Document:

Exhibit 4.99

  

  

  MEMORANDUM OF AGREEMENT

  	 	
          Norwegian Shipbrokers' Association's

        
	 	
          Memorandum of Agreement for sale and

        
	 	
          purchase of ships. Adopted by BIMCO in 1956.

        
	 	
          Code-name

        
	 	
          SALEFORM 2012

        
	 	
          Revised 1966, 1983 and 1986/87, 1993 and 2012

        

   

  

  Dated:  21 December 2018

  

  

  PCH77 SHIPPING COMPANY LIMITED, a company
        incorporated and existing under the laws of the republic of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (Name of sellers), hereinafter called the "Sellers",
      have agreed to sell, and XIANG T88 HK INTERNATIONAL SHIP LEASE CO., LIMITED, a company incorporated and existing under the laws of Hong Kong and having
        its registered address at 1/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong (Name of buyers), hereinafter called the "Buyers", have agreed to buy:

  Name of vessel:  Hull No. 8218, tbn ECO
        CALIFORNIA

  

  

  IMO Number:  N/A

  

  

  Classification Society:  DNV GL

  

  

  Class Notation:  +1A, Tanker for Oil and Chemicals, ESP, CSR, Ship Type 2 & 3, E0, BIS, TMON, CMON, ERS, LCS, SPM, COAT-PSPC(B), Inert, BWM(E(s), T), VCS(2B), CLEAN,
        Recyclable, ECA(Sox-A), ETC.

  	
          Year of Build: 2019

        	
          Builder/Yard: Hyundai Mipo Dockyard Co.,
                Ltd.

        

  

  

  Flag:  Marshall Islands upon delivery under
        Building Contract Place of Registration:  Majuro    GT/NT: as per Building Contract/______

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

   

  

  Definitions (see also Clause 24 (Further definitions))

  "Banking Days" are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8
      (Documentation) and Shanghai, Monaco and the Netherlands (add additional jurisdictions as appropriate).

  "Buyers' Nominated Flag State" means the Republic
        of the Marshall Islands (state flag state).

  

  

  "Class" means the class notation referred to above.

   

  

  "Classification Society" means the Society referred to above.

  

  

  "Deposit" shall have the meaning given in Clause 2 (Deposit)

  "Deposit Holder" means ______ (state name and location of
          Deposit Holder) or, if left blank, the Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement.

   

  

  "In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, e-mail or telefax.

  

  

  "Parties" means the Sellers and the Buyers.

  

  

  "Purchase Price" means the price for the Vessel as stated in Clause

          1 (Purchase Price).

  

  

  "Sellers' Account" means _______ (state details
        of bank account) at the Sellers' Bank.

  

  

  "Sellers' Bank" means ________ (state name of
        bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase
      Price.

  

  

  	
          1.

        	
          Purchase Price

        
	 	
          The Purchase Price is United States
                Dollars Thirty Four Million only (US$34,000,000) (state currency and amount both in words and figures).

        
	
          2.

        	
          Deposit

        
	 	
          As security for the correct fulfilment of this
                  Agreement the Buyers shall lodge a deposit of __% (__ per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the "Deposit") in an
                  interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that:

        
	 	 
	 	
          (i)

        	
          this Agreement has been signed by the Parties and
                  exchanged in original or by e-mail or telefax; and

        
	 	 	 
	 	
          (ii)

        	
          the Deposit Holder has confirmed in writing to the
                  Parties that the account has been

        

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
    
      

  

  
  

  

  	 	 	
          opened.

        
	 	 
	 	
          The Deposit shall be released in accordance with
                  joint written instructions of the Parties. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all
                  necessary documentation to open and maintain the account without delay.

        
	 	 
	
          3.

        	
          Payment (See also Clause 22 (Partial set-off of Purchase Price) and Clause 23 (Payment))

        
	 	
          On delivery of the Vessel, but not later than three
                  (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices):

        
	 	 
	 	
          (i)

        	
          the Deposit shall be released to the Sellers; and

        
	 	 	 
	 	
          (ii)

        	
          the balance of the Purchase Price and all other sums
                  payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers' Account.

        
	 	 	 
	
          4.

        	
          Inspection

        
	 	
          (a)* The Buyers have inspected and accepted the Vessel's classification records. The Buyers have also inspected the Vessel at/in                (state place) on                (state date) and have accepted the Vessel following this inspection. and the sale is outright and definite,
                  subject only to the terms and conditions of this Agreement.

