Document:

Exhibit 4.94

    

    

    

    

    

    Private & Confidential

    

    

    

    

    Dated 1 June 2018

        

        

        

        

        

    

    SUPPLEMENTAL AGREEMENT

    relating to a

    loan of US$23,500,000

    

    

    

    

    to

    ASTARTE INTERNATIONAL INC.

    

    

    

    

    provided by

    AMSTERDAM TRADE BANK N.V.

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    

    

    

    

    

    

    Contents

    

    

    	
            Clause

          	
            Page

          
	
            1

          	
            Definitions and Interpretation

          	
            1

          
	
            2

          	
            Agreement of the Finance Parties

          	
            2

          
	
            3

          	
            Amendments

          	
            2

          
	
            4

          	
            Representations and warranties

          	
            7

          
	
            5

          	
            Conditions

          	
            8

          
	
            6

          	
            Relevant Parties’ confirmation

          	
            9

          
	
            7

          	
            Expenses

          	
            9

          
	
            8

          	
            Miscellaneous and notices

          	
            10

          
	
            9

          	
            Governing law

          	
            10

          
	
            Schedule 1 The Lenders

          	
            12

          
	
            Schedule 2 Documents and evidence required as conditions precedent

          	
            13

          

    

    

    
      
        

    

    
    

    

    THIS SUPPLEMENTAL
          AGREEMENT is dated 1 June 2018 and made BETWEEN:

    
      
        	(1)	
                ASTARTE INTERNATIONAL INC., a corporation incorporated
                    in the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Republic of the Marshall Islands (the Borrower);

              

      

    

    
      
        	(2)	
                TOP SHIPS INC., a corporation incorporated in the
                    Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island , Majuro MH96960, Republic of the Marshall Islands (the Guarantor);

              

      

    

    
      
        	(3)	
                AMSTERDAM TRADE BANK N.V., a company incorporated in
                    The Netherlands with its registered office at World Trade Center, Tower I, Level 6, Strawinskylaan 1939 1077 XX Amsterdam, The Netherlands as mandated lead arranger (the Arranger);

              

      

    

    
      
        	(4)	
                AMSTERDAM TRADE BANK N.V., a company incorporated in
                    The Netherlands with its registered office at World Trade Center, Tower I, Level 6, Strawinskylaan 1939 1077 XX Amsterdam , The Netherlands as agent of the other Finance Parties (the Agent);

              

      

    

    
      
        	(5)	
                AMSTERDAM TRADE BANK N.V., a company incorporated in
                    The Netherlands with its registered office at World Trade Center, Tower I, Level 6, Strawinskylaan 1939 1077 XX Amsterdam , The Netherlands as security agent of the other Finance Parties (the Security Agent); and

              

      

    

    
      
        	(6)	
                THE FINANCIAL INSTITUTIONS listed in Part 1 of
                    Schedule 1 (The Lenders) as lenders (the Lenders).

              

      

    

    WHEREAS:

    
      
        	(A)	
                this Agreement is supplemental to a loan agreement dated 5 September 2017 made between the Borrower, the Guarantor, the Arranger, the Agent, the Security
                    Agent and the Lenders (the Principal Agreement), relating to a loan of up to $23,500,000;

              

      

    

    
      
        	(B)	
                the Borrower has requested certain amendments to the Principal Agreement contained in clause 3 (Amendments); and

              

      

    

    
      
        	(C)	
                this Agreement sets out the terms and conditions upon which the Finance Parties agree to the amendments and changes referred to in Recital (B) above.

              

      

    

    NOW IT IS HEREBY AGREED
        as follows:

    
      
        	1	
                Definitions and Interpretation

              

      

    

    
      
        	1.1	
                Definitions

              

      

    

    Terms defined in the Principal Agreement have, unless differently defined in this Agreement, the same
        meaning when used in this Agreement. In addition, in this Agreement:

    Effective

          Date means the date, no later than 4 June 2018 or, such later date as the Agent may designate in writing, on which the Agent has received or waived (with or without condition) the documents and evidence specified in clause 5 (Conditions) and Schedule 2 (Documents and
          evidence required as conditions precedent) in a form and substance satisfactory to it.

    New
          Loan Agreement means the loan agreement dated on or about the date of this Agreement between (among others) PCH77 Shipping Company Limited as borrower, the Borrower as guarantor, the financial institutions listed therein as lenders and
        Amsterdam Trade Bank N.V. as agent and security agent in respect of a loan of up to $10,140,000.

    Relevant

          Documents means this Agreement and any other document created and delivered by any Relevant Party to the Agent in relation to this Agreement.

    
      1

      
        

    

    

    

    

    

    Relevant

          Parties means, together, the Borrower and the Guarantor and Relevant Party means each one of them.

    
      
        	1.2	
                Interpretation

              

      

    

    
      
        	1.2.1	
                References in the Principal Agreement to “this Agreement”, shall, with effect from the Effective Date and unless the context otherwise requires, be references
                    to the Principal Agreement as amended and supplemented by this Agreement and words such as “herein”, “hereof’, “hereunder”, “hereafter”, “hereby” and “hereto”, where they appear in the Principal Agreement shall be construed accordingly.

              

      

    

    
      
        	1.2.2	
                Clauses 1.2 (Construction), 1.4 (Third patty rights) and 1.5 (Finance
                      Documents) of the Principal Agreement and any other provision of the Principal Agreement which, by its terms, purports to apply to all of the Finance Documents and/or any Obligor shall apply to this Agreement as if set out in
                    it but with all necessary changes and as if references in the provision to Finance Documents referred to this Agreement.

              

      

    

    
      
        	2	
                Agreement of the Finance Parties

              

      

    

    The Finance Parties, relying upon the representations and warranties on the part of the Relevant
        Parties contained in 4 (Representations and warranties) and subject to the terms and conditions of this Agreement and in particular, but
        without prejudice to the generality of the foregoing, fulfilment on or before 4 June 2018 or, such later date as the Agent may designate in writing, of the conditions contained in clause 5 (Conditions) and Schedule 2 (Documents and evidence required as conditions precedent), agree

        to the amendment of the Principal Agreement in accordance with the terms set out in clause 3.1 (Amendments to the Principal Agreement).

    
      
        	3	
                Amendments

              

      

    

    
      
        	3.1	
                Amendments to the Principal Agreement

              

      

    

    The Principal Agreement shall, with effect on and from the Effective Date, be deemed (and it is
        hereby deemed) to have been amended in accordance with the following provisions and the Principal Agreement (as so amended) will continue to be binding upon each of the parties thereto upon such terms as so amended:

    
      
        	3.1.1	
                by deleting in its entirety the definition of  Additional
                      Unacceptable Country in clause 1.1 (Definitions) of the Principal Agreement;

              

      

    

    
      
        	3.1.2	
                by inserting in the correct alphabetical order in clause 1.1 (Definitions) of the Principal Agreement the following new definitions of Effective Date, Joint Venture and Sub-charterer:

              

      

    

    “Effective

          Date shall have the meaning given to it in the supplemental agreement dated 1 June 2018 made between the Borrower, the Guarantor and the Finance Parties supplemental to this Agreement.

