Document:

Exhibit 10.3.5

 

Code word for this Charter Party

“SHELLTIME 4”

 

Issued December 1984 amended December 2003

 

Time Charter Party

New York

October 6, 2005

 

IT IS THIS DAY
AGREED between SOPHIE TANKER CORPORATION of MAJURO, MARSHALL
ISLANDS (hereinafter referred to as “Owners”), being owners of the good motor
vessel called “OVERSEAS SOPHIE” (hereinafter referred to as “the vessel”)
described as per Clause 1 hereof and DHT SOPHIE AFRAMAX CORP. of MAJURO, MARSHALL ISLANDS (hereinafter
referred to as “Charterers”):

 

Description and Condition of Vessel

 

1.                    At the date of delivery of the
vessel under this charter and throughout the charter period:

 

(a)              she shall be classed by a
Classification Society which is a member of the International Association of
Classification Societies;

 

(b)             she shall be in every way fit to
carry crude petroleum and/or its dirty products; such as Fuel Oil, Light Cycle
Oil, Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO in accordance
with vessel’s class certificates, coating manufacturers resistance list and in
accordance with the vessels stability trim and stress requirements.

 

(c)              she shall be tight, staunch,
strong, in good order and condition, and in every way fit for the service, with
her machinery, boilers, hull and other equipment (including but not limited to
hull stress calculator, radar, computers and computer systems) in a good and
efficient state;

 

(d)             her tanks, valves and pipelines
shall be oil-tight;

 

(e)              she shall be in every way fitted
for burning IFO and MDO (if applicable), in accordance with the grades
specified in Clause 29 hereof;

 

(f)                she shall comply with the
regulations in force so as to enable her to pass through the Suez Canal by day
and night without delay;

 

(g)             she shall have on board all
certificates, documents and equipment required from time to time by any
applicable law to enable her to perform the charter service without delay;

 

(h)             she shall comply with the description
in the Questionnaire 88, appended hereto provided however that if there is any
conflict between the provisions of this questionnaire and any other provision,
including this Clause 1, of this charter such other provisions shall
govern;

 

(i)                 her flag, registry, and
classification society shall not be changed;

 

(j)                 Owners will operate:

 

(i)                 a safety management system
certified to comply with the International Safety Management Code (“ISM Code”)
for the Safe Operation of Ships and for Pollution Prevention;

 

(ii)              a documented safe working
procedures system (including procedures for the identification and mitigation
of risks);

 

(iii)           a documented environmental
management system;

 

 

(iv)          documented accident/incident
reporting system compliant with flag state requirements;

 

(k)              Owners shall maintain Health
Safety Environmental (“HSE”) records sufficient to demonstrate compliance with
the requirements of their HSE system and of this charter.  Charterers reserve the right to confirm
compliance with HSE requirements by audit of Owners.

 

Shipboard Personnel and their Duties

 

2.                    (a)              At the date of delivery of the
vessel under this charter and throughout the charter period:

 

(i)                 she shall have a full and
efficient complement of master, officers and crew for a vessel of her tonnage,
who shall in any event be not less than the number required by the laws of the
flag state and who shall be trained to operate the vessel and her equipment
competently and safely;

 

(ii)              all shipboard personnel shall
hold valid certificates of competence in accordance with the requirements of
the law of the flag state;

 

(iii)           all shipboard personnel shall be
trained in accordance with the relevant provisions of the International
Convention on Standards of Training, Certification and Watchkeeping for
Seafarers, 1995 or any additions, modifications or subsequent versions thereof;

 

(iv)          (See Clause 91).

 

(v)             the terms of employment of the
vessel’s staff and crew will always remain acceptable to The International
Transport Worker’s Federation and the vessel will at all times carry a Blue
Card; (See Clause 50e).

 

(vi)          the nationality of the vessel’s
officers will not change without Charterers’ prior agreement.

 

(b)             Owners guarantee that throughout
the charter service the master shall with the vessel’s officers and crew,
unless otherwise ordered by Charterers;

 

(i)                 prosecute all voyages with the
utmost despatch;

 

(ii)              render all customary assistance;
and

 

(iii)           load and discharge cargo as
rapidly as possible when required by Charterers or their agents to do so, by
night or by day, but always in accordance with the laws of the place of loading
or discharging (as the case may be) and in each case in accordance with any
applicable laws of the flag state.

 

Duty to Maintain

 

3.                    (a)              Throughout the charter service
Owners shall, whenever the passage of time, wear and tear or any event (whether
or not coming within Clause 27 hereof) requires steps to be taken to
maintain or restore the conditions stipulated in Clauses 1 and 2(a),
exercise due diligence so to maintain or restore the vessel.

 

(b)             If at any time whilst the vessel
is on hire under this charter the vessel fails to comply with the requirements
of Clauses 1, 2(a) or 10 then hire shall be reduced
to the extent necessary to indemnify Charterers for such failure. If and to the
extent that such failure affects the time taken by the vessel to perform any
services under this charter, hire shall be reduced by an amount equal to the
value, calculated at the rate of hire, of the time so lost.

 

Any reduction
of hire under this sub-Clause (b) shall be without prejudice to any
other remedy available to Charterers, but where such reduction of hire is in
respect of time lost, such time shall be excluded from any calculation under Clause
24.

 

 

(c)              If Owners are in breach of their
obligations under Clause 3(a)), Charterers may so notify Owners in
writing and if, after the expiry of 30 days following the receipt by Owners of
any such notice, Owners have failed to demonstrate to Charterers’ reasonable
satisfaction the exercise of due diligence as required in Clause 3(a),
the vessel shall be off-hire, and no further hire payments shall be due, until
Owners have so demonstrated that they are exercising such due diligence.

 

(d)             Owners shall advise Charterers
immediately, in writing, should the vessel fail an inspection by, but not
limited to, a governmental and/or port state authority, and/or terminal and/or
major charterer of similar tonnage. Owners shall simultaneously advise
Charterers of their proposed course of action to remedy the defects which have
caused the failure of such inspection (see clause 57).

 

(e)              If, in Charterers reasonably
held view:

 

(i)                 failure of an inspection, or,

 

(ii)              any finding of an inspection,

 

referred to in
Clause 3(d), prevents normal commercial operations then Charterers have
the option to place the vessel off-hire from the date and time that the vessel
fails such inspection, or becomes commercially inoperable, until the date and
time that the vessel passes a re-inspection by the same organisation, or
becomes commercially operable, which shall be in a position no less favourable to
Charterers than at which she went off-hire.

 

(f)                Furthermore, at any time while
the vessel is off-hire under this Clause 3 (with the exception of Clause 3(e)(ii)),
Charterers have the option to terminate this charter by giving notice in
writing with effect from the date on which such notice of termination is
received by Owners or from any Later date stated in such notice.  This sub-Clause (f) is without
prejudice to any rights of Charterers or obligations of Owners under this
charter or otherwise (including without limitation Charterers’ rights under Clause
21 hereof).

 

Period, Trading Limits and Safe Places

 

4.                    (a)              Owners agree to let and
Charterers agree to hire the vessel for a period of (See clause 93).  The last firm period shall having a tolerance
of plus or minus 30 days in Charterers’ option commencing from the time and
date of delivery of the vessel under the Memorandum of Agreement (the “MOA”)
dated   , 2005, for the purpose of carrying all lawful merchandise
(subject always to Clause 28) including in particular:

 

Crude
petroleum and/or its dirty products; such as Fuel Oil, Light Cycle Oil,
Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO in any part of the
world, as Charterers shall direct, subject to the limits of the current British
Institute Warranties and any subsequent amendments thereof excluding countries
under U.N. and/or U.S. sanctions/embargoes. 
The vessel may trade to war zones, with Owners consent which not to be
unreasonably withheld, in which case, Charterers to pay for the additional
premium.  Notwithstanding the foregoing,
but subject to Clause 35, Charterers may order the vessel to ice-bound
waters or to any part of the world outside such limits provided that Owner’s
consent thereto (such consent not to be unreasonably withheld) and that
Charterers pay for any insurance premium required by the vessel’s underwriters
as a consequence of such order.

 

(b)             Any time during which the vessel
is off-hire under this charter may be added to the last firm charter period in
Charterers’ option up to the total amount of time spent off-hire.  In such cases the rate of hire will be that
prevailing at the time the vessel would, but for the provisions of this Clause,
have been redelivered.

 

(c)              Charterers shall use due
diligence to ensure that the vessel is only employed between and at safe places
(which expression when used in this charter shall include ports, berths,
wharves, docks, anchorages, submarine lines, alongside vessels or lighters, and
other locations including locations at sea) where she can safely lie always
afloat.  Notwithstanding anything
contained in this or any other clause of this charter,

 

 

Charterers do not warrant the safety of any
place to which they order the vessel and shall be under no liability in respect
thereof except for loss or damage caused by their failure to exercise due
diligence as aforesaid.  Subject as
above, the vessel shall be loaded and discharged at any places as Charterers
may direct, provided that Charterers shall exercise due diligence to ensure that
any ship-to-ship transfer operations shall conform to standards not less than
those set out in the latest published edition of the ICS/OCIMF Ship-to-Ship
Transfer Guide.

 

(d)             The vessel shall be delivered by
Owners at a safe port or at sea in Charterer’s option and redelivered to Owners
at one safe port or at sea, worldwide at Charterer’s option.

 

(e)              The vessel will deliver with
last cargo of crude petroleum and/or its dirty products, such as Fuel Oil,
Light Cycle Oil, Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO. and
will redeliver with last cargo of crude petroleum and/or its dirty products;
such as Fuel Oil, Light Cycle Oil, Orimulsion, LSWR, Carbon Black Feedstock,
Decant Oil and VGO

 

(f)                Charterers are required to give
Owners 30 days prior approximate notice of redelivery and 5/3/2/1 day(s)
definite notice of redelivery and place.

 

Laydays/Canceling

 

5.                    The delivery of the vessel under
this charter shall be deemed to have occurred and this Charter shall be
effective as of the date of the delivery of the vessel from the Sellers to the
Buyers (Owners) under the terms of the MOA between Ninth Aframax Tanker
Corporation and Sophie Tanker Corporation dated September 20, 2005.

 

The vessel may be on a
voyage or time charter at the time of delivery. Charterers accept this Charter
subject to such charters (which become sub-charters to this time charter) upon
delivery. Furthermore, notwithstanding anything to the contrary contained in
this charter, including but not limited to Clause 1 hereof, the Charterers
accept the vessel in the condition it is in at the time of delivery, including
the vetting status, and agrees that at such time the vessel satisfies the
standard set forth in Clause 1.

 

Owners to Provide

 

6.                    Owners undertake to provide and
to pay for all provisions, wages (including but not limited to all overtime
payments), and shipping and discharging fees and all other expenses of the master,
officers And crew; also, except as provided in Clauses 4 and 34
hereof, for all insurance on the vessel, for all Deck, cabin and engine-room
stores, and for water (limited to crew only); for all drydocking, overhaul,
maintenance and repairs to the vessel. Owners’ obligations under this Clause
6 extend to all liabilities for customs or import duties arising at any
time during the performance of this charter in relation to the personal effects
of the master, officers and crew, and in relation to the stores, provisions and
other matters aforesaid which Owners are to provide and pay for and Owners
shall refund to Charterers any sums Charterers or their agents may have paid or
been compelled to pay in respect of any such liability.  Any amounts allowable in general average for
wages and provisions and stores shall be credited to Charterers insofar as such
amounts are in respect of a Period when the vessel is on-hire.

 

Charterers to Provide

 

7.                    (a)               Charterers shall provide and pay
for all fuel (except for fuel used for domestic services), towage and pilotage
and shall pay agency fees, port charges, commissions, expenses of loading and
unloading cargoes, canal dues, and tax/dues on cargo/freight and all charges
other than those payable by Owners in accordance with Clause 6 hereof,
provided that all charges for the said items shall be for Owners’ account when
such items are consumed, employed or incurred for Owners’ purposes or while the
vessel is off-hire (unless such items reasonably relate to any service given or
distance made good and taken into account under Clause 21 or 22);
and provided further that any fuel used in connection with a general average
sacrifice or expenditure shall be paid for by Owners. OPA charges to be paid by
Charterers, COFR to be arranged and paid for by Owners.

 

 

(b)             In respect of bunkers consumed
for Owners’ purposes these will be charged on each occasion by Charterers on a “first-in-first-out”
basis valued on the prices actually paid by Charterers.

 

(c)              If the trading limits of this
charter include ports in the United States of America and/or its protectorates
then Charterers shall reimburse Owners for port specific charges relating to
additional premiums charged by providers of oil pollution cover, when incurred
by the vessel calling at ports in the United States of America and/or its
protectorates in accordance with Charterers orders. The liability to reimburse
Owners shall not apply where the OPA charges has arisen through the actions of
the Owner.

 

Rate of Hire

 

8.                    (See Clause 99).

 

Payment of Hire

 

9.                    Subject to Clause 3 (c) and
3 (e), payment of hire shall be made in immediately available funds to:       

 

Wachovia Bank, NA New York

ABA # 031-201-467

Account: The Royal Bank of Scotland
International Limited

Account Number:  2000193009149 
(CHIPS:155424)

SWIFT: 
PNBPUS3NNYC

For further credit to:  Double Hull Tankers, Inc.

Account Number:  1028 – 50440694

 

in United
States Dollars per calendar month in advance, less:

 

(i)                 any hire paid which Charterers
reasonably estimate to relate to off-hire periods, and,

 

(ii)              any amounts disbursed on Owners’
behalf, any advances and commission therein, and charges which are for Owners’
account pursuant to any provision hereof, and;

 

(iii)           any amounts due or reasonably
estimated to become due to Charterers under Clause 3(c) or 24
hereof,

 

any such
adjustments to be made at the due date, which shall be the 27th day
of the preceding month for which payment is being made, for the next monthly
payment after the facts have been ascertained. Charterers shall not be
responsible for any delay or error by Owners’ bank in crediting Owners’ account
provided that Charterers have made proper and timely payment.

 

In default of
such proper and timely payment:

 

(a)              Owners shall notify Charterers
of such default and Charterers shall within seven days of receipt of such
notice pay to Owners the amount due, including interest, failing which Owners
may withdraw the vessel from the service of Charterers without prejudice to any
other rights Owners may have under this charter or otherwise; and;

 

(b)             Interest on any amount due but
not paid on the due date shall accrue from the day after that date up to and
including the day when payment is made, at a rate per annum which shall be 1%
above the U.S. Prime Rate as published in the Wall Street Journal as effective
for each day the amount is outstanding, or, if no such interest rate is published
for a given day, the interest rate published for the next preceding day for which
such a rate was so published, computed on an actual/365 basis.

 

 

Space Available to Charterers

 

10.              The whole reach, burthen and
decks on the vessel and any passenger accommodation (including Owners’ suite)
shall be at Charterers’ disposal, reserving only proper and sufficient space
for the vessel’s master, officers, crew, tackle, apparel, furniture, provisions
and stores.

 

Segregated Ballast

 

11.              In connection with the Council
of the European Union Regulation on the Implementation of IMO Resolution
A747(18) Owners will ensure that the following entry is made on the
International Tonnage Certificate (1969) under the section headed “Remarks”.

 

“The
segregated ballast tanks comply with the Regulation 13 of Annex 1 of the
International Convention for the Prevention of Pollution from Ships, 1973, as
modified by the Protocol of 1978 relating thereto”.

 

Instructions and Logs

 

12.              Charterers shall from time to
time give the master all requisite instructions and sailing directions, and the
master shall keep a full and correct log of the voyage or voyages, which
Charterers or their agents may inspect as required.  The master shall when required furnish
Charterers or their agents with a true copy of such log and with properly
completed loading and discharging port sheets and voyage reports for each
voyage and other returns as Charterers may require.  Charterers shall be entitled to take copies
at Owners’ expense of any such documents which are not provided by the master.  Owner’s crew to be trained to operate and to
utilize Charter Operations System (CHOPS) as directed by Charterer.

 

Bills of Lading

 

13.              (a)              The master (although appointed
by Owners) shall be under the orders and direction of Charterers as regards
employment of the vessel, agency and other arrangements, and shall sign Bills
of Lading as Charterers or their agents may direct (subject always to Clauses 35(a) and
40) without prejudice to this charter. 
Charterers hereby indemnify Owners against all consequences or
liabilities that may arise;

 

(i)                 from signing Bills of Lading in
accordance with the directions of Charterers or their agents, to the extent
that the terms of such Bills of Lading fail to conform to the requirements of
this charter, or (except as provided in Clause 13(b) from the master
otherwise complying with Charterers’ or their agents’ orders;

 

(ii)              from any irregularities in
papers supplied by Charterers or their agents.

 

(b)             Notwithstanding the foregoing,
Owners shall not be obliged to comply with any orders from Charterers to
discharge all or part of the cargo:

 

(i)                 at any place other than shown on
the Bill of Lading and/or

 

(ii)              without presentation of an
original Bill of Lading

 

unless they
receive from Charterers both written confirmation of such orders and an
indemnity in a form acceptable to Owners (See Clause 49).

 

Conduct of Vessel’s Personnel

 

14.              If Charterers complain of the
conduct of the master or any of the officers or crew, Owners shall immediately
investigate the complaint.  If the
complaint proves to be well founded, Owners shall, without delay, make a change
in the appointments and Owners shall in any event communicate the result of
their investigations to Charterers as soon as possible.

 

 

Bunkers at Delivery and Redelivery

 

15.              There shall be no physical
payment for bunkers on board at the time of delivery.  Owners shall on redelivery (whether it occurs
at the end of the charter or on the earlier termination of this charter) accept
and pay for all bunkers remaining on board, at the price actually paid, on a “first-in-first-out”
basis.  Such prices are to be supported
by paid invoices.

 

Vessel to be
delivered to and redelivered from the charter with, at least, a quantity of
bunkers on board sufficient to reach the nearest main bunkering port.

 

Notwithstanding
anything contained in this charter all bunkers on board the vessel shall,
throughout the duration of this charter, remain the property of Charterers and
can only be purchased on the terms specified in the charter at the end of the
charter period or, if earlier, at the termination of the charter.

 

Stevedores, Pilots, Tugs

 

16.              Stevedores, when required, shall
be employed and paid by Charterers, but this shall not relieve Owners from
responsibility at all times for proper stowage, which must be controlled by the
master who shall keep a strict account of all cargo loaded and discharged.  Owners hereby indemnify Charterers, their
servants and agents against all losses, claims, responsibilities and
liabilities arising in any way whatsoever from the employment of pilots,
tugboats or stevedores, who although employed by Charterers shall be deemed to
be the servants of and in the service of Owners and under their instructions
(even if such pilots, tugboat personnel or stevedores are in fact the servants
of Charterers their agents or any affiliated company); provided, however, that:

 

(a)              the foregoing indemnity shall
not exceed the amount to which Owners would have been entitled to limit their
liability if they had themselves employed such pilots, tugboats or stevedores,
and;

 

(b)             Charterers shall be liable for
any damage to the vessel caused by or arising out of the use of stevedores,
fair wear and tear excepted, to the extent that Owners are unable by the
exercise of due diligence to obtain redress therefor from stevedores.

 

Super-Numeraries

 

17.              Charterers may send
representatives in the vessel’s available accommodation upon any voyage made
under this charter, Owners finding provisions and all requisites as supplied to
officers, except alcohol.  Charterers
paying at the rate of United States Dollars 20 (twenty) per day for each
representative while on board the vessel.

 

Sub-letting/Assignment/Novation

 

18.              Charterers may sub-let the
vessel, but shall always remain responsible to Owners for due fulfilment of
this charter.

 

Final Voyage

 

19.              If when a payment of hire is due
hereunder Charterers reasonably expect to redeliver the vessel before the next
payment of hire would fall due, the hire to be paid shall be assessed on
Charterers’ reasonable estimate of the time necessary to complete Charterers’
programme up to redelivery, and from which estimate Charterers may deduct
amounts due or reasonably expected to become due for:

 

(a)              disbursements on Owners’ behalf
or charges for Owners’ account pursuant to any provision hereof, and;

 

(b)             bunkers on board at redelivery
pursuant to Clause 15.

 

Promptly after
redelivery any overpayment shall be refunded by Owners or any underpayment made
good by Charterers.

 

 

If at the time
this charter would otherwise terminate in accordance with Clause 4
the vessel is on a ballast voyage to a port of redelivery or is upon a laden
voyage, Charterers shall continue to have the use of the vessel at the same
rate and conditions as stand herein for as long as necessary to complete such
ballast voyage, or to complete such laden voyage and return to a port of
redelivery as provided by this charter, as the case may be.

 

Loss of Vessel

 

20.              Should the vessel be lost, this
charter shall terminate and hire shall cease at noon (GMT) on the day of her
loss; should the vessel be a constructive total loss, this charter shall terminate
and hire shall cease at noon (GMT) on the day on which the vessel’s
underwriters agree that the vessel is a constructive total loss; should the
vessel be missing, this charter shall terminate and hire shall cease at noon
(GMT) on the day on which she was last heard of.  Any hire paid in advance and not earned shall
be returned to Charterers and Owners shall reimburse Charterers for the value
of the estimated quantity of bunkers on board at the time of termination, at
the price paid by Charterers at the last bunkering port.

 

Off-hire

 

21.              (a)              On each and every occasion that
there is loss of time (whether by way of interruption in the vessel’s service
or, from reduction in the vessel’s performance, or in any other manner):

 

(i)                 due to deficiency of personnel
or stores; repairs; gas-freeing for repairs; time in and waiting to enter dry
dock for repairs; breakdown (whether partial or total) of machinery, boilers or
other parts of the vessel or her equipment (including without limitation tank
coatings); overhaul, maintenance or survey; collision, stranding, accident or
damage to the vessel; or any other similar cause preventing the efficient
working of the vessel; and such loss continues for more than three consecutive
hours (if resulting from interruption in the vessel’s service) or cumulates to
more than three hours (if resulting from partial loss of service); or;

 

(ii)              due to industrial action,
refusal to sail, breach of orders or neglect of duty on the part of the master,
officers or crew; or;

 

(iii)           for the purpose of obtaining
medical advice or treatment for or landing any sick or injured person (other
than a Charterers’ representative carried under Clause 17 hereof)
or for the purpose of landing the body of any person (other than a Charterers’
representative), and such loss continues for more than three consecutive hours;
or;

 

(iv)          due to any delay in quarantine
arising from the master, officers or crew having had communication with the
shore at any infected area without the written consent or instructions of
Charterers or their agents, or to any detention by customs or other authorities
caused by smuggling or other infraction of local law on the part of the master,
officers, or crew; or;

 

(v)             due to detention of the vessel
by authorities at home or abroad attributable to legal action against or breach
of regulations by the vessel, the vessel’s owners, or Owners (unless brought
about by the act or neglect of Charterers); then; without prejudice to
Charterers’ rights under Clause 3 or to any other rights of
Charterers hereunder, or otherwise, the vessel shall be off-hire from the
commencement of such loss of time until she is again ready and in an efficient
state to resume her service from a position not less favourable to Charterers
than that at which such loss of time commenced; provided, however, that any
service given or distance made good by the vessel whilst off-hire shall be
taken into account in assessing the amount to be deducted from hire.

 

(vi)          Charterers shall keep owners/master
advised of vessels schedule to allow Owners the opportunity to make use of
any idle time for the purpose of maintenance during the charter.  Such idle time not to count as off-hire.

 

 

(b)             If the vessel fails to proceed
at any guaranteed speed pursuant to Clause 24, and such failure
arises wholly or partly from any of the causes set out in Clause 21(a) above,
then the period for which the vessel shall be off-hire under this Clause 21
shall be the difference between:

 

(i)                 the time the vessel would have
required to perform the relevant service at such guaranteed speed, and;

 

(ii)              the time actually taken to
perform such service (including any loss of time arising from interruption in
the performance of such service).

 

For the
avoidance of doubt, all time included under (ii) above shall be excluded
from any computation under Clause 24.

 

(c)              Further and without prejudice to
the foregoing, in the event of the vessel deviating (which expression includes
without limitation putting back, or putting into any port other than that to
which she is bound under the instructions of Charterers) for any cause or
purpose mentioned in Clause 21(a), the vessel shall be off-hire from the
commencement of such deviation until the time when she is again ready and in an
efficient state to resume her service from a position not less favourable to
Charterers than that at which the deviation commenced, provided, however, that
any service given or distance made good by the vessel whilst so off-hire shall
be taken into account in assessing the amount to be deducted from hire.  If the vessel, for any cause or purpose
mentioned in Clause 21(a), puts into any port other than the port to
which she is bound on the instructions of Charterers, the port charges,
pilotage and other expenses at such port shall be borne by Owners.  Should the vessel be driven into any port or
anchorage by stress of weather hire shall continue to be due and payable during
any time lost thereby.

 

(d)             If the vessel’s flag state
becomes engaged in hostilities, and Charterers in consequence of such
hostilities find it commercially impracticable to employ the vessel and have
given Owners written notice thereof then from the date of receipt by Owners of
such notice until the termination of such commercial impracticability the
vessel shall be off-hire and Owners shall have the right to employ the vessel
on their own account.

 

(e)              Time during which the vessel is
off-hire under this charter shall count as part of the charter period except
where Charterers declare their option to add off-hire periods under Clause
4(b)).

 

(f)                All references to “time” in this
charter party shall be references to GMT except where otherwise stated.

 

(g)             During any time that the vessel
is off-hire under this charter, Basic Hire shall not accrue.  Any additional hire that may be due for
periods that the Vessel is off-hire shall be determined in accordance with the
terms of the Charter Framework Agreement.

 

Periodical Drydocking

 

22.              (a)              Owners have the right and
obligation to drydock the vessel at regular intervals not exceeding 5
years.  On each occasion Owners shall
propose to Charterers a date on which they wish to drydock the vessel, not less
than 90 days before such date and Charterers shall offer a port for such
periodical drydocking and shall take all reasonable steps to make the vessel
available as near to such date as practicable.

 

Owners shall
put the vessel in drydock at their expense as soon as practicable after
Charterers place the vessel at Owners’ disposal clear of cargo other than tank
washings and residues.  Owners shall be
responsible for and pay for the disposal into reception facilities of such tank
washings and residues and shall have the right to retain any monies received
therefor, without prejudice to any claim for loss of cargo under any Bill of
Lading or this charter.

 

(b)             If a periodical drydocking is
carried out in the port offered by Charterers (which must have suitable
accommodation for the purpose and reception facilities for tank washings and
residues), the vessel shall

 

 

be off-hire from the time she arrives at such
port until drydocking is completed and she is in every way ready to resume
Charterers’ service and is at the position at which she went off-hire or a
position no less favourable to Charterers, whichever she first attains.  However:

 

(i)                 provided that Owners exercise
due diligence in gas-freeing, any time lost in gas-freeing to the standard
required for entry into drydock for cleaning and painting the hull shall not
count as off-hire, whether lost on passage to the drydocking port or after
arrival there (notwithstanding Clause 21), and;

 

(ii)              any additional time lost in
further gas-freeing to meet the standard required for hot work or entry to
cargo tanks shall count as off-hire, whether lost on passage to the drydocking
port or after arrival there.

 

Any time
which, but for sub-Clause (i) above, would be off-hire, shall
not be included in any calculation under Clause 24.

 

The expenses
of gas-freeing, including without limitation the cost of bunkers, shall be for
Owners account.

 

(c)              If Owners require the vessel,
instead of proceeding to the offered port, to carry out periodical drydocking
at a special port selected by them, the vessel shall be off-hire from the time
when she is released to proceed to the special port until she next presents for
loading in accordance with Charterers’ instructions, provided, however, that
Charterers shall credit Owners with the time which would have been taken on
passage at the service speed had the vessel not proceeded to drydock.  All fuel consumed shall be paid for by Owners
but Charterers shall credit Owners with the value of the fuel which would have
been used on such notional passage calculated at the guaranteed daily
consumption for the service speed, and shall further credit Owners with any
benefit they may gain in purchasing bunkers at the special port.

 

(d)             Charterers shall, insofar as
cleaning for periodical drydocking may have reduced the amount of tank-cleaning
necessary to meet Charterers’ requirements, credit Owners with the value of any
bunkers which Charterers calculate to have been saved thereby, whether the
vessel drydocks at an offered or a special port.

 

Ship Inspection

 

23.                                 (See
Clause 83).

 

Detailed Description and Performance

 

24.              Owners guarantee that the speed
and consumption of the vessel shall be as follows:  (see Clause 78).

 

The bunker
consumptions are for all purposes except cargo heating, purging and tank
cleaning and shall be pro-rated between the speeds shown.

 

Charterer may
order the vessel to proceed at any speed above/below the guaranteed speed,
weather and safe navigation permitting.

 

If the vessel
is ordered to proceed at any speed other than the highest speed and the average
speed actually attained by the vessel during the currency of such order exceeds
such ordered speed plus 0.5 knots (the “maximum recognised speed”), then for
the purpose of calculating a decrease of hire under this Clause 24
the maximum recognised speed shall be used in place of the average speed
actually attained.

 

For the
purposes of this charter the “guaranteed speed” at any time shall be the
then-current ordered speed or the service speed, as the case may be.

 

 

The average
speeds and bunker consumptions shall for the purposes of this Clause 24
be calculated by reference to the observed distance from pilot station to pilot
station on all sea passages during each period stipulated in Clause 24(c),
but excluding any time during which the vessel is (or but for Clause 22(b)(i) would
be) off-hire and also excluding “Adverse Weather Periods”, being:

 

(i)                 any periods during which
reduction of speed is necessary for safety in congested waters or in poor
visibility;

 

(ii)              any days, noon to noon, when
winds exceed force 5 on the Beaufort Scale for more than 12 hours.

 

(b)             If during any half year (i.e., 6
calendar months) period from the date on which the vessel enters service and
continuing for each succeeding 6 calendar month period thereafter, the vessel
falls below the performance guaranteed in Clause 24(a) then if
such shortfall results:

 

(i)                 from a reduction in the average
speed of the vessel, compared to the speed guaranteed in Clause 24(a),
then an amount equal to the value at the hire rate of the time so lost shall be
included in the performance calculation;

 

(ii)              from an increase in the total
bunkers consumed, compared to the total bunkers which would have been consumed
had the vessel performed as guaranteed in Clause 24(a), an amount
equivalent to the value of the additional bunkers consumed or based on the
average price paid by Charterers for the vessel’s bunkers in such period, shall
be included in the performance calculation.

 

The results of
the performance calculation for laden and ballast mileage respectively shall be
adjusted to take into account the mileage steamed in each such condition during
Adverse Weather Periods, by dividing such deduction by the number of miles over
which the performance has been calculated and multiplying by the same number of
miles plus the miles steamed during the Adverse Weather Periods, in order to
establish the total performance calculation for such period.

 

Reduction of
hire under the foregoing sub-Clause (b) shall be without prejudice
to any other remedy available to Charterers.

 

(c)              Calculations under this Clause
24 shall be made every 6 months terminating on each successive anniversary
of the date on which the vessel enters service, and for the period between the
last such anniversary and the date of termination of this charter if less than
a year.  Claims in respect of reduction
of hire arising under this Clause during the final year or part year of the
charter period shall in the first instance be settled in accordance with
Charterers’ estimate made two months before the end of the charter period. Any
necessary adjustment after this charter terminates shall be made by payment by
Owners to Charterers.

 

(d)             Owners and Charterers agree that
this Clause 24 is assessed on the basis that Owners are not entitled to
additional hire for performance in excess of the speeds and consumptions given
in this Clause 24.

 

It is
understood between Owner and Charterers that any speed over performance and/or
fuel under consumption are to be credited to any under performance/over
consumption during the (6) months review period, but no over performance
and/or under consumption bonus shall be paid to owners.

 

Salvage

 

25.              Subject to the provisions of Clause
21 hereof, all loss of time and all expenses (excluding any damage to or
loss of the vessel or tortious liabilities to third parties) incurred in saving
or attempting to save life or in successful or unsuccessful attempts at salvage
shall be borne equally by Owners and Charterers provided that Charterers shall
not be liable to contribute towards any salvage payable by Owners arising in
any way out of services rendered under this Clause 25.

 

 

All salvage
and all proceeds from derelicts shall be divided equally between Owners and
Charterers after deducting the master’s, officers’ and crew’s share.

 

Lien

 

26.              Owners shall have a lien upon
all cargoes and all freights, sub-freights and demurrage for any amounts due
under this charter; and Charterers shall have a lien on the vessel for all
monies paid in advance and not earned, and for all claims for damages arising
from any breach by Owners of this charter.

 

Exceptions

 

27.              (a)              The vessel, her master and
Owners shall not, unless otherwise in this charter expressly provided, be
liable for any loss or damage or delay or failure arising or resulting from any
act, neglect or default of the master, pilots, mariners or other servants of
Owners in the navigation or management of the vessel; fire, unless caused by
the actual fault or privity of Owners; collision or stranding; dangers and
accidents of the sea; explosion, bursting of boilers, breakage of shafts or any
latent defect in hull, equipment or machinery; provided, however, that Clauses
1, 2, 3, and 24 hereof shall be unaffected by the
foregoing.  Further, neither the vessel,
her master or Owners, nor Charterers shall, unless otherwise in this charter
expressly provided, be liable for any loss or damage or delay or failure in
performance hereunder arising or resulting from act of God, act of war, seizure
under legal process, quarantine restrictions, strikes, lock-outs, riots,
restraints of labour, civil commotions or arrest or restraint of princes,
rulers or people.

 

(b)             The vessel shall have liberty to
sail with or without pilots, to tow or go to the assistance of vessels in
distress and to deviate for the purpose of saving life or property.

