Document:

EXHIBIT
      10.33

    
      	 	 
	
              MEMORANDUM
                OF AGREEMENT

               

              Dated:
                26
                October 2007

            	
              Norwegian
                Shipbrokers’ Association’s
                Memo-
randum 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.

            

    

    

    Songa
      Shipping Pte Ltd. of One Temasek Avenue, 22-05 MilIenia Tower, Singapore 039192
      hereinafter
      called the Sellers, have agreed to sell, and Maxdodeka
      Shipping Corporation of 80 Broad Street, Monrovia, Liberia, always to be fully
      guaranteed by Safety Management Overseas S.
      A. of Panama

    hereinafter
      called the Buyers, have agreed to buy 

     

    Name:
      Hull
      No. 1039 

    Classification
      Society/Class: Lloyd’s
      Register of Shipping /LRS: +100A1 Bulk Carrier, BC-A, CSR, Holds
      No. 2, 4 and 6 may be empty, ESP, LI, *IWS, ShipRight(CM), strengthened for
      regular discharge
      by heavy grabs (20MT), +LMC, UMS with desriptive notes
“Pt. Ht.”

    
      	
              Built:
                expected
                on or before 31 July
2009

            	
              By:
                Sungdong
                Shipyard & Marine Engineering Co., Ltd. of Korea
                and Sungdong Heavy Industries Co., Ltd. of Korea

              (together
                the “Builders” and each a “Builder”)

            
	
              Flag:

               

            	
              Place
                of Registration: see
                clause 8 hereof 

               

            
	
              Call
                Sign: n/a,
                see clause 8 hereof

            	
              Grt/Nrt:
                In accordance with the
                Specifications

            

    

     

    IMO
      Number: n/a,
      see clause 8 hereof 

     

    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
      and
where
      a
      payment is to be made under this Agreement.

     

    “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. 

     

    “Shipbuilding
      Contract” means the shipbuilding contract dated 5 December 2006 made
between
      the Builder and the Sellers in connection with the construction of the Vessel
      by
      the Builder
      and its purchase by the Sellers, a copy of which contract is attached hereto
      as
Appendix A.

     

    “Shipyard”
      means the Builders’ facilities where the Vessel is being built and which are
      located at
      Korea.

     

    “Specifications”
      means the specifications and plans to the Shipbuilding Contract, a copy of
      which
      specifications and plans are attached hereto as Appendix “B”.

     

    “United
      States Dollars” and “US$” means the lawful currency of the United States of
      America at any
      relevant time.

     

    
      	1.	
              Purchase
                Price 

            

    

     

    US$73,500,000.00
      (United States Dollars Seventy Three Million Five Hundred Thousand) plus any
      adjustments as provided in Clause 19 (in respects of amendments to
      Specifications not exceeding in aggregate US$150,000) hereof minus any
      adjustments as provided in Clause 22 hereof

     

    
      	2.	
              Deposit 

            

    

     

    As
      security for the correct fulfilment of this Agreement the Buyers shall pay
      a
      deposit in the amount of US$14,700,000
      within
three
      (3) Banking
      days from the date this

     

    
      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    Agreement
      is signed by both parties hereto over the fax or attachments via email. This
      deposit shall be placed with Nordea
      Bank Finland plc., Singapore Branch. Account number 503612 in
      the name
      of “Songa Shipping Pte Ltd/Maxdodeka Shipping Corporation or its nominee”.
      SWIFT: NDEASGSG and correspondent bank is JP Morgan Chase Bank, New York. SWIFT:
      CHASUS33.

    and
      held
      by them in an interest bearing joint account for the Sellers and the Buyers,
      to
      be released in accordance with joint written instructions of the Sellers and
      the
      Buyers. Accrued interest, to be credited to the Buyers. Any fee charged for
      holding the said deposit shall be borne equally by the Sellers and the Buyers.
      

     

    
      	3.	
              Payment 

            

    

     

    The
      remaining of the said Purchase Price and any other monies payable by the Buyers
      to the Sellers under this Agreement shall be paid in full free of bank charges
      to Nordea
      Bank Finland plc.,
      Singapore Branch. Account number 5033461901 in the name of “Songa Shipping Pte
      Ltd”. SWIFT: NDEASGSG and correspondent bank is JP Morgan Chase Bank, New York.
      SWIFT: CHASUS33.

    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.
      

     

    
      	4.	
              Inspections
                (See Clause 20) 

            

    

     

    
      	5.	
              Notices,
                time and place of delivery (See also Clause 18) 

            

    

     

    
      	
              a)

            	
              The
                Sellers shall keep the Buyers regularly posted with regards to the
                estimated time of delivery of the Vessel and
                shall

            

    

     

    
      	 	
              provide
                the Buyers with 30,
                21, 15, 10, 5,
                and 3 days
                approximate notice and 1 day’s definite notice there of

              When
                the Vessel is in every respect ready for delivery in accordance with
                this
                Agreement, the Sellers shall give the Buyers a written Notice of
                Readiness
                for delivery of the Vessel. Sellers to keep Buyers informed about
                the
                Vessel’s building schedule and progress of all major construction stages,
                such as Steel Cutting, Keel Laying, Launching and delivery date,
                until the
                Vessel is completed.

            

    

     

    
      	 	
              The
                Vessel will be delivered to the Buyers immediately and as soon as
                practical after the Vessel has been delivered from the shipyard to
                the
                Seller, the Sellers to have the option to register the Vessel in
                their
                registry under the name given by the Buyers prior to transferring
                the
                vessel to the Buyers under this Memorandum of
                Agreeement.

            

    

     

    
      	
              b)

            	
              Subject
                to the Vessel having completed her sea trial in accordance with
                the 

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    
      	 	
              Shipbuilding
                Contract and the Specifications,
                the Vessel shall be delivered and taken over safely afloat at a safe
                and
                accessible berth or safe anchorage alongside
                the pier or the anchorage at the
                Shipyard.

            

    

    in
      the
      Sellers’ option. 

     

    
      	 	
              Expected
                time of delivery: As
                per the Shipbuilding Contract on or before 31 July
                2009. 

            

    

     

    
      	 	
              Date
                of cancelling (see and clause 14):
                means
                either of the dates on which
                the Sellers, but for Clause 23 hereof, could terminate the
                Shipbuilding Contract either pursuant to Article III of the
                Shipbuilding Contract or Article VIII of the Shipbuilding
                Contract.

