Document:

Exhibit 10.6

 

SHIPMANAGEMENT AGREEMENT

 

This Shipmanagement Agreement is entered
into this 30th JANUARY, 2018 BETWEEN

 

(1) VOYAGEURS SHIPPING CO. LTD,
a company organized and existing under the laws of Liberia having its registered office at 80, Broad Street, Monrovia, Liberia
(hereinafter referred to as “the Owners”); and

 

(2) C TRANSPORT MARITIME S.A.M.,
a corporation organized and existing under the Laws of the Principality of Monaco, having its registered office at 7 Rue du Gabian,
98000 Monaco (hereinafter referred to as “the Managers”),

 

the Owners and the Managers hereinafter
referred to as “the Parties” and each as a “Party”.

 

		1.	Definitions

 

In this Agreement save where the context
otherwise requires, the following words and expressions shall have the meanings hereby assigned to them.

 

“Crew Support Costs” means
all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the
Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management service and,
without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers
and ratings, cadet training schemes, sick-pay, study pay, recruitment and interviews.

 

“ISM Code” means the International
Safety Management Code for the Safe Operation of ships and for Pollution Prevention as adopted by the International Maritime Organization
(IMO).

 

“Management Fees” means the
Basic Management Fees provided under Annex A.

 

“Management Services” means
the management services provided under Clauses 3.A. and 3.B., which shall mean all of them or any of them as the context may require.

 

“Qualifying IPO” means the
completed initial public offering, as approved by the board of directors of GoodBulk Ltd, of all or a portion of the authorised
shares (irrespective of their class or category) issued, or to be issued, by GoodBulk Ltd. pursuant to which authorised shares
have been listed for trading on the New York Stock Exchange or the Nasdaq in the United States of America (or any other internationally
recognized stock exchange).

 

“IPO Date” means the date on
which a Qualifying IPO occurs.

 

“Severance Costs” means the
costs which the employers are legally obliged to pay to or in respect of the crew as a result of the early termination of any employment
contract for service on the vessel.

 

“STCW 95” means the International
Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 and as it may further
be amended or supplemented.

 

     

     

    

 

“Vessel” means the M.V.
Voyageurs (IMO No. 9300570) to be renamed MV Aquavoyageurs, which will be registered in the ownership of the Owners,
under the Liberian flag with the Liberian Ships Registry.

 

This Agreement (with its Annex) contains
the entire agreement and understanding between the parties hereto and supersedes all prior negotiations and agreements on any matter
hereof.

 

Words importing the plural shall include
the singular and vice-versa.

 

		2.	Appointment of Managers

 

With effect from the date of delivery
of the Vessel to the company “Voyageurs Shipping Co. Ltd.” which delivery is the “Effective Date”,
and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree
to act as the managers of the Vessel.

 

		3.	Basis of Agreement

 

Subject to the terms and conditions herein
provided, during the term of this Agreement, the Managers shall carry out Management Services in respect of the Vessel as agents
for and on behalf of the Owners. The Managers shall have authority to carry out any and all functions pertaining to the Management
Services provided herein below, to take such actions and perform all such acts and things as they may from time to time in their
absolute discretion consider to be necessary or appropriate to enable them to perform this Agreement in accordance with sound ship
management practice.

 

A.           In
their capacity as Managers of the Vessel and subject to the terms and conditions hereafter provided, the Managers are entrusted
with the following Management Services:

 

		3.A.1	Crew Management (See also Clause 10)

 

The Managers shall provide adequate and
properly qualified crew for the Vessel as required by the Owners in accordance with the STCW 95 requirements, provision of which
includes but is not limited to the following functions:

 

		(i)	selecting and engaging the Vessel’s crew, including payroll arrangements, pension administration,
and insurances for the crew other than those insurances mentioned in Clause 6;

 

		(ii)	ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in
respect of manning levels, rank, qualification and certification of the crew and employment regulations including crew’s
tax, social insurance, discipline and other requirements;

 

		(iii)	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 appropriate flag State requirements. In the absence of applicable flag state requirements the medical certificate
shall be dated not more than three months prior to the respective crew members leaving their country of domicile and maintained
for the duration of their service onboard the Vessel;

 

    	 	2	 

     

    

 

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

 

		(v)	arranging transportation of the crew, including repatriation;

 

		(vi)	training of the crew and supervising their efficiency;

 

		(vii)	conducting union negotiations (if applicable);

 

		(viii)	operating the Managers’ drug and alcohol policies.

 

		3.A.2	Technical Management.

 

The Managers shall provide technical management
which includes, but is not limited to, the following functions:

 

		(i)	provision of competent personnel to supervise the maintenance and general efficiency of the Vessel;

 

		(ii)	arrangement and supervision of dry-dockings, repairs, alterations and the upkeep of the Vessel
to the standards required by the Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure
that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and
recommendations of the classification society;

 

		(iii)	appointment of surveyors and technical consultants as the Managers may consider from time to time
to be necessary;

 

		(iv)	arranging transportation of Managers’ shore personnel when servicing the Vessel;

 

		(v)	at least two visits per year to the Vessel by superintendents or other qualified employees of the
Managers;

 

		(vi)	implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code
and the Vessel compliance with the requirements of the applicable flag state and the ISPS code;

 

		(vii)	In the event that the Managers’ superintendents or other qualified employees visit the Vessel
in excess of thirty (30) days in any calendar year (and pro rata for any part of calendar year in which the Managers shall act
as Managers), and/or in the event that the Managers provide repairs on the Vessel, the Owners shall pay the Managers the remuneration
provided in Annex A.

 

The Manager shall not undertake expenses
in excess of USD50,000 off the budget for any particular item for any one year, without the prior written approval by the Owner.

 

		3.A.3	Insurance Arrangements

 

The Owners shall arrange insurances in
accordance with Clause 6 or shall instruct the Managers to arrange insurances on such terms and conditions as the Owners shall
have agreed in particular regarding cover, conditions, insured values, deductibles, franchises, claims handling and reporting.

 

    	 	3	 

     

    

 

Subject to Clause 6 and without limiting
the generality of the foregoing, the Managers shall be responsible for any or all of the following:

 

		(i)	engaging the services of their appointed insurance brokers to assist them in arranging such insurances;

 

		(ii)	compiling such statistics and enter into negotiations with such first-class insurance companies,
underwriters and P&I Clubs as they consider necessary or desirable in order to arrange such insurances;

 

		(iii)	arranging for all cover notes to be checked and for all premia, calls and debit notes to be paid
promptly by their due date;

 

		(iv)	subject to the prior instructions of the Owners, handling and/or procuring settlement of any claims
in connection with the Vessel.

 

The Managers shall be reimbursed for any
and all cost and expenses incurred under 3.A.3, as provided in clause Annex A, and

 

		3.A.4	Provisions

 

		(i)	The Managers shall arrange for the supply in necessary quantities of the Vessel’s needs in
stores, consumable stores, spare parts, system and lubricating oils to the standard implied by their shipmanagement obligations
in this Agreement.

 

		(ii)	The Managers shall establish and maintain cost effective procedures for the purchase and supply
of goods and services of the required quality.

 

		(iii)	Where the Managers have negotiated terms and conditions with suppliers of any stores, spares, provisions
or lubricating oils (“Goods”) and/or suppliers of services required by the Vessel, then the purchase of such goods
and services, unless operational or other circumstances require, shall be undertaken with such suppliers on the basis of terms
and conditions negotiated by the Managers.

 

		(iv)	The Managers shall use all reasonable effort to achieve lowest prices available. If the Owners
are able to obtain good faith, on arm’s length terms, on a true like for like basis (including quality, certification, place
of supply, manufacturer, etc but ignoring taxes and exchange rate fluctuations) the same Goods and services at a lower price than
obtained by the Managers the Owners will supply full details to the Managers and the Managers will be allowed to inquire to match
such offers. In the event that the Managers cannot provide an equal or better match to such offers and provided that the Managers
are not bound by any short/long term agreement for the provision of such Goods and services, the vendor suggested by the Owners
will be used. In such case, the vendor will have to extend to the Managers all terms/conditions that are in force with the Owners.

 

		(v)	The Owners cannot, except as described in clause (iv), instruct the Managers to use Owners’
vendors. The Managers will consider any such proposal from the Owners and will make their reasonable efforts to satisfy same, provided
it does not have negative impact on other areas of the Managers’ business.

 

B.           In
addition to the Management Services provided under Clause 3.A. above, the Managers may also be entitled to carry out the following
Management Services, provided always that the Managers shall be instructed by the Owners to this effect and subject to the other
terms and conditions hereinafter provided:

 

    	 	4	 

     

    

 

		4.	Managers’ Obligations

 

4.1          The
Managers undertake to use best endeavors to provide the agreed Management Services as agents for and on behalf of the Owners in
accordance with sound ship management practice and international standards, applicable statutory and regulatory requirements and
policies to protect and promote the interests of the Owners in all matters relating to the provision of services hereunder. Provided,
however, that the 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 Managers shall be entitled to allocate available supplies,
manpower and services in such manner as in the prevailing circumstances the Managers in their absolute discretion consider to be
fair and reasonable.

