Document:

Exhibit
4.6

	
  MEMORANDUM OF AGREEMENT

  

  

  Dated: 9th February 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.

  

 

Human Owning Company Limited, MI

hereinafter called the Sellers,
have agreed to sell, and

Britannia Bulk Plc., London, United Kingdom
or their Guaranteed Nominee

hereinafter called the Buyers, have agreed to
buy

Name: M.V. ESTEPONA

Classification
Society/Class: Lloyds

	
  Built:  1994

  	
  By:  Hudong
  Shipyard, Shanghai

  
	
   

  	
   

  
	
  Flag:  Malta

  	
  Place of Registration:  Valetta

  
	
   

  	
   

  
	
  Call Sign:  9HQRA

  	
  Grt/Nrt: 38267/23975

  
			

 

Register Number: IMO Numbers:  9055620

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  USD
36,735,000. (Thirty Six Million, Seven Hundred and Thirty Five Thousand United
States Dollars)

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 by both parties,
by face and joint bank account number has been issued by the Sellers’ bank.
This deposit shall be placed with Sellers’ nominated
bank, HSH Nordbank 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
the Buyers. Any fee charged for holding the said deposit shall be borne equally
by the Sellers and the Buyers.

Buyers
and Sellers to cooperate and provide all documents/forms required for the
opening of the joint accounts in a prompt and efficient manner without causing
any deliberate delays.

3.                      Payment

The
Buyer shall pay (90%) ninety percent payment
of the Purchase Price (the “Balance”) together with other extra money for
bankers and luboils and whatsoever to be paid by the Buyers hereunder (the “Extra”)
shall be paid in the Sellers’ bank (HSH Nordbank) on the date of delivery of
the Vessel. The 90% payment and the Extra shall be paid in the Sellers upon
delivery of the Vessel only against the Sellers’ presentation to the Bank of
the copy of Protocol the documentary Delivery

and
Acceptance of the Vessel duly signed by authorized persons of both the Sellers
and the Buyers.

The said Purchase
Price shall be paid in full free of bank charges to                                                                                             

                                                                                                                                                                                                         

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.

Sellers to tender Notice of readiness to the Buyers
for delivery once the vessel is in all respects ready for delivery and in
accordance with the terms and conditions of the agreed MOA.

Interest, if any, on the Deposit, the Balance and the Extra
shall be for the Buyers’ account.

Any charge or fee requested by the Buyers’ Bank on remitting
the Balance and the Extra shall be borne by Buyers. Any charge or fee requested
by the Sellers’ Bank on holding/lifting the Balance and the Extra shall be
borne equally by the Sellers and the Buyers.

Closing
and exchange if delivery documents shall take place in Seller’s nominated bank
in Germany, Greece or London

4.                          Inspections

The Buyers have waived the inspection of the vessel but have
inspected the Class records and have accepted same and the sale is outright and
definite and subject only to the terms and conditions of this agreement.

a)*                  The Buyers
have inspected and accepted the Vessel’s classification records. The Buyers
have also inspected the Vessel at/in                                 on                                 
and have accepted the Vessel following this inspection and the sale is
outright and definite, subject only to the terms and conditions of this
Agreement.

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. The 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.

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

5.                          Notices, time and place of delivery

a)                         The
Sellers shall keep the Buyers well
informed of the Vessel’s litinerary and shall provide the Buyers with 25/20/15/10/7
approximately days notice,             ,
and 3/2/1  definite
days notice of the estimated time of arrival at the

intended place of drydocking/underwater inspection/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  with current  TC attached
included in Appendix I to this MOA safely afloat at a safe and
accessible berth buoy/part or anchorage at/in  within world wide area  between 1st March, 2007 and 31st May 2007 in Sellers
option, but as soon as practically possible given operational and current
Charter Party constraints, with notices as appropriate.

