Document:

Exhibit 4.16

 

	 	 	Approved by	 	 
	 	 	the Documentary Committee of The	 	Approved by
	Printed by BIMCO’s idea	 	Japan Shipping Exchange Inc., Tokyo	 	the International Ship Managers’ Association (ISMA)

	 	 	 	 
	 	 	 	 	 
	1.	Date of Agreement

    [to be dated the date of execution]	THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)	 
	 	 	 	 
	 	 	STANDARD SHIP MANAGEMENT AGREEMENT
	 	 	 	 
	 	 	 	 
	 	 	CODE NAME: “SHIPMAN 98”
	 	 	 	 
	 	 	 	Part I
	 	 	 	 
	 	 	 	 
	 	 	 	 
	2.	OwnersHead Managers (name, place of registered office and law of registry) (Cl. 1)	3.	Managers Sub-managers (name, place of registered office and law of registry) (Cl. 1)
	 	 	 	 
	 	Name	 	Name
	 	Costamare Shipping Company S.A.	 	[to be completed]
	 	Place of registered office	 	Place of registered office
	 	Panama City	 	[to be completed]
	 	Law of registry	 	Law of registry
	 	Panama	 	[to be completed]
	4.	Day and year of commencement of Agreement (Cl. 2)     
	 	To be advised in writing by the Head Managers to the Sub-managers 10 days in advance.
	5.	Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)	6.	Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)
	 	YES	 	
        YES

         

	 	 
	7.	
        Commercial Management (state “yes” or “no”
        as agreed) (Cl. 3.3) 

        

        YES

         
	8.	
        Insurance Arrangements (state “yes” or “no”
        as agreed) (Cl. 3.4) 

        

        YES

         

	9.	
        Accounting Services (state “yes” or “no”
        as agreed) (Cl. 3.5) 

        

        YES

         
	10.	
        Sale or purchase of the Vessel (state “yes” or “no”
        as agreed) (Cl. 3.6) 

        

        YES

         

	11.	
        Provisions (state “yes” or “no” as agreed)
        (Cl. 3.7) 

        

        YES

         
	12.	
        Bunkering (state “yes” or “no” as agreed)
        (Cl. 3.8) 

        

        YES

         

	13.	
        Chartering Services Period (only to be filled in if “yes”
        stated in Box 7) (Cl. 3.3(i)) 

        

        Not applicable

         
	14.	
        Owners’ Insurance (state alternative
        (i), (ii) or (iii) of Cl. 6.3) 

        

        Clause 6.3(ii)

         

	
        15.

         
	
        Annual Daily
        Management Fee (state annual amount) (Cl.
        8.1) 

        

        United States Dollars [ ] per day or pro rata

         
	16.	
        Severance Costs (state maximum amount) (Cl.
        8.4(ii)) 

        

        United States Dollars 75,000

         

	17.	
        Day and year of termination of Agreement (Cl.
        17) 

        

        see Clause 17

         
	
        18.

         
	
        Law and Arbitration (state alternative 19.1,
        19.2 or 19.3; if 19.3
        place of arbitration must be stated) (Cl. 19) 

        

        see Clause 19.1

         

	
        19.

         
	Notices (state postal and cable address,
    telex and telefax number for serving notice and communication to the Owners Head
    Managers) (Cl. 20)	
        20.

         
	Notices (state postal and cable address, telex and telefax number for serving notice and communication to the ManagersSub-managers) (Cl. 20)
	 	Costamare Shipping Company S.A.	 	[to be completed]
	 	60 Zefyrou Street	 	 
	 	175 64 Athens, Greece	 	 
	 	Telefax: +30 210 940 9051	 	 
	 	Attention: Captain Panagiotis Foinikis	 	 

 

It is mutually agreed between the party stated in Box
2 and the party stated in Box 3 that this Agreement consisting of PART
l and PART ll as well as Annexes “A” (Details
of Vessel), “B” (Details of Crew), 
and “C” (Budget) and “D” (Associated
vessels) attached hereto, shall be performed subject to the conditions contained herein. In the event of a
conflict of conditions, the provisions of PART l and Annexes
“A”, “B” and, “C” and “D” shall
prevail over those of PART ll to the extent of such conflict but no further..

 

	Signature(s) (OwnersHead Managers)	Signature(s) (ManagersSub-managers)
	Costamare Shipping Company S.A.	[to be completed]

 

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

Printed by BIMCO’s idea

 

ANNEX “A” (DETAILS OF VESSEL
OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL
(BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN
98”

 

 

Date of Agreement:

[to be completed]

Name of Vessel(s):

[to be completed]

Particulars of Vessel(s):

[to be completed]

 

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

ANNEX “B” (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN
98”

 

 

Date of Agreement:

 

Details of Crew:

 

	Numbers	Rank	Nationality

 

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

Printed by BIMCO’s idea

 

ANNEX “C” (BUDGET) TO

THE BALTIC AND INTERNATIONAL MARITIME
COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT
- CODE NAME: “SHIPMAN 98”

 

 

Date of Agreement:

 

Managers ́ Budget for the first year with effect from the
Commencement Date of this Agreement:

 

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

ANNEX “D”
(ASSOCIATED VESSELS) TO

THE BALTIC
AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD
SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

 

 

NOTE:
PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i)
OF THIS AGREEMENT.

 

Date of Agreement:

 

 

 

Details of
Associated Vessels:

 

 

 

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	1.	Definitions	 	  1
	 	In this Agreement save where the context otherwise requires,	 	  2
	 	the following words and expressions shall have the meanings	 	  3
	 	hereby assigned to them.	 	  4
	 	 	 	 
	 	“OwnersHead
    Managers” means the party identified in Box 2.	 	  5
	 	“Managers
    Sub-managers” means the party identified in Box
    3.	 	  6
	 	“Vessel” means the vessel or vessels details of which
    are set	 	  7
	 	out in Annex “A” attached hereto.	 	  8
	 	“Business Day” means a day (excluding Saturdays and	 	 
	 	Sundays) on which banks are open for business in Athens,	 	 
	 	Greece and New Yok, New York.	 	 
	 	“Crew” means the Master, officers and ratings of the
    numbers,	 	  9
	 	rank and
    nationality specified in Annex “B” attached hereto.	 	10
	 	“Crew Support Costs”
    means all expenses of a general nature	 	11
	 	which are not particularly referable to any individual vessel for	 	12
	 	the time being managed by the Managers and which are incurred	 	13
	 	by the Managers for the purpose of providing an efficient and	 	14
	 	economic management service and, without prejudice to the	 	15
	 	generality of the foregoing, shall include the cost of crew standby	 	16
	 	pay, training schemes for officers and ratings, cadet training	 	17
	 	schemes, sick pay, study pay, recruitment and interviews.	 	18
	 	“Severance Costs” means the costs which the employers
    are	 	19
	 	legally obliged to pay to or in respect of the Crew as a result of	 	20
	 	the early termination of any employment contract for service on	 	21
	 	the Vessel.	 	22
	 	“Crew Insurances” means insurances against crew risks
    which	 	23
	 	shall include but not be limited to death, sickness, repatriation,	 	24
	 	injury, shipwreck unemployment indemnity and loss of personal	 	25
	 	effects.	 	26
	 	“Head Management Agreement” means [ ].	 	 
	 	“Management Services” means the services specified
    in sub-	 	27
	 	clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.	 	28
	 	“ISM Code” means the International Management Code
    for the	 	29
	 	Safe Operation of Ships and for Pollution Prevention as adopted	 	30
	 	by the International Maritime Organization (IMO) by resolution	 	31
	 	A.741(18) or any subsequent amendment thereto.	 	32
	 	“Owners” means [ ] and includes its successors in title.	 	 
	 	“ISPS Code” means the International Ship and Port Facility	 	 
	 	Security Code constituted pursuant to resolution A.924(22) of	 	 
	 	the International Maritime Organisation now set out in Chapter	 	 
	 	XI-2 of the International Convention for the Safety of Life at Sea	 	 
	 	(SOLAS) 1974 (as amended) and the mandatory ISPS Code as	 	 
	 	adopted by a Diplomatic Conference of the International	 	 
	 	Maritime Organisation on Maritime Security in December 2002	 	 
	 	and includes any amendments or extensions to it and any	 	 
	 	regulation issued pursuant to it.	 	 
	 	“STCW 95” means the International Convention on Standards	 	33
	 	of Training, Certification and Watchkeeping for Seafarers, 1978,	 	34
	 	as amended in 1995 or any subsequent amendment thereto.	 	35
	 	 
	2.	 Appointment of ManagersSub-managers	 	36
	 	With effect from
    the day and year stated in Box 4 and continuing	 	37
	 	unless and until terminated as provided herein, the Owners Head	 	38
	 	Managers	 	 
	 	hereby appoint the Managers Sub-managers as the technical sub-	 	39
	 	managers
    of the Vessel and the Managers Sub-managers
    hereby	 	 
	 	agree	 	 
	 	to act as the sub-managersManagers of the Vessel.	 	40
	 	The Sub-managers hereby acknowledge that they are aware that	 	 
	 	the Head Managers have been appointed as the Managers of the	 	 
	 	Vessel pursuant to the Head Management Agreement.	 	 
	 	 	 	 