 

4.2         Where
the Managers are providing Technical Management in accordance with Clause 3.A.2 they shall procure that the requirements of the
law of the flag of the Vessel are satisfied and they shall in particular be deemed to be the “Company” as defined by
the ISM Code, assuming the responsibility for the operation of the Vessel taking over the duties and responsibilities imposed by
the ISM and ISPS Code when applicable.

 

		4.3	Miscellaneous

 

(a)         The
Managers shall not give a preference to other vessels it is managing under arrangements with persons other than Owners and will
ensure a fair distribution of available manpower, supplies and services to the Vessel and its operations.

 

(b)         Notwithstanding
anything in this Agreement to the contrary, and apart from standard increase in commissions and fees due to inflation index based
upon appropriate European Union consumer price index reasonably acceptable to the Parties, the Management Fees payable by Owners
under this Agreement shall not increase until 26th October 2022 (inclusive) and nor shall they increase for the period
of any automatic renewal of this Agreement pursuant to Clause 17.1. The provisions of this sub-clause (b) shall survive the termination
of this Agreement or its renewal.

 

As and with effect of the IPO Date this
Clause 4.3 shall be deemed amended and supplemented as follows the words “26th October 2022” shall be deleted
and replaced with the calendar date being five (5) calendar years after the date of the Qualifying IPO (for example, for indicative
purposes only, if the IPO Date was 5 March 2020 in clause 4.3 the words “26th October 2022” would be replaced
by “4 March 2025”).

 

(c)         All
rights of Owners under this Agreement shall be exercised solely by the Board of Directors of Owners (“Board of Directors”)
subject to the by-laws of Owners, and all instructions, directions, waivers, approvals, specifications or other actions permitted
or required to be taken under this Agreement by Owners, including (without limitation) any express limitations imposed on the authority
of Owners, shall be taken by the Board of Directors.

 

		5.	Owners’ Obligations

 

5.1         The
Owners shall pay all sums due to the Managers promptly in accordance with the terms of this Agreement.

 

    	 	5	 

     

    

 

5.2         Without
prejudice to the Managers’ obligation to provide Crew Management Services under Clause 3.A.1 and in the event that the Owners
provide crew for the Vessel, the Owners shall:

 

		(i)	procure that all officers and ratings supplied by them or on their behalf comply with the requirements
of STCW 95; and

 

		(ii)	instruct such officers and ratings to obey all reasonable orders of the Managers in connection
with the operation of the Managers’ safety management system.

 

		6.	Insurance Policies

 

The Owners shall procure, whether by instructing
the Managers under Clause 3.A.3. or otherwise, that throughout the period of this Agreement:

 

6.1        At
the Owners’ expense, the Vessel is adequately insured for:

 

		(i)	usual hull and machinery marine risks (including crew negligence) and excess liabilities;

 

		(ii)	protection and indemnity risks (including pollution risks and crew Insurances);

 

		(iii)	war risks (including protection and indemnity and crew risks);

 

		(iv)	Certificate of Financial Responsibility (COFR), Freight Demurrage and Defense (FD&D) and/or
other insurances as the Vessel’s trade may require;

 

in accordance with the best practice of
prudent owners of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (collectively
“the Owners’ Insurances”).

 

6.2         all
premia and calls on the Owners’ Insurances are paid promptly by their due date,

 

6.3         the
Owners’ Insurances name the Managers and, subject to underwriters’ and Owners’ agreement, any third party designated
by the Managers as a co-assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified
in Clause 6.1, if reasonably obtainable on terms such that neither the Managers nor any such third party shall be under any liability
in respect of premia or calls arising in connection with the Owners’ Insurances.

 

6.4         written
evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under Clause 6
within a reasonable time of the commencement of this Agreement, and of each renewal date and, if specifically requested, of each
payment date of the Owners’ Insurances.

 

		7.	Income Collected and Expenses Paid on Behalf of Owners

 

All expenses incurred by the Managers under
the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 8 and Annex A) shall in any event
remain payable by the Owners to the Managers on demand.

 

    	 	6	 

     

    

 

		8.	Management Fees

 

The Parties do hereby agree with and adopt
the agreement on fees and costs as set out in Annex A to this Agreement which shall be an integral part of this Agreement.

 

		9.	Budgets and Management of Funds

 

9.1         The
Managers shall present to the Owners annually a budget for the following fiscal year in the Managers’ standard format or
such other form as may be mutually agreed in writing. The first budget which will be submitted will be for the period from the
Effective Date to December 31st, 2017. Subsequent annual budgets shall be prepared by the Managers for each calendar/fiscal
year and submitted to the Owners at least forty-five (45) days prior to the commencement of each calendar/fiscal year, in respect
of that fiscal year.

 

9.2         The
Owners shall indicate to the Managers their acceptance and approval of the annual budget within thirty (30) days of presentation
and in the absence of any such indication, the Managers shall be entitled to assume that the Owners have accepted the proposed
budget.

 

9.3         In
case requested by the Owners, following the agreement of the budget, the Managers shall prepare and present to the Owners their
estimate of the working capital requirement of the Vessel and the Managers may update this estimate as may be required from time
to time. Based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for
the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs,
additional insurance premia, bunkers or provisions. In addition, the Owners shall provide the Managers upon request with any funds
which the Managers may request to cover any expense which the Managers in their reasonable judgment consider to be for an emergency.
All such funds shall be received by the Managers within ten days after the receipt by the Owners of the Managers’ written
request and shall be held in a separate interest-bearing bank account or accounts which shall be operated by the Managers in trust
for the Owners. The Managers shall be entitled to allocate such funds in such manner as the Managers determine and it shall not
be open to the Owners to direct the Managers otherwise. The Managers shall not expend funds in excess of 5% of the budgeted amounts,
without prior written Owners’ approval.

 

9.4         The
Managers shall produce a monthly comparison between budgeted and actual expenditure of the Vessel in the Managers’ standard
format or such other form as may be mutually agreed in writing. Budget/actual comparison reports will be produced and submitted
on a monthly basis within 20 days from month end and will include all invoiced and accrued expenses. On a quarterly basis the Managers
shall also provide variance explanations for variances of 10% or greater based on the total year to date cost. All invoices will
be addressed to the Vessel name, c/o the Managers.

 

9.5         Notwithstanding
anything contained herein to the contrary, the Managers shall in no circumstances be required to use or commit their own funds
to finance the provision of the Management Services.

 

		10.	Managers’ Right to Sub-Contract

 

The Managers shall not have the right to
sub-contract any of their obligations hereunder, including those mentioned under Clause 3.A.1., except to Aminta Crew Management
Inc. which is carrying out the supply and management of the Vessel’s crew, without the written consent of the Owners, such
consent not to be unreasonably withheld. In the event of such a sub-contract the Managers shall remain fully liable for
the due performance of their obligations under this Agreement.

 

    	 	7	 

     

    

  

		11.	Responsibilities

 

11.1       Force
Majeure - Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their respective
obligations hereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable control.

 

		11.2	Liability to Owners.

 

(i)           Without
prejudice to Clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense
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 Vessel) and howsoever arising in the course of performance of the Management Services unless
same is proved to have resulted solely from the gross negligence, breach of material obligations under this Agreement or willful
default of the Managers or their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which
case (save where loss, damage, delay or expense has resulted from the 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 Managers’
liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of two times the
Basic Management Fee payable hereunder.

 

(ii)          Notwithstanding
anything that may appear to be the contrary in this Agreement, the Managers shall not be liable for any of the actions of the crew,
even if such actions are negligent, grossly negligent or willful, except only to the extent that they are shown to have resulted
from a failure by the Managers to discharge their obligations under Clause 3.A.1., in which case their liability shall be limited
in accordance with the terms of this Clause 11.

 

11.3       Indemnity
- Except to the extent and solely for the amount therein set out that the Managers would be liable under Clause 11.2, the Owners
hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against
all actions, defaults, neglect, 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 this Agreement, and against
and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which
the Managers may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

 

11.4       “Himalaya”
- It is hereby expressly agreed that no employee or agents of the Managers (including every sub-contractor from time to time employeed
by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or
delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting
in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this
Clause 11, every exemption, limitation, condition and liberty contained in this Agreement and every right, exemption from liability,
defense and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled under this Agreement
shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the
purpose of all the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee
on behalf of and for the benefit of all persons who are or might be his servants or agents from time to time (including sub-contractors
as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

 

    	 	8	 

     

    

 

		12.	Documentation

 

Where the Managers are providing Technical
Management in accordance with Clause 3.A.2. and/or Crew Management in accordance with Clause 3.A.1. they shall make available,
upon Owners’ request, all documentation and records related to the Safety Management System (SMS) and/or the crew which the
Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party.

