Document:

EX-4.34 Supplemental Agreement

Exhibit 4.34

[ON THE LETTERHEAD OF HSH NORDBANK AG]

To:

Adventure Eight S.A.

Adventure Five S.A.

Adventure Seven S.A.

Adventure Six S.A.

each c/o

Trust Company Complex

Ajeltake Road, Ajeltake Island

Majuro, Marshall Islands

28 December 2007

Dear Sirs

Loan of US$68,000,000 to Adventure Eight S.A. et al.

	1	 	We refer to the loan agreement dated 27 June 2007 as amended and restated on 24 October 2007
(the “Loan Agreement”) and made between (1) Adventure Eight S.A., Adventure Five S.A.,
Adventure Seven S.A. and Adventure Six S.A. as joint and several borrowers (the “Borrowers”),
(2) HSH Nordbank AG as arranger, agent, security agent and account bank, (3) HSH Nordbank AG
as swap provider and (4) the banks and financial institutions set out in schedule 1 thereto as
lenders (the “Banks”), pursuant to which the Banks agreed (inter alia) to advance by way of
loan to the Borrowers, jointly and severally, the sum of up to Sixty eight million United
States Dollars (US$68,000,000) (the “Loan”). The total principal amount of the Loan
outstanding on the date of this Letter is $28,000,000.
	 
	2	 	Words and expressions defined in the Loan Agreement shall, unless the context otherwise
requires, have the same meaning where used in this Letter.
	 
	3	 	The Borrowers have made, on 7 December 2007, a prepayment of the Loan in the amount of
$30,671,000 and, in consideration of such prepayment, they have requested that certain
amendments are made to the Loan Agreement, the Master Swap Agreement and the Corporate
Guarantee.
	 
	4	 	Following the Borrowers’ request and in consideration of the prepayment referred to above,
the Creditors have agreed that, with effect on and from the Effective Date (as defined below),
the Loan Agreement shall be (and it is hereby) amended in accordance with the following
provisions and the Loan Agreement (as so amended) will continue to be binding upon each of the
parties thereto upon such terms as so amended:

	 	(a)	 	the definition of “First Repayment Date” in clause 1.2 of the Loan Agreement
shall be deleted and replaced with the following new definition of “First Repayment
Date”:
	 
	 	 	 	““First Repayment Date” means, subject to clause 6.3, 15 February 2008;”;
	 
	 	(b)	 	the definition of “Margin” in clause 1.2 of the Loan Agreement shall be deleted
and replaced with the following new definition of “Margin”:
	 
	 	 	 	““Margin” means:

	 	(a)	 	in respect of such part of the Loan as is repayable by the Balloon
Instalment, one point five zero per cent (1.50%) per annum; and
	 
	 	(b)	 	in respect of the balance of the Loan, one point three zero per cent
(1.30%) per annum;”;

 

 

	 	(c)	 	a new definition of “Mortgage Addendum” shall be inserted in the correct
alphabetical order in clause 1.2 of the Loan Agreement:
	 
	 	 	 	““Mortgage Addendum” means the addendum to the Free Jupiter Mortgage dated [· ]
December 2007 executed between the Free Jupiter Borrower and the Security Agent;”;
	 
	 	(d)	 	a new definition of “Supplemental Letter” shall be inserted in the correct
alphabetical order in clause 1.2 of the Loan Agreement:
	 
	 	 	 	““Supplemental Letter” means the letter dated 28 December 2007 supplemental to this
Agreement executed between (inter alios) the parties hereto;”;
	 
	 	(e)	 	the words “the Supplemental Letter, the Mortgage Addendum,” shall be inserted
after the words “the Supplemental Agreement, ” in the definition of “Security Documents”
in clause 1.2 of the Loan Agreement;
	 
	 	(f)	 	the definition of “Repayment Dates” in clause 1.2 of the Loan Agreement shall be
deleted and replaced by the following new definition of “Repayment Dates”:
	 
	 	 	 	““Repayment Dates” means, subject to clause 6.3, the First Repayment Date and each of
the dates falling at three (3) monthly intervals after the First Repayment Date up to
and including 31 October 2015;”; and
	 
	 	(g)	 	the existing clause 4.1 shall be deleted in its entirety and replaced by the
following new clause 4.1:

	 	“4.1  	 	Repayment
	 
	 	 	 	The Borrowers shall repay the Loan by thirty two (32) repayment instalments, one
such instalment to be repaid on each of the Repayment Dates. Subject to the
provisions of this Agreement, the amount of each of the first to twelfth
instalments (inclusive) shall be $925,000, the amount of each of the thirteenth
to thirty first instalments (inclusive) shall be $570,000 and the amount of the
thirty second and final instalment shall be $6,070,000 (comprising a repayment
instalment of $570,000 and a balloon payment of $5,500,000) (the “Balloon
Instalment”)).”.