    Joint
          Venture means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

    Sub-charterer

        means the entity details of which are provided in Schedule 2 (Ship information).”;

    
      
        	3.1.3	
                by replacing the definitions of Charter Assignment and

                    Charter Documents in clause 1.1 (Definitions)

                    of the Principal Agreement with the following new definitions of Charter Assignment and Charter Documents:

              

      

    

    “Charter

          Assignment means, in relation to any Charter Documents, each of the following one:

    
      2

      
        

    

    

    

    
      
        	

              	 (a)	
                a first priority assignment by the Borrower or its interest in such Charter Documents in favour of the Security Agent in the agreed form; and

              

      

    

    
      
        	

              	(b)	
                a first priority assignment by the Charterer or its interest in such Charter Documents in favour of the Security Agent in the agreed form.”;

              

      

    

    Charter

          Documents means the Charter, any documents supplementing it and any guarantee or security given by any person to the Borrower or (as the case may be) the Charterer for the Charterer’s or (as the case may be) the Sub-charterer’s
        obligations under it.”;

    
      
        	3.1.4	
                by deleting paragraph (d) in the definition of Original
                      Security Documents in clause 1.1 of the Principal Agreement with the following new paragraph (d):

              

      

    

    “(d) each Charter Assignment;”;

    
      
        	3.1.5	
                by adding the words “and the Sub-charterer” after the word “Charterer” throughout the Principal Agreement (other than in the definition of Charterer in clause 1.1 (Definitions)
                    of the Principal Agreement and clause 7.9 (Mandatory cancellation) of the Principal Agreement);

              

      

    

    
      
        	3.1.6	
                by replacing sub-paragraphs (i), (ii) and (v) in clause 7.9 (Mandatory

                      cancellation) of the Principal Agreement with the following new sub-paragraphs (i), (ii) and (v):

              

      

    

    
      
        	

              	“(i)	
                the Charter is novated or assigned by the Borrower or the Charterer or;”;

              

         

        

        
          	

                	“(i)	 Charter is for any reason and by any method cancelled, terminated or rescinded or is not, or
                    ceases to be, legal, valid, binding and enforceable obligations of the Charterer or the Borrower or the Sub-charterer or it is or it becomes unlawful for any of the Charterer or the Borrower or the Sub-charterer to perform its
                    respective obligations under it; or”; and

        

      

    

    
      
        	

              	“(v)	
                 the Charterer or the Sub-charterer becomes subject to any of the events or circumstances described in clause 31.9 (Insolvency) or clause 31.10 (Insolvency proceedings),” ;

              

      

    

    
      
        	3.1.7	
                by deleting clause 12.1 (Commitment commission) of
                    the Principal Agreement in its entirety and by replacing it with the following new clause 12.1 (Commitment Commission):

              

      

    

    “12.1 Commitment commission

    
      
        	

              	(a)	
                The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of (i) for the period commencing on the date of
                    this Agreement (the start date) and ending on 5 March 2018, 2 per cent per annum and (ii) for the period commencing on 6 March 2018
                    and at ending on the Last Availability Date, 1.30 per cent per annum, in each case on that Lender’s Available Commitment calculated from the start date.

              

      

    

    
      
        	

              	(b)	
                The Borrower shall pay the accrued commitment commission on the last day of the period of three Months commencing on the start date, on the last day of each
                    successive period of three Months, on the Last Availability Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Available Commitment at the time the cancellation is effective.

              

      

    

    
      
        	

              	(c)	
                No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a
                    Defaulting Lender.”;

              

      

    

    
      
        	3.1.8	
                by deleting in their entirety the words “and Additional
                      Unacceptable Countries” from the heading of clause 19.36 (Sanctions and Additional Unacceptable Countries) and by also
                    deleting in its entirety paragraph (c) of the said clause;

              

      

    

    
      3

      
        

    

    

    

    
      
        	3.1.9	
                 by deleting in their entirety the definitions of Fleet
                      Market Value and Total Debt in clause 21.1 (Financial definitions) of the Principal Agreement and by replacing them with the following new definitions of Fleet Market Value and Total Debt:

              

      

    

    “Fleet

          Market Value means, as at the date of calculation:

    
      
        	

              	(a)	
                from the date of this Agreement until one day prior to the Effective Date, the aggregate market value of all Fleet Vessels, as most recently determined
                    pursuant to valuations of such vessels provided to the Agent and made in accordance with the provisions of clause 27 (Minimum security
                      value) which shall apply for the purposes of this definition mutatis mutandis to each Fleet Vessel as if each such vessel were the Ship; and

              

      

    

    
      
        	

              	(b)	
                from the Effective Date and at all times thereafter, the aggregate market value of all:

              

      

    

    
      
        	

              	(i)	
                Fleet Vessels; and

              

      

    

    
      
        	

              	(ii)	
                JV Vessels, as adjusted to reflect the relevant ownership percentage in such JV Vessels of the relevant Group Member,

              

      

    

    in each case as most recently determined pursuant to valuations of such vessels provided to the Agent
        and made in accordance with the provisions of clause 27 (Minimum security value) which shall apply for the purposes of this definition mutatis
        mutandis to each Fleet Vessel and JV Vessel as if each such vessel were the Ship.

    Total
          Debt means, at any time, the sum (without duplication) of:

    
      
        	

              	(a)	
                from the date of this Agreement until one day prior to the Effective Date, the Group’s liabilities in respect of principal under any Financial Indebtedness
                    (provided however that any principal under any Financial Indebtedness incurred only by the Guarantor which is not secured by security provided over an asset of the Group, shall not be taken into account); and

              

      

    

    
      
        	

              	(b)	
                from the Effective Date and at all times thereafter:

              

      

    

    
      
        	

              	(i)	
                the Group’s liabilities in respect of principal under any Financial Indebtedness (provided however that any principal under any Financial Indebtedness
                    incurred only by the Top Ships Guarantor which is not secured by security provided over an asset of the Group, shall not be taken into account); and

              

      

    

    
      
        	

              	(ii)	
                all liabilities of all Joint Ventures in respect of principal under any Financial Indebtedness secured by security provided over a JV Vessel, each such
                    liability adjusted to reflect the relevant Group Member’s ownership percentage in such JV Vessel.”;

              

      

    

    
      
        	3.1.10	
                by inserting in the correct alphabetical order in clause 21.1 (Financial definitions) of the Principal Agreement the following new definition of JV Vessels:

              

      

    

    “JV
          Vessel means each vessel owned by a Joint Venture into which a Group Member participates from time to time and JV Vessels means all
        or any of them.”;

    
      
        	3.1.11	
                by deleting in their entirety the words “and Additional
                      Unacceptable Countries” from the heading of clause 22.14 (Sanctions and Additional Unacceptable Countries) and by also deleting in its entirety paragraph (f) of the said clause;

              

      

    

    
      
        	3.1.12	
                by adding the word “relevant” before the words “Charter Assignment” in paragraph {b)(ii)(A) in clause 24.8 (Chartering) of the Principal Agreement;

              

      

    

    
      4

      
        

    

    

    

    
      
        	3.1.13	
                by deleting clauses  28.3 (Releases and waivers) to 28.7 (Payment  of Charter Earnings) (inclusive) of the Principal Agreement and replacing them with the following new clauses 28.3 (Releases and waivers) to 28.7 (Payment

                      of Charter Earnings) (inclusive):

              

      

    

    “28.3 Releases and waivers

    Except with approval, there shall be no release by the Borrower (and the Borrower shall procure that
        there shall be no release by the Charterer) of any obligation of any other person under the Charter Documents (including by way of novation or assignment), no waiver of any breach of any such obligation and no consent to anything which would
        otherwise be such a breach.

    28.4 Termination by the Borrower

    Except with approval, the Borrower shall not (and it shall procure that the Charterer will not)
        terminate or rescind any Charter Document or withdraw the Ship from service under the Charter or take any similar action.

    28.5 Charter performance

    The Borrower shall (and it shall procure that the Charterer will) perform its obligations under the
        Charter Documents and it shall (and it shall procure that the Charterer will) use its best endeavours to ensure that each other party to the Charter Documents performs its obligations under such documents.