 

Record keeping periods will be determined
by the Managers’ Safety Management System (SMS).

 

		13.	General Administration

 

13.1.      The
Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding
any incident of which the Managers become aware which gives or may give rise to claims or disputes against or by the Owners involving
third parties, including regular (monthly or as otherwise required based on the reasonable judgement of the Managers) reports on
the handling of claims and disputes. The Managers will not settle any claim that is not covered by insurance without the approval
of the Owners. The Managers will not pursue a claim against a third party relating to the Management Services without the prior
written approval from the Owners.

 

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

 

13.3       The
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 (subject to Clause 3.A.3.) or all other matters affecting the interests of the Owners in respect of the
Vessel.

 

13.4       The
Owners shall arrange for the provision of any necessary guarantee, bond or other security.

 

13.5       Any
costs reasonably incurred by the Managers in carrying out their obligations according to this Clause 13 shall be reimbursed by
the Owners.

 

		14.	Auditing and Financial Documentation

 

The 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. At any time as may be requested by the Owners, and in any event upon termination, for whatever reason,
of this Agreement, the Managers shall release to the Owners, if so requested, the originals where possible, or otherwise certified
copies, of all such accounts and all documents specifically relating to the Vessel and her operation.

 

    	 	9	 

     

    

 

		15.	Inspection of Vessel

 

The Owners shall have the right at any
time after giving reasonable notice to the Managers to inspect the Vessel for any reason they consider necessary.

 

		16.	Compliance with Law and Regulations

 

The Managers will not do or permit anything
to be done which might cause any breach or infringement of the laws and regulations of the Vessel’s flag, or of the places
where she trades.

 

		17.	Duration of the Agreement and Termination

 

17.1       Subject
to Clauses 17.2, 17.3 and 17.4 this Agreement shall come into effect on the Effective Date and shall continue until 26th
October 2022 (inclusive) and on such date shall automatically be renewed until 26th October 2027 (inclusive) and every
five years thereafter this Agreement shall automatically be renewed for a further five years unless (and without prejudice to any
other termination rights in this agreement):

 

		(i)	this Agreement is terminated at any time by the Owner giving to the Manager not less than three
months prior notice (other than by way of a Notice of Non-Renewal) of termination in writing (“Early Termination Notice”),
in which event the term of this Agreement shall terminate and the Manager shall cease to be responsible for the provision of the
Management Services on and from the time and date specified in such notice; or

 

		(ii)	in respect of any automatic renewal, this Agreement is terminated by either Party giving to the
other Party, notice in writing (such notice shall not be given any less than three months’ prior to the relevant automatic
renewal date) that such Party does not agree to the relevant automatic renewal (“Notice of Non-Renewal”), in
which event the term of management under this Agreement shall terminate and the Manager shall cease to be responsible for the provision
of the Management Services on and from the date this Agreement would otherwise have automatically renewed.

 

In the event of termination of this Agreement
by the Owner the Managers shall be entitled to receive a termination payment equal to the prior 12 months Basic Management Fee
due to the Manager as outlined in Clause 8 and annex A, save that no such termination payment shall be payable by the Owner in
the event that termination is for default of the Manager in performing their obligations or as a result of the Manager not being
permitted by applicable law to perform the services under this Agreement or due to the insolvency of the Manager.

 

For the avoidance of doubt, if the Manager
terminates this Agreement by way of a Notice of Non-Renewal, no termination payment shall be payable by the Owner.

 

As and with effect of the IPO Date this
Clause 17.1 shall be deemed amended and supplemented as follows:

 

		(i)	the words “26th October 2022” shall be deleted and replaced with the calendar
date being five (5) calendar years after the date of the Qualifying IPO (for example, for indicative purposes only, if the IPO
Date was 5 March 2020 in clause 17.1 the words “26th October 2022” would be replaced by “4 March 2025”);
and

 

		(ii)	the words “26th October 2027” shall be deleted and replaced with the calendar
date being ten (10) calendar years after the date of the Qualifying IPO (for example, for indicative purposes only, if the IPO
Date was 5 March 2020 in clause 17.1 the words “26th October 2027” would be replaced by “4 March 2030”).

 

    	 	10	 

     

    

 

		17.2	Owners’ Default.

 

		(i)	The Managers shall be entitled to terminate this Agreement with immediate effect by notice in writing
if any moneys payable by the Owners under this Agreement shall not have been received in the Managers’ nominated account
within thirty (30) running days of receipt by the Owners of the Managers’ written request or if the Vessel is repossessed
by the mortgagees.

 

		(ii)	If the Owners proceed with the employment of or continue to employ the Vessel in carriage of contraband,
blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or
improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practicably possible.
In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall
be entitled to terminate this Agreement with immediate effect by notice in writing.

 

		17.3	Managers’ Default

 

If the Managers fail to meet in any material
respect their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners
may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that
the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate
this Agreement with thirty (30) days’ prior notice in writing.

 

		17.4	Extraordinary Termination.

 

This Agreement shall be deemed to be terminated
in the case of the sale of the Vessel (other than sale to an affiliated company with, or to a company belonging to the same group
as the Owners) or if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss or
is requisitioned.

 

		17.5	For the purpose of Clause 17.4:

 

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

 

		(ii)	the Vessel 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 Vessel has
occurred.

 

17.6       This
Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation
or bankruptcy of either Party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed,
or if it suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.

 

17.7       The
termination of this Agreement shall be without prejudice to all rights accrued due between the Parties prior to the date of termination.

 

    	 	11	 

     

    

 

		18.	Law and Arbitration

 

18.1       This
Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with
this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or reenactment thereof save to the extent necessary to give effect to the provisions of this Clause 18.

 

The arbitration shall be conducted in accordance
with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

 

The reference shall be to three arbitrators.
A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to
the other Party requiring the other Party to appoint its own arbitrator within 14 calendar days of that notice and stating that
it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has
done so within the 14 days specified. If the other Party does not appoint its own arbitrator and give notice that it has done so
within the 14 days specified, the Party referring a dispute to arbitration may, without the requirement of any further prior notice
to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole
arbitrator shall be binding on both Parties as if he had been appointed by agreement.

 

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

 

In cases where neither the claim nor any
counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance
with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 

		19.	Notices

 

Any notice to be given by either Party
to the other Party shall be in writing and may be sent by fax, registered or recorded mail or by personal service.

 

		(i)	if to be served to the Managers at:

 

C Transport Maritime Sam

7 rue du Gabian

98000 Monaco

Fax No. +377 97982300

 

		(ii)	if to be served to the Owners, at:

 

Voyageurs Shipping Co. Ltd

c/o C Transport Maritime Sam

7 rue du Gabian

98000 Monaco

Fax No. +377 97982306

 

    	 	12	 

     

    

 

		20.	Hardship

 

If the continued performance of this Agreement
becomes economically burdensome for the Parties due to an event or events not contemplated at the time of entering into this Agreement,
then the Parties agree to review the terms of clause 8 and negotiate a solution in good faith.

 

	For and on behalf of	 	For and on behalf of
	VOYAGEURS SHIPPING CO. LTD.	 	C. TRANSPORT MARITIME S.A.M.
	 	 	 
	/s/ Luigi Pulcini	 	/s/ John Michael Radziwill
	Director – Luigi Pulcini	 	Director – John Michael Radziwill

 

    	 	13	 

     

    

 

ANNEX A

 

Management Fees 

 

		1.1	Basic Management Fee

 

In consideration of the Management Services
rendered by the Managers under Clause 3 of this Agreement the Owners shall pay to the Managers an annual management fee in the
lump sum amount of United States Dollars One Hundred and Forty-Four Thousand (US$144,000) (the “Basic Management Fee”),
which shall be payable by quarterly installments in advance, starting from the Effective Date.

 

		1.2	Additional Management Fees

 

		(i)	In the event that, within the context of Clause 3.A.2:

 

		(a)	the Managers’ superintendents or other employees visit the Vessel in excess of thirty (30)
days, in any calendar year (and pro rata for part of a calendar year), and/or

 

		b)	the Managers are instructed to arrange and provide repair works on the Vessel, then the Managers
shall be entitled by way of remuneration to a fee which will be agreed and calculated on a daily basis.

 

		(ii)	The Owners shall reimburse the Managers for postage, communication, and other general expenses
in the lump sum amount of $15,000 per quarter, payable quarterly in advance.

 

		(iii)	The Owners shall reimburse the Managers for traveling expenses and other out of pocket expenses
properly incurred by the Managers in pursuance of the Management Services.

 

		(iv)	In the event that within the context of Clause 3.A.3 the Managers provide any insurance arrangements
they shall be reimbursed for time and expense at rates to be agreed on a case by case basis. Any such invoices will be payable
upon presentation to the Owners.

