents referred to in Clause 34.2 (f)(ii):

1 Corporate Authorisations/Confirmation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document
provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination
Event or Termination Event has occurred and is continuing as of the Commencement Date.

2 Security Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Duly executed and dated copies of each of the Shares Security, the Account Security, the General Assignment
and each Manager's Undertaking and of each document to be delivered under it and evidence of their delivery within the timing prescribed
under it.

have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such
Security Documents.

3 Delivery and title registration of the Vessel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Documentary evidence that the Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under
the flag of the Flag State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is or will be unconditionally delivered by the Existing Owner to the Charterers pursuant to the terms
of the Existing BBC, where such documents shall include without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
the Flag State) copies of the bill of sale duly executed by the Existing Owner (and where executed by an attorney of the Existing Owner,
together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Existing Owner's power
of attorney); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
executed by the Existing Owner and the Charterers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is or will be unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners
(in their capacity as buyers) pursuant to the terms of the MOA, where such documents shall include without limitation:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a certificate or transcript or an email confirmation issued by the competent authorities of the Flag State
on the date of Delivery evidencing the Charterers' (as sellers under the MOA) ownership of the Vessel and that the Vessel is free from
registered encumbrances and mortgages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of the Charterers, together
with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Charterers' power of attorney);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
executed by the Charterers and the Owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with
the laws and regulations of the Flag State (including, without limitation, a side letter to be entered into between the Owners and the
Charterers as required by the competent authorities of the Flag State).

4 Legal opinions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 A signed legal opinion of Watson Farley & Williams, legal advisers to the Owners on such matters on
the laws of England as may be satisfactory to the Owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands
and Netherlands and any other jurisdictions as may be satisfactory to the Owners.

5 Deed of Release

A copy of the duly executed Deed of Release.

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| | |
|:---|:---|
| 6 | Others |

---

The Owners being satisfied that all conditions precedent or documents or evidence specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.

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#### Part C
The following are the documents referred to in Clause 34.8:

1 Security Interests

2 Legal opinions

Not later than three (3) Business Days after the Commencement Date, issued signed copies of the legal opinions referred to in paragraph 4 of Part B of Schedule 2 of this Charter.

3 Insurances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters
of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 – (*Insurance*)
acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may
be), each in the agreed form under paragraph 5.2 of Part A of Schedule 2 of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the
form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.

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#### Schedule 3

#### THE VESSELS, THE PARTIES AND THE Charters

---

| | | | |
|:---|:---|:---|:---|
| **The Vessels** | **The Owners** | **The Charterers** | **The Charters** |
| m.v. Eco Malibu with IMO number 9902823<br> ("**Vessel A**") | Lustre 6 Holding Limited, a corporation with registration number C-128841 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner A")** | ATHENEAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104090 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer A")** | Bareboat charter entered or to be entered into between Owner A and Charterer A in respect of Vessel A, as amended and/or supplemented from time to time<br> **("Charter A")** |
| m.v. Eco Oceano CA with IMO number 9794020<br> ("**Vessel B**") | Lustre 3 Holding Limited, a corporation with registration number C-128838 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner B")** | ECO OCEANO CA INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 107152 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer B")** | Bareboat charter entered or to be entered into between Owner B and Charterer B in respect of Vessel B, as amended and/or supplemented from time to time <br> **("Charter B")** |
| m.v. Eco West Coast with IMO number 9902811<br> ("**Vessel C**") | Lustre 4 Holding Limited, a corporation with registration number C-128839 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner C")** | ROMAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104089 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer C")** | Bareboat charter entered or to be entered into between Owner C and Charterer C in respect of Vessel C, as amended and/or supplemented from time to time<br> **("Charter C")** |

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|:---|:---|:---|:---|
| m.v. Julius Caesar with IMO number 9912244<br> ("**Vessel D**") | Lustre 1 Holding Limited, a corporation with registration number C-128836 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner D")** | JULIUS CAESAR INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 104940 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer D")** | Bareboat charter entered or to be entered into between Owner D and Charterer D in respect of Vessel D, as amended and/or supplemented from time to time<br> **("Charter D")** |
| m.v. Legio X Equestris with IMO number 9912256<br> ("**Vessel E**") | Lustre 2 Holding Limited, a corporation with registration number C-128837 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner E")** | LEGIO X INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 107059 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer E")** | Bareboat charter entered or to be entered into between Owner E and Charterer E in respect of Vessel E, as amended and/or supplemented from time to time<br> **("Charter E")** |
| m.v. Eco Marina Del Rey with IMO number **9798349**<br> ("**Vessel F**") | Lustre 5 Holding Limited, a corporation with registration number C-128840 and incorporated under the law of the Republic of Liberia with having its registered address at 80 Broad Street, Monrovia, Liberia<br> **("Owner F")** | PCH DREAMING INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number 94703 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960<br> **("Charterer F")** | Bareboat charter entered or to be entered into between Owner F and Charterer F in respect of Vessel F, as amended and/or supplemented from time to time<br> **("Charter F")** |

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**SCHEDULE 4** 

**Form of Attestation to be issued by CHARTERERS**

To: [Owners]

From: [Charterers]

Dated: [●]

**[Charterers] – Bareboat Charter dated [●] (the "Charter")**

Capitalised terms used in this attestation shall have the meanings set out in the Charter.

With respect to [●] [***describe cargo***] [scheduled to be] loaded at [●] [***insert port or details of ship-to-ship transfer***] on [●] [***insert date***] (the "**Voyage**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We confirm that we were, and the operation of the Vessel and, to the best of our knowledge, each sub-charterer
and any other relevant third party was, in compliance with the Russian Oil Price Cap Measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We attest that, with respect to the Voyage:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have received and retained price information demonstrating that the Russian Oil Products were purchased
at or below the relevant price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where not practicable to request and receive such information, we have obtained a signed attestation from
our sub-charterer or other relevant counterparty that the Russian Oil Products were purchased at or below the relevant price cap; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) we have received a signed attestation from our sub-charterer or other relevant counterparty that the purchase
of Russian Oil Products was done pursuant to a license or a derogation.

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**EXECUTION PAGE**

**OWNERS**

---

| |
|:---|
| **SIGNED by**) |
| duly authorized attorney-in-fact) |
| for and on behalf of) |
| **LUSTRE 4 HOLDING LIMITED)** |
| in the presence of:) |

---

Witness' signature:

Witness' name:

Witness' address:

**CHARTERERS**

---

| |
|:---|
| **SIGNED by**) |
| duly authorized attorney-in-fact) |
| for and on behalf of) |
| **ROMAN EMPIRE INC.**) |
| in the presence of:) |

---

Witness' signature:

Witness' name:

Witness' address:

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## Exhibit 10.16

#### Exhibit 10.16

#### <br> Dated _________________________ 2025

#### Rubico Inc.
as Guarantor

and

#### LUSTRE 4 HOLDING LIMITED
as Owner

#### Guarantee
relating to<br> a bareboat charter of the vessel m.v. ECO WEST COAST<br> dated ____________ 2025

![](exh1013watson.jpg)

#### Index

---

| | | |
|:---|:---|:---|
| Clause |  | Page |
| 1 | Interpretation | 1 |
| 2 | Guarantee | 2 |
| 3 | Liability as Principal and Independent Debtor | 3 |
| 4 | Expenses | 3 |
| 5 | Adjustment of Transactions | 4 |
| 6 | Payments | 4 |
| 7 | Interest | 4 |
| 8 | Subordination | 5 |
| 9 | Enforcement | 5 |
| 10 | Representations and Warranties | 6 |
| 11 | Undertakings | 9 |
| 12 | Judgments and Currency Indemnity | 15 |
| 13 | Supplemental | 16 |
| 14 | Assignment | 18 |
| 15 | Notices | 18 |
| 16 | Invalidity of Bareboat Charter | 19 |
| 17 | Incorporation of Bareboat Charter Provisions | 19 |
| 18 | Governing Law and Enforcement | 20 |
| Schedules |  |  |
| Schedule 1 Form of Compliance Certificate | Schedule 1 Form of Compliance Certificate | 22 |
| Execution Page |  | 23 |

---

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**THIS GUARANTEE** is made on ______________________ 2025

#### Parties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **RUBICO INC.**, a corporation incorporated under the laws of the Marshall Islands whose registered
address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the "**Guarantor** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **LUSTRE 4 HOLDING LIMITED**, a corporation incorporated under
the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the "**Owner**" which
expression includes its successors and assigns)

#### Background
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) By a bareboat charter dated _______________ 2025 (the "**Bareboat Charter**") and made between (i) the Owner, as owner and (ii) **Roman Empire Inc.,** a corporation incorporated under
the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
Islands, MH96960, as charterer (the "**Charterer** "), the Owner has agreed to bareboat charter one (1) suezmax tanker named
m.v. "Eco West Coast" and flagged in the Marshall Islands with IMO no. 9902811 (the "**Vessel**") to the Charterer
pursuant to the terms and conditions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) As at the date of this Guarantee, the Guarantor is the shareholder of the Charterer and holds all of the
issued and outstanding shares in the Charterer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of
the Vessel under the Bareboat Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) This Guarantee is one of the Guarantees referred to in the Bareboat Charter.

#### Operative Provisions
1 INTERPRETATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Defined expressions

Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction of certain terms

In this Guarantee:

"**bankruptcy**" includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation under any corporate or insolvency law of any country.

