Document:

THIS CREW MANNING AGREEMENT dated August 27, 2007 is made

BETWEEN: -

(1)   Lower Lakes Towing Ltd, a company incorporated in Canada whose registered
      office is at: P.O Box 1149, 517 Main Street, Port Dover, Ontario, Canada,
      N0A 1N0

                                                                  (the "Owners")

      and

(2)   Voyageur Marine Transport Limited, a company incorporated in Canada whose
      registered office is at 171 Metler Rd. RR1, Ridgeville, Ontario, Canada,
      L0S 1M0.

                                                           (the "Crew Managers")

WHEREAS the Crew Managers have agreed to provide and/or procure the provision of
crew for the Ship (as hereinafter defined) on and subject to the terms
hereinafter set forth

NOW IT IS HEREBY MUTUALLY AGREED as follows: -

1     Definitions

1.1   In this Agreement, save where the context otherwise requires: -

      "Associated company" means any subsidiary of the holding company of the
      Crew Managers;

      "Commencement Date" means August 27, 2007;

      "Crew Support Costs" means all expenses of a general nature (other than in
      respect of any matters referred to in Clause 11.1) which are not
      particularly referable to any individual vessel for the time being manned
      by the Crew Managers and which are incurred by and/or reserved against by
      the Crew Managers for the purpose of providing an efficient and economic
      Manning Service and (without prejudice to the generality of the foregoing)
      includes the cost of crew, training schemes for Officers and Ratings, ,
      cadet training schemes, recruitment interviews and provisions for
      redundancy and severance. Severance and Redundancy payments relate only to
      the balance of any contract term of duty due to any Officer or Rating on
      the withdrawal of the Ship.

      "Manning Services" means any services provided or procured by the Crew
      Managers pursuant to this Agreement;

      "Ship" means any of the vessels "Voyageur Independent" or "Voyageur
      Pioneer", the details of which are listed in Schedule 1 and "Ships" means
      both vessels.

      "Crew" means the crew and each member of the crew to be provided for the
      Ships as set out in Schedule 2.

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2     Appointment of Crew Managers

2.1   The Crew Managers being fully aware of the state and condition of the
      Ships as at the date hereof, the Owners hereby appoint the Crew Managers
      and the Crew Managers hereby agree to provide and/or procure the provision
      of the Manning Services, as and from the Commencement Date.

3     Crew Managers' Obligations

3.1   The Crew Managers undertake to use their best endeavours to provide the
      agreed Crew Management Services specified in this Agreement to the Owners
      in accordance with sound crew management practice, and to protect and
      promote the interests of the Owners in all matters relating to the
      provision of services hereunder.

      Provided, however, that the Crew Managers in the performance of their
      management responsibilities under this Agreement shall be entitled to have
      regard to their overall responsibility in relation to all vessels as may
      from time to time be entrusted to their management and in particular, but
      without prejudice to the generality of the foregoing, the Crew Managers
      shall be entitled to allocate available manpower in such manner as in the
      prevailing circumstances the Crew Managers in their absolute discretion
      consider to be fair and reasonable.

4     Manning Services

4.1   The Crew Managers shall provide suitably qualified Crew for the Ships as
      required by the Owners in accordance with the sound crew management
      practice, provision of which includes but is not limited to the following
      functions:

      (a)   selecting and engaging the Ships' Crew, including payroll
            arrangements, pension administration, Crew's tax, social security
            contributions and other dues payable in the seafarer's country of
            domicile;

      (b)   ensuring that the applicable requirements of the law of the flag of
            Canada are satisfied in respect of manning levels, rank,
            qualification and certification of the Crew and employment
            regulations including disciplinary and other requirements;

      (c)   ensuring that all members of the Crew have passed a medical
            examination with a qualified doctor certifying that they are fit for
            the duties for which they are engaged and are in possession of valid
            medical certificates issued in accordance with Canadian
            requirements, in the absence of applicable Canadian requirements the
            medical certificate shall be maintained for the duration of their
            service on board the Vessel;

      (d)   ensuring that the Crew shall have a command of the English language
            of a sufficient standard to enable them to perform their duties
            safely;

      (e)   instructing the Crew to obey all reasonable orders of the Owners
            and/or the Company, including, but not limited to orders in
            connection with safety and navigation, avoidance of pollution and
            protection of the environment;

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      (f)   arranging transportation of the Crew, including repatriation;

      (g)   training the Crew and supervising their efficiency;

      (h)   conducting union negotiations, if required; and

      (i)   operating the Owners' drug and alcohol policy, unless otherwise
            agreed.

4.2   The Crew Managers shall pay, on behalf of the Owners, all expenses
      incurred in relation to the Manning of the ship provided however the Crew
      Managers shall not be obliged to incur any such expenses in any month
      unless and until the Crew Managers shall have received from the Owners
      such amounts as shall be payable by the Owners to the Crew Managers in
      respect of that month pursuant to the provisions of Clause 11.1.

5     Crew Labour Disputes

      The Crew Managers shall protect and promote the Owners interest in
      connection with any possible demands of maritime unions. Should the Crew
      Managers notwithstanding the foregoing be forced to introduce higher Crew
      wages and different employment conditions the Owner will indemnify the
      Manager against any expenses which may result by any such labour dispute.
      It is expressly agreed that the Crew Managers shall not be deemed in
      breach of this Agreement in the event that a Ship is seized and/or
      detained by any such labour organisation and/or its representatives or by
      the reason of its port of registry.

      Notwithstanding the above, should a Ship be seized and/or detained by any
      such labour organisation, the obligation of Owners under to pay the Crew
      managers a fee, under Clause 11 herein, shall be suspended.

      Should such seizure or detention last for more than 10 days, the Owners
      shall be at liberty to terminate with immediate effect, this Agreement in
      so far as the seized or detained Ship is concerned.

6     General Administration

6.1   The Crew Managers shall handle and settle all claims arising out of the
      Crew Management Services hereunder and keep the Owners informed regarding
      any incident of which the Crew Managers become aware, which gives or may
      give rise to claims or disputes involving third parties.

      (a)   The Crew Managers shall, as instructed by the Owners, bring or
            defend actions, suits or proceedings, in connection with matters
            entrusted to the Crew Managers according to this Agreement.

      (b)   The Crew Managers shall also have power to obtain legal or technical
            or other outside expert advice in relation to the handling and
            settlement of claims and disputes.

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      (c)   The Owners shall arrange for the provision of any necessary
            guarantee bond or other security, in the first instance.

      (d)   Any costs incurred by the Crew Managers in carrying out their
            obligations according to Clause 6 shall be reimbursed by the Owners.