 

		(v)	In the event that within the context of Clause 3.B.1 the Managers provide any Commercial Operations
Services they shall be reimbursed for time and expense at rates to be agreed on a case by case basis. Any such invoices will be
payable upon presentation to the Owners.

 

The additional management fees provided
in Clauses 1.2. (i), (ii), (iii), (iv), and (v) above are herein collectively called the “Additional Management Fees”,
which term shall mean all of them or any of them, as the context may require.

 

1.3.        The
Basic Management Fee and the Additional Management Fees shall be payable by the Owners in consideration of the Management Services
rendered by the Managers in any calendar year and shall be payable proportionately for any part of the calendar year in which the
Managers shall act as Managers.

 

1.4         The
Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff facilities and stationery.

 

    	 	14	 

     

    

 

1.5         If
as a result of a collision, accident, emergency, or any other extraordinary circumstances, the Managers’ workload is increased
beyond that which the Parties could reasonably have anticipated, the Managers shall agree with the Owners reasonable additional
remuneration with regard to the nature of the extraordinary incident that occurred, the personnel and any of the Managers’
resources deployed, and all other relevant circumstances including insurance recoveries.

 

1.6         In
the event of the appointment of the Managers being terminated by the Owners or the Managers in accordance with the provisions of
Clause 17 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, in either case
after the third anniversary of the Effective Date, the Management Fees payable to the Managers according to the provisions of Clauses
1.1 and 1.2 shall continue to be payable for a further period of three calendar months as from the termination date. In addition,
provided that the Managers provide crew for the Vessel in accordance with Clause 3.A.1:

 

		(i)	the Owners shall continue to pay Crew Support Costs during the said further period of three calendar
months; and

 

		(ii)	the Owners shall pay any Severance Costs which may materialize according to seamen’s employment
agreements.

 

1.7       Unless
otherwise agreed in writing, invoiced discounts and commissions obtained by the Managers in the course of the management of the
Vessel or based on volumes applicable to the Vessel shall be credited to the Owners.

 

    	 	15	 

     

    

 

Schedule
of Substantially Identical Shipmanagement Agreements

Omitted Pursuant
to Instruction 2 to Item 601 of Regulation S-K

 

Material Details in
Which Omitted Shipmanagement Agreements Differ from the Shipmanagement Agreements between Voyageurs Shipping Co. Ltd and C Transport
Maritime S.A.M., dated January 30, 2018

 

	Agreement	 	Counterparty
	Shipmanagement Agreement dated January 2, 2017	 	Aquadonna Shipping Co. Ltd 
	Shipmanagement Agreement dated January 2, 2017	 	Aquamarine Shipping Co. Ltd 
	Shipmanagement Agreement dated January 2, 2017	 	Aquakula Shipping Co. Ltd 
	Shipmanagement Agreement dated April 13, 2017	 	Aquaknight Shipping Co. Ltd 
	Shipmanagement Agreement dated April 24, 2017	 	Nautical Dream Shipping Co. Ltd 
	Shipmanagement Agreement dated May 19, 2017	 	Aquapride Shipping Co. Ltd 
	Shipmanagement Agreement dated May 19, 2017	 	Aquacharm Shipping Co. Ltd 
	Shipmanagement Agreement dated June 21, 2017	 	Aquavictory Shipping Co. Ltd 
	Shipmanagement Agreement dated June 21, 2017	 	Aquajoy Shipping Co. Ltd 
	Shipmanagement Agreement dated August 1, 2017	 	Aquakatana Shipping Co. Ltd 
	Shipmanagement Agreement dated August 2, 2017	 	Aquahope Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Minnehaha Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Maka Franz Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Iron Range Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Silver Surfer Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Belle Taine Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Minnetonka Shipping Co. Ltd 
	Shipmanagement Agreement dated November 7, 2017	 	Itasca Shipping Co. Ltd 
	Shipmanagement Agreement dated January 2, 2018	 	Pretty Carrier Co. Ltd 
	Shipmanagement Agreement dated January 2, 2018	 	Proud Shipping Co. Ltd 
	Shipmanagement Agreement dated January 2, 2018	 	Angel Carrier Co. Ltd 
	Shipmanagement Agreement dated January 2, 2018	 	Scope Carrier Co. Ltd 
	Shipmanagement Agreement dated January 2, 2018	 	Angel Carrier Co. Ltd 
	Shipmanagement Agreement dated January 8, 2018	 	Atlantic Bridge Shipping Co. Ltd

 

    	 	16Exhibit 10.7

 

DATED 25TH February 2013

 

THE MEMBERS

 

AND

 

C TRANSPORT HOLDING LTD.

 

C TRANSPORT HOLDING LTD.

 

REVENUE SHARING AGREEMENT

 

     

     

    

 

THIS AGREEMENT is made on the 25th day of February
2013

 

BETWEEN:

 

(1) Each of the Parties listed in Schedule 1, Part 1, (together
the “Members” if any one of them is mentioned);

 

(2) C TRANSPORT HOLDING LTD., a company incorporated in Bermuda
and having its registered office at Clarendon House, 2 Church Street, Hamilton, Bermuda (the “Manager”).

 

The above companies shall be hereinafter referred to as the
“Parties” when mentioned all together and “Party” if anyone of them is mentioned.

 

WHEREAS

 

(A)         The
Members have agreed between them that it is in their mutual interests and is beneficial for the profitable and efficient operation
of their respective Member Vessels (hereinafter defined) to employ the same pursuant to this Agreement.

 

(B)         The
Parties have agreed that the Manager should conduct the operational and commercial management of the vessels subject to this Agreement,
and undertake certain other activities in relation thereto, on the terms and conditions set out herein and in the Commercial Management
Agreement.

 

NOW THEREFORE IT IS AGREED as follows:

 

		1.	Definitions

 

		1.1	Defined terms

 

In this Agreement unless the context otherwise requires:

 

“Accounting Period” means each or any period in
respect of which the Accounts relating to operations and employment of the Agreement Vessels are drawn up, being, unless otherwise
provided herein, a period commencing on the Effective Date and ending on 31st December, 2012 and, thereafter, commencing on every
1st January and ending on every 31st December for each calendar year;

 

“Accounts” means for each Accounting Period the
audited financial statements (including statement of income, balance sheet, statement of charges and Net Agreement Result);

 

“Agreement Expenses” shall have the meaning ascribed
thereto in clause 6.2(a);

 

“Agreement Revenue” shall have the meaning ascribed
thereto in clause 6.2(b);

 

“Agreement Vessels” means, collectively, the Member
Vessels and the Chartered Vessels from time to time, being, at the Effective Date, only the Initial Member Vessels;

 

    2

     

    

 

“Auditors” means Deloitte & Touche of 15 Piazza
della Vittoria, Genoa, Italy;

 

“Business Days” means a day on which commercial
battles are open for business in each of New York, Monaco, Genoa and Athens and in any other place where any Member may have its
principal place of business;

 

“Business and Activity of the Manager” means the
business and activities of Manager as described in clause 2.2 or (as the context may otherwise require) such business and activities
as shall from time to time be undertaken or conducted by Manager pursuant to the terms hereof;

 

“Chartered Vessels” means the vessels (other than
Member Vessels) from time to time chartered-in by a company nominated by the Manager (provided it is a company managed by the Manager)
in order to perform any Charterparty entered into under this Agreement;

 

“Charterparty” or “Charterparties” means
collectively, all time, voyage or consecutive voyage charters, contracts of affreightment, transportation contracts or other contracts
or arrangements from time to time entered into under this Agreement in respect of Agreement Vessels;

 

“Commercial Management Agreement” means the agreement
dated 25th February 2013 made between (l) the Members and (2) the Manager, annexed hereto in an agreed form in Schedule 2, providing
for the provision of commercial management, marketing and other operational services by the Manager to the Members in connection
with the Business and Activity of the Manager, subject to and upon the terms and conditions therein contained;

 

“Confidential Information” means all information
relating to the operation of the Business and Activity of the Manager, including, inter alia, all matters relating to the finances
of the Business and Activity of the Manager (including details of income, expenses and profits) and the financing of vessels and
other hardware, all technical matters relating to the Agreement Vessels and the Business and Activity of the Manager, all details
relating to this Agreement and to the Members, all details relating to contracts proposed to be entered into by the Manager relating
to the Business and Activity of the Manager including Charterparties, all details of the commercial and technical structure of
the Business  Activity of the Manager, the management structure of the Business and Activity of the Manager and all aspects
of personnel, all details of any ancillary business carried on by the Manager or any Related Company thereof, and all other matters
which are from time to time confidential to the Manager or that the Manager from time to time deems confidential;

 

“Dollars”, “$” or “USD”
means the lawful currency of the United States of America;

 

“Effective Date” shall have the meaning ascribed
thereto in clause 18;

 