    28.6 Notice of assignment

    The Borrower shall (and it shall procure that the Charterer will) give notice of assignment of the
        Charter Documents to the other parties to them in the form specified by the relevant Charter Assignment and:

    
      
        	

              	(a)	
                subject to paragraph (b) below, shall ensure that the Agent receives a copy of that notice acknowledged by each addressee; or

              

      

    

    
      
        	

              	(b)	
                 if such Charter Documents are freely assignable, the Borrower shall (and it shall procure that the Charterer will) use commercially reasonable efforts to
                    ensure that the Agent receives a copy of that notice acknowledged by each addressee,

              

      

    

    in each case, in the form specified therein as soon as practically possible after the relevant
        Charter Assignment has been executed.

    28.7 Payment of Charter Earnings

    All Earnings which the Borrower or (as the case may be) the Charterer is entitled to receive under
        the Charter Documents shall be paid in the manner required by the Security Documents.”;

    
      
        	3.1.14	
                by replacing the email address reading  “legal@centralmare.com” in the first and second tables  in Schedule 1 (The original parties) of the Principal Agreement with the email address reading  “louka@loukapartners.com”;

              

      

    

    
      
        	3.1.15	
                by deleting in their entirety the fourth, fifth and sixth tables in Schedule 1 (The original parties) of the Principal Agreement and by replacing them with the following ones:

              

      

    

    
      5

      
        

    

    

    

    The Agent

    	
            Name

          	 	 	
            Amsterdam Trade Bank N.V.

          
	
            Facility Office, address and attention details for notices

          	 	 	
            Non-administrative matters:

            World Trade Center

                Tower I, Level 6 Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn:  Iraklis Tsirigotis / Vassilis Kolovos

                Email: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Cc: shipping.finance@atbank.nl

                Telephone No.: +31 (0) 205 209 404 /

                                      +31 (0) 205 209 204

             

            Administrative matters:

            World Trade Center

                Tower I, Level 6

                Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn: Ruben Paniry

            Email: shipping.finance@atbank.nl

            Cc: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Telephone No.: +31 (0) 205 209 247 /

                                          +31 (0) 205 209 404 /

                                          +31 (0) 205 209 204

          

    

    

    

    

    The Security Agent

    	
            Name

          	 	 	
            Amsterdam Trade Bank N.V.

          
	
            Facility Office, address and attention details for notices

          	 	 	
            Non-administrative matters:

            World Trade Center Tower I, Level 6 Strawinskylaan 1939

                1077 XX Amsterdam The Netherlands

                Attn:  Iraklis Tsirigotis / Vassilis Kolovos

                Email: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Cc: shipping.finance@atbank.nl

                Telephone No.: +31 (0) 205 209 404 /

                                      +31 (0) 205 209 204

             

            Administrative matters:

            World Trade Center

                Tower I, Level 6

                Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn: Ruben Paniry

            Email: shipping.finance@atbank.nl

            Cc: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Telephone No.: +31 (0) 205 209 247 /

                                          +31 (0) 205 209 404 /

                                          +31 (0) 205 209 204

          

    

    

    

    

    

    

    
      6

      
        

    

    

    

    

    

    

    

    The Account Bank

    	
            Name

          	 	 	
            Amsterdam Trade Bank N.V.

          
	
            Address and attention detail for notices

          	 	 	
            World Trade Center

                Tower I, Level 6 Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn:  Iraklis Tsirigotis / Vassilis Kolovos

                Email: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                 

          

    

    

    
      
        	3.1.16	
                by deleting in its entirety the fourth row in Schedule 2 (Ship

                      information) of the Principal Agreement and replacing it with the following one:

              

      

    

    	
            Scheduled Delivery Date:

          	 	 	
            30 September 2018

          
	 	 	 	 

    

    

    
      
        	3.1.17	
                by deleting in their entirety the ninth and tenth rows in Schedule 2 (Ship information) of the Principal Agreement and replacing them with the following ones:

              

      

    

    	
            Charter description:

          	 	 	
            together (a) the time charter dated 20 September 2017 between the Borrower as owner and the Charterer as time charterer and (b) the time
                charter dated 28 September 2017 between the Charterer as disponent owner and the Sub-charterer as time charterer

                 

          
	
            Charterer:

          	 	 	
            Central Tankers Chartering Inc.

                 

          
	
            Sub-charterer:

          	 	 	
            Shell Tankers Singapore Private Limited

          

    

    

    

    

    
      
        	3.2	
                Continued force and effect

              

      

    

    Save as amended and/or supplemented by this Agreement, the provisions of each of the Principal
        Agreement and the other Finance Documents shall continue in full force and the Principal Agreement and this Agreement, shall be read and construed as one instrument.

    
      
        	4	
                Representations and warranties

              

      

    

    
      
        	4.1	
                Primary representations and warranties

              

      

    

    Each Relevant Party represents and warrants to the Finance Parties that:

    
      
        	4.1.1	
                Existing representations and warranties

              

      

    

    the representations and warranties set out in clause 19 (Representations) of the Principal Agreement were true and correct on the date of the Principal Agreement and are true and correct, including to the extent that they may have been or
        shall be amended by this Agreement , as if made at the date of this Agreement with reference to the facts and circumstances existing at such date;

    
      
        	4.1.2	
                Corporate power

              

      

    

    each of the Relevant Parties has power to execute, deliver and perform its obligations under the
        Relevant Documents which it is a party to; all necessary corporate, shareholder and other action has been taken by each of the Relevant Parties to authorise the execution, delivery and performance of the Relevant Documents which it is a party to;

    
      7

      
        

    

    

    

    
      
        	4.1.3	
                Binding obligations

              

      

    

    each Relevant Document constitutes valid and legally binding obligations of the Relevant Parties
        being a party thereto enforceable in accordance with its terms;

    
      
        	4.1.4	
                No conflict with other obligations

              

      

    

    the execution, delivery and performance of this Agreement by each of the Relevant Parties will not
        (i) contravene any existing law, statute, rule or regulation or any judgment, decree or permit to which any of the Relevant Parties is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any
        agreement or other instrument to which any of the Relevant Parties is, or will become, a party or is subject or by which any of the Relevant Parties or any of its property is bound or (iii) contravene or conflict with any provision of the
        constitutional documents of any of the Relevant Parties or (iv) result in the creation or imposition of or oblige any of the Relevant Parties to create any Security Interest on any of its undertakings, assets, rights or revenues;

    
      
        	4.1.5	
                No filings required

              

      

    

    it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of
        any Relevant Document that it or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge be paid in
        any Relevant Jurisdiction on or in relation to any Relevant Document and is in proper form for its enforcement in the courts of the Relevant Jurisdiction;

    
      
        	4.1.6	
                Choice of law

              

      

    

    the choice of English law to govern the Relevant Documents and the submissions by the Relevant
        Parties to the non-exclusive jurisdiction of the English courts are valid and binding; and

    
      
        	4.1.7	
                Consents obtained

              

      

    

    every consent, authorisation, licence or approval of, or registration or declaration to, governmental
        or public bodies or authorities or courts required by any of the Relevant Parties in connection with the execution, delivery, validity, enforceability or admissibility in evidence of the Relevant Documents or the performance by each Relevant Party
        of its obligations thereunder has been obtained or made and is in full force and effect and there has been no default in the observance of any conditions or restrictions (if any) imposed in, or in connection with, any of the same.

    
      
        	4.2	
                Repetition of representations and warranties

              

      

    

    Each of the representations and warranties contained in clause 4.1 (Primary representations and warranties) and clause 19 (Representations)
        of the Principal Agreement (as amended by this Agreement) shall be deemed to be repeated by the Relevant Parties on the Effective Date as if made with reference to the facts and circumstances existing on such day.