            

    

     

    
      	
              d)

            	
              Should
                the Vessel become an actual, constructive or compromised total loss
                before
                delivery The deposit together with interest earned shall be released
                immediately to the Buyers whereafter this Agreement shall be null
                and
                void. 

            

    

     

    
      	6.	
              Drydocking/Divers
                Inspection 

            

    

     

    
      
         

      

         

        

        

      

      
         

      

    
     

    
      	7.	
              Spares/bunkers,
                etc. 

            

    

     

    The
      Sellers shall deliver the Vessel to the Buyers with everything belonging to
      her
      on board and on Shore. Unused
      stores and provisions shall be included in the sale and be taken over by the
      Buyers without extra payment
      if the same are supplied by
      the Builders under the Shipbuilding Contract or the Specifications. Spare parts
      shall be in accordance with the requirements of the
      Specification.

     

    Upon
      signing this Agreement, the Sellers shall provide to the Buyers copies of all
      plans/drawings of this Vessel such as Capacity Plan, Midship Section Plan,
      General Arrangement

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    Plan,
      Stability Booklet, Loading Manual, Mooring Plan, Accommodation Plan and other
      plans/drawings provided the same have been given from the Builder to the Sellers
      at same time or, otherwise, whenever made available to the Sellers by the
      Builder.

     

    Buyers
      to take over and pay extra for all unused luboils (in storage
      tanks and
      sealed drums) and pay the current net market price (including delivery charges,
      if any) at the port and date of delivery of the Vessel. Bunkers which on board
      the Vessel at the time of delivery to be taken over by Buyers at Sellers’ net
      paid prices as evidenced by invoices from the Shipyard to
      Sellers.

     

    
      	8.	
              Documentation 

            

    

     

    The
      place
      of closing: London,
      Oslo or Singapore in Sellers option 

     

    In
      exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
      with delivery Documents , namely:

     

    
      	
              a)

            	
              Four
                original legal
                Bills of Sale in a form recordable in        
                (the
                port and the country in which the
                Buyers are to
                register the Vessel) and which the Buyers should nominate at least
                30
                running days prior
                to the delivery of the Vessel, warranting that the Vessel is free
                from all
                charters, encumbrances,
                mortgages and maritime liens or any other taxes, debts or claims
                whatsoever, duly notarially attested and legalized by the consul
                of such
                country or other competent authority. 

            

    

     

    
      	
              b)

            	
              All
                documents to be delivered to the Sellers by the Builders pursuant
                to
                Article VII.3 of the
                Shipbuilding Contract, including the documents called “Bill of Sale” and
                “Builder’s Certificate”  

            

    

     

    
      	
              c)

            	
              Any
                such additional documents as may reasonably be required by the competent
                authorities for the purpose of registering the
                Vessel.

            

    

     

    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. 

     

    At
      the
      time of delivery the Sellers shall hand to the Buyers the classification
      certificate(s) as well as all plans etc., relating to the Vessel and her
      equipment whether or not the same are on board the Vessel provided that the
      same
      have been delivered to the Sellers by the Builders. Other certificates wheter
      or
      not the same 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 provided same have been delivered to the Sellers by
      the
      Builder. Other technical documentation which may be in the Sellers’ possession
      (including the Specifications, the Vessel’s shipbuilding plan and drawings,
      equipment manuals, sea trial records major issues discussed between

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    Builders/Sellers
      and/or classification society as from the date of this MOA/contract to be copied
      to Buyers. Failing to provide, same no to be considered as a breach of this
      contract) shall be promptly forwarded to the Buyers at their expense, The
      Sellers shall also deliver to the Buyers on delivery of the Vessel to the Buyers
      under this Agreement the Ship replica model to be delivered to the Sellers
      by
      the Builders pursuant to Article XXI of the Shipbuilding Contract. Buyers
      shall not pay for the model.

     

    
      	9.	
              Encumbrances 

            

    

     

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

     

    
      	10.	
              Taxes,
                etc. 

            

    

     

    Subject
      to Clause 8 hereof, any taxes, fees and expenses in connection with the
      purchase and registration under the Buyers’ flag and similar charges payable by
      the Sellers under the Shipbuilding Contract in connection with the construction
      and/or delivery of the Vessel to the Sellers by the Builder shall be Buyers
      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 in brand
      new
      condition as is at the time of delivery of the Vessel to the Sellers by the
      Builder and always in accordance with the terms of this Agreement, the
      Shipbuilding Contract and Specifications and otherwise in accordance with
      Clause 19. 

     

    Furthermore,
      the Vessel shall be delivered with her class maintained without
      condition/recommendation*, save in respect of Classification Society
      requirements which customarily apply to newbuilding vessels on delivery and
      which can only be satisfied post delivery, free of damage affecting the Vessel’s
      class, and with her classification certificates and national and international
      trading certificates issued, as well as all other certificates the Vessel had
      at
      the time of delivery from the Builder, valid and unextended for a minimum period
      customarily issued by Classification Society or the relevant authorities at
      the
      time of delivery provided that the Buyers shall accept the interim/ short
      term/provisional certificates as issued by the Classification Society and/or
      the
      other applicable authorities at the time of delivery of the Vessel from the
      Builder to the Sellers. Buyers shall deal directly with the Classification
      Society for full term certificates after delivery of the Vessel.

     

    
      	12.	
              Name/markings
                (See Clause24) 

            

    

     

    
      	13.	
              Buyers’
                default 

            

    

     

    Should
      the 20 per cent deposit not be paid in accordance with Clause
      2
      hereof,
      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
      hereof,
      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 20 per
      cent 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
5
      a)
      or fail
      to be ready to validly complete a legal transfer by the date stipulated in
      line
      61
      or
      should the Sellers be in breach of any of their obligations under Clause 18
      hereof 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 ready for delivery and is not made ready
      again
      in every respect by the date stipulated in line
      61
      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 20 per cent deposit
      together with interest earned shall be released to them
      immediately.