6.2   The Crew Managers shall not have the right to sub-contract any of their
      obligations hereunder without the prior written consent of the Owners,
      which shall not be unreasonably withheld. In the event of such a
      sub-contract, the Crew Managers shall remain fully liable for the due
      performance of their obligations under this Agreement.

7     Insurance Arrangements

      (a)   Crew Managers represent and warrant that it is a Schedule 1 employer
            under the Ontario Workplace Safety and Insurance Act, 1997, S.O.
            1997, c. 16, Sch. A (the "Act") in good standing.

      (b)   Crew Managers further warrant that through out the duration of this
            Agreement, it will remain in good standing under the Act, as same me
            be amended or replaced and that it shall, on demand, provide the
            Owners with proof thereof.

      (c)   Crew Managers shall maintain during the duration this Agreement Crew
            manager liability for an amount of at least CDN$2,000,000.

8     Replacement

      The Owners shall have the right to require the replacement, at their own
      expense, at the next reasonable opportunity, of any member of the Crew
      found on reasonable grounds to be unsuitable for service. If the Crew
      Managers have failed to fulfil their obligations in providing suitably
      qualified Crew within the meaning of sub-clause 4.1, then such replacement
      shall be at the Crew Managers' expense.

9     Accounts

9.1

      (a)   The Crew Managers shall establish an accounting system which meets
            the requirements of the Owners and shall make the same available for
            inspection and audit on behalf of the Owners at such times as may be
            mutually agreed;

      (b)   The Crew managers shall prepare and furnish to the Owners (i)
            monthly statements of all expenses incurred on or about the
            provisions of the Manning Services, each such statement to be
            substantially in the form of the proforma thereof set out in
            Schedule 3; and (ii) such other statements or reports in respect of
            the Manning Services as the Owners may from time to time reasonably
            require.

10    Period and Termination

10.1  The appointment of the Crew Managers, having commenced and taken effect as
      and from the Commencement Date, shall (subject as hereinafter provided)
      continue unless and until terminated by either party with

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      respect to one or both Ships , at any time thereafter, giving to the other
      notice in writing to terminate the same in which event the appointment
      shall terminate with respect to the Ship(s) upon the expiration of a
      period of 180 days from the date upon which such notice was given.

10.2  Notwithstanding Clause 10.1 and without prejudice to the accrued rights
      hereunder of either party:

      (a)   The Crew Managers shall be entitled (but not bound) to terminate
            their appointment, forthwith by notice in writing, in any of the
            following events:

            (i)   if a mortgagee enters into possession of the Ship: or

            (ii)  if the Owners shall do or omit to do anything which is, in the
                  opinion of the Crew Managers likely to be detrimental to their
                  reputation or, after receipt of written notice of objection
                  thereto from the Crew Managers, the Owners proceed with
                  employment of or continue to employ the Ship in a trade or in
                  a manner which is, in the opinion of the Crew Managers, likely
                  to be detrimental to their reputation as managers or
                  (otherwise than by virtue of ordinary business competition) to
                  be prejudicial to the commercial interest of the Crew
                  Managers; or

            (iii) if the Owners shall fail to procure the due performance and
                  fulfilment and compliance with any of the provisions of Clause
                  7; or

            (iv)  any monies payable by the Owners under this Agreement shall
                  not have been duly paid with 7 days of payment having been
                  demanded in writing by the Crew Managers; or

            (v)   if in the opinion of the Crew Managers the employment of the
                  Ship place the safety of any member of her crew in jeopardy;
                  or

            (vi)  if (in the opinion of the Crew Managers) this Agreement has,
                  for any reason whatsoever outside the control of the Crew
                  Managers, become impossible to perform in such a manner as to
                  enable the Crew Managers properly to carry out the services
                  (or any of them) hereby contracted for:

      (b)   If the Crew Managers fail to meet their obligations under Clause 3
            of this Agreement for any reason within the control of the Crew
            Managers, the Owners may give notice in writing to the Crew Managers
            of the default requiring them to remedy it as soon as practically
            possible. In the event that the Crew Managers fail to remedy it
            within a reasonable time to the satisfaction of the Owners, the
            Owners shall be entitled to terminate the Agreement with immediate
            effect by notice in writing.

      (c)   This Agreement shall be deemed to be terminated in respect of any
            given Ship in the case of the sale of the said Ship or if the said
            Ship becomes a total loss or is declared as a constructive or
            compromised or arranged total loss or is requisitioned or has been
            declared missing.

<PAGE>

      (d)   For the purpose of sub-clause 10.2 (c) hereof:

            (i)   the date upon which the Ship is to be treated as having been
                  sold or otherwise disposed of shall be the date on which the
                  Owners cease to be registered as Owners of the Ship;

            (ii)  the Ship shall not be deemed to be lost unless either she has
                  become an actual total loss or agreement has been reached with
                  her Underwriters in respect of her constructive compromised or
                  arranged total loss or if such agreement with her Underwriters
                  is not reached it is adjudged by a competent tribunal that a
                  constructive loss of the Ship has occurred; and

            (iii) the date upon which the Ship is to be treated as missing shall
                  be ten (10) days after the Ship was last reported or when the
                  Ship is posted as missing by Lloyd's. A missing vessel shall
                  be deemed lost in accordance with the provisions of sub-clause
                  10.2 (d)(ii).

      (e)   Either party may by notice in writing to the other forthwith
            terminate the appointment if a meeting be convened or any petition
            be presented or any order be made or resolution be passed for the
            winding up of the other and/or its holding company (otherwise that a
            winding up for the purposes of reconstruction or amalgamation) or if
            a receiver or administrative receiver be appointed of the
            undertaking or property of the other or if the other shall suspend
            payment or cease to carry on business or shall make any special
            arrangement or composition with its creditors.