	3.	 Basis of Agreement	 	41
	 	Subject to the terms and conditions herein provided, during the	 	42
	 	period of this Agreement, the Managers Sub-managers shall carry	 	43
	 	out	 	 
	 	Management Services in respect of the Vessel as agents for	 	44
	 	and on behalf of the OwnersHead managers. Subject to the terms	 	45
	 	of this Agreement, Tthe Managers Sub-managers shall have	 	 
	 	authority	 	 
	 	to take such actions as they may from time to time in their absolute	 	46
	 	reasonable	 	 
	 	discretion consider to be necessary to enable them to perform	 	47

	 	this Agreement in accordance with sound ship management	 	48
	 	practice.	 	49
	 	 
	 	3.1 Crew Management	 	50
	 	(only applicable if agreed according to Box 5)	 	51
	 	The Managers Sub-managers shall provide suitably qualified Crew	 	52
	 	for the Vessel	 	 
	 	as required by the Owners Head Managers in accordance with the	 	53
	 	STCW 95	 	 
	 	requirements, provision of which includes but is not limited to	 	54
	 	the following functions:	 	55
	 	(i) 	selecting and engaging the Vessel’s Crew, including payroll	 	56
	 		arrangements, pension administration, and insurances for	 	57
	 		the Crew other than those mentioned in Clause 6;	 	58
	 	(ii)	 ensuring that the applicable requirements of the law of the	 	59
	 		flag of the Vessel are satisfied in respect of manning levels,	 	60
	 		rank, qualification and certification of the Crew and	 	61
	 		employment regulations including Crew’s tax, social	 	62
	 		insurance, discipline and other requirements;	 	63
	 	(iii) 	ensuring that all members of the Crew have passed a medical	 	64
	 		examination with a qualified doctor certifying that they are fit	 	65
	 		for the duties for which they are engaged and are in possession	 	66
	 		of valid medical certificates issued in accordance with	 	67
	 		appropriate flag State requirements. In the absence of	 	68
	 		applicable flag State requirements the medical certificate shall	 	69
	 		be dated not more than three months prior to the respective	 	70
	 		Crew members leaving their country of domicile and	 	71
	 		maintained for the duration of their service on board the Vessel;	 	72
	 	(iv) 	ensuring that the Crew shall have a command of the English	 	73
	 		language of a sufficient standard to enable them to perform	 	74
	 		their duties safely;	 	75
	 	(v) 	arranging transportation
of the Crew, including repatriation,	 	76
	 	board and lodging as and when required at rates and types of	 	 
	 	accommodations as customary in
    the industry;	 	 
	 	(vi) 	training of the Crew and supervising their efficiency;	 	77
	 	(vii)
	keeping and maintaining full and complete
    records of any	 	78
	 	labor agreements which may be entered into with the Crew and,	 	 
	 	if applicable, conducting
    union negotiations;	 	 
	 	(viii)
	operating the ManagersSub-managers’ drug and alcohol policy	 	79
	 	unless	 	 	 
	 		   otherwise agreed in writing.	 	80
	 		If the Head Managers request for one or more members of	 	 
	 		the Crew to be changed as a result of (i) proven non-	 	 
	 		performance or underperformance of the relevant Crew	 	 
	 		member’s duties and responsibilities under its contract of	 	 
	 		employment or (ii) proven non-compliance with any of the	 	 
	 		Sub-mangers’ policies applying at the relevant time, the Sub-	 	 
	 		managers’ policies applying at the relevant time, the Sub-	 	 
	 		managers undertake to arrange for a suitable replacement as	 	 
	 		soon as possible after such request is made and proven.	 	 
	 	 	 	 	 
	 	3.2 	Technical Management	 	81
	 	(only applicable if agreed according to Box 6)	 	82
	 	The Managers Sub-managersshall provide technical management	 	83
	 	which	 	 
	 	includes, but is not limited to, the following functions:	 	84
	 	(i) 	provision of competent personnel to supervise the	 	85
	 		maintenance and general efficiency of the Vessel;	 	86
	 	(ii) 	arrangement and supervision of dry dockings, repairs,	 	87
	 		alterations and the upkeep of the Vessel to the standards	 	88
	 		required by the Owners Head Managers provided that the	 	89
	 		Managers Sub-managers shall	 	 
	 		be entitled to incur the necessary expenditure to ensure	 	90
	 		that the Vessel will comply with the law of the flag of the	 	91
	 		Vessel and of the places where she trades, and all	 	92
	 		requirements and recommendations of the classification	 	93
	 		society;	 	94
	 	(iii) 	arrangement of the supply of necessary stores, spares and	 	95
	 		lubricating oil;	 	96
	 	(iv) 	appointment of surveyors and technical consultants as the	 	97
	 	 
	 		Managers Sub-managers may consider from time to time to be	 	98
	 		necessary;	 	 

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	(v)	development, implementation and maintenance of a Safety	 	99
	 	 	Management System (SMS) in accordance with the ISM	 	100
	 	 	Code (see sub-clauses 4.2 and 5.3) and of a security system in	 	101
	 	 	accordance with the ISPS Code;	 	 
	 	 	(vi) on request by the Head Managers, providing the Head	 	 
	 	 	Managers with a copy of any inspection report, survey,	 	 
	 	 	valuation or any other similar report prepared by any	 	 
	 	 	shipbrokers, surveyors, the Class etc..	 	 
	 	 	 
	 	3.3	Commercial Management	 	102
	 	(only applicable if agreed according to Box 7)	 	103
	 	The Managers Sub-managers shall provide the commercial	 	104
	 	operation of the	 	 
	 	Vessel, as required by the OwnersHead Managers and only to the	 	105
	 	extent so required (if at all),
    which includes, but is not	 	 
	 	limited to, the following functions:	 	106
	 	(i)	 providing chartering services in accordance with the Owners’	 	107
	 	 	instructions which include, but are not limited to, seeking	 	108
	 	 	and negotiating employment for the Vessel and the conclusion	 	109
	 	 	(including the execution thereof) of charter parties or other	 	110
	 	 	contracts relating to the employment of the Vessel. If such a	 	111
	 	 	contract exceeds the period
    stated in Box 13, consent thereto	 	112
	 	 	in writing shall first be obtained from the Owners.	 	113
	 	(ii)	 arranging of the proper payment to Owners or their nominees	 	114
	 	 	of all hire and/or freight revenues or other moneys of	 	115
	 	 	whatsoever nature to which Owners may be entitled arising	 	116
	 	 	out of the employment of or otherwise in connection with the	 	117
	 	 	Vessel.	 	118
	 	(iii)	providing voyage estimates and accounts and calculating of	 	119
	 	 	hire, freights, demurrage and/or despatch moneys due from	 	120
	 	 	or due to the charterers of the Vessel;	 	121
	 	(ivii)	issuing to the Crew ofappropriate
voyage instructions and	 	122
	 	monitoring voyage performance;	 	 
	 	(viii)	appointing
agents;	 	123
	 	(viiv)	appointing
stevedores;	 	124
	 	(viiv)	arranging
surveys associated with the commercial operation	 	125
	 	 	of the Vessel;	 	126
	 	 	(viii) carrying out the necessary communications with the	 	 
	 	 	shippers, charterers and others involved with the receiving	 	 
	 	 	and handling of the Vessel at the relevant loading and	 	 
	 	 	discharging ports, including sending any notices required	 	 
	 	 	under the terms of the Vessel’s employment at the time;	 	 
	 	 	(ix) invoicing on behalf of the Owners all freights, hires,	 	 
	 	 	demurrages, outgoing claims, refund of taxes, balances of	 	 
	 	 	disbursements, statements of account and other sums due	 	 
	 	 	to the Owners and account receivables arising from the	 	 
	 	 	operation of the Vessel and, upon the request of the Head	 	 
	 	 	Managers, issuing releases on behalf of the Owners upon	 	 
	 	 	receipt of payment or settlement of any such amounts;	 	 
	 	 	(x) preparing off-hire statements and/or hire statements;	 	 
	 	 	(xi) procuring and arranging for port entrance and clearance,	 	 
	 	 	pilots, consular approvals and other services necessary for	 	 
	 	 	the management and safe operation of the Vessel; and	 	 
	 	 	(xii) reporting to the Owners of any major casualties,	 	 
	 	 	damages received or caused by the Vessel or any release or	 	 
	 	 	discharge of oil or other hazardous material not in	 	 
	 	 	compliance with any laws.	 	 
	 	 	 	 	 
	 	3.4	Insurance Arrangements’	 	127
	 	(only applicable if agreed according to Box 8)	 	128
	 	The Managers Sub-managers shall arrange insurances in	 	129
	 	accordance with	 	 
	 	Clause 6, on such terms and conditions as the Owners Head	 	130
	 	Managers
    shall	 	 
	 	have instructed or agreed,and only to the extent so instructed, in	 	131
	 	particular regarding underwriters, conditions,	 	 
	 	insured values, deductibles and franchises.	 	132
	 	 	 
	 	3.5	 Accounting Services	 	133
	 	(only applicable if agreed according to Box 9)	 	134
	 	The Managers Sub-managers shall:	 	135
	 	(i)	 establish an accounting system which meets the	 	136
	 	 	requirements of the Owners Head Managers and provide regular	 	137
	 	 	accounting	 	 
	 	 	services, supply regular reports and records,	 	138

	 	(ii)	maintain the records of all costs and expenditure incurred	 	139
	 	 	as well as data necessary or proper for the settlement of	 	140
	 	 	accounts between the parties and shall make the same	 	141
	 	 	available for inspection and auditing by the Head Managers	 	 
	 	 	or any person the Head Managers may designate in writing.	 	 
	 	 	 	 	 