        
	 	 
	 	
          (b)* The Buyers shall have the right to inspect the Vessel's classification records and declare whether same are accepted or not within                        (state date/period).

        
	 	 
	 	
          The Sellers shall make the Vessel available for
                  inspection at/in              (state place/range) within            (state date/period).

        
	 	 
	 	
          The Buyers shall undertake the inspection without
                  undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

        
	 	 
	 	
          The Buyers shall inspect the Vessel without opening
                  up and without cost to the Sellers.

        
	 	 
	 	
          During the inspection, the Vessel's dock and engine
                  log books shall be made available for examination by the Buyers.

        
	 	 
	 	
          The sale shall become outright and definite, subject
                  only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such inspection or after the date/last day
                  of the period stated in Line 59, whichever is
                  earlier.

        
	 	 
	 	
          Should the Buyers fail to undertake the inspection as
                  scheduled and/or notice of acceptance of the Vessel's classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers,
                  whereafter this Agreement shall be null and void.

        
	 	 
	 	
          *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

        
	 	 
	
          5.

        	
          Time and place of delivery and notices

        
	 	 
	 	
          (a)  The Vessel shall be delivered
              and taken over safely afloat at a safe and accessible berth or anchorage at/in at sea whether laden or ballast or in dry-dock (state place/range) in the Sellers' option.

        
	 	
          Notice of Readiness shall not be tendered before:   
                                    (date)

        
	 	 
	 	
          Cancelling Date (see Clauses 5(c), 6 (a)(i), 6
                  (a)(iii) and 14): 28 October 2019

        
	 	 
	 	
          (b)  The Sellers shall keep the
              Buyers well informed of the Vessel's itinerary and shall provide the Buyers with provide the Buyers with twenty (20), ten (10), five (5)
              and three (3) days' notice of the date the Sellers intend to tender Notice of Readiness and of the intended date and place of delivery, provided that if the period from the date
                of this Agreement to the intended date of delivery is shorter than any of these notice periods, then the notice in relation to the relevant notice period does not need to be provided.

        
	 	
          When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall
                give the Buyers a written Notice of Readiness for delivery.

        
	 	 
	 	
          (c)  If the Sellers anticipate
              that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for
              delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of

        
	 	 

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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          either cancelling this Agreement in accordance with Clause
                14 (Sellers' Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Canceling Date.  If

              the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new Cancelling Date
              and shall be substituted for the Cancelling Date stipulated in line 79.

        
	 	 
	 	
          If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.

        
	 	 
	 	
          (d)  Cancellation, failure to
              cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers'
              Default) for the Vessel not being ready by the original Cancelling Date.

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

        
	 	 
	
          6.

        	
          Divers Inspection / Drydocking

        
	 	
          (a)*

        
	 	
          (i)

        	
          The Buyers shall have the option at their cost and
                  expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel's intended date of readiness for
                  delivery as notified by the Sellers pursuant to Clause 5(b)
                  of this Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for
                  by the Sellers and paid for by the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's inspection as observer(s) only without interfering with the work or decisions of the Classification Society
                  surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers
                  shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the
                  subsequent re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

        
	 	 	 
	 	
          (ii)

        	
          If the rudder, propeller, bottom or other underwater
                  parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel's class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange
                  for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel's underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society's
                  rules (2) such defects shall be made good by the Sellers at their cost and expense to the  satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for underwater inspection and the
                  Classification Society's attendance.

        
	 	 	 
	 	 	
          Notwithstanding anything to the contrary in this
                  Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class  drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from
                  the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the
                  defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by
                  each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then
                  the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

        
	 	 	 
	 	
          (iii)

        	
          If the Vessel is to be drydocked pursuant to Clause
                  6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as
                per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose

        
	 	 	 

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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          of this Clause, become the new port of delivery. In
                  such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

        
	 	 	 
	 	
          (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel's underwater parts below the
                  deepest load line, the extent of the inspection being in accordance with the Classification Society's rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so
                  as to affect the Vessel's class, such defects shall be made good at the Sellers' cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the
                  costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society's fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft
                  system are condemned or found defective or broken so as to affect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

        
	 	
          Sellers' cost and expense to the satisfaction of the
                  Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the
                  Classification Society's fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel's class. In all other cases, the Buyers shall
                  pay the aforesaid costs and expenses, dues and fees.

