Document:

Exhibit 10.63

                                 PROMISSORY NOTE
$225,809.86
                                                              September 10, 2004

                  FOR VALUE RECEIVED, the undersigned (Maker) promises to pay to
the order of Barron Partners LP (Payee), at its address, 730 Fifth Avenue, New
York, New York 10019, the principal sum of TWO HUNDRED TWENTY FIVE THOUSAND
EIGHT HUNDRED NINE DOLLARS and EIGHTY SIX CENTS ($225,809.86), together with
interest thereon at the rate of six (6%) per annum and a loan origination fee of
seven (7%). The entire principal, origination fee, and interest shall be due and
payable at the end of the two-month term on November 10, 2004.

                  The 20 Carolina Truck Connection trailers currently liened by
Land Transportation shall collateralize this note.

                  This note shall, at the option of the holder, become
immediately due and payable, without notice or demand, upon the happening of any
one of the following specified events, with respect to the Maker hereof: (a)
failure for ten (10) days to pay any amount as herein agreed, (b) default in the
performance of any other obligation to the holder hereof, (c) insolvency of the
Maker hereof, (insolvency being defined herein as the inability to pay
liabilities at normal maturity, or an excess of total liabilities over total
assets, or both), (d) the making of a general assignment for the benefit of
creditors, (e) the filing of any petition or the commencement of any proceeding
by or against the Maker or any guarantor for any relief under any bankruptcy, or
insolvency laws or any laws related to the relief of debtors, readjustment of
indebtedness, reorganizations, composition or extensions, (f) the appointment of
a receiver of, or the issuance or making of a writ or order of attachment or
garnishment against, any of the property or assets of the Maker, or guarantors,
or (g) termination of the transaction of the usual business of the Maker of this
note.

                  The undersigned of this note hereby waive presentment for
payment, notice of nonpayment and dishonor, protest and notice of protest; waive
trial by jury in any action or proceedings arising on, out of, under or by
reason of this note; consent to any renewals, extensions and partial payments of
this note or the indebtedness for which it is given without notice to them, and
consent that no such renewals, extensions or partial payments or release or
modification of any collateral securing this note or the indebtedness for which
it is given, shall discharge any party hereto from liability hereon in whole or
in part. If this note be not paid when due, and if it is placed with an attorney
for collection, the Maker, Makers, and Endorsers agree to pay all costs of
collection, including a reasonable attorney's fee. This note may not be changed
or terminated orally.

                  The rights and remedies of the holder hereof, under this note
and under any and all of the guarantees and under or upon any collateral
security of any nature held by the holder hereof and securing this note or the
indebtedness for which it is given shall be deemed cumulative, exercise of any
right or remedy shall not be regarded as barring any other remedy or remedies.
The institution of any action to recover any portion of the indebtedness
evidenced by this notice shall not be deemed a waiver of any other right of the
holder hereof.

<PAGE>

                  The acceptance of any installments or payments by the holder
hereof after the due date herein, or the waiver of any breach or default shall
not constitute a waiver or prevent the holder hereof from immediately pursuing
any or all of its remedies hereunder. It is further understood and agreed, that
the interest rate herein shall become sixteen (16%) percent, or the highest rate
permitted by law, after default or maturity until this obligation has been paid
in full.

                  Failure at any time to exercise any of the rights of Payee
hereunder shall not constitute a waiver of such rights and shall not be a bar to
exercise of any of such rights at a later date. In the event of commencement of
suit to enforce payment of this note, the prevailing party shall be entitled to
receive the costs of collection including reasonable attorneys' fees and court
costs.
                  The Maker of this note shall have the privilege to prepay the
indebtedness herein at any time, in whole or in part, with interest, and without
penalty.

                  IN WITNESS WHEREOF, the undersigned has caused this promissory
note to be duly executed as of the date first written below.

Dated: September 10, 2004          XRG, INC., Maker

                                   By: Kevin Brennan
                                      ----------------------------------------
                                       Kevin Brennan, PresidentExhibit 10.1

 

MEMORANDUM OF AGREEMENT

 

Dated: 3rd November 2004

	
   

  	
  Norwegian Shipbrokers' Association's Memorandum

  of Agreement for sale and purchase of 

  ships. Adopted by The Baltic and International

  Maritime Council (BIMCO) in 1956.