     

    Should
      the Sellers fail to give Notice of Readiness by the date stipulated in
line
      61
      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 (see also Clause 17 hereof) 

            

    

     

    
      	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 Act 1996
                or any
                statutory modification or re-enactment thereof for the time being
                in
                force, one arbitrator being appointed by each party. 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 are properly appointed they shall in turn appoint a third
                arbitrator and the three arbitrators will be deciding by majority
                and
                their majority decision shall be final. In the event the two arbitrators
                appointed by the parties hereto fail agree on the appointment of
                the third
                arbitrator then the President of the Lloyds Maritime Arbitration
                Association at the relevant time shall be asked by either party to
                appoint
                the third arbitrator.

            

    

     

    No
      term
      of this Agreement shall be enforceable under the Contracts (Rights of Third
      Parties) Act 1999 by a person who is not a party to this Agreement.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Clauses
      17 – 26 hereto, inclusive, as attached, shall be deemed incorporated and
      considered integral part of this Agreement.

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    ADDITIONAL
      CLAUSES 17 – 26

    TO
      THE MEMORANDUM OF AGREEMENT DATED 26 OCTOBER 2007

    IN
      RESPECT OF SUNGDONG HULL NO 1039

    

    
      	
              17.

            	
              Supervision
                and plan approval during construction of the Vessel to be carried
                out by
                Sellers. Buyers to have the right to use one observer for this as
                for the
                Hull 1050, i.e only one observer for both Hull 1039 and Hull 1050
                at
                Sungdong Shipyard immediately after the Keelaying of the Vessel.
                This
                observer is to form part of the Sellers’ supervision team but all costs
                connected with their stay at the Shipyard are to be for the Buyers’
                account. This observer shall have no authority in the construction,
                drawing approval and shall only liaise/communicate with Sellers’
                supervision team and not the Shipyard directly, Office facilities
                with
                phone, fax, e-mail to be provided by Sellers within Sellers’ supervision
                team site office, all direct costs associated with Buyers’ observers’ use
                of these offices to be for Buyers’
account.

            

    

     

    The
      Buyers’ observer shall not have any direct contact with the Shipyard whatsoever.
      Any questions or comments shall be addressed in writing to Sellers’
representative at the Shipyard who will receive all written comments/questions
      from the Buyers. The Sellers’ representatives shall forward all of the Buyers’
comments/questions to the Shipyard but the Shipyard is not obliged to comply
      with all demands. This paragraph is fundamental for this Contract.

     

    If
      for
      any reason whatsoever the Sellers are not satisfied with the conduct of the
      Buyers’ observer or such observer act in contravention of the provisions herein,
      the Sellers may request the substitution of such observer and the Buyers must
      comply with such request.

     

    In
      addition to the observer the Buyers shall have the right to have, at their
      risk
      and expense, two (2) members of the crew joining the Vessel’s construction on
      the earliest of (i) the date sea trials are to commence and (ii) the date
      falling 21 days prior to the Vessel being delivered to the Sellers under the
      Shipbuilding Contract. The Buyers’ crew shall join the Vessel for
      familiarisation purposes and shall not interfere with the Vessel’s operation,
      sea trials or building schedule and shall sign the Builders’ indemnity letter
      prior to their embarkation on board the Vessel.

     

    
      	
              18.

            	
              With
                effect from the delivery of the Vessel under this Agreement, the
                Sellers
                undertake to assign to the Buyers all their rights, interest and
                title a)
                under the relevant article of the Shipbuilding Contract dealing with
                the
                Vessel’s so called warranty of quality, b) in any claims made thereunder
                outstanding at the time of such assignment, and c) under any other
                suppliers’ or equipment manufaturers’ warranties that are available to the
                Sellers, such assignments being subject to the consent of the Builder
                and
                such other suppliers. The assignment of the rights described above
                shall
                be effected by a) the Sellers executing a deed in a form acceptable
                to the
                Buyers and b) the Builder, or such other relevant supplier or manufacturer
                countersigning a Notice of Assignment again in a form acceptable
                to the
                Buyers, such notice to be duly executed, provided, however, that
                in the
                event that the Builder or any supplier or manufacturer, does not
                consent
                to the assignment of the relevant warranty, the Sellers hereby further
                undertake to act as the agent of the Buyers in raising, handling
                and
                closing any claims that the Buyers may want to raise under the said
                warranty always following the instructions of the Buyers. The Sellers
                shall not refuse any request by the Buyers to raise a claim under
                the said
                warranty of quality on the understanding that the Sellers shall not
                be
                liable to meet a claim if there is a failure to recover the same
                from the
                

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    Builder,
      or as the case may be, the relevant supplier or manufacturer, provided, however,
      that the Sellers shall, on the request of the Buyers, commence legal proceedings
      against the Builder, or the supplier or manufacturer in connection with any
      disputed or non-recoverable claim made under the relevant warranty. The Sellers
      will draft the deed of assignment which is subject to Buyers’ approval, but such
      approval not to be unreasonably withheld.

     

    The
      Vessel shall be delivered to the Buyers only once she is in all respects ready
      in accordance with the Shipbuilding Contract and Specification. However, the
      Buyers shall accept the Vessel if the Sellers are obliged to take delivery
      of
      the Vessel under the Shipbuilding Contract, Article III always with the
      provision that any liquidated damages are transferred to the benefit of the
      Buyers.

     

    
      	
              19.

            	
              The
                Vessel shall be delivered to the Sellers in accordance with the
                Shipbuilding Contract and the Specifications, as these may be amended
                and/or supplemented from time to time in accordance with the provisions
                of
                this Clause.

            

    

     

    The
      Sellers undertake that following the date of this Agreement and until delivery
      of the Vessel to the Buyers under this Agreement, they will not, without the
      previous written consent of the Buyers: (a) other than as may be allowed by
      the
      proviso hereto, agree any amendments, supplements or changes whatsoever to
      the
      Shipbuilding Contract, the Specifications (whether or not the said amendments,
      supplements or changes are necessitated by change in Classification Society
      rules and regulations) or any other document relating to the construction of
      the
      Vessel; (b) release the Builders from any of their obligations under the
      Shipbuilding Contract or the Specifications or, waive any breach of any of
      the
      Builders’ obligations under the Shipbuilding Contract or the Specifications, (c)
      consent to any such act or omission of the Builders or, as the case may be,
      the
      Intermediate Seller as would otherwise constitute such breach; (d) grant any
      consent that the Sellers are allowed to grant under the Shipbuilding Contract
      in
      accordance with its terms and (e) terminate the Shipbuilding Contract for any
      reason whatsoever other than in accordance with Clause 23 hereof, PROVIDED
      HOWEVER, that in case of any questions arising as regards the Specifications
      and
      their application which result in amendments, supplements or changes whatsoever
      to the Shipbuilding Contract or the Specifications, the Sellers shall have
      the
      right to agree to any such amendments not exceeding in aggregate until the
      date
      of delivery of the Vessel under this Agreement the total amount of USD150,000.-
      for Buyers’ account without the need to obtain the Buyers consent in relation
      thereto.