	5	 	Further, following the Borrowers’ request and in consideration of the prepayment referred to
above, the Creditors have agreed that, with effect on and from the Effective Date (as defined
below):

	 	(a)	 	each of the Free Goddess Borrower, the Free Hero Borrower and the NewShip
Borrower shall be (and are hereby) released and discharged from all their obligations
and liabilities under the Loan Agreement, the Master Swap Agreement and the other
Security Documents;
	 
	 	(b)	 	the Loan Agreement will be read, construed and interpreted as if the Free Jupiter
Borrower were the only Borrower and Free Jupiter were the only Ship and so as to accord
with the release of the other Borrowers’ obligations pursuant to this Letter and the
contents of this Letter in general; and
	 
	 	(c)	 	the Master Swap Agreement will be read, construed and interpreted as if the Free
Jupiter Borrower were the only person comprising “Party A” thereunder and so as to
accord with the release of the other Borrowers’ obligations pursuant to this Letter and
the contents of this Letter in general.

2

 

	6	 	In consideration of the agreement of the Creditors to amend the Loan Agreement on the terms
referred to above, the Borrowers and the Creditors have agreed that, with effect on and from
the Effective Date (as defined below) and for as long as Free Jupiter is undergoing repair
works at the Cosco (Nantong) Shipyard Co., Ltd. shipyard in China following her recent
grounding and until the Agent is satisfied that such repair works are completed and she has
sailed from the said shipyard, the minimum amount to be held in the Retention Account by the
Borrowers shall be no less than $1,175,000 at all times, notwithstanding any provisions of
clause 14.3 of the Loan Agreement requiring a lower Retention Amount for such period. The
Borrowers and the Creditors hereby further agree that upon completion of such repair works to
the satisfaction of the Agent and her departure from the said shipyard, the provisions of
clause 14.3 of the Loan Agreement and the minimum Retention Amount required thereby shall
apply and prevail over the provisions of this paragraph 6.
	 
	7	 	Finally, following the Borrowers’ request and in consideration of the prepayment referred to
above, the Creditors have agreed that, with effect on and from the Effective Date (as defined
below), the Corporate Guarantee shall be (and it is hereby) amended in accordance with the
following provisions and the Corporate Guarantee (as so amended) will continue to be binding
upon each of the parties thereto upon such terms as so amended:

	 	(a)	 	the existing clause 5.1.8 of the Corporate Guarantee shall be deleted in its
entirety and replaced with the following new clause 5.1.8:

	 	“5.1.8  	 	Minimum Liquidity
	 
	 	 	 	maintain at all times in the Cash Collateral Account minimum cash balances
free from Encumbrances (except the Cash Collateral Account Pledge) of an
amount in Dollars which is not less than $350,000.”.

	8.	 	The Borrowers hereby agree that they will, within 15 days of this letter, deliver to the
Agent a mortgage addendum in respect of Free Jupiter in a form attached as Schedule 1 to this
Letter and an original notarized power of attorney duly issued by Adventure Eight S.A. in
respect of such addendum, in a form attached as schedule 2 to this Letter. Failure by the
Borrowers to do so will constitute an Event of Default.
	 
	9.	 	Save as amended by this Letter, each of the Loan Agreement, the Master Swap Agreement and the
Corporate Guarantee shall continue in full force and effect.
	 
	10.	 	Each of the Security Documents and the obligations of the Security Parties thereunder shall
remain and continue in full force and effect notwithstanding (a) the agreement contained in
this Letter and any amendments to the Loan Agreement, the Master Swap Agreement and the
Corporate Guarantee contained in this Letter and (b) the release of the obligations of the
Free Goddess Borrower, the Free Hero Borrower and the NewShip Borrower under the Loan
Agreement and the Master Swap Agreement and (c) the discharge by the Security Agent (or any
other Creditor) of any Ship Security Documents in connection with Free Goddess and/or Free
Hero.
	 
	11.	 	Please confirm your agreement and the other Security Parties’ agreement to the contents of
this Letter by arranging that all Security Parties sign, date and return the enclosed
duplicate of this Letter to us on or before 28 December 2007, whereupon (but not before you
have done so) this Letter shall become effective and binding upon the Creditors and the
Security Parties.
	 
	12.	 	The date when you will have returned the signed and dated Letter in accordance with the
provision of paragraph 11 above, shall be the “Effective Date” referred to elsewhere in this
Letter.

3

 

	13.	 	This Letter is governed by, and shall be construed in accordance with, the laws of England.

Yours faithfully

 

Authorised Signatories

For and on behalf of

HSH NORDBANK AG

as Agent, Security Agent, Arranger, Account Bank, Bank and Swap Provider

4

 

	 	 	 
	We hereby acknowledge and agree

	 	We hereby acknowledge and agree
	to the foregoing.

	 	to the foregoing.
	 