"**Compliance Certificate**" means a certificate in the form set out in Schedule 1 or in any other form approved by the Owner.

"**control**" over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast
at a general meeting of such company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) give directions with respect to the operating and financial policies of such company with which the directors
or other equivalent officers of such company are obliged to comply.

"**Group**" means the Guarantor and its subsidiaries from time to time.

"**Party**" means a party to this Guarantee.

"**Relevant Person**" means each "Relevant Person" as defined in the Bareboat Charter.

"**Secured Liabilities**" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

"**Security Period**" means the period commencing on the date hereof and ending on the date on which the Owner is satisfied that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

2 GUARANTEE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Guarantee and indemnity

The Guarantor unconditionally and irrevocably:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees the due payment of all amounts payable by each other Relevant Person under or in connection
to each Leasing Document to which such Relevant Person is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes to pay to the Owner on the Owner's demand any such amount which is not paid by that Relevant
Person when due and payable under or in connection to that Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantees the punctual performance by that Relevant Person of all that Relevant Person's obligations
under or in connection with that Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses which
are made or brought against or incurred by the Owner as a result of or in connection with any obligation or liability guaranteed by the
Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to
the amount which the Owner would otherwise have been entitled to recover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 No limit on number of demands

The Owner may serve more than one demand under Clause 2.1 (*Guarantee and indemnity*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Guarantee of whole amount

This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant Person is a party.

3 Liability as Principal and Independent Debtor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Principal and independent debtor

The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of the rights or defences of a surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Waiver of rights and defences

Without limiting the generality of Clause 3.1 (*Principal and independent debtor*), the Guarantor shall neither be discharged by, nor have any claim against the Owner in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to,
or affecting, the Bareboat Charter or any other Leasing Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security
Interest, including a failure to realise for its full market value an asset covered by such a Security Interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal
or invalid or otherwise defective for any reason, including a neglect to register it.

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| 4 | Expenses |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Costs of preservation of rights, enforcement etc

The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in connection with the enforcement of, or the preservation of any rights under this Guarantee or any other Leasing Document, including any advice, claim or proceedings relating to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Fees and expenses payable under Leasing Documents

Clause 4.1 (*Costs of preservation of rights, enforcement etc*) is without prejudice to the Guarantor's liabilities in respect of any other Relevant Person's obligations under any Leasing Document to which it is a party.

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5 Adjustment of Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Reinstatement of obligation to pay

The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was invalid or unenforceable or on any similar ground.

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| 6 | Payments |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Method of payments

Any amount due under this Guarantee shall be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in immediately available funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to such account as the Owner may from time to time notify to the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without any form of set-off, cross-claim or condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) free and clear of any tax deduction or withholding for or on account of any tax payable under any law
of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Grossing-up for taxes

If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Indemnity and evidence of payment of taxes

The Guarantor shall fully indemnify the Owner on the Owner's demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 6.2 (*Grossing-up taxes*). Within 30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to the appropriate taxation authority.

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| 7 | Interest |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Accrual of interest

Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Bareboat Charter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Calculation of interest

Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 37.5 and 37.6 of the Bareboat Charter and otherwise in accordance with the terms thereof.

8 Subordination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Subordination of rights of Guarantor

All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that
Relevant Person, whether in respect of this Guarantee or any other transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take or enforce any Security Interest for any such amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered
by the Owner under such Leasing Document.

9 Enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 No requirement to commence proceedings against other Relevant Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Conclusive evidence of certain matters

However, as against the Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award
of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any
other Leasing Document,

shall be binding and conclusive as to all matters of fact and law to which it relates.

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10 Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 General

The Guarantor represents and warrants to the Owner as of the date of this Guarantee, and on each day henceforth until the last day of the Security Period as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Status

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall
Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor is not a FATCA foreign financial institution ()"**FFI**") or a US Tax Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Corporate power

The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to execute this Guarantee or any other Leasing Document to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document
to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Consents in force

All the capacities, actions and consents referred to in Clause 10.3 (*Corporate power*) remain in full force and nothing has occurred which makes any of them liable to revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 No conflicts

The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a contravention of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation applicable to it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the constitutional documents of the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Legal, valid and binding obligations

This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor's legal, valid and binding obligations enforceable against it in accordance with its terms and any relevant insolvency laws affecting creditors' rights generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Governing law

The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated herein are valid and binding against the Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Immunity

Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 *Pari passu* ranking

The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least *pari passu* with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Legal or administrative action

No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause 11.8 (*Notification of legal or administrative action*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 No insolvency

The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Tax obligor and place of business

The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 No withholding taxes

All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Taxes paid

The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with adequate reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 No default

No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 Information

Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause 11.3 (*Provision of financial statements*) satisfied the requirements of Clause 11.4 (*Form of financial statements*); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 No litigation

No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 Sanctions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Relevant Person, and their respective directors, officers, and employees is in compliance with all
Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice
or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action
to evade the application of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems, controls, policies and procedures
designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business
Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure
that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
Laws and Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 Environmental Laws

All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 Environmental Claim

No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 Environmental Incident

No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 Ownership of the Charterer

The Charterer is legally and beneficially and indirectly wholly owned and controlled by the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 Status of the Guarantor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York
Stock Exchange or NASDAQ or Over the Counter (OTC); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.

11 Undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 General

The Guarantor undertakes with the Owner to comply with the following provisions of this Clause 11 (*Undertakings*) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any undertaking under this Clause 11 (*Undertakings*) by Guarantor A and/or any Other Charterer which is directly owned by Guarantor A, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Information provided to be accurate

All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not misleading and will not omit any material fact or consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Provision of financial statements

The Guarantor will send to the Owner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that financial year as referred
to in the Guarantor's audited consolidated annual financial statement accounts of the Guarantor for that financial year to be delivered
under paragraph (c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor's audited consolidated financial
statement accounts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness by at least one officer
of the Guarantor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Form of financial statements

All accounts (audited and unaudited) delivered under Clause 11.3 (*Provision of financial statements*) will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be prepared in accordance with all applicable laws and generally accepted accounting principles in the
United States consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit for the period to which
those accounts relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fully disclose or provide for all significant liabilities of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If not in the English language, be accompanied by an English translation duly certified as to its correctness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Shareholder and creditor notices

The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor's shareholders or creditors or any class of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Consents

The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 Valid obligations

The Guarantor will at its own cost, and will procure that each other Relevant Person will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant
Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing
Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration
or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice
or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible
in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 Notification of legal or administrative action

The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 Notification of damage or default

The Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence
of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to result, in repairs
on the Vessel which exceed US$5,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence
of any Termination Event,

and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by its authorised signatory, confirming that there exists no Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 Additional information

The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any additional financial or other information relating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to themselves and/or the Vessel (including, but not limited to the condition, location and employment
status of the Vessel); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,

which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 Compliance with operational laws

The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel's registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 Compliance with other laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable
laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy
to ensure compliance with all such laws and regulations implemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance
by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Sanctions, (including
but not limited to notifying the Owner in writing immediately upon being aware that any Relevant Person or their respective shareholders,
directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information
in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties
are in compliance with such laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance
by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Anti-Money Laundering
Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its
business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance
with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which
(i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or
trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People's Republic
of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any
case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People's Republic of China) or (ii) would
trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor shall, and shall procure that each other Relevant Person and their respective officers,
directors and employees, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
and/or Business Ethics Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use,
the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person
in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 No Security Interests

The Guarantor shall not, and shall procure that each other Relevant Person will not create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 Financial covenants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Guarantor shall ensure that, at any time during the Security Period, the Guarantor's Leverage Ratio
shall not be more than eighty five per cent (85%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less
than US$400,000.

In this Guarantee:

"**Leverage Ratio**" means, at any date, the ratio (expressed as a percentage) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Total Net Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership
by the Guarantor of each such Fleet Vessel.

"**Liquid Funds**" means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.

"**Market Value**" means, in relation to any Fleet Vessel,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of a Termination Event which is continuing, a valuation prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with or without physical inspection of that Vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the occurrence of a Termination Event which is continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
reports prepared:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) on a date no earlier than fifteen (15) days prior to the relevant date of valuation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) with or without physical inspection of that Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between
a willing seller and a willing buyer, free of any existing charter or other contract of employment,

and such valuation shall be prepared by Approved Valuers nominated by the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two
valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the denominator), the arithmetic mean
of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.

"**Total Net Debt**" means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor's ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor's and/or such member's ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.

"**US GAAP**" means the generally accepted accounting principles in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 Compliance Certificate

The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (*Provision of financial statements*), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 11.14 (*Financial Covenants*); and each Compliance Certificate shall be signed by the Co-Chief Financial Officer of the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 Negative Pledge

The Guarantor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) procure that the Charterers will not create or permit to arise any Security Interest over any of its assets
present or future except for the Permitted Security Interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) procure that its liabilities under this Guarantee will rank at least pari passu with all its other present
and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 No disposal of assets, change of business

The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of
their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether related or not except in
the usual course of their respective trading operations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any substantial change (or any change, in the case of the Charterer) to the nature of their respective
business or corporate structure from that existing as at the date of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 No merger etc

The Guarantor shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and Clause 11.14 (*Financial Covenants*) has been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 FATCA

The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 No payment of dividend

The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (*Termination Events*) of the Bareboat Charter.