  Code-name

  SALEFORM
  1993

  Revised 1966, 1983 and 1986/87.

  

 

ENERGY I LIMITED,
Clarendon House, 2 Church Street, Hamilton HM11, Bermuda

hereinafter called the Sellers,
have agreed to sell, and

TOP
TANKERS INC., of 109-111 Messogion Ave, Politia Centre, Bldg C 1, Athens 115
26, Greece,

or
its guaranteed nominee

hereinafter called the Buyers,
have agreed to buy

 

Name: M.T. SHRAVAN

 

Classification Society/Class: DNV

 

Built: 1991            By:
Hyundai Heavy Industries Ltd, South
Korea

 

Flag: Marshall Islands       Place of Registration: Majuro

 

Call Sign: V7DB3 Grt/Nrt:
79,718 / 46,569

 

IMO
Number: 9000546

 

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

 

Definitions

 

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

 

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

 

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

 

1.             Purchase Price US $49,450,000 
(United States Dollars Forty Nine Million Four Hundred and Fifty
Thousand only) Cash

 

2.             Deposit

 

A)
Non-refundable Deposit

Buyers
are to place the amount of USD 500,000 promptly upon lifting of Sellers BOD
approval as deposit in a joint account (account details to be advised) between
the Sellers and the Buyers. Buyers to give proof of transmission of deposit
within 24 hours upon Sellers lifting their BOD approval. This proof to come
directly from the Buyers bank to Sellers bank. Non-payment of the deposit under
this Clause will constitute a default and Sellers will have full recourse to
Top Tankers Inc. for the amount.

 

This
amount will be a non-refundable deposit in the event the Buyers do not lift
their “subject” for MT Shravan (the “Vessel) as per Clause 17. In such a case
the deposit will be released to the Sellers. In the event the Buyers exercise
the option to buy the Vessel as per Clause 17B, then the amount of USD 500,000
will be adjusted towards the 10% Deposit as per Clause 2B. In no event will
more than USD 500,000 of such non-refundable deposit be adjusted towards the
purchase of this Vessel.

 

B)
Ten Percent (10%) Deposit

As security for the correct
fulfillment of this Agreement the Buyers shall pay a deposit of 10% (ten per
cent) of the Purchase Price within three (3) banking days from the date of the Buyers lifting their subject in
Clause 17 of this Agreement. This deposit shall be placed with Sellers nominated bank in London

 

 

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

 

3.             Payment

 

The said Purchase Price along with extra payment for
bunkers/luboils etc. shall be paid in full free of bank charges
to Sellers nominated account at closing
on delivery of the Vessel and in exchange for the usual/normal sale documents as mutually agreed,
but not later than 3 banking days after the Vessel is in every respect
physically ready for delivery in accordance with the terms and conditions of
this Agreement and Notice of Readiness has been given in accordance with Clause
5.

 

4.             Inspections

 

a)*                             The
Buyers have inspected and accepted the Vessel’s classification records. The
Buyers have have also inspected the Vessel at  New York in August 2004 and have accepted the
Vessel following this inspection and the sale is outright and definite, subject
only to the terms and conditions of this Agreement.

 

5.             Notices, time and place of delivery

 

a)                                      The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall
provide the Buyers with 15,10, 7,5 days approximate notice, and 3, 1 days definite notice of
the estimated time of arrival at the intended place of delivery. When the
Vessel is at the place of delivery and in every respect physically ready for
delivery in accordance with this Agreement, the Sellers shall give the Buyers a
written Notice of Readiness for delivery. Notices to be sent by email or fax via brokers

 

b)                                     The
Vessel shall be delivered and taken over charter-fee, free of cargo, free of stowaways, safely
afloat at one
safe and freely
accessible berth, port or
anchorage Worldwide range, but
excluding ice-bound areas and war risks areas (not permitted by Lloyds
underwriters even upon payment of AWRP) in the Sellers’ option.

 

Expected time
of delivery: 1st January
2005 - 15th April 2005 (both days inclusive) in Sellers option.

