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                                                                    EXHIBIT 10.2
                       AMERCIAN EAGLE TANKERS, INC., LTD.
                                2001 STOCK PLAN

           adopted by the Company's board of directors on ___, 2001;
              approved by the Company's stockholders on ___, 2001

1.  Establishment and Purpose.

The purpose of the Plan is to offer selected individuals an opportunity to
acquire a proprietary interest in the success of the Company, or to increase
such interest, by purchasing Shares of the Company's Stock and to encourage the
highest level of performance by such individuals. The Plan provides both for the
direct award or sale of Shares and for the grant of Options to purchase Shares.
Options granted under the Plan may include Nonstatutory Options as well as ISOs
intended to qualify under Section 422 of the Code. Capitalized terms are defined
in Section 12.

2.  Administration.

    (a) Committees of the Board of Directors. The Plan may be administered by
        one or more Committees, including a Compensation Committee. Each
        Committee shall consist of one or more members of the Board of Directors
        who have been appointed by the Board of Directors. Each Committee shall
        have such authority and be responsible for such functions as the Board
        of Directors has assigned to it. If no Committee has been appointed, the
        entire Board of Directors shall administer the Plan. Alternatively,
        administration of one or more functions under the Plan may be delegated
        to an officer of the Company. Any reference to the Board of Directors in
        the Plan shall be construed as a reference to the Committee or officer
        (if any) to whom the Board of Directors has assigned a particular
        function.

    (b) Authority of the Board of Directors. Subject to the provisions of the
        Plan, the Board of Directors and/or the Compensation Committee as the
        case may be shall have full authority and discretion to take any actions
        it deems necessary or advisable for the administration of the Plan,
        including, without limitation, the determination of eligible persons
        and entitlement, the waiver of any conditions, including vesting under
        any Stock Option Agreement or Stock Purchase Agreement, vesting and/or
        exercise periods, grants and dates therof, or the provision for deferral
        of taxable income under any award. All decisions, interpretations and
        other actions of the Board of Directors shall be final, binding and
        conclusive on all Purchasers, all Optionees and all persons deriving
        their rights from a Purchaser or Optionee.

3.  Eligibility.

    (a) General Rule. Employees and any member of the Board of Directors
        including Outside Directors shall be eligible for the grant of Options
        or the direct award or sale of Shares. Only Employees shall be eligible
        for the grant of ISOs.

    (b) Ten-Percent Stockholders. An individual who owns more than 10% of the
        total combined voting power of all classes of outstanding stock of the
        Company, its Parent or any of its Subsidiaries shall not be eligible for
        designation as an Optionee or Purchaser unless (i) the Exercise Price is
        at least 110% of the Fair Market Value of a Price on the date of grant,
        (ii) the Purchase Price (if any) is at

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least 100% of the Fair Market Price of a Share and (iii) in the case of an ISO,
such ISO by its terms is not exercisable after the expiration of five years from
the date of grant. For purposes of this Subsection (b), in determining stock
ownership, the attribution rules of Section 424(d) of the Code will apply.

4.  Stock Subject to Plan.

    (a) Basic Limitation. Shares offered under the Plan may be authorized but
        unissued Shares or treasury Shares. The aggregate number of Shares in
        the initial pool which is expected to last for 3 to 5 years from the
        date of the initial public offering of the Company and that may be
        issued under the Plan (upon exercise of Options or other rights to
        acquire Shares) shall not exceed 2,500,000 Shares, subject to adjustment
        pursuant to Section 8. The number of Shares that are subject to Options
        or other rights outstanding at any time under the Plan shall not exceed
        the number of Shares that then remain available for issuance under the
        Plan. The Company, during the term of the Plan, shall at all times
        reserve and keep available sufficient Shares to satisfy the requirements
        of the Plan.

    (b) Additional Shares. In the event that any outstanding Option or other
        right for any reason expires, is canceled, forfeited or otherwise
        terminated without being exercised or settled, as the case may be, the
        Shares allocable to the unexercised portion of such Option or other
        right shall remain available for grant under the Plan. In the event that
        Shares issued under the Plan are reacquired by the Company pursuant to
        any forfeiture provision, right of repurchase or right of first refusal,
        such Shares shall again be available for the purposes of the Plan,
        except that the aggregate number of Shares which may be issued upon the
        exercise of ISOs shall in no event exceed the number of shares in
        accordance with subclause 4(a) above.