	 	 
	 
	 	 
	 
	 	 
	 

Attorney-in-fact

	 	 

Attorney-in-fact
	For and on behalf of each of

	 	For and on behalf of each of
	the following corporations

	 	the following corporations
	ADVENTURE EIGHT S.A.

	 	FREESEAS INC.
	ADVENTURE FIVE S.A.

	 	as Corporate Guarantor
	ADVENTURE SEVEN S.A.

	 	FREEBULKERS S.A.
	ADVENTURE FIVE S.A.

	 	as Manager
	as Borrowers
	 	 
	 
	 	 
	 
	 	 
	Date: December 2007

	 	Date: December 2007

5EX-4.35 Memorandum of Agreement

Exhibit 4.35

Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and
purchase of ships. Adopted by The Baltic and International Maritime Council
(BIMCO) in 1956.

Code-name

SALEFORM 1993

Revised 1966, 1983 and 1986/87

MEMORANDUM OF AGREEMENT

Dated: 22nd January 2008

STELLA SHIPPING CO of Majuro, Marshall Islands hereinafter called the Sellers, have agreed to sell,
and ADVENTURE SEVEN S.A. of Majuro, Marshall Islands hereinafter called the Buyers, have agreed to
buy

Name: AFRICAN IMPALA

Classification Society/Class: BUREAU VERITAS

By: SHANGHAI SHIPYARD

 

			
	Flag: BAHAMAS
	 	Place of Registration: NASSAU
	 	 	 
	Call Sign: C6UF9
	 	Grt/Nrt: 15888 / 8036
	 	 	 
	Official Number: 8000947
	 	IMO Number: 9138680

hereinafter called the Vessel, on the following terms and conditions:

Definitions

“Banking days” are days on which banks are open both in the country of the currency stipulated for
the Purchase price in Clause 1 and in the place of closing stipulated in Clause 8.

“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa,
a registered letter, telex, telefax or other modern form of written communication.

“Classification Society” or “Class” means the Society referred to in line 4.

1. Purchase Price $37,500,000 (Thirty Seven Million Five Hundred Thousand US Dollars) in cash net
to the Sellers

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2. Deposit

As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 10%
(ten per cent) of the Purchase Price within 3 (three) banking
days from the date of this Agreement being signed/exchanged by fax. and Buyers’ BOD approval lifted. This
deposit shall be placed with Sellers’ designated bank, First Business Bank, Shipping Branch
Piraeus, and held by them in a joint account for the Sellers and the Buyers, to be released in
accordance with joint written instructions of the Sellers and the Buyers. Interest, if any, to be
credited to Buyers. Any fee charged for holding the said deposit shall be borne equally by the
Sellers and the Buyers. The deposit together with 90 percent balance plus any additional payments
due under the MOA (such as Bunkers/Lubs ROB on Delivery etc...) to be released to sellers account,
in full, free of any bank charges, on delivery of the Vessel against the protocol of delivery and
acceptance signed by both parties. Banking fee’s if any, for the establishing/holding the
deposit to be for Buyers account.

3. Payment

The said Purchase Price shall be paid in full free of bank charges to Sellers’ designated bank on
delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect
physically ready for delivery in accordance with the terms and conditions of this Agreement and
Notice of Readiness has been given in accordance with Clause 5, and against the protocol of
delivery and acceptance of the vessel signed by both parties. (please see Clause 8).

4. Inspections

a) The Buyers have waived inspection of the Vessel and Vessels’classifications records. The Buyers
have accepted the Vessel and her classification records, the sale therefore is outright and
definite, subject only to the terms and conditions of this Agreement and subject to Buyers
B.O.D. approval which to be lifted no later than the 24th of December 2007.

	b)* 	 	The Buyers shall have the right to inspect the Vessel’s classification records and
declare whether same are accepted or not within
The Sellers shall provide for inspection of the Vessel at/in
The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers
cause undue delay they shall compensate the Sellers for the losses thereby incurred. They Buyers
shall inspect the Vessel without opening up and without cost to the Sellers. During the
inspection, the Vessel’s dock and engine log books shall be made available for examination by the
Buyers. If the Vessel is accepted after such inspection the sale shall become outright and
definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive
written notice of acceptance from the Buyers within 72 hours after completion of such inspection.

	 

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

 

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

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	5.	 	Notices, time and place of delivery

	a)	 	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide
the Buyers with 30 (thirty), 15 (fifteen), 7 (seven), 3 (three) days approximate notice and
48/24 hours more definite notice of the estimated time of arrival at the intended place of
delivery. When the Vessel is at the place of delivery and in every respect physically ready
for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written
Notice of Readiness for delivery.
	 
	b)	 	The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or
anchorage.
	 
	 	 	Time and place always at/in in the Buyers’ Sellers’ option. Sellers’ to
endeavour to nominate probable delivery port together with 15 (fifteen) days approximate notice.
	 