11    Fees

11.1  The remuneration of the Crew Managers for their services under this
      Agreement shall be as follows:-

      (a)   subject to such adjustment as may be agreed following each review
            carried out pursuant to the provision of Clause 11.1 (c), the Owners
            shall pay to the Crew Managers, in respect of each Ship, a monthly
            fee at the rate$14,583 representing one-twelfth of the annual rate
            set out in schedule 4 hereto, such fee to be payable by instalments
            in advance on the Commencement Date and thereafter on the
            corresponding date in each succeeding calendar month and shall be
            dealt with proportionately for any period less than a month. Such
            monthly fee shall be deposited by Owners in the Crew Payroll Account
            (as defined hereinafter);

      (b)   At the commencement of the Management Period, Owner shall deposit
            into a payroll account, (hereinafter, the "Crew Payroll Account"),
            an agreed amount not less than the amount of payroll costs
            reasonably estimated by Crew Managers to be incurred through August
            31, 2007. Thereafter, Crew Managers will submit to owner on or
            before the day set out in the payment schedule set out in schedule 5
            a budget for the amount of payroll costs reasonably estimated by
            Crew Managers to be incurred between the next half-month period,
            such estimate to be in the form set out in schedule 6. These payroll
            estimates shall be based on the annual payroll estimate for the
            navigation season 2007 set out in schedule 7 (with appropriate

<PAGE>

            adjustment as navigation seasons go by). Owners will promptly
            deposit the estimated amount into the Crew Payroll Account as per
            the schedule set out in schedule 5, and Crew Managers will draw its
            payroll checks, checks for required tax accounts, checks for the
            cost of fringe benefits, and other payroll expenses from the payroll
            account as payments become due within the payroll period, advising
            Owners on or before the date of the next bimonthly budget after the
            close of the period of any variance of the actual payroll costs from
            the budgeted amount. Crew Managers shall credit any favourable
            variance to the 2nd payroll advance each month. Owners shall
            reimburse Crew Managers immediately on being advised of any
            unfavourable variance on the 2nd payroll advance each month;

      (c)   if the appointment of the Crew Managers is terminated by the Owners
            or Crew Managers in accordance with the provisions of clause 10.1 or
            by the Crew Managers in accordance with the provisions of Clause
            10.2 or if the Ship becomes an actual, constructive, compromised or
            arranged total loss ("Total Loss") a run out fee of $3,500 per month
            for each Ship in respect of which the appointment of the Crew
            Managers is terminated shall be payable to the Crew Managers, under
            this Agreement, in consideration of the services which it is
            contemplated are likely to be performed for a further period of
            three (3) calendar months from the date on which the appointment
            shall have terminated or the Ship shall have become a Total Loss, as
            the case may be;

      (d)   the monthly fee referred to in Clause 10.1(a) shall be reviewed by
            the Owners and the Crew Managers no later than three (3) months
            prior to each anniversary of the Commencement Date and any
            adjustment agreed in consequence of such review shall become
            effective as from the anniversary of the Commencement Date
            concerned;

      (e)   in the event of lay up or extensive repair to a Ship that last for
            more than two (2) months, the parties shall mutually agree on the
            revision of the fee. In the event that the parties cannot agree, the
            Agreement shall be terminated in respect of the said Ship in
            accordance with Clause 10.

12    Manning expenses

12.1  The Crew Managers shall at their own expense provide all office
      accommodation, equipment and staff required for the provision of the
      Services hereby contracted for.

12.2  Subject to Clause 11.1 and Clause 12.3 herein, the Owners shall (in
      addition to the payment of the fee provided for in Clause 10.1 (a))
      reimburse to the Crew Managers, amounts equivalent to all expenses of
      whatsoever kind which are reasonably incurred by the Crew Managers in
      connection with the provision of the Services hereby contracted for. The
      request shall be submitted on or before the 15th of the month with
      supporting document and payable on the 2nd payroll advance. The Owners
      shall approve all expenses, prior to the demand for payment.

12.3  Without prejudice to the generality of the foregoing, the Owners shall so
      pay the Crew Managers in respect of:

<PAGE>

      (a)   wages, leave pay and all other costs in respect of Crewing the
            Ships, including pension, social security and insurance
            contributions, traveling and accommodation expenses or allowances,
            offshore crewing expenses, if required, port agency and all costs of
            repatriation whether incurred or paid before or after the
            determination of this Agreement;

      (b)   the Crew Support costs attributed to the Ships by the Crew Managers;
            travelling accommodation and other expenses or allowances incurred
            or paid in respect of or paid to any superintendents or to Officers
            or servants of the Crew Managers in accordance with the performance
            of the services hereby contracted for and

      (c)   any payments made or liabilities incurred by the Crew Managers
            (whether voluntarily or as required by Law) in Canada with the
            termination of the employment of any Master, Officer or Rating
            employed by the Crew Managers in consequence of or arising out of
            either reductions in manning scales affecting the Ship or the Ship
            ceasing for any reason whatsoever (including termination of this
            Agreement by effluxion of time) to be manned by the Crew Managers,
            including (without limitation) all payment made and liabilities
            incurred by the Crew Managers under any employment contract or any
            other agreement or arrangement made by the Crew Managers with or
            relating to any such Master, Officer or Rating;

      (d)   notwithstanding the foregoing, it is agreed that:

            (i)   crew travel costs will be billed with supporting documentation
                  on the 15th of each month and will be added to the second
                  payment due in this month to a maximum of $1,500 per annum per
                  man.

            (ii)  Total crew training cost shall not exceed $50,000 annually
                  with Owners agreeing to pay for two thirds of such cost or
                  $33,333. Crew training courses shall be arranged in
                  consultation with Owners;

            (iii) any other costs shall be submitted with supporting document on
                  the 15th day of each month and will be added to the second
                  payment due in this month.

12.4  Unless otherwise agreed, all discounts and commissions obtained by the
      Crew Managers in the course of the Crew Management of the Vessel shall be
      credited to the Owners.

13    Force Majeure

13.1  Neither the Owners nor the Crew Managers shall be under any liability for
      any failure to perform or delay in the performance of any of their
      obligations under this Agreement by reason of any cause whatsoever beyond
      their reasonable control

<PAGE>

13.2  Without prejudice to clause 13.1, the Crew Managers shall be under no
      liability whatsoever to the Owners for any loss or damage of whatsoever
      nature, whether direct or indirect (including but not limited to loss of
      profit arising out of or in connection with detention of or delay to the
      Ships) and howsoever arising in the course of performance of the Manning
      Services UNLESS the same shall have resulted solely from the negligence,
      gross negligence or wilful misconduct of the Crew Managers or any of their
      employees or agents or any such third party as is referred to in clause
      6.2, in which case (save where loss or damage has resulted from the Crew
      Managers' personal act or omission committed with the intent to cause same
      or recklessly and with knowledge that such loss, damage, delay or expense
      would probably result) the Crew Managers' liability for each incident or
      series of incidents giving rise to any claim for loss of damage shall not
      exceed a total of ten times the annual fee for the time being payable to
      the Crew Managers under this Agreement.

14    Laying up

      In the event of lay up or extensive repair to a Ship that last for more
      than three (3) days, the parties shall mutually agree to the extent of
      down-manning required for the remaining repair period until the Ship is
      again put into service. Consequential costs of reduction and reinstatement
      of the Crew shall be for the Owners' account. In the event that the
      parties cannot agree, the Agreement shall be terminated in respect of the
      said Ship in accordance with Clause 10.