5.  Terms and Conditions of Awards or Sales.

    (a) Stock Purchase Agreement. Each award or sale of Shares under the Plan
        (other than upon exercise of an Option) shall be evidenced by a Stock
        Purchase Agreement between the Purchaser and the Company. Such award or
        sale shall be subject to all applicable terms and conditions of the Plan
        and may be subject to any other terms and conditions which are not
        inconsistent with the Plan and which the Board of Directors deems
        appropriate for inclusion in a Stock Purchase Agreement, including,
        without limitation, covenants prohibiting the recipient from competing
        with the Company or soliciting the employees, customers or clients of
        the Company. The provisions of the various Stock Purchase Agreements
        entered into under the Plan need not be identical.

    (b) Duration of Offers and Nontransferability of Rights. Any right to
        acquire Shares under the Plan (other than an Option) shall automatically
        expire if not exercised by the Purchaser within 30 days after the grant
        of such right was communicated to the Purchaser by the Company. Such
        right shall not be transferable and shall be exercisable only by the
        Purchaser to whom such right was granted.

    (c) Purchase Price. The Purchase Price of Shares to be offered under the
        Plan shall not be less than 85% of the Fair Market Price of such Shares,
        and a higher percentage may be required by Section 3(b). Subject to the
        preceding sentence,

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            the Purchase Price shall be determined by the Board of Directors in
            its sole discretion. The Purchase Price shall be payable in a form
            described in Section 7.

      (d)   Withholding Taxes. As a condition to the purchase of Shares, the
            Purchaser shall make such arrangements as the Board of Directors may
            require for the satisfaction of any federal, state, local or foreign
            withholding tax obligations that may arise in connection with such
            purchase.

      (e)   Restrictions on Transfer of Shares and Minimum Vesting. Any Shares
            awarded or sold under the Plan shall be subject to such special
            forfeiture conditions, rights of repurchase, rights of first refusal
            and other transfer restrictions as the Board of Directors may
            determine. Such restrictions shall be set forth in the applicable
            Stock Purchase Agreement and shall apply in addition to any
            restrictions that may apply to holders of Shares generally. Unless
            otherwise determined by the Board of Directors, any such repurchase
            right may be exercised only within 90 days after the termination of
            the Purchaser's Service for cash or for cancellation of indebtedness
            incurred in purchasing the Shares.

      (f)   Accelerated Vesting. Unless the applicable Stock Purchase Agreement
            provides otherwise, any right to repurchase a Purchaser's Shares at
            the original Purchase Price (if any) upon termination of the
            Purchaser's Service shall lapse and all of such Shares shall become
            vested if:

            (i)   The Company is subject to a Change in Control before the
                  Purchaser's Service terminates; and

            (ii)  The repurchase right is not assigned to the entity that
                  employs the Purchaser immediately after the Change in Control
                  or to its parent or subsidiary.

            The Board of Directors, in its sole discretion, may provide for
            additional protections following a Change in Control.

      (g)   Rights as a Stockholder. The Purchaser shall have full stockholder
            rights with respect to any Shares awarded or sold under the Plan.
            Accordingly, Participant shall have the right to vote such Shares
            and receive any cash dividends paid on such shares.

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6.    Terms and Conditions of Options.

      (a)   Stock Option Agreement. Each grant of an Option under the Plan shall
            be evidenced by a Stock Option Agreement between the Optionee and
            the Company. Such Option shall be subject to all applicable terms
            and conditions of the Plan and may be subject to any other terms and
            conditions which are not inconsistent with the Plan and which the
            Board of Directors deems appropriate for inclusion in a Stock Option
            Agreement, including, without limitation, covenants prohibiting the
            recipient from competing with the Company or soliciting the
            employees, customers or clients of the Company. The provisions of
            the various Stock Option Agreements entered into under the Plan need
            not be identical.

      (b)   Number of Shares. Each Stock Option Agreement shall specify the
            number of Shares that are subject to the Option and shall provide
            for the adjustment of such number in accordance with Section 8. The
            Stock Option Agreement shall also specify whether the Option is an
            ISO or a Nonstatutory Option.

      (c)   Exercise Price. Each Stock Option Agreement shall specify the
            Exercise Price. The Exercise Price of an ISO shall not be less than
            100% of the Fair Market Price of a Share on the date of grant, and a
            higher percentage may be required by Section 3(b). The Exercise
            Price of a Nonstatutory Option shall not be less than 85% of the
            Fair Market Price of a Share on the date of grant, and a higher
            percentage may be required by Section 3(b). Subject to the preceding
            two sentences, the Exercise Price under any Option shall be
            determined by the Board of Directors in its sole discretion. The
            Exercise Price shall be payable in a form set forth in the
            applicable Stock Option Agreement.