From 00:01
April 01 2007 Sellers to compensate Buyers at the next rate of USD 11,000 pdpr
until date and time Vessel is delivered to the Buyers. Such amount is to be
deducted from the purchase price.

In the Sellers’ option.

Expected time of delivery: between 1st March, 2007 and 31st May 2007  in Sellers option.

Date of cancelling (see Clauses 5 c), 6 b) (iii) and
14): 31st May 2007
In Buyer’s option.

The Buyers
shall take delivery of the Vessel within three (3 business days
(Saturday/Sunday/holidays in England and nominated country of closing excluded)
after the Sellers have tendered to the Buyers a Notice of Readiness for
Delivery, the date of tendering such notice being inclusive. The Notices of
Readiness for Delivery shall be submitted by the Sellers to the Buyers
(anytime, day and night including Saturday, Sunday and holidays) once the
Vessel is ready for delivery.

c)                         If the
Sellers anticipate that, notwithstanding the exercise of due diligence by them,
the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date. Upon
receipt of such notification the Buyers shall have the option of either
cancelling this Agreement in accordance with Clause 14 within 7 5
running days of receipt of the notice or of accepting the new date as the new
cancelling date. If the Buyers have not declared their option within 7 5
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 shall be substituted for the cancelling date
stipulated in line 61.

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 the original cancelling date.

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 See Clasue
17

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
inception 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.

(iii)  If the
Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable
dry-docking facilities are available at the port of delivery, the Sellers shall
take the Vessel to a port where suitable drydocking facilities are available,
whether within or outside the delivery range as per Clause 5 b). Once
drydocking has taken place the Sellers shall deliver the Vessel at a port
within the delivery range as per Clause 5 b) which shall, for the purpose of this
Clause, become the new port of delivery. In such event the cancelling date
provided for in Clause 5 b) 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 6 a) or 6 b) 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 the affect the Vessel’s class,
these parts shall be renewed or made good at the Sellers’ 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.

(v)  the Buyers
shall have the right to have the underwater parts of the Vessel cleaned and
painted at 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 Seller’s 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 5 b).

*                            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.

**                     6 a) and
6 b) are alternatives delete whichever is not applicable, in the absence of
deletions, alternative 6 a) to apply.

7.                          Spares/bunkers,
etc.

The Sellers shall deliver the Vessel to the Buyers
with everything belonging to her on board, on
order including all  navalds and
wireless equipment and on shore. All spare parts and spare equipment
including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s),
if any, belonging to the Vessel at the time of delivery
inspection used or unused, whether on board or not shall become the
Buyers’ property, but spares on order are to be excluded. Forwarding
charges, if any, shall be for the Buyers’ account. The Sellers are not required
to replace spare parts including spare tall-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 the
property of the Sellers. Unused stores and provisions shall be included in the
sale and be taken over by the Buyers without extra payment.

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): log
books, holy icons, ISM manuals, original certificates which must be surrendered
to authorities and hired or third party’s items, which shall be taken ashore by
the Sellers upon or before delivery of the Vessel.

Hired or third party’s items as
follows: oxygen/acetylene/R22 Gas Bottles.

The Buyers shall take over the remaining bunkers and
unused lubricating oils in storage tanks and sealed drums and pay the current
net market price (excluding barging expenses) at the part and date of delivery
of the Vessel.

Bunkers to remain the property of
present chartenets.

Also Buyers to pay extra for vessel’s
unused luboil that have not passed through the vessel’s
system in designated storage tanks and sealed drums/paits/ at Seller’s last net
prices evidenced by invoices.

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

8.                         Documentation

As per Addendum II

The place of closing:

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

a)                         Legal Bill of Sale in a
form recordable in                           
(the country in 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 either competent authority.

b)                        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)                        Current 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 practise 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.

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.

All plans, drawings and instruction
manuals (excluding ISM manuals) which are on board shall be delivered to the
Buyers’ Matter as they are upon delivery of the Vessel.