        
	 	 
	 	
          (c)  If the Vessel is drydocked pursuant to Clause
                  6(a)(ii) or 6(b) above:

        
	 	 
	 	
          (i)

        	
          The Classification Society may require survey of the
                  tailshaft system, the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and
                  surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society's rules for tailshaft survey and  consistent with the current stage of the Vessel's survey cycle. The Buyers shall
                  declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any
                  parts of the tailshaft system be condemned or found defective so as to affect the Vessel's class, those parts shall be renewed or made good at the Sellers' cost and expense to the satisfaction of Classification Society without
                  condition/recommendation**.

        
	 	 	 
	 	
          (ii)

        	
          The costs and expenses relating to the survey of the
                  tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel's class, in which case
                  the Sellers shall pay these costs and expenses.

        
	 	 	 
	 	
          (iii)

        	
          The Buyers' representative(s) shall have the right to
                  be present in the drydock, as observe(s) only without interfering with the work or decisions of the Classification Society surveyor.

        
	 	 	 
	 	
          (iv)

        	
          The Buyers shall have the right to have the
                  underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Seller's or the Classification Society surveyor's work, if any, and without affecting the Vessel's timely delivery. If,
                  however, the Buyers' work in drydock is still in progress when the Sellers have completed the work which the Sellers are required to do, the additional docking time needed to complete the Buyers' work shall be for the Buyers' risk, cost
                  and expense. In the event that the Buyers' work required such additional time, the Sellers may upon completion of the Sellers' work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with
                Clause 3 (Payment), whether the Vessel is in drydock or
                  not.

        
	 	 	 
	 	
          * 6(a) and 6 (b) are
                  alternatives; delete whichever is not applicable. In the absence of deletions, alternative 6 (a) shall apply.

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

        
	 	 
	
          7.

        	
          Spares, bunkers and other items

        
	 	
          The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare
              equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery used or unused, whether on board or not shall become the Buyers' property, but spares on order are excluded. Forwarding charges, if
              any, shall be for the Buyers' Sellers' account.

              The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the
              property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment.

           

          Library and forms exclusively for use in the Sellers'
                  vessel(s) and captain's, officers' and crew's

        
	 	 

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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          personal belongings including the slop chest are
                  excluded from the sale without compensation, as well as the following additional items: -                (include list)

           

          Items on board which are on hire or owned by third
                  parties, listed as follows, are excluded from the sale without compensation:                        (include list)

        
	 	 
	 	
          Items on board at the time of inspectiondelivery which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their
              cost and expense.

        
	 	 
	 	
          The Buyers shall take over remaining

              bunkers and  unused lubricating and hydraulic oils and greases in storage tanks and unopened drums shall remain the property of the Sellers and
                shall not be included in the sale but shall remain on board the Vessel on and after the Delivery Date.and pay either:

        
	 	 
	 	
          (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

        
	 	 
	 	
          (b) *the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port

        
	 	 
	 	
          for the quantities taken over.

        
	 	 
	 	
          Payment under this Clause shall be made at the same
                  time and place and in the same currency as the Purchase Price.

        
	 	 
	 	
          "inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall
                  be the relevant date.

        
	 	 
	 	
          *(a) and (b) are alternatives,
                  delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

        
	 	 
	
          8.

        	
          DocumentationConditions

              Precedent

        
	 	
          The place of closing: Piraeus or such
                other place as may be agreed between the Sellers and the Buyers

        
	 	 
	 	
          (a) In exchange for pPayment of the Purchase Price is conditional
                upon the Sellers shall providinge the Buyers with the following delivery documents:

        
	 	 
	 	
          (i)

        	
          Legal Bill(s) of Sale in a form recordable in the Buyers' Nominated Flag State, transferring title of the Vessel and stating that the
              Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers' Nominated Flag State;

        
	 	 	 
	 	
          (ii)

        	
          Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and
              performance of this Agreement;

        
	 	 	 
	 	
          (iii)

        	
          Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this
              Agreement, duly notarially attested and legalised or apostilled (as appropriate);

        
	 	 	 
	 	
          (iv)