 

(c)              Clause 27(a) shall not apply to, or affect
any liability of Owners or the vessel or any other relevant person in respect
of:

 

(i)                 loss or damage caused to any berth,
jetty, dock, dolphin, buoy, mooring line, pipe or crane or other works or
equipment whatsoever at or near any place to which the vessel may proceed under
this charter, whether or not such works or equipment belong to Charterers, or;

 

(ii)              any claim (whether brought by
Charterers or any other person) arising out of any loss of or damage to or in
connection with cargo.  Any such claim
shall be subject to the Hague-Visby Rules or the Hague Rules or the
Hamburg Rules, as the case may be, which ought pursuant to Clause 38
hereof to have been incorporated in the relevant Bill of Lading (whether or not
such Rules were so incorporated) or, if no such Bill of Lading is issued,
to the Hague-Visby Rules unless the Hamburg Rules compulsorily apply
in which case to the Hamburg Rules.

 

(d)             In particular and without
limitation, the foregoing subsections (a) and (b) of
this Clause shall not apply to or in any way affect any provision in this
charter relating to off-hire or to reduction of hire.

 

Injurious Cargoes

 

28.              No acids, explosives or cargoes
injurious to the vessel shall be shipped and without prejudice to the foregoing
any damage to the vessel caused by the shipment of any such cargo, and the time
taken to repair such damage, shall be for Charterers’ account.  No voyage shall be undertaken, nor any goods
or cargoes loaded, that would expose the vessel to capture or seizure by rulers
or governments.

 

Grade of Bunkers

 

29.              Charterers shall supply the
vessel with IFO 380 CST RMG 35 as per ISO 8217:1996 (E) requirements for
Marine residual fuels and MDO (if applicable) DMB distillate diesel as per ISO
8217:1996 (E) requirements for Marine distillate fuels.  Specifications are subject to any revisions
of the ISO standards over the term of this charter (See Clause 62).

 

 

Disbursements

 

30.              Should the master require
advances for ordinary disbursements at any port, Charterers or their agents
shall make such advances to him, in consideration of which Owners shall pay a
commission of two and a half per cent, and all such advances and commission
shall be deducted from hire.

 

Laying-up

 

31.              Charterers shall have the
option, after consultation with Owners, of requiring Owners to lay up the
vessel at a safe place nominated by Charterers, in which case the hire provided
for under this charter shall be adjusted to reflect any net increases in
expenditure reasonably incurred or any net saving which should reasonably be
made by Owners as a result of such lay up.  Charterers may exercise the said option any
number of times during the charter period.

 

Requisition

 

32.              Should the vessel be
requisitioned by any government, de facto or de jure, during the period of this
charter, the vessel shall be off-hire during the period of such requisition,
and any hire paid by such governments in respect of such requisition period
shall be for Owners’ account.  Any such
requisition period shall not count as part of the charter period and the
cumulative requisition time may, at the sole discretion of the Charterer, be
added to the end of the firm charter period at a rate in effect at the time the
off hire was incurred.

 

Outbreak of War

 

33.              If war or hostilities break out
between any two or more of the following countries: U.S.A., the countries or
republics having been part of the former U.S.S.R. (except that declaration of
war or hostilities solely between any two or more of the countries or republics
having been part of the former USSR shall be exempted), P.R.C., U.K.,
Netherlands, then both Owners and Charterers shall have the right to cancel
this charter provided that the hostilities directly interfere with the vessels
trading under Clause 4.

 

Additional War Expenses

 

34.              If the vessel is ordered to
trade in areas where there is war (de facto or de jure) or threat of war,
Charterers shall reimburse Owners for any additional insurance premia, crew
bonuses and other expenses which are reasonably incurred by Owners as a
consequence of such orders, provided that Charterers are given notice of such
expenses as soon as practicable and in any event before such expenses are
incurred, and provided further that Owners obtain from their insurers a waiver
of any subrogated rights against Charterers in respect of any claims by Owners
under their war risk insurance arising out of compliance with such orders.

 

Any payments
by Charterers under this Clause will only be made against proven
documentation.  Any discount or rebate
refunded to Owners, for whatever reason, in respect of additional war risk
premium shall be passed on to Charterers.

 

War Risks

 

35.              (a)              The master shall not be required
or bound to sign Bills of Lading for any place which in his or Owners’
reasonable opinion is dangerous or impossible for the vessel to enter or reach
owing to any blockade, war, hostilities, warlike operations, civil war, civil
commotions or revolutions.

 

(b)             If in the reasonable opinion of
the master or Owners it becomes, for any of the reasons set out in Clause 35(a) or
by the operation of international law, dangerous, impossible or prohibited for
the vessel to reach or enter, or to load or discharge cargo at, any place to
which the vessel has been ordered pursuant to this charter (a “place of peril”),
then Charterers or their agents shall be immediately notified in writing or by
radio messages, and Charterers shall thereupon have the right to order the
cargo, or such part of it as may be affected, to be loaded or discharged, as
the case may be, at any other place within the trading

 

 

limits of this charter (provided such other
place is not itself a place of peril).  If
any place of discharge is or becomes a place of peril, and no orders have been
received from Charterers or their agents within 48 hours after dispatch of such
messages, then Owners shall be at liberty to discharge the cargo or such part
of it as may be affected at any place which they or the master may in their or
his discretion select within the trading limits of this charter and such
discharge shall be deemed to be due fulfilment of Owners’ obligations under
this charter so far as cargo so discharged is concerned.

 

(c)              The vessel shall have liberty to
comply with any directions or recommendations as to departure, arrival, routes,
ports of call, stoppages, destinations, zones, waters, delivery or in any other
wise whatsoever given by the government of the state under whose flag the
vessel sails or any other government or local authority or by any person or
body acting or purporting to act as or with the authority of any such
government or local authority including any de facto government or local
authority or by any person or body acting or purporting to act as or with the
authority of any such government or local authority or by any committee or
person having under the terms of the war risks insurance on the vessel the
right to give any such directions or recommendations.  If by reason of or in compliance with any
such directions or recommendations anything is done or is not done, such shall
not be deemed a deviation.  If by reason
of or in compliance with any such direction or recommendation the vessel does
not proceed to any place of discharge to which she has been ordered pursuant to
this charter, the vessel may proceed to any place which the master or Owners in
his or their discretion select and there discharge the cargo or such part of it
as may be affected. Such discharge shall be deemed to be due fulfilment of
Owners’ obligations under this charter so far as cargo so discharged is
concerned.

 

Charterers
shall procure that all Bills of Lading issued under this charter shall contain
the Chamber of Shipping War Risks Clause 1952.

 

Both to Blame Collision Clause

 

36.              If the liability for any
collision in which the vessel is involved while performing this charter fails
to be determined in accordance with the laws of the United States of America,
the following provision shall apply:

 

“If the ship
comes into collision with another ship as a result of the negligence of the
other ship and any act, neglect or default of the master, mariner, pilot or the
servants of the carrier in the navigation or in the management of the ship, the
owners of the cargo carried hereunder will indemnify the carrier against all
loss, or liability to the other or non-carrying ship or her owners in so far as
such loss or liability represents loss of, or damage to, or any claim
whatsoever of the owners of the said cargo, paid or payable by the other or
non-carrying ship or her owners to the owners of the said cargo and set off,
recouped or recovered by the other or non-carrying ship or her owners as part
of their claim against the carrying ship or carrier.”

 

“The foregoing
provisions shall also apply where the owners, operators or those in charge of
any ship or ships or objects other than, or in addition to, the colliding ships
or objects are at fault in respect of a collision or contact.”

 

Charterers shall
procure that all Bills of Lading issued under this charter shall contain a
provision in the foregoing terms to be applicable where the liability for any
collision in which the vessel is involved fails to be determined in accordance
with the laws of the United States of America.

 

New Jason Clause

 

37.              General average contributions
shall be payable according to York/Antwerp Rules, 2000 as amended from time to
time, and shall be adjusted in New York in accordance with New York law and
practice.

 

In the event
of accident, danger, damage or disaster before or after the commencement of the
voyage, resulting from any cause whatsoever, whether due to negligence or not,
for which, or for the consequence of which, the carrier is not responsible by
statute, contract or otherwise, the cargo, shippers, consignees or owners of
the cargo shall contribute with the carrier in general average to the payment
of any sacrifices, losses or expenses of

 

 

a general
average nature that may be made or incurred and shall pay salvage and special
charges incurred in respect of the cargo.

 

If a salving
ship is owned or operated by the carrier, salvage shall be paid for as fully as
if the said salving ship or ships belonged to strangers.  Such deposit as the carrier or his agents may
deem sufficient to cover the estimated contribution of the cargo and any
salvage and special charges thereon shall, if required, be made by the cargo,
shippers, consignees or owners of the cargo to the carrier before delivery.

 

Charterers
shall procure that all Bills of Lading issued under this charter shall contain
a provision in the foregoing terms, to be applicable where adjustment of
general average is made in accordance with the laws and practice of the United
States of America.

 

Clause Paramount

 

38.              Charterers shall procure that
all Bills of Lading issued pursuant to this charter shall contain the
following:

 

“(1) Subject
to sub-Clause (2) or (3) hereof, this Bill of Lading
shall be governed by, and have effect subject to, the rules contained in
the International Convention for the Unification of Certain Rules relating
to Bills of Lading signed at Brussels on 25th August 1924 (hereafter the “Hague
Rules”) as amended by the Protocol signed at Brussels on 23rd February 1968
(hereafter the “Hague-Visby Rules”).  Nothing
contained herein shall be deemed to be either a surrender by the carrier of any
of his rights or immunities or any increase of any of his responsibilities or
liabilities under the Hague-Visby Rules.”

 

“(2) If
there is governing legislation which applies the Hague Rules compulsorily
to this Bill of Lading, to the exclusion of the Hague-Visby Rules, then this
Bill of Lading shall have effect subject to the Hague Rules.  Nothing therein contained shall be deemed to
be either a surrender by the carrier of any of his rights or immunities or an
increase of any of his responsibilities or liabilities under the Hague Rules.”

 

“(3) If
there is governing legislation which applies the United Nations Convention on
the Carriage of Goods by Sea 1978 (hereafter the “Hamburg Rules”) compulsorily
to this Bill of Lading, to the exclusion of the Hague-Visby Rules, then this
Bill of Lading shall have effect subject to the Hamburg Rules.  Nothing therein contained shall be deemed to
be either a surrender by the carrier of any of his rights or immunities or an
increase of any of his responsibilities or liabilities under the Hamburg Rules.”

 

“(4) If
any term of this Bill of Lading is repugnant to the Hague-Visby Rules, or Hague
Rules, or Hamburg Rules, as applicable, such term shall be void to that extent
but no further.”

 

“(5) Nothing
in this Bill of Lading shall be construed as in any way restricting, excluding
or waiving the right of any relevant party or person to limit his liability
under any available legislation and/or law.”

 

Insurance/ITOPF

 

39.              Owners warrant that the vessel
is now, and will, throughout the duration of the charter:

 

(a)              be owned or demise chartered by
a member of the International Tanker Owners Pollution Federation Limited;

 

(b)             be properly entered in U.K. or
GARD P & I Club, being a member of the International Group of P &
I Clubs;

 

(c)              have in place insurance cover
for oil pollution for the maximum on offer through the International Group of P &
l Clubs but always a minimum of United States Dollars 1,000,000,000 (one
thousand million);

 

(d)             have in full force and effect
Hull and Machinery insurance placed through reputable brokers on Institute Time
Clauses or equivalent for the market value of the vessel plus twenty (20)
percent as from time to time

 

 

may be amended with Charterers’ approval,
which shall not be unreasonably withheld. 
Insurance amount always to comply with loan covenants.

 

Owners will
provide, within a reasonable time following a request from Charterers to do so,
documented evidence of compliance with the warranties given in this Clause 39.

 

Export Restrictions

 

40.              The master shall not be required
or bound to sign Bills of Lading for the carriage of cargo to any place to
which export of such cargo is prohibited under the laws, rules or
regulations of the country in which the cargo was produced and/or shipped.

 

Charterers
shall procure that all Bills of Lading issued under this charter shall contain
the following clause:

 

“If any laws rules or
regulations applied by the government of the country in which the cargo was
produced and/or shipped, or any relevant agency thereof, impose a prohibition
on export of the cargo to the place of discharge designated in or ordered under
this Bill of Lading, carriers shall be entitled to require cargo owners
forthwith to nominate an alternative discharge place for the discharge of the
cargo, or such part of it as may be affected, which alternative place shall not
be subject to the prohibition, and carriers shall be entitled to accept orders
from cargo owners to proceed to and discharge at such alternative place.  If cargo owners fail to nominate an
alternative place within 72 hours after they or their agents have received from
carriers notice of such prohibition, carriers shall be at liberty to discharge
the cargo or such part of it as may be affected by the prohibition at any safe
place on which they or the master may in their or his absolute discretion
decide and which is not subject to the prohibition, and such discharge shall
constitute due performance of the contract contained in this Bill of Lading so
far as the cargo so discharged is concerned”.

 

The foregoing
provision shall apply mutatis mutandis to this charter, the references to a
Bill of Lading being deemed to be references to this charter.

 

Business Principles

 

41.              (Deleted)

 

Drugs and Alcohol

 

42.              (Deleted)

 

Oil Major Acceptability

 

43.              (See Clause 57)

 

Pollution and Emergency Response

 

44.              Owners are to advise Charterers
of organisational details and names of Owners personnel together with their
relevant telephone/facsimile/e-mail/telex numbers, including the names and
contact details of Qualified Individuals for OPA 90 response, who may be
contacted on a 24 hour basis in the event of oil spills or emergencies.

 

ISPS Code/US MTSA 2002

 

45.              (See Clause 98).

 

 

Law and Litigation

 

46.              (a)             This charter shall be construed
and the relations between the parties determined in accordance with the laws of
the State of New York, U.S.A.

 

(b)             All disputes arising out of this
charter shall be referred to Arbitration in New York in accordance with the Rules of
the Society of Marine Arbitrators, Inc. New York (SMA).

 

(i)                 Any Award of the arbitrator(s)
shall be final and binding and not subject to appeal.

 

(ii)              For the purposes of this Clause
46(b) any requests or notices in writing shall be sent by fax, e-mail
or telex and shall be deemed received on the day of transmission.

 

(c)              It shall be a condition
precedent to the right of any party to a stay of any legal proceedings in which
maritime property has been, or may be, arrested in connection with a dispute
under this charter, that that party furnishes to the other party security to
which that other party would have been entitled in such legal proceedings in
the absence of a stay.

 

Confidentiality

 

47.              (Deleted)

 

Construction

 

48.              The side headings have been
included in this charter for convenience of reference and shall in no way
affect the construction hereof.

 

Additional
Clauses:                              Special
clauses to Shelltime 4 CP form, 49 through 112 shall be fully incorporated into
the terms of this Charter Party.

 

Appendix A:                                                                   Questionaire
88 for the vessel, as attached, shall be incorporated herein.

 

Appendix B:                                                                     List
of Approved Ship Brokers, as attached, shall be incorporated herein.

 

 

	
  For the Owners

  	
   

  	
  For the Charterers

  
	
  SOPHIE TANKER CORPORATION

  	
   

  	
  DHT SOPHIE AFRAMAX CORP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ole Jacob Diesen

  	
   

  	
  By:

  	
  /s/ Myles R. Itkin

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ole Jacob Diesen

  	
   

  	
   

  	
  Myles R. Itkin

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  	
   

  

 

 

TIME CHARTER

SPECIAL
CLAUSES

MT
OVERSEAS SOPHIE

 

IF THERE IS ANY CONFLICT BETWEEN THE
FOLLOWING CLAUSES AND THE PRINTED CLAUSES OF THE CHARTER PARTY FORM AS
ADJUSTED, THE FOLLOWING CLAUSES SHALL PREVAIL.

 

49)                              Bill
of Lading Indemnification

 

The standard form of
letter of indemnity to be given in the case of delivery of cargo (a) without
production of the original Bill of Lading, or (b) at a port other than
stated in the Bill of Lading, or (c) both of the foregoing, in each case
without bank guarantee, in revised form as recommended by the International Group
of P&I Clubs in 2001, shall be used in all cases, provided that the
reference to English law and jurisdiction shall be revised to read New York law
and the jurisdiction of any court of competent jurisdiction sitting in New York
County.

 

50)                              Certificates/Regulations
Compliance

 

The Owners warrant that during the term of
this charter party the vessel fully complies with the following:

 

A.           all
governmental laws, regulations, protocols and directives promulgated by the
authoritative body or any of its legally constituted agencies charged with the
application of the same laws/regulations/protocols and directives applicable to
the countries and ports within the trading limits defined in the charter party.

 

B.             that it has
secured and maintains aboard the vessel all Certificates of Financial Responsibility
issued and required by the competent authorities of the countries within the
trading limits defined in the charter party.

 

C.             (Deleted)

 

D.            that the
vessel shall have on board for inspection by
the appropriate port authorities
all certificates, records, compliance letters and other documents required.

 

E.              The vessel
shall be approved by the international transport workers federation and carry a
valid ITF ‘Blue Certificate’ on board at all times. Any losses, expenses or damages
arising as a result of failure to comply with ITF regulations, as interpreted
by local union, shall be for Owners account.

 

F.              COFR — Owners
to provide the vessel, at their cost, with a valid Certification of Financial Responsibility
which is acceptable to U.S. authorities at Owners’ cost. Compliance with state
laws during the currency of this charter to be Owners’ responsibility and cost.
COFR to be in place prior to the vessels arrival at first U.S. or Canadian
port.

 

 

Owners will pay for the initial cost of issuing and maintaining the
certificate. Any additional premiums or surcharges payable by Owners in
relation to the vessel calling at U.S. ports to be for Charterers account.

 

G.             Owners shall
have a program covering oil pollution avoidance, including compliance with
latest international maritime organization and port state regulations and SOLAS
and MARPOL conventions and the adoption of vessel response plans and qualified
individuals for OPA response.

 

51)                              IMO
Clause

 

Owners warrant
that during the term of this charter party and any extension thereof the vessel
will be in full compliance with: the requirements of the United States Port and
Tanker Safety Act of 1978 and applicable regulations promulgated thereunder
(hereinafter called “U.S. Regulations”) the International Convention for the Prevention of Pollution
from Ships (MARPOL 1973) and the 1978 Protocol thereto as applicable: and the International
Convention for Safety of Lives at Sea (SOLAS 1974) and the 1978 Protocol
thereto as applicable (the foregoing conventions and protocols hereinafter
called “IMO Regulations”). Owners warrant that it will carry onboard
certifications evidencing compliance with U.S. Regulations, compliance with IMO
Regulations and any other records or documentation as may be required by the U.S.
government authorities the vessel is currently ISM certified and will remain so
during the duration of this charter (see ISM Clause).

 

52)                              Pollution
Financial Responsibility

 

Owners warrant
that at the date of the charter that Owners complies with all financial
capability, responsibility, security or like laws, regulations and/or other
requirements of whatsoever kind with respect to oil or other pollution damage
applicable to the vessel entering, leaving, remaining at or passing through any
ports or places or waters to perform this charter.

 

Owners further
warrant that it shall continue to comply with these requirements throughout the
period of the charter at the levels and in amounts in effect at the date of
this charter.

 

Owners, at its
sole risk and expense, shall make all arrangements by bond, insurance or
otherwise and obtain all certificates or other documentary evidence and take
all such other action, as may be necessary, to satisfy such laws, regulations
and/or other requirements.

 

53)                              OPA

 

It is mutually
understood that Oil Pollution Act of 1990 (OPA) surcharges for trading to the United
States ports/territories shall be for Charterer’s account.

 

54)                              Contingency
Plans Clause

 

Owners warrant
at the date of the charter that Owners complies with and satisfies existing U.S.
federal, state and local rules, regulations and requirements for contingency
plans applicable to the vessel entering, leaving, remaining at or passing
through any ports or places or waters in performance of the charter, including
having under contract

 

 

the services
of a catastrophic spill contractor (e.g., Marine Spill Response Corporation (MSRC)
or National Response Corporation (NRC)).

 

Owners further
warrant that it shall continue to comply with these requirements throughout the
period of the charter at the levels in effect at the date of this charter.

 

The Owners
shall be responsible for obtaining and maintaining all necessary and future
approvals and satisfying existing and future federal, state, and local rules,
regulations or requirements for contingency plans. Costs incurred shall be for Owners’
account.

 

	
  Qualified individual:

  	
  Mr. Steven McCall

  
	
   

  	
  212 578 1892 office

  
	
   

  	
  646 327 7206 mobile

  

 

55)                              Documentation

 

Owners
undertake that throughout the term of this charter, the vessel shall have on
board all such valid documentation as may, from time to time, be required to
enable the vessel to enter and carry out all required operations at loading or
discharging ports or places and leave, without hindrance, all ports or places
to which the vessel may be directed under the terms of this charter.

 

In addition,
the vessel shall be off-hire and Owners shall be held responsible for any
losses, costs or damages for any period during which she is not fully and
freely available to Charterer as a result of action taken against her by any
government, government organization, competent authority, competent person or
competent organization, owing to her flag, failure to have on board valid
documentation as aforesaid or any dispute relating to Owners’ wages or crew
employment policy or to the condition of the vessel or her equipment. All
cumulative off hire under this Clause may be added to the end of the charter
period in the sole option of the Charterer.

 

Any time lost
during which the vessel awaiting USCG TVEL inspection, or in the case of calls
at non-U.S. ports where any similar certificate is required to be issued by a
state authority at these ports prior to loading or discharging cargo, and until
such time as she has secured TVEL certificate or any similar certificate,
vessel will be considered off-hire.

 

56)                              ISM Clause

 

The
requirements of the International Safety Management (ISM) Code are hereby
incorporated in the terms of this charter party. Owners/operator warrant that a
Safety Management System (SMS) in accordance with the ISM Code is in operation
both on shore and on board the vessel. Owners/operator further warrant that
they (or the company as defined by the ISM Code) have a valid Document of Compliance
(DOC), and the vessel has a valid Safety Management Certificate (SMC).
Owners/operator shall supply Charterer with a copy of the DOC and the SMC.
Owners shall, when required by Charterer, provide a copy of the documents both
ashore and on board the vessel evidencing the SMS and its application and when
further required by Charterer, Owners/operator shall provide a report on safety
audits carried out internally or by the vessel’s flag administration.

 

Non compliance
with the requirements of the ISM code resulting in loss or suspension of the ISM
certificate shall be deemed a breach of condition and Charterer shall have the

 

 

right to
cancel the charter. Owners shall be responsible for any delays, costs, damages
incurred for non compliance with the above conditions.

 

57)                              Vetting

 

During the period of this charter, Charterers
require Owners to endeavor to arrange for at least four of the following oil
company inspections/approvals at their time and expense: BP, Shell, Exxon/Mobil,
Chevron Corp., Vela, PDVSA, Statoil and Dreyfus.  Charterers may request Owners to obtain other
vetting approvals as/when required, and Owners shall do so.

 

The above is always subject to the vessel’s
trading pattern, ports accessibility, the oil company’s interest in the vessel
and the availability of inspectors at the time, all of which Owners will keep a
record of and keep Charterers advised.

 

Charterers
shall keep Owners fully informed of the vessels forward schedule in order
to facilitate vetting inspections.

 

If the vessel,
during the period of this charter, fails to obtain a minimum of four approvals
because of Owners fault/negligence, or fails a physical inspection by any
company listed above, or loses a vetting approval required to maintain the
vessels’ trading pattern,
then, Owners shall have a period of forty five (45) days from the date Owners
are notified of such non-acceptance to have the vessel obtain such minimum
number of approvals or reinstate such approval, subject always to the
vessel’s trading pattern, ports accessibility, the oil company’s interest in
the vessel and the availability of inspectors at the time, all of which Owners
will keep a record of and keep Charterers advised.

 

If
the Owners do not obtain the minimum number of vetting approvals or the
necessary vetting approval is not reinstated as provided for in the preceding
paragraphs, and the lack of vettings affect the vessel’s trading pattern, then
the Charterer shall have the right (i) to terminate this charter party
without penalty to either party, or, (ii) to place the Vessel off-hire for
any loss of time (whether by way of interruption in the Vessel’s service,
including time necessary for re-positioning to an alternate trading pattern or
otherwise)(a) resulting from the vessel being placed off hire by a pool in
which it is entered due to such lack of vetting, or (b)otherwise due to such
lack of vetting.

 

In
the event the preceding paragraph is invoked, and the Charterer does not
terminate the Charter, it shall use commercially reasonable efforts to employ
the Vessel in an alternate trading pattern to maximize its earning capacity on
commercially reasonable terms provided that the terms of the pool it is entered
into or the time charter it is operating under permit the Charterer to do so.  For each day the Vessel is operating under a
subcharter on such alternate trading pattern, and not otherwise off hire, if
the Basic Hire rate otherwise applicable pursuant to this Charter exceeds the
time charter rate or equivalent rate obtained by the Charterer on its
sub-charters in the alternate trading pattern, then the Basic Hire payable
hereunder shall be reduced by an amount equal to the difference between (a) the
Basic Hire rate and (b) the time charter rate or equivalent rate obtained
by the Charterer on its sub-charters in the alternate trading pattern until the
later of (i) the date the Vessel has re-obtained the minimum number of
vetting approvals or the necessary vetting approval has been reinstated, and (ii) the
last day of the applicable sub-charter.

 

 

58)                              Adherence
to Voyage Instructions

 

A.           Owners shall
be responsible to and will indemnify Charterer for any time, costs, delays or
loss suffered by Charterer due to underlift, overlift or other failure to
comply fully with Charterer’s lawful instructions as long as such failure was
solely due to Owners’/vessel’s proven negligence.

 

B.             If a
conflict arises between terminal orders and Charterers’ instructions, master is
to stop cargo operations and to contact Charterer at once. Terminal orders
shall never supersede Charterer’s instructions and any conflict shall be
resolved prior to resumption of cargo operations.

 

Vessel is not to resume cargo operations until Charterers has directed
vessel to do so.

 

59)                              Traffic
Separation and Routing

 

Owners shall
instruct the master to observe recommendations as to traffic separation and
routing as issued from time to time by authorities (national or local) and
comply with federal, state or local regulations of the United States. Voluntary
and mandatory traffic separation schemes shall be adhered to while the vessel
is in the United States or international waters.

 

60)                              ETA Notice

 

Master shall give both Charterer and
load/discharge port(s)/place(s) agents notices of estimated time of arrival (ETA)
to load/discharge port(s)/place(s) or any other port/place where Charterers
order vessel to proceed on a daily basis or as required by Charterers voyage
orders.

 

Any delay
incurred to the vessel at any load or discharge port(s) resulting from master’s
failure to comply with the above requirements, shall be deducted from the
monthly hire. The foregoing is without prejudice to Charterer’s right to
recover for any damages incurred as a result of such breach by Owners of the
obligations herein defined. Notices of ETA to be sent to Charterer as instructed.
This Clause only applies where the Charterer cannot claim demurrage or any
other claim and incur a loss due to the master’s failure to follow Charterers
instructions.

 

61)                              Watchmen

 

Compulsory shore gangway watchmen shall be
servants of the Charterer and the cost for such watchmen shall be borne by Charterer
throughout the currency of this charter party.

 

62)          Bunkers

 

On every occasion where the bunkers are taken, the ship will
participate in either the DNV VQFT, Lloyds FOBAS or ABS scheme (line samples).
As between Owners and Charterers fuel shall be deemed delivered to the ship
upon arrival at the ship’s manifold, which shall be the point of custody
transfer. Three samples will be taken at the ship’s manifold, using an approved
in line drip sampler. One sample shall be provided to the surveyor and
analysed, a second shall be given to the suppliers, and third shall be retained
on board for independent joint testing, in the event of disputes about the
quality of the bunkers supplied.

 

 

In the event of dispute about the quality of the fuel the third sample
left on board shall be jointly analysed at a mutually acceptable independent
laboratory, and the results shall be binding on the parties

 

The quantity of fuel shall be finally determined using the density
determined in the sample analysed. Owners undertake to provide Charterers with
a copy of each off specification analysis report, to enable Charterers to
notify suppliers promptly in the event of a quality or quantity dispute.

 

The supplier and Charterers shall at all times be entitled to witness
the extraction and division of the sample at the ship’s manifold and shall be
entitled to employ a bunker surveyor.

 

Charterers shall not cause or permit any lien or other rights to be
created against the ship, her crew, Owners, etc., by any fuel suppliers, or
otherwise bind the ship, her Owners in crew in any way whatsoever, arising out
of the supply of fuels.

 

Should analysis confirm that bunkers are off specification, (as per
specification detailed in Clause 29). Charterers will be notified regarding Owners
intentions. Should Owners decide to use the bunkers supplied then Charterers
are not entitled to present Owners with a speed or consumption claim for any
period during which vessel is using bunkers that do not reasonably meet the
specified requirements. Charterers reserve the right to discuss analysis
results with Owners to ensure an equitable resolution of any problems. Owners shall not be obliged to use fuel that is
injurious to the engine/auxiliaries and associated equipment.

 

Owners warrant that the vessel shall comply with the emission control
and other requirements of Regulation 14 and 18 of MARPOL Annex VI and any other
laws or regulations relating to bunker content and bunkering procedures
applicable in any areas to which the vessel is ordered.

 

Charterers warrant that they will supply bunkers:

 

A.           of
sufficient quantity and quality to enable the vessel to meet the emission
control and other requirements of Regulation 14 and 18 of MARPOL Annex VI and
any other laws or regulations relating to bunker content and bunkering
procedures applicable in any areas to which the vessel is ordered, and

 

B.             in
accordance with the specifications in ISO 8217 as in force at the time of
supply and any other specifications contained elsewhere in this charterparty.

 

Charterers further warrant that all bunker suppliers and bunkers
supplied hereunder shall with respect to all areas in which the vessel may
trade comply with the current and future requirements of MARPOL Annex VI and
MEPC96(47) in respect of sampling and the provision of a bunker delivery notes
and, where bunkers are supplied in a state where MARPOL Annex VI is in force,
that suppliers shall be registered in accordance therewith.

 

 

63)                              Heating

 

Owners warrant that the vessel is capable of
maintaining cargo loaded temperature, or, if time permits, raising same up to a
maximum temperature of 150 degrees Fahrenheit. Maximum temperature of cargo
loaded at 165 degrees Fahrenheit.

 

Master to report daily to
Charterers average cargo temperature of all tanks and to keep voyage heating
records for Charterers inspection.

 

If vessel fails to maintain
the loaded temperature, or to increase and maintain the temperature of the
cargo, as requested by Charterer, all delays incurred will be considered off
hire and all expenses and damages shall be for Owners’ account.

 

Failure to follow Charterers
heating instructions shall be considered off hire until such time as the cargo
is heated to Charterers instruction. If vessel fails to follow Charterers
heating instructions on a consistent basis it shall be considered a breach of
this contract and Charterers shall have the right to cancel this charter
without penalty.

 

64)                              Pumping
Clause

 

Owners warrant
that the vessel is fitted with and will use the main cargo pumps and the
stripping pumps as per Charterers instructions.

 

Owners further
guarantees that vessel will discharge the full cargo in twenty four (24) hours,
stripping excluded or maintain an average pressure of 100 PSI at the vessel’s
manifold during discharge, provided shore facilities permit. It is agreed that
time lost as a result of vessel being unable to discharge the cargo in
accordance with the guarantee stated herein will be deducted from monthly hire.

 

 In the event of the vessel failing to maintain average
discharge pressure of 100 PSI or to discharge the cargo within 24 hours, Charterers
are entitled to deduct all time over and above 24 hours taken to discharge
cargo from hire.

 

 Discharge terminal shall have the right to gauge line
pressure. Should the vessel fail to comply with the guarantee herein stipulated
should terminal request, Charterer
shall have the right to order the vessel to be withdrawn from the berth and all
time and expenses incurred to leave the berth and return later to complete
discharge will be for Owners’ account with the proven lost
time and/or expenses being deductible from the monthly hire. In any event, Owners
shall provide Charterer with a detailed hourly pumping record showing the
pressure maintained at the vessel’s manifold throughout the discharge. Such
record shall be duly counter signed by a terminal representative and/or
independent surveyor, if possible.

 

 If the vessel discharges at more than one port or
discharges a partial cargo, then time to be prorated relative to the vessel’s
full cargo capacity for the nominated cargo(es).

 

Should the
discharge terminal(s) restrict in any way the vessel’s performance indicated in
this charter party, the master shall immediately issue a letter of protest to
the terminal indicating    the nature of
the restriction and any details he may consider relevant. The vessel to obtain
terminals signature on the letter of protest.

 

 Notwithstanding
the above, vessel is to make best efforts to utilize full capabilities (safety
permitting) when discharging at Portland, Maine.

 

 

 For discharge
in Punta Palenque, Dominican Republic, vessel to maintain 150 PSI at vessel’s
manifold.

 

65)                              STS
Clause

 

 Charterers shall have the right to require the
vessel to perform lighterage operations and or ship to ship transfer operations
at anchor or underway at a safe anchorage or place and these ship to ship
transfer operations shall be conducted in accordance with the provisions of the
latest ICS/OCIMF transfer guide (petroleum) always to master’s acceptance which
not to be unreasonably withheld.

 

 It is understood and agreed that the crew of the
vessel will be required to assist in handling the fenders and cargo hoses as
well as mooring and unmooring of the vessel as designated by the mooring master
at the STS transfer site at no additional cost to the Charterer.

 

 All extra equipment required for such transfer
operations shall be provided by Charterer at its expense.

 

 Extra cost of insurance ‘if any’ to be for Charterers
account.

 

 

66)                              Pressure
Gauges

 

Vessel to be
equipped with pressure gauges at each discharge manifold which will be
maintained in a proper working condition and each gauge shall have a valid test
certificate.