15    Auditing

      The Crew Managers shall at all times maintain and keep true and correct
      accounts and shall make the same available for inspection and auditing by
      the Owners at such times as may be mutually agreed. On the termination,
      for whatever reasons, of this Agreement, the Crew Managers shall release
      to the Owners, if so requested, the originals where possible, or otherwise
      certified copies, of all such accounts.

16    Compliance with Laws and Regulations

      The Crew Managers will not do, or permit to be done, anything that might
      cause any breach or infringement of the laws and regulations of Canada, or
      of the places where she trades.

17    Indemnities

      Except where the Crew Manager has acted with negligence, wilful
      misconduct, unlawfully or outside the terms and scope of this Agreement
      the Owners hereby undertake to keep the Crew Managers and each third party
      as is referred to in clause 6.2 and their respective employees and agents
      indemnified and to hold them harmless against all actions, proceedings,
      claims, demands or liabilities whatsoever or howsoever arising which may
      be brought against them or incurred or suffered by them arising out of or
      in connection with the performance of the Agreement, and against and in
      respect of all loss, damages, costs and expenses (including legal costs
      and expenses on a full indemnity basis) which the Crew Managers and each
      third party aforesaid may suffer or incur (either directly or indirectly)
      in defending or settling the same.

<PAGE>

18    Confidentiality and the Crew Managers manuals etc.

18.1  Save for the purpose of enforcing or carrying out as may be necessary the
      rights or obligations of the Crew Managers hereunder, the Crew Managers
      agree to maintain and to use their best endeavours to procure that their
      Officers and employees maintain confidence and secrecy in respect of all
      information relating to the Owners' business received by the Crew Managers
      directly or indirectly pursuant to this Agreement.

18.2  As between the Owners and the Crew Managers, the Owners hereby agree
      and acknowledge that all title and property in and to the management
      manuals of the Crew Managers and other written material of the Crew
      Managers concerning manning functions and activities is vested in the Crew
      Managers and the Owners agree not to disclose the same to any third party
      and, on the termination of this Agreement, to return all such manuals and
      other material to the Crew Managers.

19    Notices and other matters

19.1  Every notice, request, demand or other communication under this Agreement
      shall:

      (a)   be in writing, delivered personally or by courier or recommended
            mail or fax or emails;

      (b)   be deemed to have been received, subject as otherwise provided in
            this Agreement, in the case of fax or email at the time of dispatch
            (provided that if the date of dispatch is not a business day, it
            shall be deemed to have been received at the opening of business on
            the next such business day) and in the case of a letter when
            delivered personally or 5 days after it has been put into the post;
            and

      (c)   be sent:

            (i)   if to be sent to the Owners, to them at:

                  Lower Lakes Towing Ltd,
                  P.O Box 1149, 517 Main Street, Port Dover,
                  Ontario, Canada  N0A 1N0
                  Attention: Scott Bravener, President
                  or Fax: (519) 583-0982
                  sbravener@lowerlakes.com

            (ii)  if to be sent to the Crew Managers, to them at:

                  Voyageur Marine Transport Limited,
                  171 Metler Rd. RR1, Ridgeville,
                  Ontario, Canada, L0S 1M0
                  or Fax: (905) 892-8161

                  or to such other address or telex number as is notified by
                  any one party to the other party under this Agreement.

<PAGE>

19.2  Time shall be of the essence in the performance of the Owners' obligations
      under this Agreement.

20    Law and Arbitration

20.1  This Agreement shall be governed by Canadian Maritime Law.

20.2  Any dispute arising out of or in connection with this Agreement shall be
      referred exclusively to arbitration, in Toronto, to three Arbitrators, one
      Arbitrator to be appointed by each party and the third Arbitrator to be
      appointed by the two Arbitrators appointed by the parties. Upon receipt of
      notice of appointment of an Arbitrator by the first notifying party, the
      second party shall appoint its Arbitrator within 14 days, failing which
      the prior notifying party shall be entitled to appoint an Arbitrator on
      behalf of the second party who shall accept such appointment as if it had
      been made by itself. Any such Arbitration shall be in accordance with and
      subject to the AMAC rules.

21    Assignment

21.1  The Owners may assign this Agreement, or any rights hereunder, to its
      lenders, in its sole discretion at any time, without the consent of
      Voyageur.

22    Entire Agreement Clause

22.1  This Crew Manning Agreement contains the entire agreement and
      understanding between the parties and supercedes all prior negotiations,
      representations, warranties and other documents or matter related to any
      of the subject matter of this Manning Agreement.

AS WITNESS the hands of the parties the day and year first above written.

                            [SIGNATURE ON NEXT PAGE]

<PAGE>

SIGNED BY

/s/ Scott Bravener                For and on behalf of Lower Lakes Towing Ltd
---------------------------------
SCOTT BRAVENER, President

SIGNED BY

/s/ Fred Huneault                 For and on behalf of Voyageur Marine Transport
--------------------------------- Limited
FRED HUNEAULT, President

<PAGE>
                                   SCHEDULE 1

                               Description of Ship

1.

Name:                         Voyageur Independent

Flag:                         Canada

Port of Registry:             Hamilton

Official Number:              827118

Date and where built:         1952 - Defoe Shipbuilding
                              Co., Bay City, MI

Tonnages:                     Gross registered:               12,296.00 t

                              Net registered:                 5,581.00 t

Class:                        N/A

2.

Name:                         Voyageur Pioneer

Flag:                         Canada

Port of Registry:             Hamilton

Official Number:              395510

Date and where built:         1983 -  Govan Suipbuilders
                              Ltd., Scotland

Tonnages:                     Gross registered:               22,388.00 t

                              Net registered:                 11,648.00 t

Class:                        Lloyd's:                        100A1 bulk carrier

<PAGE>

                                   SCHEDULE 4

                               Annual Manning Fee

                        FEE FOR 2007-2008 - CAN $175,000CONTRACT OF AFFREIGHTMENT
                   entered into this 27th day of August, 2007

                                     Between

                        VOYAGEUR MARINE TRANSPORT LIMITED
         of 171 of Metler Rd. RR1, Ridgeville, Ontario, Canada, L0S 1M0
                                       And
                          VOYAGEUR MARITIME TRADER INC.
         of 171 of Metler Rd. RR1, Ridgeville, Ontario, Canada, L0S 1M0
                           (hereinafter the "Owners")

                                       And

                             LOWER LAKES TOWING LTD.
     of P.O Box 1149, 517 Main Street, Port Dover, Ontario, Canada, N0A 1N0,

                         (hereinafter the "Charterers")

WITNESSETH:

In consideration of the mutual promises contained herein, and subject to the
conditions and provisions hereinafter set forth, the parties agree as follows:

1.    Contract Vessel:

      Owners shall employ the "Maritime Trader" the details of which are
      detailed in Schedule 1 for service under this Contract of Affreightment
      ("COA").