 

2

 

Date of
cancelling (see Clauses 5 c), 6
b) (iii) and 14): 15th April 2005 in
Buyers option

 

c)                                      If
the Sellers anticipate that, notwithstanding the exercise of due diligence by
them, the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date. Upon
receipt of such notification the Buyers shall have the option of either
cancelling this Agreement in accordance with Clause 14 within 2 working days of
receipt of the notice or of accepting the new date as the new cancelling date.
If the Buyers have not declared their option within 2 working days of receipt of the Sellers’
notification or if the Buyers accept the new date, the date proposed in the
Sellers’ notification shall be deemed to be the new cancelling date and shall
be substituted for the cancelling date stipulated in line 61.

 

If this
Agreement is maintained with the new cancelling date all other terms and
conditions hereof including those contained in Clauses 5 a) and 5 c) shall
remain unaltered and in full force and effect. Buyers and Sellers will not have the right for any claims
due to the fact that Vessel missed her Cancelling date.

 

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

 

6.             Drydocking/Divers Inspection See Clause 21

 

3

 

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

 

7.             Spares/bunkers, etc.

 

The Sellers shall deliver the
Vessel to the Buyers with everything belonging to her on board, on order and on
shore. All spare parts and spare equipment, if any, belonging to the Vessel at
the time of inspection used or unused, whether on board or not shall become the
Buyers’ property. Forwarding charges, if any, shall be for the Buyers’ account.
The Sellers are not required to replace spare parts which are taken out of
spare and used as replacement prior to delivery, but the replaced items shall
be the property of the Buyers. The radio installation, wireless and navigational equipment, loading instrument (loadicator) and
GMDSS, PC’s and Printers shall be included in the sale without
extra payment. Unused/used stores and provisions shall be included in the sale
and be taken over by the Buyers without extra payment.

 

The Sellers have the right to
take ashore crockery, plates, cutlery, linen and other articles bearing the
Sellers’ flag or name, provided they replace same with similar unmarked items.
Library, forms, etc.,

 

4

 

exclusively for use in the
Sellers’ vessel(s), shall be excluded without compensation. Captain’s,
Officers’ and Crew’s personal belongings including the slop chest are to be
excluded from the sale, as well as the following additional items (including
items on hire):

 

-VIDEOTEL LIBRARY

- OXYGEN, ACETYLENE & FREON CYLINDERS

 

The Buyers shall take over and pay extra for the
remaining bunkers on board
and unused/unbroached
lubricating oils in storage tanks and sealed drums. Bunkers to be paid for at Sellers last net contract price at
Vessel’s last supply which to be evidenced by relevant invoices/vouchers,
excluding barging expense. Luboils to be paid for at Sellers net contract
prices (less Sellers discounts/rebates) at Vessel’s last supply which to be
evidenced by relevant invoices/vouchers. Payment under this
Clause shall be made at the same time and place and in the same currency as the
Purchase Price.

 

8.             Documentation

 

The place of closing/payment: London

 

In exchange for payment of the
Purchase Price and delivery of the
Vessel, the Buyers and Sellers shall provide each other with their respective delivery documents. Buyers and Sellers shall mutually
advise their requirements and the same to be incorporated as an Addendum to
this Agreement. Signing of such Addendum shall by no means delay signature of
this Agreement by both parties. However the list of delivery documents required
by Buyers/Sellers to be advised within 7 days of signing this Agreement by fax.

 

At the time of delivery the
Buyers and Sellers shall sign and deliver 
to each other a Protocol of Delivery and Acceptance confirming the date
and time of delivery of the Vessel from the Sellers to the Buyers.

 

At the time of delivery the
Sellers shall hand to the Buyers on board the classification certificates(s), a set of manuals/drawings relative
to the main engine/auxillaries in addition to all other existing
manuals/instruction books as well as all

 

5

 

plans and technical records etc., which are on board
the Vessel or in their possession.
Other certificates which are on board the Vessel shall also be handed over to
the Buyers unless the Sellers are required to retain same, in which case the
Buyers to have the right to take copies. Other technical documentation which
may be in the Sellers’ possession shall be promptly forwarded to the Buyers at
their expense, if they so request. The Sellers may keep the Vessel’s log books
but the Buyers to have the right to take copies of same.

 

9.             Encumbrances

 

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

 

10.           Taxes, etc.

 

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

 

11.           Condition on delivery

 

The Vessel with everything
belonging to her shall be at the Sellers’ risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this
Agreement she shall be delivered and taken over substantially in the same condition as she was at the
time of instpection,  fair wear and tear excepted.