 

67)                              Bilge
Liquids

 

Vessel shall
have efficient and safe means of transferring engine room/pump room bilge to
designated holding tanks onboard for disposal in accordance with international
regulations.

 

68)                              Previous Cargoes

 

(Deleted)

 

69)                              Condition
of Cargo Spaces on Delivery and Redelivery

 

Vessel will be redelivered with tanks free
of liquid slops.

 

70)                              Tanks,
Lines, Pumps Suitability

 

Owners warrant that vessel will arrive at
each load port with all cargo tanks, pumps and lines suitable to load the
intended cargo as per Charterer’s representative and/or independent surveyor’s
satisfaction, subject to Charterers voyage orders and vessels time to comply.  All damages, time
lost and costs incurred due to noncompliance will be for Owners’ account and
deducted from monthly hire.

 

71)                              Inert
Gas System

 

Owners warrant
that vessel has a good working inert gas system and that the officers and crew
are experienced in the operation of the system. Owners further warrant that the
vessel will arrive at the load port with cargo tanks inerted and that tanks
will remain inerted throughout the loading, voyage and discharge operations.
Any delay, cost and expense due to improper operation of the inert gas system
shall be for Owners’ account and shall be deducted from monthly hire.

 

The master may
be required by terminal personnel or independent surveyor(s) before and/or
after discharge to breach the inert gas system for the purpose of gauging,
sampling, temperature determination and/or determining the quantity of cargo
remaining on board (ROB). The master shall comply with these requests
consistent with the safe operation of the vessel. Vessel to remain on hire for
such periods.

 

72)                              Crude
Oil Washing (COW)

 

Owners warrant
that the vessel is capable of crude oil washing (COW) of all cargo tanks.

 

 If requested by Charterer, Owners agrees to conduct
crude oil washing of cargo tanks at discharge port(s) simultaneously with the
discharge of the cargo to shore. Under no circumstance shall the vessel utilize
more than eight (8) hours to effect COW or prorata on the basis of the
number of tanks washed to the total number of tanks unless authorized by Charterer.

 

 

 The vessel will comply with the requirements of the Pumping
Clause during simultaneous discharge to shore and the COW operation.  If the vessel fails to comply, all additional
time to discharge the cargo will be deducted from the monthly hire.

 

Owners agrees
to comply with applicable port and terminal regulations and, if necessary, to
submit any advance information or technical data that may be required by local
authorities relative to the COW operations.

 

73)                              Fittings,
Equipment and Dimensions

 

A.           Owners
warrant that all piping, valves, spools, reducers and other fittings comprising
that portion of the vessel’s manifold system outboard of the last fixed rigid
support to the vessel’s deck and used in the transfer of cargo, bunkers or
ballast, are made of steel or nodular iron; and the fixed rigid support for the
manifold system is designed to prevent both lateral and vertical movement of
the manifold. Owners further warrant that no more than one reducer or spool
piece (each ANSI standard) will be used between the vessel’s manifold valve and
the terminal hose or loading arm connection.

 

B.             Owners are
responsible for providing safety equipment to persons aboard the vessel when
the cargo is high sulfur or otherwise dangerous to the health of the crew.

 

C.             Owners
warrant that the vessel is capable of discharging more than one grade
simultaneously.

 

D.            Owners
warrant that throughout the charter vessel will have on board the calibration
tables for its tanks calculated by the builder or by a reputable independent
international surveyor.

 

E.              Charterers,
subject to Owners’ approval (which shall not be unreasonably withheld) and
class approval, shall be at liberty to fit any additional pumps and/or other
vessel gear beyond what is on board at the commencement of the charter, and to
make the necessary connections with hydraulic, steam or water pipes, such work
to be done at Charterers time and their expense, and such pumps and/or gear so
fitted to be considered their property, and Charterers shall be at liberty to
remove it at their time and expense and time during or at the expiry of this
charter, with the vessel to be left in her original condition.

 

F.              Vessel is
fitted with 95 percent and 98 percent high level alarms.  Any delays due to breakdown of these high
level alarms will be considered off hire and will be deducted from the charter
hire.

 

74)                              Cargo
Transference

 

Owners shall notify Charterer of any transfer
of cargo within the vessel that takes place after loading and before discharge
for purposes of trimming, stress or any other similar purposes.

 

 

75)                              Prohibited
Detergent Washing

 

Owners warrant that vessel will not perform
cargo tanks washing utilizing detergents with organic chloride contents
throughout the duration of the charter period. Owners to be held responsible
for all damages and consequences including but not limited to all cargo claims
if Owners/master fails to adhere to this Clause.

 

76)                              Cargo
Retention

 

A.           In the event
that liquid cargo remains on board upon completion of discharge Charterers
shall have the right to deduct from hire an amount equal to the fob port of
loading cost of such cargo plus its pro rata cost of freight and insurance
unless such cargo is unpumpable or unreachable by the vessel’s fixed pumps.

 

B.             Nothing in
this Clause deprives Owners of any defenses they have to counterclaims for
cargo shortloading or damage but it is agreed that such counterclaims will not
be time barred if asserted in any proceedings commenced by Owners for hire
deducted under this Clause provided that the deduction was proper.

 

C.             Any action
or lack of action in accordance with this provision shall be without prejudice
to any rights or obligations of the parties.

 

D.            All slops
throughout the charter term shall belong to Charterer.

 

77)                              Loss
of Carrying Capacity

 

In the event cargo is shut out by the fault of the master, officers,
crew or mechanical deficiency of the vessel, then Charterer shall be entitled
to claim compensation for the transportation cost of the cargo shut out on a
round voyage basis by reference to the rate of hire or the current market level
(whichever is greater). Any additional port costs and/or bunker consumed due to
the loss of carrying capacity shall for Owners account.

 

78)                              Speed
and Fuel Warranties

 

The Owners
warrant that the vessel is capable of maintaining and shall maintain,
consistent with safety throughout the period of this charter party on all sea
passages, from seabuoy to seabuoy, unless otherwise ordered by Charterer, an
average speed under weather conditions up to and including Beaufort Force 5 of
about 15 knots laden on a daily consumption of about 60 metric tons IFO 380 CST
plus 0 metric tons MDO at sea and about 15 knots ballast on a daily consumption
of about 60 metric tons IFO 380 CST 0 metric tons MDO at sea for all purposes
excluding tank cleaning, cargo heating and IGS plus about 20 mts IFO for
loading and about 20 mts IFO for discharging, based on single port loading and
discharging excluding Laguna and Boscan crude and similar cargoes.

 

The above
speed and consumption rates shall be adjusted in accordance with, and always be
subject to any changes made to the Aframax International pool key, provided the
vessel continues to trade in the Aframax International pool.

 

 

79)                              Slow
Steaming/Speed Up

 

Weather and
safe navigation permitting, Charterer shall have the right to order the vessel
to proceed at any speed greater than/less than normal full speed.

 

80)                              Adjustment
of Hire

 

The speed and fuel consumption guaranteed by the Owners in Part 1
will be reviewed by the Charterer 30 days after every six (6) months. If
at the end of the period, if it is found that the vessel has failed to
maintain, as an average during the period, the speed and/or fuel consumption
warranted, the Charterer shall be retroactively compensated in respect of such
failings, as per Clause 24.

 

No bonus shall
be payable to Owners under any circumstances.

 

The Charterer
shall provide Owners with an opportunity to review any claim submitted by Charterer
under this Clause, and the Owners shall complete such review and provide Charterer
with the results thereof within thirty (30) days from the date such claim was
received by Owners. In the absence of such response, Charterer may deduct from
hire any amount to which it is entitled under this Clause.

 

In the event
of Charterer having a claim in respect of vessel’s performance during the final
year of the charter period and any extension thereof, the amount of such claim
shall be withheld from hire in accordance with Charterer’s estimate made two
months before the end of the charter period and any necessary adjustment after
the end of the charter shall be made by the Owners to the Charterer.

 

81)                              Additional
Offhire

 

A.           The vessel
shall be offhire whenever there is loss of time if:

 

1)              due to the boycott of the vessel due to the terms
or conditions of employment of Owners’ servants; or employment, trades, or
cargoes of vessels other than under this charter.

 

2)              due to
restraint or interference in the vessel’s operation by any governmental
authority in connection with the ownership, registration, or obligations of Owners
or the vessel, or stowaways, or in connection with smuggling or other
prohibited activities.

 

3)              due to
cargo contamination or damage caused by unseaworthiness of the vessel or
negligence of Owners’ servants.

 

B.             In addition,
if during offhire the vessel loses its turn to berth, it shall remain offhire
until it regains the same berthing position. If the vessel goes offhire while in
berth, extra expenses thereby incurred by Charterers in connection with the
vessel remaining at the berth shall be for Owners’ account and Charterers shall
also have the option to order the vessel out of berth, so as to avoid delay to
other vessels waiting to use the berth, with the cost of unberthing and
reberthing for this purpose to be
for Owners’ account. The vessel shall remain offhire during time lost in
between berths.

 

C.             In the event
of detention of vessel by any governmental authority, or by any legal action
against vessel or Owners, or by any strike or boycott by the vessel’s officers
or crew, whereby vessel is rendered unavailable for Charterers’ service

 

 

for a period of thirty (30) days or more, Charterers may, by written
notice given before vessel is free and ready to resume service, elect to
terminate this charter, without prejudice to any other rights Charterers may
have under this charter or to any claim it may have for damages.

 

82)                              Off
Hire Survey

 

A joint off hire bunker survey shall be
conducted by Charterers and Owners representatives at the place of redelivery.
The time and cost for the offhire bunker survey at redelivery shall be split
equally between Owner and Charterer.

 

83)                              Access

 

The Charterer
shall have the right and privilege of having their representatives visit the
vessel while in port or at sea. Charterer’s representatives shall have access
to the entire vessel (excluding accommodation spaces) and the master, officers
and crew of the vessel shall cooperate with and render any reasonable
assistance that Charterer’s representatives may require.

 

 Charterer shall be entitled, from time to time during
the period of this charter, to cause their representative(s) to take samples of
the cargo and to inspect the vessel in order to ascertain whether Owners is
reasonably complying in all respects with their obligations under this charter
party.

 

 In the case of inspection of the vessel, Charterer
shall give Owners appropriate notice of their intention to inspect the vessel
and any such inspection may include, but shall not be limited to: examination
of the vessel’s hull, machinery, boilers, auxiliaries and equipment,
examination of the vessel’s deck and engine, rough and official log books,
certificates, investigation of the vessel’s operating procedures both in port
and at sea, examination of the qualifications and conduct of the vessel’s master,
officers and crew. Any inspections carried out by Charterer under this sub-Clause
shall be without prejudice to any other rights of inspection or investigation
allowed to Charterer in accordance with the provisions of this charter.

 

 In the event of Owners’ failing, at any time during
the period of this charter, to comply with their obligations under this Clause,
Charterer shall be entitled to give Owners notice in writing, whether or not an
inspection under the terms of this Clause has taken place, requiring Owners to
take immediate steps to remedy their default.

 

 In the event the Owners fails forthwith, or within
such period as may be agreed to remedy such default to Charterer’s
satisfaction, Charterer shall be entitled at their absolute discretion, to
place the vessel off-hire, until such default shall have been satisfactorily
remedied. Any exercise of, or failure to exercise, their discretion under the
terms hereof by Charterer shall be without prejudice to any other remedy
available to Charterer.

 

84)                              Change
of Flag, Management, Ownership

 

 Owners rights and obligations under this charter are
not transferable and except as provided in this Clause Owners undertake not to
change the vessel’s management nor flag nor to sell the vessel or stock in the
ownership company without Charterer’s consent which consent shall not be unreasonably withheld.

 

 

In the event that the Owners desire to hire a manager
other than Tanker Management Ltd., Owners shall provide written notice (the “New
Manager Notice”) to the Charterer at least 10 business days prior to the
proposed date of hire, which notice shall seek the Charterer’s consent to the
new manager.  The Charterer’s shall have
the right, within 5 business days of receipt of the New Manager Notice, to
object to the new manager in writing. 
Such objection must be based on reasonable grounds, and must be
accompanied by a list of two comparable managers (other than any affiliates of Charterer)
to which the Charterer would have no objection, and which Owners may then hire
without any further requirement for consent from Charterer.

 

If written notice of objection together with the
accompanying list of acceptable managers is not provided by the Charterer
within 10 business days of receiving the New Manager Notice, the Charterer
shall be deemed to consent to the new manager.

 

Owners shall have the right to transfer the vessel
and Charterer agrees that stock in the Owners may also be transferred (either
of which, for purposes of this Clause, a “Transfer”), subject to the Charterer’s
right of first offer as described in this Clause:

 

Prior to and in order to effect a Transfer, the Owners
shall first give written notice (a “Sale Notice”) to the Charterer stating (i) the
Owners (or its parent’s) intention to make a Transfer, (ii) the name of a
broker who Owners have selected to be a member of the three member panel
described below (the “Panel”) that will determine the fair market price of the
vessel (on the basis that it is sold subject to this charter) and (iii) the
material terms other than price upon which the Owners (or its parent) intends
to make the Transfer.

 

The Charterer shall select a member of the Panel
within 5 business days after receipt of the Sale Notice by delivery of written
notice to Owners.  If Charterer does not
make such selection within such 5 business day period, then the Panel shall
consist solely of the broker selected by Owners.  If Charterer makes such selection, then the
two members selected by Owners and Charterer shall select together a third
member of the Panel within 10 business days after delivery of Charterer’s
written notice to Owners.  If the members
selected by Owners and Charterer do not select a third member of the Panel
within such 10 business day period, then the third member of the Panel shall be
selected by the President of the Society of Marine Arbitrators, Inc. New
York.  No broker is eligible to be
selected as a member of the Panel unless it is listed in Appendix B of approved
ship brokers to this charter.  

 

After all the members of the Panel have been
selected in accordance with the preceding paragraph, the Panel shall determine
the fair market price of the vessel, taking into account that any sale would be
made subject to this charter.  The market
price determined by the Panel (the “Price”) shall be the price determined by
the sole member of the Panel if there is only one member and shall be the
average of the two closest prices determined by members of the Panel if there
are three members.  The sole member, or,
the member of the Panel selected by the other two members shall notify in
writing the Owners and Charterer of the Price (the “Price Notice”).  Owners and Charterer shall each pay one-half
of the fees and expenses of the members of the Panel in performing their
services under this Clause 84.  Such Price
shall be considered the price of the vessel, if Owners elect to proceed with
the sale of the vessel after receiving the Price Notice.  Owners shall not be obligated to proceed with
the sale of the vessel if it, in its sole discretion, deems the Price to be
inadequate.  If the parent of Owners
seeks to sell the stock of the Owners, then the Panel, in addition to
determining the Price of the vessel as aforesaid, shall determine the fair
market price of the assets of the Owners

 

 

(other than the vessel) and the fair market value of
the liabilities of the Owners in accordance with the foregoing
methodology.  The sum of the Price of the
vessel in the Price Notice and the price of the other assets of the Owners
determined as aforesaid reduced by the value of the liabilities of Owners
determined as aforesaid shall be considered the price for the stock (the “Stock
Price”) and the Stock Price shall be set forth in the Price Notice.

 

In the event that the Owners elect to proceed with
the sale of the vessel upon its review of the Price Notice, Charterer shall
have an irrevocable and non-transferable option to effect Transfer to it of the
vessel or stock in the Owners at the Price or at the Stock Price, as the case
may be, set forth in the Price Notice and on materially the same terms as set
forth in the Sale Notice.  Such option
may be exercisable during the period (the “Purchase Option Period”) commencing
on receipt of the Price Notice and ending (a) if Tanker Management Ltd. Is
the manager at the time of the Price Notice, 30 days after Charterer’s receipt
of the Price Notice or (b) if Tanker Management Ltd. is not the manager at
the time of the Price Notice, 30 days after the later of (i) the date (the
“Inspection Date”), set forth in a notice from Owners to Charterer that the
vessel and the records of the vessel may be inspected by Charterer, which
notice shall be given after the Sale Notice and at least 5 business days prior
to the Inspection Date and (ii) Charterer’s receipt of the Price Notice.  In order to exercise its option, the Charterer
shall, within the Purchase Option Period, send an irrevocable written
acceptance notice to the Owners (the “Purchase Notice”).  The Charterer shall then be obligated to
consummate the purchase of the vessel or stock at the Price or at the Stock
Price, as the case may be, set forth in the Price Notice and on materially the
same terms as set forth in the Sale Notice within thirty (30) days after the Purchase
Notice.  If Charterer does not exercise
its option within the Purchase Option Period or, if such option is exercised, Charterer
fails to consummate the purchase of the vessel or stock within the time period
set forth above, then, in addition to any other remedies available, the Owners
may during the period set forth in the next sentence (the “Sale Option Period”)
sign a legally binding agreement for the Transfer of the vessel or stock to a
third party at a price not less than the Price or the Stock Price, as the case
may be, set forth in the Price Notice, minus up to 2.5% of the Price of the
vessel, and on materially the same terms as set forth in the Sale Notice.  The Sale Option Period shall commence on the
earlier of (i) the date Charterer notifies Owners that Charterer will not
exercise its option and (ii) the expiration of the Purchase Option Period
(such earlier date referred to as the “Start Date”) and end on the later of 90 days
after (i) the Start Date and (ii) the date after the Start Date when
the vessel and the records of the vessel are first made available at a port for
inspection at the request of potential third party purchasers of the vessel or
stock.  If an agreement for the Transfer
of the vessel or stock is not signed during the Sale Option Period or the Transfer
of the vessel or stock is not completed under such agreement, then Charterer’s
right of first offer as described in this Clause 84 shall begin again and a new
Price determined in accordance with the provisions of this Clause 84.  Any Transfer of the vessel or stock to a
third party shall be subject to (x) Charterer’s prior approval, which shall not
be unreasonably withheld, and (y) Charterer’s right to purchase at par any loan
obtained by the third party purchaser of the vessel to finance such purchase if
such purchaser defaults under the credit agreement for such loan or this
charter provided the third party can obtain such right from its lenders on, in
the sole good faith opinion of the Owners, commercially reasonable terms.  This charter, including all options to extend
it, shall continue in full force and effect notwithstanding any Transfer of the
vessel or stock in the ownership company of the vessel.

 

If the Owners fail to comply with the terms of this Clause,
Charterer may, in its absolute discretion, terminate this charter, whereupon Owners
shall reimburse Charterer for any

 

 

hire paid in advance and not earned, the cost of
bunker fuel on board the vessel  and for
any amount for which the Owners are liable to Charterer under the terms of this
charter. Charterer’s rights of termination shall, whether or not it is
exercised, be without prejudice to any other rights available to Charterer.

 

The managers shall be responsible for the day
to day technical operations of the vessel however Owners always to be held
responsible for the overall management of the vessel.

 

If Charterer is not satisfied with the performance
of the manager, Charterer may request a meeting within 7 business days with Owners
and manager to discuss the deficiencies in the management which deficiencies
shall be presented in writing by Charterer. If after thirty days, the
management deficiencies are evidently still unresolved in Charterer’s
determination (which deficiencies and determination will be delivered to Owners
and manager in writing), then the management company may be changed provided
that the new management company shall be selected by the Owners subject to the
consent of the Charterer, such consent not to be unreasonably withheld.

 

85)                              Ownership

 

Owners will not effect any mortgage, encumbrance or
other lien on the vessel, other than liens that are not material in amount and
that arise in the ordinary course of business or by operation of law, without
the prior written consent of the Charterer, such consent not to be unreasonably
withheld. In the case of the initial financing by Royal Bank of Scotland for
the purchase of the vessel (the “Initial Financing”), the Charterer hereby
consents.  In the case of any refinancing
of the vessel, Owners shall negotiate in good faith and use their best efforts
to have the refinancing mortgagee agree on, in the sole good faith opinion of
the Owners, commercially reasonable terms that are no less favorable to the Charterer
than the terms contained in the Initial Financing in terms of the mortgagee’s
rights to enforce its mortgage in the event and so long as the Charterer
continues to pay the charter hire under this charter.  If the Owners, after negotiating in good faith
and using their best efforts, are unable to obtain such provisions from the
refinancing mortgagee on, in the sole good faith opinion of the Owners,
commercially reasonable terms, Charterer or its affiliates may seek such
provisions on behalf of Owners and Owners shall consider in good faith all
refinancing proposals obtained by Charterer or its affiliates which have, in
the sole good faith opinion of Owners, commercially reasonable terms.  In addition, Owners shall use their best
efforts to have the refinancing lenders agree on, in the sole good faith
opinion of the Owners, commercially reasonable terms, that Charterer or its
affiliates may purchase at par the loan made by such lenders and related
mortgage and other security interests if Owners breach any provision of this
charter, including this Clause 85, or if Owners or any of their affiliates
default under the loan agreement for such loan.

 

86)                              Requirements
of Special Trades

 

A.           Charterer
may blend cargo on board. If original Bills of Lading are issued for one or
more of the parcels which are blended, upon return of all such Original Bills
of Lading and at Charterers’ request, Owners will issue new Bills of Lading for
the blended cargo. New Bills of Lading can only be issued for the blend as a
whole. Owners are hereby indemnified against all claims for contamination or
quality deterioration or off specification whatsoever due to cargo blending on
board.

 

B.             Extra
insurance on freight and/or cargo, if any, due to vessel’s age shall be for Owners’
account and Charterer shall have the right to deduct such extra

 

 

insurance cost from hire due Owners. Charterer will provide supporting
invoice for extra insurance cost deducted from charter hire.

 

C.             Whenever
requested by Charterer, Owners shall arrange for war risk underwriters to
advise Charterer via Owners about actual net ‘additional premium’ then in
effect. If requested by Charterer, Owners shall arrange in advance for war risk
underwriters to furnish such information to Charterer via Owners 48 hours before
vessel enters ‘additional premium’ zone, weekend and local holidays are
excluded, at Charterers expense.

 

D.            Any ‘additional
premiums’ due from Charterer shall be documented by underwriters and Charterer
shall pay only the net premium charged to Owners -- i.e. gross premium less
rebate, if any.

 

E.              Charterer
shall not be responsible for any time lost due to officers and/or crew refusing
to proceed to an actual war zone, or for any time lost as a result of the
vessel remaining in an “additional premium” zone due to action by vessel’s
officers and/or crew and/or breakdown and/or accident to vessel or her
equipment not caused by fault of the Charterer, or as a result of an occurrence
of a war risk.

 

F.              Pollution
insurance. Owners warrant that they will have in place the maximum cover for
pollution offered by members of the International Group of P&I Clubs
(currently USD 1 billion) and that this cover from underwriters approved by Charterer
(such approval not to be unreasonably withheld) will remain in place throughout
the period of this charter. Owners shall provide Charterers within five
business days after the fixture is concluded, written evidence from the vessel’s
P&I club or insurance broker of such pollution cover.

 

Any additional premiums or surcharges payable by Owners in relation to
the vessel calling to United States of America ports to be for Charterers
account.

 

G.             Vessel
to be able to comply with the following Clause for occasional cargoes loading
in Venezuela:

 

The
vessel to arrive at the loadport fully cleaned for wax free stowage, including
all waxy residues and sediments to be removed by hand lifting. Owners to allow
Charterers representative to board the vessel at the last discharge port to
supervise the cleaning operations en route to loadport.

 

Vessel
shall arrive loadport with all cargo tanks, pumps and pipes suitably clean for
Laguna crude, at Owners time and expense, and the Charterers inspectors
satisfaction and delays, as a result of the vessel arriving at the loadport and
not being clean to Charterers inspectors satisfaction, shall be considered off
hire. The cargo is intended to be used in the production of lube oil and
transformer oils, etc. and is especially sensitive to wax and salt.

 

Vessel
to be capable of hot machine washing and flushing all cargo tanks, pumps and
pipes (water used to be 80 degrees C. and not less than 65 degrees C. at any
time) for at least four hours. All wax deposits to be lifted. All tank washings
to be discharged and collected in slop tanks. Vessel to discharge slops from
cargo tanks at minimum 65 degrees C. Vessel to arrive loadport fully

 

 

cleaned
for wax free stowage including all waxy residues and sediments to be removed by
hand lifting. After the hot water wash, vessel to perform a quick cold lake
water flush of all tanks and pipes and tank system to be well drained. No slops
to be discharged ashore. Slops to be kept fully segregated from cargo at all
times. Vessel to be clean to Charterer’s inspector’s satisfaction before
loading.

 

Charterer’s
expeditor will board the vessel at last discharge port at Charterers expense to
supervise the cleaning operation en route to the loadport. If the cleaning
required is carried out to the expeditor’s satisfaction then Charterers not to
require vessel to be gas free on arrival loadport.

 

H.            Owners
warrant that vessel is fully capable of carrying ‘Orimulsion’ and Owners/operators
are fully aware of the requirements for carrying this type of cargo. Normally,
crude oil washing nor inert gas system never to be utilized while Orimulsion is
onboard.

 

I.                 It is
understood that the vessel shall not be required to force ice but to follow ice
breakers from time to time always subject to master’s approval.

 

J.                (Deleted)

 

K.            Grades and
comingling. Charterer shall be at liberty to ship three grades of cargo. Grades
and quantities of petroleum products shall be defined by Charterer prior to
each voyage. Segregated grades shall be kept within vessels natural
segregations. At the option of the Charterer, loading of three or more grades
of cargo in such a manner as to voluntarily mix the cargo to obtain a new grade
shall be carried out by the Owners pursuant to Charterers requirements. Any
such mixture or admixture shall be at Charterers risk and expense and shall be
considered to be one grade under the present agreement. Any new bills of lading
that are issued will only be for the blended cargo as a whole.

 

L.              Vessel to
have a working vapour recovery system onboard.

 

M.         Owners
warrant that it has a policy on drug and alcohol abuse (‘‘Policy’’) applicable
to the vessel which meets or exceeds the standards of the OCIMF guidelines for
the control of drugs and alcohol onboard ship. Under the Policy, alcohol
impairment shall be defined as a blood alcohol content of 40 mg/100 ml or
greater; the appropriate seafarers to be tested shall be all the vessel’s
officers and the drug/alcohol testing and screening shall include unannounced
testing in addition to routine medical examinations. An objective of the Policy
should be that the frequency of the unannounced testing be adequate to act as
an effective abuse deterrent, and that the officers be tested at least once a
year though a combined program of unannounced testing and routine medical
examinations. Owners further warrant that the Policy will remain in effect
during the term of this charter providing that the terms are in conformity with
the laws of the vessel’s flag state and that the Owners shall exercise due
diligence to ensure that the Policy is complied with. It is understood that an
actual impairment, shall not in and of itself mean Owners has failed to
exercise due diligence. Persons who test positive, refuse to test, or are unfit
for duty (impaired because of drug or alcohol abuse) shall be removed from the
vessel and shall not be reassigned to service on the vessel.

 

 

N.            Charterers
shall have the right to convert the vessel to an FSO or FPSO or another similar
use provided that the vessel is re-converted to her original condition at the
end of the charter at Charterers time and expense. Owners consent is required
but should not be unreasonably withheld.

 

O.            If
requested by Charterers, vessel shall make best efforts to cool the cargo
temperature by spraying the deck with water and/or taking extra ballast in
ballast tanks or any other method by which the Charterers suggest provided same
is deemed safe by master.

 

P.              Vessel shall
be capable of full hot fresh water wash, as well as hot sea water wash followed
by fresh water rinse, with all fresh water to be procured by Charterers over
and above what vessel is capable of producing with all time and expense for the
cost of the water as well as extra bunkers, and time and expense for all
related operations to be for Charterers account. Owners will make best efforts
to produce fresh water for Charterer’s purposes, however without guaranty.

 

Q.            Worldwide
trading always within American Institute Trade Warranties limits and any
subsequent amendments thereof as permitted by U.S. and/or Marshall Island
authorities.

 

Charter may order the vessel to Alaska, outside of American IWL,
provided Owners’ consent thereto and that Charterers pay for any insurance
premium required by the vessel’s underwriters. 
Charterers to give adequate prior notice to Owners and Charterer shall
provide and pay for response plan and OSRO coverage for the vessel while in Alaskan
waters.  All costs for any breach of BIWL
as well as all costs for trading to Alaska, and to comply with Charterer’s
orders to be for Charterer’s account including any insurance premium required
by the vessel’s underwriters.

 

Costs of complying with USWC trading, with port, local and OPA 90 rules and
regulations to be for Charterers account in addition to filing spill response
plans.

 

R.             Where the
vessel is required to change over to and from low sulphur fuel, the fuel
consumption and any delays due to flushing the fuel system is to be for Charterers
account.

 

S.              Owners
warrant that the vessel will perform ballast change in deep water in open sea
prior to arrival Primorsk, whenever time and circumstances permit, and will
ensure that ballast water content complies with Primorsk requirements so far as
possible. However, if Primorsk lab analysis of ballast indicates the
hydrocarbon contents exceed 0.05 ppm and source hydrocarbon is not from within
the vessel and vessel is consequently ordered to discharge ballast outside port
limits, then any unberthing and reberthing costs incurred as a consequence will
be for Charterers account.

 

87)                              Agency

 

Owners can
appoint their own agents or have the right to use and pay Charterer’s agents
for Owners’ matters.

 

 

88)                              Hull And Machinery Value

 

(Deleted)

 

89)                              War
Risk Premium

 

 Owners to be responsible only for the basic annual
contributions payable to obtain war risk cover. Charterer shall be responsible
for the full amount of any sums payable by way of additional premiums to
maintain that full cover as a result of the vessel proceding any areas
designated as additional war risk premium areas.

 

90)                              Histories

 

 Owners shall provide a work history to Charterer prior
to any change of the master, chief engineer and chief officer serving onboard
vessel. The history which shall show the extent of tanker experience in rank.
Similar histories shall be furnished for any new master, chief engineer and
chief officers prior to assignment to the vessel. After reviewing same, Charterers
have the right to reasonably reject any of the above in which case Owners will
nominate a substitute which shall be subject to Charterers approval as well.

 

91)                              Personnel

 

 Conversational English language proficiency is
required for the master and officers in charge of cargo or bunker oil handling.

 

92)                              Reduction
or Increase in Deadweight

 

(Deleted)

 

93)                              Confidentiality

 

(Deleted)

 

94)                              General
Average

 

A.           In addition
to any other rights Charterer may have, and if requested by Charterer, Owners
will release one or more cargoes to Charterer for transshipment from a port of
refuge by and at the expense of Charterer in exchange for a nonseparation of
interest agreement, general average bond, and a general average undertaking
from cargo underwriters in the customary forms. Charterer’s transshipment
expenses, up to the general average expenses saved, are to be treated like the
general average expenses saved, as if those expenses had actually been incurred
and paid for by Charterer. If a subcharter is involved and freight is at risk,
subcharterer shall be credited for the vessel’s daily manning, bunkers,
insurance costs as well as port expenses saved for any part of the voyage not
required to be made by reason of transshipment. Bills of lading for such
transshipped cargoes are deemed to be accomplished on completion of transfer to
the transshipping vessel, and port of refuge where transfer is made shall be
treated as a discharge port.

 

B.             Any amounts
allowable in general average for wages, provisions and stores shall be credited
to Charterer insofar as such amounts are in respect of a period when the vessel
is on hire.

 

 

95)                              (Deleted)

 

96)                              Hydrogen Sulphide (H2S) Clause:

 

Owners shall
comply with the requirements in ISGOTT (as amended from time to time)
concerning Hydrogen Sulphide and ensuring that the Hydrogen Sulphide level is
always below the threshold limit value (TLV).

 

If on arrival at
the loading terminal, the loading authorities, inspectors or other authorised
and qualified personnel declare that the Hydrogen Sulphide levels exceed the TLV
and request the vessel to reduce the said level to within the TLV, provided
that the duration of the voyage between the last discharge port and such
loading terminal permits such reduction,
then the delay shall be considered off hire and any additional expenses
incurred by Charterer to be for Owners account.

 

97)                              Yugoslavia
Clause

 

(Deleted)

 

98)          BIMCO ISPS Clause for Time Charter
Parties 2005

 

(A)           (i)        The Owners shall
comply with the requirements of the International Code for the Security of Ships
and of Port Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS
Code) relating to the vessel and “the company” (as defined by the ISPS Code).
If trading to or from the United States or passing through United States
waters, the Owners shall also comply with the requirements of the U.S. Maritime
Transportation Security Act 2002 (MTSA) relating to the vessel and the “owner”
(as defined by the MTSA).

 

(ii)        Upon request the Owners
shall provide the Charterers with a copy of the relevant International Ship Security
Certificate (or the interim international ship security certificate) and the
full style contact details of the Company Security Officer (CSO).

 

(iii)    Loss, damages, expense or
delay (excluding consequential loss, damages, expense or delay) caused by
failure on the part of the Owners or “the company”/”owner” to comply with the
requirements of the ISPS Code/MTSA or this Clause shall be for the Owners’
account, except as otherwise provided in this charter party.

 

(B)           (i)        The Charterers shall provide the Owners and the
master with their full style contact details and, upon request, any other
information the Owners require to comply with the ISPS Code/MTSA. Where
sub-letting is permitted under the terms of this charter party, the Charterers
shall ensure that the contact details of all sub-charterers are likewise
provided to the Owners and the master. Furthermore, the Charterers shall ensure
that all sub-charter parties they enter into during the period of this charter
party contain the following provision:

 

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

 

 

(ii)        Loss, damages, expense or
delay (excluding consequential loss, damages, expense or delay) caused by
failure on the part of the Charterers to comply with this Clause shall be for
the Charterers’ account, except as otherwise provided in this charter party.