    
      
        	5	
                Conditions

              

      

    

    
      
        	5.1	
                Documents and evidence

              

      

    

    The agreement of the Finance Parties referred to in clause 2 (Agreement of the Finance Parties) shall be subject to the receipt by the Agent of the documents and evidence specified in Schedule 2 (Documents and evidence required as conditions precedent) in form and substance satisfactory to the Agent.

    
      8

      
        

    

    

    

    
      
        	5.2	
                General conditions precedent

              

      

    

    The agreement of the Finance Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:

    
      
        	5.2.1	
                the representations and warranties in clause 4 (Representations

                      and warranties) being true and correct on the Effective Date as if each was made with respect to the facts and circumstances existing at such time; and

              

      

    

    
      
        	5.2.2	
                no Default having occurred and continuing at the time of the Effective Date .

              

      

    

    
      
        	5.3	
                Waiver of conditions precedent

              

      

    

    The conditions specified in this clause 5 are inserted solely for the benefit of the Finance Parties
        and may be waived by the Agent on their behalf in whole or in part with or without conditions.

    
      
        	6	
                Relevant Parties’ confirmation

              

      

    

    Each of the Relevant Parties acknowledges and agrees, for the avoidance of doubt, that:

    
      
        	6.1	
                each of the Finance Documents to which it is a party, and its obligations thereunder, shall remain in full force and effect notwithstanding the amendments
                    made to the Principal Agreement by this Agreement; and

              

      

    

    
      
        	6.2	
                with effect from the Effective Date, references to “the Agreement” or “the Loan Agreement” or “the Facility Agreement” in any of the other Finance Documents
                    to which it is a party shall henceforth be references to the Principal Agreement as amended and/or supplemented by this Agreement and as from time to time hereafter further amended, supplemented and/or restated and shall also be deemed
                    to include the obligations of each Relevant Party hereunder.

              

      

    

    
      
        	7	
                Expenses

              

      

    

    
      
        	7.1	
                Expenses

              

      

    

    The Borrower agrees to pay to the Finance Parties on a full indemnity basis on demand all expenses
        (including legal and out-of-pocket expenses) incurred by any of them:

    
      
        	7.1.1	
                in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement or the other Relevant Documents and of any
                    amendment or extension of, or the granting of any waiver or consent under, any Relevant Document; and

              

      

    

    
      
        	7.1.2	
                in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under any Relevant Document or otherwise in respect of
                    the monies owing and obligations incurred under any Relevant Document,

              

      

    

    together with interest at the rate referred to in clause 9.3 (Default interest) of the Principal Agreement from the date on which such expenses were incurred to the date of payment (as well after as before judgement).

    
      
        	7.2	
                Value Added Tax

              

      

    

    All expenses payable pursuant to this clause 7 shall be paid together with value added tax or any
        similar tax (if any) properly chargeable thereon.

    
      
        	7.3	
                Stamp and other duties

              

      

    

    The Borrower agrees to pay each Finance Party on demand all stamp, documentary, registration or other
        like duties or taxes (including any duties or taxes payable by such Finance Party) imposed on or in connection with any Relevant Document and shall indemnify each of

    
      9

      
        

    

    

    

    them against any liability arising by reason of any delay or omission by the Borrower to pay such
        duties or taxes.

    
      
        	8	
                Miscellaneous and notices

              

      

    

    
      
        	8.1	
                Notices

              

      

    

    The provisions of clause 42 (Notices) of the Principal Agreement shall extend and apply to the giving or making of notices or demands hereunder as if the same were expressly stated herein.

    
      
        	8.2	
                Counterparts

              

      

    

    This Agreement may be executed in any number of counterparts and by the different parties on separate
        counterparts, each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument.

    
      
        	8.3	
                Relevant Parties’ obligations

              

      

    

    Each of the Relevant Parties agrees and consents to be bound by this Agreement notwithstanding that
        the other Relevant Parties which were intended to sign or be bound may not do so or be effectually bound and notwithstanding that this Agreement may be invalid or unenforceable against the other Relevant Parties whether or not the deficiency is
        known to the Finance Parties or any of them. The Finance Parties shall be at liberty to release any of the Relevant Parties from this Agreement and to compound with or otherwise vary the liability or to grant time and indulgence to make other
        arrangements with any of the Relevant Parties without prejudicing or affecting the rights and remedies of the Finance Parties against any other Relevant Parties.

    
      
        	9	
                Governing law

              

      

    

    
      
        	9.1	
                Law

              

      

    

    This Agreement and any non-contractual obligations connected with it are governed by English law.

    
      
        	9.2	
                Jurisdiction of English courts

              

      

    

    
      
        	9.2.1	
                The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations
                    connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a Dispute).

              

      

    

    
      
        	9.2.2	
                The parties hereto agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Relevant Party will
                    argue to the contrary.

              

      

    

    
      
        	9.2.3	
                Notwithstanding clause 9.2.1, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the
                    extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

              

      

    

    
      
        	9.3	
                Service of process

              

      

    

    
      
        	9.3.1	
                Without prejudice to any other mode of service allowed under any relevant law, each Relevant Party:

              

      

    

    
      
        	

              	(a)	
                irrevocably appoints Top Properties (London) Limited, 247 Gray’s Inn Road, London WC1X 8QZ, England as that Relevant Party’s agent for service of process in
                    relation to any proceedings before the English courts in connection with this Agreement and/or any non-contractual obligations connected with it;

              

      

    

    
      
        	

              	(b)	
                 agrees that failure by a process agent to notify the relevant Relevant Party of the process will not invalidate the proceedings concerned; and

              

      

    

    
      10

      
        

    

    

    

    
      
        	

              	(c)	
                 agrees that if any person appointed as process agent for a Relevant Party is unable for any reason to act as agent for service of process, that Relevant
                    Party must immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

              

      

    

    
      
        	9.4	
                Contracts (Rights of Third Parties) Act 1999

              

      

    

    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.

    IN WITNESS whereof

        the parties hereto have caused this Agreement to be duly executed as a deed on the date first above written.

    
      11

      
        

    

    

    

    Schedule 1 The Lenders

    	
            Name

          	 	 	
            Amsterdam Trade Bank N.V.

          
	
            Facility Office, address and attention details for notices

          	 	 	
            Non-administrative matters:

            World Trade Center

                Tower I, Level 6 Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn:  Iraklis Tsirigotis / Vassilis Kolovos

                Email: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Cc: shipping.finance@atbank.nl

                Telephone No.: +31 (0) 205 209 404 /

                                      +31 (0) 205 209 204

             

            Administrative matters:

            World Trade Center

                Tower I, Level 6

                Strawinskylaan 1939

                1077 XX Amsterdam

                The Netherlands

                Attn: Ruben Paniry

            Email: shipping.finance@atbank.nl

            Cc: i.tsirigotis@atbank.nl / v.kolovos@atbank.nl

                Telephone No.: +31 (0) 205 209 247 /

                                          +31 (0) 205 209 404 /

                                         +31 (0) 205 209 204

          

     

    

    

    

    

    

    

    

    

    

    
      12

      
        

    

    

    

    Schedule 2

        Documents and evidence required as conditions precedent

    (referred to in clause 5.1)

    
      
        	1	
                Corporate authorisations

              

      

    

    In relation to each of the Relevant Parties:

    
      
        	

              	(a)	
                Constitutional documents

              

      

    

    copies certified by an officer of each of the Relevant Parties, as a true, complete and up to date
        copies, of all documents which contain or establish or relate to the constitution of that party or, a secretary’s certificate confirming that there have been no changes or amendments to the constitutional documents certified copies of which were
        previously delivered to the Agent pursuant to the Principal Agreement;

    
      
        	

              	(b)	
                Resolutions

              

      

    

    copies of resolutions of the directors and if required, shareholders of each of the Relevant Parties
        approving this Agreement and authorising the signature, delivery and performance of each such party’s obligations thereunder, certified (in a certificate dated no earlier than five Business Days prior to the date of this Agreement) by an officer of
        such Relevant Party as:

    
      
        	

              	(i)	
                being true and correct;

              

      

    

    
      
        	

              	(ii)	
                being duly passed at meetings of the directors of such Relevant Party and, as the case may be, of the shareholders of such Relevant Party each duly convened
                    and held;

              

      

    

    
      
        	

              	(iii)	
                not having been amended, modified or revoked; and

              

      

    

    
      
        	

              	(iv)	
                being in full force and effect,

              

      

    

    together with originals or certified copies of any powers of attorney issued by any party pursuant to
        such resolutions; and

    
      
        	

              	(c)	
                Certificate of incumbency

              

      

    

    a list of directors and officers of each Relevant Party specifying the names and positions of such
        persons, certified (in a certificate dated no earlier than five Business Days prior to the date of this Agreement) by an officer of such Relevant Party to be true, complete and up to date.