	 	 	Expected time of delivery: between 01/02/2008 — 31/03/2008
	 
	 	 	Date of Cancelling: The 15th April 2008. Cancelling in Buyers’ option. The cancelling
date refers to the last date that the notice of readiness can be presented and not the last date on
which the Vessel may be delivered.
	 
	c)	 	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the
Vessel will not be ready for delivery by the Date of Cancelling they are to notify the Buyers
in writing stating the date when they anticipate that the Vessel will be ready for delivery
and propose a new cancelling date. Upon receipt of such notification the Buyers shall have
the option of either canceling this Agreement in accordance with Clause 14 within 7 running
days of receipt of the notice or of accepting the new date as the new cancelling date. If the
Buyers have not declared the option within 7 running days of receipt of the Sellers’
notification or if the Buyers accept the new date, the date proposed in the Sellers’
notification shall be deemed to be the new cancelling date and all reference in this Agreement
to the Date of Cancelling shall be read as referring to the new cancelling date. In the event
the Buyers elect to cancel this agreement the deposit together with earned interest to be
returned to the Buyers immediately.
	 
	 	 	If this Agreement is maintained with the new cancelling date all other terms and conditions hereof
including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in
full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to
any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by
Date of Cancelling.
	 
	d)	 	Should the Vessel become an actual, constructive or compromised total loss before delivery
the deposit together with interest earned shall be returned immediately to the Buyers
whereafter this Agreement shall be null and void.

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	 	 	6.
	 
	 	 	The Vessel is to be delivered without drydocking. However, the Buyers shall have the right at
their expense to arrange for an underwater inspection by a diver approved by the Classification
Society prior to Buyers’ declaration of their BOD approval. Buyers will have to request in writing
the underwater inspection and Sellers at their convenience, provided this underwater inspection
will not interfere with Vessel’s normal operation, shall at Buyers’ cost make the Vessel available for such inspection. The extent of the inspection
and the conditions under which it is performed shall be to the satisfaction of the Classification
Society.
	 
	 	 	If the rudder, propeller, bottom or other underwater parts below the deepest load line are found
broken, damaged or defective so as to affect the Vessel’s class, then always at Sellers option, a)
deliver the vessel as she is without repair but instead discount the purchase price at the time of
delivery by a US$ amount, which will be the direct cost of repairs acceptable to class, will be the
average of two price quotations received from two reputable shipyards in China — one chosen by the
Sellers and the other one chosen by the Buyers, shall be deducted from the balance of the purchase
monies at the time of delivery. Such amount shall reflect only the direct estimated cost of
repairing the damage and excludes drydocking fees/charges for general services/off-hire etc.
or
	 
	 	 	b) This agreement is considered null and void without any harm or claim to any party

	 	 	a)** The Sellers shall place the Vessel in drydock at the port of
delivery for inspection by the Classification Society of the
Vessel’s underwater parts below the deepest load line, the extent
of the inspection being in accordance with the Classification
Society’s rules. If the rudder, propeller, bottom or other
underwater parts below the deepest load line are found broken,
damaged or defective so as to affect the Vessel’s class, such
defects shall be made good at the Sellers’ expense to the
satisfaction of the Classification Society without
condition/recommendation.*

	 
	 	 	b)** (i) The Vessel is to be delivered without drydocking. However,
the Buyers shall have the right at their expense to arrange for
an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the vessel. The
Sellers shall at their cost make the Vessel available for such
inspection. The extent of the inspection and the conditions
under which it is performed shall be to the satisfaction of the
Classification Society. If the conditions at the port of
delivery are unsuitable for such inspection, the Sellers shall
make the Vessel available at a suitable alternative place near to
the delivery port.
	 
	 	 	
(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load
line are found broken, damaged or defective so as to affect the Vessel’s class, then unless
repairs can be carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the
extent of the inspection being in accordance with the Classification Society’s rules. If
the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, such defects shall
be made good by the Sellers at their expense to the satisfaction of the Classification
Society without condition/recommendation.* In such event the Sellers are to pay also for
the cost of the underwater inspection and the Classification Society’s attendance.

4

 

	 	 	(iii) If the Vessel is to be drydocked pursuant to Clause 6b) (ii) and no suitable
drydocking facilities are available at the port of delivery, the Sellers shall take the
Vessel to a port where suitable drydocking facilities are available, whether within or
outside the delivery range as per Clause 5b). Once drydocking has taken place, the Sellers
shall deliver the Vessel at a port within the delivery range as per
Clause 5b) which shall, for the purpose of this Clause, become the new port of
delivery. In such event the Date of Cancelling provided for in Clause5b) shall be extended
by the additional time required for the drydocking and extra steaming, but limited to a
maximum of 14 running days.
	 
	 	 	c) If the Vessel is drydocked pursuant to Clause 6a) or 6b) above.
	 