      (d)   Withholding Taxes. As a condition to the exercise of an Option, the
            Optionee shall make such arrangements as the Board of Directors may
            require for the satisfaction of any federal, state, local or
            foreign withholding tax obligations that may arise in connection
            with such exercise. The Optionee shall also make such arrangements
            as the Board of Directors may require for the satisfaction of any
            federal, state, local or foreign withholding tax obligations that
            may arise in connection with the disposition of Shares acquired by
            exercising an Option.

      (e)   Exercisability. Each Stock Option Agreement shall specify the date
            when all or any installment of the Option is to become exercisable,
            as determined by the Board of Directors at its sole discretion.

      (f)   Accelerated Vesting. Unless the applicable Stock Option Agreement
            provides otherwise, all of an Optionee's Options shall become vested
            and exercisable in full if.

            (i)   The Company is subject to a Change in Control before the
                  Optionee's Service terminates;

            (ii)  Such Options are not assumed by the surviving corporation or
                  its parent; and

            (iii) The surviving corporation or its parent does not substitute
                  options or similar awards with substantially the same terms
                  for such Options.

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            The Board of Directors, in its sole discretion, may provide for
            additional protections following a Change in Control.

      (g)   Basic Term. The Stock Option Agreement shall specify the term of the
            Option. The term shall not exceed 10 years from the date of grant,
            and a shorter term may be required by Section 3(b). Subject to the
            preceding sentence, the Board of Directors at its sole discretion
            shall determine when an Option is to expire.

      (h)   Nontransferability. Unless otherwise determined by the Board of
            Directors, no Option shall be transferable by the Optionee other
            than by beneficiary designation, will or the laws of descent and
            distribution. An Option may be exercised during the lifetime of the
            Optionee only by the Optionee or by the Optionee's guardian or legal
            representative. No Option or interest therein may be transferred,
            assigned, pledged or hypothecated by the Optionee during the
            Optionee's lifetime, whether by operation of law or otherwise, or be
            made subject to execution, attachment or similar process.

      (i)   Termination of Service (Except by Death). If an Optionee's Service
            terminates for any reason other than the Optionee's death, then the
            Optionee's Options shall expire on the earliest of the following
            occasions:

            (i)   The expiration date determined pursuant to Subsection (g)
                  above;

            (ii)  The date three months after the termination of the Optionee's
                  Service for any reason other than Disability, or such later
                  date as the Board of Directors may determine; or

            (iii) The date twelve months after the termination of the Optionee's
                  Service by reason of Disability, or such later date as the
                  Board of Directors may determine.

            The Optionee may exercise all or part of the Optionee's Options at
            any time before the expiration of such Options under the preceding
            sentence, but only to the extent that such Options had become
            exercisable before the Optionee's Service terminated (or became
            exercisable as a result of the termination) and the underlying
            Shares had vested before the Optionee's Service terminated (or
            vested as a result of the termination). The balance of such Options
            shall lapse when the Optionee's Service terminates. In the event
            that the Optionee dies after the termination of the Optionee's
            Service but before the expiration of the Optionee's Options, all or
            part of such Options may be exercised (prior to expiration) by the
            executors or administrators of the Optionee's estate or by any
            person who has acquired such Options directly from the Optionee by
            beneficiary designation, bequest or inheritance, but only to the
            extent that such Options had become exercisable before the
            Optionee's Service terminated (or became exercisable as a result of
            the termination) and the underlying Shares had vested before the
            Optionee's Service terminated (or vested as a result of the
            termination).
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      (j)   Leaves of Absence. Terms and conditions associated with Leaves of
            Absence will be determined by the Board on a case by case basis.

      (k)   Death of Optionee. If an Optionee dies while the Optionee is in
            Service, then the Optionee's Options shall expire on the earlier of
            the following dates:

            (i)   The expiration date determined pursuant to Subsection (g)
                  above; or

            (ii)  The date twelve months after the Optionee's death.

            All or part of the Optionee's Options may be exercised at any time
            before the expiration of such Options under the preceding sentence
            by the executors or administrators of the Optionee's estate or by
            any person who has acquired such Options directly from the Optionee
            by beneficiary designation, bequest or inheritance, but only to the
            extent that such Options had become exercisable before the
            Optionee's death or became exercisable as a result of the death. The
            balance of such Options shall lapse when the Optionee dies.