    
      
        	2	
                Consents

              

      

    

    A certificate (dated no earlier than five Business Days prior to the date of this Agreement) from an
        officer of each of the Relevant Parties stating that no consents, authorisations, licences or approvals are necessary for such Relevant Party to authorise, or are required by each of the Relevant Parties or any other party (other than the Finance
        Parties) in connection with, the execution, delivery, and performance of any Relevant Document to which such Relevant Party is a party.

    
      
        	3	
                Legal opinions

              

      

    

    Such favourable legal opinion in relation to the Republic of the Marshall Islands and any other legal
        opinions as the Agent shall in its absolute discretion require.

    
      13

      
        

    

    

    

    
      
        	4	
                Process agent

              

      

    

    An original or certified true copy of a letter from each Relevant Party’s agent for receipt of
        service of proceedings accepting its appointment under each of the Relevant Documents in which it is or is to be appointed as such Relevant Party’s agent.

    
      
        	5	
                Expenses

              

      

    

    Evidence that the expenses that are due from the Borrower pursuant to clause 7 (Expenses)

    have been paid or will be paid by the Effective Date.

    
      
        	6	
                New Loan Agreement

              

      

    

    Evidence that the New Loan Agreement has been duly executed by the parties thereto.

    
      14

      
        

    

    
    

    

    	
            EXECUTED as a DEED

          	
            )

          	 	 
	
            by Alexandros Tsirikos

          	
            )

          	
            /s/ Alexandros Tsirikos

          	 
	
            for and on behalf of

          	
            )

          	
            Attorney-in-fact

          	 
	
            ASTARTE INTERNATIONAL INC.

          	
            )

          	 	 
	
            in the presence of:

          	
            )

          	 	 
	 	 	 	 
	
            /s/ Angeliki Skindilia

          	 	 	 
	
            Witness

          	 	 	 
	
            Name: Angeliki Skindilia

          	 	 	 
	
            Address: Norton Rose Fulbright Greece

          	 	 	 
	
            Occupation: Associate

          	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    	
            EXECUTED as a DEED

          	
            )

          	 	 
	
            by Alexandros Tsirikos

          	
            )

          	
            /s/ Alexandros Tsirikos

          	 
	
            for and on behalf of

          	
            )

          	
            Attorney-in-fact

          	 
	
            TOP SHIPS INC.

          	
            )

          	 	 
	
            in the presence of:

          	
            )

          	 	 
	 	 	 	 
	
            /s/ Angeliki Skindilia

          	 	 	 
	
            Witness

          	 	 	 
	
            Name: Angeliki Skindilia

          	 	 	 
	
            Address: Norton Rose Fulbright Greece

          	 	 	 
	
            Occupation: Associate

          	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    

    

    THE ARRANGER

    

    

    AMSTERDAM TRADE BANK N.V.

    

    

    	
            By:

          	
            /s/ Angeliki Skindilia

          	 
	 	
            Angeliki Skindilia

          	 
	 	
            Attorney-in-fact

          	 

    

    

    

    

    THE SECURITY AGENT

    

    

    AMSTERDAM TRADE BANK N.V.

    

    

    	
            By:

          	
            /s/ Angeliki Skindilia

          	 
	 	
            Angeliki Skindilia

          	 
	 	
            Attorney-in-fact

          	 

    

    

    

    

    

    

    
      15

      
        

    

    

    

    
      

      

      THE LENDERS

        

      

      

      AMSTERDAM TRADE BANK N.V.

      

      

      	
              By:

            	
              /s/ Angeliki Skindilia

            	 
	 	
              Angeliki Skindilia

            	 
	 	
              Attorney-in-fact

            	 

      

      

      

      

      

      

    

    

    

    

    

    

    

    

    

    

    

    

    16Exhibit 4.96

      

      

      

      

      

      

      

      

      	
              1. Shipbroker

              N/A

            	
               

              BIMCO STANDARD BAREBOAT CHARTER

              CODE NAME: "BARECON 2001"

            	
              BIMCO

               

               

              PART I

            
	
              2. Place and date

               

              21 December 2018

            
	
              3. Owners/Place of business (Cl. 1)

              Xiang T89 HK International Ship Lease Co., Limited

                  1/F., Far East Consortium Building

                  121 Des Voeux Road Central

              Hong Kong

               

               

            	
              4. Bareboat Charterer/Place of Business (Cl. 1)

              Monte Carlo LAX Shipping Company Limited

                

              Trust Company Complex

              Ajeltake Road, Majuro

              Marshall Islands MH96960

            
	
              5. Vessel’s name, call sign and flag (Cl. 1
                  and 3)

              Name: Nord Valiant

                

              Call Sign: D5HN8

                

              Flag: The Republic of Liberia

            
	
              6. Type of Vessel

              Oil and Chemical Tanker

            	
              7. GT/NT

              Gross Tonnage: 29,429

              Net Tonnage: 13,742

            
	
              8. When/Where built

              2016

              Hyundai-Vinashin Shipping Company Limited

                

            	
              9. Total DWT (abt.) in metric tons on summer freeboard

              49,760MT

            
	
              10. Classification Society (Cl. 3)

              American Bureau of Shipping

                

            	
              11. Date of last special survey by the Vessel’s classification society

              N/A

            
	
              12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)

              N/A

            
	
              13. Port or Place of delivery (Cl. 3)

              See Additional Clause 35 (Delivery of the Vessel)

            	
              14. Time for delivery (Cl. 4)

              See Additional Clause 35

              (Delivery of the Vessel)

            	
              15. Cancelling date (Cl. 5)

              28 February 2019

            
	
              16. Port or Place of redelivery (Cl. 15)

              See Additional Clause 51 (Redelivery)

            	
              17. No. of months’ validity of trading and class certificates upon redelivery (Cl. 15)

              Six (6) months

            
	
              18. Running days’ notice if other than stated in Cl.
                      4

              N/A

            	
              19. Frequency of dry-docking (Cl. 10(g))

              In accordance with Classificaiton Society or flag state requirements

            
	
              20. Trading Limits (Cl. 6)

              Trading worldwide, always safe / afloat, always within Institute Navigating Limit (INL) and subject to the
                  exclusions and conditions set out in the Insurance of the Vessel (as may be revised from time to time).