12 Judgments and Currency Indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Judgments relating to Bareboat Charter and other Leasing Documents

This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter and any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Currency indemnity

If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from the currency in which this Guarantee provided for the sum to be paid (the "**Contractual Currency**") into another currency (the "**Payment Currency**") for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement
involving it or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtaining an order, judgment or award from any court or other tribunal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enforcing any such order, judgment or award;

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the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available rate of exchange into the Contractual Currency.

In this Clause 12.2 (*Currency indemnity*), the "**available rate of exchange**" means the rate at which the Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

13 Supplemental

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Continuing guarantee

This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Rights cumulative, non-exclusive

The Owner's rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 No impairment of rights under Guarantee

If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other right of the Owner under this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Severability of provisions

If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability of its other provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Guarantee not affected by other Security Interests

This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or later hold in connection with the Bareboat Charter or any other Leasing Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Guarantor bound by Bareboat Charter and other Leasing Documents

The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Applicability of provisions of Guarantee to other rights

Clauses 3 (*Liability as principal and independent debtor*) and 16 (*Invalidity of Bareboat Charter*) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 (*Liability as principal and independent debtor*) and 16 (*Invalidity of Bareboat Charter*)), being an agreement referring to this Guarantee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 Third party rights

Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 Counterpart

This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter
within ten (10) Business Days of a reasonable request by the other Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including
IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating
to its status under FATCA (including its applicable "pass thru percentage" or other information required under FATCA or other
official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting
party's compliance with FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or
W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party,
or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the
relevant revised form, as applicable, reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion,
might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to
disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing
in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute
form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated
as confidential information of such party for purposes of this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Party fails to confirm its status or to supply forms, documentation or other information requested
in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall
be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if that party failed to confirm its applicable passthru percentage then such party shall be treated for
the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,

until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

14 Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Assignment by Owner

Clause 64 (*Assignment and Transfer*) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to "the Charterers" therein shall be references to "the Guarantor" when applied herein and references to "the Leasing Document" and "this Charter" therein shall be references to "this Guarantee" when applied herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Assignment by Guarantor** 

The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.

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| 15 | Notices |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Notices to Guarantor

Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:

**RUBICO INC.** 

20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece

Attention: Nikolaos Papastratis

Email: npapastratis@rubicoinc.com

Tel: +30 210 8128126

<br> or to such other address or email address which the Guarantor may notify to the Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Validity of demands

A demand under this Guarantee shall be valid notwithstanding that it is served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing
Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the same time as the service of a notice under clause 44 (*Notice*) of the Bareboat Charter;

and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth payment instructions in respect of any amount or amounts payable to the Owner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Notices to Owner

Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under clause 44 (*Notice*) of the Bareboat Charter.

16 Invalidity of Bareboat Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Invalidity of Bareboat Charter or other Leasing Documents

In the event of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective
effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction
of any law or any other matter resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing
Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);

this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.

17 Incorporation of Bareboat Charter Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The following provisions of the Bareboat Charter apply to this Guarantee
as if they were expressly incorporated therein with any necessary modifications:

clause 43 (*No waiver of rights*);

clause 55 (*no set-off or tax deduction*);

clause 57 (*confidentiality*); and

clause 59 (*partial invalidity*).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Clause 17 (*Incorporation of Bareboat Charter provisions*) is without
prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its terms, applies or relates to this
Guarantee.

18 Governing Law and Enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Governing law

This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 Arbitration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence,
validity or termination of this Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a "**Dispute** ")
shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (*Governing law and enforcement*).
The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association ()"**LMAA**") Terms current
at the time when the arbitration proceedings are commenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two
so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the
LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge
practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the
other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint
its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14
days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified,
the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its
arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties
as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions
to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the
third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request
the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the reference is to three arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

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**IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.**

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#### Schedule 1<br>Form of Compliance Certificate
To:

**LUSTRE 4 HOLDING LIMITED**

From:

**RUBICO INC.** 

Date: _______________

**Guarantee dated** _______________ **2025 (the** "**Guarantee**"**) in respect of a bareboat charter for m.v. "ECO WEST COAST"**

Dear Sirs

1 We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance Certificate.

2 We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if any, being taken to remedy the same.

3 We confirm compliance with the financial covenants set out in Clause 11.14 (*Financial covenants*) for the [6-month period][financial year] ending on [●].

4 We now certify that, on the basis of the calculations appended to this Certificate, as at [●]:

(a) the Leverage Ratio is [●] per cent. ([●]%), which does not exceed 85 per cent 85%); and

(b) the Liquid Funds is [●], which is not less than US$400,000.

Yours faithfully

Signed: ___________________________

Co-Chief Financial Officer of

**RUBICO INC.**

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#### Execution Page

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## Exhibit 10.17

**Exhibit 10.17**

![](exh1017_01.jpg)

1 Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. Dated: 2 ROMAN EMPIRE INC . , a corporation incorporated under the laws of the Republic of Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960 (Name of sellers) , hereinafter called the "Sellers", have agreed to sell, and 3 LUSTRE 4 HOLDING LIMITED, a corporation incorporated under the laws of the Republic of Liberia with registration number C - 128839 whose registered oﬃce is at 80 Broad Street, Monrovia, Liberia (Name of buyers) , hereinafter called the "Buyers", have agreed to buy : 4 Name of vessel: Eco West Coast 5 IMO Number: 9902811 6 Classiﬁcation Society: ABS 7 Class Notation: As per Class Certiﬁcate 8 Year of Build: 2021 Builder/Yard: Hyundai Heavy Industries Co., Ltd 9 Flag: Marshall Islands or any other ﬂag state approved by the Buyers Place of Registration: Marshall Islands GT/NT: 81,206 / 51,026 10 hereinafter called the "Vessel", on the following terms and conditions: 11 Deﬁnitions 12 "Agreement" means this memorandum of agreement which shall for the avoidance of doubt, include the rider provisions from Clauses 19 (Payment of Purchase Price by Buyers) to 32 (Deﬁnitions). "Banking Days" are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 (Documentation) and (add additional jurisdictions as appropriate). 13 14 15 " Buyers' Nominated Flag State" means the Marshall Islands or any other ﬂag state of the Vessel as may be agreed in writing by the Buyers and the Sellers (state ﬂag state) . 16 "Class" means the class notation referred to above. 17 "Classiﬁcation Society" means the Society referred to above. "Dollars" or "$" mean United States dollars, being the lawful currency of the United States of America. 18 "Deposit" shall have the meaning given in Clause 2 (Deposit) 19 20 "Deposit Holder" means (state name and location of Deposit Holder) or, if left blank, the Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement. 21 22 "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, e - mail or telefax. 23 "Parties" means the Sellers and the Buyers. 24 "Purchase Price" means the price for the Vessel as stated in Clause 1 (Purchase Price). 25 "Sellers' Account" means (state details of bank account) at the Sellers' Bank. 26 27 "Sellers' Bank" means (state name of bank, branch and details) or, if left blank, the bank notiﬁed by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

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Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 28 1. Purchase Price - (See Clause 19 (Payment of Purchase Price by Buy ers)) 29 The Purchase Price is (state currency and amount both in words and ﬁgures). 30 2. Deposit - inten ti onally omi tt ed 31 32 33 34 As security for the correct fulﬁlment of this Agreement the Buyers shall lodge a deposit of % (per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the "Deposit") in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that: 35 36 (i) this Agreement has been signed by the Parties and exchanged in original or by e - mail or telefax; and 37 38 (ii) the Deposit Holder has conﬁrmed in writing to the Parties that the account has been opened. 39 40 41 42 The Deposit shall be released in accordance with joint written instructions of the Parties. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open and maintain the account without delay. 43 3. Payment (See Clause 19 (Payment of Purchase Price by Buy ers)) 44 45 46 On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices): 47 (i) the Deposit shall be released to the Sellers; and 48 49 50 (ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers' Account. 52 53 54 55 51 4. Inspection - inten ti onally omi tt ed (a) \* The Buyers have inspected and accepted the Vessel's classiﬁcation records. The Buyers have also inspected the Vessel at/in (state place) on (state date) and have accepted the Vessel following this inspection and the sale is outright and deﬁnite, subject only to the terms and conditions of this Agreement. 56 57 (b)\* The Buyers shall have the right to inspect the Vessel's classiﬁcation records and declare whether same are accepted or not within (state date/period). 58 59 The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period). 60 61 The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 62 The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 63 64 During the inspection, the Vessel's deck and engine log books shall be made available for examination by the Buyers. 65 66 67 68 The sale shall become outright and deﬁnite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy - two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier. 69 Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of