 

(C)                               Notwithstanding
anything else contained in this charter party all delay, costs or expenses
whatsoever arising out of or related to security regulations or measures required
by the port facility or any relevant authority in accordance with the ISPS
Code/MTSA including, but not limited to, security guards, launch services,
vessel escorts, security fees or taxes and inspections, shall be for the Charterers’
account, unless such costs or expenses result solely from the negligence of the
Owners, master or crew. All measures required by the Owners to comply with the
ship security plan shall be for the Owners’ account.

 

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

 

99)                              Period / Charter Hire

 

Owner and Charterer
agree that the initial charter period shall be the period commencing on October 17,
2005 and ending on July 16, 2011 (the “Initial Expiration Date”).  Until the Initial Expiration Date, the
Charterer shall pay to the Owner, charter hire (“Basic Hire”) monthly in
advance by the due date set forth in Clause 9. 
Each payment of Basic Hire (“Basic Hire Amount”) shall equal the basic
hire rate set forth in the initial charter rate table below that corresponds to
the time period for which payment is being made multiplied by the actual
number of days in the month for which the Basic Hire Amount is being
calculated. 

 

INITIAL CHARTER RATE TABLE

 

	
  CHARTER

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  October 17, 2005

  	
   

  	
  October 16, 2006

  	
   

  	
  USD 24,500 per day

  
	
  2

  	
   

  	
  October 17, 2006

  	
   

  	
  October 16, 2007

  	
   

  	
  USD 24,700 per day

  
	
  3

  	
   

  	
  October 17, 2007

  	
   

  	
  October 16, 2008

  	
   

  	
  USD 24,800 per day

  
	
  4

  	
   

  	
  October 17, 2008

  	
   

  	
  October 16, 2009

  	
   

  	
  USD 24,900 per day

  
	
  5

  	
   

  	
  October 17, 2009

  	
   

  	
  October 16, 2010

  	
   

  	
  USD 25,100 per day

  
	
  To 5 3⁄4

  	
   

  	
  October 17, 2010

  	
   

  	
  July 16, 2011

  	
   

  	
  USD 25,400 per day

  

 

The Charterer may, at its
option, extend the charter on one or more occasions (provided that the charter
is still in effect at the time of extension) by giving written notice (the “Extension
Notice”) to the Owner at least 90 days prior to the expiration date of the
charter then in effect.  The Extension
Notice shall specify the new expiration date of this charter, which shall be
the first, second or third anniversary of the existing expiration date; provided,
however, that in no event shall the expiration date be subsequent to July 16,
2019.  The Extension Notice shall also
specify the Basic Hire Amount for the selected extension period, which shall be
calculated in the same manner as the Basic Hire

 

 

Amount for the initial charter
period, and shall, at the option of the Charterer, be equal to either:

 

A.           the one-,
two- or three-year time charter rate for VLCCs, which rate corresponds to the
selected extension period, established by the Association of Shipbrokers Agents
and Agents Tanker Broker Panel (the “Broker Panel”), plus five percent,
or

 

B.             the basic
hire rate for the corresponding time period(s) set forth in the option period
rate table below.

 

Upon receipt of the Extension
Notice by the Owner, the charter shall be extended to the new expiration date
on the same terms and conditions (other than as expressly set forth
herein).  If, at the time of the exercise
of any extension period, the Broker Panel is no longer quoting one-, two- or
three-year time charter rates, then a mutually acceptable replacement Broker
Panel shall be selected by the Owner and Charterer.  The following broker panels shall be deemed
mutually acceptable by the Owner and Charterer:

 

London Tanker Broker Panel

 

OPTION PERIOD RATE TABLE

 

	
  OPTION

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  July 17, 2011

  	
   

  	
  October 16, 2011

  	
   

  	
  USD 25,400 per day

  
	
   

  	
  October 17, 2011

  	
   

  	
  July 16, 2012

  	
   

  	
  USD 25,700 per day

  
	
  2

  	
   

  	
  July 17, 2012

  	
   

  	
  October 16, 2012

  	
   

  	
  USD 25,700 per day

  
	
   

  	
  October 17, 2012

  	
   

  	
  July 16, 2013

  	
   

  	
  USD 26,000 per day

  
	
  3

  	
   

  	
  July 17, 2013

  	
   

  	
  October 16, 2013

  	
   

  	
  USD 26,000 per day

  
	
   

  	
  October 17, 2013

  	
   

  	
  July 16, 2014

  	
   

  	
  USD 26,200 per day

  
	
  4

  	
   

  	
  July 17, 2014

  	
   

  	
  October 16, 2014

  	
   

  	
  USD 26,200 per day

  
	
   

  	
  October 17, 2014

  	
   

  	
  July 16, 2015

  	
   

  	
  USD 26,400 per day

  
	
  5

  	
   

  	
  July 17, 2015

  	
   

  	
  October 16, 2015

  	
   

  	
  USD 26,400 per day

  
	
   

  	
  October 17, 2015

  	
   

  	
  July 16, 2016

  	
   

  	
  USD 26,600 per day

  
	
  6

  	
   

  	
  July 17, 2016

  	
   

  	
  October 16, 2016

  	
   

  	
  USD 26,600 per day

  
	
   

  	
  October 17, 2016

  	
   

  	
  July 16, 2017

  	
   

  	
  USD 26,800 per day

  
	
  7

  	
   

  	
  July 17, 2017

  	
   

  	
  October 16, 2017

  	
   

  	
  USD 26,800 per day

  
	
   

  	
  October 17, 2017

  	
   

  	
  July 16, 2018

  	
   

  	
  USD 27,000 per day

  
	
  8

  	
   

  	
  July 17, 2018

  	
   

  	
  October 16, 2018

  	
   

  	
  USD 27,000 per day

  
	
   

  	
  October 17, 2018

  	
   

  	
  July 16, 2019

  	
   

  	
  USD 27,200 per day

  

 

 

ADDITIONAL HIRE

 

Charterer agrees that Additional Hire Payment
Amount (as defined in the Charter Framework Agreement, dated October 6,
2005, by and among the Owners, the Charterer and the other parties thereto), if
any, shall be calculated and paid in accordance with such Charter Framework Agreement.

 

100)        AMS Clause

 

U.S. Customs
Clearance – if cargo is to be discharged in a U.S. port or territory subject to
control by the U.S. Customs and Border Protection (CBP), Charterers warrant
that all necessary details required by CBP for clearance of the cargo,
inclusive of but not limited to, shipper consignee and notify party full name,
address and phone number or telex number, will be included on each bill of
lading or alternatively supplied to Owners in writing a minimum of 24 hours
prior to the vessel’s arrival at the first designated U.S. port of discharge.
For voyages less than 24 hours in duration this information must be included on
the bill of lading or advised to Owners prior to the vessel departure from the
loading place or port.  Any delays, fines
or penalties incurred due to Charterers’ failure to comply with the above will
be for Charterers’ account.

 

Effective
March 4, 2004, all imported cargoes into the U.S. must be electronically
reported via the Bureau of U.S. Customs and Border Protection AMS system.  This requires the Owner to have a Type 3 International
Carriers Bond as well as a Standard Carriers Alpha Code (SCAC).  It is the responsibility of the Owner to
ensure that his reporting requirement occurs 24 hours prior to the vessel’s
arrival at the first U.S. port. Should the international voyage be less than 24
hours in duration, the Owner shall electronically file the manifest via the
automated manifest system at the time of the loading in the foreign port.  Owners and/or vessel master or their
designated agent will provide a copy of the electronically filed manifest to
the Charterers or their designated agent at the time of filing with CBP.

 

Owners
warrant that it is aware of the requirements of the U.S. Customs and Border Protection
regulation issued on December 5, 2003 under Federal Register Part II Department
of Homeland Security 19 CFP Parts 4, 103, et al. and will comply fully with
these requirements for entering U.S. ports.  Any delays, fines or penalties incurred due to
Owners failure to comply with the above will be for Owners account.

 

The
cost of filing to be for Charterers account.  Charterers to be responsible for any delay
and/or fines related to late filing by their agents.

 

101)        House Flag/Charterers Markings

 

At any
time during the period of this charter, Charterers shall have the privilege of
flying their house flag, to paint the funnel and bow crest in their house
colors and to paint their markings on ships sides and put/change the name of
the vessel. Upon vessels redelivery, Owners shall be obliged to rename the
vessel and remove Charterers markings on ships sides and repaint ships name and
funnel. The cost of such paintings and/or repaintings and/or name change to be
for Charterers account unless otherwise agreed with Owners.  Upon Charterers request, crew to perform the
work and payment to be settled directly between Charterers and master.

 

 

In the
event of a change in the technical management of the vessel, Charterers shall
have the option to change the markings on the vessel and/or the name of the
vessel at Owners time and expense.

 

102)        Green Award Clause

 

Rebates in port dues, etc. obtained via the
green award certificate to be refunded to Charterers, provided that Charterers
have paid for the green award audit fees in full, or prorated for the period
covered under this charter party.

 

103)                       Remeasure
Clause

 

Charterers have the option to re-measure the vessel for the purpose of
satisfying certain port/terminal regulations. All cost and time to be for Charterers’
account. The vessel is to be redelivered non-measured at Owners’ option if Charterers
exercised their option to re-measure in the first place.

 

104)                       Exxon
Mooring

 

(Deleted)

 

105)        Storage Clause

 

Charterers shall have the option of requesting the vessel to remain
idle, at a safe place, at anchor/or drifting.

 

106)                       Breach Of
Warranty Clause

 

(Deleted)

 

107)                       Tracking
System Clause

 

It is agreed that Charterers may from the time of fixing until
completion of the charter period employ an INMARSAT tracking system on the
vessel. Such tracking system works on data provided from the vessel’s onboard INMARSAT
C system and can be installed simply, either remotely, or on some older systems
with minimal set up input from the vessel. All registration/communication costs
relating to this tracking system will be for Charterers’ account. Charterers
will advise when the system is operative and confirm termination on completion
of charter.

 

108)                       Q88.Com
Clause

 

Owners to provide, free of charge, a copy of the OCIMF VPQ in the
required electronic form so that the vessel can be included in Charterers’
subscription to the website “q88.com”. Owners are furthermore required to
update the system with vessel approval status, certification and any other
information as required on a regular basis.

 

109)                       Changes/Improvements
Necessary for the Operation of the Vessel or Imposed by Legislation, Class or
Oil Company Vetting Requirements

 

A.           In the event
any improvement, structural change or the installation of new equipment is
imposed by compulsory legislation and/or Class rules and/or oil
company vetting requirements, Charterers shall have the right to require that
the

 

 

Owners effect such improvement, changes or installations. The Charterers
shall fully reimburse the Owners for the total cost of all such improvements,
structural changes or installations up to USD 50,000 in any calendar year. To
the extent that the total cost of all such improvements, structural changes or
installations exceed USD 50,000 in any calendar year, the Charterers shall
reimburse the Owners in an amount equal to 50 percent of the product of (i) the
cost of such improvements, structural changes or installations over USD 50,000
and (ii) a fraction, the numerator of which shall be the number of whole
months remaining in the charter period at the time of completion of such
improvement, structural change or installation (the “Remaining Charter Period”)
and the denominator of which shall be the number of whole months remaining in
the depreciation period of the vessel (calculated as 25 years from the year the
vessel was built) at the time of completion of such improvement, structural
change or installation (such product, the “Reimbursement Payment”) and the
balance of the cost of such improvement, structural change or installation over
USD 50,000 shall be paid by the Owners. In the event the charter period is
extended for any reason, included but not limited to any extension under Clause
99, the Charterers shall pay additional reimbursement to the Owners in an
amount equal to the difference between the reimbursement calculated under the
preceding sentence (plus any additional reimbursement calculated for any other
extension period if applicable) and the amount that would have been due from
the Charterers had the Remaining Charter Period used to calculate the Reimbursement
Payment including the number of whole months in the extension period as the
numerator of the relevant fraction.

 

B.             In the event
any improvement, structural change or the installation of new equipment, not
falling under (A) above, is deemed necessary by the Charterers for the
continued operation of the vessel, Charterers shall have the right at their own
cost to effect such improvement, structural changes or installation, with the
Owners’ consent which shall not unreasonably be withheld.

 

C.             The Owners shall
be notified in writing in advance by the Charterers about any changes and/or
improvements as afore mentioned.

 

D.            Any change,
improvement or installation made pursuant to this Clause shall be the property
of Owners.

 

110)                       Third Party
Clause

 

Except as may be otherwise agreed in writing by the parties with any
third party, a person who is not party to this agreement/charter may not
enforce, or otherwise have the benefit of, any provision of this
agreement/charter under the contract.

 

111)                       Optional
Termination

 

In the event the vessel is not delivered under this charter by [IPO closing],
2005 both the Owners and the Charterers shall have the right to terminate this
charter and neither the Owners nor the Charterers shall be entitled to damages
or to any other compensation or reimbursement of expenses.

 

112)                       Damages
Clause

 

In subchartering to its customers, Charterer shall endeavor to avoid or
limit any liability to

 

 

such customers for consequential damages. Owners shall not be liable
for any consequential damages or losses unless the Charterer’s sub-charter
provides for such consequential damages or losses to such customers.

 

 

APPENDIX A

 

QUESTIONNAIRE
88 FOR M/T OVERSEAS SOPHIE

 

INTERTANKO’S
STANDARD TANKER VOYAGE CHARTERING QUESTIONNAIRE 1988 (Version 2)

(Metric system to be applied, HVPQ reference
specified where applicable) 

 

	
   

  	
   

  	
   

  	
   

  	
  HVPQ Ref

  	
   

  
	
  GENERAL
  INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date Updated:

  	
   

  	
  Jun 10, 2005

  	
   

  	
   

  	
   

  
	
  Vessel’s name:

  	
   

  	
  Overseas Sophie

  	
   

  	
  1.2

  	
   

  
	
  IMO number:

  	
   

  	
  9248837

  	
   

  	
  1.3

  	
   

  
	
  Vessel’s previous name(s):

  	
   

  	
  Not Applicable

  	
   

  	
  1.4-1.7

  	
   

  
	
  Flag:

  	
   

  	
  Marshall Island

  	
   

  	
  1.8

  	
   

  
	
  Port of Registry:

  	
   

  	
   

  	
   

  	
  1.9

  	
   

  
	
  Call sign:

  	
   

  	
  V7EM8

  	
   

  	
  1.11

  	
   

  
	
  Inmarsat phone number:

  	
   

  	
  353846468

  	
   

  	
  1.12

  	
   

  
	
  Fax number:

  	
   

  	
  353846469

  	
   

  	
  1.13

  	
   

  
	
  Email address:

  	
   

  	
  ovsophie_thirdyparty@osgship.com

  	
   

  	
  1.16

  	
   

  
	
  Type of vessel:

  	
   

  	
  Oil Tanker

  	
   

  	
  1.17

  	
   

  
	
  Type of hull:

  	
   

  	
  Double Hull

  	
   

  	
  1.19

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OWNERSHIP &
  OPERATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Registered owner - Full
  Style:

  	
   

  	
  NINTH AFRAMAX TANKER CORP. 

  C/O THE TRUST COMPANY OF THE MARSHALL ISLANDS, Inc. 

  c/o OSG UK

  	
   

  	
  1.20

  	
   

  
	
  Technical operator - Full
  Style:

  	
   

  	
  OSG SHIP MANAGEMENT (UK) LTD. 

  HORSLEY HOUSE, REGENT CENTRE 

  44-191-2850621 

  OSG@OSG.COM

  	
   

  	
  1.22

  	
   

  
	
  Commercial operator - Full
  Style:

  	
   

  	
  OSG Ship Management, Inc 

  511 Fifth Avenue New York, NY 10017 

  212-578-1667 

  operations@osg.com

  	
   

  	
  1.25

  	
   

  
	
  Disponent owner / Bareboat
  charterer - Full Style:

  	
   

  	
  NA 

  NA 

  NA 

  NA

  	
   

  	
   

  	
   

  
	
  Number of vessels in
  disponent owner’s fleet:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BUILDER

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Where Built :

  	
   

  	
  HYUNDAI SAMHO HEAVY INDUSTRIES CO. LTD.

  	
   

  	
  1.26

  	
   

  
	
  Date Delivered:

  	
   

  	
  Oct 17, 2003

  	
   

  	
  1.31

  	
   

  

 

 

	
  CLASSIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Vessel’s classification
  society:

  	
   

  	
  American Bureau of Shipping

  	
   

  	
  1.34

  	
   

  
	
  Class notation:

  	
   

  	
  +A1 (E), Oil Carrier, +AMS, +ACCU

  	
   

  	
  1.35

  	
   

  
	
  If Classification society
  changed, name of previous society?

  	
   

  	
  N/A

  	
   

  	
  1.36

  	
   

  
	
  If Classification society
  changed, date of change?

  	
   

  	
   

  	
   

  	
  1.37

  	
   

  
	
  Last dry-dock:

  	
   

  	
  Not Applicable

  	
   

  	
  1.38

  	
   

  
	
  Last special survey:

  	
   

  	
  Oct 01, 2003

  	
   

  	
  1.41

  	
   

  
	
  Latest CAP Rating (if
  applicable)

  	
   

  	
  0

  	
   

  	
  1.44

  	
   

  
	
  Last annual survey:

  	
   

  	
  Dec 18, 2004

  	
   

  	
  1.45

  	
   

  
	
  Does the vessel have a
  statement of compliance issued under

  the provisions of the Condition Assessment Scheme (CAS)?

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIMENSIONS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LOA (Length Over All):

  	
   

  	
  250.17 Metres

  	
   

  	
  1.49

  	
   

  
	
  Extreme breadth:

  	
   

  	
  44 Metres

  	
   

  	
  1.51

  	
   

  
	
  KTM (Keel to Masthead):

  	
   

  	
  48.495 Metres

  	
   

  	
  1.54

  	
   

  
	
  BCM (Bow to Center
  Manifold):

  	
   

  	
  123.52 Metres

  	
   

  	
  1.57.1

  	
   

  
	
  Lightship parallel body
  length:

  	
   

  	
  62.4 Metres

  	
   

  	
  1.57.3

  	
   

  
	
  Normal ballast parallel
  body length:

  	
   

  	
  111 Metres

  	
   

  	
  1.57.6

  	
   

  
	
  Parallel body length at
  Summer DWT:

  	
   

  	
  128 Metres

  	
   

  	
  1.57.9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TONNAGES

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Tonnage:

  	
   

  	
  33924 Tonnes

  	
   

  	
  1.59

  	
   

  
	
  Gross Tonnage:

  	
   

  	
  62371 Tonnes

  	
   

  	
  1.60

  	
   

  
	
  Suez Net Tonnage:

  	
   

  	
  63134.9 Tonnes

  	
   

  	
  1.61

  	
   

  
	
  Panama Net Tonnage:

  	
   

  	
  Tonnes

  	
   

  	
  1.62

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
  Freeboard

  	
   

  	
  Draft

  	
   

  	
  Deadweight

  	
   

  	
  Displacement

  	
   

  	
   

  	
   

  
	
  LOADLINE INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Summer:

  	
   

  	
  6417 Metres

  	
   

  	
  14.618 Metres

  	
   

  	
  112044.6 Tonnes

  	
   

  	
  131060.4 Tonnes

  	
   

  	
  1.63

  	
   

  
	
  Winter:

  	
   

  	
  6721 Metres

  	
   

  	
  14314 Metres

  	
   

  	
  109053.4 Tonnes

  	
   

  	
  128069.2 Tonnes

  	
   

  	
  1.64

  	
   

  
	
  Tropical:

  	
   

  	
  6113 Metres

  	
   

  	
  14922 Metres

  	
   

  	
  115036 Tonnes

  	
   

  	
  134051.8 Tonnes

  	
   

  	
  1.65

  	
   

  
	
  Lightship:

  	
   

  	
  650 Metres

  	
   

  	
  2.375 Metres

  	
   

  	
  4100 Tonnes

  	
   

  	
  19015.8 Tonnes

  	
   

  	
  1.66

  	
   

  
	
  Normal Ballast Condition:

  	
   

  	
  6720 Metres

  	
   

  	
  7.55 Metres

  	
   

  	
  8380 Tonnes

  	
   

  	
    Tonnes

  	
   

  	
  1.67

  	
   

  

 

	
  TPC on summer draft:

  	
   

  	
  98.47 Tonnes

  	
   

  	
   

  	
   

  	
  1.70

  	
   

  
	
  Does vessel have Multiple
  SDWT?

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
  1.72

  	
   

  
	
  If yes what is the maximum
  assigned Deadweight?

  	
   

  	
  Tonnes

  	
   

  	
   

  	
   

  	
  1.73

  	
   

  
	
  Air draft (sea level to top
  of mast/highest point) in normal SBT condition?

  	
   

  	
  40.945 Metres

  	
   

  	
   

  	
   

  	
  1.74

  	
   

  

 

 

	
  RECENT
  OPERATIONAL HISTORY

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Has vessel been involved in
  any collision, grounding or

  pollution incident the past 12 months, full description:

  	
   

  	
  Pollution: No 

  Grounding: No 

  Collision: No

  	
   

  	
   

  	
   

  	
  1.77-1.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CERTIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Owners warrant following
  certificates to be valid throughout the Charter Party period:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SOLAS Safety Equipment:

  	
   

  	
   

  	
   

  	
  Oct 15, 2008

  	
   

  	
   

  	
   

  	
  2.2

  	
   

  
	
  SOLAS Safety Radio:

  	
   

  	
   

  	
   

  	
  Oct 15, 2008

  	
   

  	
   

  	
   

  	
  2.3

  	
   

  
	
  SOLAS Safety Construction:

  	
   

  	
   

  	
   

  	
  Oct 15, 2005

  	
   

  	
   

  	
   

  	
  2.4

  	
   

  
	
  Load line:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Oct 16, 2005

  	
   

  	
   

  	
   

  	
  2.5

  	
   

  
	
  IOPPC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Oct 15, 2005

  	
   

  	
   

  	
   

  	
  2.6

  	
   

  
	
  Safety Management (ISM):

  	
   

  	
   

  	
   

  	
  Apr 10, 2009

  	
   

  	
   

  	
   

  	
  2.8

  	
   

  
	
  USCG COC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Dec 16, 2005

  	
   

  	
   

  	
   

  	
  2.11

  	
   

  
	
  CLC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Dec 16, 2005

  	
   

  	
   

  	
   

  	
  2.13

  	
   

  
	
  US COFR:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Oct 16, 2005

  	
   

  	
   

  	
   

  	
  2.15

  	
   

  
	
  Certificate of Fitness
  (Gas/Chemicals):

  	
   

  	
  Gas: 

  Chem:

  	
   

  	
   

  	
   

  	
  2.16 &
  2.17

  	
   

  
	
  Certificate of Class:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Dec 16, 2006

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ISPS ISSC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Apr 10, 2009

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DOCUMENTATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does the vessel have the
  following documents on board?

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  International Safety Guide
  for Oil Tankers & Terminals (ISGOTT):

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  2.28

  	
   

  
	
  OCIMF/ICS Ship to Ship
  Transfer Guide (Petroleum):

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  2.31

  	
   

  
	
  Is the vessel entered with
  ITOPF?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREW
  MANAGEMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Master

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  SPAIN

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Officers:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Filipino/ Spanish

  	
   

  	
   

  	
   

  	
  3.1

  	
   

  
	
  Nationality of Crew:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  FILIPINO

  	
   

  	
   

  	
   

  	
  3.2

  	
   

  
	
  If Officers/Crew employed
  by a Manning Agency - Full Style:

  	
   

  	
  Officers: FRATELLI COSULICH SPA 

  Crew: CF SHARP CREW MANAGEMENT, INC.

  	
   

  	
  3.1 &
  3.2

  	
   

  
	
  What is the common working
  language onboard?

  	
   

  	
  ENGLISH

  	
   

  	
   

  	
   

  	
  3.1

  	
   

  
	
  Do key officers understand
  English?

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In case of Flag Of
  Convenience (FOC), is the ITF Special Agreement on board?

  	
   

  	
  N/A

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  STRUCTURAL
  CONDITION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Are cargo tanks coated?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  7.1

  	
   

  
	
  If Yes, specify type of
  coating:

  	
   

  	
   

  	
   

  	
  TAR EPOXY

  	
   

  	
   

  	
   

  	
  7.1.1

  	
   

  
	
  If cargo tanks are coated,
  specify to what extent:

  	
   

  	
  Bottom Only/DECK HEAD

  	
   

  	
  7.1.3

  	
   

  
	
  Are slop tanks coated?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If slop tanks are coated,
  specify to what extent:

  	
   

  	
  Whole Tank

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO &
  BALLAST SYSTEMS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If double hull, is vessel
  fitted with centreline bulkhead in all cargo tanks?

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
  8.2

  	
   

  
	
  Groups / Tank Capacities

  	
   

  	
  1: Cu. Metres – 42110 , 2: Cu. Metres -43225 3: Cu. Metres -42232 4:
  Cu. Metres - 5: Cu. Metres - 6: Cu. Metres - 7: Cu. Metres - 8: Cu. Metres - 9:
  Cu. Metres -

  	
   

  	
  8.3

  	
   

  
	
  Total cubic capacity 98% ex
  slop tank:

  	
   

  	
  124725 Cu. Metres

  	
   

  	
   

  	
   

  	
  8.4 &
  8.6

  	
   

  
	
  Slop tank(s) capacity 98%:

  	
   

  	
  2841.8 Cu. Metres

  	
   

  	
   

  	
   

  	
  8.5 &
  8.7

  	
   

  
	
  SBT or CBT?

  	
   

  	
  SBT

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If SBT, what percentage of
  SDWT can vessel maintain with SBT only?

  	
   

  	
  39%

  	
   

  	
   

  	
   

  	
  8.14.2

  	
   

  
	
  If SBT, does vessel meet
  the requirements of MARPOL Reg 13(2)?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.14.3

  	
   

  
	
  Number of natural
  segregations with double valve:

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
  8.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  PUMPS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / Capacity / Type:

  	
   

  	
   

  	
   

  	
  3 x 3000 Cu. Metres/Hour (Centrifugal)

  	
   

  	
  8.18-8.25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GAUGING
  AND SAMPLING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Can tank innage/ullage be
  read from the CCR?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.48

  	
   

  
	
  Can vessel operate under
  closed conditions in accordance with ISGOTT 7.6.3?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.51

  	
   

  
	
  Type of tank gauging system
  (radar / floating / other)

  	
   

  	
  Radar

  	
   

  	
   

  	
   

  	
  8.51.1

  	
   

  
	
  Are high level alarms
  fitted and operational in cargo tanks?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.54

  	
   

  

 

 

	
  VAPOUR
  EMISSION CONTROL AND VENTING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is a vapour return system
  fitted?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.65

  	
   

  
	
  State what type of venting
  system is fitted:

  	
   

  	
  HIGH VELOCITY VENTS

  	
   

  	
  8.67

  	
   

  
	
  Max loading rate per
  midships connection for homogenous cargo?

  	
   

  	
  Cu. Metres/Hour

  	
   

  	
   

  	
   

  	
  8.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  MANIFOLDS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does vessel comply with the
  latest edition of the OCIMF ‘Recommendations for Oil Tanker Manifolds and
  Associated Equipment’?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.80

  	
   

  
	
  What is the number of cargo
  connections per side?

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
  8.83

  	
   

  
	
  What is the size of cargo
  connections?

  	
   

  	
   

  	
   

  	
  16 Millimetres

  	
   

  	
   

  	
   

  	
  8.84

  	
   

  
	
  What is the material of the
  manifold?

  	
   

  	
   

  	
   

  	
  STEEL

  	
   

  	
   

  	
   

  	
  8.86

  	
   

  
	
  Distance between cargo
  manifold centres:

  	
   

  	
   

  	
   

  	
  2500 Millimetres

  	
   

  	
   

  	
   

  	
  8.93

  	
   

  
	
  Distance ships rail to
  manifold:

  	
   

  	
   

  	
   

  	
  4600 Millimetres

  	
   

  	
   

  	
   

  	
  8.95

  	
   

  
	
  Distance main deck to
  centre of manifold:

  	
   

  	
   

  	
   

  	
  2100 Millimetres

  	
   

  	
   

  	
   

  	
  8.97

  	
   

  
	
  Height of manifold
  connections above the waterline

  at loaded (Summer Deadweight) condition?

  	
   

  	
  8.48 Metres

  	
   

  	
   

  	
   

  	
  8.101

  	
   

  
	
  Height of manifold
  connections above the waterline in normal ballast?

  	
   

  	
  15.55 Metres

  	
   

  	
   

  	
   

  	
  8.102

  	
   

  
	
  Is vessel fitted with a
  stern manifold?

  	
   

  	
   

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
  8.104

  	
   

  
	
  Number / size reducers:

  	
   

  	
  6 x 500/400 Millimetres

  6 x 500/300 Millimetres

  6 x 500/250 Millimetres

  1 x 300/200 Millimetres

  1 x 250/200 Millimetres

  	
   

  	
  8.106-8.110

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  HEATING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Type of cargo heating
  system?

  	
   

  	
   

  	
   

  	
  Coils

  	
   

  	
   

  	
   

  	
  8.120

  	
   

  
	
  Material of heating system?

  	
   

  	
   

  	
   

  	
  Mild Steel

  	
   

  	
   

  	
   

  	
  8.128

  	
   

  
	
  Max load temp:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  160.0 °C / 320.0 °F

  	
   

  	
   

  	
   

  
	
  Max temp maintain:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  145.0 °C / 293.0 °F

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IGS &
  COW

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is an Inert Gas System
  (IGS) fitted?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  9.1

  	
   

  
	
  Is IGS supplied by flue
  gas, inert gas (IG) generator and/or nitrogen?

  	
   

  	
  Flue Gas

  	
   

  	
   

  	
   

  	
  9.3

  	
   

  
	
  Is a Crude Oil Washing
  (COW) installation fitted?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  9.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MOORING
  ARRANGEMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / length / diameter
  of wires:

  	
   

  	
   

  	
   

  	
  Forecastle: 4 / 220 / 35

  Fwd main deck: 4 / 220 / 35

  Aft main deck: 2 / 220 / 35

  Poop: 6 / 220 / 35

  	
   

  	
  10.2-5

  	
   

  
	
  Breaking strength of wires:

  	
   

  	
   

  	
   

  	
  Forecastle: 79.7

  Fwd main deck: 79.7

  Aft main deck: 79.7

  Poop: 79.7

  	
   

  	
  10.2-5

  	
   

  

 

 

	
  Number / length / diameter of ropes:

  	
   

  	
   

  	
   

  	
  Other Lines

  Forecastle: 2 / 220 / 68

  Poop: 2 / 220 / 68

  	
   

  	
  10.11-18

  	
   

  
	
  Breaking strength of ropes:

  	
   

  	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
  10.11-18

  	
   

  
	
  Number and brake holding power of winches:

  	
   

  	
  Forecastle: 2 / 63.8

  Fwd main deck: 2 / 63.8

  Aft main deck: 1 / 63.8

  Poop: 3 / 63.8

  	
   

  	
  10.22-10.25

  	
   

  
	
  How many closed chocks
  and/or fairleads of enclosed type are fitted on:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Focsle:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main deck fwd:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main deck aft:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Poop:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SINGLE POINT MOORING (SPM) EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fairlead size:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  600 X 450

  	
   

  	
   

  	
   

  	
  10.48

  	
   

  
	
  Does vessel comply with the
  latest edition of OCIMF ‘Recommendations for Equipment Employed in the
  Mooring of Vessels at Single Point Moorings (SPM)’?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  10.60

  	
   

  
	
  Is vessel fitted with chain stopper(s)?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  10.61

  	
   

  
	
  Number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
  10.61.1

  	
   

  
	
  Type:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  TONGUE TYPE

  	
   

  	
   

  	
   

  	
  10.61.2

  	
   

  
	
  SWL:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  200 Tonnes

  	
   

  	
   

  	
   

  	
  10.61.3

  	
   

  
	
  Max diameter chain size:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  760 Millimetres

  	
   

  	
   

  	
   

  	
  10.62

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIFTING EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Derrick(s) - Number / SWL:

  	
   

  	
   

  	
   

  	
  0 / 0 Tonnes

  	
   

  	
   

  	
   

  	
  10.75

  	
   

  
	
  Crane(s) - Number / SWL:

  	
   

  	
   

  	
   

  	
  1 / 15 Tonnes

  	
   

  	
   

  	
   

  	
  10.76

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ENGINE ROOM

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  What type of fuel is used
  for main propulsion?

  	
   

  	
  380 CST

  	
   

  	
   

  	
   

  	
  12.5

  	
   

  
	
  What type of fuel is used
  in the generating plant?

  	
   

  	
  IFO 380

  	
   

  	
   

  	
   

  	
  12.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANOUS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P & I Club name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  GARD

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Last three cargoes (Last /
  2nd Last / 3rd Last):

  	
   

  	
   

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Last three charterers (Last
  / 2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Last three voyages (Last /
  2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Date of last SIRE
  Inspection:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date of last CDI Inspection:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Oil Major Company
  Acceptances (TBOOK):

  	
   

  	
  DREYFUS / STATOIL / SHELL / BP / EXXONMOBIL

  	
   

  	
   

  	
   

  
	
  Date and place of last Port
  State Control:

  	
   

  	
  Jan 06, 2005 / BELLE CHASE

  	
   

  	
   

  	
   

  
	
  Any outstanding
  deficiencies as reported by any Port State Control?