2.    Term of COA:

      The term of this Agreement shall begin on August 27, 2007 for the
      transportation provided herein and terminate on December 31, 2011.
      Thereafter, this agreement shall be renewed from year to year, unless the
      Charterers provide Owners with a Cancellation Notice within six (6) months
      of the end of the then current term.

3.    Navigation Season:

      Cargoes shall be shipped during the navigation season between April 15th
      and December 20th. Cargoes shipped outside the navigation season between
      December 20th and April 15th must be mutually agreed upon. Any late season
      charges that Charterers obtain from its customer in this respect shall be
      passed upon Owners.

<PAGE>

4.    Quantity/Number of Voyages:

      From and after the date hereof, Charterers will have the sole and
      exclusive right to use and employ the Vessel as Charterters, in their sole
      discretion, may decide, subject to the provisions herein.

      Owners acknowledge that the purpose of this COA is to provide Charterers
      with additional tonnage to enable Charterers to service the contracts they
      have entered or will enter with their various customers (the "Customer
      Contracts"), in particular, but not exclusively, with Cargill Limited,
      Bunge North America, Inc., ADM Agri-Industries Company and James
      Richardson International Limited ("JRI"). In particular, Owners
      acknowledge that it is the intention of Charterers to use the Vessel
      primarily to service contract with JRI (the "JRI Contract") as same may be
      amended from time to time.

      During this Agreement, Charterers shall endeavour to provide for
      transportation and Owners shall transport in each Navigation Year the
      following quantities between various ports in the Great Lakes and the St.
      Lawrence River ports:

         2007     1st Navigation Season August 27  to December 20, 2007 -
                  approx. 300,000 metric tonnes

         2008     2nd Navigation Season April 1 to December 20, 2008 -  approx.
                  500,000 metric tonnes

         2009     3rd Navigation Season April 1 to December 20, 2009 - approx.
                  500,000 metric tonnes

         2010     4th Navigation Season April 1 to December 20, 2010 - approx.
                  500,000 metric tonnes  +

         2011     5th Navigation Season April 1 to December 20, 2011 - approx.
                  500,000 metric tonnes

      The above quantities are estimates only and Charterers do not warrant
      same. If JRI or some other customer fails to provide the quantity of cargo
      it is committed to pursuant to its Customer Contract, Charterers shall
      claim from the latter the cancellation fees agreed upon, if such fees have
      been agreed, in which case, any such fees thereby collected shall be
      passed on to Owners. The foregoing shall constitute the extent of any
      obligation of Charterers to Owners, in case, the quantity carried for a
      navigation season is less than the estimates provided herein and in no
      event should Charterers be obliged to pay dead-freight or other
      compensation for the failure to provide owners with the estimated
      quantity.

<PAGE>

5.    Indemnity:

      Owners agrees to indemnify, save and hold Charterers, free and harmless
      from and against any and all claims, demands, liabilities, damages,
      losses, judgments, awards, causes of action at law or in equity, including
      reasonable attorney's fees, for death of or injury to persons or loss of
      damage to property, by whomever owned or incurred, arising out of Owners'
      performance of, or any breach of any term in, this Agreement.

      Charterers agrees to indemnify, save and hold Owners free and harmless
      from and against any and all claims, demands, liabilities, damages,
      losses, judgments, awards, causes of action at law or inequity, including
      reasonable attorney's fees, for death of or injury to persons or loss of
      or damage to property, by whomever owned or incurred, arising out of any
      breach by Charterers of any term in this Agreement.

      Notwithstanding the foregoing, in no event will either party be liable to
      the other for any incidental, consequential or special damages.

6.    Load Port:

      Charterers shall provide one safe berth at any ports located in the Great
      Lakes or in the St. Lawrence River or at any other ports as may be agreed
      upon by the parties, where cargo is to be loaded as per Charterers'
      directions. Whenever possible, Charterers agree to provide the maximum
      cargo that the vessel is able to lift at the applicable load line.

7.    Discharge Ports:

      Cargoes shall be discharged at Charterers' direction in a safe berth at a
      port located in the Great Lakes or the St. Lawrence River one or at any
      other ports as may be agreed upon by the parties.

8.    Cargo:

      (a)   Charterers shall be at liberty to carry lawful cargoes in bulk,
            excluding any goods of a dangerous, injurious, flammable or
            corrosive nature unless carried in accordance with the requirements
            or recommendations of the competent authorities of the country of
            the Vessel's registry and of the ports of shipment and discharge and
            of any intermediate countries or ports through whose waters the
            Vessel must pass.

            Owners agree not to assert any liens on Charterers' cargo.

      (b)   Charterers shall have the right to ship parcels of different
            qualities and/or for different receivers in separate holds within
            the Vessel's natural segregation and suitable for her trim provided
            that such parcels can be loaded, carried and discharged without
            affecting the Vessel's seaworthiness.

<PAGE>

9.    Determination of Cargo Quantity:

      Cargo weight shall be determined at the Loading Port by the loader scale
      weights and such weight shall be recorded on the Bill of Lading for each
      shipment. If the scale weight is disputed, the parties shall employ an
      independent surveyor, cost to be shared equally, to establish the correct
      Cargo weight. Cargo weight determined by the surveyor will be final and
      binding on both parties. All time used for third party survey shall not
      count as laytime.

10.   Shipment Schedule:

      Charterers shall endeavor to provide cargoes fairly evenly spread
      throughout the year. Charterers and Owners will work closely to coordinate
      cargo shipments. At the start of each Navigation Season, Charterers shall
      provide Owners with a tentative vessel schedule for the coming Navigation
      Season. Charterers and Owners shall thereafter work closely together
      regarding scheduling. The tentative schedule shall be considered a good
      faith estimate only and may be changed from time to time in the reasonable
      discretion of Charterers.

      Throughout the navigation season, Master shall each day, prior to 0730
      hours,complete and provide Charterers with a morning report substantially
      in the form set out in Schedule 2.

11.   Voyage:

      The Vessel shall carry the cargo with due dispatch to the port(s)/berth(s)
      of discharge designated by Charterers.

      Within 48 hours of the completion of a voyage, Master shall complete and
      provide Charterers with a trip summary report in the form and manner set
      out in Schedule 3.