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70 71 72 the Vessel's classiﬁcation records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. 73 74 \*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply. 76 77 75 5. Time and place of delivery and notices - (See Clause 25 (No ti ce , Time and Place of Deliver y)) (a) The Vessel shall be delivered and taken over safely aﬂoat at a safe and accessible berth or anchorage at/in (state place/range) in the Sellers' option. 78 Notice of Readiness shall not be tendered before: (date) 79 Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): 80 81 82 (b) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with twenty (20), ten (10), ﬁve (5) and three (3) days' notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery. 83 84 When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 85 86 87 88 89 90 91 92 93 94 (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notiﬁcation the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 (Sellers' Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers' notiﬁcation or if the Buyers accept the new date, the date proposed in the Sellers' notiﬁcation shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79. 95 96 97 If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and eﬀect. 98 99 100 (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers' Default) for the Vessel not being ready by the original Cancelling Date. 101 102 103 (e) Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void. 104 6. Divers Inspection / Drydocking - i nt e n t i onall y omi tt ed (a) \* (i) The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classiﬁcation Society prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended date of readiness for delivery as notiﬁed by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classiﬁcation Society surveyor arranged for by the Sellers and paid for by 105 106 107 108 109 110 111 112 113 114 115 116 117 Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's inspection as observer(s) only without interfering with the work or decisions of the Classiﬁcation Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classiﬁcation Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at

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118 119 120 121 their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re - positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection. 122 123 124 125 126 127 128 129 130 131 (ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to aﬀect the Vessel's class, then (1) unless repairs can be carried out aﬂoat to the satisfaction of the Classiﬁcation Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classiﬁcation Society of the Vessel's underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classiﬁcation Society's rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classiﬁcation Society without condition/recommendation\*\* and (3) the Sellers shall pay for the underwater inspection and the Classiﬁcation Society's attendance. 132 133 134 135 136 137 138 139 140 141 142 143 144 145 Notwithstanding anything to the contrary in this Agreement, if the Classiﬁcation Society do not require the aforementioned defects to be rectiﬁed before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classiﬁcation Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established. 146 147 148 149 150 151 152 153 (iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry - docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days. 154 155 156 157 158 159 160 161 162 163 164 165 (b)\* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classiﬁcation Society of the Vessel's underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classiﬁcation Society's rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to aﬀect the Vessel's class, such defects shall be made good at the Sellers' cost and expense to the satisfaction of the Classiﬁcation Society without condition/recommendation\*\*. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classiﬁcation Society's fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to aﬀect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees. 166 (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 167 168 (i) The Classiﬁcation Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classiﬁcation surveyor. If such survey is Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

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169 170 171 172 173 174 175 176 177 178 not required by the Classiﬁcation Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the Classiﬁcation Society, the extent of the survey being in accordance with the Classiﬁcation Society's rules for tailshaft survey and consistent with the current stage of the Vessel's survey cycle. The Buyers shall declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classiﬁcation Society. The drawing and reﬁtting of the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be condemned or found defective so as to aﬀect the Vessel's class, those parts shall be renewed or made good at the Sellers' cost and expense to the satisfaction of Classiﬁcation Society without condition/recommendation\*\*. 179 180 181 182 (ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by the Buyers unless the Classiﬁcation Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to aﬀect the Vessel's class, in which case the Sellers shall pay these costs and expenses. 183 184 185 (iii) The Buyers' representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classiﬁcation Society surveyor. 186 187 188 189 190 191 192 193 194 195 196 (iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers' or the Classiﬁcation Society surveyor's work, if any, and without aﬀecting the Vessel's timely delivery. If, however, the Buyers' work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers' work shall be for the Buyers' risk, cost and expense. In the event that the Buyers' work requires such additional time, the Sellers may upon completion of the Sellers' work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not. Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 197 198 \*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply. 199 200 \*\*Notes or memoranda, if any, in the surveyor's report which are accepted by the Classiﬁcation Society without condition /recommendation are not to be taken into account. 201 7. Spares, bunkers and other items 202 203 204 205 206 207 208 209 210 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail - end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of Deliver y inspection used or unused, whether on board or not shall become the Buyers' property , but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers' account . The Sellers are not required to replace spare parts including spare tail - end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment . Any bunkers and unused lubrica ti ng oils and g reases in storage tanks and unopened drums at the ti me of Delivery of the Vessel shall be taken over by the Buyers, at no cost to the Buyers . 211 212 213 Library and forms exclusively for use in the Sellers' vessel(s) and captain's, oﬃcers' and crew's personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: (include list) 214 215 Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: (include list)

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216 217 218 219 Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums and pay either: 220 (a) \*the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 221 222 (b) \*the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port, 223 for the quantities taken over. 224 225 Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price. 226 227 228 "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 229 230 \*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply. 231 8. Documentation - i nt e n t i onall y omi tt ed 232 The place of closing: 233 234 (a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the following delivery documents: 235 236 237 238 (i) Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers' Nominated Flag State; 239 240 (ii) Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of this Agreement; 241 242 243 (iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate); 244 245 246 247 248 (iv) Certiﬁcate or Transcript of Registry issued by the competent authorities of the ﬂag state on the date of delivery evidencing the Sellers' ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e - mailed by such authority to the closing meeting with the original to be sent to the Buyers as soon as possible after delivery of the Vessel; 249 250 251 (v) Declaration of Class or (depending on the Classiﬁcation Society) a Class Maintenance Certiﬁcate issued within three (3) Banking Days prior to delivery conﬁrming that the Vessel is in Class free of condition/recommendation; 252 253 254 255 256 257 258 (vi) Certiﬁcate of Deletion of the Vessel from the Vessel's registry or other oﬃcial evidence of deletion appropriate to the Vessel's registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately, a written undertaking by the Sellers to eﬀect deletion from the Vessel's registry forthwith and provide a certiﬁcate or other oﬃcial evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the Vessel has been delivered; 259 260 261 (vii) A copy of the Vessel's Continuous Synopsis Record certifying the date on which the Vessel ceased to be registered with the Vessel's registry, or, in the event that the registry does not as a matter of practice issue such certiﬁcate immediately, a written undertaking Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.

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262 263 264 from the Sellers to provide the copy of this certiﬁcate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel's registry; 265 (viii) Commercial Invoice for the Vessel; 266 (ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; 267 268 269 (x) A copy of the Sellers' letter to their satellite communication provider cancelling the Vessel's communications contract which is to be sent immediately after delivery of the Vessel ; 270 271 272 273 (xi) Any additional documents as may reasonably be required by the competent authorities of the Buyers' Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and 274 275 (xii) The Sellers' letter of conﬁrmation that to the best of their knowledge, the Vessel is not black listed by any nation or international organisation. 276 (b) At the time of delivery the Buyers shall provide the Sellers with: 277 278 (i) Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and 279 280 281 (ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate). 282 283 284 (c) If any of the documents listed in Sub - clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certiﬁed by a lawyer qualiﬁed to practice in the country of the translated language. 285 286 287 288 289 (d) The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub - clause (a) and Sub - clause (b) above for review and comment by the other party not later than (state number of days), or if left blank, nine (9) days prior to the Vessel's intended date of readiness for delivery as notiﬁed by the Sellers pursuant to Clause 5(b) of this Agreement. 290 291 292 293 294 (e) Concurrent with the exchange of documents in Sub - clause (a) and Sub - clause (b) above, the Sellers shall also hand to the Buyers the classiﬁcation certiﬁcate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certiﬁcates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies. Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 295 296 297 (f) Other technical documentation which may be in the Sellers' possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel's log books but the Buyers have the right to take copies of same. 298 299 (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance conﬁrming the date and time of delivery of the Vessel from the Sellers to the Buyers. 300 9. Encumbrances 301 The Sellers warrant that the Vessel, at the time of delivery Deliver y , is free from all charters (other than the Bareboat Charter and the Ini ti al Sub - charter) , encumbrances, mortgages and mari ti me liens (whether mari ti me or otherwise) or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery Deliver y . 302 303 304 305

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306 10. Taxes, fees and expenses 307 308 309 Any taxes, fees and expenses in connection with the purchase of the Vessel and registration in the Buyers' Nominated Flag State and shall be for the Buyers' account, whereas similar charges in connection with the closing of the Sellers' register shall be for the Sellers' account. 310 11. Condition on delivery 311 312 313 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is delivered to the Buyers , but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted . 314 315 316 However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation\*, free of average damage aﬀecting the Vessel's class, and with her classiﬁcation certiﬁcates and national certiﬁcates, as well as all other 317 318 319 certiﬁcates the Vessel had at the time of inspection Deliver y , valid and unextended without condition/recommendation\* by the Classiﬁcation Society or the relevant authorities at the time of delivery Deliver y . 320 321 322 "inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 323 324 \*Notes and memoranda, if any, in the surveyor's report which are accepted by the Classiﬁcation Society without condition/recommendation are not to be taken into account. 325 12. Name/markings - i nt e n t i onall y omi tt ed 326 327 329 330 331 332 333 334 335 336 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings. 328 13. Buyers' default - i nt e n t i onall y omi tt ed Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 337 14. Sellers' default 338 Should the Sellers fail to give No ti ce of Readiness in accordance no ti ce of the Scheduled Delivery Date by servin g a Payment Notice under with Clause 25 (Notice, Time and Place of Deliver y) Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness a Payment Notice has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness Payment Notice given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately. Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 339 340 341 342 343 344 345 346 347 348 349 Should the Sellers fail to give Notice of Readiness a Payment Notice by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement . in accordance with Clause 42 (Fees and Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without the need for either Buyers or Sellers to take any action whatsoever .