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  If yes, provide details:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  FOR USA CALLS ONLY

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Qualified individual (QI) - Full Style:

  	
   

  	
  STEVE MCCALL 

  511 FIFTH AVE., NEW YORK, NY, 10017 

  212-578-1892

  	
   

  
	
  Oil Spill Response Organization (OSRO) -Full Style:

  	
   

  	
  MSRC-

  

  1-800-633-6772

  	
   

  	
   

  	
   

  
	
  Has owner, manager, or operator signed the Sea Carrier Initiative
  agreement with US customs concerning drug smuggling?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Revised: July 2004 (INTERTANKO.com / Q88.com)

  	
   

  

 

 

APPENDIX B

 

APPROVED
SHIP BROKERS

 

 

P.F. Bassoe A/S (Norway)

Platou (Norway)

Fearnleys (Norway)

H. Clarkson (U.K.)

E.A. Gibson (U.K.)

Simpson Spence & Young Ltd.

Jacq. Pierot Jr. & Sons, Inc. (USA)

Compass Maritime Services LLC

Galbraith’s LimitedExhibit 10.3.6

 

Code word
for this Charter Party

“SHELLTIME
4”

 

Issued December 1984 amended
December 2003

 

Time Charter Party

New York

October 6, 2005

 

IT IS THIS DAY AGREED between REBECCA TANKER CORPORATION of
MAJURO, MARSHALL ISLANDS (hereinafter referred to as “Owners”), being owners of
the good motor vessel called “REBECCA” (hereinafter referred to as “the vessel”)
described as per Clause 1 hereof and DHT REBECCA AFRAMAX CORP. of MAJURO, MARSHALL ISLANDS (hereinafter
referred to as “Charterers”):

Description and Condition of Vessel

 

1.                    At the date of delivery of the
vessel under this charter and throughout the charter period:

 

(a)              she shall be classed by a
Classification Society which is a member of the International Association of
Classification Societies;

 

(b)             she shall be in every way fit to
carry crude petroleum and/or its dirty products; such as Fuel Oil, Light Cycle
Oil, Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO in accordance
with vessel’s class certificates, coating manufacturers resistance list and in
accordance with the vessels stability trim and stress requirements.

 

(c)              she shall be tight, staunch,
strong, in good order and condition, and in every way fit for the service, with
her machinery, boilers, hull and other equipment (including but not limited to
hull stress calculator, radar, computers and computer systems) in a good and
efficient state;

 

(d)             her tanks, valves and pipelines
shall be oil-tight;

 

(e)              she shall be in every way fitted
for burning IFO and MDO (if applicable), in accordance with the grades
specified in Clause 29 hereof;

 

(f)                she shall comply with the
regulations in force so as to enable her to pass through the Suez Canal by day
and night without delay;

 

(g)             she shall have on board all
certificates, documents and equipment required from time to time by any
applicable law to enable her to perform the charter service without delay;

 

(h)             she shall comply with the description
in the Questionnaire 88, appended hereto provided however that if there is any
conflict between the provisions of this questionnaire and any other provision,
including this Clause 1, of this charter such other provisions shall
govern;

 

(i)                 her flag, registry, and
classification society shall not be changed;

 

(j)                 Owners will operate:

 

(i)                 a safety management system
certified to comply with the International Safety Management Code (“ISM Code”)
for the Safe Operation of Ships and for Pollution Prevention;

 

(ii)              a documented safe working
procedures system (including procedures for the identification and mitigation
of risks);

 

(iii)           a documented environmental management system;

 

 

(iv)          documented accident/incident reporting system compliant with
flag state requirements;

 

(k)              Owners shall maintain Health
Safety Environmental (“HSE”) records sufficient to demonstrate compliance with
the requirements of their HSE system and of this charter.  Charterers reserve the right to confirm
compliance with HSE requirements by audit of Owners.

 

Shipboard Personnel and their Duties

 

2.                    (a)     At the date of delivery of the vessel under this charter and
throughout the charter period:

 

(i)                 she shall have a full and
efficient complement of master, officers and crew for a vessel of her tonnage,
who shall in any event be not less than the number required by the laws of the
flag state and who shall be trained to operate the vessel and her equipment
competently and safely;

 

(ii)              all shipboard personnel shall
hold valid certificates of competence in accordance with the requirements of
the law of the flag state;

 

(iii)           all shipboard personnel shall be trained in accordance with
the relevant provisions of the International Convention on Standards of
Training, Certification and Watchkeeping for Seafarers, 1995 or any additions,
modifications or subsequent versions thereof;

 

(iv)          (See Clause 91).

 

(v)             the terms of employment of the
vessel’s staff and crew will always remain acceptable to The International
Transport Worker’s Federation and the vessel will at all times carry a Blue
Card; (See Clause 50e).

 

(vi)          the nationality of the vessel’s officers will not change
without Charterers’ prior agreement.

 

(b)             Owners guarantee that throughout
the charter service the master shall with the vessel’s officers and crew,
unless otherwise ordered by Charterers;

 

(i)                 prosecute all voyages with the
utmost despatch;

 

(ii)              render all customary assistance;
and

 

(iii)           load and discharge cargo as rapidly as possible when
required by Charterers or their agents to do so, by night or by day, but always
in accordance with the laws of the place of loading or discharging (as the case
may be) and in each case in accordance with any applicable laws of the flag
state.

 

Duty to Maintain

 

3.                    (a)     Throughout the charter service Owners shall, whenever the
passage of time, wear and tear or any event (whether or not coming within Clause
27 hereof) requires steps to be taken to maintain or restore the conditions
stipulated in Clauses 1 and 2(a), exercise due diligence so to
maintain or restore the vessel.

 

(b)             If at any time whilst the vessel
is on hire under this charter the vessel fails to comply with the requirements
of Clauses 1, 2(a) or 10 then hire shall be reduced to the
extent necessary to indemnify Charterers for such failure. If and to the extent
that such failure affects the time taken by the vessel to perform any services
under this charter, hire shall be reduced by an amount equal to the value,
calculated at the rate of hire, of the time so lost.

 

Any reduction of hire under this sub-Clause (b) shall be without
prejudice to any other remedy available to Charterers, but where such reduction
of hire is in respect of time lost, such time shall be excluded from any
calculation under Clause 24.

 

 

(c)              If Owners are in breach of their
obligations under Clause 3(a)), Charterers may so notify Owners in
writing and if, after the expiry of 30 days following the receipt by Owners of
any such notice, Owners have failed to demonstrate to Charterers’ reasonable
satisfaction the exercise of due diligence as required in Clause 3(a),
the vessel shall be off-hire, and no further hire payments shall be due, until
Owners have so demonstrated that they are exercising such due diligence.

 

(d)             Owners shall advise Charterers
immediately, in writing, should the vessel fail an inspection by, but not
limited to, a governmental and/or port state authority, and/or terminal and/or
major charterer of similar tonnage. Owners shall simultaneously advise
Charterers of their proposed course of action to remedy the defects which have
caused the failure of such inspection (see clause 57).

 

(e)              If, in Charterers reasonably
held view:

 

(i)                 failure of an inspection, or,

 

(ii)              any finding of an inspection,

 

referred to in Clause 3(d), prevents normal commercial
operations then Charterers have the option to place the vessel off-hire from
the date and time that the vessel fails such inspection, or becomes
commercially inoperable, until the date and time that the vessel passes a
re-inspection by the same organisation, or becomes commercially operable, which
shall be in a position no less favourable to Charterers than at which she went
off-hire.

 

(f)                Furthermore, at any time while
the vessel is off-hire under this Clause 3 (with the exception of Clause 3(e)(ii)),
Charterers have the option to terminate this charter by giving notice in
writing with effect from the date on which such notice of termination is
received by Owners or from any Later date stated in such notice.  This sub-Clause (f) is without
prejudice to any rights of Charterers or obligations of Owners under this
charter or otherwise (including without limitation Charterers’ rights under Clause
21 hereof).

 

Period, Trading Limits and Safe Places

 

4.                    (a)     Owners agree to let and Charterers agree to hire the vessel for
a period of (See clause 93).  The last
firm period shall having a tolerance of plus or minus 30 days in Charterers’
option commencing from the time and date of delivery of the vessel under the
Memorandum of Agreement (the “MOA”) dated   , 2005, for the purpose
of carrying all lawful merchandise (subject always to Clause 28)
including in particular:

 

Crude petroleum and/or its dirty products; such as Fuel Oil, Light
Cycle Oil, Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO in any
part of the world, as Charterers shall direct, subject to the limits of the
current British Institute Warranties and any subsequent amendments thereof
excluding countries under U.N. and/or U.S. sanctions/embargoes.  The vessel may trade to war zones, with
Owners consent which not to be unreasonably withheld, in which case, Charterers
to pay for the additional premium. 
Notwithstanding the foregoing, but subject to Clause 35,
Charterers may order the vessel to ice-bound waters or to any part of the world
outside such limits provided that Owner’s consent thereto (such consent not to
be unreasonably withheld) and that Charterers pay for any insurance premium
required by the vessel’s underwriters as a consequence of such order.

 

(b)             Any time during which the vessel
is off-hire under this charter may be added to the last firm charter period in
Charterers’ option up to the total amount of time spent off-hire.  In such cases the rate of hire will be that
prevailing at the time the vessel would, but for the provisions of this Clause,
have been redelivered.

 

(c)              Charterers shall use due
diligence to ensure that the vessel is only employed between and at safe places
(which expression when used in this charter shall include ports, berths,
wharves, docks, anchorages, submarine lines, alongside vessels or lighters, and
other locations including locations at sea) where she can safely lie always
afloat.  Notwithstanding anything
contained in this or any other clause of this charter,

 

 

Charterers do not warrant the safety of any
place to which they order the vessel and shall be under no liability in respect
thereof except for loss or damage caused by their failure to exercise due
diligence as aforesaid.  Subject as
above, the vessel shall be loaded and discharged at any places as Charterers
may direct, provided that Charterers shall exercise due diligence to ensure
that any ship-to-ship transfer operations shall conform to standards not less
than those set out in the latest published edition of the ICS/OCIMF
Ship-to-Ship Transfer Guide.

 

(d)             The vessel shall be delivered by
Owners at a safe port or at sea in Charterer’s option and redelivered to Owners
at one safe port or at sea, worldwide at Charterer’s option.

 

(e)              The vessel will deliver with
last cargo of crude petroleum and/or its dirty products, such as Fuel Oil,
Light Cycle Oil, Orimulsion, LSWR, Carbon Black Feedstock, Decant Oil and VGO. and
will redeliver with last cargo of crude petroleum and/or its dirty products;
such as Fuel Oil, Light Cycle Oil, Orimulsion, LSWR, Carbon Black Feedstock,
Decant Oil and VGO

 

(f)                Charterers are required to give
Owners 30 days prior approximate notice of redelivery and 5/3/2/1 day(s)
definite notice of redelivery and place.

 

Laydays/Canceling

 

5.                    The delivery of the vessel under
this charter shall be deemed to have occurred and this Charter shall be
effective as of the date of the delivery of the vessel from the Sellers to the
Buyers (Owners) under the terms of the MOA between Third Aframax Tanker
Corporation and Rebecca Tanker Corporation dated September 20, 2005.

 

The
vessel may be on a voyage or time charter at the time of delivery. Charterers
accept this Charter subject to such charters (which become sub-charters to this
time charter) upon delivery. Furthermore, notwithstanding anything to the
contrary contained in this charter, including but not limited to Clause 1
hereof, the Charterers accept the vessel in the condition it is in at the time
of delivery, including the vetting status, and agrees that at such time the
vessel satisfies the standard set forth in Clause 1.

 

Owners to Provide

 

6.                    Owners undertake to provide and
to pay for all provisions, wages (including but not limited to all overtime
payments), and shipping and discharging fees and all other expenses of the master,
officers And crew; also, except as provided in Clauses 4 and 34
hereof, for all insurance on the vessel, for all Deck, cabin and engine-room
stores, and for water (limited to crew only); for all drydocking, overhaul,
maintenance and repairs to the vessel. Owners’ obligations under this Clause
6 extend to all liabilities for customs or import duties arising at any
time during the performance of this charter in relation to the personal effects
of the master, officers and crew, and in relation to the stores, provisions and
other matters aforesaid which Owners are to provide and pay for and Owners
shall refund to Charterers any sums Charterers or their agents may have paid or
been compelled to pay in respect of any such liability.  Any amounts allowable in general average for
wages and provisions and stores shall be credited to Charterers insofar as such
amounts are in respect of a Period when the vessel is on-hire.

 

Charterers to Provide

 

7.                    (a)     Charterers shall provide and pay for all fuel (except for fuel
used for domestic services), towage and pilotage and shall pay agency fees,
port charges, commissions, expenses of loading and unloading cargoes, canal
dues, and tax/dues on cargo/freight and all charges other than those payable by
Owners in accordance with Clause 6 hereof, provided that all charges for
the said items shall be for Owners’ account when such items are consumed,
employed or incurred for Owners’ purposes or while the vessel is off-hire
(unless such items reasonably relate to any service given or distance made good
and taken into account under Clause 21 or 22); and provided
further that any fuel used in connection with a general average sacrifice or
expenditure shall be paid for by Owners. OPA charges to be paid by Charterers,
COFR to be arranged and paid for by Owners.

 

 

(b)             In respect of bunkers consumed
for Owners’ purposes these will be charged on each occasion by Charterers on a “first-in-first-out”
basis valued on the prices actually paid by Charterers.

 

(c)              If the trading limits of this
charter include ports in the United States of America and/or its protectorates
then Charterers shall reimburse Owners for port specific charges relating to
additional premiums charged by providers of oil pollution cover, when incurred
by the vessel calling at ports in the United States of America and/or its
protectorates in accordance with Charterers orders. The liability to reimburse
Owners shall not apply where the OPA charges has arisen through the actions of
the Owner.

 

Rate of Hire

 

8.                    (See Clause 99).

 

Payment of Hire

 

9.                    Subject to Clause 3 (c)
and 3 (e), payment of hire shall be made in immediately available funds
to:       

 

Wachovia Bank,
NA New York

ABA #
031-201-467

Account: The
Royal Bank of Scotland International Limited

Account
Number:  2000193009149  (CHIPS:155424)

SWIFT:  PNBPUS3NNYC

For further
credit to:  Double Hull Tankers, Inc.

Account
Number:  1028 – 50440694

 

in United States Dollars per calendar month in advance, less:

 

(i)                 any hire paid which Charterers
reasonably estimate to relate to off-hire periods, and,

 

(ii)              any amounts disbursed on Owners’
behalf, any advances and commission therein, and charges which are for Owners’
account pursuant to any provision hereof, and;

 

(iii)           any amounts due or reasonably estimated to become due to
Charterers under Clause 3(c) or 24 hereof,

 

any such adjustments to be made at the due date, which shall be the 27th
day of the preceding month for which payment is being made, for the next
monthly payment after the facts have been ascertained. Charterers shall not be
responsible for any delay or error by Owners’ bank in crediting Owners’ account
provided that Charterers have made proper and timely payment.

 

In default of such proper and timely payment:

 

(a)              Owners shall notify Charterers
of such default and Charterers shall within seven days of receipt of such
notice pay to Owners the amount due, including interest, failing which Owners
may withdraw the vessel from the service of Charterers without prejudice to any
other rights Owners may have under this charter or otherwise; and;

 

(b)             Interest on any amount due but
not paid on the due date shall accrue from the day after that date up to and
including the day when payment is made, at a rate per annum which shall be 1%
above the U.S. Prime Rate as published in the Wall Street Journal as effective
for each day the amount is outstanding, or, if no such interest rate is published
for a given day, the interest rate published for the next preceding day for which
such a rate was so published, computed on an actual/365 basis.

 

 

Space Available to Charterers

 

10.              The whole reach, burthen and
decks on the vessel and any passenger accommodation (including Owners’ suite)
shall be at Charterers’ disposal, reserving only proper and sufficient space
for the vessel’s master, officers, crew, tackle, apparel, furniture, provisions
and stores.

 

Segregated Ballast

 

11.              In connection with the Council
of the European Union Regulation on the Implementation of IMO Resolution
A747(18) Owners will ensure that the following entry is made on the
International Tonnage Certificate (1969) under the section headed “Remarks”.

 

“The segregated ballast tanks comply with the Regulation 13 of Annex 1
of the International Convention for the Prevention of Pollution from Ships,
1973, as modified by the Protocol of 1978 relating thereto”.

 

Instructions and Logs

 

12.              Charterers shall from time to
time give the master all requisite instructions and sailing directions, and the
master shall keep a full and correct log of the voyage or voyages, which
Charterers or their agents may inspect as required.  The master shall when required furnish
Charterers or their agents with a true copy of such log and with properly
completed loading and discharging port sheets and voyage reports for each
voyage and other returns as Charterers may require.  Charterers shall be entitled to take copies
at Owners’ expense of any such documents which are not provided by the master.  Owner’s crew to be trained to operate and to
utilize Charter Operations System (CHOPS) as directed by Charterer.

 

Bills of Lading

 

13.              (a)     The master (although appointed by Owners) shall be under the
orders and direction of Charterers as regards employment of the vessel, agency
and other arrangements, and shall sign Bills of Lading as Charterers or their
agents may direct (subject always to Clauses 35(a) and 40)
without prejudice to this charter. 
Charterers hereby indemnify Owners against all consequences or
liabilities that may arise;

 

(i)                 from signing Bills of Lading in
accordance with the directions of Charterers or their agents, to the extent
that the terms of such Bills of Lading fail to conform to the requirements of
this charter, or (except as provided in Clause 13(b) from the master
otherwise complying with Charterers’ or their agents’ orders;

 

(ii)              from any irregularities in
papers supplied by Charterers or their agents.

 

(b)             Notwithstanding the foregoing,
Owners shall not be obliged to comply with any orders from Charterers to
discharge all or part of the cargo:

 

(i)                 at any place other than shown on
the Bill of Lading and/or

 

(ii)              without presentation of an
original Bill of Lading

 

unless they receive from Charterers both written confirmation of such
orders and an indemnity in a form acceptable to Owners (See Clause 49).

 

Conduct of Vessel’s Personnel

 

14.              If Charterers complain of the
conduct of the master or any of the officers or crew, Owners shall immediately
investigate the complaint.  If the
complaint proves to be well founded, Owners shall, without delay, make a change
in the appointments and Owners shall in any event communicate the result of
their investigations to Charterers as soon as possible.

 

 

Bunkers at Delivery and Redelivery

 

15.              There shall be no physical
payment for bunkers on board at the time of delivery.  Owners shall on redelivery (whether it occurs
at the end of the charter or on the earlier termination of this charter) accept
and pay for all bunkers remaining on board, at the price actually paid, on a “first-in-first-out”
basis.  Such prices are to be supported
by paid invoices.

 

Vessel to be delivered to and redelivered from the charter with, at
least, a quantity of bunkers on board sufficient to reach the nearest main
bunkering port.

 

Notwithstanding anything contained in this charter all bunkers on board
the vessel shall, throughout the duration of this charter, remain the property
of Charterers and can only be purchased on the terms specified in the charter
at the end of the charter period or, if earlier, at the termination of the
charter.

 

Stevedores, Pilots, Tugs

 

16.              Stevedores, when required, shall
be employed and paid by Charterers, but this shall not relieve Owners from responsibility
at all times for proper stowage, which must be controlled by the master who
shall keep a strict account of all cargo loaded and discharged.  Owners hereby indemnify Charterers, their
servants and agents against all losses, claims, responsibilities and
liabilities arising in any way whatsoever from the employment of pilots,
tugboats or stevedores, who although employed by Charterers shall be deemed to
be the servants of and in the service of Owners and under their instructions
(even if such pilots, tugboat personnel or stevedores are in fact the servants
of Charterers their agents or any affiliated company); provided, however, that:

 

(a)              the foregoing indemnity shall
not exceed the amount to which Owners would have been entitled to limit their
liability if they had themselves employed such pilots, tugboats or stevedores,
and;

 

(b)             Charterers shall be liable for
any damage to the vessel caused by or arising out of the use of stevedores,
fair wear and tear excepted, to the extent that Owners are unable by the
exercise of due diligence to obtain redress therefor from stevedores.

 

Super-Numeraries

 

17.              Charterers may send
representatives in the vessel’s available accommodation upon any voyage made
under this charter, Owners finding provisions and all requisites as supplied to
officers, except alcohol.  Charterers
paying at the rate of United States Dollars 20 (twenty) per day for each
representative while on board the vessel.

 

Sub-letting/Assignment/Novation

 

18.              Charterers may sub-let the
vessel, but shall always remain responsible to Owners for due fulfilment of
this charter.

 

Final Voyage

 

19.              If when a payment of hire is due
hereunder Charterers reasonably expect to redeliver the vessel before the next
payment of hire would fall due, the hire to be paid shall be assessed on
Charterers’ reasonable estimate of the time necessary to complete Charterers’
programme up to redelivery, and from which estimate Charterers may deduct
amounts due or reasonably expected to become due for:

 

(a)              disbursements on Owners’ behalf
or charges for Owners’ account pursuant to any provision hereof, and;

 

(b)             bunkers on board at redelivery
pursuant to Clause 15.

 

Promptly after redelivery any overpayment shall be refunded by Owners
or any underpayment made good by Charterers.

 

 

If at the time this charter would otherwise terminate in accordance
with Clause 4 the vessel is on a ballast voyage to a port of
redelivery or is upon a laden voyage, Charterers shall continue to have the use
of the vessel at the same rate and conditions as stand herein for as long as
necessary to complete such ballast voyage, or to complete such laden voyage and
return to a port of redelivery as provided by this charter, as the case may be.

 

Loss of Vessel

 

20.              Should the vessel be lost, this
charter shall terminate and hire shall cease at noon (GMT) on the day of her
loss; should the vessel be a constructive total loss, this charter shall terminate
and hire shall cease at noon (GMT) on the day on which the vessel’s
underwriters agree that the vessel is a constructive total loss; should the
vessel be missing, this charter shall terminate and hire shall cease at noon
(GMT) on the day on which she was last heard of.  Any hire paid in advance and not earned shall
be returned to Charterers and Owners shall reimburse Charterers for the value
of the estimated quantity of bunkers on board at the time of termination, at
the price paid by Charterers at the last bunkering port.

 

Off-hire

 

21.              (a)     On each and every occasion that there is loss of time (whether
by way of interruption in the vessel’s service or, from reduction in the vessel’s
performance, or in any other manner):

 

(i)                 due to deficiency of personnel
or stores; repairs; gas-freeing for repairs; time in and waiting to enter dry
dock for repairs; breakdown (whether partial or total) of machinery, boilers or
other parts of the vessel or her equipment (including without limitation tank
coatings); overhaul, maintenance or survey; collision, stranding, accident or
damage to the vessel; or any other similar cause preventing the efficient
working of the vessel; and such loss continues for more than three consecutive
hours (if resulting from interruption in the vessel’s service) or cumulates to
more than three hours (if resulting from partial loss of service); or;

 

(ii)              due to industrial action,
refusal to sail, breach of orders or neglect of duty on the part of the master,
officers or crew; or;

 

(iii)           for the purpose of obtaining medical advice or treatment for
or landing any sick or injured person (other than a Charterers’ representative
carried under Clause 17 hereof) or for the purpose of landing the
body of any person (other than a Charterers’ representative), and such loss
continues for more than three consecutive hours; or;

 

(iv)          due to any delay in quarantine arising from the master,
officers or crew having had communication with the shore at any infected area
without the written consent or instructions of Charterers or their agents, or
to any detention by customs or other authorities caused by smuggling or other
infraction of local law on the part of the master, officers, or crew; or;

 

(v)             due to detention of the vessel
by authorities at home or abroad attributable to legal action against or breach
of regulations by the vessel, the vessel’s owners, or Owners (unless brought
about by the act or neglect of Charterers); then; without prejudice to
Charterers’ rights under Clause 3 or to any other rights of
Charterers hereunder, or otherwise, the vessel shall be off-hire from the
commencement of such loss of time until she is again ready and in an efficient
state to resume her service from a position not less favourable to Charterers
than that at which such loss of time commenced; provided, however, that any
service given or distance made good by the vessel whilst off-hire shall be
taken into account in assessing the amount to be deducted from hire.

 

(vi)          Charterers shall keep owners/master advised of vessels
schedule to allow Owners the opportunity to make use of any idle time for the
purpose of maintenance during the charter. 
Such idle time not to count as off-hire.

 

 

(b)             If the vessel fails to proceed
at any guaranteed speed pursuant to Clause 24, and such failure
arises wholly or partly from any of the causes set out in Clause 21(a)
above, then the period for which the vessel shall be off-hire under this Clause 21
shall be the difference between:

 

(i)                 the time the vessel would have
required to perform the relevant service at such guaranteed speed, and;

 

(ii)              the time actually taken to
perform such service (including any loss of time arising from interruption in
the performance of such service).

 

For the avoidance of doubt, all time included under (ii) above shall be
excluded from any computation under Clause 24.

 

(c)              Further and without prejudice to
the foregoing, in the event of the vessel deviating (which expression includes
without limitation putting back, or putting into any port other than that to
which she is bound under the instructions of Charterers) for any cause or
purpose mentioned in Clause 21(a), the vessel shall be off-hire from the
commencement of such deviation until the time when she is again ready and in an
efficient state to resume her service from a position not less favourable to
Charterers than that at which the deviation commenced, provided, however, that
any service given or distance made good by the vessel whilst so off-hire shall
be taken into account in assessing the amount to be deducted from hire.  If the vessel, for any cause or purpose
mentioned in Clause 21(a), puts into any port other than the port to
which she is bound on the instructions of Charterers, the port charges,
pilotage and other expenses at such port shall be borne by Owners.  Should the vessel be driven into any port or
anchorage by stress of weather hire shall continue to be due and payable during
any time lost thereby.

 

(d)             If the vessel’s flag state
becomes engaged in hostilities, and Charterers in consequence of such
hostilities find it commercially impracticable to employ the vessel and have
given Owners written notice thereof then from the date of receipt by Owners of
such notice until the termination of such commercial impracticability the
vessel shall be off-hire and Owners shall have the right to employ the vessel
on their own account.

 

(e)              Time during which the vessel is
off-hire under this charter shall count as part of the charter period except
where Charterers declare their option to add off-hire periods under Clause
4(b)).

 

(f)                All references to “time” in this
charter party shall be references to GMT except where otherwise stated.

 

(g)             During any time that the vessel
is off-hire under this charter, Basic Hire shall not accrue.  Any additional hire that may be due for
periods that the Vessel is off-hire shall be determined in accordance with the
terms of the Charter Framework Agreement.

 

Periodical Drydocking

 

22.              (a)     Owners have the right and obligation to drydock the vessel at
regular intervals not exceeding 5 years. 
On each occasion Owners shall propose to Charterers a date on which they
wish to drydock the vessel, not less than 90 days before such date and
Charterers shall offer a port for such periodical drydocking and shall take all
reasonable steps to make the vessel available as near to such date as
practicable.

 

Owners shall put the vessel in drydock at their expense as soon as
practicable after Charterers place the vessel at Owners’ disposal clear of
cargo other than tank washings and residues. 
Owners shall be responsible for and pay for the disposal into reception
facilities of such tank washings and residues and shall have the right to
retain any monies received therefor, without prejudice to any claim for loss of
cargo under any Bill of Lading or this charter.

 

(b)             If a periodical drydocking is
carried out in the port offered by Charterers (which must have suitable
accommodation for the purpose and reception facilities for tank washings and
residues), the vessel shall

 

 

be off-hire from the time she arrives at such
port until drydocking is completed and she is in every way ready to resume
Charterers’ service and is at the position at which she went off-hire or a
position no less favourable to Charterers, whichever she first attains.  However:

 

(i)                 provided that Owners exercise
due diligence in gas-freeing, any time lost in gas-freeing to the standard required
for entry into drydock for cleaning and painting the hull shall not count as
off-hire, whether lost on passage to the drydocking port or after arrival there
(notwithstanding Clause 21), and;

 

(ii)              any additional time lost in
further gas-freeing to meet the standard required for hot work or entry to
cargo tanks shall count as off-hire, whether lost on passage to the drydocking
port or after arrival there.

 

Any time which, but for sub-Clause (i) above, would be
off-hire, shall not be included in any calculation under Clause 24.

 

The expenses of gas-freeing, including without limitation the cost of
bunkers, shall be for Owners account.

 

(c)              If Owners require the vessel,
instead of proceeding to the offered port, to carry out periodical drydocking
at a special port selected by them, the vessel shall be off-hire from the time
when she is released to proceed to the special port until she next presents for
loading in accordance with Charterers’ instructions, provided, however, that
Charterers shall credit Owners with the time which would have been taken on
passage at the service speed had the vessel not proceeded to drydock.  All fuel consumed shall be paid for by Owners
but Charterers shall credit Owners with the value of the fuel which would have
been used on such notional passage calculated at the guaranteed daily
consumption for the service speed, and shall further credit Owners with any
benefit they may gain in purchasing bunkers at the special port.

 

(d)             Charterers shall, insofar as
cleaning for periodical drydocking may have reduced the amount of tank-cleaning
necessary to meet Charterers’ requirements, credit Owners with the value of any
bunkers which Charterers calculate to have been saved thereby, whether the
vessel drydocks at an offered or a special port.

 

Ship Inspection

 

23.           (See Clause 83).

 

Detailed Description and Performance

 

24.     Owners
guarantee that the speed and consumption of the vessel shall be as
follows:  (see Clause 78).

 

The bunker consumptions are for all purposes except cargo heating, purging
and tank cleaning and shall be pro-rated between the speeds shown.

 

Charterer may order the vessel to proceed at any speed above/below the
guaranteed speed, weather and safe navigation permitting.

 

If the vessel is ordered to proceed at any speed other than the highest
speed and the average speed actually attained by the vessel during the currency
of such order exceeds such ordered speed plus 0.5 knots (the “maximum
recognised speed”), then for the purpose of calculating a decrease of hire
under this Clause 24 the maximum recognised speed shall be used in
place of the average speed actually attained.

 

For the purposes of this charter the “guaranteed speed” at any time
shall be the then-current ordered speed or the service speed, as the case may
be.

 

 

The average speeds and bunker consumptions shall for the purposes of
this Clause 24 be calculated by reference to the observed distance
from pilot station to pilot station on all sea passages during each period
stipulated in Clause 24(c), but excluding any time during which the
vessel is (or but for Clause 22(b)(i) would be) off-hire and also
excluding “Adverse Weather Periods”, being:

 

(i)                 any periods during which
reduction of speed is necessary for safety in congested waters or in poor
visibility;

 

(ii)              any days, noon to noon, when
winds exceed force 5 on the Beaufort Scale for more than 12 hours.

 

(b)             If during any half year (i.e., 6
calendar months) period from the date on which the vessel enters service and
continuing for each succeeding 6 calendar month period thereafter, the vessel
falls below the performance guaranteed in Clause 24(a) then if such
shortfall results:

 

(i)                 from a reduction in the average
speed of the vessel, compared to the speed guaranteed in Clause 24(a),
then an amount equal to the value at the hire rate of the time so lost shall be
included in the performance calculation;

 

(ii)              from an increase in the total
bunkers consumed, compared to the total bunkers which would have been consumed
had the vessel performed as guaranteed in Clause 24(a), an amount
equivalent to the value of the additional bunkers consumed or based on the
average price paid by Charterers for the vessel’s bunkers in such period, shall
be included in the performance calculation.

 

The results of the performance calculation for laden and ballast
mileage respectively shall be adjusted to take into account the mileage steamed
in each such condition during Adverse Weather Periods, by dividing such
deduction by the number of miles over which the performance has been calculated
and multiplying by the same number of miles plus the miles steamed during the
Adverse Weather Periods, in order to establish the total performance
calculation for such period.

 

Reduction of hire under the foregoing sub-Clause (b) shall be
without prejudice to any other remedy available to Charterers.

 

(c)              Calculations under this Clause
24 shall be made every 6 months terminating on each successive anniversary
of the date on which the vessel enters service, and for the period between the
last such anniversary and the date of termination of this charter if less than
a year.  Claims in respect of reduction
of hire arising under this Clause during the final year or part year of the
charter period shall in the first instance be settled in accordance with Charterers’
estimate made two months before the end of the charter period. Any necessary
adjustment after this charter terminates shall be made by payment by Owners to
Charterers.

 

(d)             Owners and Charterers agree that
this Clause 24 is assessed on the basis that Owners are not entitled to
additional hire for performance in excess of the speeds and consumptions given
in this Clause 24.

 

It is understood between Owner and Charterers that any speed over
performance and/or fuel under consumption are to be credited to any under
performance/over consumption during the (6) months review period, but no over
performance and/or under consumption bonus shall be paid to owners.

 

Salvage

 

25.              Subject to the provisions of Clause
21 hereof, all loss of time and all expenses (excluding any damage to or
loss of the vessel or tortious liabilities to third parties) incurred in saving
or attempting to save life or in successful or unsuccessful attempts at salvage
shall be borne equally by Owners and Charterers provided that Charterers shall
not be liable to contribute towards any salvage payable by Owners arising in
any way out of services rendered under this Clause 25.

 

 

All salvage and all proceeds from derelicts shall be divided equally
between Owners and Charterers after deducting the master’s, officers’ and crew’s
share.

 

Lien

 

26.              Owners shall have a lien upon
all cargoes and all freights, sub-freights and demurrage for any amounts due
under this charter; and Charterers shall have a lien on the vessel for all
monies paid in advance and not earned, and for all claims for damages arising
from any breach by Owners of this charter.