        	
          Certificate or Transcript of Registry issued by the
                  competent authorities of the flag state on the date of delivery evidencing the Sellers' ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the
                  closing meeting with the original to be sent to the Buyers as soon as possible after delivery of the VesselThe Builder's
                certificate and/or bill of sale transferring the title in the Vessel from the Builder to the Sellers;

        
	 	 	 
	 	
          (v)

        	
          Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to delivery on the Delivery Date confirming

              that the Vessel is in Class free of condition/recommendation;

        
	 	 	 
	 	
          (vi)

        	
          Certificate of Deletion of the Vessel from the
                  Vessel's registry or other official evidence of deletion appropriate to the Vessel's registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately a written
                  undertaking by the Sellers to effect deletion from the Vessel's registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been
                  paid and the Vessel has been delivered;

        
	 	 	 
	 	
          (vii)

        	
          A copy of the Vessel's Continuous Synopsis Record
                  certifying the date on which the Vessel ceased to be registered with the Vessel's registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking

        

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
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          from the Sellers to provide the copy of this
                  certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel's registry;

        
	 	 	 
	 	
          (viii)

        	
          Commercial Invoice for the Vessel;

        
	 	 	 
	 	
          (ix)

        	
          Commercial Invoice(s) for bunkers, lubricating and
                  hydraulic oils and greases;

        
	 	 	 
	 	
          (x)

        	
          A copy of the Sellers' letter to their satellite
                  communication provider cancelling the Vessel's communication contract which is to be sent immediately after delivery of the Vessel;

        
	 	 	 
	 	
          (xivii)

        	
          Any additional documents as may reasonably be required by the competent authorities of the Buyers' Nominated Flag State for the purpose of
              registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

        
	 	 	 
	 	
          (xiiviii)

        	
          The Sellers' letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international
              organisation;.

        
	 	 	 
	 	
          (ix)

        	
          A certificate from an authorised signatory of the Sellers confirming that all copies of documents provided under this
              Agreement are true copies of such documents;

        
	 	 	 
	 	
          (x)

        	
          A Protocol of Delivery and Acceptance signed by the Parties confirming the date and time of delivery of the Vessel from
              the Sellers to the Buyers;

        
	 	 	 
	 	
          (xi)

        	
          The Buyers being satisfied that, in their opinion, (A) the conditions precedent set out in paragraph 34 (Conditions
              precedent) of the Bareboat Charter (as defined in Clause 24 (Further definitions) have been, or will be in the Buyers' opinion, satisfied on the Delivery Date, and (B) no Potential Termination Event (as defined in the Bareboat Charter) is
              continuing or would result from the proposed sale and purchase of the Vessel under this Agreement and chartering of the Vessel under the Bareboat Charter;

        
	 	 	 
	 	
          (xii)

        	
          An original of the notice of assignment in respect of the Warranties (as defined in Clause 25 (Assignment of Builder's
              warranties)) duly executed by the Sellers together with the acknowledgement duly executed by the Builder in the form set out in Appendix A (Form of notice of assignment);

        
	 	 	 
	 	
          (xiii)

        	
          A copy of the protocol of delivery and acceptance made between the Builder (as sellers) and the Sellers (as buyers)
              under the Building Contract (as defined in Clause 24 (Further definitions)) confirming the date and time of delivery of the Vessel from the Builder to the Sellers;

        
	 	 	 
	 	
          (xiv)

        	
          Evidence of full payment to the Builder of any part of the Contractual Purchase Price (as defined in Clause 24 (Further
              Definitions)) which is due and payable on or before the Prepositioning Date (as defined in Clause 24 (Further Definitions)) and which does not form part of the Builder's Portion (as defined in Clause 24 (Further Definitions)).]

        
	 	 	 
	 	
          The conditions set out in this Clause 8(a) are for the sole benefit of the Buyers and may be waive or deferred by the
              Buyers in whole or in part and with or without conditions.  The foregoing is without prejudice to the Buyers' rights to require fultilment of any such conditions by the Sellers in whole or in part any time after the Delivery Date.

        
	 	 	 
	 	
          (b) At the time delivery the
              Buyers shall provide the Sellers with:

        
	 	 	 
	 	
          (i)

        	
          Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and
              performance of this Agreement; and

        
	 	 	 
	 	
          (ii)

        	
          Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this
              Agreement, duly notarially attested and legalised or apostilled (as appropriate).

        
	 	 	 
	 	
          (c)  If any of the documents
              listed in Sub clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country of the translated language.