	 	 	(i) the Classification Society may require survey of the tailshaft system, the extent of
the survey being to the satisfaction of the Classification surveyor. If such survey is not
required by the Classification Society, the Buyers shall have the right to require the
tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey
being in accordance with the Classification Society’s rules for tailshaft survey and
consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare
whether they require the tailshaft to be drawn and surveyed not later than by the
completion of the inspection by the Classification Society. The drawing and refitting of
the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system
be condemned or found defective so as to affect the Vessel’s class, those parts shall be
renewed or made good at the Seller’s expense to the satisfaction of the Classification
Society without condition/recommendation.*

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

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

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

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	 	 	(v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and
painted a their risk and expense without interfering with the Sellers’ or the
Classification surveyor’s work, if any, and without affecting the Vessel’s timely delivery.
If however, the Buyers’ work in drydock is still in progress when the Sellers have
completed the work which the Sellers are required to do, the additional docking time needed
to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event that
the Buyers’ work requires such additional time, the Sellers may upon completion of the
Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock
and the Buyers shall be obliged to take delivery in accordance with Clause 3 whether the
Vessel is in drydock or not and irrespective of Clause 5b).
	 
	 	 	* Notes, if any, in the surveyor’s report which are accepted by the
Classification Society without condition/recommendation are not be
taken into account.
	 
	**	 	6a) and 6b) are alternatives, delete whichever is not applicable. In the absence of
deletions, alternative 6a) to apply.

7. Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board, and
on shore. All spare parts and spare equipment belonging to the Vessel at the time of delivery used
or unused, whether on board or not shall become the Buyers’ property, but spares on order are to be
included excluded. Forwarding charges, if any, shall be for the Buyers’ account. The
Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare
propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to
delivery, but the replaced items shall be the property of the Buyers. The radio installation and
navigational equipment shall be included in the sale without extra payment if they are property of
the Sellers. Unused/unbroached stores and provisions shall be included in the sale and be taken
over by the Buyers without extra payment. The Vessel has neither spare propeller, nor spare
tail-end shaft, nor spare anchor.

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

To be excluded from the sale:

Unitor Oxygen and Acetylene Bottles/equipment both used and unused,

Owners’ Lists/publications/videos/software/PC’s etc,

Globe wireless equipment/Mini-M’s.

The buyers shall take over the remaining bunkers (IFO/MDO) and pay the Sellers:

- in case of charter free as per Platt’s prices at port of delivery or nearest port thereto, or

- in case of charter attached as per charter party prices

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Also the buyers shall take over the remaining and unused lubricating oils and greases and pay the
Sellers the contract prices, a joint survey between Sellers’ and Buyers’ representatives to take
place to ascertain the quantities of remaining bunkers/lubs on the date of delivery.

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

8. Documentation

The place of closing: First Business bank, Shipping Branch Piraeus.

The Vessel shall be delivered and the purchased price paid against Protocol of Delivery signed by
both the Sellers and the Buyers, Bill of Sale and all other normal delivery documents reasonably
required for Buyers’ Vessel’s legal transfer of title and
registration of the Vessel under Buyers’ indented flag. Such documents to be listed in an Addendum
to this MOA which both parties to endeavour to be agreed/issued as soonest as possible.

	a)	 	Legal Bill of Sale in a form recordable in (the country which the Buyers are to register the
Vessel), warranting that the Vessel is free from all encumbrances, mortgages and maritime
liens or any other debts or claims whatsoever, duly notarially attested and legalized by the
consul of such country or other competent authority.
	 
	b)	 	Copy of the Current Certificate of Ownership issued by the competent authorities of the
flag state of the Vessel.
	 
	c)	 	Confirmation of Class issued within 72 hours prior to delivery.
	 
	d)	 	Certificate issued by the competent authorities stating that the Vessel is free from
registered encumbrances.
	 
	e)	 	Certificate of Deletion of the Vessel from the Vessel’s registry or other official
evidence of deletion appropriate to the Vessel’s registry at the time of delivery or, in the
event that the registry does not as a matter of practice issue such documentation immediately,
A written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith
and furnish a Certificate or other official evidence of deletion to the Buyers promptly and
latest within 4 (four) weeks after the Purchase Price has been paid and the Vessel has been
delivered.
	 
	f)	 	Any such additional documents as may reasonably be required by the competent authorities
for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such
documents as soon as possible after the date of this Agreement.
	 
	 	 	At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of
Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to
the Buyers.

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

	 	9.	 	Encumbrances

	 	 	The Sellers warrant that the Vessel, at the time of delivery, is free from all encumbrances,
mortgages and maritime liens or any other debts whatsoever. The Sellers hereby undertake to
indemnify the Buyers against all consequences of claims made against the Vessel which have been
incurred prior to time of delivery.

	 	10.	 	Taxes, etc.

	 	 	Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’
flag shall be for the Buyers’ account, whereas similar charges in connection with the closing of
the Sellers’ register shall be for the Sellers’ account.