All remaining plans, drawings and
instruction manuals in the Sellers’ possession shall be forwarded to the Buyers’
Danish office promptly after delivery. Forwarding charges, if any, shall be for
the Buyers’ account.

Logbooks shall be retained by the
Sellers. However the Buyers have the right to take photocopies of same before
delivery at the Buyers’ cost with the Master’s approval.

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 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.

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 inspection, fair wear and tear
excepted. However, the Vessel shall be delivered with her class maintained
without condition of class, except COC ID
009 buckled No.1 cargo held aft bulkheadupper 4.0M of 3rd vertical  stiffener (P) form c/f to be specially examined and
dealt with as found necessary /recommendation, free of
average damage affecting the Vessel’s class, and with her classification
certificates, International and national certificates, as well as all other
certificates the Vessel had at the time of inspection clean, valid and unextended
without condition/recommendation by Class or the relevant authorities at the
time of delivery. Buyers acknowledge vessel
is due IS/DD July 2007.

“Inspection” in this Clause 11, shall mean the Buyers’ Inspection
according to Clause 4 a) or 4 b), 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.

CSM items to be
upto date without outstandings at the time of delivery.

*                            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.

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 5 a) or fall to be ready to validly complete a legal
transfer by the date stipulated in line 61 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
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 deposit together with interest earned shall be released to
them immediately.

Should the Sellers fall 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

After this Agreement has been signed by both parties
and the deposit has been lodged, the Buyers have the right to place two
representatives on board the Vessel at their sole risk and expense upon
arrival at  for
maximum  on or about  6 weeks.

These representatives are on board for the purpose of
familiarisation and strictly
in the capacity of observers only and under the Masters command, and they shall
not interfere in any respect with the operation of the Vessel and her schedule. The
Buyers’ representatives shall sign the Sellers’ letter of Indemnity prior to
their embarkation.

Indemnity letters
from each buyer’s representatives and from the Buyers satisfactory to the
Sellers shall be provided to the Sellers before the above representative’s
boarding. Sold Buyers representatives to be allowed to use vessel’s
communication equipment and said charges will be settled by Buyers during
vessel’s closing of title and delivery to the Buyers.

Upon tendering 3
days definite notice of vessels expected delivery, the Buyers are permitted to
place on board upto 2 other crew members when Sellers shall demonstrate and
familiarise. Buyers representatives/crew on the operation of the vessels
equipment, machinery and systems.

Such demonstration
shall be without prejudice to the condition of the vessel and its scope shall
be at the sale discretion of the Master. Buyers reps shall in no case interfere
with the vessel’s operation.

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 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
properly appointed shall not agree they shall appoint an umpire whose decision
shall be final.

Arbitrators to be
members of the LMAA.

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
at New York, one to be appointed by each of the parties hereto, and the third
by the two so chosen; their decision or that of any two of them shall be final,
and for purpose of enforcing any award, this 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  subject to the procedures applicable
there. The laws of                   
shall govern this Agreement.

*                            16 a), 16 b) and 16 c)  are alternatives; delete whichever is not
applicable. In the absence of deletions, alternative 16 a) to apply.

Additional clauses
17 - 20 herewith attached form an integral part of this Agreement.

This document is a computer generated copy of “SALEFORM
1993”, printed by authority of the Norwegian Shipbrokers’ Association, using
software which is the copyright of Strategic Software Ltd. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the  preprinted text of this
document, the original document shall apply. The Norwegian Shipbrokers’
Association and Strategic Software Ltd. assume no responsibility for any loss
or damage caused as a result of discrepancies between the original approved
document and this document.

ADDITIONAL
CLAUSES TO M.V. “ESTEPONA”

MEMORANDUM OF  AGREEMENT DATED 9TH FEBRUARY 2007.

CLAUSE 17

No
drydocking shall apply.