12.   Loading and Discharge:

      (a)   Owners or the Master shall in due time prior to commencement of
            loading submit to Charterers or their nominees at the loading port,
            a loading plan which shall be based on a reasonable number of
            shiftings between hatches and also meet applicable rules and
            regulations, including IMO Code(s). Charterers shall inform
            Owners/Master of any special composition of cargo required in
            sufficient time to permit Owners/Master to work out and submit such
            loading plan.

      (b)   Prior to loading, the Vessel's holds shall be adequately cleaned for
            loading the contracted cargo.

      (c)   Charterers shall load and spout-trim the cargo as per the loading
            plan, free of any risk, liability and expenses to the Vessel. Any
            extra trimming and/or leveling required by the Master or Owners
            shall be performed at Owners' expenses and any time lost thereby
            shall not count as lay time/demurrage. Discharging, including shovel

<PAGE>

            cleaning, shall be effected by Charterers free of any risk,
            liability and expense to the Vessel.

      (d)   The Vessel shall, at her own risk and expense, open and close
            hatches prior to and after loading/discharging and also during
            loading/discharging as may be required by Charterers to protect the
            cargo, provided local shore regulations permit. If same, however, is
            not permitted by local shore labour regulations, shore labour is to
            be employed by Charterers at their risk, liability and expense. The
            Vessel shall furnish and give free use of sufficient light for deck
            and holds, as on board.

      (e)   In the event of loading/discharging being impossible due to
            inefficiency or any other cause attributable to the Vessel, her
            Master, her crew or Owners and such impossibility continuing for
            more than three consecutive hours, Charterers shall have the right
            to order the Vessel to vacate the bert and shifting from and back
            the berth shall be at Owners' expense and time.

13.   Freight Rates:

      Freight payable under this COA for any given voyage shall depend on the
      freight rate agreed upon with the particular customer under the applicable
      Customer Contract. Accordingly, the applicable freight rate payable to
      Owner for any given voyage shall be equal to the freight rate payable by
      the customer to Charterers under the applicable Customer Contract minus
      $0.10/MT.

      Concomitantly with the execution of this Agreement, Charterers, subject to
      the confidentiality terms set out hereunder (such terms to be supplemented
      by a confidentiality agreement to be executed by the parties), shall
      provide a copy of each of the Customer Contracts that are to be serviced,
      in whole or in part, with the Vessel pursuant to the terms of the present
      Agreement. In addition, Charterers shall provide a copy of any new
      Customers Contracts entered into after the date hereof, that are to be
      serviced, in whole or in part, with the Vessel.

      Owners shall not use the Customer Contracts nor the information contained
      therein (collectively the "Confidential Information") for any other
      purposes than the present Agreement and they shall not disclose to any
      person or entity other than Owners' representatives any portion of such
      Confidential Information and only to the extent that is necessary under
      the present Agreement.

14.   Fuel Adjustment of Freight Rates:

      Unless otherwise provided for under the terms of the relevant Customer
      Contract, the freight rate set forth in clause 10 may be adjusted
      throughout the Contract term. For this purpose, the rates shall be
      comprised of the following components. The vessel component shall
      represent eighty (80%) percent of the base freight rate and fuel component
      shall represent twenty (20%) percent of the base freight. The fuel

<PAGE>

      component will remain a fixed amount representing 20% of the 2007 base
      freight rate for the duration of the agreement.

      The Fuel Component is based on the Posted Purchase Price of MDO per metric
      tonne at Windsor, Ontario on first day of each calendar month. If the
      Posted Purchase Price of MDO at Windsor is greater than or less than
      $800.00 Cdn./MT, the Fuel Component shall be adjusted up or down by and
      coincident with any increase or decrease in such posted purchase price.
      The Fuel Component set forth is based upon a net purchase cost of eight
      hundred ($800) dollars per metric tonne. Attached as Appendix "A" is an
      agreed example of the manner in which the fuel component will be adjusted.

15.   Additional Charges:

      In addition to the freight payable in accordance with Clause 10 and 11
      hereof, Charterers shall reimburse Owners for all taxes other than income
      taxes and charges assessed against the vessel, charges, tolls, fees, and
      tariffs of whatsoever nature assessed against the cargo, including without
      limitation applicable tolls imposed by the St. Lawrence Seaway Authority,
      during the term of this Contract while engaged in the Charterers trades by
      any federal, state or local government or agency of government, provided
      such taxes, charges, tolls, fees or tariffs are payable by the customer
      under the terms of the applicable Customer Contract.

16.   Laytime and Demurrage/Despatch

      Charterers will make the designated dock at the loading port available for
      the vessel to load upon arrival. Laytime and demurrage/dispatch to be
      calculated as per the applicable Customer Contract. The demurrage rate
      shall be $950 CDN per hour or part thereof. Despatch shall be payable at a
      rate of $475 CDN per hour or part thereof. .

17.   Marine Services Fee:

      Unless otherwise provided for under the terms of the relevant Customer
      Contract, the marine services fee is in addition to stated freight rates
      and will be noted on all invoices and calculated from the following
      formula: $0.007 per loaded kilometer per metric tonne (or current
      applicable fee at time of loading). Attached as Appendix "B" is an agreed
      example of the manner in which the Marine Services Fee will be calculated.

18.   Vessel

      (a)   Owners shall exercise due diligence:

            i.    before and at the beginning of the loaded voyage to make the
                  Vessel seaworthy and in every way fit for the voyage and for
                  the trade for which the Vessel is employed;

            ii.   throughout the currency of this COA to ensure that the Vessel
                  and her Master and crew comply with all safety, health and
                  other applicable laws and regulations of Canada and of the
                  places where she trades necessary to secure the safe and

<PAGE>

                  unhindered loading of the cargo, performance of the voyage and
                  discharging of the cargo.

      (b)   Owners shall carry and, on request, provide supporting evidence
            thereof:

            i.    Workers' Compensation and Longshore and Harbor Workers
                  insurance as required by statute;

            ii.   Employer's Liability in an amount not less than $1,000,000 per
                  occurrence.

      (c)   Owners shall operate the Vessel in accordance with all applicable
            law, regulations, in force in Canada and at the place where the
            Vessel load or discharge a cargo.

      (d)   The Vessel shall be and Owners shall provide, on request, supporting
            evidence :

            i.    classed as stated in Schedule 1 and Owners warrant that this
                  class shall be maintained throughout the currency of this COA;

            ii.   fully insured in respect of loss of or damage to the cargo by
                  a Protection and Indemnity Club or liability underwriter;

            iii.  insured for Hull and Machinery and basic War Risks purposes;

            iv.   Pollution Insurance in amounts required by statute, no less
                  than Water Quality Insurance Syndicate ("WQIS") terms and
                  conditions;

            v.    suitable for mechanical loading of the cargo

19.   Bill of Lading:

      Bill of lading, as between the parties, is to act as receipt only.