 

However, the Vessel shall be
delivered with her present class
maintained with all continuous
surveys valid and upto date (see exception on Intermediate/Docking below), free
from any condition of  Class /recommendation*, free of average damage affecting
the Vessel’s class, and with her classification certificates and national/international trading certificates,
clean, valid and
unextended without condition/recommendation* (see exception on Intermediate/Docking below) by
Class or the relevant authorities at the time of delivery.  It is agreed that the Vessel will be delivered with either her
Intermediate Survey credited or Intermediate Survey commenced with only docking
survey due to be carried out for completion of intermediate survey.  Docking survey to have a clear window of at
least 45 days from the date of delivery.

 

"Inspection" in this
Clause 11, shall mean the Buyers' inspection according to Clause 4a).

 

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

 

12.           Name/markings

 

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

 

13.           Buyer’s default

 

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

 

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

 

6

 

14.           Sellers' default

 

Should the Sellers fail to give
Notice of Readiness in accordance with Clause 5 a) or fail to be ready to
validly complete a legal transfer by the date stipulated in line 61 or new cancelling date as per Clause
5c the Buyers shall have the option of cancelling this Agreement
provided always that the Sellers shall be granted a maximum of 3 banking days
after Notice of Readiness has been given to make arrangements for the
documentation set out in Clause 8. If after Notice of Readiness has been given
but before the Buyers have taken delivery, the Vessel ceases to be physically
ready for delivery and is not made physically ready again in every respect by
the date stipulated in line 61 or new cancelling date as per Clause 5c and new Notice
of Readiness given, the Buyers shall retain their option to cancel. In the
event that the Buyers elect to cancel this Agreement the deposit under Clause 2A and 2B
together with interest earned shall be released to them immediately.

 

Buyers and Sellers will not have the right
for any claims due to the fact that Vessel missed her Cancelling date

 

 

15.           Buyers' representatives

 

After this Agreement has been
signed by both parties and the 10% deposit under Clause 2B has been lodged, the Buyers
have the right to place two representatives on board the Vessel for a maximum period of thirty (30)
days at their sole risk and expense, who will remain on board until
delivery.

 

These representatives are on
board for the purpose of familiarisation and in the capacity of observers only,
and they shall not interfere in any respect with the manning/operation of
the Vessel. The Buyers' representatives shall sign the Sellers' letter of
indemnity prior to their embarkation.

 

 

16.           Arbitration

 

a)*                               This
Agreement shall be governed by and construed in accordance with English law and
any dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party's arbitrator, that party shall appoint
their arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final. Arbitrators to be members of London
Maritime Arbitrators Association.

 

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

 

CLAUSES 17 - 22 MAKE
AN INTEGRAL PART OF THIS AGREEMENT

 

7

 

17) BUYERS SUBJECTS & OPTION FOR VESSELS

 

A)   This Agreement is part of
an agreement reached between Buyers and Essar Shipping Limited for enbloc sale
of five (5) vessels, namely, MT Kamlesh, MT Shravan, MT Kishore, MT Nandu and
MT Chanda, and this sale is SUBJECT to "FOLLOW ON OFFERING" BY MSSRS
TOP TANKERS INC. This ‘Subject’ is to be lifted latest by 25th
November 2004, close of business, New York, USA

 

B) At the time of lifting Buyers ‘subject’
under sub-clause (a) above, Buyers to declare the number of vessels to be
purchased, which in any case will be minimum one (1). In the event that the
number of vessels to be purchased is less than five (5), then the order of
purchase of the vessels by the buyers will be in the following sequence:

 

- If 1 vessel to be purchased by the Buyers it
will be MT Kamlesh

- If 2 vessels to be purchased by the Buyers
it will be MT Kamlesh and MT Shravan

- If 3 vessels to be purchased by the Buyers
it will be MT Kamlesh, MT Shravan, and MT Kishore

- If 4 vessels to be purchased by the Buyers
it will be MT Kamlesh, MT Shravan, MT Kishore and MT Nandu

 

18) SELLERS SUBJECT

 

Sellers' Board Approval has been lifted and
conveyed to Buyers through Brokers via fax dated 3rd November 2004 at 1500
hours Indian time.