	 	3.6	 Sale or Purchase of the Vessel	 	142
	 	(only applicable if agreed according to Box 10)	 	143
	 	The Managers Sub-managers shall, in accordance with the Owners’	 	144
	 	Head Managers’
    instructions and only to the extent so instructed	 	 
	 	(if at all),	 	 
	 	supervise the sale or purchase of the Vessel, including the	 	145
	 	performance of any sale or purchase agreement, but not	 	146
	 	negotiation of the same. The Sub-managers shall, in accordance	 	147
	 	with the instructions of the Head Managers and only to the	 	 
	 	extent so instructed (if at all) assist the Owners with the	 	 
	 	registration of the Vessel under the laws of the relevant flag	 	 
	 	state from time to time and for the deletion of the Vessel from	 	 
	 	any of the same. Notwithstanding anything to the contrary	 	 
	 	contained in this Agreement, any services to be provided by the	 	 
	 	Sub-managers under this Clause may be required by the Head	 	 
	 	Managers before this Agreement has commenced (but after it	 	 
	 	has been signed) and/or after it has been terminated and, in	 	 
	 	either such case, the Sub-managers shall be obliged to provide	 	 
	 	the same as and when requested by the Head Managers.	 	 
	 	 	 	 	 
	 	3.7	 Provisions (only applicable if agreed according to Box 11)	 	148
	 	The Managers Sub-managers shall arrange for the supply of	 	149
	 	provisions.	 	 
	 	 	 	 	 
	 	3.8	 Bunkering (only applicable if agreed according to Box 12)	 	150
	 	The Managers Sub-managers shall arrange for the provision of	 	151
	 	bunker fuel of the	 	 
	 	quality specified by the Owners Head Managers and only to the	 	152
	 	extent so instructed
    as required for the Vessel’s trade.	 	 
	 	 	 	 
	4.	ManagersSub-managers ’ Obligations	 	153
	 	 	 	 	 
	 	4.1 	The
Managers Sub-managers undertake to use
their best	 	154
	 	endeavours to	 	 
	 	provide the agreed Management Services as agents for and on	 	155
	 	behalf of the Owners Head Managers in accordance with sound ship	 	156
	 	management	 	 
	 	practice and to protect and promote the interests of the Owners and	 	157
	 	the Head Managers in	 	 
	 	all matters relating to the provision of services hereunder.	 	158
	 	The Sub-managers shall exercise care to cause adequate	 	159
	 	manpower to be employed by them to perform their obligations	 	 
	 	under this Agreement. Provided, however, that the Managers Sub-	 	 
	 	managers in the performance
    of their	 	 
	 	management responsibilities under this Agreement shall be entitled	 	160
	 	to have regard to their overall responsibility in relation to all vessels	 	161
	 	as may from time to time be entrusted to their management and	 	162
	 	in particular, but without prejudice to the generality of the foregoing,	 	163
	 	the Managers Sub-managers shall be entitled to allocate available	 	164
	 	supplies,	 	 
	 	manpower and services in such manner as in the prevailing	 	165
	 	circumstances the Sub-managers Managers in their absolute	 	166
	 	discretion consider	 	 
	 	to be fair and reasonable.	 	167
	 	 	 	 	 
	 	4.2	 Where the Managers Sub-managers are providing Technical	 	168
	 	Management	 	 
	 	in accordance with sub-clause 3.2, they shall procure that the	 	169
	 	requirements of the law of the flag of the Vessel are satisfied and	 	170
	 	they shall in particular be deemed to be the “Company” as defined	 	171
	 	by the ISM Code, assuming the responsibility for the operation of	 	172
	 	the Vessel and taking over the duties and responsibilities imposed	 	173
	 	by the ISM Code and/or the ISPS Code when applicable.	 	174
	 	4.3	 In the exercise of their duties hereunder, the Sub-managers	 	 
	 	shall act in accordance with the reasonable policies, guidelines	 	 
	 	and instructions from time to time communicated to them in	 	 
	 	writing by the Head Managers.	 	 
	 	 	 	 
	5.	Owners’ Head Managers’ Obligations	 	175
	 	 	 	 	 
	 	5.1	The Owners Head Managers shall pay all sums due to the	 	176
	 	Managers Sub-managers punctually	 	 
	 	in accordance with the terms of this Agreement.	 	177
	 	 	 	 	 
	 	5.2 	Where the Managers Sub-managers
are providing Technical	 	178
	 	Management	 	 
	 	in accordance with sub-clause 3.2, the Owners Head Managers	 	179

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	shall procure that the Owners shall:	 	 
	 	(i)	procure that all officers and ratings supplied by them or on	 	180
	 	 	their behalf comply with the requirements of STCW 95;	 	181
	 	(ii)	instruct such officers and ratings to obey all reasonable orders	 	182
	 	 	of the Managers Sub-managers in connection with the operation	 	183
	 	 	of the	 	 
	 	 	Sub-managers Managers’ safety management system.	 	184
	 	 	 	 	 
	 	5.3 	Where the Managers Sub-managers
are not providing Technical	 	185
	 	Management	 	 
	 	in accordance with sub-clause 3.2, the Owners Head Managers	 	186
	 	shall procure that the Owners shall procure that	 	 
	 	the requirements of the law of the flag of the Vessel are satisfied	 	187
	 	and that they, or such other entity as may be appointed by them	 	188
	 	and identified to the Sub-managers Managers, shall be deemed to	 	189
	 	be the	 	 
	 	“Company” as defined by the ISM Code assuming the responsibility	 	190
	 	for the operation of the Vessel and taking over the duties and	 	191
	 	responsibilities imposed by the ISM Code when applicable.	 	192
	 	 
	6.	Insurance Policies	 	193
	 	The Owners Head Managers shall procure, whether by instructing	 	194
	 	the Managers Sub-managers	 	 
	 	under sub-clause 3.4 or otherwise, that throughout the period of	 	195
	 	this Agreement:	 	196
	 	 	 	 	 
	 	6.1 	at
    the Owners’ expense, the Vessel is insured for not less	 	197
	 	than her sound market value or entered for her full gross tonnage,	 	198
	 	as the case may be for:	 	199
	 	(i)	usual hull and machinery marine risks (including crew	 	200
	 	 	negligence) and excess liabilities;	 	201
	 	(ii)	protection and indemnity risks (including pollution risks and	 	202
	 	 	Crew Insurances); and	 	203
	 	(iii) 	war risks (including protection and indemnity and crew risks)	 	204
	 	 	 	 	 
	 	in each case in accordance with the best practice of prudent owners	 	205
	 	of	 	 
	 	vessels of a similar type to the Vessel, with first class insurance	 	206
	 	companies, underwriters or associations (in the latter case being a	 	207
	 	member of the International Group of P&I Clubs) (“the Owners’	 	 
	 	Insurances”);	 	208
	 	 	 	 	 
	 	6.2 	all premiums and calls and applicable deductibles
and/or	 	209
	 	franchises on the Owners’ Insurances are paid	 	 
	 	promptly by their due date,	 	210
	 	 	 	 	 
	 	6.3 	the Owners’ Insurances
name the Managers Sub-managers	 	211
	 	and, subject	 	 
	 	to underwriters’ agreement, any third party designated by the	 	212
	 	Managers Sub-managers as a joint assured, with full cover, with the	 	213
	 	Owners	 	 
	 	obtaining cover in respect of each of the insurances specified in	 	214
	 	sub-clause 6.1:	 	215
	 	(i)	on terms whereby the Sub-managers Managers and any such	 	216
	 	third party	 	 
	 	 	are liable in respect of premiums or calls arising in connection	 	217
	 	 	with the Owners’ Insurances; or	 	218
	 	(ii)	if reasonably obtainable, on terms such that neither the	 	219
	 	 	Managers Sub-managers nor any such third party shall be under	 	220
	 	 	any	 	 
	 	 	liability in respect of premiums or calls arising in connection	 	221
	 	 	with the Owners’ Insurances; or	 	222
	 	(iii) 	on such other terms as may be agreed in writing.	 	223
	 	Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left	 	224
	 	blank then (i) applies.	 	225
	 	 	 	 	 
	 	6.4 	written evidence is provided, to the reasonable satisfaction	 	226
	 	of the ManagersSub-managers , of their compliance with their	 	227
	 	obligations under	 	 
	 	Clause
    6 within a reasonable time of the commencement of	 	228
	 	the Agreement, and of each renewal date and, if specifically	 	229
	 	requested, of each payment date of the Owners’ Insurances.	 	230
	 	 	 	 
	7.	 Income Moneys Collected and Expenses Paid on Behalf of	 	231
	 	OwnersHead Managers	 	 

	 	7.1 	All moneys collected by the Managers
Sub-managers under the	 	232
	 	terms of	 	 
	 	this Agreement (other than moneys payable by the Owners Head	 	233
	 	Managers
    to	 	 
	 	the ManagersSub-managers ) and any interest thereon shall be held	 	234
	 	to the	 	 
	 	credit of the Owners Head Managers in a separate bank account.	 	235
	 	 	 	 	 
	 	7.2	All expenses incurred by the Managers
Sub-managers under	 	236
	 	the terms	 	 
	 	of this Agreement on behalf of the Owners Head Managers	 	237
	 	(including expenses	 	 
	 	as provided in Clause 8) may be debited against the Owners Head	 	238
	 	Managers	 	 
	 	in the account referred to under sub-clause 7.1 but shall in any	 	239
	 	event remain payable by the Owners Head Managers to the	 	240
	 	Managers Sub-managers on	 	 
	 	demand.	 	241
	 	 
	8.	 Management Fee	 	242
	 	 	 	 	 
	 	8.1	The Owners Head
Maagers shall pay to the Managers Sub-	 	243
	 	managers
    for their services	 	 
	 	as Managers Sub-managers under this Agreement an annualthe	 	244
	 	daily
    management	 	 
	 	fees as stated in Box 15 which shall be payable by equal	 	245
	 	monthly instalments in advance, the first instalment being monthly	 	246
	 	in advance on a prorata basis.	 	 
	 	payable
    on the commencement of this Agreement (see Clause	 	247
	 	2 and Box 4) and subsequent instalments being payable every	 	248
	 	month.	 	249
	 	 	 	 	 