               

              Always in compliance with the Vessel’s Classification Society’s requirement  and the Vessels specifications

            
	
              21. Charter period (Cl. 2)

              Charter Period (as defined in Additional  Clause 32 (Definitions))

            	
              22. Charter hire (Cl. 11)

              See Additional Clause 41 (Charterhire)

            
	
              23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii))

              N/A

            
	
              24. Rate of interest payable acc. to Cl. 11(f) and, if applicable, acc. to PART IV

              Seven per cent (7%) per annum

            	
              25. Currency and method of payment (Cl. 11)

              United States Dollars (US$)

            

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      “BARECON 2001” STANDARD BAREBOAT CHARTER

      PART I

      	
              26. Place of payment; also state beneficiary and bank account (Cl. 11)

              See Additional Clause 42.1 (Payments)

            	
              27. Bank Corporate guarantee/bond (sum and place)(Cl. 24)(optional)

              See Clause 24 (Corporate guarantee)

            
	
              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)

              Clause 12(b) applies; form fo Financial Instrument and name of mortgagee
                  to be determined

            	
              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 Additional Clause 48 (Insurances, Total Loss)

               

            
	
              30. Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

              See Additional Clause 48 (Insurances, Total Loss)

            	
              31. Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

              See Additional Clause 48 (Insurances, Total Loss)

               

            
	
              32. Latent defects (only to be filled in if period other than stated in Cl. 3)

              See Additional Clause 36 (Exclusion of Warranties)

                

            	
              33. Brokerage commission and to whom payable (Cl. 27)

              N/A

            
	
              34. Grace period (state number of clear banking dates)(Cl.

                      28)

              N/A

            	
              35. Dispute Resolution (state 30(a), 30(b) or 30(c);
                  if 30(c) agreed Place of Arbitration must be stated (Cl. 30)

              (a) English law, London arbitration

            
	
              36. War cancellation (indicate countries agreed)(Cl.
                      26(f))

              N/A

            
	
              37. Newbuilding Vessel (indicate with ”yes” or “no” whether PART III applies)(optional)

              No; Part III does not apply

            	
              38. Name and place of Builders (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

            	
              40. Date of Building Contract (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

            
	
              42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV applies)(optional)

              No; Part IV does not apply

            	
              43. Bareboat Charter Registry (indicate “yes” or “no” whether PART V applies)(optional)

              No; Part V does not apply

            
	
              44. Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)

              N/A

            	
              45. Country of the Underlying Registry (only to be filled in if PART V applies)

              N/A

            
	
              46. Number of additional clauses covering special provisions, if agreed

              Clause 32 (Definitions) to Clause 54 (Miscellaneous) and Scheduels I – VII thereto  form an integral part of this
                  Charter. In the event of any conflict or inconsistency between the terms of Part I and Part II of this Charter with the terms of the Additional Clauses, the terms of the Additional Clauses shall prevail.

            
	
               

              PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which
                  shall Include PART I and PART II. In the event of a
                  conflict of conditions, the provisions of PART I 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 conditions, the provisions of PART l 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)

              For and on behalf of

              Xiang T89 HK International Ship Lease Co., Limited

              /s/ Lu Zhendong

              Name: Lu Zhendong

              Title: Director

            	
              Signature (Charterers)

              For and on behalf of

              Monte Carlo Lax Shipping Company Limited

              /s/ Audreas Louka

              Name: Audreas Louka

              Title: Attorney-in-fact

            

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      

      

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      
        
          	1.	
                  Definitions

                

        

      

      In this Charter, the following terms shall have the meanings hereby assigned to them:

      “The Owners" shall
          mean the party identified in Box 3;

      “The Charterers"
          shall mean the party identified in Box 4;

      “The Vessel” shall
          mean the vessel named in Box 5 and with particulars as stated in Boxes 6
          to 12.

      “Financial Instrument”
          means the Finance Documents (as defined in Additional Clause 32 (Definitions)) mortgage, deed covenant or other such financial security instrument as annexed to this Charter and stated in Box 28.

      
        
          	2.	
                  Charter Period

                

        

      

      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”).

      
        
          	3.	
                  Delivery (See Additional Clause 35 (Delivery of the Vessel)

                

        

      

      (not applicable when Part III applies, as indicated in Box 37)

      (a)     The Owners shall before and at
              the time of delivery exercise due diligence to make the Vessel seaworthy

      And in every respect ready-in-hull,
              machinery and equipment for service under this Charter.

      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.

      (b)     The Vessel shall be properly
              documented on delivery in accordance with the laws of the flag State indicated in Box 5 and the requirements of the classification society stated in Box 10.  The Vessel upon delivery shall have her survey cycles up to date and trading and
              class certificates valid for at least the number of months agreed in Box 12.

      (c)     The delivery of the Vessel by
              the Owners and the taking over of the Vessel by the Charterers shall constitute a full performance by the Owners of all the Owners’ obligations under this Clause 3, and thereafter the Charterers shall not be entitled to make or assert any claim against the Owners on account
              of any conditions, representations or warranties expressed or implied with respect to the Vessel but the Owners shall be liable for the cost of but not the time for repairs or renewals occasioned by the latent defects in the Vessel, her
              machinery or 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.

      
        
          	4.	
                  Time for Delivery (See Additional Clause 35 (Delivery of the Vessel)

                

        

      

      (not applicable when Part III applies, as indicated in Box 37)

      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.  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.

      
        
          	5.	
                  Cancelling (See Additional Clause 33 Effectiveness of this Charter)

                

        

      

      (not applicable when Part III applies, as indicated in Box 37)

      (a)     Should the Vessel not be
              delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours after the cancelling date stated in
              Box 15, failing which this Charter shall remain in full force and effect.

      (b)     If it appears that the Vessel
              will be delayed beyond the cancelling date, the Owners may, as soon as they are in a position to state with reasonably certainty the day on which the Vessel should be ready, give notice thereof to 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 substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.

      (c)     Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers
              may otherwise have on the Owners under this Charter.

      
        
          	6.	
                  Trading Restrictions

                

        

      

      The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits
          indicated in Box 20.

      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 Insurances
            (as defined in Additional Clause 32 (Definitions)) (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to such employment and complying with such requirements as the extra premium
          or otherwise as the insurers may prescribe.

      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.

      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.

      
        
          	7.	
                  Surveys on Delivery and Redelivery

                

        

      

      (not
                applicable when Part III applies, as indicated in Box 37)

      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 hereunder.  The Owners shall bear all expenses of the On-hire Survey including loss of time, if any,
              and of the Off-hire Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rate thereof.

      
        
          	8.	
                  Inspection

                

        

      

      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:-

      (a)     to ascertain
          the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained.  The costs and fees for one such

          inspection or survey shall in the absence of a Termination Event be paid by the Owners Charterers per calendar year provided upon the occurrence of a Termination Event, the costs and fees
            for all such inspection or survey shall be paid by the Charterers unless the Vessel

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      is found to require repairs or
              maintenance in order to achieve the condition so provided;

      (b)      in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g).  The costs and fees for such inpsection or survey shall be paid by the Charterers; and

      (c)     for any other commercial reason they consider necessary (provided it does not unduly interfere with the commercial
          operatioin of the Vessel). The costs and fees for such inspection and survey shall be paid by the OwnersCharterers.

      All time used in respect of inspection, survey or repairs shall be for the Charterers account and form part of the Charter
          Period.

      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 accident or damage to the Vessel.

      
        
          	9.	
                  Inventories, Oil and Stores

                

        

      

      A complete inventory of the Vessel’s entire equipment, outfit including spare parts, appliances and of all consumables
          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. Without limiting the foregoing, Tthe
          Charterers and the Owners, respectively, shall at thealso provide the Owners with a complete inventory of time of delivery and redelivery take over and pay for all bunkers,
          lubricating oil, unbreached 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 part listed in the inventory and used during the Charter Period are replaced at their expense prior to on redelivery of the Vessel.  (See also Additional Clause 51 (Redelivery))

      
        
          	10.	
                  Maintenance and Operation

                

        

      

      (a)(i)Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the absolute disposal for all purposes of the Charterers
          and under their complete control in every respect.  The Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of repair, in efficient operating condition and in accordance with good commercial
          maintenance practice and, except as provided for in Clause

                14(l), if applicable, at their own expense they shall at all times 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.