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350 15. Buyers' representatives - i nt e n t i onall y omi tt ed 351 352 353 After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense. 354 355 356 357 These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers' representatives shall sign the Sellers' P&I Club's standard letter of indemnity prior to their embarkation. 359 360 361 362 358 16. Law and Arbitration (See Clause 31 (Governing Law and Jurisdic ti on)) (a) \*This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modiﬁcation or re - enactment thereof save to the extent necessary to give eﬀect to the provisions of this Clause. 363 364 365 The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. 366 367 368 369 370 371 372 373 374 375 The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days speciﬁed. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days speciﬁed, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement. 376 377 378 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 379 380 381 382 383 384 385 386 (b) \*This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be ﬁnal, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. 387 388 389 In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. 390 391 392 (c) This Agreement shall be governed by and construed in accordance with the laws of (state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at (state place), subject to the procedures applicable there. Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. 393 394 \*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16(a) shall apply. 395 17. Notices - (See Clause 26 (No ti ce)) 396 All notices to be provided under this Agreement shall be in writing.

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Copyright© 2012 Norwegian Shipbrokers' Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers' Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012. For and on behalf of the Buyers For and on behalf of the Sellers Name: Name: Title: Title: 397 Contact details for recipients of notices are as follows: 398 For the Buyers: 399 For the Sellers: 400 18. Entire Agreement 401 402 403 The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto. 404 405 406 Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 407 408 409 Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made . Nothing in this Clause shall limit or exclude any liability for fraud .

#### EXECUTION VERSION
**<br> RIDER CLAUSES TO MEMORANDUM OF AGREEMENT**

**DATED** ____________________ **2025**

#### Clause 19 – Payment of purchase price by buyers
(a) Subject to the provisions of this Agreement, in consideration of the Buyers agreeing to pay the Purchase
Price of the Vessel to the Sellers, the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely,
with full title guarantee, on the Delivery Date.

(b) At the date of this Agreement, the Vessel is legally and beneficially owned by the Existing Owner. The
Vessel will, subject to the terms and conditions of this Agreement, be sold and delivered by the Sellers to the Buyers immediately following
the transfer of the Vessel by the Existing Owner to the Existing Charterer under the terms of the Existing BBC.

(c) Subject to (i) the provision of a duly completed Payment Notice to be received by the Buyers not later
than five (5) Business Days prior to the Prepositioning Date (as hereinafter defined); (ii) the fulfilment of the Remittance Conditions
Precedent; and (iii) in case the Escrow Payment Arrangement applies, the Escrow Agent has confirmed in writing (including by email) to
the Parties that the Escrow Account has been opened and is ready to receive funds, the Purchase Price shall be paid in full by the Buyers
to the Sellers as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on the Delivery Date, an amount corresponding to the amount of the Advance Charterhire payable by the
Sellers as bareboat charterers of the Vessel to the Buyers as owners under the Bareboat Charter shall be set off against a corresponding
amount of the Purchase Price payable under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to the set-off under sub-paragraph (i) above, the Buyers shall pay the balance of the Purchase
Price (such balance being referred to as the "**Net Purchase Price**") (unless as otherwise stated in this Agreement) in
either of the following manners as prescribed in the Payment Notice (or such other manner as agreed between the Sellers and the Buyers
in writing from time to time):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by prepositioning the Net Purchase Price into the Escrow Account on the Prepositioning Date which shall
be held by the Escrow Agent in accordance with the terms of the Escrow Agreement (the "**Escrow Payment Arrangement** ");
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) prepositioning an amount equivalent to the Existing BBC Purchase Option Price into the Existing Owner's
Bank on the Prepositioning Date on an unallocated basis which shall be held by the Existing Owner's Bank in accordance with the Conditional
Payment Instructions (the "**Swift Payment Arrangement** "); and

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| Eco West Coast |
| SINGAPORE/91894280v1 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) remitting the Balance Amount (if any) directly to the Sellers' Account on the immediately succeeding Business
Day after the Delivery Date.

(d) The Sellers and the Buyers agreed that, subject to the Delivery Conditions Precedent having been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Escrow Payment Arrangement applies and subject to the terms of the Escrow Agreement, the Net Purchase
Price shall be released from the Escrow Agent's account and remitted into such account(s) nominated by the Sellers and/or the Existing
Owner and accepted by the Buyers in accordance with the terms of the Escrow Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Swift Payment Arrangement applies, the Existing BBC Purchase Option Price so prepositioned shall
be held by the Existing Owner's Bank in suspense to the order of the Buyers and, subject to the terms of the Conditional Payment Instructions,
only be released to the Existing Owner's Account as designated in the Conditional Payment Instructions on Delivery.

(e) In relation to the Net Purchase Price or the Existing BBC Purchase Option Price so prepositioned by the
Buyers pursuant to Clause 19(c) above, if the Vessel is not delivered to the Buyers in accordance with the terms of this Agreement, interest
calculated on the Net Purchase Price or the Existing BBC Purchase Option Price at a rate equivalent to the prevailing Term SOFR for a
tenor of three (3) months as at the Prepositioning Date plus 1.95% per annum (the "**Remittance Interest**") shall accrue
as of the Prepositioning Date until the Net Purchase Price or the Existing BBC Purchase Option Price is irrevocably and unconditionally
returned to and received by the Buyers in accordance with the Escrow Agreement or the Conditional Payment Instructions (as the case may
be) or otherwise through payment by the Sellers (or their nominee) (both dates inclusive), and the Sellers shall pay to the Buyers the
Remittance Interest as notified by the Buyers to the Sellers immediately upon the Buyers' demand.

(f) If the Existing BBC Purchase Option Price exceeds or shall exceed the amount of the Net Purchase Price
to be remitted by the Buyers pursuant to Clause 19(c) (such excess amount, the "**Delivery Shortfall** "), then such Delivery
Shortfall shall be paid by the Sellers to the Existing Owner directly and in any case no later than one (1) Business Day prior to the
Prepositioning Date. The Sellers shall thereupon give to the Buyers evidence (in a form acceptable to the Buyers) that such Delivery Shortfall
has been so paid to the Existing Owner.

#### Clause 20 – Conditional on Delivery under the Bareboat Charter
The Buyers' obligation to purchase the Vessel and the Sellers' obligation to sell the Vessel are conditional upon the simultaneous delivery to and acceptance by the Sellers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter and subject to there being no Termination Event having occurred or which would occur as a result of the performance by the Sellers and Buyers of their respective obligations under this Agreement.

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|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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#### Clause 21 – Condition of vessel
The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.

#### Clause 22 – Representations and Warranties of Sellers AND BUYERS
(a) The Sellers represent and warrant to the Buyers on the date hereof, the date of the Payment Notice, the
Prepositioning Date and on the Delivery Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) none of the Sellers or any member of the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is a Prohibited Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited
Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) owns or controls a Prohibited Person; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) has a Prohibited Person serving as a director, officer or, to the best of the Sellers' knowledge, employee;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or for
the benefit of a Prohibited Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited
by Sanctions.

#### Clause 23 – Physical presence
If there is any change in the flag state from the Flag State at the date of this Agreement and such new Flag State requires the Buyers to have a physical presence or office in the jurisdiction of such Flag State, all documented fees, costs and expenses arising out of or in connection with the establishment and maintenance of such physical presence or office by the Buyers shall be borne by the Sellers.

#### Clause 24 – Indemnities
(a) In consideration of the Buyers entering into this Agreement and the Bareboat Charter as at the date hereof,
the Sellers shall indemnify and pay such amounts to the Buyers in respect of all documented costs, claims, expenses, liabilities, losses,
damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by
or imposed on the Buyers arising from this Agreement or in connection with the Delivery, registration, purchase and inspection of the
Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection with or resulting from the occurrence
of a Termination Event or the funding of all or an portion of the Purchase Price (including but not limited to the event that the Net
Purchase Price has been prepositioned in accordance with Clause 19(c)(ii) but not released in accordance with the Escrow Agreement or
the Conditional Payment Instructions (as the case may be) for any reason whatsoever other than as a direct and sole result of the Buyers'
gross negligence or wilful misconduct), and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise.

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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(b) Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be provided
in favour of the Buyers and shall continue in full force and effect notwithstanding any breach of the terms of this Agreement or termination
of this Agreement pursuant to the terms hereof.

#### Clause 25 – Notice, Time and Place of Delivery
(a) The Sellers shall keep the Buyers well informed of the proposed Delivery Date of the Vessel and the intended
place of delivery and shall in any event specify the Scheduled Delivery Date in the Payment Notice.

(b) The Delivery shall be required to take place on or before the Cancelling Date.

(c) The Vessel shall be delivered and taken over safely afloat at sea (international waters) or at a safe
and accessible berth or anchorage with the Delivery Date to be mutually agreed by the Sellers and the Buyers.

#### Clause 26 – Notices
Any notice, certificate, demand or other communication to be served, given, made or sent under or in relation to this Agreement shall be in English and in writing and (without prejudice to any other valid method or giving, making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email address:

(A) to the Buyers: **c/o China Huarong Shipping Financial Leasing Company Limited** Room 6006, 6<sup>th</sup> Floor, No. 15 Second East Zhongshan Road,
 Shanghai, China, 200002 Attention: Annie Tao/Song Pengwu Email: taobeijuan@hrflc.com / /tao.beijuan@msn.cn /songpengwu@hrflc.com<br>
 Tel: +86(0)21 63268756

(B) to the Sellers: **c/o TOP SHIPS INC.** Address: 20, Iouliou Kaisara Str., Paiania, Attica, Greece Attention: Alexandros Tsirikos Email: atsirikos@topships.org Tel: +30 210 81 28 180 Fax: +30 210 80 56 441  **** ** 

or, if a party hereto changes its address or email address, to such other address (or email address) as that party may notify to the other.