	 	11.	 	Condition on delivery

	 	 	The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be
delivered and taken over as she was at the time of signing this MOA, fair wear and tear excepted.
	 
	 	 	However, the Vessel shall be delivered as is where lies with her class maintained and free of
average damage affecting the Vessel’s class and with her classification certificates and
National/International trading certificates as on board at the time of delivery.
	 
	 	 	“Inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4a) or 4b),
if applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is
taken over without inspection, the date of this Agreement shall be the relevant date.

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

	 	12.	 	Name/markings

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

8

 

	 	13.	 	Buyers’ default

	 	 	Should the deposit not be paid in accordance with Clause 2 the Sellers have the right to cancel
this Agreement, and they shall be entitled to claim compensation for their losses and for all
expenses incurred together with interest.

Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to
cancel the Agreement, in which case the deposit together with interest earned shall be released to
the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim
further compensation for their losses and for all expenses incurred together with interest.

	 	14.	 	Sellers’ default

	 	 	Should the Sellers fail to give Notice of Readiness in accordance with Clause 5a) or fail
to be ready to validly complete a legal transfer by the Date of Cancelling stipulated the Buyers
shall have the option of cancelling this Agreement provided always that the Sellers shall be
granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements
for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every respect by the Date
of Cancelling and new Notice of Readiness given, the Buyers shall retain their option to cancel.
In the event that the Buyers elect to cancel this Agreement the deposit together with interest
earned shall be released to them immediately.
	 
	 	 	Should the Sellers fail to give Notice of Readiness by the Date of Cancelling or fail to be ready
to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers
for their loss and for all expenses together with interest if their failure is due to proven
negligence and whether or not the Buyers cancel this Agreement.

	 	15.	 	Buyers’ representatives

	 	 	After this Memorandum of Agreement has been signed by both parties and provided Buyers BOD is
lifted and the deposit has been lodged, the Buyers have the right to place two representatives
on board Vessel at their sole risk and expense till delivery.
	 
	 	 	These representatives are on board fro the purpose of familiarisation and in the capacity of
observers only, and they shall not interfere in any respect with the crew and/or operation of the
Vessel. The Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to their
embarkation. However, the Buyers representatives are not to board the vessel prior to two months
before the expected delivery of the Vessel.

9

 

	16.	 	Arbitration

	a)* 	 	This Agreement shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in London in accordance
with the Arbitration Acts 1950 and 1979 1996 and in accordance with the LMAA terms in
force or any statutory modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. The two arbitrators so appointed shall appoint a
third arbitrator who shall chair the arbitration panel. In the event that the two arbitrators
already appointed cannot agree on the identity of the Chairman within 30 days of the
appointment of the second arbitrator, the appointment shall be made by the President for the
time being of the London Maritime Arbitrators Association. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, that party shall appoint their
arbitrator within fourteen days, failing which the decision of the single arbitrator appointed
shall apply. If two arbitrators properly appointed shall not agree they shall appoint an
umpire whose decision shall be final.
	 
	b)* 	 	This Agreement shall be governed by and construed in accordance with Title 9 of the
United States Code and the Law of the State of New York and should any dispute arise out of
this Agreement, the matter in dispute shall be referred to three persons of New York, one to
be appointed by each of the parties hereto, and the third by the two so chosen; their decision
or that of any two of them shall be final, and for purpose of enforcing any award, the
Agreement may be made a rule of the Court.
The proceedings shall be conducted in accordance with the rules of the Society of Maritime
Arbitrators, Inc., New York.

	 	 	 	c)* Any dispute arising out of this Agreement shall be referred to arbitration at London, subject
to the procedures applicable there. The laws of England shall govern this Agreement.
	 
	 	*	 	16a), 16b) and 16c) are alternatives; delete whichever is not applicable. In the absence of
deletions, alternative 16a) to apply.

22nd of January 2008

	 	 	 
	FOR THE BUYERS

	 	FOR THE SELLERS
	 
	 	 
	/s/ Ion G. Varouxakis

	 	/s/ George Kalogeropoulos
	 

	 	 
	Ion G. Varouxakis

	 	George Kalogeropoulos
	(Attorney-in-Fact)

	 	(Attorney-in-Fact)

10

 

A D D E N D E M   N O. 1

Dated February 1st 2008

To the Memorandum of Agreement dated 22nd January 2008

(“The M.O.A.”)

For the sale of

M/V “AFRICAN IMPALA”

(Hereinafter called “the Vessel”)

Between

“STELLA SHIPPING CO” of Majuro, Marshall Islands

(Hereinafter called “the Sellers”)

And

“ADVENTURE SEVEN S.A.” of Majuro, Marshall Islands

(Hereinafter called “the Buyers”)

     In connection with the above mentioned Memorandum of Agreement, following has been mutually
agreed between the Sellers and the Buyers:

     1/. “ADVENTURE SEVEN S.A.” of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands hereby irrevocably nominates “ADVENTURE NINE S.A.” of Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands as the actual buying company (hereinafter
called the “Final Buyers).