	 	8.2 	The management fee shall be subject to an annual review	 	250
	 	on the anniversary date of the Agreement and the proposed	 	251
	 	fee shall be presented in the annual budget referred to in sub-	 	252
	 	clause 9.1.	 	253
	 	 	 	 	 
	 	8.3	The Managers Sub-managers
shall, at no extra cost to the	 	254
	 	OwnersHead Managers, provide	 	 
	 	their own office accommodation, office staff, facilities and	 	255
	 	stationery. Without limiting the generality of Clause 7 the Owners	 	256
	 	Head Managers	 	 
	 	shall reimburse the Managers Sub-managers for postage and	 	257
	 	communication	 	 
	 	expenses, travelling expenses, and other out of pocket	 	258
	 	expenses properly incurred by the Managers Sub-managers in	 	259
	 	pursuance of	 	 
	 	the Management Services.	 	260
	 	 	 	 	 
	 	8.4	In the event of the appointment of the Managers
Sub-managers	 	261
	 	being	 	 
	 	terminated by the Owners Head Managers or the Managers Sub-	 	262
	 	managers in accordance
    with	 	 
	 	the provisions of Clauses 17 and 18 other than by reason of	 	263
	 	default by the Managers, or if the Vessel is lost, sold or otherwise	 	264
	 	Disposed of 18.1 or 18.3, the “management fee” payable to the	 	265
	 	Managers Sub-managers	 	 
	 	aAccording to the provisions of sub-clause 8.1, shall continue to	 	266
	 	be payable for a further period of one month (in the case of a	 	267
	 	termination in accordance with clause 17) or three calendartwo	 	 
	 	months (in the case of a termination in accordance with clauses	 	 
	 	18.1 or 18.3), in each
    case as	 	 
	 	from the termination date. In addition, provided that the	 	268
	 	Managers Sub-managers provide Crew for the Vessel in	 	269
	 	accordance with sub-	 	 
	 	clause 3.1:	 	270
	 	(i) 	the Owners shall continue to pay Crew Support Costs during	 	271
	 	 	the said further period of three calendar months and	 	272
	 	(ii) 	the Owners Sub-managers shall pay an
equitable proportion of	 	273
	 	any	 	 
	 	 	Severance Costs which may materialize, not exceeding	 	274
	 	 	the amount stated in Box 16.	 	275
	 	 	 	 	 
	 	8.5	If the Owners decide to lay-up the Vessel whilst this	 	276
	 	Agreement remains in force and such lay-up lasts for more	 	277
	 	than three two months, an appropriate reduction of the management	 	278
	 	fee for the period exceeding three two months until one month	 	279
	 	before
    the Vessel is again put into service shall be mutually	 	280

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	agreed between the parties failing which the Head Managers shall	 	281
	 	have the right to terminate
    this Agreement.	 	 
	 	 	 	 	 
	 	8.6 	Unless otherwise agreed in writing all discounts and	 	282
	 	commissions obtained by the Managers Sub-managers in the	 	283
	 	course of the	 	 
	 	management of the Vessel shall be credited to the OwnersHead	 	284
	 	Managers.	 	 
	 	 	 	 
	9.	Budgets and Management of Funds	 	285
	 	 	 	 	 
	 	9.1 	The Managers Sub-managers
shall on or before October 1 of	 	286
	 	each calendar year present to the Owners Head Managers	 	 
	 	annually
    a	 	 
	 	budget for the following twelve months calendar year in such form	 	287
	 	as the	 	 
	 	Owners Head Managers require. The budget for the first year	 	288
	 	hereofuntil the end of this calendar year is set out	 	 
	 	in Annex “C” hereto. Subsequent annual budgets shall be	 	289
	 	prepared by the Managers and submitted to the Owners not	 	290
	 	less than three months before the anniversary date of the	 	291
	 	commencement of this Agreement (see Clause 2 and Box 4).	 	292
	 	 	 	 	 
	 	9.2 	The Owners Head
Managers shall indicate to the Managers	 	293
	 	Sub-managers their acceptance	 	 
	 	and approval of the annual budget within one month of	 	294
	 	presentation and in the absence of any such indication the	 	295
	 	Managers Sub-managers shall be entitled to assume that the	 	296
	 	Owners Head Managers have	 	 
	 	accepted the proposed budget.	 	297
	 	 	 	 	 
	 	9.3 	Following the agreement of the budget, the Managers
Sub-	 	298
	 	managers shall	 	 
	 	prepare and present to the Owners Head Managers their estimate of	 	299
	 	the working	 	 
	 	capital requirement of the Vessel and the Managers Sub-managers	 	300
	 	shall each	 	 
	 	month up-date this estimate. Based thereon, the Managers Sub-	 	301
	 	managers shall	 	 
	 	each month request the Owners Head Managers in writing for the	 	302
	 	funds required	 	 
	 	to run the Vessel for the ensuing month, including the payment	 	303
	 	of any occasional or extraordinary item of expenditure, such as	 	304
	 	emergency repair costs, additional insurance premiums, bunkers	 	305
	 	or provisions. Such funds shall be received by the Managers Sub-	 	306
	 	managers	 	 
	 	within ten running days after the receipt by the Owners Head	 	307
	 	Managers of the	 	 
	 	ManagersSub-managers ’ written request and shall be held to the	 	308
	 	credit of the	 	 
	 	Owners Head Managers in a separate bank account.	 	309
	 	 	 	 	 
	 	9.4 	The Managers Sub-managers
shall produce a comparison	 	310
	 	between	 	 
	 	budgeted and actual income and expenditure of the Vessel in	 	311
	 	such form as required by the Owners Head Managers monthly or at	 	312
	 	such other	 	 
	 	intervals as mutually agreed.	 	313
	 	 	 	 	 
	 	9.5 	Notwithstanding anything contained herein to the contrary,	 	314
	 	the Managers Sub-managers shall in no circumstances be required	 	315
	 	to use or	 	 
	 	commit their own funds to finance the provision of the	 	316
	 	Management Services.	 	317
	 	 
	10.	 ManagersSub-managers ’ Right to Sub-Contract	 	318
	 	The Managers Sub-managers shall not have the right to sub-	 	319
	 	contract any of	 	 
	 	their obligations hereunder, including those mentioned in sub-	 	320
	 	clause 3.1, without the prior written consent of the Owners Head	 	321
	 	Managers which	 	 
	 	shall
    not be unreasonably withheld. In the event of such a sub-	 	322
	 	contract the Managers Sub-managers shall remain fully liable for the	 	323
	 	due	 	 
	 	performance of their obligations under this Agreement.	 	324
	 	 
	11.	 Responsibilities	 	325
	 	11.1 Force Majeure - Neither the Owners Head Managers nor the	 	326
	 	Managers Sub-managers	 	 
	 	shall be under any liability for any failure to perform any of their	 	327

	 	 	obligations hereunder by reason of any cause whatsoever of	 	328
	 	 	any nature or kind beyond their reasonable control.	 	329
	 	 	 	 	 
	 	 	11.2 Liability to Owners Head Managers- (i) Without prejudice to	 	330
	 	 	sub-clause	 	 
	 	 	 	 	 
	 	 	11.1, the Managers Sub-managers shall be under no liability	 	331
	 	 	whatsoever to the	 	 
	 	 	Owners Head Managers or to the Owners for any loss, damage,	 	332
	 	 	delay or expense of whatsoever	 	 
	 	 	nature, whether direct or indirect, (including but not limited to	 	333
	 	 	loss of profit arising out of or in connection with detention of or	 	334
	 	 	delay to the Vessel) and howsoever arising in the course of	 	335
	 	 	performance of the Management Services UNLESS same is	 	336
	 	 	proved to have resulted solely from the negligence, gross	 	337
	 	 	negligence or wilful default of the Managers Sub-managers or their	 	338
	 	 	employees,	 	 
	 	 	or agents or sub-contractors employed by them in connection	 	339
	 	 	with the Vessel, in which case (save where loss, damage, delay	 	340
	 	 	or expense has resulted from the Sub-managers Managers’	 	341
	 	 	personal act or	 	 
	 	 	omission committed with the intent to cause same or recklessly	 	342
	 	 	and with knowledge that such loss, damage, delay or expense	 	343
	 	 	would probably result) the ManagersSub-managers’ liability for each	 	344
	 	 	incident	 	 
	 	 	or series of incidents giving rise to a claim or claims shall never	 	345
	 	 	Exceed a total of ten times the annual management fee payable	 	346
	 	 	hereunder.	 	347
	 	 	(ii) Notwithstanding anything that may appear to the
    contrary in	 	348
	 	 	this Agreement, the Managers Sub-managers shall not be liable for	 	349
	 	 	any of the	 	 
	 	 	actions of the Crew, even if such actions are negligent, grossly	 	350
	 	 	negligent or wilful, except only to the extent that they are shown	 	351
	 	 	to have resulted from a failure by the Managers Sub-managers to	 	352
	 	 	discharge	 	 
	 	 	their obligations under sub-clause 3.1, in which case their liability	 	353
	 	 	shall be limited in accordance with the terms of this Clause 11.	 	354
	 	 	 	 	 