#### Clause 27 – No Waiver of Rights
(a) No neglect, delay, omission or indulgence on the part of the Buyers in enforcing the terms and conditions
of this Agreement shall prejudice the strict rights of the Buyers or be construed as a waiver thereof nor shall any single or partial
exercise of any right of either party preclude any other or further exercise thereof.

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|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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(b) No right or remedy conferred upon the Buyers by this Agreement shall be exclusive of any other right or
remedy provided for herein or by law and all such rights and remedies shall be cumulative.

#### Clause 28 – No Set-off or Tax Deduction
(a) Any payment made by the Sellers to the Buyers under this Agreement shall be paid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (other than the set-off under Clause 19(c)(i) without any form of set-off, cross-claim or condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) free and clear of any tax deduction or withholding unless required by law.

(b) Without prejudice to paragraph (a) of this Clause, if the Sellers are required by law to make a tax deduction
from any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Sellers shall notify the Buyers as soon as they become aware of the requirement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
Buyers receive and retain (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal
to the full amount which they would otherwise have received.

(c) In this Clause, "**tax deduction**" means any deduction or withholding for or on account
of any present or future tax.

#### Clause 29 – Assignment and Transfer
(a) Without prejudice to clause 64 (*Assignment and Transfer*) of the Bareboat Charter the Sellers shall
not assign or transfer (whether by novation or otherwise) their rights and/or obligations under this Agreement except with the Buyers'
prior written consent.

(b) The Buyers may not assign or transfer (whether by novation or otherwise) any of their rights under this
Agreement except with the Sellers' prior written consent (not to be unreasonably withheld), following which consent the Sellers shall
execute such documents and do all such things as reasonably required by the Buyers to facilitate or effect such assignment or transfer.

(c) Each of the Sellers and Buyers shall bear their own costs arising from any assignment or transfer as permitted
under this Clause.

#### Clause 30 – Miscellaneous
(a) Unless otherwise expressly stated to the contrary in this Agreement, any payment which is due to be made
on a day which is not a Business Day shall be made on the preceding Business Day instead.

(b) If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any
respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law
of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any
way be affected or impaired.

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|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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(c) The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
any jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Agreement.

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

(e) This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures
on the counterparts were on a single copy of this Agreement, as the case may be.

#### Clause 30A – SELLERS' CANCELLATION OPTION
Without prejudice to any of the Buyers' rights under this Agreement, any other Leasing Document or at law or otherwise, if clause 51A (*USTR Termination Event*) of the Bareboat Charter applies prior to Delivery and subject to the satisfaction of the conditions as set out therein, the Sellers shall have the right to cancel this Agreement and and such cancellation shall become effective on the date as notified by the Sellers pursuant to clause 51A (*USTR Termination Event*) of the Bareboat Charter, whereupon:

(a) both the Sellers and the Buyers shall cease to have any obligations under this Agreement (including, but
not limited to, the Buyers' obligations to pay any Purchase Price), and further provided that, in consideration of the Buyers entering
into this Agreement and the Bareboat Charter as at the date hereof, the Buyers shall be entitled to retain all indemnified expenses and/or
fees paid by the Sellers under this Agreement and the other Leasing Documents, and if such fees have not been paid, the Sellers shall
forthwith pay such fees to the Buyers in accordance with the terms of the Bareboat Charter and other Leasing Documents; and

(b) any such amount are acknowledged and agreed by the Sellers to be a proportionate amount, having regard
to the legitimate interest of the Buyers in protecting against the risk of inter alia, this Agreement being cancelled.

#### Clause 31 – Governing law and jurisdiction
(a) This Agreement, and any non-contractual obligations arising out of or in connection with it, are governed
by English law.

(b) Any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence,
validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "**Dispute** ")
shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof
save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the
London Maritime Arbitrators Association ()"**LMAA**") Terms current at the time when the arbitration proceedings are commenced.

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|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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(c) The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by the
two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of
the LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association, or a retired High Court
Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing
to the other Party requiring the other Party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating
that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has
done so within the fourteen (14) days specified. If the other Party does not appoint its own arbitrator and give notice that it has done
so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior
notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole
arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall prevent the Parties
agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed
are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of
such request.

(d) Where the reference is to three (3) arbitrators the procedure for making appointments shall be in accordance
with the procedure for full arbitration stated above.

(e) The language of the arbitration shall be English.

(f) In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
the arbitration proceedings are commenced.

#### Clause 32 – Definitions
Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same meaning as in the Bareboat Charter:

"**Advance Charterhire**" means an amount which is equal to the difference between the Purchase Price and the Financing Amount.

"**Balance Amount**" means an amount equivalent to the difference between the Net Purchase Price and the Existing BBC Purchase Option Price.

"**Bareboat Charter**" means the bareboat charterparty in respect of the Vessel dated on or about the date hereof and entered into between the Buyers as owner and the Sellers as bareboat charterer.

"**Business Day**" means a day on which banks are open for business in the principal business centres of New York, Hong Kong, Shanghai and Greece.

"**Cancelling Date**" means 31 March 2026 or such later date as may be agreed by the Buyers acting in their discretion.

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|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

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"**Conditional Payment Instructions**" means the conditional payment instructions to the Existing Owner's Bank in the form of a SWIFT MT 199 with a SWIFT MT 103 or such other format agreed between the Existing Owner, the Sellers and the Buyers, setting out the conditions upon which such Existing BBC Purchase Option Price shall be released to the Existing Owner (such conditions to include, without limitation, the presentation to the Existing Owner's Bank of (i) the PODA duly executed by the Existing Owner and the Sellers (and countersigned by the Buyers) and (ii) the Protocol of Delivery and Acceptance duly executed by the Sellers and the Buyers).

"**Delivery**" means the passing of the legal and beneficial interest in the Vessel from the Sellers to the Buyers pursuant to the terms of this Agreement.

"**Delivery Conditions Precedent**" means the conditions precedent detailed in clause 34.2(f)(ii) of the Bareboat Charter.

"**Delivery Date**" means the date on which Delivery occurs.

"**Delivery Shortfall**" has the meaning given to that term in Clause 19(f).

"**Dispute**" shall have the meaning ascribed thereto Clause 31(b).

"**Dollars**" and "**US$**" mean the lawful currency, for the time being, of the United States of America.

"**Escrow Account**" means the account identified as the "Escrow Account" in the Escrow Agreement.

"**Escrow Agent**" means Watson Farley & Williams LLP acting through its office at Suites 4610-4619, Jardine House, 1 Connaught Place, Hong Kong.

"**Escrow Agreement**" means the escrow agreement made or to be made between, inter alia, the Existing Owner, Sellers, the Buyers and the Escrow Agent setting out the terms of appointment of the Escrow Agent and the manner in which the Escrow Agent will hold and release the Net Purchase Price.

"**Escrow Payment Arrangement**" has the meaning given to that term in Clause 19(c)(ii)(A).

"**Existing BBC**" means the bareboat charterparty dated 8 December 2023 made between the Existing Owner as owners and the Sellers as charterers, as amended and supplemented from time to time.

"**Existing BBC Purchase Option Price**" means the purchase option price (howsoever described under the Existing BBC) payable by the Existing Charterer to the Existing Owner for the purchase of the Vessel in accordance with the terms and conditions of the Existing BBC.

"**Existing Charterer**" mean the Sellers acting in their capacity as bareboat charterers under the Existing BBC.

"**Existing Owner**" means Great Equinox Limited, a company with entity number 102028 and incorporated under the law of the Republic of Marshall Islands with limited liability having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

---

| | |
|:---|:---|
| 8.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

"**Existing Owner's Account**" means the account of the Existing Owner opened with the Existing Owner's Bank as notified by the Sellers to the Buyers in the Payment Notice and is acceptable to the Buyers in their discretion if the Swift Payment Arrangement applies.

"**Existing Owner's Bank**" means DBS Bank Limited, Hong Kong Branch or such other bank designated by the Existing Owner as its receiving bank for payment of the Existing BBC Purchase Option Price pursuant to Clause 19(c) (*Payment of the Purchase Price*) and acceptable to the Buyers.

"**Financing Amount**" shall have the same meaning as defined under the Bareboat Charter.

"**Flag State**" means the Republic of the Marshall Islands or any other flag state of the Vessel as may be agreed in writing by the Buyers and the Sellers.

"**Net Purchase Price**" has the meaning given to that term in Clause 19(c)(ii).

"**Payment Notice**" means an irrevocable request for payment of the Net Purchase Price or the Existing BBC Purchase Option Price (as the case may be) served by the Sellers on the Buyers, which shall be in the form set out in Schedule 1 (*Form of Payment Notice*) and which shall be signed by at least one officer or authorised attorney of the Sellers.

"**Prepositioning Date**" means the date specified in the Payment Notice relating to the prepositioning of the Net Purchase Price or the Existing BBC Purchase Option Price (as the case may be) provided that such date shall fall on a date which is at least one (1) Business Day before the Scheduled Delivery Date.

"**Protocol of Delivery and Acceptance**" means the protocol of delivery and acceptance recording Delivery of the Vessel under this Agreement to be signed by the Buyers and Sellers in substantially the form attached as Schedule 2.

"**Purchase Price**" means $87,400,000.