“Government Entity” means and includes (whether
having a district legal personality or not) any national or local government authority, board, commission, department, division,
organ, instrumentality, court or agency and any association, organisation or institution of which any of the foregoing is a member
or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing is a participant;

 

    3

     

    

 

“Initial Member Vessels” means the Member Vessels
listed in Schedule 1, Part 2, hereinafter also referred to as “Initial Member Vessel” if any one of them is mentioned;

 

“LIBOR” means the rate at which deposits in Dollars
of the relevant amount are offered to primary lending banks in the London Interbank Market on any relevant date as from time to
time conclusively certified by Citibank N.A. upon the request of the Manager;

 

“Member Vessels” means the vessels unanimously agreed
upon by the Members from time to time as becoming subject to this Agreement, hereinafter also referred to as “Member Vessel”
if any one of them is mentioned;

 

“Owner” means, in relation to each Member Vessel,
the relevant Member;

 

“Related Company” of a Member means any company
or entity directly or indirectly controlled by such Member for which purpose “control” means either ownership of more
than fifty per cent (50%) of the voting share capital (or equivalent right of ownership) of such company or entity or power to
direct its policies and management whether by contract or otherwise;

 

“Revenue Sharing Key” shall have the meaning ascribed
thereto in clause 6.1;

 

“Total loss” means:

 

(a)          actual,
constructive, compromised or arranged total loss of any Member Vessel; or

 

(b)          the
Compulsory Acquisition of any Member Vessel; or

 

(c)          the
hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of any Member Vessel (other than where the
same amounts to the Compulsory Acquisition of any Member Vessel) by any Government Entity, or by persons acting or purporting to
act on behalf of any Government Entity, unless such Member Vessel be released and restored from such hijacking, theft, condemnation,
capture, seizure, arrest, detention or confiscation within thirty (30) days after the occurrence thereof (as outlined in clause
11.2).

 

		1.2	Headings

 

Clause headings and the table of contents are inserted for the
convenience of reference only and should be ignored in interpretation of this Agreement.

 

    4

     

    

 

		1.3	References

 

In this Agreement, unless the context otherwise requires;

 

(a)          references
to clauses and schedules are to be construed as references to clauses of and schedules to this Agreement and references to !:his
Agreement include its schedules;

 

(b)          words
importing the plural shall include the singular and vice versa;

 

(c)          references
to a person shall be construed as references to an individual, firm, company, corporation, unincorporated body of persons or any
Government Entity;

 

(d)          references
to any person includes such person’s assignees and successors in title; and

 

(e)          references
to statutory provisions shall be construed as references to those provisions as replaced, amended or re-enacted from time to time.

 

		2.1	Purpose

 

The purpose of this Agreement, incorporating as applicable the
terms of the Commercial Management Agreement, is the regulation of tile Parties’ rights and obligations regarding tile employment
of the Agreement Vessels. The Manager will use reasonable endeavours to employ the Agreement Vessels in tile market with a view
to maximizing the earnings of each Agreement Vessel, which shall be shared and distributed to each Member in accordance with clause
6 below and in order to provide customers a better service and to allow the members to benefit from enemies of scale and better
income flows.

 

		2.2	Business and Activity of the Manager

 

The Business and Activity of the Manager shall comprise, as
set out in further detail in this Agreement:

 

(a)          as
its primary business, the operation of the Member Vessels under this Agreement including, without limitation, tile employment of
all the Agreement Vessels entrusted to its commercial and operational management and the performance of all Charterparties; and

 

(b)          the
undertaking and conducting of all ancillary activities which the Manager shall from time to time deem necessary or desirable in
connection with tile employment of the Agreement Vessels.

 

		3.	Obligations of Members

 

		3.1	Obligations

 

Each Member shall, in relation to each Member Vessel which is
subject to this Agreement and during such time as such Member Vessel shall remain subject to this Agreement:

 

    5

     

    

 

(a)          Make
available the relevant Member Vessel for an undetermined period of time pursuant to the terms of this Agreement and shall provide
tile Manager with a copy of tile relevant Member Vessel head charterparty;

 

(b)          Perform
all its obligations under each Charterparty to which it is a party and, without prejudice to the generality of the foregoing, shall
properly man, provision and store such Member Vessel and maintain such Member Vessel so as to meet the requirements of any such
Charterparty. The Manager shall be entitled to inspect any Member Vessel at any time in order to ensure the same;

 

(c)          Without
prejudice to clause 3.l(h), effect and maintain in respect of such Member Vessel insurances against hull and machinery, war and
protection and indemnity risks on such terms and at such values as may be required by the terms of any relevant Charterparty and
procure (It the Manager shall so require) that the Manager shall be co-assured under each Member Vessel’s P&I insurances
without recourse to the Manager for payments of premiums or calls. For the avoidance of doubt the Manager shall not be co-assured
in respect of any oilier insurances;

 

(d)          Properly
perform all its obligations under any mortgage or charge on such Member Vessel so as to avoid any arrest of such Member Vessel
or other enforcement of third Party security interests in the same;

 

(e)          Without
prejudice to clause 3.1(!), not sell and shall procure that any beneficial or disponent owner of the Member Vessel, if appropriate,
does not sell or contract to sell such Member Vessel save and except in certain circumstances where:

 

(i)  
        pursuant to clauses 3.4, 11 and 12 of this Agreement the Member’s
rights and obligations are deemed terminated and/ or the Member Vessel shall be withdrawn or deemed withdrawn; or

 

(ii)    
     the purchaser of the relevant Member Vessel either is already a Member or has been accepted for
membership under this Agreement pursuit to clause 3.3 and has agreed to maintain the Member Vessel in quest ion as a Member
Vessel subject to this Agreement and any Charterparty to which such Member Vessel is at the time of the sale committed is
novated so far as may be necessary;

 

(iii)         it
is agreed by the Members and the buyer of the Member Vessel that such Member Vessel will continue to be made available to the
Manager for employment.

 

(f)     
     Ensure that each Member Vessel shall at all times whilst it is subject to this Agreement be
owned by or in the disponent ownership of the relevant Member;

 

(g)          Take
all reasonable steps to enforce any and all of its rights arising out of or in connection with the employment of, and the provision
of services in relation to, such Member Vessel(s). Within the limits prescribed by this Agreement and subject always to any requisite
agreement of any relevant P&I associations and/or clubs, the Member shall be entitled to compromise, refer to litigation or
arbitration, abandon, submit to judgment or settle any such action or proceedings provided always that any such Member shall at
all times keep the Manager fully advised and updated of the same.

 

    6

     

    

 

(h)          In
addition effect such of the following insurances and/or such other insurances as the Manager may, in consultation with the relevant
Member, deem to be required for the efficient operation of the Member Vessels;

 

(i)          
Loss of Hire and/or Freight Insurance;

 

(ii)         Charterers’
Liability Insurance;

 

(iii)        Charterers’
F.D. & D. Coverage.

 

		3.2	Initial obligations

 

Each Member shall enter into a Charterparty with any third party
as suggested by the Manager in respect of its Initial Member Vessel(s) on the date of this Agreement pursuant to the provisions
of this Agreement and in particular the provisions of clause 4.2(a).

 

		3.4	Withdrawal of Member Vessels from this Agreement

 

A Member Vessel may be withdrawn from this Agreement by a Member
by giving three (3) months’ written notice to the Manager, except that if at the expiry of of withdrawal the Member Vessel
is committed to perform any Charterpart(ies), such notice shall take effect only at the conclusion of such commitment(s).

 

Following a notice under this clause, the Manager shall not,
except with the Member’s prior written approval, conclude Charterparties for the relevant Member for a duration which may
reasonably be expected to exceed the expiry of such notice.

 

		4	Obligations and authority the Manager

 

		4.1	Agreement of Members

 

The Manager is (and shall throughout the period of this Agreement
be) hereby authorized by each and every Member from time to time to undertake, perform and fulfill the Business and Activities
of the Manager and, for such purpose but subject always to any provision of this Agreement which requires the consent and/or approval
of the Members, to negotiate, enter into and conclude in the name and for and on behalf of each relevant Member such Charterparty
as shall to the Manager appear necessary or appropriate to achieve the objects of this Agreement. The Manager shall at all times
provide written notice to each of the Members of any Charterparties into which it has entered together with a copy of such Charterparty.