20.   Payment Method and Terms:

      Unless otherwise provided for under the terms of the applicable Customer
      Contract, Charterers shall pay freight on the bill of lading quantity
      within five (5) days of loading. Charterers shall pay all other charges
      within five (5) days of invoicing. The payment of freight and other
      charges shall be directed to Voyageur Marine Transport Limited and made by
      cheque or bank transfer in Canadian dollars at the following bank account:

                  SWIFT BIC: CUCXCATTONTCredit Union Central of Ontario
                  2810 Matheson Blvd, East
                  Mississauga, Ontario, Canada
                  MCU (Fonthill) Transit: 837-62002

<PAGE>

                  Meridian Credit Union
                  1401 Pelham Street
                  Fonthill, Ontario, Canada

                  Acc. No.: 6084511 (chequing)

21.   Set-off:

      Charterer shall have the right to set-off any amount payable under this
      COA with any amounts due by Owners, whether pursuant to this COA or any
      other agreement between the parties.

22.   Force Majeure:

      Neither Party shall be held responsible or liable, either directly or
      indirectly, or be deemed in default or breach of this Contact for
      (hereinafter "Force Majeure" or "Force Majeure Event") any loss, damage,
      detention, delay, failure or inability to meet any of its commitments
      hereunder caused by or arising from any cause whether foreseeable or
      unforeseeable which is unavoidable or beyond its reasonable control,
      including without limitation, war, Act of God, hostilities, invasion,
      insurrection, riot, action taken or the order of any competent civil or
      military Government, or any State of local Government, explosion, fire,
      strikes, lockouts, labor disputes, perils of the sea and other waters,
      dangers of navigation, ice, storms or other adverse weather conditions, or
      other causes of a similar or dissimilar nature which wholly or partially
      prevent the Parties or either of them from carrying out the terms of this
      Contract (other than for the payment of monies already earned hereunder);
      provided that the Party experiencing such Force Majeure promptly gives to
      the other Party written notice of the nature of such Force Majeure and
      that the disabling effect of such Force Majeure shall be eliminated as
      soon as possible and to the extent reasonably possible and that either
      Party shall have the right, in its sole discretion, to determine and
      settle any strike, lockout or labor dispute in which that Party may be
      involved. Without limiting the scope of the preceding sentence, any delay
      in discharging the Vessel or inability to discharge the Vessel at a
      discharge port due to a labor dispute involving the stevedores at such
      port, including, but not limited to, a dispute involving a claim by such
      stevedores of the right to operate the Vessel during such unloading
      operations and the refusal of LLT to allow such Vessel operations by such
      stevedores, shall constitute a Force Majeure Event.

      In the event that one Party's performance is suspended by Force Majeure,
      the other Party's obligations to perform hereunder shall be suspended for
      the duration of the Force Majeure and for such additional reasonable
      period as may be required because of the existence of the Force Majeure.

23.   Hague-Visby Rules:

      This COA shall be subject to the provisions of Part 5 of the Marine
      Liability Act of Canada and the Hague-Visby Rules contained in Schedule 3
      thereto as applied by such Act.

<PAGE>

24.   Liberty Clause:

      The vessel shall have liberty to tow and to be towed and to assist vessels
      under all conditions; to deviate for the purpose of making necessary
      repairs, taking on fuel, ship's supplies or equipment, loading,
      discharging cargo, crew, passengers or other persons having business with
      the vessel' and any such deviation shall conclusively be deemed reasonable
      and within the contemplation of the parties hereto and part of the
      contract voyage; save that in connection with a deviation for the purpose
      of loading or discharging cargo there shall be no unreasonable delay.

25.   General Average:

      General Average shall be adjusted, stated and settled in Toronto,
      according to York-Antwerp Rules 1994, or any subsequent modification
      thereof.

26.   New Jason Clause:

      In the event of accident, danger, damage or disaster before or after the
      commencement of the voyage, resulting from any cause whatsoever, whether
      due to negligence or not, for which, or for the consequence of which, the
      Carrier in general average to the payment of any sacrifices, losses or
      expenses of a general average nature that may be made or incurred and
      shall pay salvage and special charges incurred in respect of the cargo. If
      a salving vessel is owned or operated by the Carrier, salvage shall be
      paid for as fully as if the said salving vessel or vessels belonged to
      strangers. Such deposit as the Carrier, or his agent, may deem sufficient
      to cover the estimated contribution of the cargo and any salvage and
      special charges thereon shall, if required, be made by the cargo,
      shippers, consignees or owners of the cargo to the Carrier before
      delivery.

27.   Both-to-Blame Collision Clause:

      If the Vessel comes into collision with another vessel as a result of the
      negligence of the other vessel and any act, neglect or default of the
      Master, Mariner, Pilot or the Servants of the Carrier in the navigation or
      in the management of the Vessel, the owners of the cargo carried hereunder
      will indemnify the Carrier against all loss or liability to the other or
      non-carrying vessel or her owners in so far as such loss or liability
      represents loss of, or damage to, or any claim whatsoever of the owners of
      the said cargo, paid or payable by the other or non-carrying vessel or her
      owners to the owners of the said cargo and set-off, recouped or recovered
      by the other or non-carrying vessel or her owners as part of their claim
      against the carrying vessel or the Carrier.

28.   COFR:

      Owners warrant to have secured and carry on board the Vessel a US Coast
      Guard Certificate of Financial Responsibility as required under the US
      Water Quality Act of 1970 and amendments thereto. Owners also warrant to

<PAGE>

      have secured current certificates for other countries where similar
      guarantees are required. In no case shall Charterers be liable for any
      damages as a result of non-compliance with present or future Water
      Pollution legislation enacted by individual US States or other countries.
      Time lost as a result of non-compliance not to count as lay-time/demurrage
      and Owners to hold Charterers harmless against any consequential loss,
      damage or expense resulting from such non-compliance.

29.   Automated Manifest System (AMS):

      If the Vessel loads or carries Cargo destined for the United States or
      passing through a port or ports in the United States in transit, the
      Owners shall comply with the then-current United States Customs
      regulations (19 CFR 4.7) and shall undertake the role of carrier for the
      purposes of such regulations and shall, in its own name:

            i.    have in place a SCAC (Standard Carrier Alpha Code);

            ii.   have in place an ICB (International Carrier Bond; and

            iii.  submit a cargo declaration by AMS (Automated Manifest System)
                  to the United States Customs.