 

19) P & C

 

The Price, terms and conditions of the sale
are to be kept strictly private and confidential by all parties concerned.
However, should the details of the sale become known or reported in the market,
neither the Buyers nor the Sellers shall have the right to cancel this
Agreement. Except that certain terms and conditions of this transaction will be
publicly disclosed and disseminated as required by S.E.C., NASDAQ, BSE and SEBI
rules and regulations.

 

20) NO BLACKLIST

 

Sellers to confirm in writing that to the
best of their knowledge, the Vessel is not blacklisted by any state or
organisation such as the ITF or by the Arab Boycott League.

 

21) DRYDOCKING

 

No pre-delivery drydocking clause to apply.
However the Buyers have the right to inspect the Vessel's underwater parts by a
diver approved by Class, which shall be arranged by Buyers at Buyers expense
prior delivery. If the conditions at the place of underwater survey are
unsuitable for such inspection due to tides/weather/underwater visibility/not
clear-sufficient waters due to water depth, then the Sellers shall immediately
make the Vessel available at a suitable alternative place near to the delivery
port without any extra cost from the Buyers. The Sellers to have the option for
divers inspection to take place, at a place with clear water visibility before
the last discharging port, provided ample notice is given to Buyers for
preparation.

In the event the Buyers choose such diver's
inspection, same shall be carried out in the presence of the Vessel's Class
surveyor (whom to be for Sellers expense) and in the presence of the
Sellers/Buyers representatives without interferring with the Vessel's
operation. Should any damage be found during such inspection that will impose a
recommendation and/or condition of Class, then:

 

a) In case the Class imposes a recommendation
and/or condition of Class but the Vessel is not required to be drydocked before
her next scheduled drydock, then the Sellers shall pay the Buyers the direct
cost only (excluding drydocking costs) to repair such damage in a way which is
acceptable by the Class and which to be based on the average of two(2)
quotations given by two reputable independent repair yards at port of delivery
or nearby, one at Sellers choice and one at Buyers choice. The above amount
agreed shall be deducted from the balance of the purchase money at the

 

8

time of delivery.

 

B)   In case the
Class requires the Vessel to be drydocked before next drydocking survey, the
Sellers shall drydock the Vessel as per
Clause 6 (c) of NSF 1993, which clause shall apply excepting that tailshaft
withdrawl will be done only if Class requires same to be done, at their expense
prior to  delivery of the Vessel, and
repair same to Class satisfaction. Delivery date shall be extended pro-rata and Buyers to have the right to attend
such repairs without interfering to Sellers repairs.  Such extension will be given by Buyers
for a maximum period of 60 days.

 

In any case of the above, whether damage is found or not, the cost of
the divers inspection shall be  for
the Buyers account whilst the cost of the Class society attendance shall be for
Sellers account. The Class shall at all times be the sole arbitrator as
to whether underwater damage, if any, imposes condition/recommendation
of Class. The decision of Class as to whether underwater damage, if any,
imposes a condition/recommendation of Class shall be final and binding for both
parties.

 

 

22)
TIME CHARTER ARRANGEMENT AFTER 1ST FEBRUARY 2005

 

In the event the Vessel is not delivered by
31st January 2005 pursuant to Buyers lifting their subject as per
Clause 17B, then the Sellers will give the Vessel on a timecharter on the
following terms :

 

The
Sellers will timecharter the Vessel to the Buyers until the cancelling date
15th April 2005 at  a rate of USD 1 per day. The Buyers will
immediately charter back the Vessel to Sellers’ nominee,  on Time Charter at a rate of USD 29,000 per day
net. However the Sellers will have a right to  deliver the ship as per the delivery terms at any time between 1st
February 2005 to 15th April 2005.  Such hire is payable 15 days in advance. Otherwise
standard TC terms to apply. It is understood that the Charter Party will not include an offhire clause (ie: whatever
might happen Buyers cannot be put
off-hire). Also Buyers will not be liable for any claim (such as for pollution,
disbursement accounts, unpaid expenses
of any nature).

 

In case Buyers fail to take delivery of the
Vessel in accordance with this agreement, the total amount paid under this charter by Sellers shall be
returned to them by Buyers immediately without any contention and this
will be guaranteed by Top Tankers Inc., the NASDAQ listed entity

 

 

	
  For the Sellers

  	
   

  	
  For the Buyers

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Name:

  

 

9

 

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

 

10

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