 

Exceptions

 

27.              (a)     The vessel, her master and Owners shall not, unless otherwise in
this charter expressly provided, be liable for any loss or damage or delay or
failure arising or resulting from any act, neglect or default of the master,
pilots, mariners or other servants of Owners in the navigation or management of
the vessel; fire, unless caused by the actual fault or privity of Owners;
collision or stranding; dangers and accidents of the sea; explosion, bursting
of boilers, breakage of shafts or any latent defect in hull, equipment or
machinery; provided, however, that Clauses 1, 2, 3, and 24
hereof shall be unaffected by the foregoing.  Further, neither the vessel, her master or
Owners, nor Charterers shall, unless otherwise in this charter expressly
provided, be liable for any loss or damage or delay or failure in performance
hereunder arising or resulting from act of God, act of war, seizure under legal
process, quarantine restrictions, strikes, lock-outs, riots, restraints of
labour, civil commotions or arrest or restraint of princes, rulers or people.

 

(b)             The vessel shall have liberty to
sail with or without pilots, to tow or go to the assistance of vessels in
distress and to deviate for the purpose of saving life or property.

 

(c)              Clause 27(a) shall not apply to, or affect
any liability of Owners or the vessel or any other relevant person in respect
of:

 

(i)                 loss or damage caused to any
berth, jetty, dock, dolphin, buoy, mooring line, pipe or crane or other works
or equipment whatsoever at or near any place to which the vessel may proceed
under this charter, whether or not such works or equipment belong to
Charterers, or;

 

(ii)              any claim (whether brought by
Charterers or any other person) arising out of any loss of or damage to or in
connection with cargo.  Any such claim
shall be subject to the Hague-Visby Rules or the Hague Rules or the Hamburg
Rules, as the case may be, which ought pursuant to Clause 38 hereof to
have been incorporated in the relevant Bill of Lading (whether or not such
Rules were so incorporated) or, if no such Bill of Lading is issued, to the
Hague-Visby Rules unless the Hamburg Rules compulsorily apply in which case to
the Hamburg Rules.

 

(d)             In particular and without
limitation, the foregoing subsections (a) and (b) of this Clause
shall not apply to or in any way affect any provision in this charter relating
to off-hire or to reduction of hire.

 

Injurious Cargoes

 

28.              No acids, explosives or cargoes
injurious to the vessel shall be shipped and without prejudice to the foregoing
any damage to the vessel caused by the shipment of any such cargo, and the time
taken to repair such damage, shall be for Charterers’ account.  No voyage shall be undertaken, nor any goods
or cargoes loaded, that would expose the vessel to capture or seizure by rulers
or governments.

 

Grade of Bunkers

 

29.              Charterers shall supply the
vessel with IFO 380 CST RMG 35 as per ISO 8217:1996 (E) requirements for Marine
residual fuels and MDO (if applicable) DMB distillate diesel as per ISO 8217:1996
(E) requirements for Marine distillate fuels. 
Specifications are subject to any revisions of the ISO standards over
the term of this charter (See Clause 62).

 

 

Disbursements

 

30.              Should the master require
advances for ordinary disbursements at any port, Charterers or their agents
shall make such advances to him, in consideration of which Owners shall pay a
commission of two and a half per cent, and all such advances and commission
shall be deducted from hire.

 

Laying-up

 

31.              Charterers shall have the
option, after consultation with Owners, of requiring Owners to lay up the
vessel at a safe place nominated by Charterers, in which case the hire provided
for under this charter shall be adjusted to reflect any net increases in
expenditure reasonably incurred or any net saving which should reasonably be
made by Owners as a result of such lay up.  Charterers may exercise the said option any
number of times during the charter period.

 

Requisition

 

32.              Should the vessel be
requisitioned by any government, de facto or de jure, during the period of this
charter, the vessel shall be off-hire during the period of such requisition,
and any hire paid by such governments in respect of such requisition period
shall be for Owners’ account.  Any such
requisition period shall not count as part of the charter period and the
cumulative requisition time may, at the sole discretion of the Charterer, be
added to the end of the firm charter period at a rate in effect at the time the
off hire was incurred.

 

Outbreak of War

 

33.              If war or hostilities break out
between any two or more of the following countries: U.S.A., the countries or
republics having been part of the former U.S.S.R. (except that declaration of
war or hostilities solely between any two or more of the countries or republics
having been part of the former USSR shall be exempted), P.R.C., U.K.,
Netherlands, then both Owners and Charterers shall have the right to cancel
this charter provided that the hostilities directly interfere with the vessels
trading under Clause 4.

 

Additional War Expenses

 

34.              If the vessel is ordered to
trade in areas where there is war (de facto or de jure) or threat of war,
Charterers shall reimburse Owners for any additional insurance premia, crew
bonuses and other expenses which are reasonably incurred by Owners as a
consequence of such orders, provided that Charterers are given notice of such
expenses as soon as practicable and in any event before such expenses are
incurred, and provided further that Owners obtain from their insurers a waiver
of any subrogated rights against Charterers in respect of any claims by Owners
under their war risk insurance arising out of compliance with such orders.

 

Any payments by Charterers under this Clause will only be made against
proven documentation.  Any discount or
rebate refunded to Owners, for whatever reason, in respect of additional war
risk premium shall be passed on to Charterers.

 

War Risks

 

35.              (a)     The master shall not be required or bound to sign Bills of
Lading for any place which in his or Owners’ reasonable opinion is dangerous or
impossible for the vessel to enter or reach owing to any blockade, war,
hostilities, warlike operations, civil war, civil commotions or revolutions.

 

(b)             If in the reasonable opinion of
the master or Owners it becomes, for any of the reasons set out in Clause 35(a)
or by the operation of international law, dangerous, impossible or prohibited
for the vessel to reach or enter, or to load or discharge cargo at, any place
to which the vessel has been ordered pursuant to this charter (a “place of
peril”), then Charterers or their agents shall be immediately notified in
writing or by radio messages, and Charterers shall thereupon have the right to
order the cargo, or such part of it as may be affected, to be loaded or
discharged, as the case may be, at any other place within the trading

 

 

limits of this charter (provided such other
place is not itself a place of peril).  If
any place of discharge is or becomes a place of peril, and no orders have been
received from Charterers or their agents within 48 hours after dispatch of such
messages, then Owners shall be at liberty to discharge the cargo or such part
of it as may be affected at any place which they or the master may in their or
his discretion select within the trading limits of this charter and such
discharge shall be deemed to be due fulfilment of Owners’ obligations under
this charter so far as cargo so discharged is concerned.

 

(c)              The vessel shall have liberty to
comply with any directions or recommendations as to departure, arrival, routes,
ports of call, stoppages, destinations, zones, waters, delivery or in any other
wise whatsoever given by the government of the state under whose flag the
vessel sails or any other government or local authority or by any person or
body acting or purporting to act as or with the authority of any such
government or local authority including any de facto government or local
authority or by any person or body acting or purporting to act as or with the
authority of any such government or local authority or by any committee or
person having under the terms of the war risks insurance on the vessel the
right to give any such directions or recommendations.  If by reason of or in compliance with any
such directions or recommendations anything is done or is not done, such shall
not be deemed a deviation.  If by reason
of or in compliance with any such direction or recommendation the vessel does
not proceed to any place of discharge to which she has been ordered pursuant to
this charter, the vessel may proceed to any place which the master or Owners in
his or their discretion select and there discharge the cargo or such part of it
as may be affected. Such discharge shall be deemed to be due fulfilment of
Owners’ obligations under this charter so far as cargo so discharged is
concerned.

 

Charterers shall procure that all Bills of Lading issued under this
charter shall contain the Chamber of Shipping War Risks Clause 1952.

 

Both to Blame Collision Clause

 

36.              If the liability for any
collision in which the vessel is involved while performing this charter fails
to be determined in accordance with the laws of the United States of America,
the following provision shall apply:

 

“If the ship comes into collision with another ship as a result of the
negligence of the other ship and any act, neglect or default of the master,
mariner, pilot or the servants of the carrier in the navigation or in the
management of the ship, the owners of the cargo carried hereunder will
indemnify the carrier against all loss, or liability to the other or
non-carrying ship or her owners in so far as such loss or liability represents
loss of, or damage to, or any claim whatsoever of the owners of the said cargo,
paid or payable by the other or non-carrying ship or her owners to the owners
of the said cargo and set off, recouped or recovered by the other or
non-carrying ship or her owners as part of their claim against the carrying
ship or carrier.”

 

“The foregoing provisions shall also apply where the owners, operators
or those in charge of any ship or ships or objects other than, or in addition
to, the colliding ships or objects are at fault in respect of a collision or
contact.”

 

Charterers shall procure that all Bills of Lading issued under this
charter shall contain a provision in the foregoing terms to be applicable where
the liability for any collision in which the vessel is involved fails to be
determined in accordance with the laws of the United States of America.

 

New Jason Clause

 

37.              General average contributions
shall be payable according to York/Antwerp Rules, 2000 as amended from time to
time, and shall be adjusted in New York in accordance with New York law and
practice.

 

In the event of accident, danger, damage or disaster before or after
the commencement of the voyage, resulting from any cause whatsoever, whether
due to negligence or not, for which, or for the consequence of which, the
carrier is not responsible by statute, contract or otherwise, the cargo,
shippers, consignees or owners of the cargo shall contribute with the carrier
in general average to the payment of any sacrifices, losses or expenses of

 

 

a general average nature that may be made or incurred and shall pay
salvage and special charges incurred in respect of the cargo.

 

If a salving ship is owned or operated by the carrier, salvage shall be
paid for as fully as if the said salving ship or ships belonged to strangers.  Such deposit as the carrier or his agents may
deem sufficient to cover the estimated contribution of the cargo and any
salvage and special charges thereon shall, if required, be made by the cargo,
shippers, consignees or owners of the cargo to the carrier before delivery.

 

Charterers shall procure that all Bills of Lading issued under this
charter shall contain a provision in the foregoing terms, to be applicable
where adjustment of general average is made in accordance with the laws and
practice of the United States of America.

 

Clause Paramount

 

38.              Charterers shall procure that
all Bills of Lading issued pursuant to this charter shall contain the
following:

 

“(1) Subject to sub-Clause (2) or (3) hereof, this Bill
of Lading shall be governed by, and have effect subject to, the rules contained
in the International Convention for the Unification of Certain Rules relating
to Bills of Lading signed at Brussels on 25th August 1924 (hereafter the “Hague
Rules”) as amended by the Protocol signed at Brussels on 23rd February 1968
(hereafter the “Hague-Visby Rules”).  Nothing
contained herein shall be deemed to be either a surrender by the carrier of any
of his rights or immunities or any increase of any of his responsibilities or
liabilities under the Hague-Visby Rules.”

 

“(2) If there is governing legislation which applies the Hague Rules
compulsorily to this Bill of Lading, to the exclusion of the Hague-Visby Rules,
then this Bill of Lading shall have effect subject to the Hague Rules.  Nothing therein contained shall be deemed to
be either a surrender by the carrier of any of his rights or immunities or an
increase of any of his responsibilities or liabilities under the Hague Rules.”

 

“(3) If there is governing legislation which applies the United Nations
Convention on the Carriage of Goods by Sea 1978 (hereafter the “Hamburg Rules”)
compulsorily to this Bill of Lading, to the exclusion of the Hague-Visby Rules,
then this Bill of Lading shall have effect subject to the Hamburg Rules.  Nothing therein contained shall be deemed to
be either a surrender by the carrier of any of his rights or immunities or an
increase of any of his responsibilities or liabilities under the Hamburg Rules.”

 

“(4) If any term of this Bill of Lading is repugnant to the Hague-Visby
Rules, or Hague Rules, or Hamburg Rules, as applicable, such term shall be void
to that extent but no further.”

 

“(5) Nothing in this Bill of Lading shall be construed as in any way
restricting, excluding or waiving the right of any relevant party or person to
limit his liability under any available legislation and/or law.”

 

Insurance/ITOPF

 

39.              Owners warrant that the vessel
is now, and will, throughout the duration of the charter:

 

(a)              be owned or demise chartered by
a member of the International Tanker Owners Pollution Federation Limited;

 

(b)             be properly entered in U.K. or
GARD P & I Club, being a member of the International Group of P & I
Clubs;

 

(c)              have in place insurance cover
for oil pollution for the maximum on offer through the International Group of P
& l Clubs but always a minimum of United States Dollars 1,000,000,000 (one
thousand million);

 

(d)             have in full force and effect
Hull and Machinery insurance placed through reputable brokers on Institute Time
Clauses or equivalent for the market value of the vessel plus twenty (20)
percent as from time to time

 

 

may be amended with Charterers’ approval,
which shall not be unreasonably withheld. 
Insurance amount always to comply with loan covenants.

 

Owners will provide, within a reasonable time following a request from
Charterers to do so, documented evidence of compliance with the warranties
given in this Clause 39.

 

Export Restrictions

 

40.              The master shall not be required
or bound to sign Bills of Lading for the carriage of cargo to any place to
which export of such cargo is prohibited under the laws, rules or regulations
of the country in which the cargo was produced and/or shipped.

 

Charterers shall procure that all Bills of Lading issued under this
charter shall contain the following clause:

 

“If any laws rules or regulations applied by the government of the
country in which the cargo was produced and/or shipped, or any relevant agency
thereof, impose a prohibition on export of the cargo to the place of discharge
designated in or ordered under this Bill of Lading, carriers shall be entitled
to require cargo owners forthwith to nominate an alternative discharge place
for the discharge of the cargo, or such part of it as may be affected, which
alternative place shall not be subject to the prohibition, and carriers shall
be entitled to accept orders from cargo owners to proceed to and discharge at
such alternative place.  If cargo owners
fail to nominate an alternative place within 72 hours after they or their
agents have received from carriers notice of such prohibition, carriers shall
be at liberty to discharge the cargo or such part of it as may be affected by
the prohibition at any safe place on which they or the master may in their or
his absolute discretion decide and which is not subject to the prohibition, and
such discharge shall constitute due performance of the contract contained in
this Bill of Lading so far as the cargo so discharged is concerned”.

 

The foregoing provision shall apply mutatis mutandis to this charter,
the references to a Bill of Lading being deemed to be references to this
charter.

 

Business Principles

 

41.              (Deleted)

 

Drugs and Alcohol

 

42.              (Deleted)

 

Oil Major Acceptability

 

43.              (See Clause 57)

 

Pollution and Emergency Response

 

44.              Owners are to advise Charterers
of organisational details and names of Owners personnel together with their
relevant telephone/facsimile/e-mail/telex numbers, including the names and
contact details of Qualified Individuals for OPA 90 response, who may be
contacted on a 24 hour basis in the event of oil spills or emergencies.

 

ISPS Code/US MTSA 2002

 

45.              (See Clause 98).

 

 

Law and Litigation

 

46.              (a)    This charter shall be construed and the relations between the
parties determined in accordance with the laws of the State of New York, U.S.A.

 

(b)             All disputes arising out of this
charter shall be referred to Arbitration in New York in accordance with the
Rules of the Society of Marine Arbitrators, Inc. New York (SMA).

 

(i)                 Any Award of the arbitrator(s)
shall be final and binding and not subject to appeal.

 

(ii)              For the purposes of this Clause
46(b) any requests or notices in writing shall be sent by fax, e-mail or
telex and shall be deemed received on the day of transmission.

 

(c)              It shall be a condition
precedent to the right of any party to a stay of any legal proceedings in which
maritime property has been, or may be, arrested in connection with a dispute
under this charter, that that party furnishes to the other party security to
which that other party would have been entitled in such legal proceedings in
the absence of a stay.

 

Confidentiality

 

47.              (Deleted)

 

Construction

 

48.              The side headings have been
included in this charter for convenience of reference and shall in no way
affect the construction hereof.

 

Additional Clauses:                                                        Special
clauses to Shelltime 4 CP form, 49 through 112 shall be fully incorporated into
the terms of this Charter Party.

 

Appendix A:                                                                                             Questionaire
88 for the vessel, as attached, shall be incorporated herein.

 

Appendix B:                                                                                             List
of Approved Ship Brokers, as attached, shall be incorporated herein.

 

 

	
  For the Owners

  	
   

  	
  For the Charterers

  
	
  REBECCA TANKER CORPORATION

  	
   

  	
  DHT REBECCA AFRAMAX CORP.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ole Jacob Diesen

  	
   

  	
  By:

  	
  /s/ Myles R. Itkin

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ole Jacob Diesen

  	
   

  	
   

  	
  Myles R. Itkin

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  	
   

  

 

 

TIME
CHARTER

SPECIAL CLAUSES

MT REBECCA

 

IF THERE
IS ANY CONFLICT BETWEEN THE FOLLOWING CLAUSES AND THE PRINTED CLAUSES OF THE
CHARTER PARTY FORM AS ADJUSTED, THE FOLLOWING CLAUSES SHALL PREVAIL.

 

49)                              Bill
of Lading Indemnification

 

The
standard form of letter of indemnity to be given in the case of delivery of
cargo (a) without production of the original Bill of Lading, or (b) at a port
other than stated in the Bill of Lading, or (c) both of the foregoing, in each
case without bank guarantee, in revised form as recommended by the International
Group of P&I Clubs in 2001, shall be used in all cases, provided that the
reference to English law and jurisdiction shall be revised to read New York law
and the jurisdiction of any court of competent jurisdiction sitting in New York
County.

 

50)                              Certificates/Regulations
Compliance

 

The Owners
warrant that during the term of this charter party the vessel fully complies
with the following:

 

A.           all
governmental laws, regulations, protocols and directives promulgated by the
authoritative body or any of its legally constituted agencies charged with the
application of the same laws/regulations/protocols and directives applicable to
the countries and ports within the trading limits defined in the charter party.

 

B.             that it has
secured and maintains aboard the vessel all Certificates of Financial Responsibility
issued and required by the competent authorities of the countries within the
trading limits defined in the charter party.

 

C.             (Deleted)

 

D.            that the
vessel shall have on board for inspection by
the appropriate port authorities
all certificates, records, compliance letters and other documents required.

 

E.              The vessel
shall be approved by the international transport workers federation and carry a
valid ITF ‘Blue Certificate’ on board at all times. Any losses, expenses or
damages arising as a result of failure to comply with ITF regulations, as
interpreted by local union, shall be for Owners account.

 

F.              COFR — Owners
to provide the vessel, at their cost, with a valid Certification of Financial Responsibility
which is acceptable to U.S. authorities at Owners’ cost. Compliance with state
laws during the currency of this charter to be Owners’ responsibility and cost.
COFR to be in place prior to the vessels arrival at first U.S. or Canadian
port.

 

 

Owners will pay for the initial cost of
issuing and maintaining the certificate. Any additional premiums or surcharges
payable by Owners in relation to the vessel calling at U.S. ports to be for Charterers
account.

 

G.             Owners shall
have a program covering oil pollution avoidance, including compliance with
latest international maritime organization and port state regulations and SOLAS
and MARPOL conventions and the adoption of vessel response plans and qualified
individuals for OPA response.

 

51)                              IMO
Clause

 

Owners warrant
that during the term of this charter party and any extension thereof the vessel
will be in full compliance with: the requirements of the United States Port and
Tanker Safety Act of 1978 and applicable regulations promulgated thereunder
(hereinafter called “U.S. Regulations”) the International Convention for the Prevention of Pollution
from Ships (MARPOL 1973) and the 1978 Protocol thereto as applicable: and the International
Convention for Safety of Lives at Sea (SOLAS 1974) and the 1978 Protocol
thereto as applicable (the foregoing conventions and protocols hereinafter
called “IMO Regulations”). Owners warrant that it will carry onboard
certifications evidencing compliance with U.S. Regulations, compliance with IMO
Regulations and any other records or documentation as may be required by the U.S.
government authorities the vessel is currently ISM certified and will remain so
during the duration of this charter (see ISM Clause).

 

52)                            Pollution
Financial Responsibility

 

Owners warrant
that at the date of the charter that Owners complies with all financial
capability, responsibility, security or like laws, regulations and/or other
requirements of whatsoever kind with respect to oil or other pollution damage
applicable to the vessel entering, leaving, remaining at or passing through any
ports or places or waters to perform this charter.

 

Owners further
warrant that it shall continue to comply with these requirements throughout the
period of the charter at the levels and in amounts in effect at the date of
this charter.

 

Owners, at its
sole risk and expense, shall make all arrangements by bond, insurance or
otherwise and obtain all certificates or other documentary evidence and take
all such other action, as may be necessary, to satisfy such laws, regulations
and/or other requirements.

 

53)                              OPA

 

It is mutually
understood that Oil Pollution Act of 1990 (OPA) surcharges for trading to the United
States ports/territories shall be for Charterer’s account.

 

54)                              Contingency
Plans Clause

 

Owners warrant
at the date of the charter that Owners complies with and satisfies existing U.S.
federal, state and local rules, regulations and requirements for contingency
plans applicable to the vessel entering, leaving, remaining at or passing
through any ports or places or waters in performance of the charter, including
having under contract

 

 

the services
of a catastrophic spill contractor (e.g., Marine Spill Response Corporation (MSRC)
or National Response Corporation (NRC)).

 

Owners further
warrant that it shall continue to comply with these requirements throughout the
period of the charter at the levels in effect at the date of this charter.

 

The Owners
shall be responsible for obtaining and maintaining all necessary and future
approvals and satisfying existing and future federal, state, and local rules,
regulations or requirements for contingency plans. Costs incurred shall be for Owners’
account.

 

	
  Qualified
  individual:

  	
  Mr. Steven
  McCall

  
	
   

  	
  212 578 1892
  office

  
	
   

  	
  646 327 7206
  mobile

  

 

55)                              Documentation

 

Owners
undertake that throughout the term of this charter, the vessel shall have on
board all such valid documentation as may, from time to time, be required to
enable the vessel to enter and carry out all required operations at loading or
discharging ports or places and leave, without hindrance, all ports or places
to which the vessel may be directed under the terms of this charter.

 

In addition,
the vessel shall be off-hire and Owners shall be held responsible for any
losses, costs or damages for any period during which she is not fully and
freely available to Charterer as a result of action taken against her by any
government, government organization, competent authority, competent person or
competent organization, owing to her flag, failure to have on board valid
documentation as aforesaid or any dispute relating to Owners’ wages or crew
employment policy or to the condition of the vessel or her equipment. All
cumulative off hire under this Clause may be added to the end of the charter
period in the sole option of the Charterer.

 

Any time lost
during which the vessel awaiting USCG TVEL inspection, or in the case of calls
at non-U.S. ports where any similar certificate is required to be issued by a
state authority at these ports prior to loading or discharging cargo, and until
such time as she has secured TVEL certificate or any similar certificate,
vessel will be considered off-hire.

 

56)                              ISM Clause

 

The
requirements of the International Safety Management (ISM) Code are hereby
incorporated in the terms of this charter party. Owners/operator warrant that a
Safety Management System (SMS) in accordance with the ISM Code is in operation
both on shore and on board the vessel. Owners/operator further warrant that
they (or the company as defined by the ISM Code) have a valid Document of Compliance
(DOC), and the vessel has a valid Safety Management Certificate (SMC).
Owners/operator shall supply Charterer with a copy of the DOC and the SMC.
Owners shall, when required by Charterer, provide a copy of the documents both
ashore and on board the vessel evidencing the SMS and its application and when
further required by Charterer, Owners/operator shall provide a report on safety
audits carried out internally or by the vessel’s flag administration.

 

Non compliance
with the requirements of the ISM code resulting in loss or suspension of the ISM
certificate shall be deemed a breach of condition and Charterer shall have the

 

 

right to
cancel the charter. Owners shall be responsible for any delays, costs, damages
incurred for non compliance with the above conditions.

 

57)          Vetting

 

During the
period of this charter, Charterers require Owners to endeavor to arrange for at
least four of the following oil company inspections/approvals at their time and
expense: BP, Shell, Exxon/Mobil, Chevron Corp., Vela, PDVSA, Statoil and Dreyfus.  Charterers may request Owners to obtain other
vetting approvals as/when required, and Owners shall do so.

 

The above is
always subject to the vessel’s trading pattern, ports accessibility, the oil
company’s interest in the vessel and the availability of inspectors at the
time, all of which Owners will keep a record of and keep Charterers advised.

 

Charterers shall keep Owners fully informed of the vessels forward
schedule in order to facilitate vetting inspections.

 

If the vessel, during the period of this charter, fails to obtain a
minimum of four approvals because of Owners fault/negligence, or fails a
physical inspection by any company listed above, or loses a vetting approval
required to maintain the vessels’ trading pattern, then, Owners shall have a period of forty five
(45) days from the date Owners are notified of such non-acceptance to have the
vessel obtain such minimum number of approvals or reinstate such approval, subject
always to the vessel’s trading pattern, ports accessibility, the oil company’s
interest in the vessel and the availability of inspectors at the time, all of
which Owners will keep a record of and keep Charterers advised.

 

If the Owners do not obtain
the minimum number of vetting approvals or the necessary vetting approval is not
reinstated as provided for in the preceding paragraphs, and the lack of
vettings affect the vessel’s trading pattern, then the Charterer shall have the
right (i) to terminate this charter party without penalty to either party, or,
(ii) to place the Vessel off-hire for any loss of time (whether by way of
interruption in the Vessel’s service, including time necessary for
re-positioning to an alternate trading pattern or otherwise)(a) resulting from
the vessel being placed off hire by a pool in which it is entered due to such
lack of vetting, or (b)otherwise due to such lack of vetting.

 

In the event the preceding
paragraph is invoked, and the Charterer does not terminate the Charter, it
shall use commercially reasonable efforts to employ the Vessel in an alternate
trading pattern to maximize its earning capacity on commercially reasonable
terms provided that the terms of the pool it is entered into or the time
charter it is operating under permit the Charterer to do so.  For each day the Vessel is operating under a
subcharter on such alternate trading pattern, and not otherwise off hire, if
the Basic Hire rate otherwise applicable pursuant to this Charter exceeds the
time charter rate or equivalent rate obtained by the Charterer on its
sub-charters in the alternate trading pattern, then the Basic Hire payable
hereunder shall be reduced by an amount equal to the difference between (a) the
Basic Hire rate and (b) the time charter rate or equivalent rate obtained by
the Charterer on its sub-charters in the alternate trading pattern until the
later of (i) the date the Vessel has re-obtained the minimum number of vetting
approvals or the necessary vetting approval has been reinstated, and (ii) the
last day of the applicable sub-charter.

 

 

58)                              Adherence
to Voyage Instructions

 

A.           Owners shall
be responsible to and will indemnify Charterer for any time, costs, delays or
loss suffered by Charterer due to underlift, overlift or other failure to
comply fully with Charterer’s lawful instructions as long as such failure was
solely due to Owners’/vessel’s proven negligence.

 

B.             If a
conflict arises between terminal orders and Charterers’ instructions, master is
to stop cargo operations and to contact Charterer at once. Terminal orders
shall never supersede Charterer’s instructions and any conflict shall be
resolved prior to resumption of cargo operations.

 

Vessel is not to resume cargo operations
until Charterers has directed vessel to do so.

 

59)                              Traffic
Separation and Routing

 

Owners shall
instruct the master to observe recommendations as to traffic separation and
routing as issued from time to time by authorities (national or local) and
comply with federal, state or local regulations of the United States. Voluntary
and mandatory traffic separation schemes shall be adhered to while the vessel
is in the United States or international waters.

 

60)                              ETA Notice

 

Master shall
give both Charterer and load/discharge port(s)/place(s) agents notices of
estimated time of arrival (ETA) to load/discharge port(s)/place(s) or any other
port/place where Charterers order vessel to proceed on a daily basis or as
required by Charterers voyage orders.

 

Any delay
incurred to the vessel at any load or discharge port(s) resulting from master’s
failure to comply with the above requirements, shall be deducted from the
monthly hire. The foregoing is without prejudice to Charterer’s right to
recover for any damages incurred as a result of such breach by Owners of the
obligations herein defined. Notices of ETA to be sent to Charterer as
instructed. This Clause only applies where the Charterer cannot claim demurrage
or any other claim and incur a loss due to the master’s failure to follow Charterers
instructions.

 

61)                              Watchmen

 

Compulsory
shore gangway watchmen shall be servants of the Charterer and the cost for such
watchmen shall be borne by Charterer throughout the currency of this charter
party.

 

62)          Bunkers

 

On every
occasion where the bunkers are taken, the ship will participate in either the DNV
VQFT, Lloyds FOBAS or ABS scheme (line samples). As between Owners and Charterers
fuel shall be deemed delivered to the ship upon arrival at the ship’s manifold,
which shall be the point of custody transfer. Three samples will be taken at
the ship’s manifold, using an approved in line drip sampler. One sample shall
be provided to the surveyor and analysed, a second shall be given to the
suppliers, and third shall be retained on board for independent joint testing,
in the event of disputes about the quality of the bunkers supplied.

 

 

In the event
of dispute about the quality of the fuel the third sample left on board shall
be jointly analysed at a mutually acceptable independent laboratory, and the
results shall be binding on the parties

 

The quantity
of fuel shall be finally determined using the density determined in the sample
analysed. Owners undertake to provide Charterers with a copy of each off
specification analysis report, to enable Charterers to notify suppliers
promptly in the event of a quality or quantity dispute.

 

The supplier
and Charterers shall at all times be entitled to witness the extraction and
division of the sample at the ship’s manifold and shall be entitled to employ a
bunker surveyor.

 

Charterers
shall not cause or permit any lien or other rights to be created against the
ship, her crew, Owners, etc., by any fuel suppliers, or otherwise bind the
ship, her Owners in crew in any way whatsoever, arising out of the supply of
fuels.

 

Should
analysis confirm that bunkers are off specification, (as per specification
detailed in Clause 29). Charterers will be notified regarding Owners
intentions. Should Owners decide to use the bunkers supplied then Charterers
are not entitled to present Owners with a speed or consumption claim for any
period during which vessel is using bunkers that do not reasonably meet the
specified requirements. Charterers reserve the right to discuss analysis
results with Owners to ensure an equitable resolution of any problems. Owners shall not be obliged to use fuel that is
injurious to the engine/auxiliaries and associated equipment.

 

Owners warrant
that the vessel shall comply with the emission control and other requirements
of Regulation 14 and 18 of MARPOL Annex VI and any other laws or regulations
relating to bunker content and bunkering procedures applicable in any areas to
which the vessel is ordered.

 

Charterers
warrant that they will supply bunkers:

 

A.           of
sufficient quantity and quality to enable the vessel to meet the emission
control and other requirements of Regulation 14 and 18 of MARPOL Annex VI and
any other laws or regulations relating to bunker content and bunkering
procedures applicable in any areas to which the vessel is ordered, and

 

B.             in
accordance with the specifications in ISO 8217 as in force at the time of
supply and any other specifications contained elsewhere in this charterparty.

 

Charterers
further warrant that all bunker suppliers and bunkers supplied hereunder shall
with respect to all areas in which the vessel may trade comply with the current
and future requirements of MARPOL Annex VI and MEPC96(47) in respect of
sampling and the provision of a bunker delivery notes and, where bunkers are
supplied in a state where MARPOL Annex VI is in force, that suppliers shall be
registered in accordance therewith.

 

 

63)                              Heating

 

Owners warrant that the vessel
is capable of maintaining cargo loaded temperature, or, if time permits,
raising same up to a maximum temperature of 150 degrees Fahrenheit. Maximum
temperature of cargo loaded at 165 degrees Fahrenheit.

 

Master to report daily to
Charterers average cargo temperature of all tanks and to keep voyage heating
records for Charterers inspection.

 

If vessel fails to maintain
the loaded temperature, or to increase and maintain the temperature of the
cargo, as requested by Charterer, all delays incurred will be considered off
hire and all expenses and damages shall be for Owners’ account.

 

Failure to follow Charterers
heating instructions shall be considered off hire until such time as the cargo
is heated to Charterers instruction. If vessel fails to follow Charterers
heating instructions on a consistent basis it shall be considered a breach of
this contract and Charterers shall have the right to cancel this charter
without penalty.

 

64)                              Pumping
Clause

 

Owners warrant
that the vessel is fitted with and will use the main cargo pumps and the
stripping pumps as per Charterers instructions.

 

Owners further
guarantees that vessel will discharge the full cargo in twenty four (24) hours,
stripping excluded or maintain an average pressure of 100 PSI at the vessel’s
manifold during discharge, provided shore facilities permit. It is agreed that
time lost as a result of vessel being unable to discharge the cargo in
accordance with the guarantee stated herein will be deducted from monthly hire.

 

In the event
of the vessel failing to maintain average discharge pressure of 100 PSI or to
discharge the cargo within 24 hours, Charterers are entitled to deduct all time
over and above 24 hours taken to discharge cargo from hire.

 

Discharge
terminal shall have the right to gauge line pressure. Should the vessel fail to
comply with the guarantee herein stipulated should terminal request, Charterer shall have the right to order the vessel to be
withdrawn from the berth and all time and expenses incurred to leave the berth
and return later to complete discharge will be for Owners’ account with the
proven lost time and/or expenses being
deductible from the monthly hire. In any event, Owners shall provide Charterer
with a detailed hourly pumping record showing the pressure maintained at the vessel’s
manifold throughout the discharge. Such record shall be duly counter signed by
a terminal representative and/or independent surveyor, if possible.

 

If the vessel
discharges at more than one port or discharges a partial cargo, then time to be
prorated relative to the vessel’s full cargo capacity for the nominated
cargo(es).

 

Should the
discharge terminal(s) restrict in any way the vessel’s performance indicated in
this charter party, the master shall immediately issue a letter of protest to
the terminal indicating    the nature of
the restriction and any details he may consider relevant. The vessel to obtain
terminals signature on the letter of protest.

 

Notwithstanding the above,
vessel is to make best efforts to utilize full capabilities (safety permitting)
when discharging at Portland, Maine.

 

 

For discharge in Punta
Palenque, Dominican Republic, vessel to maintain 150 PSI at vessel’s manifold.