      (1)   No Rights as a Stockholder. An Optionee, or a transferee of an
            Optionee, shall have no rights as a stockholder with respect to any
            Shares covered by the Optionee's Option until such person becomes
            entitled to receive such Shares by filing a notice of exercise and
            paying the Exercise Price pursuant to the terms of such Option.

      (m)   Modification, Extension and Assumption of Qptions. Within the
            limitations of the Plan, the Board of Directors may modify, extend
            or assume outstanding Options or may accept the cancellation of
            outstanding Options (whether granted by the Company or another
            issuer) in return for the grant of new Stock or Options with
            different terms. The foregoing notwithstanding, no modification of
            an Option shall, without the consent of the Optionee, impair the
            Optionee's rights or increase the Optionee's obligations under such
            Option.

      (n)   Restrictions on Transfer of Shares and Minimum Vesting. Any Shares
            issued upon exercise of an Option shall be subject to such special
            forfeiture conditions, rights of repurchase, rights of first refusal
            and other transfer restrictions as the Board of Directors may
            determine. Such restrictions shall be set forth in the applicable
            Stock Option Agreement and shall apply in addition to any
            restrictions that may apply to holders of Shares generally.

      (o)   Limit on ISOs. The aggregate Fair Market Price (determined with
            respect to each ISO at the time such ISO is granted) of the Shares
            with respect to which ISOs are exercisable for the first time by an
            Optionee during any calendar year (under this Plan or any other plan
            of the Company) shall not exceed $100,000. Any portion of an Option
            that exceeds this annual limit shall be a Nonstatutory Option.

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7.    Payment for Shares.

      General Rule. The entire Purchase Price or Exercise Price of Shares issued
      under the Plan shall be payable in cash or cash equivalents, or other
      methods as approved by the Board, at the time when such Shares are
      purchased.

8.    Adjustment of Shares.

      (a)   General. In the event of a subdivision of the outstanding Stock, a
            declaration of a dividend payable in Shares, a declaration of an
            extraordinary dividend payable in a form other than Shares in an
            amount that has a material effect on the Fair Market Price of the
            Stock, a combination or consolidation of the outstanding Stock into
            a lesser number of Shares, a recapitalization, a spin-off, a
            reclassification or a similar occurrence, the Board of Directors may
            make appropriate adjustments in one or more of: (i) the number of
            Shares available for future grants under Section 4, (ii) the number
            of Shares covered by each outstanding Option or (iii) the Exercise
            Price under each outstanding Option.

      (b)   Mergers, Consolidation and other Acquisitions. In the event that the
            Company is a party to a merger, consolidation or other acquisition
            (including, without limitation, the acquisition of all or
            substantially all of the Company's securities for cash), outstanding
            Options shall be subject to the applicable acquisition agreement.
            Such agreement, without the Optionees' consent, may provide for:

            (i)   The continuation of such outstanding Options by the Company
                  (if the Company is the surviving corporation);

            (ii)  The assumption of the Plan and such outstanding Options by the
                  surviving corporation or its parent;

            (iii) The substitution by the surviving corporation or its parent of
                  options with substantially the same terms for such outstanding
                  Options; or

            (iv)  The cancellation of each outstanding Option upon payment to
                  the Optionee of an amount in cash or cash equivalents, which
                  may be subject to vesting, repayment or other conditions,
                  equal to (A) the Fair Market Price of the Shares subject to
                  such Option at the time of the merger, consolidation or other
                  acquisition minus (B) the Exercise Price of the Shares subject
                  to such Option.

      (c)   Reservation of Rights. Except as provided in this Section 8, an
            Optionee or Purchaser shall have no rights by reason of (i) any
            subdivision or consolidation of shares of stock of any class, (ii)
            the payment of any dividend or (iii) any other increase or decrease
            in the number of shares of stock of any class. Any issuance by the
            Company of shares of stock of any class, or securities convertible
            into shares of stock of any class, shall not affect, and no
            adjustment by reason thereof shall be made with respect to, the
            number or Exercise Price of Shares subject to an Option. The grant
            of an Option pursuant to the Plan shall not affect in any way the
            right or power of the Company to make adjustments,
            reclassifications, reorganizations or changes of its capital or
            business structure, to merge or

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            consolidate or to dissolve, liquidate, sell or transfer all or any
            part of its business or assets.

9.    Securities Law Requirements.

      General. Shares shall not be issued under the Plan unless the issuance and
      delivery of such Shares comply with (or are exempt from) all applicable
      requirements of law, including (without limitation) the Securities Act,
      the rules and regulations promulgated thereunder, state securities laws
      and regulations, and the regulations of any stock exchange or other
      securities market on which the Company's securities may then be traded.