     

    
      	
              20.

            	
              The
                Buyers have received and approved the Specifications, the Makers
                List and
                the Shipbuilding Contract, and therefore this Sale is outright and
                definite, subject only to the terms and conditions of this
                Agreement.

            

    

     

    
      	
              21.

            	
              The
                Buyers shall have the right to assign as security any of their rights
                under this Agreement to a bank or other financial institution providing
                the Buyers with finance in relation to the acquisition of the
                Vessel.

            

    

     

    
      	
              22.

            	
              To
                the extent that the Sellers for any reason whatsoever receive the
                benefit
                of a reduction (the “reduction”)
                in the purchase price to be paid by them under the Shipbuilding Contract,
                then the Buyers would automatically be entitled to receive, in the
                Buyer’s
                option, either a reduction in the Purchase Price or a lump sum payment
                by
                the Sellers to the Buyers on delivery of the Vessel under this Agreement,
                in either case equal to the amount of the
                reduction.

            

    

     

    
      	
              23.

            	
              If
                for any reason whatsoever the Seller become entitled under the
                Shipbuilding Contract to terminate the Shipbuilding Contract or to
                reject
                the Vessel, then the Sellers shall,
                before

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    exercising
      such right of termination or rejection, advise in writing the Buyers of the
      existence thereof and shall act in relation to the said right(s) in accordance
      with the Buyers’ instructions. Within four (4) calendar days from receiving such
      advice the Buyers shall in turn advise the Sellers in writing:

     

    
      	
            	(a)	
              if
                they wish the relevant agreement to be terminated or, as the case
                may be,
                the Vessel to be rejected. Upon such notice being given the deposit
                together with the interest earned shall be released immediately to
                the
                Buyers after which this Agreement shall be null and void;
                or

            

    

     

    
      	
            	(b)	
              if
                they do not wish the relevant agreement to be terminated or, as the
                case
                may be, the Vessel to be rejected, of the terms, if any, upon which
                the
                Buyers will be willing for the Sellers to continue the Shipbuilding
                Contract or accept the Vessel. Upon receipt by the Sellers of the
                said
                notice and depending on the instructions contained therein, the Sellers
                would either (i) if the Buyers have given instructions to negotiate
                terms,
                negotiate the terms on which delivery of the Vessel would be taken
                or the
                Shipbuilding Contract would be continued or (ii) if there are no
                instructions to negotiate terms but merely instrctions to continue,
                unconditionally continue the Shipbuilding Contract, take delivery
                of the
                Vessel and deliver the Vessel to the Buyers. In the event that the
                Builders do not agree to the terms requested by the Buyers in their
                notice
                to the Sellers, then the Sellers, having first obtained the Buyers’ prior
                written consent, shall be entitled to terminate the Shipbuilding
                Contract,
                or, as the case may be, reject the Vessel whereupon the provisions
                of
                sub-paragraph (a) shall apply.

            

    

     

    
      	
              24

            	
              Subject
                to the Builders’ concent it is hereby agreed that it will be for the
                Buyers and not for the Sellers to provide the marking of the Vessel
                and
                Sellers agree, subject to receiving adequate notice, that they will
                pass
                the Buyers’ proposed markings to the Builders and arrange that the same is
                imprinted by the Builders on the Vessel’s hull, funnel and on the Vessel’s
                papers. To the extent the Builders require any additional payment
                for
                making such imprints, then such payment shall be for the Buyers’
                account.

            

    

     

    
      	
              25

            	
              The
                Sellers undertake only on Major issues to provide the Buyers with
                copy of
                important matters in connection with the Shipbuilding Contract. Failure
                to
                provide such documentation shall not be considered a breach of this
                Memorandum of Agreement.

            

    

     

    
      	
              26

            	
              Any
                and all notices and communications in connection with this Agreement
                shall
                be in English and addressed as
                follos:

            

    

     

    if
      to the
      Buyers at:

     

    c/o
      Safety Management Overseas S.A.
32
      K.
      Karamanli Avenue

    166
      05
      Voula

    Athens

    Greece

     

    Fax
      number:    +30
      210
      895 6900
Attn.:                 Dr.
      Loucas N. Barbaris

     

    if
      to the
      Sellers to:

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    

    c/o
      Songa
      Shipping Pte Ltd.

    of
      One
      Temasek Avenue

    22-05
      Millenia Tower

    Singapore
      039192

     

    Fax
      number:    +65-6339
      0559

    Tel
      number:    +65-6339
      0848

    Attn.:                Sissel
      Grefsrud

     

    Or
      to
      such other address or facsimile number as the relevant party may advise the
      other party in writing at any relevant time.

     

    IN
      WITNESS WHEREOF
      the
      parties hereto have caused this Agreement to be duly executed on the day and
      year first written above.

     

    
      	
              The
                Sellers:
Songa
                Shipping Pte Ltd.
Of
                One Temasek Avenue,
22-05
                Millenia Tower
Singapore
                039192

            	 	
              The
                Buyers:
Maxdodeka
                Shipping Corporation
of
                80 Broad Street, Monrovia, Liberia
always
                to be fully guaranteed by
Safety
                Management Overseas S.A. of Panama

            

    

     

    
      	
                  /s/
                Sissel Grefsrud

            	 	
              /s/
                George Papadopoulos

            
	
                       SISSEL
                GREFSRUD

                             Attorney-in-fact

            	 	
              GEORGE
                PAPADOPOULOS
               Attorney-in-factEXHIBIT
      10.34

    
      	 	 
	
              MEMORANDUM
                OF AGREEMENT

               

              Dated:
                26
                October 2007

            	
              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.