"**Remittance Conditions Precedent**" means the conditions precedent detailed in clause 34.2(f)(i) of the Bareboat Charter.

"**Remittance Interest**" shall have the meaning ascribed thereto under Clause 19(e).

"**Sellers' Account**" means the account as notified by the Sellers to the Buyers in the Payment Notice and is acceptable to the Buyers in its discretion if the Swift Payment Arrangement applies.

"**Scheduled Delivery Date**" means the date of delivery of the Vessel set out in the Payment Notice which shall always be on a Business Day on or before the Cancelling Date.

"**Swift Payment Arrangement**" has the meaning given to that term in Clause 19(c)(ii)(B)(x).

---

| | |
|:---|:---|
| 9.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

#### Schedule 1<br>Form of Payment Notice
To: LUSTRE 4 HOLDING LIMITED

Date: ____________________

**Memorandum of Agreement dated** ____________________ **the "Agreement")<br> in relation to m.t. "ECO WEST COAST" with IMO No. 9902811 (the "Vessel")**

1. We refer to the Agreement made between us in relation to the Vessel.

2. This is the Payment Notice as defined in the Agreement.

3. Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise defined
herein.

4. [We hereby notify you that the Scheduled Delivery Date is _________________________ and we request that,
pursuant to clause 19(c) of the Agreement, you preposition the Net Purchase Price in an amount of US$____________________ with the following
account (being the Escrow Account) on ________________ (the "**Prepositioning Date**") to be held and released in accordance
with the Escrow Agreement:

---

| | | |
|:---|:---|:---|
| Account Name | : |  |
| Bank | : |  |
| Branch Address | : |  |
| BIC/ SWIFT | : |  |
| Account Number | : |  |
| Intermediate Bank | : |  |
| Intermediate Bank's SWIFT | : |  |
| Quote Reference | : | "Net Purchase Price" – 9902811 |

---

]<sup>1</sup>

5. [We hereby notify you that the Scheduled Delivery Date is _________________________ and we request that,
pursuant to clause 19(c) of the Agreement, you pay the Net Purchase Price in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the Existing BBC Purchase Option Price in an amount of US$____________________ to be prepositioned with
the following account on ________________ (the "**Prepositioning Date**") (to be held and released in accordance with the
Conditional Payment Instructions):

______________________________________

<sup>1</sup> Inserted if the Escrow Payment Arrangement applies

---

| | |
|:---|:---|
| 10.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

---

| | | |
|:---|:---|:---|
| Account Name | : |  |
| Bank | : |  |
| Branch Address | : |  |
| BIC/ SWIFT | : |  |
| Account Number | : |  |
| Intermediate Bank | : |  |
| Intermediate Bank's SWIFT | : |  |
| Quote Reference | : | "Existing BBC Purchase Option Price" – 9902811 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. [the Balance Amount in an amount of US$____________________ with the following account on the date as
prescribed under clause 19(c) of the Agreement:

---

| | | |
|:---|:---|:---|
| Account Name | : |  |
| Bank | : |  |
| Branch Address | : |  |
| BIC/ SWIFT | : |  |
| Account Number | : |  |
| Intermediate Bank | : |  |
| Intermediate Bank's SWIFT | : |  |
| Quote Reference | : | "Balance Amount" – 9902811 |

---

]<sup>2</sup> ]<sup>3</sup>

6. We agree that the payment of the Net Purchase Price in accordance with Clause 4 above, when remitted in
accordance with Clause 19(c) of the Agreement, shall constitute a full discharge of the Buyers' obligation to make payment of the Purchase
Price under the Agreement.

7. We further represent and warrant that no Termination Event or Potential Termination Event (each as defined
in the Bareboat Charter) has occurred and there has been no breach of any obligation or undertaking in the Leasing Documents (as defined
in the Bareboat Charter) which would, with the passing of time, constitute a Termination Event or Potential Termination Event (each as
defined in the Bareboat Charter).

______________________________________

<sup>2</sup> To be deleted if there is no Balance Amount

<sup>3</sup> Inserted if Swift Payment Arrangement applies

---

| | |
|:---|:---|
| 11.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

Yours faithfully,

_______________________________

Name:

Title: attorney-in-fact

for and on behalf of

**ROMAN EMPIRE INC.**

Date:

---

| | |
|:---|:---|
| 12.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

#### Schedule 2<br>Form of Protocol of Delivery and Acceptance
**ROMAN EMPIRE INC.**, a corporation incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "**Sellers**") hereby sell, transfer and deliver and **LUSTRE 4 HOLDING LIMITED**, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the "**Buyers**") hereby accept delivery, title and risk of and in one (1) suezmax tanker named m.t. "**ECO WEST COAST**" with IMO No. 9902811, as agreed between the Buyers and the Sellers, at _______ hour ________ time on __________________ and each of the Buyers and the Sellers confirm that the same is delivered in accordance with the Memorandum of Agreement dated ______________________ (as the same may be amended, supplemented and varied from time to time) entered into between (1) the Sellers as seller and (2) the Buyers as buyer.

……………………………………………….

Name:

Title: attorney-in-fact

For and on behalf of

**ROMAN EMPIRE INC.**

……………………………………………….

Name:

Title:

For and on behalf of

**LUSTRE 4 HOLDING LIMITED** 

---

| | |
|:---|:---|
| 13.0 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huarong Top Ships II - MOA Riders |
|  | Eco West Coast |
|  | SINGAPORE/91894280v1 |

---

**EXECUTION PAGE**

**BUYERS**

---

| |
|:---|
| **SIGNED BY**) |
| for and on behalf of) |
| **LUSTRE 4 HOLDING LIMITED)** |
| as attorney-in-fact) |
| in the presence of) |
| Witness' signature:) |
| Witness' name:) |
| Witness' address:) |
| **SELLERS** |
| **SIGNED BY**) |
| for and on behalf of) |
| **ROMAN EMPIRE INC.)** |
| as attorney-in-fact) |
| in the presence of) |
| Witness' signature:) |
| Witness' name:) |
| Witness' address:) |

---

Huarong Top Ships II

Execution Page to MOA Riders

Eco West Coast

## Exhibit 14.1

**Exhibit 14.1**

**RUBICO INC.**

**CORPORATE CODE OF BUSINESS ETHICS**

**AND CONDUCT**

1, VASILISSIS SOFIAS STR. & MEGALOU ALEXANDROU STR., GR 15124 ATHENS, GREECE

TEL: +30-210-8128107 FAX: +30-210-8056-441

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| TITLE |  | PAGE |
| 1. | Compliance with Laws, Rules and Regulations | 3 |
| 2. | Honest and Fair Dealing | 3 |
| 3. | Conflict of Interest and Corporate Opportunity | 3 |
| 4. | Confidentiality and Privacy | 3 |
| 5. | Proper Use of Company Assets | 4 |
| 6. | Corporate communications policy | 4 |
| 7. | Securities Trading | 4 |
| 8. | Drugs and Alcohol | 5 |
| 9. | Diversity Policy | 5 |
| 10. | Electronic communication | 7 |
| 11. | Integrity of Corporate Records | 7 |
| 12. | Entertainment, Gifts, Payments and Bribery | 8 |
| 13. | Compliance with Anti-Trust Laws | 8 |
| 14. | Health, Safety and Environmental Protection | 8 |

---

Page 2 of 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance
 with Laws, Rules and Regulations

All Employees are responsible for complying with the various laws, rules and regulations of the countries and regulatory authorities that affect the Company's business. Questions with respect to your duties under the law should be directed to your manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Honest
 and Fair Dealing

Employees must endeavor to deal honestly, ethically and fairly with the Company's customers, suppliers, competitors and employees. No Employee should take unfair advantage of anyone through manipulation, concealment, abuse of privilege information, misrepresentation of material facts, or any other unfair- dealing practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conflict
 of Interest and Corporate Opportunity

Employees must (a) avoid any interest that conflicts or appears to conflict with the interests of the Company or that could reasonably be determined to harm the Company's reputation and (b) report any actual or potential conflict of interest (including any material transaction or relationship that reasonably could be expected to give rise to such conflict) immediately to a manager or an Audit Committee member and adhere to instructions concerning how to address such conflict of interest. A conflict of interest exists if actions by any Employee are, or could reasonably appear to be, influenced directly or indirectly by personal considerations, duties owed to persons or entities other than the Company, or by actual or potential personal benefit or gain.

Employees owe a duty to advance the legitimate interests of the Company when the opportunities to do so arise. Employees may not take for themselves personally opportunities that are discovered through the use of corporate property, information or position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Confidentiality
 and Privacy

It is important that you protect the confidentiality of Company information. Employees may have access to proprietary and confidential information concerning the Company's business, clients and suppliers. Confidential information includes such items as non-public information concerning the Company's business, financial results and prospects and potential corporate transactions. Employees are required to keep such information confidential during employment as well as thereafter, and not to use, disclose, or communicate that confidential information other than in the course of employment. The consequences to the Company and the Employee concerned can be severe where there is unauthorized disclosure of any non-public, privileged or proprietary information.