 

    7

     

    

 

		4.2	Obligations and authority of the Manager

 

The Manager shall, and shall throughout the period of this Agreement
be, and is (unless otherwise stated to the contrary) hereby authorised by each Member in relation to its Member Vessel(s), to:

 

(a)           Negotiate and agree the Charterparties for the Member Vessels
for and on behalf of the relevant Member - to be executed by the relevant Member and the relevant third party - provided that any
such Charterparty has a maximum duration of 7 months (+15 days) and by the first day of the laycan may not be more than 50 days
from the date of fixing;

 

for the negotiation and agreement of any such Charterparty having
a duration exceeding 7 months (+15 days) or with the first day of the laycan being more than [50] days from the date of fixing,
the prior written consent of the relevant Member shall be required;

 

(b)          to
negotiate the terms of all or any Charterparties for Chartered Vessels;

 

(c)          Make
all necessary arrangements for the proper employment of the Agreement Vessels;

 

(d)          Appoint
port and other agents for the Agreement Vessels;

 

(e)          Invoice
for, and receive, all freights, deadfreights, demurrages, hire and other earnings of the Agreement Vessels and (without prejudice
to clause 9) to recover all such amounts from those third parties who are properly obliged to pay the same;

 

(f)          Pay
all brokerage, commissions, port and canal charges and expenses, bunkers and any other expenses properly incurred in relation to
the employment of, and the provision of services in relation to, the Agreement Vessels;

 

(g)          Negotiate
the supply of bunkers in accordance with specifications to be provided by the Members or owners of Chartered Vessels, the provision
of towage, agency and other agreements necessary for the proper performance of the employment of the Agreement Vessels;

 

(h)          Advise
the Members regularly of the trading of any Agreement Vessel and to co-operate with the Members in relation to dry-clocking and/or
repairs planned by the Members;

 

(i)          Unless
the same are determined by the Manager to not be required, the Manager shall effect such of the following insurances and/or such
other insurances as the Manager may determine in consultation with the Members to be required for the efficiency of the Operations:

 

-             Ship
Managers’ Legal Liability Insurance

 

and shall be entitled to reimbursement in full for the costs
of such insurances from the Members;

 

    8

     

    

 

(j)          Promote
transportation and operational services and undertake any market research, trade forecasts and market analysis that the Manager
deems necessary to further achieve the objectives of the Business and Activity of the Manager;

 

(k)         Take
all such further steps and actions as shall be incidental to the matters referred to above and/or as shall, in the Manager’s
view, further the objectives of the Business and Activity of the Manager; and

 

(l)          
Enter into the Commercial Management Agreement with the Manager.

 

(m)         In
case of freight commitment without bunker clause, proceed to hedge relevant bunkers.

 

		4.3	Commercial Management Agreement

 

It is expressly understood and agreed that all the Business
and Activity of the Manager (including, without limitation, the business, activities and functions described in clause 2.2) shall
be conducted by the Manager pursuant to the terms of this Agreement and the terms of the Commercial Management Agreement, Except
to the extent that such liabilities are covered by the Ship Managers’ Legal Liability Insurance to be taken out by the Manager
pursuant to clause 4.2(i), the Members hereby unconditionally agree, severally (and proportionally with their participation percentage
as per the Revenue Sharing Kay), to defend, indemnify and hold harmless the Manager in respect of all liabilities howsoever incurred
in connection with n the performance of its obligations hereunder or otherwise arising in connection with this Agreement, Such
indemnity shall not in any event extend to any liabilities incurred by reason of any gross negligence or willful misconduct on
the part the Manager and/or its servants or agents.

 

		5.	Accounting

 

The Manager shall prepare and circulate, or cause to be prepared
and circulated, to each of the Members each of the following:

 

(a)          the
Accounts, no later than one hundred and twenty (120) days after the end of the relevant Accounting Period;

 

(b)          a
monthly statement of all Agreement Revenue and Agreement Expenses relating to all the Agreement Vessels during the month in question
(incorporating in the case of Agreement Revenue details of such Agreement Revenue on a year to date annual/monthly/daily time charter
basis), no later than thirty (30) days after the end of such month;

 

(c)          a
quarterly statement of all Agreement Revenue and Agreement Expenses relating to all the Agreement Vessels (incorporating in the
ease of Agreement Revenue details of such Agreement Revenue on a year to date annual/monthly/daily time charter basis), no later
than thirty ( 20) days after the end of such quarter,

 

    9

     

    

 

(d)          a
twelve (12) months’ budget in respect of the Member Vessels for each calendar year, no later than the beginning of December
in the preceding year, which projection shall be up-dated (as appropriate) for the last six (6) months of each year no later than
31st May each year;

 

(e)          the
budgets and accounts described in clause 6.3; and

 

(f)           such other information as to the financial performance of
the Agreement Vessels as shall from time to time be agreed by the Members.

 

		6	Remuneration of Members; Working Capital

 

		6.1	Revenue Sharing Key

 

(a)          For
each of the Member Vessels a key figure (“Revenue Sharing Key”) shall be established, expressing the relative theoretical
earning capacity of such Member Vessel on a time chatter basis (based upon the description of that Member Vessel for the time being
contained in the relevant Charterparty), such theoretical earning capacity to be based (inter alia) on the cargo ,carrying capacity
and capabilities and efficiency of operation in and between the respective trades in which the Member Vessels will or would be
employed and on any deficiency whatsoever attributable to any Member Vessel, including the consequences of such Member Vessel’s
age or flag or crewing.

 

(b)          The
initial Revenue Sharing Key for each Member Vessel shall be as outlined in Schedule 3.

 

(c)          The
Revenue Sharing Key for any Member Vessel may be varied, no more than once every year (and in any way not with retroactive effect,
but only with effect as from the date of such variation), by unanimous agreement of the Members from time to time (provided such
variation in any way cannot be done until the end of the first employment of each Member Vessel or before 1st January 2014 whichever
is the later) to reflect the actual capability of that Member Vessel compared to the description of that Member Vessel for the
time being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous decision of the Members without
the need for such a reference, the matter shall be referred to an independent specialist shipbroker or maritime consultant appointed
for the purpose by the Manager, and the determination of such shipbroker or consultant shall be final and binding on the Members
from time to time. The costs of appointing such a shipbroker or consultant shall be borne by the Manager, if the variation was
requested by the Member, or by the Member requesting such variation. If the Revenue Sharing Key for any Member Vessel is varied
in accordance with this clause, the description of that Member Vessel for the time being contained in the relevant charterparty
shall be amended to reflect the variations in that Member Vessel’s actual capability by reason of which such variation of
its Revenue Sharing Key was made.

 

		6.2	Allocation of revenue and expenses

 

(a)          The
expenses of operating the Agreement Vessels (the “Agreement Expenses”) shall comprise the aggregate of:

 

    10

     

    

 

(i)          brokers’
commissions payable to third parties;

 

(ii)         voyage
expenses;

 

(iii)        charter
hire paid out by the Manager in respect of any Chartered Vessels ;

 

(iv)        currency
losses incurred by the Manager;

 

(v)         other
relevant expenses incurred by the Manager in the operation of the Agreement Vessels, including but limited to any expenses relating
to transiting of piracy zones and/or any expenses relating to hull cleaning of any Member Vessel due to stay in ports for a period
of time longer than the maximum period as provided in any relevant Member Vessel’s Charterparty or the employment contract;
and

 

(vi)        the cost
of any insurances winch the Manager may have effected pursuant to the provisions of clause 4.2;.

 

(b)          The
gross revenue from the operation of the Agreement Vessels (the “Agreement Revenue”) shall be allocated to each one
of the Members in accordance with the Revenue Sharing Key. The net amount of the Agreement Revenue to be distributed as per the
above between the Member Vessels is hereinafter referred to as the “Net Agreement Result.”

 

		6.3	Budgets and Accounts

 

(a)          The
Manager shall present to the Members before the end of December each year an operating budget for the next calendar year. Such
budget shall be in such form as the Members think practicable but will be divided into monthly sections and these monthly sections
will be further divided by the number of Member Vessels expected to be operating under this Agreement in the relevant month and
by voyage by voyage estimates in respect of each Agreement Vessel,

 

(b)          Within
fifteen (15) days after the end of each calendar month., the Manager shall present to the Members a provisional statement of the
Agreement Revenue, Agreement Expenses and Net Agreement Result accumulated from the beginning of the relevant year up to the end
of that month, The Manager will at the same time also present to the Members a cash flow forecast covering a six (6) week period
showing the amounts required by the Manager to be retained to cover all Agreement Expenses payable during that period, as well
as a contingency amount to cover any unforeseen Agreement Expenses.

 

		6.4	Distribution of Net Agreement Result

 

(a)          The
Members shall receive hire for their respective Member Vessels (based upon the Revenue Sharing Key for each of their respective
Member Vessels) by monthly or semi-monthly installments in arrears. Such hire shall be based upon the Agreement Revenue and Agreement
Expenses for the previous month according to the most recent monthly statement prepared in accordance with clause 6.3(b) and shall
be further adjusted for each Member Vessel in accordance with the provisions of the relevant Charterparty, The Manager shall determine
the amount of the Net Agreement Result to be paid out by way of hire each month having regard to cash available and to the amounts
required to be retained according to the most recent cash flow projection prepared in accordance with clause 6.3(b ).