            

    

    

    Songa
      Shipping Pte Ltd. of One Temasek Avenue, 22-05 Millenia Tower, Singapore 039192
      hereinafter
      called the Sellers, have agreed to sell, and Maxdekatria
      Shipping Corporation of 80 Broad Street, Monrovia, Liberia, always to be fully
      guaranteed by Safety Management Overseas S. A. of Panama

    hereinafter
      called the Buyers, have agreed to buy

    

    Name:
      Hull
      No. 1050

    Classification
      Society/Class: Lloyd’s
      Register of Shipping /LRS: +100A1 Bulk Carrier, BC-A, CSR, Holds No. 2, 4 and
      6
      may be empty, ESP, LI, *IWS, ShipRight(CM), strengthened for regular discharge
      by heavy grabs (20MT), +LMC, UMS with descriptive notes “Pt.
      Ht.”

    
      	
              Built:
                expected
                on or before 31

            	
              By:
                Sungdong
                Shipyard & Marine Engineering Co., Ltd. of 

            
	March
              2010	
              Korea
                and Sungdong Heavy Industries Co., Ltd. of
                Korea

            
	 	
              (together
                the “Builders” and each a “Builder”)

            
	
              Flag:

            	
              Place
                of Registration: see
                clause 8 hereof

            
	
              Call
                Sign: n/a,
                see clause 8 hereof

            	
              Grt/Nrt:
                in
                accordance with the Specifications

            
	IMO
              Number: n/a, see clause 8 hereof 	 

    

    

    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
      and
      where a payment is to be made under this Agreement.

     

    “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.

     

    “Shipbuilding
      Contract” means the shipbuilding contract dated 5 December 2006 made between the
      Builder and the Sellers in connection with the construction of the Vessel by
      the
      Builder and its purchase by the Sellers, a copy of which contract is attached
      hereto as Appendix A.

     

    “Shipyard”
      means the Builders’ facilities where the Vessel is being built and which are
      located at Korea.

     

    “Specifications”
      means the specifications and plans to the Shipbuilding Contract, a copy of
      which
      specifications and plans are attached hereto as Appendix “B”.

     

    “United
      States Dollars” and “US$” means the lawful currency of the United States of
      America at any relevant time.

    

    
      	1.	
              Purchase
                Price 

            

    

    

    US$73,500,000.00
      (United States Dollars Seventy Three Million Five Hundred Thousand) plus any
      adjustments as provided in Clause 19 (in respects of amendments to
      Specifications not exceeding in aggregate US$150,000) hereof minus any
      adjustments as provided in Clause 22 hereof

    

    
      	2.	
              Deposit

            

    

    

    As
      security for the correct fulfilment of this Agreement the Buyers shall pay
      a
      deposit in the amount of US$14,700,000
      within
three
      (3)
      Banking
      days from the date this

     

    
      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        	
                Copyright:
                  Norwegian Shipbrokers' Association, Oslo, Norway.

              	
                Printed
                  by BIMCO's idea

              

      

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Agreement
      is signed by both parties hereto over the fax or attachments via email. This
      deposit shall be placed with Nordea
      Bank Finland plc., Singapore Branch. Account number 503611 in the name of “Songa
      Shipping Pte Ltd / Maxdekatria Shipping Corporation or its nominee”. SWIFT:
      NDEASGSG and correspondent bank is JP Morgan Chase Bank, New York. SWIFT:
      CHASUS33. 

    and
      held
      by them in an interest bearing joint account for the Sellers and the Buyers,
      to
      be released in accordance with joint written instructions of the Sellers and
      the
      Buyers. Accrued interest, to be credited to the Buyers. Any fee charged for
      holding the said deposit shall be borne equally by the Sellers and the
      Buyers.

    

    
      	3.	
              Payment 

            

    

    

    The
      remaining of the said Purchase Price and any other monies payable by the Buyers
      to the Sellers under this Agreement shall be paid in full free of bank charges
      to Nordea
      Bank Finland plc., Singapore Branch. Account number 5033461901 in the name
      of
“Songa Shipping Pte Ltd”. SWIFT: NDEASGSG and correspondent bank is JP Morgan
      Chase Bank, New York. SWIFT: CHASUS33.

    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.
      

    

    
      	4.	
              Inspections
                (See Clause 20) 

            

    

     

    
      	5.	
              Notices,
                time and place of delivery (See also Clause
                18)

            

    

    

    
      	a)	
              The
                Sellers shall keep the Buyers regularly posted with regards to the
                estimated time of delivery of the Vessel and shall provide the Buyers
                with
                30,
                21, 15, 10, 5,
                and 3
                days approximate notice and 1
                day’s
                definite notice there of When the Vessel is in every respect ready
                for
                delivery in accordance with this Agreement, the Sellers shall give
                the
                Buyers a written Notice of Readiness for delivery of the Vessel.
                Sellers
                to keep Buyers informed about the Vessel’s building schedule and progress
                of all major construction stages, such as Steel Cutting, Keel Laying,
                Launching and delivery date, until the Vessel is
                completed.

            

    

     

    The
      Vessel will be delivered to the Buyers immediately and as soon as practical
      after the Vessel has been delivered from the shipyard to the Seller, the Sellers
      to have the option to register the Vessel in their registry under the name
      given
      by the Buyers prior to transferring the vessel to the Buyers under this
      Memorandum of Agreeement.

    

    
      	b)	
              Subject
                to the Vessel having completed her sea trial in accordance with
                the

            

    

     

    
      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Shipbuilding
      Contract and the Specifications, the Vessel shall be delivered and taken over
      safely afloat at a safe and accessible berth or safe anchorage alongside
      the pier or the anchorage at the Shipyard.

    in
      the
      Sellers’ option. 

    

    Expected
      time of delivery: As
      per the Shipbuilding Contract on or before 31 March 2010. 

    

    Date
      of
      cancelling (see clause 14):
      means
      either of the dates on which
      the Sellers, but for Clause 23 hereof, could terminate the Shipbuilding Contract
      either pursuant to Article III of the Shipbuilding Contract or Article VIII
      of
      the Shipbuilding Contract .

    

    
      	d)	
              Should
                the Vessel become an actual, constructive or compromised total loss
                before
                delivery The deposit together with interest earned shall be released
                immediately to the Buyers whereafter this Agreement shall be null
                and
                void.