10.   No Employment Rights.

      Nothing in the Plan or in any right or Option granted under the Plan shall
      confer upon the Purchaser or Optionee any right to continue in Service for
      any period of specific duration or interfere with or otherwise restrict in
      any way the rights of the Company (or any Parent or Subsidiary employing
      or retaining the Purchaser or Optionee) or of the Purchaser or Optionee,
      which rights are hereby expressly reserved by each, to terminate his or
      her Service at any time and for any reason, with or without cause.

11.   Duration and Amendments.

      (a)   Term of the Plan. The Plan, as set forth herein, shall become
            effective on the date of its adoption by the Board of Directors,
            subject to the approval of the Company's stockholders. In the event
            that the stockholders fail to approve the Plan within 12 months
            after its adoption by the Board of Directors, any grants of Options
            or sales or awards of Shares that have already occurred shall be
            rescinded, and no additional grants, sales or awards shall be made
            thereafter under the Plan. The Plan shall terminate automatically 10
            years after its adoption by the Board of Directors and may be
            terminated on any earlier date pursuant to Subsection (b) below.

      (b)   Right to Amend or Terminate the Plan. The Board of Directors may
            amend, suspend or terminate the Plan at any time and for any reason;
            provided, however, that any amendment to the Plan requiring approval
            of the Company's stockholders shall be subject to such approval.

      (c)   Effect of Amendment or Termination. No Shares shall be issued or
            sold under the Plan after the termination thereof, except upon
            exercise of an Option granted prior to such termination. The
            termination of the Plan, or any amendment thereof, shall not affect
            any Share previously issued or any Option previously granted under
            the Plan.

12.   Definitions.

      "Board of Directors" shall mean the Board of Directors of the Company, as
      constituted from time to time.

      "Change in Control" shall mean:
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            (i)   Upon the acquisition by any person, entity or group of
                  beneficial ownership of 50% or more of either the then
                  outstanding Common Stock or the combined voting power of the
                  Company's then outstanding securities entitled to vote
                  generally in the election of directors, or

            (ii)  At the time individuals making up the incumbent Board (as
                  defined in the Plan) cease for any reason to constitute at
                  least a majority of the Board; or

            (iii) Immediately prior to the consummation by the Company of a
                  reorganization, merger, or consolidation with respect to which
                  persons who were the stockholders of the Company immediately
                  prior to such transaction do not, immediately thereafter, own
                  more than 50% of the shares of the Company entitled to vote
                  generally in the election of directors; or

            (iv)  A liquidation or dissolution of the Company or the sale of all
                  or substantially all of the assets of the Company; or

            (v)   Any other event which the incumbent Board, in its sole
                  discretion, determines is a change of control.

            A transaction shall not constitute a Change in Control if its sole
            purpose is to change the state of the Company's incorporation or to
            create a holding company that will be owned in substantially the
            same proportions by the persons who held the Company's securities
            immediately before such transaction.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Committee" shall mean a committee of the Board of Directors, as described in
Section 2(a).

"Company" shall mean American Eagle Tankers, Inc., Ltd., a Bermuda corporation,
and any successor entity thereof.

"Disability" shall mean that the Optionee is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment, as determined in the sole discretion of the Board of Directors.

"Employee" shall mean any individual who is an employee of the Company,
or a Subsidiary.

"Exercise Price" shall mean the amount for which one Share may be purchased upon
exercise of an Option, as specified by the Board of Directors in the applicable
Stock Option Agreement.
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"Fair Market Price" shall mean the closing price of Company listed shares on the
date the option is exercised, as determined by reference to the stock exchange
on which such shares are traded.

"ISO" shall mean an employee incentive stock option described in Section 422(b)
of the Code.

"Nonstatutory Option" shall mean a stock option that is not an ISO.

"Option" shall mean an ISO or Nonstatutory Option granted under the Plan and
entitling the holder to purchase Shares.

"Optionee" shall mean an individual who holds an Option.

"Outside Director" shall mean a member of the Board of Directors who is not an
Employee.

"Parent" shall mean any corporation (other than the Company) in an unbroken
chain of corporations ending with the Company, if each of the corporations other
than the Company owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.

"Plan" shall mean this American Eagle Tankers, Inc., Ltd., 2001 Stock Plan, as
amended from time to time.

"Purchase Price" shall mean the consideration for which one Share may be
acquired under the Plan (other than upon exercise of an Option), as specified by
the Board of Directors.