     2/. The Sellers “STELLA SHIPPING CO” hereby accept the above nomination of “ADVENTURE NINE S.A.” of
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands as Final Buyers of
the Vessel.

     3/. “ADVENTURE NINE S.A.” of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands irrevocably and unconditionally agrees on all the terms and conditions of the MOA
dated January 22nd 2008 and irrevocably commits itself, undertakes and warrants to duly,
timely and fully perform all Buyers’ duties, liabilities and obligations arising under the said
MOA, as if it were named ab initio as Buyers in the said MOA.

     4/. The Buyers and the Final Buyers undertake and promise to take all necessary action in order to
duly advise the bank with which the 10% deposit has been lodged and transmit through their bankers
necessary swift instructions amending the initial instructions re Buyers’ corporate name.

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     This Addendum shall constitute inseparable part of the Memorandum of Agreement and all other
terms/conditions/provisions and exceptions of the Memorandum of Agreement dated January
22nd 2008 shall remain unaltered and in full force and effect.

     IN WITNESS WHEREOF the parties hereto have caused this Addendum No. 1 to be executed by their
duly authorised representatives as of February 1st 2008.

	 	 	 	 	 
	 	 	 
	 	                          /s/ Illegible
 	 
	 	FOR “STELLA SHIPPING CO” 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                       /s/ Ion G. Varouxakis, Attorney-in-Fact
 	 
	 	FOR “ADVENTURE SEVEN S.A.” 	 
	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	                       /s/ Ion G. Varouxakis, Attorney-in-Fact
 	 
	 	FOR “ADVENTURE NINE S.A.” 	 
	 	 	 

2

 

	 	 	 	 	 

THIS ADDENDUM No. 2 is made this 4th day of February 2008 BETWEEN:

	(1)	 	STELLA SHIPPING CO. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH 96960 (the “Sellers”); and

	(2)	 	ADVENTURE NINE S.A., of the Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
Marshall Islands MH 96980 (the “Buyers”).

WHEREAS:

	(A)	 	The Sellers are the registered owners of the bulk carrier motor vessel African Impala
currently registered under the Bahamas flag with IMO number 9138680 (the “Vessel”), and

	(B)	 	the Sellers and the Buyers have entered into a “NSF 93 Form” Memorandum of Agreement dated as
of 22 January 2008 as amended by Addendum No. 1 (the “Agreement”) for the sale by the Sellers
to the Buyers of the Vessel; and

	(C)	 	the Sellers and the Buyers have agreed pursuant to Clause 8 of the Agreement to sign this
Addendum No. 2.

IT IS NOW THEREFORE AGREED BETWEEN THE PARTIES AS FOLLOWS:

In exchange of the payment of the Purchase Price (as such term is defined in the Agreement), the
Sellers shall furnish the Buyers with delivery documents, namely:

	(a)	 	Three originals of a Legal Bill of Sale in a form recordable in the Bahamas Registry,
warranting that the Vessel is free from all encumbrances, mortgages, taxes and maritime liens
or any other debts or claims whatsoever, duly legalized by Apostille by the Special Agent of
the Republic of the Marshall Islands in Piraeus, Greece.

	(b)	 	Fax copy of Transcript of Registry issued not earlier than one day prior to the date of
delivery by the competent authorities of the flag state of the Vessel, which shall inter alia
confirm that the Vessel is registered in the ownership of the Sellers free from registered
encumbrances. The original to be delivered to Buyers’ representative attending on the date of
closing at the BMA in London.

	(c)	 	Class Maintenance Certificate issued within two (2) Banking days prior to delivery confirming
that the vessel is fully classed;

	(d)	 	a true copy of the Certificate of Incorporation of the Sellers certified by Sellers’ Greek
counsel or other such document evidencing that the Sellers are a company validly incorporated
and existing in accordance with the laws of the Republic of the Marshall Islands;

1

 

	(e)	 	Two (2) Originals set of Protocol of Delivery and Acceptance (one each for the Sellers and
the Buyers), one at the closing and the other at the physical delivery confirming the delivery
of the Vessel to the Buyers.

	(f)	 	an original Certificate of Good Standing of the Sellers dated no more than five days prior to
the Delivery Date showing the Sellers to be in good standing under the laws of the Republic of
the Marshall Islands.

	(g)	 	an original set of the resolutions of the board of directors of the Sellers signed by all the
directors of the Sellers authorising the sale of the Vessel in accordance with the provisions
of the Agreement and the execution on behalf of the Sellers of inter alia, the Bill of Sale, a
protocol of delivery and acceptance and any other document required to be executed by the
Sellers in respect of the delivery of the Vessel from the Sellers to the Buyers pursuant to
the Agreement, such resolutions to be duly legalised by Apostille by the Special Agent of the
Republic of the Marshall Islands in Piraeus, Greece.