            

    

     

    
      	6.	
              Drydocking/Divers
                Inspection 

            

    

     

    
      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    
      	7.	
              Spares/bunkers,
                etc.

            

    

    

    The
      Sellers shall deliver the Vessel to the Buyers with everything belonging to
      her
      on board and on Shore. Unused
      stores and provisions shall be included in the sale and be taken over by the
      Buyers without extra payment if the same are supplied by the Builders under
      the
      Shipbuilding Contract or the Specifications. Spare parts shall be in accordance
      with the requirements of the Specification.

    

    Upon
      signing this Agreement, the Sellers shall provide to the Buyers copies of all
      plans/drawings of this Vessel such as Capacity Plan, Midship Section Plan,
      General Arrangement 

     

    
      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Plan,
      Stability Booklet, Loading Manual, Mooring Plan, Accommodation Plan and other
      plans/drawings provided the same have been given from the Builder to the Sellers
      at same time or, otherwise, whenever made available to the Sellers by the
      Builder.

    

    Buyers
      to
      take over and pay extra for all unused luboils (in storage tanks and sealed
      drums) and pay the current net market price (including delivery charges, if
      any)
      at the port and date of delivery of the Vessel. Bunkers which on board the
      Vessel at the time of delivery to be taken over by Buyers at Sellers’ net paid
      prices as evidenced by invoices from the Shipyard to Sellers.

    

    
      	8.	
              Documentation 

            

    

    

    The
      place
      of closing: London,
      Oslo or Singapore in Sellers option 

    

    In
      exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
      with delivery Documents , namely: 

    

    
      	a)	
              Four
                original legal Bills of Sale in a form recordable in
                               
                the port and the country in which the Buyers are to register the
                Vessel
                and which the Buyers should nominate at least 30 running days prior
                to the
                delivery of the Vessel, warranting that the Vessel is free from all
                charters, encumbrances, mortgages and maritime liens or any other
                taxes,
                debts or claims whatsoever, duly notarially attested and legalized
                by the
                consul of such country or other competent authority.
                

            

    

    

    
      	b)	
              All
                documents to be delivered to the Sellers by the Builders pursuant
                to
                Article VII.3 of the Shipbuilding Contract, including the documents
                called
                “Bill of Sale” and “Builder’s Certificate”

            

    

     

    
      	c)	
              Any
                such additional documents as may reasonably be required by the competent
                authorities for the purpose of registering the Vessel.
                

            

    

    

    At
      the
      time of delivery the Buyers and Sellers shall sign and deriver 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. 

    

    At
      the
      time of delivery the Sellers shall hand to the Buyers the classification
      certificate(s) as well as all plans etc., relating to the Vessel and her
      equipment whether or not the same are on board the Vessel provided that the
      same
      have been delivered to the Sellers by the Builders. Other certificates wheter
      or
      not the same 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 provided same have been delivered to the Sellers by
      the
      Builder. Other technical documentation which may be in the Sellers’ possession
      (including the Specifications, the Vessel’s shipbuilding plan and drawings,
      equipment manuals, sea trial records major issues discussed between 

    

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Builders/Sellers
      and/or classification society as from the date of this MOA/contract to be copied
      to Buyers. Failing to provide, same not to be considered as a breach of this
      contract) shall be promptly forwarded to the Buyers at their expense. The
      Sellers shall also deliver to the Buyers on delivery of the Vessel to the Buyers
      under this Agreement the Ship replica model to be delivered to the Sellers
      by
      the Builders pursuant to Article XXI of the Shipbuilding Contract. Buyers shall
      not pay for the model.

    

    
      	9.	
              Encumbrances

            

    

    

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

    

    
      	10.	
              Taxes,
                etc. 

            

    

    

    Subject
      to Clause 8 hereof, any taxes, fees and expenses in connection with the purchase
      and registration under the Buyers’ flag and similar charges payable by the
      Sellers under the Shipbuilding Contract in connection with the construction
      and/or delivery of the Vessel to the Sellers by the Builder shall be Buyers
      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 in brand
      new
      condition as is at the time of delivery of the Vessel to the Sellers by the
      Builder and always in accordance with the terms of this Agreement, the
      Shipbuilding Contract and Specifications and otherwise in accordance with Clause
      19. 

    Furthermore,
      the Vessel shall be delivered with her class maintained without
      condition/recommendation*, save in respect of Classification Society
      requirements which customarily apply to newbuilding vessels on delivery and
      which can only be satisfied post delivery, free of damage affecting the Vessel’s
      class, and with her classification certificates and national and international
      trading certificates issued, as well as all other certificates the Vessel had
      at
      the time of delivery from the Builder, valid and unextended for a minimum period
      customarily issued by Classification Society or the relevant authorities at
      the
      time of delivery provided that the Buyers shall accept the interim/ short
      term/provisional certificates as issued by the Classification Society and/or
      the
      other applicable authorities at the time of delivery of the Vessel from the
      Builder to the Sellers. Buyers shall deal directly with the Classification
      Society for full term certificates after delivery of the Vessel. 

      

    
      	12.	
              Name/markings
                (See Clause24) 

            

    

    

    
      	13.	
              Buyers’
                default 

            

    

    

    Should
      the 20 per cent deposit not be paid in accordance with Clause
      2
      hereof,
      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.

    

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Should
      the Purchase Price not be paid in accordance with Clause
      3
      hereof,
      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 20 per
      cent 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
5
      a)
      or fail
      to be ready to validly complete a legal transfer by the date stipulated in
      line
      61
      or
      should the Sellers be in breach of any of their obligations under Clause 18
      hereof 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 ready for delivery and is not made ready
      again
      in every respect by the date stipulated in line
      61
      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 20 per cent deposit
      together with interest earned shall be released to them
      immediately.

     

    Should
      the Sellers fail to give Notice of Readiness by the date stipulated in
line
      61
      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 (see also Clause 17 hereof) 

            

    

    

    
      	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 Act 1996
                or any
                statutory modification or 

              re-enactment
                thereof for the time being in force, one arbitrator being appointed
                by
                each party. 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 are properly appointed
                they
                shall in turn appoint a third arbitrator and the three arbitrators
                will be
                deciding by majority and their majority decision shall be final.
                In the
                event the two arbitrators appointed by the parties hereto fail agree
                on
                the appointment of the third arbitrator then the President of the
                Lloyds
                Maritime Arbitration Association at the relevant time shall be asked
                by
                either party to appoint the third
                arbitrator.