"Purchaser" shall mean an individual to whom the Board of Directors has offered
the right to acquire Shares under the Plan (other than upon exercise of an
Option).

"Securities Act" shall mean the Securities Act of 1933, as amended.

"Service" shall mean service as an Employee, Outside Director or Consultant.

"Share" shall mean one share of Stock, as adjusted in accordance with Section 8
(if applicable).

"Stock" shall mean the common stock of the Company, par value $______ per Share.

"Stock Option Agreement" shall mean the agreement between the Company and an
Optionee which contains the terms, conditions and restrictions pertaining to the
Optionee's Option.

"Stock Purchase Agreement" shall mean the agreement between the Company and a
Purchaser who acquires Shares under the Plan which contains the terms,
conditions and restrictions pertaining to the acquisition of such Shares.

"Subsidiary" means any corporation (other than the Company) in an unbroken chain
of corporations beginning with the Company, if each of the corporations other
than the last corporation in the unbroken chain owns stock possessing 50% or
more of the total

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combined voting power of all classes of stock in one of the other corporations
in such chain.

                                      11<PAGE>

                                                                    EXHIBIT 10.3
                        DATED THIS 5th DAY OF JUNE 2001

                                    BETWEEN

                         NEPTUNE ORIENT LINES LIMITED

                                      AND

                      AMERICAN EAGLE TANKERS INC. LIMITED

                   ****************************************

                   SHAREHOLDER'S SUPPORT SERVICES AGREEMENT

                   ****************************************
<PAGE>

                                       2

                   SHAREHOLDER'S SUPPORT SERVICES AGREEMENT
                   ----------------------------------------

THIS AGREEMENT is made this 5th day of June 2001 by and between:

NEPTUNE ORIENT LINES LIMITED, a company organised and existing under the laws of
Singapore and having its registered office at 456 Alexandra Road, #06-00 NOL
Building, Singapore 119962 (hereinafter called "NOL") of the first part, and

AMERICAN EAGLE TANKERS INC. LIMITED, a company organised and existing under the
laws of Bermuda and having its registered office at Milner House, 18 Parliament
Street, Hamilton HM 12, Bermuda (hereinafter called "AET") of the second part;

collectively referred to as the "Parties".

WHEREAS:

(A)  As at the date of this Agreement, AET is a wholly owned crude oil
     transportation subsidiary of NOL and AET undertakes all of NOL's crude oil
     transportation business.

(B)  AET intends to make an initial public offering of its common shares to
     investors internationally, including Singapore, directly or in the form of
     Singapore Depository Receipts Representing Shares;

(C)  NOL is currently providing AET with certain administrative and operational
     services and has agreed to continue to provide AET with some of such
     services post AET listing on the terms and conditions of this Agreement.

(D)  The Parties wish to formalize their agreement in writing.

NOW THEREFORE for and in consideration of the mutual premises herein contained,
and for such other valuable consideration the receipt and adequacy of which the
Parties hereby acknowledge, IT IS HEREBY AGREED AS FOLLOWS:

(I)  SUPPORT SERVICES

     (1) Upon receipt by NOL of AET's written request post offering, NOL shall
         continue to provide AET with treasury, legal with corporate
         secretarial and marine insurance procurement services (the "Support
         Services") for a Term as defined hereinbelow at Clause (II).
<PAGE>

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(2) The parameters and scope of the Support Services to be provided are set out
    in Schedule A annexed hereto and forming an integral part of this Agreement
    (the "Service Requirements"). The Service Requirements shall be reviewed by
    the Parties on an annual basis for as long as the Term for the Support
    Services is current.

(3) If AET has requested the Support Services in the manner prescribed at sub-
    clause (1) above, AET shall pay to NOL the agreed sums for the Support
    Services as set out in Schedule B annexed hereto and forming an integral
    part of this Agreement (the "Cost of Services"). The Cost of Services shall
    be reviewed by the Parties on an annual basis for as long as the Tenn for
    the Support Services is current.

(4) Nothing in this Agreement shall prevent AET from requesting, and NOL from
    granting, such other services other than the Support Services provided
    herein as AET may require from time to time on terms to be mutually agreed
    between the Parties.

(II) TERM

     (1) The Initial Term for the treasury and legal with corporate secretarial
         functions forming part of the Support Services shall be a period of six
         (6) months from the date of AET's public offering. NOL hereby grants
         AET an option to continue with such services for a further period of
         six (6) months at the expiry of the Initial Term (the "Option Term")
         upon the terms and conditions of this Agreement but without further
         cost, irrespective of any change in NOL's shareholding in AET post
         listing, such Option to be exercised by way of a written notice to NOL
         not later than one (1) month before the expiry of the Initial Term.