	 	 	11.3 Indemnity - Except to the extent and solely for the amount	 	355
	 	 	therein set out that the Managers Sub-managers would be liable	 	356
	 	 	under sub-	 	 
	 	 	clause 11.2, the Owners Head Managers hereby undertake to keep	 	357
	 	 	the Managers Sub-managers	 	 
	 	 	and their employees, agents and sub-contractors indemnified	 	358
	 	 	and to hold them harmless against all actions, proceedings,	 	359
	 	 	claims, demands or liabilities whatsoever or howsoever arising	 	360
	 	 	which may be brought against them or incurred or suffered by	 	361
	 	 	them arising out of or in connection with the performance of the	 	362
	 	 	Agreement, and against and in respect of all costs, losses,	 	363
	 	 	damages and expenses (including legal costs and expenses on	 	364
	 	 	a full indemnity basis) which the Managers Sub-managers may	 	365
	 	 	suffer or incur	 	 
	 	 	(either directly or indirectly) in the course of the performance of	 	366
	 	 	this Agreement.	 	367
	 	 	 	 	 
	 	 	11.4 “Himalaya” - It is hereby expressly agreed that no	 	368
	 	 	employee or agent of the Managers Sub-managers (including every	 	369
	 	 	sub-	 	 
	 	 	contractor from time to time employed by the ManagersSub-	 	370
	 	 	managers ) shall
    in	 	 
	 	 	Any circumstances whatsoever be under any liability whatsoever	 	371
	 	 	to the Owners Head Managers for any loss, damage or delay of	 	372
	 	 	whatsoever kind	 	 
	 	 	arising or resulting directly or indirectly from any act, neglect or	 	373
	 	 	default on his part while acting in the course of or in connection	 	374
	 	 	with his employment and, without prejudice to the generality of	 	375
	 	 	the foregoing provisions in this Clause 11, every exemption,	 	376
	 	 	limitation, condition and liberty herein contained and every right,	 	377
	 	 	exemption from liability, defence and immunity of whatsoever	 	378
	 	 	nature applicable to the Managers Sub-managers or to which the	 	379
	 	 	Managers Sub-managers are	 	 
	 	 	entitled hereunder shall also be available and shall extend to	 	380
	 	 	protect every such employee or agent of the Managers Sub-	 	381
	 	 	managers acting	 	 
	 	 	as aforesaid and for the purpose of all the foregoing provisions	 	382
	 	 	of this Clause 11 the Managers are or shall be deemed to be	 	383

This document is a computer generated SHIPMAN 98 form printed
by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to
the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.
BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved
document and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	acting as agent or trustee on behalf of and for the benefit of all	 	384
	 	persons who are or might be their servants or agents from time	 	385
	 	to time (including sub-contractors as aforesaid) and all such	 	386
	 	persons shall to this extent be or be deemed to be parties to this	 	387
	 	Agreement.	 	388
	 	 	 	 
	12.	Documentation	 	389
	 	Where the Managers Sub-managers are providing Technical	 	390
	 	Management in	 	 
	 	accordance with sub-clause 3.2 and/or Crew Management in	 	391
	 	accordance with sub-clause 3.1, they shall make available,	 	392
	 	upon OwnersHead Managers’ request, all documentation and	 	393
	 	records related	 	 
	 	to the Safety Management System (SMS) and/or the Crew	 	394
	 	which the Owners Head Managers or the Owners need in order to	 	395
	 	demonstrate compliance	 	 
	 	with the ISM Code, the ISPS Code and STCW 95 or to defend a	 	396
	 	claim against	 	 
	 	a third party.	 	397
	 	 
	13.	General Administration	 	398
	 	 	 	 
	 	13.1 The Managers Sub-managers shall handle and settle all claims	 	399
	 	arising	 	 
	 	out of the Management Services hereunder not exceeding	 	400
	 	US$5,000 and keep the Owners Head Managers	 	 
	 	informed regarding any incident of which the Managers Sub-	 	401
	 	managers become	 	 
	 	aware which gives or may give rise to material claims or disputes	 	402
	 	involving	 	 
	 	third parties.	 	403
	 	 	 	 
	 	13.2 The Managers Sub-managers shall, as instructed by the	 	404
	 	Owners Head Managers under this Agreement, bring	 	 
	 	or defend actions, suits or proceedings in connection with matters	 	405
	 	entrusted to the Managers Sub-managers according to this	 	406
	 	Agreement.	 	 
	 	 	 	 
	 	13.3 The Managers Sub-managers shall also have power , as	 	407
	 	instructed by the Owners under this Agreemeent, to obtain legal	 	 
	 	or	 	 
	 	technical or other outside expert advice in relation to the handling	 	408
	 	and settlement of claims and disputes or all other matters	 	409
	 	affecting the interests of the Owners or the Head Managers in	 	410
	 	respect of the Vessel.	 	 
	 	 	 	 
	 	13.4 The Owners Head Managers shall procure that the Owners	 	411
	 	shall arrange for the provision of any	 	 
	 	necessary guarantee bond or other security.	 	412
	 	 	 	 
	 	13.5 Any costs reasonably incurred by the Managers in	 	413
	 	carrying out their obligations according to Clause 13 shall be	 	414
	 	reimbursed by the OwnersHead Managers.	 	415
	 	 	 	 
	 	13.6 Upon request the Sub-managers shall provide the Head	 	 
	 	Managers or, if directed by the Head Managers, the Owners,	 	 
	 	with all documents required for the purposes of submittting	 	 
	 	claims to the Vessel’s insurers (through brokers or directly) or	 	 
	 	for defending or presenting claims against other parties etc.	 	 
	 	This obligation will survive for six (6) years after termination of	 	 
	 	this Agreement.	 	 
	 	 
	14.	Auditing	 	416
	 	The Managers Sub-managers shall at all times maintain and keep	 	417
	 	true and	 	 
	 	correct accounts and shall make the same available for inspection	 	418
	 	and auditing by the Owners Head Managers or to their agents at	 	419
	 	such times as may be mutually	 	 
	 	agreed. On the termination, for whatever reasons, of this	 	420
	 	Agreement, the Managers Sub-managers shall release to the	 	421
	 	OwnersHead
Managers, if so	 	 
	 	requested, the originals where possible, or otherwise certified	 	422
	 	copies, of all such accounts and all documents specifically relating	 	423
	 	to the Vessel and her operation.	 	424
	 	 
	15.	Inspection of Vessel	 	425
	 	The Owners Head Managers shall have the right at any time after	 	426
	 	giving	 	 
	 	reasonable notice to the Managers to inspect the Vessel for any	 	427

	 	reason they consider necessary.	 	428
	 	The Sub-managers shall visit and thoroughly inspect and	 	 
	 	survey the Vessel at least once per quarter each calendar year,	 	 
	 	i.e. at least four times each calendar year. Following each such	 	 
	 	visit and inspection/survey, the Sub-managers shall submit to	 	 
	 	the Head Managers a detailed condition report in relation to the	 	 
	 	Vessel, its operations and other related matters as observed by	 	 
	 	such visit and inspection/survey.	 	 
	 	If the Sub-managers’ superintendents or other qualified staff	 	 
	 	spend more than 28 days visiting and inspecting/surveying the	 	 
	 	Vessel pursuant to this Clause in any calendar year, the Sub-	 	 
	 	managers will charge the Head Managers for such excess days	 	 
	 	United States Dollars 500 per excess day for each such person.	 	 
	 	The Head Managers are entitled to make recommendations as to	 	 
	 	possible repair or maintenance matters, in writing, to the Sub-	 	 
	 	managers only. Such recommendations should not be given to	 	 
	 	the Crew directly by the Head Manager.	 	 
	 	 
	16.	Compliance with Laws and Regulations	 	429
	 	The Managers Sub-managers will not do or permit to be done	 	430
	 	anything which	 	 
	 	might cause any breach or infringement of the laws and	 	431
	 	regulations of the Vessel’s flag, or of the places where she trades or	 	432
	 	of any sunctions imposed by the U.S., the U.N., the E.U. or the U.K.	 	 
	 	 	 	 
	17.	Duration of the Agreement	 	433
	 	This Agreement shall come into effect on the day and year stated	 	434
	 	in Box 4 and shall continue until the date stated in Box 17.	 	435
	 	Thereafter it shall continue until terminated by either party giving	 	436
	 	to the other notice in writing, in which event the Agreement shall	 	437
	 	terminate upon the expiration of a period of two months from the	 	438
	 	date upon which such notice was given.	 	439
	 	 	 	 	 
	18. 	Termination	 	440
	 	 	 	 	 
	 	18.1 	Owners’
Head Managers’ default	 	441
	 	(i)	The Managers Sub-managers shall be entitled to terminate the	 	442
	 	 	Agreement	 	 
	 	 	with immediate effect by notice in writing if any moneys	 	443
	 	 	payable by the Owners Head Managers under this Agreement	 	444
	 	 	and/or the	 	 
	 	 	owners of any associated vessel, details of which are listed	 	445
	 	 	in Annex “D”, shall not have been received in the ManagersSub-	 	446
	 	 	managers’	 	 
	 	 	nominated account within ten running Business dDays of receipt	 	447
	 	 	by	 	 
	 	 	the Owners Head Managers of the Managers Sub-managers	 	448
	 	 	written request or if the Vessel	 	 
	 	 	is repossessed by the Mortgagees.	 	449
	 	(ii)	If the OwnersHead Managers:	 	450
	 	 	 	(a)	fail to meet their obligations under sub-clauses 5.2	 	451
	 	 	 	 	and 5.3 of this Agreement for any reason within their	 	452
	 	 	 	 	control, or	 	453
	 	 	 	(b)	proceed with the employment of or continue to employ	 	454
	 	 	 	 	the Vessel in the carriage of contraband, blockade	 	455
	 	 	 	 	running, or in an unlawful or sanctionable trade, or on a	 	456
	 	 	 	 	voyage which	 	 
	 	 	 	 	in the reasonable opinion of the Managers is unduly	 	457
	 	 	 	 	hazardous or improper,	 	458
	 	 	the Managers Sub-managers may give notice of the default to	 	459
	 	 	the OwnersHead Managers,	 	 
	 	 	requiring them to remedy it as soon as practically possible.	 	460
	 	 	In the event that the Owners Head Managers fail to remedy it	 	461
	 	 	within a	 	 
	 	 	reasonable time to the satisfaction of the ManagersSub-	 	462
	 	 	managers , the	 	 
	 	 	Managers Sub-managers shall be entitled to terminate the this	 	463
	 	 	Agreement	 	 
	 	 	with immediate effect by notice in writing.	 	464
	 	 	 	 	 