 

    11

     

    

 

(b)          Further
distributions of the Net Agreement Result (which shall always be paid by way of bite for the Member Vessels) shall be made at such
times as the Manager shall determine and a final distribution for each calendar year shall be made following the presentation of
the audited Accounts for that year in accordance with clause 5(a). Each such further distribution shall be subject to adjustment
for each Member Vessel in accordance with the provisions of the relevant Charterparty (after allowing for adjustments already made
in accordance with clause 6.4(a)). However, in relation to performance claims under the relevant Charterparty, the Manager may
determine whether such claims shall be satisfied by way of deduction from hire and/or by way of variation of the Revenue Sharing
Key and of the description of the relevant Member Vessel in the relevant Charterparty according to the nature and extent of each
such performance claim.

 

		6.5	Working Capital

 

(a)          Members
are required to contribute working capital in the amount of US$ 1,000,000 per each of their respective Member Vessel(s) by means
of cash and/or bunkers it however being understood that Members shall endeavour to deliver their said respective member vessels
to the RSA with bunkers not exceeding a value of USD 500,000. Said working capital is to be deposited in the bank account instructed
by the Manager not less than five (5) days prior entry of the Member Vessel into the Revenue Sharing Agreement

 

(b)          Bunkers
quantities/prices

 

a.           Prices
of bunkers on delivery into RSA to be as per Singapore platts on date of delivery or closest date if on the delivery date there
is not platts published

 

b.           Bunkers
on redelivery from the RSA to member to be about same quantities as on delivery into the RSA. Prices on redelivery to be as per
Singapore platts on date of redelivery or closest date if on the redelivery date there is not platts published.

 

(c)          In
the event the cash flow projections prepared pursuant to clauses 5(e) and 6.3(b) evidence an operating loss during any relevant
period, or if as a result of any unbudgeted Agreement Expenses, any loss arises, the Members shall be required, and hereby agree,
to contribute further working capital in the same proportion as outlined in Clause 6.2(b), such contribution to be made within
five (5) days from the receipt of a demand from the Manager.

 

		6.6	Non-payment

 

Any payment or contribution which is required to be made pursuant
to this clause 6 which is not paid within the time specified shall bear interest at the rate of two per cent (4%) per annum above
LIBOR from the expiry of any notice period to the actual date of payment.

 

    12

     

    

 

		7	Confidentiality

 

Except for disclosures required by any judicial or administrative
proceeding or by any governmental or regulatory authority, no Member shall disclose or communicate to any person (other than to
their respective professional advisors and/or financiers) or use or exploit for any purpose whatever any of the Confidential Information
which the relevant Member may receive or acquire as a result of entering into this Agreement and/or becoming a Member hereunder,
and each Member shall use all reasonable endeavors to prevent any Related Company thereof or any company which has its vessel(s)
fully managed by such Member or any of its or their employees or any person under its or their direct or indirect control from
so acting. This restriction shall continue to apply after the expiration or termination of this Agreement or after such Member
ceases to be a Member without limit in point of time, but shall cease to apply to information or knowledge which may properly come
into the public domain through no fault of the Member so restricted.

 

		8	No Partnership

 

		8.1	Partnerships

 

It is hereby expressly agreed between the parties hereto that
neither this Agreement nor any of the revenue sharing arrangements contemplated hereby shall constitute any of the Members, Company
or the Manager as partners in law or in equity.

 

		9	Liabilities; Claims against Third Parties

 

		9.1	Liabilities

 

It is understood and agreed that, each Member, will, subject
to the provisions of the relevant Charterparty, issue or authorise the issue of all bills of lading, waybills and other documentary
receipts in respect of cargoes carried on board its relevant Member Vessel(s), and each Member shall therefore, without prejudice
to subclause 3.1(g) and hereof, assume exclusive responsibility in relation to its relevant Member Vessel(s), vis-a-vis all third
parties, for the negotiation and settlement of all claims arising in relation thereto. All liabilities for cargo damage shall be
assumed by the respective Member in relation to its relevant Member Vessel(s), Any other liabilities to third parties in respect
of loss or damage sustained in consequence of the operation of any of the Member Vessels shall be assumed by the relevant Member
in relation to its relevant Member Vessel(s).

 

		9.2	Claims

 

All claims relating to Member Vessels shall be handled by the
relevant Member in conjunction with Manager and the relevant Member's MI association and/or Club and Manager will provide all appropriate
documentation to assist and/or support such claim. Any loss, cost and/or expenses arising from any claims relating to any Chartered
Vessels and/or relating to cargoes not performed by any Member Vessel, shall be shared between the Members in accordance with their
participation percentage as per the Revenue Sharing Key.

 

    13

     

    

 

		10	Chartering-in of vessels (and cargo commitments)

 

In order to facilitate the efficient, flexible and profitable
operation of the Business and Activity of the Manager, the Manager may, from time to time, fix Chartered Vessels to cover any employment
entered into and/or take forward cargo commitments commencing not later than 3 months after the date of fixture. Such commitment
not to exceed 3 months' duration. The Manager can not create a short position unless obliged by circumstances e.g, if, there is
only one vessel to be fixed and one cargo to be covered and the managers have to fix the vessel first then automatically there
is a short position .All costs and expenses resulting from and in relation to such charters or employments shall represent liabilities
of Manager and the earnings of all Chartered Vessels shall constitute Agreement Revenue, provided that any liability to third party
in respect thereto shall be proportionally assumed and shall be shared between the Members in accordance with their participation
percentage as per the Revenue Sharing Key. Claims in relation to Chartered Vessels shall be handled by the Manager and all costs
and expenses in relation thereto shall be shared between the Members in accordance with their participation percentage as per the
Revenue Sharing Key.

 

		11	Term

 

		11.1	Term

 

This Agreement shall come into effect on the Effective Date
and, subject to the provisions of clause 9 of the Commercial Management Agreement, shall terminate upon the first to occur of the
following events:

 

(a)          The
Members mutually agree to terminate this Agreement;

 

(b)          The
Commercial Management Agreement is terminated pursuant to clause 9 thereof;

 

(c)          If
there are more than two Members, then as to the termination solely of one (1) particular Member's rights and obligations under
the Agreement:

 

(i)          following
said Member's termination pursuant to a three (3) month prior written notice to the Manager, except that if at the expiry of such
notice the Member Vessel is committed to perform any Charterpargies), such notice shall take effect only at the conclusion of such
committnent(s),. Following a notice under this clause., the Manager shall not, except with the Member's prior written approval,
conclude further Charterparties for any Member Vessel for a duration which may reasonably be expected to exceed the expiry of such
notice;

 

(ii)         (upon
such Member's compulsory withdrawal in accordance with clause 12;

 

    14

     

    

 

(iii)        upon such
Member no longer owning or chartering-in any Member Vessels; or

 

(d)          at
such time as there is only one Member hereunder.

 

		11.2	Total Loss

 

A Member Vessel that is determined to be a Total Loss shall
be deemed withdrawn from this Agreement at the time of such Total Loss. For the purposes of this clause 11,2 a Total Loss shall
be deemed to have occurred:

 

(a)          in
the case of an actual total loss of a Member Vessel on the actual date such Member Vessel was lost or, if such date is not known,
on the date on which such Member Vessel was last reported;

 

(b)          in
the case of a constructive total loss of a Member Vessel, upon the date and at the time notice of abandonment of such. Member Vessel
is given to the insurers of such Member Vessel (provided a claim for total loss is admitted by such insurers) or, if such insurers
do not forthwith admit such a claim, at the date and at the time at which either a total loss is subsequently admitted by the insurers
or a total loss is subsequently adjudged by a competent court of law or arbitration tribunal to have occurred;

 

(c)          in
the case of a compromised or arranged total loss, on the date upon which a binding agreement as to snob compromised or arranged
total loss has been entered into by the insurers of a Member Vessel;

 

(d)          in
the case of Compulsory Acquisition, on the date upon which the relevant requisition of title or other compulsory acquisition occurs;
and

 

(e)          in
the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of a Member Vessel (other than
where the same amounts to Compulsory Acquisition of such Member Vessel) by any Government Entity, or by persons purporting to act
on behalf of any Government Entity, which deprives the Manager of the use of such Member Vessel for more than thirty (30) days,
upon the expiry of the period of thirty (30) days after the date upon which the relevant hijacking, theft, condemnation, capture,
seizure, arrest, detention or confiscation occurred (provided however that any one of the above events shall not be considered
as Total Loss for so long as the final charterers of the Member Vessels are paying the charter hire ).

 

		11.3	Continuing obligations

 

The withdrawal by any Member of any one or more of its Member
Vessels (including, without limitation, as a result of a Total Loss) shall be strictly without prejudice to the obligations of
such Member hereunder in relation to the outstanding costs and expenses of the Manager hi respect of the Member Vessel(s) in question.