     (2) The Initial Term for the marine insurance procurement services forming
         part of the Support Services shall be a period of twelve (12) months
         from the date of AET's public offering, with automatic renewals for
         successive twelve (12) month periods upon the terms and conditions of
         this Agreement save for any revision in the Cost of Services as
         stipulated in Clause I(3) above, irrespective of any change in NOL's
         shareholding.

(III)  COVENANTS

       (1) The Parties covenant with each other and agree that they will duly
           perform and observe their respective obligations in this Agreement
           and will act in good faith at all times.

       (2) NOL covenants that the Support Services to be provided under this
           Agreement shall be on performance standards no less favourable that
           the current levels of service AET currently enjoys in respect of the
           Support Services.
<PAGE>

                                       4

       (3) Service Requirements in respect of legal and corporate secretarial
           ------------------------------------------------------------------
functions:
----------
           (a) Negotiation of contracts for AET and its group of companies
               including vessel financings, loans, guarantees, corporate and
               commercial contracts,

           (b) Generally advising on legal aspects of AET's business with
               consultation with US and Bermuda counsel,

           (c) Administration of AET's SDR program in Singapore with
               consultation with Singapore counsel,

           (d) Corporate Secretarial functions for AET and its group of
               companies, including organizing and recording of AET's Board
               Minutes, maintaining an independent register of board members and
               minutes of meeting for AET, ensuring compliance with corporate
               governance of AET and the NOL group, liaison with Bermuda agents
               relating to statutory filings required in Bermuda, acting as
               AET's agent for the purpose of maintaining its branch office and
               complying with the Singapore statutory requirements and acting as
               Company Secretary to all AET's Singapore incorporated
               subsidiaries, ensuring regulatory compliance and maintaining
               statutory records for such subsidiaries,

           (e) Liaison with Singapore based treasury and marine insurance
               functions,

           (f) Liaison with all external counsels of AET on all matters
               including claims, whether by employees, unions or third parties
               (excluding insured claims),

           (g) Drafting such other legal documents or letters as may from time
               to time be required by AET,

           (h) All other legal functions currently being offered to AET at the
               date of this Agreement.

       (4) NO covenants that its marine insurance procurement services shall
           include the administration and negotiation of claims (including oil
           pollution claims) with cargo claimants, third parties and
           underwriters on behalf of AET, and in consultation with AET.

       (5) Full particulars of AET's fleet for which the marine insurance
           procurement services are to be provided as at the date of this
           Agreement are set out in Schedule C, it being agreed that the number
           of vessels in the said Schedule and their particulars may be varied,
           reduced or increased from time to time, without additional cost
           unless otherwise agreed.

(IV)   SUCCESSORS AND ASSIGNS

       (1) This Agreement shall bind the Parties and their respective successors
           in title and permitted assigns.

       (2) Neither Party may assign its rights or novate its rights and
           obligations under this Agreement to any other party except with the
           prior written consent of the other Party, such consent not to be
           unreasonably refused or delayed.

(V)    APPLICABLE LAW

       This Agreement shall be governed by the construed in accordance with the
       laws of Singapore. The Parties hereby irrevocably submit to the non-
       exclusive jurisdiction of the Courts of Singapore in all matters arising
       under this Agreement. Nothing herein shall be construed to prevent the
       Parties from taking action on any matter arising under this Agreement in
       any other jurisdiction.

(VI)   NOTICES

<PAGE>

                                       5

       Any notice or communication under this Agreement shall be in writing and
       shall be delivered personally, or by registered post, facsimile
       transmission, telex or cable to the addresses as may be designated in
       writing by one Party to the other from time to time.

(VII)  WAIVERS

       Any delay in exercising or omission to exercise any right power or
       remedy available to any Party upon any failure by the other Party to
       observe or perform any of its obligations under this Agreement shall not
       impair such right, power or remedy, or be construed as a waiver thereof,
       or as acquiescence in respect of any such failure and shall not affect or
       impair any right, power or remedy of that Party in respect of any other
       or later failure by the other Party Borrower.

(VII)  INVALIDITY OF ANY PROVISION

       Each provision contained in this Agreement shall be severable and
       distinct from every other such provision and if at any time any one of
       the provisions contained herein becomes invalid, illegal or unenforceable
       in any respect under the laws of any jurisdiction, neither the validity,
       legality and enforceability of the remaining provisions nor the validity,
       legality and enforceability of the provisions under the laws of any other
       jurisdiction shall in any way be affected or impaired thereby.