      
        
          	

                	(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 costing (excluding the Charterers’ loss of time) more than the percentage stated in Box 23, or if Box 23 is left blank, 5 percent 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 and the time used in relation thereto
                      shall be shared between the parties concerned in order to achieve a reasonable distribution thereof as between the Owners andfor the Charterers’ account.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.

                

        

      

      
        
          	

                	(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.

                

        

      

      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.

      (b)     Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, navigate, operate, supply, fuel and, whenever
          required, repair the Vessel during the Charter Period and they shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of the vessel under this Charter, including annual Fflag State fees and any foreign general
          municipality and/or state taxes.  The Master, officers and his crew of the Vessel shall be the servants of the Charterers for all purposes whatsoever, even if for any reason appointed by the Owners.

      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.

      (c)     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.

      (d)     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.  The Charterers shall
              also have the libertynot, without the Owners’ prior written consent,which shall not be unreasonably withheld, to change the flag and/or the name of the Vessel during the Charter Period.  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.

      (e)     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.

      (f)     Use of the Vessel’s Outfit, Equipment and Appliances – The Charterers shall have the use of all outfit, equipment, and appliances on board the Vessel at the
          time of delivery, provided the same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary wear and tear expected.  The Charterers shall from time to time
          during the Charter Period replace 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.  The Charterers have the right to fit additional

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      equipment at their expense and risk but title to such additional equipment shall be deemed to have passed to the Owners
          immediately upon such fitting, and the Charterers shall remove such equipment 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 Charters 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.

      (g)     Periodical Dry-Docking – The Charters shall dry-dock the Vessel and clean and paint her underwater parts whenever the same may be necessary, but not less than
          once during the period stated in Box 19 or, if Box 19 has been left blank, every sixty (60) calendar months after delivery or such
          other period as may be required by the Classification Society or Flag State.

      
        
          	11.	
                  Hire (See Additional Clause 41 (Charterhire))

                

        

      

      (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.

      (b)     The Charterers shall pay to
              the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 which shall be payable no later than every thirty (30) running days in advance, the first lump sum being payable on the date and hour of the Vessel’s delivery to the Charterers.  Hire
              shall be paid continuously throughout the Charter Period.

      (c)     Payments 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.

      (d)     Final payment of hire, if for
              a period 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 affected accordingly.

      (e)     Should the Vessel be lost or
              missing, hire shall cease from the date and time when she was lost or last heard of.  The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last reported or when the Vessel is posted as
              missing by Lloyd’s, whichever occurs first.  Any hire paid in advance to be adjusted accordingly.

      (f)     Any delay in payment of hirer shall entitle the Owners to interest at the rate per annum as agreed in Box 24.  If Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR
              or is successor) for the 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.

      (g)     Payments of interest due under subclause

              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.

      
        
          	12.	
                  Mortgage (See also Additional Clause 44 (Owners’ Right to Mortgage))

                

        

      

      (only to apply if
              Box 28 has
              been appropriately filled in)

      
        
          	*)	
                  (a)     The Owners warrant that they have not effected any mortgage(s)
                          of the Vessel and that they shall not effect any mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.

                

        

      

      
        
          	*)	
                  (b)     The Vessel chartered under this Charter is may be
                        financed by a mortgage according to the Financial Instrument.  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 will 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 other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.

                

        

      

      
        
          	*)	
                  (Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28)

                

        

      

      
        
          	13.	
                  Insurance and Repairs (See also Additional Clause 48 (Insurances, Total Loss))

                

        

      

      (a)     During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against hull and
          machinery, war and Protection and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, including 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 un-reasonably withheld.  Such insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the mortgagee(s), (if any), and The
          Charterers shall be at liberty to protect under such insurances the interests of any managers they may appoint.  Insurance policies shall cover the Owners, and the Charterers according to their respective interests.  Subject to the provisions of
          the 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.

      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 insurance.

      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 the Charterers’
          account.

      (b)     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 are necessary.

      (c)     The Charterers shall upon the request of the Owners, provide information and promptly execute such documents as may
          be reasonably required to enable the Owners to comply with the insurance provisions of the Financial Instrument.

      (d)     Subject to the provisions of the Financial Instruments, if any, should the Vessel become 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
          who shall distribute the moneys between thein
            accordance with Additional Clause 48.3 (Total Loss) Owners and the Charterers according to their respective interests.The Charterers
          undertake to notify the Owners and the mortgagee(s), if any, of any occurrences in consequence of which the Vessel is likely to become a

      

      

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      total loss as defined in this Clause.

      (e)     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.

      (f)     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 Box 29.

      
        
          	14.	
                  Insurance, Repairs and Classification

                

        

      

      (Optional, only to
              apply if expressly agreed and stated in Box 29,
              in which event Clause 13 shall be considered deleted).

      (a)     During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and machinery and war risks under the form of policy or
              policies attached hereto.  The Owners and/or insurers shall 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 shall cover the Owners and the Charterers according to their respective interests.

      (b)     During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection and Indemnity risks (and any risks against
              which it is compulsory to insure for the operation of the Vessel, including 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.

      (c)     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.

      (d)     The Charterers shall, subject to the approval of the Owners or Owners' Underwriters, effect all insured repairs, and the Charterers shall undertake settlement
              of all miscellaneous expenses in connection with such repairs as well as all insured charges, expenses and liabilities to the extent of coverage under the insurances provided for under the provisions of sub-clause 14(a).  The Charterers to be secured reimbursement
              through the Owners' Underwriters for such expenditures upon presentation of accounts.

      (e)     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.

      (f)     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.

      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.

      (g)     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.

      (h)     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.

      (i)     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.

      (j)     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.

      (k)     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.

      (I)     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.

      
        
          	15.	
                  Redelivery (See also Additional Clause 51 (Redelivery))

                

        

      

      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 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 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.

      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.

      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.

      
        
          	16.	
                  Non-Lien

                

        

      

      The 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:

      “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.”

      
        
          	17.	
                  Indemnity  (See also Clause 43 (Indemnity)

                

        

      

      

      

      

      

       

      

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

       (a)     The
          Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising out of or in relation to a breach of this
            Charter and/or the operation of the Vessel by the Charterers, and against any lien of whatsoever nature arising out of an event occurring during the Charter

              Period Security 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 the provision of bail.

      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.

      (b)     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.  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.

      
        
          	18.	
                  Lien

                

        

      

      The Owners 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. The Charterers are not entitled to have any lien on the Vessel of whatsoever nature.

      
        
          	19.	
                  Salvage

                

        

      

      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.

      
        
          	20.	
                  Wreck Removal

                

        

      

      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.

      
        
          	21.	
                  General Average

                

        

      

      The Owners shall not contribute to General Average.

      
        
          	22.	
                  Assignment, Sub-Charter and Sale (See Additional Cluase 53 (Assignment and set-off)

                

        

      

      (a)     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.

      (b)     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.

      
        
          	23.	
                  Contracts of Carriage

                

        

      

      
        
          	*)	
                  (a)     The Charterers are to procure that all
                      documents issued during the Charter Period evidencing the terms and 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.

                

        

      

      
        
          	*)	
                  (b)     The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of 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.

                

        

      

      
        
          	*)	
                  Delete as applicable.