Page 3 of 8

To ensure the confidentiality of any personal information collected and to comply with applicable laws, any Employee in possession of non-public, personal information about the Company's customers, potential customers, or Employees, must maintain the highest degree of confidentiality and must not disclose any personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Proper
 Use of Company Assets

The Company's assets are only to be used for legitimate business purposes and only by authorized Employees or their designees. This applies to tangible assets (such as office equipment, telephone, copy machines, etc.) and intangible assets (such as trade secrets and confidential information). Employees have a responsibility to protect the Company's assets from theft and loss and to ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability. If you become aware of theft, waste or misuse of the Company's assets you should report this to your manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Corporate
 communications policy

Only certain designated Employees may discuss the Company with the news media, securities analysts and investors. All inquiries from regulatory authorities or government representatives should be referred to the appropriate manager. Employees exposed to media contact when in the course of employment must not comment on rumors or speculation regarding the Company's activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Securities
 Trading

Because we are a public company we are subject to a number of laws concerning the purchase of our shares and other publicly traded securities. Company policy prohibits Employees and their family members from trading securities while in possession of material, non-public information relating to the Company or any other company, including a customer or supplier that has a significant relationship with the Company.

Information is "material" when there is a substantial likelihood that a reasonable investor would consider the information important in deciding whether to buy, hold or sell securities. In short, any information that could reasonably affect the price of securities is material. Information is considered to be "public" only when it has been released to the public through appropriate channels and enough time has elapsed to permit the investment market to absorb and evaluate the information. If you have any doubt as to whether you possess material nonpublic information, you should contact a manager and the advice of legal counsel may be sought.

Page 4 of 8

Investment by Employees in Rubico Inc securities is encouraged. In order to protect the Company and its Employees from liability that could result from a violation of legal requirements, the Company requires Employees to engage in purchases or sales of the Company's stock only during "Window Periods". Window Periods begin at the opening of trading on the second full trading day following the public release of quarterly or annual financial results. In case the release is announced before the opening of the market, then this day to be accounted for. Window Periods end three (3) calendar weeks prior to the public release of quarterly or annual financial results. No person may buy or sell Rubico Inc securities, even during Window Periods, if such person is in possession of material, non-public information.

At any time, the Board of Directors has authority to designate a "blackout period" over all trading in Rubico Inc securities (even during a Window Period). A blackout period compels all trading in the securities affected to cease immediately for the period designated by the Board of Directors. A blackout period may be exercised over securities of companies with which the Company does or may do business or in which the Company invests or may invest. No one may disclose to any outside third party that a blackout period has been designated.

Failure to comply with the Company's securities trading policy may subject Employees or Employees' family members to criminal or civil penalties, as well as to disciplinary action by the Company up to and including termination for cause. Responsibility for complying with applicable laws as well as the Company's policy rests with Employees individually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Drugs
 and Alcohol

Company policy prohibits the illegal use, sale, purchase, transfer, possession or consumption of controlled substances, other than medically prescribed drugs, while on the Company premises. Company policy also prohibits the use, sale, purchase, transfer or possession of alcoholic beverages by Employees while on Company premises, except as authorized by the Company. This policy requires that the company must abide by applicable laws and regulations relative to the use of alcohol or other controlled substances. The Company, in its discretion, reserves the right to randomly test Employees for the use of alcohol or other controlled substances unless prohibited by prevailing local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Diversity Policy

At Rubico Inc, we are committed to fostering an inclusive and diverse workplace environment that respects and values individuals from all backgrounds, cultures, perspectives, and abilities. We believe that embracing diversity enriches our company and enhances our ability to innovate, adapt, and succeed in an ever-changing global marketplace. This section of our Corporate Code of Business Ethics outlines our dedication to promoting diversity, preventing discrimination, and ensuring equal opportunities for all employees.

Page 5 of 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Non-Discrimination
 Policy:

We strictly prohibit discrimination and harassment based on race, color, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, age, disability, veteran status, or any other protected characteristic under applicable laws. All employees, regardless of their position or level within the company, are expected to treat one another with respect and dignity, fostering an inclusive work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equal
 Employment Opportunity:

We are committed to providing equal employment opportunities to all individuals. Our hiring, promotion, training, compensation, and other employment-related decisions are based on merit, qualifications, and abilities. We ensure that every employee has an equal opportunity to contribute to our success and advance within the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Inclusive
 Workplace Culture:

We promote a culture of inclusivity where every employee feels valued, respected, and empowered to voice their ideas and perspectives. We strive to create an environment that encourages open dialogue, collaboration, and the free exchange of diverse opinions. We encourage the participation and engagement of employees from all backgrounds, fostering an inclusive and diverse workforce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Accommodation
 for Disabilities:

We are committed to providing reasonable accommodations to employees with disabilities, ensuring that they can fully participate in all aspects of their employment. We comply with all applicable disability laws and regulations, and we encourage employees to communicate their needs so that we can provide appropriate accommodations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Supplier
 and Partner Diversity:

We actively seek to engage and support diverse suppliers, vendors, and business partners. We value the benefits of working with a wide range of suppliers and partners who bring unique perspectives and experiences to our business relationships. We aim to create a supply chain that reflects the diversity of the communities in which we operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Diversity
 Training and Education:

We provide regular training and educational programs to foster awareness, understanding, and appreciation for diversity among our employees. We aim to develop cultural competency and provide resources that promote diversity, inclusion, and equity within our workplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Reporting
 and Compliance:

We maintain a system for employees to report any concerns or incidents related to discrimination,

harassment, or any violations of our diversity policies. We investigate all reported incidents promptly and impartially, taking appropriate disciplinary action when necessary. We ensure confidentiality and non- retaliation for individuals who come forward with concerns or reports.

Page 6 of 8

By adhering to this Diversity Section of our Corporate Code of Business Ethics, we demonstrate our commitment to creating an inclusive and diverse workplace that celebrates and harnesses the power of individual differences. We believe that embracing diversity strengthens our organization, fosters innovation, and positions us for long-term success.

At Rubico Inc, we are committed to fostering an inclusive and diverse workplace environment that respects and values individuals from all backgrounds, cultures, perspectives, and abilities. We believe that embracing diversity enriches our company and enhances our ability to innovate, adapt, and succeed in an ever-changing global marketplace. This section of our Corporate Code of Business Ethics outlines our dedication to promoting diversity, preventing discrimination, and ensuring equal opportunities for all employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Electronic
 communication

Electronic communications include all aspects of voice, video, and data communications, such as voice mail, e-mail, fax, and Internet. Employees should use electronic communications for business purposes and refrain from personal use. Among other things, you should not participate in any online forum where the business of the Company or its customers or suppliers is discussed: this may give rise to a violation of the Company's confidentiality policy or subject the Company to legal action for defamation. The Company reserves the right to inspect all electronic communications involving the use of the Company's equipment, software, systems, or other facilities ("Systems") within the confines of applicable local law and Employees should not have an expectation of privacy when using Company Systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Integrity
 of Corporate Records

All business records, expense accounts, vouchers, bills, payrolls, service records, reports to government agencies and other reports must accurately reflect the facts. Without limiting the foregoing, all reports and documents filed with the U.S. Securities and Exchange Commission, as well as other public communications should be full, fair, accurate and understandable.

The books and records of Rubico Inc. must be prepared with care and honesty and must accurately reflect our transactions. All corporate funds and assets must be recorded in accordance with Company procedures. No undisclosed or unrecorded funds or assets shall be established for any purpose.

The Company's accounting personnel must provide the independent public accountants and the Audit Committee with all information they request. Employees must not, and must not direct others to, take any action to fraudulently influence, coerce, manipulate or mislead independent public accountants engaged in the audit or review of the Company's financial statements for the purpose of rendering those financial statements materially misleading.

Page 7 of 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Entertainment,
 Gifts, Payments and Bribery

Decisions by the Company and its agents relating to the procurement and provision of goods and services should always be free from even a perception that favorable treatment was sought, received or given as the result of furnishing or receiving gift, favors, hospitality, entertainment or other similar gratuity. The giving or receiving of anything of value to induce such decisions is prohibited. You should never solicit a gift or favor from those with whom we do business. Providing or receiving gifts or entertainment of nominal value motivated by commonly accepted business courtesies is permissible, but not if such gifts or entertainment would reasonably be expect to cause favoritism or a sense of obligation.

No bribes or other similar payments and benefits, directly or indirectly, shall be paid to employees of suppliers or customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Compliance
 with Anti-Trust Laws

The Company's business may be subject to United States, European Union and other foreign government anti-trust and similar laws. All Employees must comply with such laws and you should confer with your manager whenever you have a question with respect to the possible anti-competitive effect of particular transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Health,
 Safety and Environmental Protection

The Company will conduct its business in a manner designed to protect the health and safety of its Employees, its customers, the public, and the environment. The Company's policy is to operate its business and its vessels in accordance with all applicable safety, environmental and safety laws and regulations so as to ensure the protection of the environment and the Company's personnel and property. All Employees should conduct themselves in a manner that is consistent with this policy. Any departure or suspected departure from this policy must be reported promptly.

All Employees are expected to comply with the Company's policy and ethical requirements as hereinabove described. Failure to do so shall result in the Company imposing such disciplinary measures as it, in its sole discretion, may deem fit, up to and including termination of employment for cause, in accordance with the applicable local laws.

Page 8 of 8

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Registration Statement No 333-288796 on Form F-1 of our report dated April 4, 2025, relating to the combined carve-out financial statements of Rubico Inc. Predecessor. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte Certified Public Accountants S.A.

Athens, Greece

August 20, 2025