	(h)	 	an original set of the resolutions of the shareholders of the Sellers signed by or on behalf
of all the shareholders of the Sellers approving and consenting to the resolutions referred to
in (c) (g) above, such resolutions to be duly legalised by Apostille by the Special Agent of
the Republic of the Marshall Islands in Piraeus, Greece.

	(i)	 	an original set of the officer’s certificate of the Sellers certifying (i) the names of all
the present directors and officers as well as (ii) the names of the shareholders and the
number of shares held by each shareholder and annexing both a certified true and up-to-date
copy of the constitutional documents of the Sellers (articles of incorporation and by-laws),
such officer’s certificate to be duly legalized by Apostille by the Special Agent of the
Republic of the Marshall Islands in Piraeus, Greece.

	(j)	 	an original power of attorney of the Sellers duly legalized by apostile by the Special Agent
of the Republic of the Marshall Islands in Piraeus, Greece;

	(k)	 	a copy of the Vessel’s current complete Continuous Synopsis Record (CSR) file, original CSR
to be delivered on board.

	(l)	 	three original commercial invoices stating the particulars of the Vessel including the full
purchase price of the Vessel, marked “fully paid” and signed by the Sellers;

	(m)	 	Three original statements providing for description, quantities and prices of any bunkers
lubricating oils remaining on board the Vessel at the Delivery Date in accordance with the
provisions of clause 7 of the Agreement.

	(n)	 	An original letter of undertaking from Sellers to fully indemnify the Buyers and hold them
harmless against all and any claims of whatsoever nature made against the Vessel in respect of
liabilities incurred prior to the Vessel’s delivery to the Buyers but arising after such
delivery and to settle same without delay;

2

 

	(o)	 	Photocopies of the following certificates to be faxed to the Buyers upon signing of this
Addendum:

	 	•	 	Registry Certificate
	 
	 	•	 	International Loadline
	 
	 	•	 	International Tonnage Certificate
	 
	 	•	 	Radio License
	 
	 	•	 	Cargo Ship Safety Radiotelegraphy
	 
	 	•	 	Cargo Ship Safety Equipment
	 
	 	•	 	Cargo Ship Safety Construction
	 
	 	•	 	Safety Management Certificate and Document of Compliance in
respect of the Vessel issued pursuant to ISM Code;
	 
	 	•	 	All other trading and international Ship’s Certificates

In exchange of delivery of the Vessel, the Buyers shall furnish the Sellers with delivery
documents, namely:

	(a)	 	a true copy of the Certificate of Incorporation of the Buyers certified by a director of the
Buyers or other such document evidencing that the Buyers are a company validly incorporated
and existing in accordance with the laws of the Marshall Islands;
	 
	(b)	 	an original Certificate of Good Standing of the Buyers dated no more than five days prior to
the Delivery Date showing the Buyers to be in good standing under the laws of the Marshall
Islands;
	 
	(c)	 	an original set of the resolutions of the board of directors of the Buyers authorising the
Purchase of the Vessel in accordance with the provisions of the Agreement and the execution on
behalf of the Buyers of inter alia, the acceptance of the Bill of Sale, authorising the
release of the 10% escrow deposit to the favour of the Sellers, the execution of a protocol of
delivery and acceptance and any other document required to be executed by the Buyers in
respect of the delivery of the Vessel from the Sellers to the Buyers pursuant to the Agreement
such resolutions to be duly legalised by Apostille by the Special Agent of the Republic of the
Marshall Islands in Piraeus, Greece;
	 
	(d)	 	an original set of the officer’s certificate of the Buyers certifying the names of all the
present directors and officers and annexing both a certified true and up-to-date copy of the
constitutional documents of the Buyers (articles of incorporation and by-laws), such officer’s
certificate to be duly legalised by Apostille by the Special Agent of the Republic of the
Marshall Islands in Piraeus, Greece;
	 
	(e)	 	an original power of attorney of the Buyers duly legalised by Apostille by the Special Agent
of the Republic of the Marshall Islands in Piraeus, Greece;
	 
	 	 	Drafts of delivery documents to be exchanged between Sellers and Buyers seven days prior to
delivery for approval.

3

 

     IN WITNESS WHEREOF the parties hereto have caused this Addendum to be executed as deed by their
duly authorised representatives on the date written above.

	 	 	 	 	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	/s/ Illegible
	 
	 	 	 	 	 	 
	STELLA SHIPPING CO.

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	EXECUTED as a DEED

	 	 	)	 	 	 
	by

	 	 	)	 	 	 
	for and on behalf of

	 	 	)	 	 	.../s/ Ion G. Varouxakis
	ADVENTURE NINE S.A.

	 	 	)	 	 	 

4

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