 

		12	Compulsory Withdrawal

 

		12.1	In the event that any of the following events shall arise
in relation to any Member:

 

    15

     

    

 

(a)          a
petition is presented or an order is made or a resolution is passed for the winding up or bankruptcy or insolvent re-organization
of such Member or bankruptcy protection proceedings including without limitation administration proceedings or in the USA Chapter
11 proceedings or a receiver, trustee or liquidator is appointed in respect of such Member or any event analogous thereto and having
the same or similar effect shall occur in relation to such Member; or

 

(b)          such
Member shall commit any breach of any of the terms of this Agreement which shall not be remedied or made good within a period of
thirty (30) days after notice requiring remedy of the same shall have been served upon the relevant Member by Company;

 

then, the Manager may (at its option) serve upon the Member
in question a notice in writing requiring its compulsory withdrawal from this Agreement. Such notice shall become effective for
the purposes of expelling such Member from this Agreement with immediate effect, Any compulsory withdrawal shall, however, operate
without prejudice to the obligations of the relevant Member accrued up to the effective date of such notice (including, without
limitation, the obligations of such Member in respect of outstanding costs and expenses of the Manager) arid shell, at Manager's
option, be subject to (1) the fulfillment of all existing contract commitments for that Member's Member Vessel(s) or (ii) the provision
by that Member of a substitute vessel(s) for a duration equal to the remaining period of the contract commitments for which suet'
relevant Member Vessel(s) would have been used.

 

12.2         In
the event that any Member Vessel will be off-hire for a period exceeding 30 days, the Manager may (at its option) serve upon the
relevant Member a notice in writing requiring the compulsory withdrawal of such Member Vessel and the consequent withdrawal of
such Member in the event any such Member Vessel is Member's only Vessel.

 

		13	Law and jurisdiction

 

		13.1	This Agreement is governed by and shall be construed
in accordance with English law.

 

13.1         Any
dispute arising under this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or
any statutory modification or reenactment thereof save to the extent necessary to give effect to the provisions of this Clause.
The arbitration shalt be conducted in accordance with the London Maritime Arbitrators Association (LIVIAA) Terms current at the
time when the arbitration proceedings are commenced.

 

The reference shall be to three arbitrators, A Party wishing
to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Parties
requiring the other Parties to appoint their own arbitrators within 14 calendar days of that notice and stating that it will appoint
its arbitrator as sole arbitrator unless the other Parties appoint their own arbitrators and give notice that it has done so within
the 14 days specified. If the other Party do not appoint their own arbitrators and give notice having done so within the 14 days
specified, the Party referring the dispute to arbitration may, without the requirement of any further prior notice to the other
Parties, appoint its arbitrator as sole arbitrator and shall advise the other Parties accordingly. The award of a sole arbitrator
shall be binding on the Parties as if he had been appointed by agreement.

 

    16

     

    

 

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

 

For the avoidance of doubt, all disputes arising out of or in
connection with any Charterparty executed pursuant to this Agreement shall be determined in accordance with the dispute resolution
provision(s) of said Charterparty,

 

		14	Assignment

 

Any Member shall, subject to the giving of prior notice in writing
to the Manager, be entitled to assign to any third party the benefits of its membership in this Agreement and, in particular, its
entitlement to the Net Agreement Result. No such assignment shall however in any respect alter or otherwise affect the nature and
extent of the obligations assumed by each Member hereunder, which shall not be capable of transfer without the express prior agreement
in writing of the remaining Members and shall be subject to the execution by such transferee, the Manager and the remaining Members
of an Addendum to this Agreement.

 

		15	Entire Agreement

 

With the exception of the Commercial Management Agreement, this
Agreement contains the entire agreement between each of the Members and the Manager with respect to the subject matter hereof.

 

		16	Severance

 

The clauses of this Agreement shall be deemed to give rise to
separate and independent rights and obligations of the parties hereto, To the extent that any clause (or part thereof) of this
Agreement is subsequently found to be invalid or unenforceable the same shall not affect any other part of this Agreement, which
shall remain in full force and effect. In such event, the parties hereto shall negotiate in good faith to agree upon altered terms
of this Agreement to repine those which have been found to be invalid or unenforceable.

 

		17	Notices

 

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

 

(i)          be
in writing delivered personally or by first-class prepaid letter (airmail if available), fax or telex (confirmed in the case of
a fax or telex by first-class prepaid letter sent within 3 days of dispatch, but so that the non-receipt of such confirmation shall
not affect in any way the validity of the fax or telex in question);

 

    17

     

    

 

(ii)         be
deemed to have been received, subject as otherwise provided in this Agreement in the case of a fax at the time of transmission,
in the case of a telex in the time of despatch with confirmed answerback of the addressee appearing at the beginning and end of
the communication (provided that if the date of despatch is not a business day in the country of the addressee it shall be deemed
to have been received at the opening of business on the first following business day) and in the case of a letter when delivered
personally or 3 days after it has been put in to the post; and

 

(iii)        be sent:

 

if to be sent to the Members, at

 

		·	For Dry Bulk Handy Holding Inc., Dry Bulk Cape Holding Associated Inc., Dry Bulk Argentina Inc., Triton Trading & Transportation
Co. Ltd., C/o C Transport Maritime SAM Chide Pastor Center, 7 rue du Gabian, 98000 Monaco, Fax, no. +377 97982300 , attention Mr.
Gary Weston / Mr. Luigi Pulcini

 

For Becimar International N.V.,
c/o Boehm. International N.V., De Gerlaehekaai, 20, BE-2000 Antwerp 1, Belgium, Fax no _______________

Attn ___________________

 

if to be sent to the Manager, at:

 

C/o C transport Maritime SAM

Gildo Pastor Center

7 rue du Gabian

98000 Monaco

Fax, 377 97982300

 

Attention : Mr. Gary Weston. / Mr. Luigi Pulcini

 

or to such other address, fax or telex number as is notified
by one Party to the other Parties under this Agreement.

 

		18	Effective Date

 

Provided the Charterparties in respect of the Initial Member
Vessels shall have been executed, this Agreement shall be effective as of 29th January 2013 (the "Effective Date"). Such
Initial Member Vessels shall be deemed to be subject to this Agreement when they shall have dropped their outward pilots at their
last respective ports of discharge and shall be empty.

 

    18

     

    

 

		19	Amendments

 

This Agreement may not be amended other than by an instrument
in writing executed by the parties to this Agreement. The Manager hereby undertakes to notify the Members of any changes in law
and/or other regulatory requirements which necessitate or may necessitate any amendment of this Agreement and shall suggest the
form of any such amendments. The Manager shall be entitled to suggest such reasonable changes to this Agreement as it shall consider
necessary to take account of regulatory or other changes which come into force after the date hereof and which affect the operation
of the Agreement Vessels. Such proposed changes will be communicated in writing to the Members and, subject to the Members' consent
not to be unreasonably withheld, they will come into force the date in which such regulatory or other changes come into effect.

 

		20.	Counterparts

 

This Agreement may be entered into in any number of counterparts
and by the parties to it in separate counterparts, each of which when executed and delivered shall be an original, but all the
counterparts constitute one and the same instrument.

 

    19

     

    

 

IN WITNESS WHEREOF, this Revenue Sharing Agreement has been
executed the day and year first above written,

 

THE MEMBERS

 

SIGNED, SEALED and DELIVERED

as a DEED

by /s/ llias lliopoulos

/s/ Santiago Bielenberg

for and on behalf of

DRY BULK HANDY HOLDING INC.

in the presence of: /s/ S. Faina

c/o C Transport Maritime S.A.M.

7 Rue du Gabian 98000 Monaco

 

SIGNED, SEALED and DELIVERED

as a DEED

by /s/ G.V. Menada

for and on behalf of

DRY BULK CAPE HOLDING ASSOCIATED INC.

in the presence of: E. Morella

c/o C Transport Maritime S.A.M.

7 Rue du Gabian 98000 Monaco

 

SIGNED, SEALED and DELIVERED

as a DEED

by /s/ G.V. Menada

for and on behalf of

DRY BULK ARGENTINA INC.

in the presence of: /s/ S. Faina

c/o C Transport Maritime S.A.M.

7 Rue du Gabian 98000 Monaco

 

SIGNED, SEALED and DELIVERED

as a DEED

by /s/ Luigi Pulcini

for and on behalf of

TRITON TRADING & TRANSPORTATION CO. LTD.

in the presence of: /s/ S. Faina

c/o C Transport Maritime S.A.M.

7 Rue du Gabian 98000 Monaco

 

SIGNED, SEALED and DELIVERED

as a DEED

by

for and on behalf of

BOCIMAR INTERNATIONAL N.V.

in the presence of: /s/ Dimitri Govaerts

 

    20

     

    

 

THE MANAGER

 

SIGNED, SEALED and DELIVERED

as a DEED

by /s/ Luigi Pulcini

for and on behalf of

C TRANSPORT HOLDING LTD.

in the presence of: /s/ S. Faina

c/o C Transport Maritime S.A.M.

7 Rue du Gabian 98000 Monaco

 

    21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}]]