                

        

      

      
        
          	24.	
                  Bank Corporate Guarantees

                

        

      

      (Optional, only to apply if Box 27 filled in)

      The Charterers undertake to furnish, before delivery of the Vessel, a first class bank corporate guarantee or bond in the from each of (i) Top Ships Inc. and (ii) Central Shipping Monaco S.A.M. sum and at the
              place as indicated in Box 27 as guarantee, for full performance of their obligations under this
          Charter.

      
        
          	25.	
                  Requisition/Acquisition

                

        

      

      (a)     In 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 Security 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 Security

            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 when the Charter
          would have terminated pursuant to any provisions hereof.always proivded however that in the event of “Requisiton for Hire” any Requisition for Hire or
              compensation recevied or receivable by the Owners shall be payable to the Charterers during the remainder of the Charter Period or the period of the remainder of the Charter Period or the period of the “Requisition for Hire” whichever be the
              shorter.

      (b) In 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 be paid up to the date and time of such "Compulsory Acquisition".

      
        
          	26.	
                  War

                

        

      

      (a)     For the
          purpose of this Clause, the words "War Risks" shall include any war (whether actual or threatened), act of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines (whether actual or reported),
          acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise
          howsoever), by any person, body, terrorist or political group, or the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

      (b)     The  Vessel unless adequate insurace cover and the written consent of the Owners be first obtained, shall not continue to or go through any
            port, place or area or zone (whether by land or sea), or any waterway or canal, where it reasonably

          

      
        

        

        

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      

      

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      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, without adequate insurance cover or
            without the written consent of the Owners, 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.

      (c)     The Vessel
          shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews
          or otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a belligerent's right of search and/or confiscation.

      (d)     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.

      (e)      The
          Charterers shall have the liberty:

      
        
          	

                	(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;

                

        

      

      
        
          	

                	(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;

                

        

      

      
        
          	

                	(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.

                

        

      

      (f)      In the event of outbreak of war (whether there be a declaration of war or not) (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, (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.

      
        
          	27.	
                  Commission

                

        

      

      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.

      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.  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.

      
        
          	28.	
                  Termination (See Additional Clauses 49 (Termination Events) and 50 Owners’ rights on termination))

                

        

      

      (a)      Charterers' Default

      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:

      
        
          	

                	(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, 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.  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;

                

        

      

      
        
          	

                	(ii)	
                  the Charterers fail to comply with the requirements of:

                      (1) Clause 6 (Trading Restrictions)

                      (2) Clause 13(a) (Insurance and Repairs) 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;

                

        

      

      
        
          	

                	(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

                

        

      

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      

      

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      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.

      (b)     Owners' Default

       
      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.

       
      (c)     Loss of Vessel

      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.

      (d)     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.

      (e)     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.

      
        
          	29.	
                  Repossession

                

        

      

      In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28 this Charter, 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 Clauses
              29, the Charterers shall hold the Vessel as gratuitous bailee only to the Owners and the Charterers shall procure that the master and
            the crew follow the orders and directions of the Owners.

      The Owners shall arrange for an
              authorised representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.  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.

      
        
          	30.	
                  Dispute Resolution

                

        

      

      
        
          	*)	
                  (a)     This Contract shall be governed by and construed in accordance with English law and any dispute arising out of 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.

                

        

      

      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.

      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 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.

      Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a
          sole arbitrator.

      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.

      
        
          	*)	
                  (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 conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

                

        

      

      In cases where neither the claim nor any counterclaim exceeds the sum of US550,000 (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.

      
        
          	*)	
                  (c)     This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by 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.

                

        

      

      (d)     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.

      In the case of a dispute in respect of
              which arbitration has been commenced under (a), (b) or (c) above, the following shall apply:-

      
        
          	

                	(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.

                

        

      

      
        
          	

                	(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

                

        

      

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      PART II

      “BARECON 2001” Standard Bareboat Charter

      on such terms as the parties may agree
              or, in the event of disagreement, as may be set by the mediator.

      
        
          	

                	(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.

                

        

      

      
        
          	

                	(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.

                

        

      

      
        
          	

                	(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 when setting the timetable for steps in the arbitration.

                

        

      

      
        
          	

                	(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.

                

        

      

      
        
          	

                	(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.

                

        

      

      (Note: The parties
              should be aware that the mediation process may not necessarily interrupt time limits.)

      (e)    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.

      *)     Sub-clauses 30(a), 30(b) and 30(c) are alternatives;

      indicate
              alternative agreed in Box 35.

      
        
          	31.	
                  Notices (See Additional Clause 52 (Communications))

                

        

      

      (a)     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.

      (b)     The address
          of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      

      

      
        
          

      

      “BARECON 2001” Standard Bareboat Charter

      	 	 	
              OPTIONAL

                  PART

            

      PART
            III

          PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

          (Optional, only to apply if expressly agreed and stated in Box 37)

      
        
          	1.	
                  Specifications and Building Contract

                

        

      

      (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 approved by the Charterers.

      (b)     No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by the Charterers as aforesaid, without the
              Charterers' consent.

      (c)     The Charterers shall have the right to send their representative to the Builders' Yard to inspect the Vessel during the course of her construction to satisfy
              themselves that construction is in accordance with such approved specifications and plans as referred to under sub-clause (a) of this Clause.

      (d)     The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein.  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 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.  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.  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
                recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time incurred.  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.  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.

       
       
         
          
 
              

 	2.

 	 
                  Time and Place of Delivery

                

        

      

      (a)     Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance 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, whether
              express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.

      (b)     If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled under that Contract not to deliver the Vessel to
              the Owners, the Owners shall upon giving to the Charterers written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers and upon receipt of such notice by the Charterers this Charter shall
              cease to have effect.

      (c)     If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult
              the Charterers and thereupon

      (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

      (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;

      (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;

      (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.

      (d)     Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a claim therefor shall accrue to the account of the party
              stated in Box 41(c) or
              if not filled in shall be shared equally between the parties.

      
        
          	3.	
                  Guarantee Works

                

        

      

      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.

      
        
          	4.	
                  Name of Vessel

                

        

      

      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.

      
        
          	5.	
                  Survey on Redelivery

                

        

      

      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 re-delivery 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.

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      
        
          

      

      “BARECON 2001” Standard Bareboat Charter

      	 	 	
              OPTIONAL

                  PART

            

      PART
            IV

          HIRE/PURCHASE AGREEMENT

          (Optional, only to apply if expressly agreed and stated in Box 42)

      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.

      

      

      In the following
              paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.

      

      

      The Vessel shall be delivered by the
              Sellers and taken over by the Buyers on expiration of the Charter.

      

      

      The Sellers guarantee that the Vessel,
              at the time of delivery, is tree 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.

      

      

      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.  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.

      

      

      The Wireless Installation and Nautical
              Instruments, unless on hire, shall be included in the sale without any extra payment.

      

      

      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.

      

      

      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.

       
      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

      

      

      
        
          

      

      “BARECON 2001” Standard Bareboat Charter

      	 	 	
              OPTIONAL

                  PART

            

      PART V

          PROVISIONS TO APPLY FOR VESSELS REGISTERED IN BAREBOAT CHARTER REGISTRY

          (Optional, only to apply if expressly agreed and stated in Box 43)

      

      

      
        
          	1.	
                  Definitions

                

        

      

      For the purpose of this PART V, the
              following terms shall have the meanings hereby assigned to them: "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.

       
      “The Underlying Registry" shall mean the registry of the State in which the
              Owners of the Vessel are registered as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat Charter Registration.

      
        
          	2.	
                  Mortgage

                

        

      

      The Vessel chartered under this
              Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) shall apply.

      
        
          	3.	
                  Termination of Charter by Default

                

        

      

      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.

       
      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.

      

      

      This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
          visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense
          as a result of discrepancies between the original BIMCO approved document and this computer generated document.

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