            

    

    

    No
      term
      of this Agreement shall be enforceable under the Contracts (Rights of Third
      Parties)
      Act 1999 by a person who is not a party to this Agreement.

    

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Clauses
      17 – 26 hereto, inclusive, as attached, shall be deemed incorporated and
      considered integral part of this Agreement.

    

      This
        document is a computer generated SALEFORM 1993 form printed by authority
        of the
        Norwegian Shipbrokers’ Association. 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
        approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association
        assume no responsibility for any loss, damage or expense as a result of
        discrepancies between the original approved document and this computer generated
        document.

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    ADDITIONAL
      CLAUSES 17 —26

    

    TO
      THE MEMORANDUM OF AGREEMENT DATED 26 OCTOBER 2007

    

    IN
      RESPECT OF SUNGDONG HULL NO 1050

    

    
      	17.	
              Supervision
                and plan approval during construction of the Vessel to be carried
                out by
                Sellers. Buyers to have the right for Hull 1050 to use the same observer
                as for the Hull 1039, i.e. only one observer for both Hull 1050 and
                Hull
                1039 at Sungdong Shipyard immediately after the Keelaying of the
                Vessel.
                This observer is to form part of the Sellers’ supervision team but all
                costs connected with their stay at the Shipyard are to be for the
                Buyers’
                account. This observer shall have no authority in the construction,
                drawing approval and shall only liaise/communicate with Sellers’
                supervision team and not the Shipyard directly. Office facilities
                with
                phone, fax, e-mail to be provided by Sellers within Sellers’ supervision
                team site office, all direct costs associated with Buyers’ observers’ use
                of these offices to be for Buyers’
account.

            

    

    

    The
      Buyers’ observer shall not have any direct contact with the Shipyard whatsoever.
      Any questions or comments shall be addressed in writing to Sellers’
representative at the Shipyard who will receive all written comments/questions
      from the Buyers. The Sellers’ representatives shall forward all of the Buyers’
comments/questions to the Shipyard but the Shipyard is not obliged to comply
      with all demands. This paragraph is fundamental for this Contract.

    

    If
      for
      any reason whatsoever the Sellers are not satisfied with the conduct of the
      Buyers’ observer or such observer act in contravention of the provisions herein,
      the Sellers may request the substitution of such observer and the Buyers must
      comply with such request.

    

    In
      addition to the observer the Buyers shall have the right to have, at their
      risk
      and expense, two (2) members of the crew joining the Vessel’s construction on
      the earliest of (i) the date sea trials are to commence and (ii) the date
      falling 21 days prior to the Vessel being delivered to the Sellers under the
      Shipbuilding Contract. The Buyers’ crew shall join the Vessel for
      familiarisation purposes and shall not interfere with the Vessel’s operation,
      sea trials or building schedule and shall sign the Builders’ indemnity letter
      prior to their embarkation on board the Vessel.

    

    
      	18.	
              With
                effect from the delivery of the Vessel under this Agreement, the
                Sellers
                undertake to assign to the Buyers all their rights, interest and
                title a)
                under the relevant article of the Shipbuilding Contract dealing with
                the
                Vessel’s so called warranty of quality, b) in any claims made thereunder
                outstanding at the time of such assignment, and c) under any other
                suppliers’ or equipment manufaturers’ warranties that are available to the
                Sellers, such assignments being subject to the consent of the Builder
                and
                such other suppliers. The assignment of the rights described above
                shall
                be effected by a) the Sellers executing a deed in a form acceptable
                to the
                Buyers and b) the Builder, or such other relevant supplier or manufacturer
                countersigning a Notice of Assignment again in a form acceptable
                to the
                Buyers, such notice to be duly executed, provided, however, that
                in the
                event that the Builder or any supplier or manufacturer, does not
                consent
                to the assignment of the relevant warranty, the Sellers hereby further
                undertake to act as the agent of the Buyers in raising, handling
                and
                closing any claims that the Buyers may want to raise under the said
                warranty always following the instructions of the Buyers. The Sellers
                shall not refuse any request by the Buyers to raise a claim under
                the said
                warranty of quality on the understanding that the Sellers shall not
                be
                liable to meet a claim if there is a failure to recover the same
                from the
                

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    Builder,
      or, as the case may be, the relevant supplier or manufacturer, provided,
      however, that the Sellers shall, on the request of the Buyers, commence legal
      proceedings against the Builder, or the supplier or manufacturer in connection
      with any disputed or non-recoverable claim made under the relevant warranty.
      The
      Sellers will draft the deed of assignment which is subject to Buyers’ approval,
      but such approval not to be unreasonably withheld.

    

    The
      Vessel shall be delivered to the Buyers only once she is in all respects ready
      in accordance with the Shipbuilding Contract and Specification. However, the
      Buyers shall accept the Vessel if the Sellers are obliged to take delivery
      of
      the Vessel under the Shipbuilding Contract, Article III always with the
      provision that any liquidated damages are transferred to the benefit of the
      Buyers.

    

    
      	19.	
              The
                Vessel shall be delivered to the Sellers in accordance with the
                Shipbuilding Contract and the Specifications, as these may be amended
                and/or supplemented from time to time in accordance
                with the provisions of this Clause.

            

    

    

    The
      Sellers undertake that following the date of this Agreement and until delivery
      of the Vessel to the Buyers under this Agreement, they will not, without the
      previous written consent of the Buyers; (a) other than as may be allowed by
      the
      proviso hereto, agree any amendments, supplements or changes whatsoever to
      the
      Shipbuilding Contract, the Specifications (whether or not the said amendments,
      supplements or changes are necessitated by change in Classification Society
      rules and regulations) or any other document relating to the construction of
      the
      Vessel; (b) release the Builders from any of their obligations under the
      Shipbuilding Contract or the Specifications or, waive any breach of any of
      the
      Builders’ obligations under the Shipbuilding Contract or the Specifications, (c)
      consent to any such act or omission of the Builders or, as the case may be,
      the
      Intermediate Seller as would otherwise constitute such breach; (d) grant any
      consent that the Sellers are allowed to grant under the Shipbuilding Contract
      in
      accordance with its terms and (e) terminate the Shipbuilding Contract for any
      reason whatsoever other than in accordance with Clause 23 hereof, PROVIDED
      HOWEVER, that in case of any questions arising as regards the Specifications
      and
      their application which result in amendments, supplements or changes whatsoever
      to the Shipbuilding Contract or the Specifications, the Sellers shall have
      the
      right to agree to any such amendments not exceeding in aggregate until the
      date
      of delivery of the Vessel under this Agreement the total amount of USD150,000.-
      for Buyers’ account without the need to obtain the Buyers consent in relation
      thereto.