However,
the Buyers, at their risk and expense,
have the right to carry out an inspection of under-water parts of the
Vessel by divers approved by vessels class in the presence of class surveyor
with Buyers’ right to attend without interference at the video monitor or in
any way with class surveyors work. Sellers will give notice to Buyers of the
place/time they intend to make the vessel available for such inspection. Buyer’s
failure to appoint divers approved by class or attend underwater inspection as
per Sellers’ notification will be deemed a waiver of their right to inspect the
vessel’s underwater parts. The Class surveyor to be appointed by the Sellers,
however, all expenses to be for the Buyers’ account.

If
the conditions at the place of underwater inspection are unsuitable for such
inspection, then Sellers shall make the vessel available at a suitable
alternative place. Should the vessel touch bottom and or run aground after such
underwater inspection and before delivery, the Sellers are to immediately
inform Buyers the full and complete details accordingly.

Should
any damage affecting class be found by class surveyor in under-water parts and
class approves postponement of repair of such damage until vessel’s next
periodical drydock or survey, then the Sellers have the option to repair same
to class’s satisfaction or to agree a sum of money with the Buyers which shall
be deducted from the purchase price at the time of closing by way of
compensation. This sum shall be either mutually agreed or be based upon the
average of (two) 2 shipyard quotations from Chinese Shipyard, in China, one
obtained by each party. Such shipyard to have its own factory which can
accommodate similar size Vessel for repair. It is understood by both parties
that the amount of the monetary settlement is confined to direct repair cost
only and does not include indirect cost such as dry-docking fee, general expenses,
deviation cost, off hire and other costs whatsoever and that such amount of the
monetary settlement is deducted from the Purchase Price (for labour and
material costs only) at the time of delivery.

If
present class requires repair of such damage before the next periodical
dry-docking or survey, then the Sellers shall repair it up to class’s
satisfaction at their account prior to delivery, in such case the cancelling
date shall be extended by the corresponding days lost due to such repair
including drydocking, waiting time for dry-docking, deviation etc.

In
the event that the Vessel is drydocked, the Buyers have the right to clean and
paint the underwater parts below the summer loadline at the Buyers’ risk and
account without interfering with the Sellers’ or vessels class work and without
affecting the smooth and timely delivery of the Vessel but in any case, the
tailshaft shall not be drawn.

If,
however, the Buyers’ work in drydock is still in progress when the Sellers have
completed their work, the Sellers have the right to tender the Notice of
Readiness for Delivery whilst the Vessel is still in drydock and the Buyers are
obliged to take delivery of the Vessel immediately after such Notice of
Readiness tendered, whether the Vessel is in drydock or not. Any extra time and
cost for the additional drydocking incurred by reason of such Buyers’ work
shall be at the Buyers’ risk and account.

 1
 

CLAUSE 18

All
details of these negotiations and any eventual sale shall be kept strictly
private and confidential among all parties concerned, except where required by
statutory or requirements for stock listed companies.

CLAUSE 19

The
vessel to be delivered free of detainable Port State Control conditions or
deficiencies which would affect class status or prevent the vessel from sailing
the port of delivery.

CLAUSE 20

The
sale is to include the existing time charter dated 28th June
2006 included in an appendix to this agreement. Maximum 5 pct commission 3.75
pct address and 1.25 pct brokerage. Based on the above, a novation agreement
will be executed between and among:

A)   Existing
Owners

B)    New
Owners

C)            Charterers

In
the form included in Appendix II to this MOA.

	
  On behalf of the Sellers

  	
  On behalf of the Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Antonios
  Kastylidis

  	
   

  	
  /s/ C. J. Hanson

  	
   

  
	
  Name: Antonios
  Kastylidis

  	
  Name:

  	
  C. J. Hanson

  
	
  Title:
  Attorney-in-fact

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
  Britannia Bulk PLC

  
					

 

 2Exhibit
4.7

	
  

  MEMORANDUM OF AGREEMENT

  

  Dated:  16th January
  2007

  	
   

  	
  Norwegian Shipbroker'
  Association’s Memorandum of Agreement for sale and purchase of ships. Adopted
  by The Baltic and International Maritime Council (BIMCO)in 1954.