      The Charterers shall provide all necessary information to the Owners in a
      timely manner to enable the Owners to submit a timely and accurate
      declaration with respect to the Cargo, provided that they be supplied with
      a list of the required information at least five (5) business days prior
      to being required to supply Owners with same.

      The Owners and the Charterers shall be liable for and shall indemnify,
      defend and hold the other Party and their agents harmless against any and
      all costs, duties, penalties, fines, claims, fees, charges, whatsoever,
      and/or any loss and/or damage whatsoever, including reasonable attorney's
      fees, related to or arising from the their failure to comply with any of
      their obligations under this Clause.

      In addition to the foregoing, in the event such failure results in any
      delay to a Vessel, notwithstanding anything contained herein to the
      contrary, all time used or lost shall be for the Party in default's
      account.

30.   ISPS Code:

      (a)   (i) From the date of coming into force of the International Ship &
            Port Facility Security Code ("ISPS Code") and the relevant
            amendments to the Marine Transportation Security regulations, Owners
            shall procure that the Vessel and "the Company" (as defined by the
            ISPS Code) shall comply with the requirements of the ISPS Code
            relating to the Vessel and "the Company". Upon request Owners shall
            provide a copy of the relevant Ship Security Certificate as required
            by the Maritime Transport Security Regulations to Charterers. Owners
            shall provide Charterers with the full style contact details of the
            Company Security Officer (CSO).

<PAGE>

            (ii) Except as otherwise provided in this Agreement, loss, damage,
            expense or delay excluding consequential loss, caused by the failure
            of Owners or "the Company" to comply with the requirements of the
            ISPS Code shall be for Owners' account.

      (b)   (i) Charterers shall provide the CSO and the Ship Security Officer
            (SSO) or Master and, where sub-letting is permitted under the terms
            of this Charter Party, shall ensure the contact details of all
            sub-charterers are likewise provided to the CSO and the SSO/Master.
            Further more, the Charterers shall ensure that all sub-charter
            parties they enter into during the period of this Charter Party
            contain the following provisions:

            "The Charterers shall provide the Owners with their full style
            contact details and, where sub-letting is permitted under the terms
            of the charter party, shall ensure that the contact details of all
            sub-charterers are likewise provided to the Owners"

            (ii) Except as otherwise provided in this Agreement, loss, damage,
            expense or delay, excluding consequential loss, caused by failure on
            the part of Charterers to comply with this Clause shall be for
            Charterers' account.

      (c)   Notwithstanding anything to the contrary provided in this Charter
            Party, all delay costs or expenses whatsoever arising out of or
            related to security, regulations or measures required by a port
            facility or any relevant authority in accordance with the ISPS Code
            including, but not limited to, security guards, launch services, tug
            escorts, port security fees or taxes and inspections, shall be for
            Charterer's account, unless such costs or expenses result solely
            from Owners' negligence. All measures required by Owners to comply
            with the Ship Security Plan shall be for Owners' account.

      (d)   If either party makes any payment which is for the other party's
            account according to this Clause, the other party shall on demand
            indemnify the paying party.

31.   Covenant Not to Compete.

Owners and each of the Intervenors severally agree that from and after the date
hereof until the end of this COA, neither Owners nor any Intervenor will,
directly or indirectly, anywhere in the Great Lakes area (in the United States
or in Canada), at any relevant time:

      (a)   own, manage, operate, join, control, be employed by, render services
            to, or participate in the ownership, management, operation or
            control of or serve as advisor or consultant to, or otherwise be
            connected with in any manner, whether as an officer, director,
            employee, partner, investor or otherwise, in a business entity or
            undertaking which is engaged in any business that is the same or
            similar to or competitive with the business of Charterers; or

      (b)   solicit or induce any employee of Charterers to leave his or her
            employment with Charterers; or

<PAGE>

      (c)   solicit or request orders of services which are competitive with any
            services provided by Charterers from any person or entity which is a
            customer of Charterers.

Nothing contained in this COA shall be deemed to prohibit Owners or any
Intervenor from becoming employed by Charterers or providing any consulting
services to Charterers, including entering into crewing agreement.

32.   Applicable Law:

      This Agreement shall be construed in accordance with the laws of Canada,
      including Canadian Maritime Law.

33.   Notices:

      Every notice contemplated by this agreement shall be given by fax to:

               TO OWNERS:

               VOYAGEUR MARINE TRANSPORT LIMITED

               Fax:   ( 905) 892-8161

               Attn:  Fred Huneault

               TO CHARTERERS

               LOWER LAKES TOWING LTD.

               Fax:   (519) 583-1946

               Attn:  Scott Bravener

34.   Assignment and Successors:

      This Agreement may not be assigned without prior consent of the other
      party. Such consent shall not be unreasonably withheld. This Agreement
      shall be binding upon the parties hereto and their successors and
      permitted assigns; provided, however, that Charterers shall have the right
      to assign this Agreement, in whole or in part and without the consent of
      Owners, to any parent, subsidiary, affiliate or any successor to all or
      substantially all of its assets and to any of its lenders.

35.   Entire Agreement:

      This Agreement and the appendices attached hereto and incorporated by
      reference herein constitutes the entire agreement between the parties and
      supersedes all previous commitments, whether verbal or written between the
      parties.

<PAGE>

36.   Confidentiality:

      The terms and conditions of this Agreement are confidential and shall not
      be disclosed to third parties except as required by law.

VOYAGEUR MARINE TRANSPORT LIMITED            VOYAGEUR MARITIME TRADING INC.

Per: /s/ Fred Huneault                       Per: /s/ Fred Huneault
-----------------------------------          -----------------------------------

Title: President                             Title: President
-----------------------------------          -----------------------------------

Date:                                        Date:
-----------------------------------          -----------------------------------

LOWER LAKES TOWING LTD.

Per: /s/ Scott Bravener                      Per:
-----------------------------------          -----------------------------------

Title: President                             Title:
-----------------------------------          -----------------------------------

Date:                                        Date:
-----------------------------------          -----------------------------------

<PAGE>

                                  INTERVENTION

Voyageur Maritime Holdings Inc. and Fred Huneault (collectively, the
"Intervenors") hereby intervene to the Contract of Affreightment between
Voyageur Marine Transport Limited and Lower Lakes Towing Ltd. for the purpose of
acknowledging the content of clause 31 (Covenant not to compete) and agreeing to
be bound by same.

EXECUTED IN _______________, this 27th day of August 2007.

By:                                    Fred Huneault

                                       /s/ Fred Huneault
                                       -----------------------------------------

By:                                    Voyageur Maritime Holdings Inc.

                                       By: /s/ Fred Huneault
                                       -----------------------------------------
                                       Fred Huneault

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