	 	18.2 	ManagersSub-managers’ Default	 	465
	 	If the Managers Sub-managers fail to meet their obligations under	 	466
	 	Clauses 3	 	 
	 	and 4 of this Agreement for any reason within the control of the	 	467
	 	ManagersSub-managers , the Owners Head Managers may give	 	468
	 	notice to the Managers Sub-managers of the	 	 

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	default, requiring them to remedy it as soon as practically	 	469
	 	Possible promptly. In the event that the Managers Sub-managers	 	470
	 	fail to remedy it within a	 	 
	 	reasonable time promptly to the satisfaction of the OwnersHead	 	471
	 	Managers, the Owners Head Managers	 	 
	 	shall be entitled to terminate the Agreement with immediate effect	 	472
	 	by notice in writing.	 	473
	 	 	 	 
	 	18.3 Extraordinary Termination	 	474
	 	This Agreement shall be deemed to be terminated in the case of	 	475
	 	the sale of the Vessel or if the Vessel becomes a total loss or is	 	476
	 	declared by the Owners as a constructive or compromised or	 	477
	 	arranged total	 	 
	 	loss or is requisitioned.	 	478
	 	 	 	 
	 	18.4 For the purpose of sub-clause 18.3 hereof	 	479
	 	(i)	the date upon which the Vessel is to be treated as having	 	480
	 	 	been sold or otherwise disposed of shall be the date on	 	481
	 	 	which the Owners cease to be registered as Owners of	 	482
	 	 	the Vessel;	 	483
	 	(ii)	the Vessel shall not be deemed to be lost unless either	 	484
	 	 	she has become an actual total loss or agreement has	 	485
	 	 	been reached with her underwriters in respect of her	 	486
	 	 	constructive, compromised or arranged total loss or if such	 	487
	 	 	agreement with her underwriters is not reached it is	 	488
	 	 	adjudged by a competent tribunal that a constructive loss	 	489
	 	 	of the Vessel has occurred notice of abandonment is served	 	490
	 	 	by the Owners on the Vessel’s underwriters.	 	 
	 	 	 	 
	 	18.5 Either party shall be entitled to terminate this Agreement by	 	491
	 	notice in writing to the other party if:	 	 
	 	(a) the other party ceases to conduct business, or all or	 	 
	 	substantially all of the equity-interests, properties or assets of	 	 
	 	such other party are sold, seized or appropriated which, in the	 	 
	 	case of seizure or appropriation, is not discharged within 20	 	 
	 	Business Days.	 	 
	 	(b) (i) the other party files a petition under any bankruptcy law,	 	 
	 	makes an assignment for the benefit of its creditors, seeks relief	 	 
	 	under any law for the protection of debtors or adopts a plan of	 	 
	 	liquidation; (ii) the other party shall admit in writing its	 	 
	 	Insolvency or its inability to pay its debts as they mature; (iii) an	 	 
	 	order is made for the appointment of a liquidator, manager,	 	 
	 	receiver or trustee of the other party of all or substantial part of	 	 
	 	its assets; or (iv) if an order is made or a resolution is passed	 	 
	 	for the other party’s widing up;	 	 
	 	(c) the other party is prevented from performing its obligations	 	 
	 	hereunder, in any material respect, by reasons of Force Majeure	 	 
	 	for a period of two or more consecutive months.This Agreement	 	 
	 	shall terminate forthwith in the event of	 	 
	 	an order being made or resolution passed for the winding up,	 	492
	 	dissolution, liquidation or bankruptcy of either party (otherwise	 	493
	 	than for the purpose of reconstruction or amalgamation) or if a	 	494
	 	receiver is appointed, or if it suspends payment, ceases to carry	 	495
	 	on business or makes any special arrangement or composition	 	496
	 	with its creditors.	 	497
	 	 	 	 
	 	18.6 The termination of this Agreement shall be without	 	498
	 	prejudice to all rights accrued due between the parties prior to	 	499
	 	the date of termination.	 	500
	 	 	 
	19. 	Law and Arbitration	 	501
	 	 	 	 
	 	19.1 This Agreement and any non-contractual obligations	 	502
	 	connected with it shall be governed by and construed in	 	 
	 	accordance with English law. All disputes arising out of this	 	503
	 	Agreement and/or any non-contractual obligations connected	 	 
	with it shall be arbitrated in London in the following manner.	 	 
	One arbitrator is to be appointed by each of the parties hereto	 	 
	and a third by the two so chosen. Their decision or that of any	 	 
	two of them shall be final. The arbitrators shall be commercial	 	 
	persons, conversant with shipping matters. Such arbitration is	 	 
	to be conducted in accordance with the London Maritime	 	 
	Arbitration Association (LMAA) Terms current at the time when	 	 
	the arbitration proceedings are commenced and in accordance	 	 
	with the Arbitration Act 1996 or any statutory modification or re-	 	 
	enactment thereof. In the event that a party hereto shall state a	 	 
	dispute and designate an arbitrator in writing, the other party	 	 
	shall have 10 Business Days to designate its own arbitrator. If	 	 
	such other party fails to designate its own arbitrator within such	 	 
	period, the arbitrator appointed by the first party can render an	 	 

	 	award hereunder. Until such time as the arbitrators finally close	 	 
	 	the hearings, either party shall have the right by written notice	 	 
	 	served on the arbitrators and on the other party to specify	 	 
	 	further disputes or differences under this Agreement for hearing	 	 
	 	and determination. The arbitrators may grant any relief, and	 	 
	 	render an award, which they or a majority of them deem just and	 	 
	 	equitable and within the scope of this Agreement, including but	 	 
	 	not limited to the posting of security. Awards pursuant to this	 	 
	 	Clause 19.1 may include costs and judgments may be entered	 	 
	 	upon any award made herein in any court having jurisdiction.	 	 
	 	and any dispute arising out of or	 	 
	 	in connection with this Agreement shall be referred to arbitration	 	504
	 	in London in accordance with the Arbitration Act 1996 or	 	505
	 	any statutory modification or re-enactment thereof save to	 	506
	 	the extent necessary to give effect to the provisions of this	 	507
	 	Clause.	 	508
	 	The arbitration shall be conducted in accordance with the	 	509
	 	London Maritime Arbitrators Association (LMAA) Terms	 	510
	 	current at the time when the arbitration proceedings are	 	511
	 	commenced.	 	512
	 	The reference shall be to three arbitrators. A party wishing	 	513
	 	to refer a dispute to arbitration shall appoint its arbitrator	 	514
	 	and send notice of such appointment in writing to the other	 	515
	 	party requiring the other party to appoint its own arbitrator	 	516
	 	within 14 calendar days of that notice and stating that it will	 	517
	 	appoint its arbitrator as sole arbitrator unless the other party	 	518
	 	appoints its own arbitrator and gives notice that it has done	 	519
	 	so within the 14 days specified. If the other party does not	 	520
	 	appoint its own arbitrator and give notice that it has done so	 	521
	 	within the 14 days specified, the party referring a dispute to	 	522
	 	arbitration may, without the requirement of any further prior	 	523
	 	notice to the other party, appoint its arbitrator as sole	 	524
	 	arbitrator and shall advise the other party accordingly. The	 	525
	 	award of a sole arbitrator shall be binding on both parties	 	526
	 	as if he had been appointed by agreement.	 	527
	 	Nothing herein shall prevent the parties agreeing in writing	 	528
	 	to vary these provisions to provide for the appointment of a	 	529
	 	sole arbitrator.	 	530
	 	In cases where neither the claim nor any counterclaim	 	531
	 	exceeds the sum of USD50,000 (or such other sum as the	 	532
	 	parties may agree) the arbitration shall be conducted in	 	533
	 	accordance with the LMAA Small Claims Procedure current	 	534
	 	at the time when the arbitration proceedings are commenced.	 	535
	 	 	 	 
	 	19.2 This Agreement shall be governed by and construed	 	536
	 	in
accordance with Title 9 of the United States Code and	 	537
	 	the Maritime Law of the United
States and any dispute	 	538
	 	arising out
of or in connection with this Agreement shall be	 	539
	 	referred to
three persons at New York, one to be appointed	 	540
	 	by each of the
parties hereto, and the third by the two so	 	541
	 	chosen; their
decision or that of any two of them shall be	 	542
	 	final, and for
the purposes of enforcing any award,	 	543
	 	judgement may
be entered on an award by any court of	 	544
	 	competent jurisdiction.
The proceedings shall be conducted	 	545
	 	in accordance
with the rules of the Society of Maritime	 	546
	 	Arbitrators,
Inc.	 	547
	 	In cases where
neither the claim nor any counterclaim	 	548
	 	exceeds the
sum of USD50,000 (or such other sum as the	 	549
	 	parties may
agree) the arbitration shall be conducted in	 	550
	 	accordance with
the Shortened Arbitration Procedure of the	 	551
	 	Society of Maritime
Arbitrators, Inc. current at the time when	 	552
	 	the
arbitration proceedings are commenced.	 	553
	 	 	 	 