  
	
   

  	
   

  	
  Code-name

  SALEFORM 1993

  Revised 1966, 1983 nnd
  1985/87.

  

 

Classical
Ownlog Company limited, MI
 hereinafter called the Sellers, have
agreed to sell, and

Britanaia Bulk Plc, London, United Kingdom or their
Guaranteed Nominee

hereinafter  called the Buyers,
have agreed to buy

Name:
M.V. DELRAY

Classification Society/Class:Lloyds

	
  Built: 1994

  	
   

  	
     By:
  Hudong Shipyard, Shanghai

  
	
   

  	
   

  	
   

  
	
  Flag: Malta 

  	
   

  	
  Place of
  Registration: Valetta

  
	
   

  	
   

  	
   

  
	
  Call Sign: 9HQTS

  	
   

  	
  Grt/Nrt: 38267/23975

  

 

Register Number:  IMO #: 9052604

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

Definitions

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

“In writting” 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 USD 36,735,000. (Thirty Six
Million, Seven Hundred and Thirty Five Thousand United States Dollars).

2.                         Deposit

As security for the correct fulfilment 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 by both
parties, by fax and joint bank account number has been issued by the Sellers’
bank. This deposit shall be placed with Sellers’
nominated  bank, HSH Nordbank 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
the Buyers. Any fee charged for holding the said deposit shall be borne equally
by the Sellers and the Buyers.

Buyers and Sellers to cooperate and provide all
documents/Forms required for the opening of the joint account in a prompt and
efficient manner without causing any dellborate delays.

3.                      Payment

The
Buyers shall pay (90%) ninty percents payment of the Purchase Price (the “Balance”)
together  with other extra money for bunkers
and Iuboils and whatsoever to be  paid by
the Buyers hereunder (the “Extra”) shall be paid in the Sellers’ bank (HSH Nordbank)
on the date of delivery of the  Vessel.
The 90% payment and the Extra shall be paid to the Sellers upon delivery of the
Vessel only against the Sellers’ presentation to the Bank of the copy of
Protocol of the documentary Delivery

and Acceptance of the Vessel duty signed by authoritzed persons of both
the Sellers and the Buyers.

The said Purchase Price shall be paid in full free of
bank charges to on delivery of the Vessel, but not later then
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.

Sellers to tender Notice of readiness to the Buyers
for delivery once the vessel is in all respects ready for delivery and in
accordance with the terms and conditions of the agreed MOA.

Interest, if any, on the Deposit, the Balance and
the Extra shall be for the Buyers’ account.

Any charge or fee requested by the Buyers’ Bank on
remitting the Balance and the Extra shall be borne by Buyers. Any charge or fee
requested by the Sellers’ Bank on holding/lifting the Balance and the Extra
shall be borne equally by the Sellers and the Buyers.

Closing and exchange of delivery documents shall
take place to Seller’s nominated bank in Germany, Greece or London

4.                         Inspections

a)*                  The
Buyers have realved their rights to inspect inspected and accepted the
Vessel’s classification records. The Buyers have also inspected the Vessel
at/in                or               and
have accepted the Vessel following the inspection and the sale is
outright and definite, subject only to the terms and conditions of this
Agreement.

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. The-Buyers shall
inspect the Vessel without opening-up and without cost to the Sellers. During
the inspection, the Vessel’s deck 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 accpetance 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 interset
earned shall be released immediately to the Buyers, whereafter this Agreement
shall be null and void.

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

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 25/20/5/10/7
approximate days notices,         ,
and 3/2/1 definite days  notice of the
estimated time of arrival at the Intended place of drydocking/underwater
inspection/ delivery. When the Vessel is at the place of delivery and in
every respect physically ready for delivery in accordance with this Agrrement,
the Sellers shall give the Buyers a written Notice of Readiness for delivery.

b)                        The Vessel
shall be delivered and taken over charterfree safety afloat at a safety and
accessible berth buoy/port or anchorage at/in within world wide area between February  18th, 2007 and April 30th, 2007 in

Sellers option.