 

65)                              STS Clause

 

Charterers
shall have the right to require the vessel to perform lighterage operations and
or ship to ship transfer operations at anchor or underway at a safe anchorage
or place and these ship to ship transfer operations shall be conducted in
accordance with the provisions of the latest ICS/OCIMF transfer guide
(petroleum) always to master’s acceptance which not to be unreasonably
withheld.

 

It is
understood and agreed that the crew of the vessel will be required to assist in
handling the fenders and cargo hoses as well as mooring and unmooring of the
vessel as designated by the mooring master at the STS transfer site at no
additional cost to the Charterer.

 

All extra
equipment required for such transfer operations shall be provided by Charterer
at its expense.

 

Extra cost of
insurance ‘if any’ to be for Charterers account.

 

 

66)                              Pressure
Gauges

 

Vessel to be
equipped with pressure gauges at each discharge manifold which will be
maintained in a proper working condition and each gauge shall have a valid test
certificate.

 

67)                              Bilge
Liquids

 

Vessel shall
have efficient and safe means of transferring engine room/pump room bilge to
designated holding tanks onboard for disposal in accordance with international
regulations.

 

68)                              Previous Cargoes

 

(Deleted)

 

69)                              Condition
of Cargo Spaces on Delivery and Redelivery

 

Vessel will be
redelivered with tanks free of liquid slops.

 

70)          Tanks, Lines, Pumps Suitability

 

Owners warrant
that vessel will arrive at each load port with all cargo tanks, pumps and lines
suitable to load the intended cargo as per Charterer’s representative and/or
independent surveyor’s satisfaction, subject to Charterers voyage orders and
vessels time to comply.  All damages, time lost and costs
incurred due to noncompliance will be for Owners’ account and deducted from
monthly hire.

 

71)                              Inert
Gas System

 

Owners warrant
that vessel has a good working inert gas system and that the officers and crew
are experienced in the operation of the system. Owners further warrant that the
vessel will arrive at the load port with cargo tanks inerted and that tanks
will remain inerted throughout the loading, voyage and discharge operations.
Any delay, cost and expense due to improper operation of the inert gas system
shall be for Owners’ account and shall be deducted from monthly hire.

 

The master may
be required by terminal personnel or independent surveyor(s) before and/or
after discharge to breach the inert gas system for the purpose of gauging,
sampling, temperature determination and/or determining the quantity of cargo
remaining on board (ROB). The master shall comply with these requests
consistent with the safe operation of the vessel. Vessel to remain on hire for
such periods.

 

72)                              Crude
Oil Washing (COW)

 

Owners warrant
that the vessel is capable of crude oil washing (COW) of all cargo tanks.

 

If requested
by Charterer, Owners agrees to conduct crude oil washing of cargo tanks at
discharge port(s) simultaneously with the discharge of the cargo to shore.
Under no circumstance shall the vessel utilize more than eight (8) hours to
effect COW or prorata on the basis of the number of tanks washed to the total
number of tanks unless authorized by Charterer.

 

 

The vessel
will comply with the requirements of the Pumping Clause during simultaneous
discharge to shore and the COW operation. 
If the vessel fails to comply, all additional time to discharge the
cargo will be deducted from the monthly hire.

 

Owners agrees
to comply with applicable port and terminal regulations and, if necessary, to
submit any advance information or technical data that may be required by local
authorities relative to the COW operations.

 

73)                              Fittings,
Equipment and Dimensions

 

A.           Owners
warrant that all piping, valves, spools, reducers and other fittings comprising
that portion of the vessel’s manifold system outboard of the last fixed rigid
support to the vessel’s deck and used in the transfer of cargo, bunkers or
ballast, are made of steel or nodular iron; and the fixed rigid support for the
manifold system is designed to prevent both lateral and vertical movement of
the manifold. Owners further warrant that no more than one reducer or spool
piece (each ANSI standard) will be used between the vessel’s manifold valve and
the terminal hose or loading arm connection.

 

B.             Owners are
responsible for providing safety equipment to persons aboard the vessel when
the cargo is high sulfur or otherwise dangerous to the health of the crew.

 

C.             Owners
warrant that the vessel is capable of discharging more than one grade
simultaneously.

 

D.            Owners
warrant that throughout the charter vessel will have on board the calibration
tables for its tanks calculated by the builder or by a reputable independent
international surveyor.

 

E.              Charterers,
subject to Owners’ approval (which shall not be unreasonably withheld) and
class approval, shall be at liberty to fit any additional pumps and/or other
vessel gear beyond what is on board at the commencement of the charter, and to
make the necessary connections with hydraulic, steam or water pipes, such work
to be done at Charterers time and their expense, and such pumps and/or gear so
fitted to be considered their property, and Charterers shall be at liberty to
remove it at their time and expense and time during or at the expiry of this
charter, with the vessel to be left in her original condition.

 

F.              Vessel is
fitted with 95 percent and 98 percent high level alarms.  Any delays due to breakdown of these high
level alarms will be considered off hire and will be deducted from the charter
hire.

 

74)                              Cargo
Transference

 

Owners shall
notify Charterer of any transfer of cargo within the vessel that takes place
after loading and before discharge for purposes of trimming, stress or any
other similar purposes.

 

 

75)                              Prohibited
Detergent Washing

 

Owners warrant
that vessel will not perform cargo tanks washing utilizing detergents with
organic chloride contents throughout the duration of the charter period. Owners
to be held responsible for all damages and consequences including but not
limited to all cargo claims if Owners/master fails to adhere to this Clause.

 

76)                              Cargo
Retention

 

A.           In the event
that liquid cargo remains on board upon completion of discharge Charterers
shall have the right to deduct from hire an amount equal to the fob port of
loading cost of such cargo plus its pro rata cost of freight and insurance
unless such cargo is unpumpable or unreachable by the vessel’s fixed pumps.

 

B.             Nothing in
this Clause deprives Owners of any defenses they have to counterclaims for
cargo shortloading or damage but it is agreed that such counterclaims will not
be time barred if asserted in any proceedings commenced by Owners for hire
deducted under this Clause provided that the deduction was proper.

 

C.             Any action
or lack of action in accordance with this provision shall be without prejudice
to any rights or obligations of the parties.

 

D.            All slops
throughout the charter term shall belong to Charterer.

 

77)                              Loss
of Carrying Capacity

 

In the event cargo is shut out by the fault of the master, officers,
crew or mechanical deficiency of the vessel, then Charterer shall be entitled
to claim compensation for the transportation cost of the cargo shut out on a
round voyage basis by reference to the rate of hire or the current market level
(whichever is greater). Any additional port costs and/or bunker consumed due to
the loss of carrying capacity shall for Owners account.

 

78)                              Speed
and Fuel Warranties

 

The Owners
warrant that the vessel is capable of maintaining and shall maintain,
consistent with safety throughout the period of this charter party on all sea
passages, from seabuoy to seabuoy, unless otherwise ordered by Charterer, an
average speed under weather conditions up to and including Beaufort Force 5 of
about 13.3 knots laden on a daily consumption of about 37 metric tons IFO 380
CST plus 0 metric tons MDO at sea and about 13.3 knots ballast on a daily
consumption of about 37 metric tons IFO 380 CST 0 metric tons MDO at sea for
all purposes excluding tank cleaning, cargo heating and IGS plus about 20 mts
IFO for loading and about 20 mts IFO for discharging, based on single port
loading and discharging excluding Laguna and Boscan crude and similar cargoes.

 

The above
speed and consumption rates shall be adjusted in accordance with, and always be
subject to any changes made to the Aframax International pool key, provided the
vessel continues to trade in the Aframax International pool.

 

 

79)          Slow Steaming/Speed Up

 

Weather and
safe navigation permitting, Charterer shall have the right to order the vessel
to proceed at any speed greater than/less than normal full speed.

 

80)                              Adjustment
of Hire

 

The speed and fuel consumption guaranteed by the Owners in Part 1
will be reviewed by the Charterer 30 days after every six (6) months. If at the
end of the period, if it is found that the vessel has failed to maintain, as an
average during the period, the speed and/or fuel consumption warranted, the Charterer
shall be retroactively compensated in respect of such failings, as per Clause 24.

 

No bonus shall
be payable to Owners under any circumstances.

 

The Charterer
shall provide Owners with an opportunity to review any claim submitted by Charterer
under this Clause, and the Owners shall complete such review and provide Charterer
with the results thereof within thirty (30) days from the date such claim was
received by Owners. In the absence of such response, Charterer may deduct from
hire any amount to which it is entitled under this Clause.

 

In the event
of Charterer having a claim in respect of vessel’s performance during the final
year of the charter period and any extension thereof, the amount of such claim
shall be withheld from hire in accordance with Charterer’s estimate made two
months before the end of the charter period and any necessary adjustment after
the end of the charter shall be made by the Owners to the Charterer.

 

81)                              Additional
Offhire

 

A.           The vessel
shall be offhire whenever there is loss of time if:

 

1)              due to the boycott of the vessel due to the terms
or conditions of employment of Owners’ servants; or employment, trades, or
cargoes of vessels other than under this charter.

 

2)              due to
restraint or interference in the vessel’s operation by any governmental
authority in connection with the ownership, registration, or obligations of Owners
or the vessel, or stowaways, or in connection with smuggling or other
prohibited activities.

 

3)              due to
cargo contamination or damage caused by unseaworthiness of the vessel or
negligence of Owners’ servants.

 

B.             In addition,
if during offhire the vessel loses its turn to berth, it shall remain offhire
until it regains the same berthing position. If the vessel goes offhire while
in berth, extra expenses thereby incurred by Charterers in connection with the
vessel remaining at the berth shall be for Owners’ account and Charterers shall
also have the option to order the vessel out of berth, so as to avoid delay to
other vessels waiting to use the berth, with the cost of unberthing and
reberthing for this purpose to be
for Owners’ account. The vessel shall remain offhire during time lost in
between berths.

 

C.             In the event
of detention of vessel by any governmental authority, or by any legal action against
vessel or Owners, or by any strike or boycott by the vessel’s officers or crew,
whereby vessel is rendered unavailable for Charterers’ service

 

 

for a period of thirty (30) days or more,
Charterers may, by written notice given before vessel is free and ready to
resume service, elect to terminate this charter, without prejudice to any other
rights Charterers may have under this charter or to any claim it may have for
damages.

 

82)                              Off
Hire Survey

 

A joint off
hire bunker survey shall be conducted by Charterers and Owners representatives
at the place of redelivery. The time and cost for the offhire bunker survey at
redelivery shall be split equally between Owner and Charterer.

 

83)                              Access

 

The Charterer
shall have the right and privilege of having their representatives visit the
vessel while in port or at sea. Charterer’s representatives shall have access
to the entire vessel (excluding accommodation spaces) and the master, officers
and crew of the vessel shall cooperate with and render any reasonable
assistance that Charterer’s representatives may require.

 

Charterer
shall be entitled, from time to time during the period of this charter, to
cause their representative(s) to take samples of the cargo and to inspect the
vessel in order to ascertain whether Owners is reasonably complying in all
respects with their obligations under this charter party.

 

In the case of
inspection of the vessel, Charterer shall give Owners appropriate notice of
their intention to inspect the vessel and any such inspection may include, but
shall not be limited to: examination of the vessel’s hull, machinery, boilers,
auxiliaries and equipment, examination of the vessel’s deck and engine, rough
and official log books, certificates, investigation of the vessel’s operating
procedures both in port and at sea, examination of the qualifications and
conduct of the vessel’s master, officers and crew. Any inspections carried out
by Charterer under this sub-Clause shall be without prejudice to any
other rights of inspection or investigation allowed to Charterer in accordance
with the provisions of this charter.

 

In the event
of Owners’ failing, at any time during the period of this charter, to comply
with their obligations under this Clause, Charterer shall be entitled to give Owners
notice in writing, whether or not an inspection under the terms of this Clause
has taken place, requiring Owners to take immediate steps to remedy their
default.

 

In the event
the Owners fails forthwith, or within such period as may be agreed to remedy
such default to Charterer’s satisfaction, Charterer shall be entitled at their
absolute discretion, to place the vessel off-hire, until such default
shall have been satisfactorily remedied. Any exercise of, or failure to
exercise, their discretion under the terms hereof by Charterer shall be without
prejudice to any other remedy available to Charterer.

 

84)                              Change
of Flag, Management, Ownership

 

Owners rights
and obligations under this charter are not transferable and except as provided
in this Clause Owners undertake not to change the vessel’s management nor flag
nor to sell the vessel or stock in the ownership company without Charterer’s
consent which consent shall not be unreasonably withheld.

 

 

In the event that the Owners
desire to hire a manager other than Tanker Management Ltd., Owners shall
provide written notice (the “New Manager Notice”) to the Charterer at least 10
business days prior to the proposed date of hire, which notice shall seek the Charterer’s
consent to the new manager.  The Charterer’s
shall have the right, within 5 business days of receipt of the New Manager
Notice, to object to the new manager in writing.  Such objection must be based on reasonable
grounds, and must be accompanied by a list of two comparable managers (other
than any affiliates of Charterer) to which the Charterer would have no
objection, and which Owners may then hire without any further requirement for
consent from Charterer.

 

If written notice of
objection together with the accompanying list of acceptable managers is not provided
by the Charterer within 10 business days of receiving the New Manager Notice,
the Charterer shall be deemed to consent to the new manager.

 

Owners shall have the right
to transfer the vessel and Charterer agrees that stock in the Owners may also
be transferred (either of which, for purposes of this Clause, a “Transfer”),
subject to the Charterer’s right of first offer as described in this Clause:

 

Prior to and in order to
effect a Transfer, the Owners shall first give written notice (a “Sale Notice”)
to the Charterer stating (i) the Owners (or its parent’s) intention to make a Transfer,
(ii) the name of a broker who Owners have selected to be a member of the three
member panel described below (the “Panel”) that will determine the fair market
price of the vessel (on the basis that it is sold subject to this charter) and
(iii) the material terms other than price upon which the Owners (or its parent)
intends to make the Transfer.

 

The Charterer shall select a
member of the Panel within 5 business days after receipt of the Sale Notice by
delivery of written notice to Owners.  If
Charterer does not make such selection within such 5 business day period, then
the Panel shall consist solely of the broker selected by Owners.  If Charterer makes such selection, then the
two members selected by Owners and Charterer shall select together a third
member of the Panel within 10 business days after delivery of Charterer’s
written notice to Owners.  If the members
selected by Owners and Charterer do not select a third member of the Panel
within such 10 business day period, then the third member of the Panel shall be
selected by the President of the Society of Marine Arbitrators, Inc. New York.  No broker is eligible to be selected as a
member of the Panel unless it is listed in Appendix B of approved ship brokers
to this charter.

 

After all the members of the
Panel have been selected in accordance with the preceding paragraph, the Panel
shall determine the fair market price of the vessel, taking into account that
any sale would be made subject to this charter. 
The market price determined by the Panel (the “Price”) shall be the
price determined by the sole member of the Panel if there is only one member
and shall be the average of the two closest prices determined by members of the
Panel if there are three members.  The
sole member, or, the member of the Panel selected by the other two members
shall notify in writing the Owners and Charterer of the Price (the “Price Notice”).  Owners and Charterer shall each pay one-half
of the fees and expenses of the members of the Panel in performing their
services under this Clause 84.  Such Price
shall be considered the price of the vessel, if Owners elect to proceed with
the sale of the vessel after receiving the Price Notice.  Owners shall not be obligated to proceed with
the sale of the vessel if it, in its sole discretion, deems the Price to be
inadequate.  If the parent of Owners
seeks to sell the stock of the Owners, then the Panel, in addition to
determining the Price of the vessel as aforesaid, shall determine the fair
market price of the assets of the Owners

 

 

(other than the vessel) and
the fair market value of the liabilities of the Owners in accordance with the
foregoing methodology.  The sum of the Price
of the vessel in the Price Notice and the price of the other assets of the Owners
determined as aforesaid reduced by the value of the liabilities of Owners
determined as aforesaid shall be considered the price for the stock (the “Stock
Price”) and the Stock Price shall be set forth in the Price Notice.

 

In the event that the Owners
elect to proceed with the sale of the vessel upon its review of the Price
Notice, Charterer shall have an irrevocable and non-transferable option to
effect Transfer to it of the vessel or stock in the Owners at the Price or at
the Stock Price, as the case may be, set forth in the Price Notice and on
materially the same terms as set forth in the Sale Notice.  Such option may be exercisable during the
period (the “Purchase Option Period”) commencing on receipt of the Price Notice
and ending (a) if Tanker Management Ltd. Is the manager at the time of the Price
Notice, 30 days after Charterer’s receipt of the Price Notice or (b) if Tanker
Management Ltd. is not the manager at the time of the Price Notice, 30 days
after the later of (i) the date (the “Inspection Date”), set forth in a notice
from Owners to Charterer that the vessel and the records of the vessel may be
inspected by Charterer, which notice shall be given after the Sale Notice and
at least 5 business days prior to the Inspection Date and (ii) Charterer’s
receipt of the Price Notice.  In order to
exercise its option, the Charterer shall, within the Purchase Option Period,
send an irrevocable written acceptance notice to the Owners (the “Purchase
Notice”).  The Charterer shall then be
obligated to consummate the purchase of the vessel or stock at the Price or at
the Stock Price, as the case may be, set forth in the Price Notice and on
materially the same terms as set forth in the Sale Notice within thirty (30)
days after the Purchase Notice.  If Charterer
does not exercise its option within the Purchase Option Period or, if such
option is exercised, Charterer fails to consummate the purchase of the vessel
or stock within the time period set forth above, then, in addition to any other
remedies available, the Owners may during the period set forth in the next
sentence (the “Sale Option Period”) sign a legally binding agreement for the Transfer
of the vessel or stock to a third party at a price not less than the Price or
the Stock Price, as the case may be, set forth in the Price Notice, minus up to
2.5% of the Price of the vessel, and on materially the same terms as set forth
in the Sale Notice.  The Sale Option
Period shall commence on the earlier of (i) the date Charterer notifies Owners
that Charterer will not exercise its option and (ii) the expiration of the Purchase
Option Period (such earlier date referred to as the “Start Date”) and end on
the later of 90 days after (i) the Start Date and (ii) the date after the Start
Date when the vessel and the records of the vessel are first made available at
a port for inspection at the request of potential third party purchasers of the
vessel or stock.  If an agreement for the
Transfer of the vessel or stock is not signed during the Sale Option Period or
the Transfer of the vessel or stock is not completed under such agreement, then
Charterer’s right of first offer as described in this Clause 84 shall begin
again and a new Price determined in accordance with the provisions of this Clause
84.  Any Transfer of the vessel or stock to
a third party shall be subject to (x) Charterer’s prior approval, which shall
not be unreasonably withheld, and (y) Charterer’s right to purchase at par any
loan obtained by the third party purchaser of the vessel to finance such
purchase if such purchaser defaults under the credit agreement for such loan or
this charter provided the third party can obtain such right from its lenders
on, in the sole good faith opinion of the Owners, commercially reasonable
terms.  This charter, including all
options to extend it, shall continue in full force and effect notwithstanding
any Transfer of the vessel or stock in the ownership company of the vessel.

 

If the Owners fail to comply
with the terms of this Clause, Charterer may, in its absolute discretion,
terminate this charter, whereupon Owners shall reimburse Charterer for any

 

 

hire paid in advance and not
earned, the cost of bunker fuel on board the vessel  and for any amount for which the Owners are
liable to Charterer under the terms of this charter. Charterer’s rights of
termination shall, whether or not it is exercised, be without prejudice to any
other rights available to Charterer.

 

The managers
shall be responsible for the day to day technical operations of the vessel
however Owners always to be held responsible for the overall
management of the vessel.

 

If Charterer is not
satisfied with the performance of the manager, Charterer may request a meeting
within 7 business days with Owners and manager to discuss the deficiencies in
the management which deficiencies shall be presented in writing by Charterer.
If after thirty days, the management deficiencies are evidently still
unresolved in Charterer’s determination (which deficiencies and determination
will be delivered to Owners and manager in writing), then the management
company may be changed provided that the new management company shall be
selected by the Owners subject to the consent of the Charterer, such consent
not to be unreasonably withheld.

 

85)          Ownership

 

Owners will not effect any
mortgage, encumbrance or other lien on the vessel, other than liens that are
not material in amount and that arise in the ordinary course of business or by
operation of law, without the prior written consent of the Charterer, such
consent not to be unreasonably withheld. In the case of the initial financing by
Royal Bank of Scotland for the purchase of the vessel (the “Initial Financing”),
the Charterer hereby consents.  In the
case of any refinancing of the vessel, Owners shall negotiate in good faith and
use their best efforts to have the refinancing mortgagee agree on, in the sole
good faith opinion of the Owners, commercially reasonable terms that are no
less favorable to the Charterer than the terms contained in the Initial
Financing in terms of the mortgagee’s rights to enforce its mortgage in the
event and so long as the Charterer continues to pay the charter hire under this
charter.  If the Owners, after
negotiating in good faith and using their best efforts, are unable to obtain
such provisions from the refinancing mortgagee on, in the sole good faith
opinion of the Owners, commercially reasonable terms, Charterer or its
affiliates may seek such provisions on behalf of Owners and Owners shall consider
in good faith all refinancing proposals obtained by Charterer or its affiliates
which have, in the sole good faith opinion of Owners, commercially reasonable
terms.  In addition, Owners shall use
their best efforts to have the refinancing lenders agree on, in the sole good
faith opinion of the Owners, commercially reasonable terms, that Charterer or
its affiliates may purchase at par the loan made by such lenders and related
mortgage and other security interests if Owners breach any provision of this charter,
including this Clause 85, or if Owners or any of their affiliates default under
the loan agreement for such loan.

 

86)                              Requirements
of Special Trades

 

A.           Charterer
may blend cargo on board. If original Bills of Lading are issued for one or
more of the parcels which are blended, upon return of all such Original Bills
of Lading and at Charterers’ request, Owners will issue new Bills of Lading for
the blended cargo. New Bills of Lading can only be issued for the blend as a
whole. Owners are hereby indemnified against all claims for contamination or
quality deterioration or off specification whatsoever due to cargo blending on
board.

 

B.             Extra
insurance on freight and/or cargo, if any, due to vessel’s age shall be for Owners’
account and Charterer shall have the right to deduct such extra

 

 

insurance cost from hire due Owners. Charterer
will provide supporting invoice for extra insurance cost deducted from charter
hire.

 

C.             Whenever
requested by Charterer, Owners shall arrange for war risk underwriters to
advise Charterer via Owners about actual net ‘additional premium’ then in
effect. If requested by Charterer, Owners shall arrange in advance for war risk
underwriters to furnish such information to Charterer via Owners 48 hours
before vessel enters ‘additional premium’ zone, weekend and local holidays are
excluded, at Charterers expense.

 

D.            Any ‘additional
premiums’ due from Charterer shall be documented by underwriters and Charterer
shall pay only the net premium charged to Owners – i.e. gross premium less
rebate, if any.

 

E.              Charterer
shall not be responsible for any time lost due to officers and/or crew refusing
to proceed to an actual war zone, or for any time lost as a result of the
vessel remaining in an “additional premium” zone due to action by vessel’s
officers and/or crew and/or breakdown and/or accident to vessel or her
equipment not caused by fault of the Charterer, or as a result of an occurrence
of a war risk.

 

F.              Pollution
insurance. Owners warrant that they will have in place the maximum cover for
pollution offered by members of the International Group of P&I Clubs
(currently USD 1 billion) and that this cover from underwriters approved by Charterer
(such approval not to be unreasonably withheld) will remain in place throughout
the period of this charter. Owners shall provide Charterers within five
business days after the fixture is concluded, written evidence from the vessel’s
P&I club or insurance broker of such pollution cover.

 

Any additional premiums or surcharges payable
by Owners in relation to the vessel calling to United States of America ports
to be for Charterers account.

 

G.             Vessel
to be able to comply with the following Clause for occasional cargoes loading
in Venezuela:

 

The vessel to arrive at the loadport fully
cleaned for wax free stowage, including all waxy residues and sediments to be
removed by hand lifting. Owners to allow Charterers representative to board the
vessel at the last discharge port to supervise the cleaning operations en route
to loadport.

 

Vessel shall arrive loadport with all cargo
tanks, pumps and pipes suitably clean for Laguna crude, at Owners time and
expense, and the Charterers inspectors satisfaction and delays, as a result of
the vessel arriving at the loadport and not being clean to Charterers inspectors
satisfaction, shall be considered off hire. The cargo is intended to be used in
the production of lube oil and transformer oils, etc. and is especially
sensitive to wax and salt.

 

Vessel to be capable of hot machine washing and
flushing all cargo tanks, pumps and pipes (water used to be 80 degrees C. and
not less than 65 degrees C. at any time) for at least four hours. All wax
deposits to be lifted. All tank washings to be discharged and collected in slop
tanks. Vessel to discharge slops from cargo tanks at minimum 65 degrees C.
Vessel to arrive loadport fully

 

 

cleaned for wax free stowage including all waxy
residues and sediments to be removed by hand lifting. After the hot water wash,
vessel to perform a quick cold lake water flush of all tanks and pipes and tank
system to be well drained. No slops to be discharged ashore. Slops to be kept
fully segregated from cargo at all times. Vessel to be clean to Charterer’s
inspector’s satisfaction before loading.

 

Charterer’s expeditor will board the vessel at
last discharge port at Charterers expense to supervise the cleaning operation
en route to the loadport. If the cleaning required is carried out to the
expeditor’s satisfaction then Charterers not to require vessel to be gas free
on arrival loadport.

 

H.            Owners
warrant that vessel is fully capable of carrying ‘Orimulsion’ and Owners/operators
are fully aware of the requirements for carrying this type of cargo. Normally,
crude oil washing nor inert gas system never to be utilized while Orimulsion is
onboard.

 

I.                 It is
understood that the vessel shall not be required to force ice but to follow ice
breakers from time to time always subject to master’s approval.

 

J.                (Deleted)

 

K.            Grades and
comingling. Charterer shall be at liberty to ship three grades of cargo. Grades
and quantities of petroleum products shall be defined by Charterer prior to
each voyage. Segregated grades shall be kept within vessels natural
segregations. At the option of the Charterer, loading of three or more grades
of cargo in such a manner as to voluntarily mix the cargo to obtain a new grade
shall be carried out by the Owners pursuant to Charterers requirements. Any
such mixture or admixture shall be at Charterers risk and expense and shall be
considered to be one grade under the present agreement. Any new bills of lading
that are issued will only be for the blended cargo as a whole.

 

L.              Vessel to
have a working vapour recovery system onboard.

 

M.         Owners
warrant that it has a policy on drug and alcohol abuse (‘‘Policy’’) applicable
to the vessel which meets or exceeds the standards of the OCIMF guidelines for
the control of drugs and alcohol onboard ship. Under the Policy, alcohol
impairment shall be defined as a blood alcohol content of 40 mg/100 ml or
greater; the appropriate seafarers to be tested shall be all the vessel’s
officers and the drug/alcohol testing and screening shall include unannounced
testing in addition to routine medical examinations. An objective of the Policy
should be that the frequency of the unannounced testing be adequate to act as
an effective abuse deterrent, and that the officers be tested at least once a
year though a combined program of unannounced testing and routine medical
examinations. Owners further warrant that the Policy will remain in effect
during the term of this charter providing that the terms are in conformity with
the laws of the vessel’s flag state and that the Owners shall exercise due
diligence to ensure that the Policy is complied with. It is understood that an
actual impairment, shall not in and of itself mean Owners has failed to
exercise due diligence. Persons who test positive, refuse to test, or are unfit
for duty (impaired because of drug or alcohol abuse) shall be removed from the
vessel and shall not be reassigned to service on the vessel.

 

 

N.            Charterers
shall have the right to convert the vessel to an FSO or FPSO or another similar
use provided that the vessel is re-converted to her original condition at the
end of the charter at Charterers time and expense. Owners consent is required but
should not be unreasonably withheld.

 

O.            If
requested by Charterers, vessel shall make best efforts to cool the cargo
temperature by spraying the deck with water and/or taking extra ballast in
ballast tanks or any other method by which the Charterers suggest provided same
is deemed safe by master.

 

P.              Vessel shall
be capable of full hot fresh water wash, as well as hot sea water wash followed
by fresh water rinse, with all fresh water to be procured by Charterers over
and above what vessel is capable of producing with all time and expense for the
cost of the water as well as extra bunkers, and time and expense for all
related operations to be for Charterers account. Owners will make best efforts
to produce fresh water for Charterer’s purposes, however without guaranty.

 

Q.            Worldwide
trading always within American Institute Trade Warranties limits and any
subsequent amendments thereof as permitted by U.S. and/or Marshall Island
authorities.

 

Charter may order the vessel to Alaska,
outside of American IWL, provided Owners’ consent thereto and that Charterers
pay for any insurance premium required by the vessel’s underwriters.  Charterers to give adequate prior notice to Owners
and Charterer shall provide and pay for response plan and OSRO coverage for the
vessel while in Alaskan waters.  All
costs for any breach of BIWL as well as all costs for trading to Alaska, and to
comply with Charterer’s orders to be for Charterer’s account including any
insurance premium required by the vessel’s underwriters.

 

Costs of complying with USWC trading, with
port, local and OPA 90 rules and regulations to be for Charterers account in
addition to filing spill response plans.

 

R.             Where the
vessel is required to change over to and from low sulphur fuel, the fuel
consumption and any delays due to flushing the fuel system is to be for Charterers
account.

 

S.              Owners
warrant that the vessel will perform ballast change in deep water in open sea
prior to arrival Primorsk, whenever time and circumstances permit, and will
ensure that ballast water content complies with Primorsk requirements so far as
possible. However, if Primorsk lab analysis of ballast indicates the
hydrocarbon contents exceed 0.05 ppm and source hydrocarbon is not from within
the vessel and vessel is consequently ordered to discharge ballast outside port
limits, then any unberthing and reberthing costs incurred as a consequence will
be for Charterers account.

 

87)                              Agency

 

Owners can
appoint their own agents or have the right to use and pay Charterer’s agents
for Owners’ matters.

 

 

88)                              Hull And Machinery Value

 

(Deleted)

 

89)                              War
Risk Premium

 

Owners to be
responsible only for the basic annual contributions payable to obtain war risk
cover. Charterer shall be responsible for the full amount of any sums payable
by way of additional premiums to maintain that full cover as a result of the
vessel proceding any areas designated as additional war risk premium areas.

 

90)                              Histories

 

Owners shall
provide a work history to Charterer prior to any change of the master, chief
engineer and chief officer serving onboard vessel. The history which shall show
the extent of tanker experience in rank. Similar histories shall be furnished
for any new master, chief engineer and chief officers prior to assignment to
the vessel. After reviewing same, Charterers have the right to reasonably
reject any of the above in which case Owners will nominate a substitute which
shall be subject to Charterers approval as well.

 

91)                              Personnel

 

Conversational
English language proficiency is required for the master and officers in charge
of cargo or bunker oil handling.

 

92)                              Reduction
or Increase in Deadweight

 

(Deleted)

 

93)                              Confidentiality

 

(Deleted)

 

94)                              General
Average

 

A.           In addition
to any other rights Charterer may have, and if requested by Charterer, Owners
will release one or more cargoes to Charterer for transshipment from a port of
refuge by and at the expense of Charterer in exchange for a nonseparation of
interest agreement, general average bond, and a general average undertaking
from cargo underwriters in the customary forms. Charterer’s transshipment
expenses, up to the general average expenses saved, are to be treated like the
general average expenses saved, as if those expenses had actually been incurred
and paid for by Charterer. If a subcharter is involved and freight is at risk,
subcharterer shall be credited for the vessel’s daily manning, bunkers,
insurance costs as well as port expenses saved for any part of the voyage not
required to be made by reason of transshipment. Bills of lading for such
transshipped cargoes are deemed to be accomplished on completion of transfer to
the transshipping vessel, and port of refuge where transfer is made shall be
treated as a discharge port.

 

B.             Any amounts
allowable in general average for wages, provisions and stores shall be credited
to Charterer insofar as such amounts are in respect of a period when the vessel
is on hire.

 

 

95)                              (Deleted)

 

96)          Hydrogen Sulphide
(H2S) Clause:

 

Owners shall comply with the requirements in ISGOTT (as amended from
time to time) concerning Hydrogen Sulphide and ensuring that the Hydrogen Sulphide
level is always below the threshold limit value (TLV).

 

If on arrival at the loading terminal, the loading authorities, inspectors
or other authorised and qualified personnel declare that the Hydrogen Sulphide
levels exceed the TLV and request the vessel to reduce the said level to within
the TLV, provided that the duration of the voyage between the
last discharge port and such loading terminal permits such reduction, then the delay shall be considered off hire and
any additional expenses incurred by Charterer to be for Owners account.

 

97)          Yugoslavia Clause

 

(Deleted)

 

98)          BIMCO ISPS Clause for
Time Charter Parties 2005

 

(A)           (i)   The Owners shall comply with the
requirements of the International Code for the Security of Ships and of Port Facilities
and the relevant amendments to Chapter XI of SOLAS (ISPS Code) relating to the
vessel and “the company” (as defined by the ISPS Code). If trading to or from
the United States or passing through United States waters, the Owners shall
also comply with the requirements of the U.S. Maritime Transportation Security Act
2002 (MTSA) relating to the vessel and the “owner” (as defined by the MTSA).

 

(ii)
     Upon request the Owners shall
provide the Charterers with a copy of the relevant International Ship Security Certificate
(or the interim international ship security certificate) and the full style
contact details of the Company Security Officer (CSO).

 

(iii)    Loss, damages, expense or
delay (excluding consequential loss, damages, expense or delay) caused by
failure on the part of the Owners or “the company”/”owner” to comply with the
requirements of the ISPS Code/MTSA or this Clause shall be for the Owners’
account, except as otherwise provided in this charter party.