    

    
      	20.	
              The
                Buyers have received and approved the Specifications, the Makers
                List and
                the Shipbuilding Contract, and therefore this Sale is outright and
                definite, subject only to the terms and conditions of this
                Agreement.

            

    

    

    
      	21.	
              The
                Buyers shall have the right to assign as security any of their rights
                under this Agreement to a bank or other financial institution providing
                the Buyers with finance in relation to the acquisition of the
                Vessel.

            

    

    

    
      	22.	
              To
                the extent that the Sellers for any reason whatsoever receive the
                benefit
                of a reduction (the “reduction”)
                in the purchase price to be paid by them under the Shipbuilding Contract,
                then the Buyers would automatically be entitled to receive, in the
                Buyer’s
                option, either a reduction in the Purchase Price or a lump sum payment
                by
                the Sellers to the Buyers on delivery of the Vessel under this Agreement,
                in either case equal to the amount of the
                reduction.

            

    

    

    
      	23.	
              If
                for any reason whatsoever the Seller become entitled under the
                Shipbuilding Contract to terminate the Shipbuilding Contract or to
                reject
                the Vessel, then the Sellers shall, before

            

    

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
    
exercising
      such right of termination or rejection, advise in writing the Buyers of the
      existence thereof and shall act in relation to the said right(s) in accordance
      with the Buyers instructions. Within four (4) calendar days from receiving
      such
      advice the Buyers shall in turn advise the Sellers in writing:

    

    
      	
            	(a)	
              if
                they wish the relevant agreement to be terminated or, as the case
                may be,
                the Vessel to be rejected. Upon such notice being given the deposit
                together with the interest earned shall be released immediately to
                the
                Buyers after which this Agreement shall be null and void;
                or

            

    

    

    
      	
            	(b)	
              if
                they do not wish the relevant agreement to be terminated or, as the
                case
                may be, the Vessel to be rejected, of the terms, if any, upon which
                the
                Buyers will be willing for the Sellers to continue the Shipbuilding
                Contract or accept the Vessel. Upon receipt by the Sellers of the
                said
                notice and depending on the instructions contained therein, the Sellers
                would either (i) if the Buyers have given instructions to negotiate
                terms,
                negotiate the terms on which delivery of the Vessel would be taken
                or the
                Shipbuilding Contract would be continued or (ii) if there are no
                instructions to negotiate terms but merely instrctions to continue,
                unconditionally continue the Shipbuilding Contract, take delivery
                of the
                Vessel and deliver the Vessel to the Buyers. In the event that the
                Builders do not agree to the terms requested by the Buyers in their
                notice
                to the Sellers, then the Sellers, having first obtained the Buyers’ prior
                written consent, shall be entitled to terminate the Shipbuilding
                Contract,
                or, as the case may be, reject the Vessel whereupon the provisions
                of
                sub-paragraph (a) shall apply.

            

    

    

    
      	24	
              Subject
                to the Builders’ concent it is hereby agreed that it will be for the
                Buyers and not for the Sellers to provide the marking of the Vessel
                and
                Sellers agree, subject to receiving adequate notice, that they will
                pass
                the Buyers’ proposed markings to the Builders and arrange that the same is
                imprinted by the Builders on the Vessel’s hull, funnel and on the Vessel’s
                papers. To the extent the Builders require any additional payment
                for
                making such imprints, then such payment shall be for the Buyers’
                account.

            

    

    

    
      	25	
              The
                Sellers undertake only on Major issues to provide the Buyers with
                copy of
                important matters in connection with the Shipbuilding Contract. Failure
                to
                provide such documentation shall not be considered a breach of this
                Memorandum of Agreement.

            

    

    

    
      	26	
              Any
                and all notices and communications in connection with this Agreement
                shall
                be in English and addressed as
                follos:

            

    

    

    if
      to the
      Buyers at:

    

    c/o
      Safety Management Overseas S.A.

    32
      K.
      Karamanli Avenue

    166
      05
      Voula

    Athens

    Greece

    

    
      	
              Fax
                number:

            	
              +30
                210 895 6900

            
	
              Attn.:

            	
              Dr.
                Loucas N Barbaris

            

    

    

    if
      to the
      Sellers to:

     

    
      
        
        

      

        
        

        

        

      

      
        
        

      

    
     

    c/o
      Songa
      Shipping Pte Ltd. 

    of
      One
      Temasek Avenue 

    22-05
      Millenia Tower

    Singapore
      039192

    

    
      	
              Fax
                number:

            	
              +65-6339
                0559

            
	
              Tel
                number:

            	
              +65-6339
                0848

            
	
              Attn.:

            	
              Sissel
                Grefsrud

            

    

    

    Or
      to
      such other address or facsimile number as the relevant party may advise the
      other party
      in
      writing at any relevant time.

    

    IN
      WITNESS WHEREOF
      the
      parties hereto have caused this Agreement to be duly executed on
      the
      day and year first written above.

    

    
      	
              The
                Sellers:

              Songa
                Shipping Pte Ltd.

              Of  One Temasek Avenue,                                   [SEAL]

              22-05
                Millenia Tower

              Singapore
                039192

            	 	
              The
                Buyers:

              Maxdekatria
                Shipping Corporation

              of
                80 Broad Street, Monrovia, Liberia

              always
                to be fully guaranteed by

              Safety
                Management Overseas S.A. of Panama

            
	 	 	 
	
              /s/
                Sissel Grefsrud

            	 	
              /s/
                George Papadopoulos

            
	
              SISSEL
                GREFSRUD

              Attorney-in-fact

            	 	
              GEORGE
                PAPADOPOULOS

              Attorney-in-fact

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