In the Sellers’ option.

Expected time of delivery: between 18th February, 2007 and 30th April 2007 in Sellers option.

Date of cancelling (see Clauses 5 c), 6 b) (iii) and
14): 30th April 2007 in Buyer’s option.

The Buyers shall take delivery of
the Vessel within three (3 business days (Saturday/Sunday/holidays in England
and nominated country of closing excluded) after the Sellers have tendered to
the Buyers a Notice of Readiness for Delivery, the date of tendering such
notice being inclusive. The Notice of Readiness for Delivery shall be submitted
by the Sellers is the Buyers (anytime, day and night including Saturday, Sunday
and holidays) once the Vessel is ready for delivery.

c)                         If
the Sellers anticipate that, notwithstanding the exercise of due diligence by
them, the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date. Upon
receipt of such notification the Buyers shall have the option of either
cancelling this Agreement in accordance with Clause 14 within 7 5 running days
of receipt of the notice or of accepting the new date as the new cancelling
date, if the Buyers have not declared their option within 7 5 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 shall be substituted for the cancelling date stipulated in
line 61.

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 the original cancelling date.

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 See Clause 17

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.

(iii) If the Vessel is to be drydocked pursuant to
Clause 6 b) (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 5 b). Once drydocking has taken place the Sellers shall
deliver the Vessel at a port within the delivery range as per Clause 5 b) which
shall, for the purpose of this Clause, become the new port of delivery. In such
event the cancelling date provided for in Clause 5 b) 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 6 a) or 6 b) 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 Sellers’ 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.

(v)  the Buyers
shall have the right to have the underwater parts of the Vessel cleaned and
painted at 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 decking 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 6 b).

*                            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.

**                     6 a) and 6 b) are alternatives; delete whichever is
not applicable. In the absence of deletions, alternative 6 a) to apply.

7.                         Spares/bunkers, etc.

The Sellers shall deliver
the Vessel to the Buyers with everything belonging to her on board, on order including all navaids and
wireless equipment and on shore. All spare parts and spare
equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller
blade(s), if any, belonging to the Vessel at the time of delivery inspection used or

unused, whether on board or not shall become the
Buyers’ property, but spares on order are to be excluded. Forwarding
charges, if any, shall be for the Buyers’ account. The Sellers are not required
to replace spare parts including spare tall-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 the
property of the Sellers. Unused stores and provisions shall be included in the
sale and be taken over by the Buyers without extra payment.

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): log books, holy icons, ISM manuals, original certificates which must
be surrendered to authorities and hired or third party’s items, which shall be
taken ashore by the Sellers upon or before delivery of the Vessel.

Hired or third
party’s items as follows: oxygen/acetylene/R22 Gas Bottles.

The Buyers shall take over the remaining bunkers and
unused lubricating oils in storage tanks and sealed drums and pay the current
net market price (excluding barging expenses) at the port and date of delivery
of the Vessel.

Buyers to pay extra
for remaining bunkers, if March 07 delivery max 1600 tons ifo at price usd 320
per mt and max 160 tons mdo at used 640 per mt. If April 07 delivery similar
maximum quantities and prices as per those at last bunkering port as per copy
of suppliers origined invoices. If such invoices are not in the possession of
the Sellers then platts prices at the last bunkering port at the time of the
bunkering to apply.

Also Buyers to pay
extra for vessel’s unused luboil that have not passed through the vessel’s
system in designated storage tanks and sealed drums/pails/at Seller’s last net
prices evidenced by invoices.

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:

At the time of
closing the Sellers shall provide the Buyers for the purpose of registration of
the vessel under their flag with the necessary certificates and other documents
reasonably required by the Buyers such as CSR documents etc. Documents to be mutually
agreed between Buyers and Sellers and to be 
incorporated as an Addendum in the MOA.