AS WITNESS the hands of the respective Parties hereto the day and year first
above written.

Signed By:                      )
                                )
                                )
for and on behalf of            )
NEPTUNE ORIENT LINES LIMITED    )
In the presence of:             )

Signed By:                      )

for and on behalf of            )
AMERICAN EAGLE TANKERS INC.     )
LIMITED                         )
in the presence of:             )
<PAGE>

                                       6

                                  SCHEDULE A

(1)  Service Requirements in respect of treasury functions forming part of the
     ----------------------------------------------------------------------
     Support Services:
     ----------------

    (a) Sourcing and negotiations of new vessel financings and/or working
        capital loans,

    (b) Administration of all existing vessel financings and/or working capital
        loans, including administration of AET payments, loan draw downs and
        interest fixings and communications to/from Lenders,

    (c) Foreign Currency exchange purchase and negotiations functions, including
        swaps and hedging functions,

    (d) Treasury functions related to the above,

    (e) All other treasury functions currently being offered to AET at the date
        of this Agreement.

(2)  Service Requirements in respect of marine insurance procurement functions
     -------------------------------------------------------------------------
     forming part of the Support Services:
     ------------------------------------

     (a) Sourcing and negotiation of types, quantum and policies of all forms of
         insurance to be provided, and premiums for AET's fleet of vessels,

     (b) Sourcing and negotiation with underwriters for the hull and machinery,
         war risks and related insurances,

     (c) Sourcing and negotiation with P&I clubs for the indemnity insurance and
         related insurances,

     (d) administration and negotiation of all claims (including oil pollution
         claims) with cargo claimants, third parties and underwriters on behalf
         of AET,

     (e) all marine insurance functions related to the above,

     (f) All other marine insurance functions currently being offered to AET at
         the date of this Agreement.
<PAGE>

                                       7

                                  SCHEDULE B

Cost of Support Services in Schedule A in accordance with the terms of the
Agreement shall be US$500,000 per annum.
<PAGE>

                                       8

                                 SCHEDULE C

<TABLE>
<CAPTION>
      Tanker             Dead-     Tonnage Hull   Year   Built     Ownership interest
                         weight       Type              Shipyard
--------------------------------------------------------------------------------------
<S>                      <C>      <C>            <C>   <C>         <C>
      Eagle Atlanta      107,160  double-hulled  1999   Imabari     bareboat charter
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Anaheim      107,160  double-hulled  1999   Imabari     bareboat charter
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Augusta      105,345  double-hulled  1999   Samsung     bareboat charter
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Albany       107,160  double-hulled  1998   Imabari     bareboat charter
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Austin       105,426  double-hulled  1998   Samsung     bareboat charter
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Charlotte    107,169  double-hulled  1997   Imabari     bareboat charter
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Columbus     107,166  double-hulled  1997   Imabari     bareboat charter
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle               99,343  double-hulled  1997   Samsung                   100%
      Birmingham                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Boston        99,328  double-hulled  1996   Samsung                   100%
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Baltimore     99,405  double-hulled  1996   Samsung                   100%
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Beaumont      99,448  double-hulled  1996   Samsung                   100%
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Otome         95,663  double-hulled  1994   Imabari                    65%
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Subaru        95,675  double-hulled  1994   Imabari                    65%
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Auriga       102,352  double-hulled  1993    Shin                      65%
                                                       Kurushima
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Corona        95,634  double-hulled  1993   Imabari                   100%
                                                        (Japan)
--------------------------------------------------------------------------------------
      Eagle Lyra          97,047  double-hulled  1993   Samsung     bareboat charter
                                                        (Korea)
--------------------------------------------------------------------------------------
      Eagle Carina        95,639  double-hulled  1992   Imabari                   100%
--------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                                       9

<TABLE>
<S>                     <C>      <C>            <C>   <C>       <C>
--------------------------------------------------------------------------------------
                                                      (Japan)
--------------------------------------------------------------------------------------
     Eagle Centaurus     95,644  double-hulled  1992  Imabari   100%
                                                      (Japan)
--------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------
     Eagle Memphis      104,385  double-sided   1987  Hyundai   100%
                                                      (Korea)
--------------------------------------------------------------------------------------
     Eagle Milwaukee    104,385  double-sided   1987  Hyundai   100%
                                                      (Korea)
--------------------------------------------------------------------------------------
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]