	 	19.3
This Agreement shall be governed by and construed	 	554
	 	in
accordance with the laws of the place mutually agreed by	 	555
	 	the
parties and any dispute arising out of or in connection	 	556
	 	with
this Agreement shall be referred to arbitration at a	 	557
	 	mutually agreed place, subject to the procedures applicable	 	558
	 	there.	 	559
	 	 	 	 
	 	19.4 If Box 18 in Part I is not appropriately filled in, sub-	 	560
	 	clause 19.1 of this Clause shall apply.	 	561
	 	 	 
	 	Note: 19.1, 19.2 and 19.3 are alternatives; indicate	 	562

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	alternative agreed in Box 18.	 	563
	 	 
	20.	Notices 	 	564
	 	20.1 Any notice to be given by either party to the other	 	565
	 	party shall be in writing and may be sent by fax, telex,	 	566
	 	registered or recorded mail or by personal service.	 	567
	 	20.2 The address of the Parties for service of such	 	568
	 	communication shall be as stated in Boxes 19 and 20,	 	569
	 	respectively.	 	570
	 	 
	21.	Entire Agreement	 	 
	 	This Agreement constitutes
 the entire agreement between	 	 
	 	the parties and no promise, undertaking,
 representation,	 	 
	 	warranty or statement by either party prior to the date	 	 
	 	stated in Box 2 shall affect this Agreement. Any modification	 	 
	 	of this
 Agreement shall not be of any effect unless in writing	 	 
	 	signed by or on behalf
 of the parties.	 	 
	 	 
	22.	Third Party Rights	 	 
	 	Except to the extent
 provided in Sub-clauses 11.3 (Indemnity)	 	 
	 	and 11.4 (Himalaya)
 or for matters which the Owners have a	 	 
	 	right towards the Sub-managers
 pursuant to this Agreement,	 	 
	 	no third parties may enforce any term of this
 Agreement.	 	 
	 	 
	23.	Partial Validity	 	 
	 	If any provision of this
 Agreement is or becomes or is held by	 	 
	 	any arbitrator or other competent body
 to be illegal, invalid or	 	 
	 	unenforceable in any respect under any law or
 jurisdiction,	 	 
	 	the provision shall be deemed to be amended to the
extent	 	 
	 	necessary to avoid such illegality, invalidity or unenforceability,	 	 
	 	or, if
 such amendment is not possible, the provision shall be	 	 
	 	deemed to be deleted
 from this Agreement to the extent of	 	 
	 	such illegality, invalidity or
 unenforceability, and the remaining	 	 
	 	provisions shall continue in full force
 and effect and shall not	 	 
	 	in any way be affected or impaired thereby.	 	 

	
  

 	
  

 	
  

 	
  

 	
  

 
	24.	Interpretation	 	 
	 	In this Agreement:	 	 
	 	(a)	Singular/Plural	 	 
	 	 	The singular includes the
 plural and vice versa as the	 	 
	 	 	context admits or requires.	 	 
	 	(b)	Headings	 	 
	 	 	The index and headings to
 the clauses and appendices	 	 
	 	 	to this Agreement are for convenience only and
 shall	 	 
	 	 	not affect its construction or interpretation.	 	 
	 	(c)	Day	 	 
	 	 	“Day” means a calendar day
 unless expressly stated	 	 
	 	 	to the contrary.	 	 
	 	 
	25.	Pre-approval	 	 
	 	Notwithstanding
 anything to the contrary in this Agreement,	 	 
	 	the Sub-managers agree that
 before taking any action the	 	 
	 	result of which will be a cost to the Head
 Managers or, as	 	 
	 	the case may be, the Owners of at least USD10,000, including	 	 
	 	(but without limiting the generality of the foregoing) the	 	 
	 	Sub-managers:	 	 
	 	(a)	making an
 appointment of a person in connection with	 	 
	 	 	this Agreement (such as repair
 supervisors, surveyors,	 	 
	 	 	technical consultants, port agents, stevedores or any	 	 
	 	 	other person of any kind); or	 	 
	 	(b)	arranging for the
 supply of provisions, bunker fuel,	 	 
	 	 	stores, spares or lubricant oils; or	 	 
	 	(c)	arranging dry
 dockings, repairs or maintenance in	 	 
	 	 	relation to the Vessel; or	 	 
	 	(d)	arranging surveys,
 etc.,	 	 

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.

    	 

    	

    

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

	 	the Sub-managers
 shall seek and obtain the prior written approval	 	 
	 	of the Head Managers in
 respect of such action (including in respect	 	 
	 	of MARCAS and any service
 provider associated with the	 	 
	 	Sub-managers). In the event that the Head
 Managers shall decide to	 	 
	 	perform such action themselves to the exclusion of
 the Sub-managers,	 	 
	 	they shall advise the Sub-managers in writing.	 	 
	 	 
	26.	MARCAS	 	 
	 	 
	 	26.1 The Sub-managers are
 presently members of MARCAS Limited	 	 
	 	(“MARCAS”), an independent contracting
 association providing access	 	 
	 	to commodities and dry dock services globally
 (www.marcas.org).	 	 
	 	MARCAS negotiates on behalf of its members with 	 	 
	 	with selected
 suppliers the best available price, terms and conditions	 	 
	 	for the bulk
 purchase of goods and services for the marine industry	 	 
	 	with the aim of
 offering to members and their clients savings on	 	 
	 	vessel technical operating
 costs. To enable the Sub-managers 	 	 
	 	to
 arrange such supplies on the most advantageous terms,	 	 
	 	the Sub-managers shall be entitled to make bulk purchases	 	 
	 	through MARCAS.	 	 
	 	 
	27	Shipsure	 	 
	 	 
	 	The Sub-managers will,
 subject to the remaining provisions of	 	 
	 	this Clause 27, provide the Head
 Managers and the Vessel at	 	 
	 	no extra cost with the Sub-managers’ proprietary
 ship	 	 
	 	management software in executable object code form as the	 	 
	 	same may be
 upgraded and updated from time to time (the	 	 
	 	“Information System Software”) to allow information from	 	 
	 	both
 the Vessel’s and the Sub-managers’ office to be accessed	 	 
	 	directly by the Head
 Managers via the “PartnerShip Network”	 	 
	 	secure website. Financial, technical
 and operational information	 	 
	 	relating to the Vessel will be available from
 both the Vessel	 	 
	 	and office outputs, with the ability to “drill down” on	 	 
	 	accounts. This will provide the Head Managers with immediate	 	 
	 	access to the
 same information available to the Sub-managers	 	 
	 	and to reports generated for
 the Head Managers, with a view	 	 
	 	to providing improved efficiency and cost
 savings to the	 	 
	 	Head Managers in their overview of the management of the
 Vessel.	 	 
	 	 
	 	Should
 the Head Managers or the
 Owners have
 existing software	 	 
	 	applications on board the Vessel which they wish to retain,
 the	 	 
	 	Head Managers will permit the Sub-managers to carry out an	 	 
	 	on board audit to assess the
 suitability, compatibility with	 	 
	 	the Information System Software, and any
 risks or disadvantages	 	 
	 	associated with the continued use of such
 applications.	 	 
	 	 
	 	The main features of the
 Information System Software	 	 
	 	at the date of this Agreement are:	 	 
	 	 

	 	(i)	comprehensive management
 software providing single	 	 
	 	 	point of entry to the Vessel incorporating crew
 administration,	 	 
	 	 	vessel noon reporting, operational and port reporting, defect	 	 
	 	 	and deficiency reporting and performance monitoring;	 	 
	 	 	 	 	 
	 	(ii)	a ship to shore and shore
 to ship e-mail package providing	 	 
	 	 	cost efficient communications available to
 both the Head	 	 
	 	 	Managers or the Owners and their charterers; and	 	 
	 	 	 	 	 
	 	(iii)	a
 computerised maintenance system including inventory	 	 
	 	 	control and automated
 purchase order handling.	 	 

	 	 
	 	Installation and set-up of
 the Information System Software	 	 
	 	will be undertaken at no cost to the
 Head-managers	 	 
	 	on a date agreed between the Sub-managers and	 	 
	 	the Head Managers
 having regard to the Vessel’s schedule	 	 
	 	and the availability of the
 Sub-managers’ personnel.	 	 
	 	 
	 	Solely for the duration of
 this Agreement the Sub-managers	 	 
	 	hereby grant the Owners a personal,
 non-transferable	 	 
	 	non-exclusive license to use a single copy of the
 Information	 	 
	 	System Software as installed by the Managers on a	 	 
	 	single computer
 on board the Vessel.	 	 
	 	 
	 	The Information System
 Software is owned by the	 	 
	 	Sub-managers or their subsidiaries and is protected
 by	 	 
	 	applicable copyright and patent laws. The Head Managers	 	 
	 	may not copy the
 Information System Software (except	 	 
	 	for back-up purposes only) or any written
 materials which	 	 
	 	 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	 	accompany it, and may not
 sell, rent, lease, lend, sub-licence,	 	 
	 	reverse engineer or distribute the
 Information System Software	 	 
	 	or such written materials.	 	 
	 	The Sub-managers do not
 warrant that the Information System	 	 
	 	Software will meet the Head Managers’
 requirements or that the	 	 
	 	use or operation of the Information System Software
 will be	 	 
	 	uninterrupted or error free.	 	 
	 	 