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

a)                         Legal Bill of Sale in a
form recordable in (the country in which the Buyers are to register the Vessel)
warranting that the Vessel to free from all encumbrances, mortgages and maritime
liens or any other debts or claims whatsoever, duly notorially attested and
legalized by the consul of such country or other competent authority.

b)                        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)                        Current 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 registry 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 in 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 have 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 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., 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 Seller’s 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.

All plans, drawings
and instruction manuals (excluding ISM manuals) which are on board shall be
delivered to the Buyers’ Master as they are upon delivery of the Vessel.

All remaining
plans, drawings and instruction manuals in the Sellers’ possession shall be
forwarded to the Buyer’s Danish office promptly
after delivery. Forwarding charges, if any, shall be for the Buyers’ account.

Logbooks shall be
retained by the Sellers. However the Buyers have the right to take photocopies
of same before delivery as the Buyers’ cost with the Master’s approval.

9.                         Encumbrances

The Sellers warrant that the Vessel, at the time of
delivery, is free from all charters, encumbrances, mortgages and maritime items
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 the 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 inspection, fair wear and tear excepted. However, the Vessel
shall be delivered with her class maintained without condition of class /recommendation*, free of average damage
affecting the Vessel’s class, and with her classification certificates, International and
national certificates, as well as all other certificates the Vessel had at the
time of inspection clear, valid and unextended without
condition/recommendation* by Class or the relevant authorities at the time of
delivery. Buyers
acknowledges vessel is due IS/DD June 2007.

“Inspection” in this Clause 11, shall mean the Buyers’
Inspection according to clause 4 a) or 4 b), 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.

CSM items to be
upto date without outstandings at the time of delivery.

*                            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.

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 5 a) or fail to be ready to validly complete a legal
transfer by the date stipulated in line 61 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 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 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

After this Agreement has been signed by both parties
and the deposit has been lodged, the Buyers have the right to place two
representatives on board the Vessel at their sole risk and expense upon arrival
at  for maximum on
or about  6 weeks.

These representatives are on board for the purpose of
familiarisation and strictly in the capacity of observers only and under the Masters
command, and they shall not interfere in any respect with the
operation of the Vessel and her schedule.
The Buyers’ representatives shall sign the Sellers’ letter of indemnity
prior to their embarkation.

Indemnity letters from each buyer’s
representatives and from the Buyers satisfactory to the Sellers shall be
provided to the Sellers before the above representatives’ boarding. Sold Buyers
representatives to be allowed to use vessel’s
communication equipment and said charges will be settled by Buyers during
vessel’s clearing of title and delivery to the Buyers.

Upon tendering 3 days definite
notice of vessels expected delivery, the Buyers are permitted to place on board
upto 2 other crew members when Sellers shall demonstrate and familiarise Buyers
representatives/crew on the operation of the vessels equipment, machinery and
systems.

Such demonstration shall be without
prejudice to the condition of the vessel and its scope shall be at the sale
discretion of the Master. Buyers reps shall in no case interfere with the
vessel’s operation.

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 1960 and 1979 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 properly appointed shall not agree they shall
appoint an umpire whose decision shall be final.

Arbitrators to be members of the LMAA.

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 at New York, one to be appointed by each of the parties hereto, and the
third by the two so chosen; their decision or that of any two of them shall be
final, and for purpose of enforcing any award, this 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
                                   ,
subject to the procedures applicable there. The laws of                                   shall
govern this Agreement.

*                            16
a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In
the absence of deletions, alternative 16 a) to apply.

Additional clauses 17-19 herewith attached fares an
integral part of this Agreement.