 

(B)           (i)   The Charterers shall provide the Owners and
the master with their full style contact details and, upon request, any other
information the Owners require to comply with the ISPS Code/MTSA. Where
sub-letting is permitted under the terms of this charter party, the Charterers
shall ensure that the contact details of all sub-charterers are likewise
provided to the Owners and the master. Furthermore, the Charterers shall ensure
that all sub-charter parties they enter into during the period of this charter
party contain the following provision:

 

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

 

 

(ii)        Loss, damages, expense or
delay (excluding consequential loss, damages, expense or delay) caused by
failure on the part of the Charterers to comply with this Clause shall be for
the Charterers’ account, except as otherwise provided in this charter party.

 

(C)                               Notwithstanding
anything else contained in this charter party all delay, costs or expenses
whatsoever arising out of or related to security regulations or measures
required by the port facility or any relevant authority in accordance with the ISPS
Code/MTSA including, but not limited to, security guards, launch services,
vessel escorts, security fees or taxes and inspections, shall be for the Charterers’
account, unless such costs or expenses result solely from the negligence of the
Owners, master or crew. All measures required by the Owners to comply with the
ship security plan shall be for the Owners’ account.

 

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

 

99)                              Period / Charter Hire

 

Owner and Charterer agree that the initial
charter period shall be the period commencing on October 17, 2005 and ending on
October 16, 2011 (the “Initial Expiration Date”).  Until the Initial Expiration Date, the
Charterer shall pay to the Owner, charter hire (“Basic Hire”) monthly in
advance by the due date set forth in Clause 9. 
Each payment of Basic Hire (“Basic Hire Amount”) shall equal the basic
hire rate set forth in the initial charter rate table below that corresponds to
the time period for which payment is being made multiplied by the actual
number of days in the month for which the Basic Hire Amount is being
calculated. 

 

INITIAL CHARTER RATE TABLE

 

	
  CHARTER

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  October
  17, 2005

  	
   

  	
  October
  16, 2006

  	
   

  	
  USD
  18,500 per day

  
	
  2

  	
   

  	
  October
  17, 2006

  	
   

  	
  October
  16, 2007

  	
   

  	
  USD
  18,700 per day

  
	
  3

  	
   

  	
  October
  17, 2007

  	
   

  	
  October
  16, 2008

  	
   

  	
  USD
  18,800 per day

  
	
  4

  	
   

  	
  October
  17, 2008

  	
   

  	
  October
  16, 2009

  	
   

  	
  USD
  18,900 per day

  
	
  5

  	
   

  	
  October
  17, 2009

  	
   

  	
  October
  16, 2010

  	
   

  	
  USD
  19,100 per day

  

 

The Charterer may, at its option, extend the charter on one or more
occasions (provided that the charter is still in effect at the time of
extension) by giving written notice (the “Extension Notice”) to the Owner at
least 90 days prior to the expiration date of the charter then in effect.  The Extension Notice shall specify the new
expiration date of this charter, which shall be the first, second or third
anniversary of the existing expiration date; provided, however,
that in no event shall the expiration date be subsequent to October 16, 2015.  The Extension Notice shall also specify the Basic
Hire Amount for the selected extension period, which shall be calculated in the
same manner as the Basic Hire Amount for the initial charter period, and shall,
at the option of the Charterer, be equal to either:

 

 

A.           the one-,
two- or three-year time charter rate for VLCCs, which rate corresponds to the
selected extension period, established by the Association of Shipbrokers Agents
and Agents Tanker Broker Panel (the “Broker Panel”), plus five percent,
or

 

B.             the basic
hire rate for the corresponding time period(s) set forth in the option period
rate table below.

 

Upon receipt of the Extension Notice by the Owner, the charter shall be
extended to the new expiration date on the same terms and conditions (other
than as expressly set forth herein).  If,
at the time of the exercise of any extension period, the Broker Panel is no
longer quoting one-, two- or three-year time charter rates, then a mutually
acceptable replacement Broker Panel shall be selected by the Owner and Charterer.  The following broker panels shall be deemed
mutually acceptable by the Owner and Charterer:

 

London Tanker Broker Panel

 

OPTION PERIOD RATE TABLE

 

	
  OPTION

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  October
  17, 2010

  	
   

  	
  October
  16, 2011

  	
   

  	
  USD
  19,400 per day

  
	
  2

  	
   

  	
  October
  17, 2011

  	
   

  	
  October
  16, 2012

  	
   

  	
  USD
  19,700 per day

  
	
  3

  	
   

  	
  October
  17, 2012

  	
   

  	
  October
  16, 2013

  	
   

  	
  USD
  20,000 per day

  
	
  4

  	
   

  	
  October
  17, 2013

  	
   

  	
  October
  16, 2014

  	
   

  	
  USD
  20,200 per day

  
	
  5

  	
   

  	
  October
  17, 2014

  	
   

  	
  October
  16, 2015

  	
   

  	
  USD
  20,400 per day

  

 

ADDITIONAL HIRE

 

Charterer
agrees that Additional Hire Payment Amount (as defined in the Charter Framework
Agreement, dated October 6, 2005, by and among the Owners, the Charterer and
the other parties thereto), if any, shall be calculated and paid in accordance
with such Charter Framework Agreement.

 

100)        AMS Clause

 

U.S. Customs Clearance – if cargo is to be
discharged in a U.S. port or territory subject to control by the U.S. Customs
and Border Protection (CBP), Charterers warrant that all necessary details
required by CBP for clearance of the cargo, inclusive of but not limited to,
shipper consignee and notify party full name, address and phone number or telex
number, will be included on each bill of lading or alternatively supplied to
Owners in writing a minimum of 24 hours prior to the vessel’s arrival at the
first designated U.S. port of discharge. For voyages less than 24 hours in
duration this information must be included on the bill of lading or advised to
Owners prior to the vessel departure from the loading place or port.  Any delays, fines or penalties incurred due to
Charterers’ failure to comply with the above will be for Charterers’ account.

 

Effective March 4, 2004, all imported cargoes
into the U.S. must be electronically reported via the Bureau of U.S. Customs
and Border Protection AMS system.  This

 

 

requires the Owner to have a Type 3 International
Carriers Bond as well as a Standard Carriers Alpha Code (SCAC).  It is the responsibility of the Owner to
ensure that his reporting requirement occurs 24 hours prior to the vessel’s
arrival at the first U.S. port. Should the international voyage be less than 24
hours in duration, the Owner shall electronically file the manifest via the
automated manifest system at the time of the loading in the foreign port.  Owners and/or vessel master or their
designated agent will provide a copy of the electronically filed manifest to
the Charterers or their designated agent at the time of filing with CBP.

 

Owners warrant that it is aware of the
requirements of the U.S. Customs and Border Protection regulation issued on December
5, 2003 under Federal Register Part II Department of Homeland Security 19 CFP Parts
4, 103, et al. and will comply fully with these requirements for entering U.S.
ports.  Any delays, fines or penalties
incurred due to Owners failure to comply with the above will be for Owners
account.

 

The cost of filing to be for Charterers
account.  Charterers to be responsible
for any delay and/or fines related to late filing by their agents.

 

101)        House Flag/Charterers
Markings

 

At any time during the period of this
charter, Charterers shall have the privilege of flying their house flag, to
paint the funnel and bow crest in their house colors and to paint their
markings on ships sides and put/change the name of the vessel. Upon vessels
redelivery, Owners shall be obliged to rename the vessel and remove Charterers
markings on ships sides and repaint ships name and funnel. The cost of such
paintings and/or repaintings and/or name change to be for Charterers account
unless otherwise agreed with Owners.  Upon
Charterers request, crew to perform the work and payment to be settled directly
between Charterers and master.

 

In the event of a change in the technical
management of the vessel, Charterers shall have the option to change the
markings on the vessel and/or the name of the vessel at Owners time and
expense.

 

102)        Green Award Clause

 

Rebates in
port dues, etc. obtained via the green award certificate to be refunded to Charterers,
provided that Charterers have paid for the green award audit fees in full, or
prorated for the period covered under this charter party.

 

103)        Remeasure Clause

 

Charterers
have the option to re-measure the vessel for the purpose of satisfying certain
port/terminal regulations. All cost and time to be for Charterers’ account. The
vessel is to be redelivered non-measured at Owners’ option if Charterers
exercised their option to re-measure in the first place.

 

104)        Exxon Mooring

 

(Deleted)

 

105)        Storage Clause

 

Charterers
shall have the option of requesting the vessel to remain idle, at a safe place,
at anchor/or drifting.

 

 

106)        Breach Of Warranty Clause

 

(Deleted)

 

107)        Tracking System Clause

 

It is agreed
that Charterers may from the time of fixing until completion of the charter
period employ an INMARSAT tracking system on the vessel. Such tracking system
works on data provided from the vessel’s onboard INMARSAT C system and can be
installed simply, either remotely, or on some older systems with minimal set up
input from the vessel. All registration/communication costs relating to this
tracking system will be for Charterers’ account. Charterers will advise when
the system is operative and confirm termination on completion of charter.

 

108)        Q88.Com Clause

 

Owners to
provide, free of charge, a copy of the OCIMF VPQ in the required electronic form
so that the vessel can be included in Charterers’ subscription to the website “q88.com”.
Owners are furthermore required to update the system with vessel approval
status, certification and any other information as required on a regular basis.

 

109)                     Changes/Improvements
Necessary for the Operation of the Vessel or Imposed by Legislation, Class or
Oil Company Vetting Requirements

 

A.           In the event
any improvement, structural change or the installation of new equipment is
imposed by compulsory legislation and/or Class rules and/or oil company vetting
requirements, Charterers shall have the right to require that the Owners effect
such improvement, changes or installations. The Charterers shall fully
reimburse the Owners for the total cost of all such improvements, structural
changes or installations up to USD 50,000 in any calendar year. To the extent
that the total cost of all such improvements, structural changes or
installations exceed USD 50,000 in any calendar year, the Charterers shall
reimburse the Owners in an amount equal to 50 percent of the product of (i) the
cost of such improvements, structural changes or installations over USD 50,000
and (ii) a fraction, the numerator of which shall be the number of whole months
remaining in the charter period at the time of completion of such improvement,
structural change or installation (the “Remaining Charter Period”) and the
denominator of which shall be the number of whole months remaining in the
depreciation period of the vessel (calculated as 25 years from the year the
vessel was built) at the time of completion of such improvement, structural
change or installation (such product, the “Reimbursement Payment”) and the
balance of the cost of such improvement, structural change or installation over
USD 50,000 shall be paid by the Owners. In the event the charter period is
extended for any reason, included but not limited to any extension under Clause
99, the Charterers shall pay additional reimbursement to the Owners in an
amount equal to the difference between the reimbursement calculated under the
preceding sentence (plus any additional reimbursement calculated for any other
extension period if applicable) and the amount that would have been due from
the Charterers had the Remaining Charter Period used to calculate the Reimbursement
Payment including the number of whole months in the extension period as the
numerator of the relevant fraction.

 

 

B.             In the event
any improvement, structural change or the installation of new equipment, not
falling under (A) above, is deemed necessary by the Charterers for the
continued operation of the vessel, Charterers shall have the right at their own
cost to effect such improvement, structural changes or installation, with the
Owners’ consent which shall not unreasonably be withheld.

 

C.             The Owners shall
be notified in writing in advance by the Charterers about any changes and/or
improvements as afore mentioned.

 

D.            Any change,
improvement or installation made pursuant to this Clause shall be the property
of Owners.

 

110)        Third Party Clause

 

Except as may
be otherwise agreed in writing by the parties with any third party, a person
who is not party to this agreement/charter may not enforce, or otherwise have
the benefit of, any provision of this agreement/charter under the contract.

 

111)        Optional Termination

 

In the event
the vessel is not delivered under this charter by [IPO closing], 2005 both the
Owners and the Charterers shall have the right to terminate this charter and
neither the Owners nor the Charterers shall be entitled to damages or to any
other compensation or reimbursement of expenses.

 

112)        Damages Clause

 

In
subchartering to its customers, Charterer shall endeavor to avoid or limit any
liability to such customers for consequential damages. Owners shall not be
liable for any consequential damages or losses unless the Charterer’s
sub-charter provides for such consequential damages or losses to such
customers.

 

 

APPENDIX A

 

QUESTIONNAIRE 88 FOR M/T REBECCA

 

INTERTANKO’S STANDARD TANKER VOYAGE CHARTERING QUESTIONNAIRE
1988 (Version 2)

(Metric system to be applied, HVPQ reference
specified where applicable) 

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  HVPQ Ref

  	
   

  
	
  GENERAL INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date Updated:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  May 26, 2005

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Vessel’s name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Rebecca

  	
   

  	
   

  	
   

  	
  1.2

  	
   

  
	
  IMO number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  9043031

  	
   

  	
   

  	
   

  	
  1.3

  	
   

  
	
  Vessel’s previous name(s):

  	
   

  	
   

  	
   

  	
  Not Applicable

  	
   

  	
   

  	
   

  	
  1.4-1.7

  	
   

  
	
  Flag:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Marshall Island

  	
   

  	
   

  	
   

  	
  1.8

  	
   

  
	
  Port of Registry:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Maduro

  	
   

  	
   

  	
   

  	
  1.9

  	
   

  
	
  Call sign:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  V7AX3

  	
   

  	
   

  	
   

  	
  1.11

  	
   

  
	
  Inmarsat phone number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1554363

  	
   

  	
   

  	
   

  	
  1.12

  	
   

  
	
  Fax number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1554364

  	
   

  	
   

  	
   

  	
  1.13

  	
   

  
	
  Email address:

  	
   

  	
   

  	
   

  	
  V7AX3@globeemail.com

  	
   

  	
  1.16

  	
   

  
	
  Type of vessel:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Other

  	
   

  	
   

  	
   

  	
  1.17

  	
   

  
	
  Type of hull:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Double Hull

  	
   

  	
   

  	
   

  	
  1.19

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OWNERSHIP & OPERATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Registered owner - Full Style:

  	
   

  	
  THIRD AFRAMAX TANKER
  CORPERATION 

  HORSLEY HOUSE, REGENT CENTRE, GOSFORTH,

  NEWCASTLE UPON TYNE NE3 3HW U.K. 

  011-(44)-191-285-0621 

  osguk@osgship.com

  	
   

  	
  1.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Technical operator - Full Style:

  	
   

  	
  OSG SHIP MANAGEMENT(UK)
  LIMITED 

  HORSLEY HOUSE, REGENT CENTRE 

  011-(44)-191-285-0621 

  osguk@osgship.com

  	
   

  	
  1.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Commercial operator - Full Style:

  	
   

  	
  OSG SHIP MAANGEMENT INC. 

  511 5TH AVE NEW YORK, NY 10017 

  212-578-1667 

  OPERATIONS@OSG.COM

  	
   

  	
  1.25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Disponent owner / Bareboat charterer - Full Style:

  	
   

  	
  NA 

  NA 

  NA 

  NA

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of vessels in disponent owner’s fleet:

  	
   

  	
  1

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  BUILDER

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Where Built :

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  HYUNDAI HEAVY INDUSTRY CO.,
  LTD.

  	
   

  	
  1.26

  	
   

  
	
  Date Delivered:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 10, 1994

  	
   

  	
   

  	
   

  	
  1.31

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CLASSIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Vessel’s classification society:

  	
   

  	
   

  	
   

  	
  American Bureau of Shipping

  	
   

  	
  1.34

  	
   

  
	
  Class notation:

  	
   

  	
   

  	
   

  	
  +A1(E), +AMS, OIL CARRIER,
  +ACCU, SBT, IGS, COW

  	
   

  	
  1.35

  	
   

  
	
  If Classification society changed, name of previous society?

  	
   

  	
  Not Applicable

  	
   

  	
   

  	
   

  	
  1.36

  	
   

  
	
  If Classification society changed, date of change?

  	
   

  	
  Not Applicable

  	
   

  	
   

  	
   

  	
  1.37

  	
   

  
	
  Last dry-dock:

  	
   

  	
  Apr 14, 2004

  	
   

  	
   

  	
   

  	
  1.38

  	
   

  
	
  Last special survey:

  	
   

  	
  Mar 31, 2004

  	
   

  	
   

  	
   

  	
  1.41

  	
   

  
	
  Latest CAP Rating (if applicable)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  1.44

  	
   

  
	
  Last annual survey:

  	
   

  	
  Mar 31, 2004

  	
   

  	
   

  	
   

  	
  1.45

  	
   

  
	
  Does the vessel have a statement of compliance issued under

  the provisions of the Condition Assessment Scheme (CAS)?

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIMENSIONS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LOA (Length Over All):

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  244.81 Metres

  	
   

  	
   

  	
   

  	
  1.49

  	
   

  
	
  Extreme breadth:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  42 Metres

  	
   

  	
   

  	
   

  	
  1.51

  	
   

  
	
  KTM (Keel to Masthead):

  	
   

  	
   

  	
   

  	
  50.35 Metres

  	
   

  	
   

  	
   

  	
  1.54

  	
   

  
	
  BCM (Bow to Center Manifold):

  	
   

  	
   

  	
   

  	
  121.93 Metres

  	
   

  	
   

  	
   

  	
  1.57.1

  	
   

  
	
  Lightship parallel body length:

  	
   

  	
   

  	
   

  	
  75 Metres

  	
   

  	
   

  	
   

  	
  1.57.3

  	
   

  
	
  Normal ballast parallel body length:

  	
   

  	
   

  	
   

  	
  104 Metres

  	
   

  	
   

  	
   

  	
  1.57.6

  	
   

  
	
  Parallel body length at Summer DWT:

  	
   

  	
   

  	
   

  	
  118.8 Metres

  	
   

  	
   

  	
   

  	
  1.57.9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TONNAGES

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Tonnage:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  28328 Tonnes

  	
   

  	
   

  	
   

  	
  1.59

  	
   

  
	
  Gross Tonnage:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  53341 Tonnes

  	
   

  	
   

  	
   

  	
  1.60

  	
   

  
	
  Suez Net Tonnage:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Tonnes

  	
   

  	
   

  	
   

  	
  1.61

  	
   

  
	
  Panama Net Tonnage:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Tonnes

  	
   

  	
   

  	
   

  	
  1.62

  	
   

  

 

	
   

  	
   

  	
  Freeboard

  	
   

  	
  Draft

  	
   

  	
  Deadweight

  	
   

  	
  Displacement

  	
   

  	
   

  	
   

  
	
  LOADLINE INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Summer:

  	
   

  	
  5917 Metres

  	
   

  	
  13.616 Metres

  	
   

  	
  94872.5 Tonnes

  	
   

  	
  111893 Tonnes

  	
   

  	
  1.63

  	
   

  
	
  Winter:

  	
   

  	
  6200 Metres

  	
   

  	
  13.333 Metres

  	
   

  	
  92289.8 Tonnes

  	
   

  	
  109310.3 Tonnes

  	
   

  	
  1.64

  	
   

  
	
  Tropical:

  	
   

  	
  5633 Metres

  	
   

  	
  13.9 Metres

  	
   

  	
  97473.5 Tonnes

  	
   

  	
  114494 Tonnes

  	
   

  	
  1.65

  	
   

  
	
  Lightship:

  	
   

  	
  16983 Metres

  	
   

  	
  2.55 Metres

  	
   

  	
    Tonnes

  	
   

  	
  17020.5 Tonnes

  	
   

  	
  1.66

  	
   

  
	
  Normal Ballast Condition:

  	
   

  	
  12223 Metres

  	
   

  	
  7.31 Metres

  	
   

  	
  39235.1 Tonnes

  	
   

  	
  56255.6 Tonnes

  	
   

  	
  1.67

  	
   

  

 

	
  TPC on summer draft:

  	
   

  	
   

  	
   

  	
  91.45 Tonnes

  	
   

  	
   

  	
   

  	
  1.70

  	
   

  
	
  Does vessel have Multiple
  SDWT?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  1.72

  	
   

  
	
  If yes what is the maximum
  assigned Deadweight?

  	
   

  	
  94872.5 Tonnes

  	
   

  	
   

  	
   

  	
  1.73

  	
   

  

 

 

	
  Air draft (sea level to top of mast/highest point) in normal SBT
  condition?

  	
   

  	
  43.040 Metres

  	
   

  	
  1.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  RECENT OPERATIONAL HISTORY

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Has vessel been involved in any collision, grounding or

  pollution incident the past 12 months, full description:

  	
   

  	
  Pollution: No 

  Grounding: No 

  Collision: No

  	
   

  	
  1.77-1.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CERTIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Owners warrant following certificates to be valid throughout the
  Charter Party period:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SOLAS Safety Equipment:

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
  2.2

  	
   

  
	
  SOLAS Safety Radio:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
  2.3

  	
   

  
	
  SOLAS Safety Construction:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
  2.4

  	
   

  
	
  Load line:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
  2.5

  	
   

  
	
  IOPPC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
  2.6

  	
   

  
	
  Safety Management (ISM):

  	
   

  	
   

  	
   

  	
  Feb 10, 2007

  	
   

  	
   

  	
   

  	
  2.8

  	
   

  
	
  USCG COC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Jan 16, 2006

  	
   

  	
   

  	
   

  	
  2.11

  	
   

  
	
  CLC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Feb 20, 2006

  	
   

  	
   

  	
   

  	
  2.13

  	
   

  
	
  US COFR:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Aug 17, 2007

  	
   

  	
   

  	
   

  	
  2.15

  	
   

  
	
  Certificate of Fitness (Gas/Chemicals):

  	
   

  	
   

  	
   

  	
  Gas: Not Applicable 

  Chem: Not Applicable

  	
   

  	
  2.16 & 2.17

  	
   

  
	
  Certificate of Class:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Mar 31, 2009

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ISPS ISSC:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  May 13, 2009

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DOCUMENTATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does the vessel have the following documents on board?

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  International Safety Guide for Oil Tankers & Terminals (ISGOTT):

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  2.28

  	
   

  
	
  OCIMF/ICS Ship to Ship Transfer Guide (Petroleum):

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  2.31

  	
   

  
	
  Is the vessel entered with ITOPF?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREW MANAGEMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Master

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  KOREA

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Officers:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  KOREAN

  	
   

  	
   

  	
   

  	
  3.1

  	
   

  
	
  Nationality of Crew:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  PHILIPPINES

  	
   

  	
   

  	
   

  	
  3.2

  	
   

  
	
  If Officers/Crew employed by a Manning Agency - Full Style:

  	
   

  	
  Officers: OVERSEAS SHIPPING
  CORPERATION 

  Crew: C.F.SHARP CREW MANAGEMENT INC.

  	
   

  	
  3.1 & 3.2

  	
   

  
	
  What is the common working language onboard?

  	
   

  	
  ENGLISH

  	
   

  	
   

  	
   

  	
  3.1

  	
   

  
	
  Do key officers understand English?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In case of Flag Of Convenience (FOC), is the ITF Special Agreement on
  board?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  STRUCTURAL CONDITION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Are cargo tanks coated?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  7.1

  	
   

  
	
  If Yes, specify type of coating:

  	
   

  	
   

  	
   

  	
  TAR EPOXY

  	
   

  	
  7.1.1

  	
   

  
	
  If cargo tanks are coated, specify to what extent:

  	
   

  	
  Bottom Only & Deckhead
  only

  	
   

  	
  7.1.3

  	
   

  
	
  Are slop tanks coated?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If slop tanks are coated, specify to what extent:

  	
   

  	
   

  	
   

  	
  Whole Tank

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO & BALLAST SYSTEMS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If double hull, is vessel fitted with centreline bulkhead in all cargo
  tanks?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.2

  	
   

  
	
  Groups / Tank Capacities

  	
   

  	
   

  	
   

  	
  1: Cu.
  Metres – , 2: Cu. Metres - 3: Cu. Metres - 4: Cu. Metres - 5: Cu. Metres - 6:
  Cu. Metres - 7: Cu.
  Metres - 8: Cu. Metres - 9: Cu. Metres -

  	
   

  	
  8.3

  	
   

  
	
  Total cubic capacity 98% ex slop tank:

  	
   

  	
  103269 Cu. Metres

  	
   

  	
   

  	
   

  	
  8.4 & 8.6

  	
   

  
	
  Slop tank(s) capacity 98%:

  	
   

  	
  2667.5 Cu. Metres

  	
   

  	
   

  	
   

  	
  8.5 & 8.7

  	
   

  
	
  SBT or CBT?

  	
   

  	
   

  	
   

  	
  SBT

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If SBT, what percentage of SDWT can vessel maintain with SBT only?

  	
   

  	
   

  	
   

  	
  41.6%

  	
   

  	
   

  	
   

  	
  8.14.2

  	
   

  
	
  If SBT, does vessel meet the requirements of MARPOL Reg 13(2)?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.14.3

  	
   

  
	
  Number of natural segregations with double valve:

  	
   

  	
   

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
  8.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO PUMPS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / Capacity / Type:

  	
   

  	
  3 x 2500 Cu. Metres/Hour
  (Centrifugal)

  	
   

  	
  8.18-8.25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GAUGING AND SAMPLING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Can tank innage/ullage be read from the CCR?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.48

  	
   

  
	
  Can vessel operate under closed conditions in accordance with ISGOTT
  7.6.3?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.51

  	
   

  
	
  Type of tank gauging system (radar / floating / other)

  	
   

  	
   

  	
   

  	
  Floating

  	
   

  	
   

  	
   

  	
  8.51.1

  	
   

  
	
  Are high level alarms fitted and operational in cargo tanks?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  VAPOUR EMISSION CONTROL AND VENTING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is a vapour return system fitted?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.65

  	
   

  
	
  State what type of venting system is fitted:

  	
   

  	
  HIGH VELOCITY

  	
   

  	
   

  	
   

  	
  8.67

  	
   

  
	
  Max loading rate per midships connection for homogenous cargo?

  	
   

  	
  10300 Cu. Metres/Hour

  	
   

  	
   

  	
   

  	
  8.79

  	
   

  

 

 

	
  CARGO MANIFOLDS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does vessel comply with the latest edition of the OCIMF
  ‘Recommendations for Oil Tanker Manifolds and Associated Equipment’?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  8.80

  	
   

  
	
  What is the number of cargo connections per side?

  	
   

  	
  3

  	
   

  	
   

  	
   

  	
  8.83

  	
   

  
	
  What is the size of cargo connections?

  	
   

  	
   

  	
   

  	
  450 Millimetres

  	
   

  	
   

  	
   

  	
  8.84

  	
   

  
	
  What is the material of the manifold?

  	
   

  	
   

  	
   

  	
  CARBON STEEL

  	
   

  	
   

  	
   

  	
  8.86

  	
   

  
	
  Distance between cargo manifold centres:

  	
   

  	
   

  	
   

  	
  2500 Millimetres

  	
   

  	
   

  	
   

  	
  8.93

  	
   

  
	
  Distance ships rail to manifold:

  	
   

  	
   

  	
   

  	
  4600 Millimetres

  	
   

  	
   

  	
   

  	
  8.95

  	
   

  
	
  Distance main deck to centre of manifold:

  	
   

  	
   

  	
   

  	
  2100 Millimetres

  	
   

  	
   

  	
   

  	
  8.97

  	
   

  
	
  Height of manifold connections above the waterline

  at loaded (Summer Deadweight) condition?

  	
   

  	
  8 Metres

  	
   

  	
   

  	
   

  	
  8.101

  	
   

  
	
  Height of manifold connections above the waterline in normal ballast?

  	
   

  	
  14.3 Metres

  	
   

  	
   

  	
   

  	
  8.102

  	
   

  
	
  Is vessel fitted with a stern manifold?

  	
   

  	
   

  	
   

  	
  No

  	
   

  	
   

  	
   

  	
  8.104

  	
   

  
	
  Number / size reducers:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  6 x 450/400 Millimetres

  3 x 450/300 Millimetres

  3 x 450/250 Millimetres

  3 x 450/200 Millimetres

  1 x 300/200 Millimetres

  	
   

  	
  8.106-8.110

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO HEATING

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Type of cargo heating system?

  	
   

  	
   

  	
   

  	
  COILS

  	
   

  	
   

  	
   

  	
  8.120

  	
   

  
	
  Material of heating system?

  	
   

  	
   

  	
   

  	
  STEEL

  	
   

  	
   

  	
   

  	
  8.128

  	
   

  
	
  Max load temp:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  53.0 °C / 127.4 °F

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Max temp maintain:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  63.0 °C / 145.4 °F

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IGS & COW

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is an Inert Gas System (IGS) fitted?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  9.1

  	
   

  
	
  Is IGS supplied by flue gas, inert gas (IG) generator and/or nitrogen?

  	
   

  	
  IG Generator

  	
   

  	
   

  	
   

  	
  9.3

  	
   

  
	
  Is a Crude Oil Washing (COW) installation fitted?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  9.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MOORING ARRANGEMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / length / diameter of wires:

  	
   

  	
   

  	
   

  	
  Forecastle: 4 / 220 / 32

  Fwd main deck: 4 / 220 / 32

  Aft main deck: 2 / 220 / 32

  Poop: 6 / 220 / 32

  	
   

  	
  10.2-5

  	
   

  
	
  Breaking strength of wires:

  	
   

  	
   

  	
   

  	
  Forecastle: 73

  Fwd main deck: 73

  Aft main deck: 73

  Poop: 73

  	
   

  	
  10.2-5

  	
   

  
	
  Number / length / diameter of ropes:

  	
   

  	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
  10.11-18

  	
   

  
	
  Breaking strength of ropes:

  	
   

  	
   

  	
   

  	
  None

  	
   

  	
   

  	
   

  	
  10.11-18

  	
   

  
	
  Number and brake holding power of winches:

  	
   

  	
   

  	
   

  	
  Forecastle: 2 / 53.3

  Fwd main deck: 2 / 53.3

  Aft main deck: 1 / 53.3

  Poop: 3 / 53.3

  	
   

  	
  10.22-10.25

  	
   

  

 

 

 

	
  How many closed chocks and/or fairleads of enclosed type are fitted
  on:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Focsle:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck fwd:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck aft:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Poop:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SINGLE POINT MOORING (SPM) EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fairlead size:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  600 X 450

  	
   

  	
   

  	
   

  	
  10.48

  	
   

  
	
  Does vessel comply with the latest edition of OCIMF ‘Recommendations
  for Equipment Employed in the Mooring of Vessels at Single Point Moorings
  (SPM)’?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  10.60

  	
   

  
	
  Is vessel fitted with chain stopper(s)?

  	
   

  	
   

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
  10.61

  	
   

  
	
  Number:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  2

  	
   

  	
   

  	
   

  	
  10.61.1

  	
   

  
	
  Type:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  TONGUE TYPE

  	
   

  	
   

  	
   

  	
  10.61.2

  	
   

  
	
  SWL:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  200 Tonnes

  	
   

  	
   

  	
   

  	
  10.61.3

  	
   

  
	
  Max diameter chain size:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  76 Millimetres

  	
   

  	
   

  	
   

  	
  10.62

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIFTING EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Derrick(s) - Number / SWL:

  	
   

  	
   

  	
   

  	
  0 / 0 Tonnes

  	
   

  	
   

  	
   

  	
  10.75

  	
   

  
	
  Crane(s) - Number / SWL:

  	
   

  	
   

  	
   

  	
  2 / 15 Tonnes

  	
   

  	
   

  	
   

  	
  10.76

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ENGINE ROOM

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  What type of fuel is used for main propulsion?

  	
   

  	
  IFO-380

  	
   

  	
   

  	
   

  	
  12.5

  	
   

  
	
  What type of fuel is used in the generating plant?

  	
   

  	
  MDO/HFO

  	
   

  	
   

  	
   

  	
  12.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANOUS

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P & I Club name:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  GARD

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Last three cargoes (Last / 2nd Last / 3rd Last):

  	
   

  	
   

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Last three charterers (Last / 2nd Last / 3rd
  Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Last three voyages (Last / 2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  	
   

  
	
  Date of last SIRE Inspection:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date of last CDI Inspection:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Current Oil Major Company Acceptances (TBOOK):

  	
   

  	
  BP / BHP / SHELL / DREYFUS
  / CHEVRONTEXACO / EXXONMOBIL / STATOIL

  	
   

  	
   

  	
   

  
	
  Date and place of last Port State Control:

  	
   

  	
   

  	
   

  	
  Mar 11, 2004 / TRANMERE

  	
   

  	
   

  	
   

  
	
  Any outstanding deficiencies as reported by any Port State Control?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If yes, provide details:

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  NA

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  FOR USA
  CALLS ONLY

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Qualified individual (QI) -
  Full Style:

  	
   

  	
   

  	
   

  	
  STEVE MCCALL 

  511 5TH AVE. NEW YORK, NY 10017

  212-578-1892 

  SMCCALL@OSG.COM

  	
   

  
	
  Oil Spill Response
  Organization (OSRO) -Full Style:

  	
   

  	
  MSRC

  

  1-800-OIL-SPILL

  	
   

  	
   

  	
   

  
	
  Has owner, manager, or operator signed the Sea Carrier Initiative
  agreement with US customs concerning drug smuggling?

  	
   

  	
  Yes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Revised:
  July 2004 (INTERTANKO.com
  / Q88.com)

  	
   

  

 

 

APPENDIX B

 

APPROVED SHIP BROKERS

 

P.F. Bassoe A/S (Norway)

Platou (Norway)

Fearnleys (Norway)

H. Clarkson (U.K.)

E.A. Gibson (U.K.)

Simpson Spence & Young Ltd.

Jacq. Pierot Jr. & Sons, Inc.
(USA)

Compass Maritime Services LLC

Galbraith’s Limited

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]