	28.	Vessel trading in high risk areas	 	 
	 	In the
 event that the Vessel is to trade in a high risk area and in	 	 
	 	particular an
 area where piracy is prevalent, the Sub-managers
 shall:	 	 
	 	 	(i)	comply
 in full with the guidance provided by ‘Best	 	 
	 	 	 	Management Practices to Deter
 Piracy off the Coast of	 	 
	 	 	 	Somalia and in the Arabian Sea Area (BMP)’ as may be	 	 
	 	 	 	revised from time to time and also with any similar	 	 
	 	 	 	guidance which may be
 issued for other high risk areas;	 	 
	 	 	(ii)	monitor
 daily guidance and updates provided by The	 	 
	 	 	 	Maritime Security Centre – Horn of
 Africa (MSCHOA)	 	 
	 	 	 	website (www.mschoa.org) as may be revised from	 	 
	 	 	 	time to time
 and advise the Vessel accordingly;	 	 
	 	 	(iii)	comply
 with the guidelines for ‘Transiting off the coast	 	 
	 	 	 	of Somalia, the Arabian
 Sea, Gulf of Aden and Red Sea’	 	 
	 	 	 	as may be revised from time to time and also
 with any	 	 
	 	 	 	similar guidance which may be issued for other high	 	 
	 	 	 	risk areas. The
 guidelines set out their policy of full	 	 
	 	 	 	compliance with BMP and additional
 guidance and	 	 
	 	 	 	information on Self Protection Measures (SPM’s) and	 	 
	 	 	 	Citadels or
 Safe Areas. The Head
 Managers will be	 	 
	 	 	 	provided with a copy of the guidelines and costs for	 	 
	 	 	 	SPM’s will be included
 in the Vessel budget;	 	 
	 	 	(iv)	where
 appropriate, ensure the Vessel follows the	 	 
	 	 	 	International Recommended Transit
 Corridor (IRTC),	 	 
	 	 	 	using the services of an escorted convoy if available	 	 
	 	 	 	or
 joining a group transit if not;	 	 
	 	 	(v)	monitor
 routing recommendations for transiting high	 	 
	 	 	 	risk areas as provided by
 charterers and insurers and	 	 
	 	 	 	review the same as part of the risk assessment	 	 
	 	 	 	carried out for the transit concerned;	 	 
	 	 	(vi)	provide
 sufficient Self Protection Measures (SPM)	 	 
	 	 	 	appropriate to the Vessel’s type,
 size and speed with	 	 
	 	 	 	a view to protecting the Crew as far as possible in the	 	 
	 	 	 	event of an attack. To be determined by the risk	 	 
	 	 	 	assessment required by BMP
 for the transit concerned	 	 
	 	 	 	and before entering the high risk area; and	 	 
	 	 	(vii)	provide
 training for the Crew in BMP prior to transiting	 	 
	 	 	 	any high risk area.	 	 
	 	All
 these services set out in this clause (other than materials	 	 
	 	required for SPM
 implementation) are provided by the	 	 
	 	Sub-managers free of any cost to the Head
 Managers.	 	 
	 	 
	29.	Float	 	 
	 	On or prior to the date
 stated in Box 2 the Head Managers	 	 
	 	shall provide to the Sub-managers a sum of
 $75,000 which shall	 	 
	 	be available to the Head Managers in their reasonable
 discretion	 	 
	 	for payment of any sum due under the terms of this Agreement,	 	 
	 	which sum will be held in the Manager’s bank account (the “Float”).	 	 
	 	The Head
 Managers agree that on termination of this Agreement,	 	 
	 	the Sub-managers shall
 be entitled to retain all or part of the	 	 
	 	Float in payment of any sums then
 outstanding under the terms	 	 
	 	of this Agreement and, subject thereto, the
 Sub-managers shall	 	 
	 	reimburse the Float to the Owner by no later than 3
 months	 	 
	 	after the termination of this Agreement.	 	 
	 	 
	30.	Crew	 	 
	 	The Head Managers agree to
 implement in full the terms and	 	 
	 	conditions of employment under which the Crew
 are engaged	 	 
	 	by the Sub-managers as agent for the Head Managers.	 	 
	 	If the Vessel
 is covered by an ITF approved agreement the	 	 
	 	Head Managers authorize the
 Sub-managers to sign the ITF	 	 
	 	Special Agreement on their behalf and agree to
 provide all	 	 
	 	information necessary for this purpose.	 	 

	
  

 	
  

 	
  

 	
  

 
	 

 	
  

 	 

 	
  

 
	
 For and on behalf of

 	
  

 	
 For and on behalf of

 	
  

 
	
 COSTAMARE SHIPPING COMPANY S.A.

 	
  

 	
  [•]

 	
  

 

This document is a computer generated SHIPMAN 98 form printed by
authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the
pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO
assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document
and this computer generated document.Exhibit 4.17

 

AGREEMENT RELATING TO GROUP MANAGEMENT
AGREEMENT AND 

SHIPMANAGEMENT AGREEMENTS

 

THIS AGREEMENT  is dated as of 22
January 2013 and made BETWEEN:

 

		(1)	COSTAMARE SHIPPING COMPANY S.A., a corporation incorporated and existing under the laws
of the Republic of Panama, with its registered office at Panama City, Panama (the Manager); and

 

		(2)	COSTAMARE INC., a corporation incorporated and existing under the laws of the Republic of
the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the
Marshall Islands MH96960 (the Parent) for itself and as agent for each of its subsidiaries (the Subsidiaries and,
together with the Parent, the Group and each a member of the Group).

 

WHEREAS:

 

		(A)	The Manager and the Parent have entered into a management agreement dated 3 November 2010 as amended
and/or supplemented from time to time (the Group Management Agreement).

 

		(B)	The Manager and V Ships Greece Ltd. of Par-La-Ville Place 14, Par-La Ville Road, Hamilton HM 08,
Bermuda (V Ships) have entered into a co-operation agreement dated 7 January 2013 as amended and/or supplemented from time
to time (the Co-operation Agreement), whereby they have agreed the terms upon which V Ships will (inter alia) provide
shipmanagement services to certain of the Vessels (as such term is defined in the Group Management Agreement).

 

		(C)	Pursuant to clause 2.4 of the Group Management Agreement, the Manager has asked and obtained the
Parent’s consent to appoint V Ships as a submanager on the conditions contained in this Agreement.

 

NOW IT IS HEREBY AGREED as follows:

 

		1	Terms defined in the Group Management Agreement shall have the same meanings when used herein,
unless otherwise defined in this Agreement.

 

		2	In this Agreement, unless the context otherwise requires:

 

Relevant Period means
the period starting on the Commencement Date (as such term is defined in the Co-operation Agreement) and ending on the date that
the Manager is no longer entitled to any payment by V Ships under the Co-operation Agreement.

 

Settlement Date means
the first day on which banks are open for business in Greece falling immediately after the date that the Manager receives from
V Ships a Net Profit.

 

Net Profit means the
amount paid by V Ships to the Manager under the Co-operation Agreement as the profits generated by the Cell (as such term is defined
in the Co-operation Agreement) provided however that if the amount to be paid by the Manager to V Ships under clause 26(a)
of the Co-operation Agreement has not been taken into account in calculating such profit, then such amount payable to V Ships under
clause 26(a) of the Co-operation Agreement shall be deducted from the amount to be paid by V Ships as profits generated by the
Cell for the purposes of this definition and provided also that any payment by V Ships for breach of its obligation to pay
certain part of the profits to the Manager shall constitute Net Profit.

    	 

    	

    

		3	In consideration of the Parent consenting to V Ships being appointed as a Submanager, the Manager
agrees on each Settlement Date to:

 

		(a)	refund such part of any Management Fees and/or moneys due under Article VIII of the Group Management
Agreement, in either case, already received by such Settlement Date (but not prior to 1 January 2013); and/or

 

		(b)	reduce any Management Fees and/or moneys due under Article VIII of the Group Management Agreement,
in either case, to be received after such Settlement Date, by such amount,

 

as,
in either case, is equal to the Net Profit the Manager has received by such Settlement Date, provided always that:

 

		(i)	the Manager shall, to the extent possible, seek first under this clause 3 to make a refund of Management
Fees and/or moneys received under Article VIII of the Group Management Agreement before seeking to apply a reduction against future
Management Fees and/or moneys to be payable under such Article VIII; and

 

		(ii)	the Manager shall not be asked under this clause to refund or reduce more than the aggregate of
the Management Fees and moneys payable under Article VIII of the Group Management Agreement, it has received since 1 January 2013
and/or will in the future receive in accordance with the terms of the Group Management Agreement.

 

		4	Save as amended and/or supplemented by this Agreement, all other terms and conditions contained
in the Group Management Agreement, the Shipmanagement Agreements and Supervision Agreements shall remain in full force and effect
and shall not be amended.

 

		5	Article XV (Applicable Law) and Article XVI (Arbitration) of the Group Management Agreement shall
apply to this Agreement.

 

		6	No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999
by a person who is not a party to this Agreement, other than a member of the Group.

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed as a deed as of the day and year first above written.

    	 

    	

    

	EXECUTED as a DEED	 	 
	by MR. KONSTANTINOS KONSTANTAKOPOULOS	 	 
	for and on behalf of	/s/ Konstantinos Konstantakopoulos
            	 
	COSTAMARE INC. and its Subsidiaries	Name: Konstantinos Konstantakopoulos
	in the presence of:	Title: Chief Executive Officer	 

 

 

	EXECUTED as a DEED	 	 
	by MR. DIAMANTIS MANOS	 	 
	for and on behalf of	/s/ Diamantis Manos
                                   	 
	COSTAMARE SHIPPING COMPANY S.A.	Name: Diamantis Manos	 
	in the presence of:	Title: Director

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