This document is a computer generated copy of “SALEFORM
1993”, printed by authority of the Norwegian Shipbrokers’ Association, using
software which is the copyright of Strategic Software Ltd. Any insertion or
deletion to the form must be clearly visible. In the event of any modification
made to the preprinted text of this document, the original document shall
apply. The Norwegian Shipbrokers’ Association and Strategic Software Ltd. assume
no responsibility for any loss or damage caused as a result of discrepancies
between the original approved document and this document.

ADDITIONAL CLAUSES TO
M.V. “DELRAY”

MEMORANDUM OF AGREEMENT DATED 16TH JANUARY 2007.

CLAUSE 17

No drydocking shall apply.

However, the Buyers, at their risk and expenses, have the right to
carry out an inspection of under-water parts of the Vessel by divers approved
by vessels class in the presence of class surveyor with Buyers’ right to attend
without interference at the video monitor or in any way with class surveyors
work. Sellers will give notice to Buyers of the place/time they intend to make
the vessel available for such inspection. Buyer’s failure to appoint divers
approved by class or attend underwater inspection as per Sellers’ notification
will be deemed a waiver of their right to inspect the vessel’s underwater
parts. The Class surveyor’ to be appointed by the Sellers, however, all
expenses to be for the Buyers’ account.

If the conditions at the place of underwater inspection are unsuitable
for such inspection, then Sellers shall make the vessel available at a suitable
alternative place. Should the vessel touch bottom and or run aground after such
underwater inspection and before delivery, the Sellers are to immediately
inform Buyers the full and complete details accordingly.

Should any damage affecting class be found by class surveyor in
under-water parts and class approves postponement of repair of such damage
until vessel’s next periodical drydock or survey, then the Sellers have the
option to repair same to class’s satisfaction or to agree a sum of money with
the Buyers which shall be deducted from the purchase price at the time of
closing by way of compensation. This sum shall be either mutually agreed or be
based upon the average of (two) 2 shipyard quotations from Chinese Shipyard, in
China, one obtained by each party. Such shipyard to have its own factory which
can accommodate similar size Vessel for repair. It is understood by both
parties that the amount of the monetary settlement is confined to direct repair
cost only and does not include indirect cost such as dry-docking fee, general
expenses, deviation cost, off hire and other costs whatsoever and that such
amount of the monetary settlement is deducted from the Purchase Price (for
labour and material costs only) at the time of delivery.

If present class requires
repair of such damage before the next periodical dry-docking or survey, then
the Sellers shall repair it up to class’s satisfaction at their account prior
to delivery, in such case the cancelling date shall be extended by the
corresponding days lost due to such repair including drydocking, waiting time
for dry-docking, deviation etc.

In the event that the
Vessel is drydocked, the Buyers have the right to clean and paint the
underwater parts below the summer loadline at the Buyers’ risk and account
without interfering with the Sellers’ or vessels class work and without
affecting the smooth and timely delivery of the Vessel but in any case, the
tailshaft shall not be drawn.

If, however, the Buyers’
work in drydock is still in progress when the Sellers have completed their
work, the Sellers have the right to tender the Notice of Readiness for Delivery
whilst the Vessel is still in drydock and the Buyers are obliged to take
delivery of the Vessel immediately after such Notice of Readiness tendered,
whether the Vessel is in drydock or not. Any extra time and cost for the
additional drydocking incurred by reason of such Buyers’ work shall be at the
Buyers’ risk and account.

 1
 

CLAUSE
18

All details of those negotiations and any eventual sale shall be kept
strictly private and confidential among all parties concerned, except where
required by statutory or requirements for stock listed companies.

CLAUSE 19

The vessel to be delivered free of detainable Port State Control
conditions or deficiencies which would affect class status or prevent the vessel
from sailing the port of delivery.

	
  On behalf of the Sellers

  	
  On behalf of the Buyers

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Seller

  	
   

  	
  /s/ C. J. Hanson

  	
   

  
	
  Name: Seller

  	
  Name:

  	
  C. J. Hanson

  
	
  Title:   Attorney-in-fact

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
  Britannia Bulk Plc.

  
					

 

 2

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