        
	 	 
	 	
          (d)  The Parties shall to the
              extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later than ________________________ (state number of days), or if left blank, nine (9) days prior to the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to

        

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
    6

    
      

  

  

  

  	 	
          Clause 5(b) of this Agreement.

        
	 	 
	 	
          (e)  Concurrent with the exchange
              of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers shall gain title and ownership to the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel and shall remain on board the
                Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

        
	 	 
	 	
          (f)  Other technical documentation
              which may be in the Sellers' possession shall promptly after delivery be forwarded to the Buyers at Sellers'their expense, if they so
              request. The Sellers may keep the Vessel's log books but the Buyers have the right to take copies of same.

        
	 	 
	 	
          (g)  The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to
                  the Buyers.

        
	 	 
	
          9.

        	
          Encumbrances

        
	 	
          The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the Bareboat Charter (as defined in Clause 24 (Further definitions)), the Sub Charter (as defined in the Bareboat Charter) and any other charters disclosed to and approved by the
                Buyers), encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of
              claims made against the Vessel which have been incurred prior to the time of delivery.

        
	 	 
	
          10.

        	
          Taxes, fees and expenses

        
	 	
          Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' Nominated Flag State shall be for the Buyers'
              account, whereas similar charges in connection with the closing of the Sellers' register shall be for the Sellers' account.

        
	 	 
	
          11.

        	
          Condition on delivery

        
	 	
          (See also Clause 20 (Delivery under Building Contract and Bareboat Charter))

          The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is delivered to the Buyers, but subject to
              the terms and conditions of this Agreement she shall be delivered and taken over "as is where is" she was at the time of deliveryinspection, fair wear and tear excepted.

        
	 	 
	 	
          However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*,
              free of average damage affecting the Vessel's class, and with her classification certificates and national, certificates, as well as all other certificates the Vessel had at the time of inspectiondelivery, valid and unextended without condition/recommendation* by the
              Classification Society or the relevant authorities at the time of delivery.

        
	 	 
	 	
          "inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this Agreement
                  shall be the relevant date.

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

        
	 	 
	
           12.

        	
          Name/markings

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

        
	 	 
	
          13.

        	
          Buyers' default

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

        
	 	 
	 	
          Should the Purchase Price not be paid in accordance with Clause

              23 (Payment), the Sellers have the right to
              cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover
                  their loss, and the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.

        
	 	 
	
          14.

        	
          Sellers' default

        
	 	
          Should the Sellers fail to give Notice of Readiness the Buyers any of the notices referred in accordance with
                Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling
              this Agreement. If after Notice of Readiness the

                three (3) days' notice has been

        

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
    7

    
      

  

  

  

  	 	
          given in accordance with Clause 5(b) but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and
              is not made physically ready again by the Cancelling Date and new Notice of Readiness written notice given, the Buyers shall retain their option to cancel. In the event that the Buyers elect
                  to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately.

        
	 	 
	 	
          Should the Sellers fail to give Notice of Readiness any of the notices referred to in accordance with Clause 5(b) by

                  the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to
              proven negligence and whether or not the Buyers cancel this Agreement.

        
	 	 
	
          15.

        	
          Buyers' representatives

        
	 	
          After this Agreement has been signed by the Parties
                  and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense.

           

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

        
	 	 
	
          16.

        	
          Law and Arbitration

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

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

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

        
	 	 
	 	
          In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with
              the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

        
	 	 
	 	
          (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
                  rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen;
                  their decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the
                  rules of the Society of Maritime Arbitrators, Inc.

        
	 	 
	 	
          In cases where neither the claim nor any counterclaim
                  exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

        
	 	 
	 	
          (c) This Agreement shall be governed by and construed in accordance with the laws of __________ (state place) and any dispute arising out of or in connection with this Agreement
                  shall be referred to arbitration at _________ (state place), subject to the procedures applicable there.

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

        
	 	 
	
          17.

        	
          Notices

        

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  
    8

    
      

  

  

  

  	 	
          All notices to be provided under this Agreement shall be in writing.

        
	 	 
	 	
          Contact details for recipients of notices are as follows:

        
	 	 
	 	
          For the Buyers:

          Address:

        	
          Xiang T88 HK International Ship Lease Co., Limited

          c/o Bank of Communications Financial Leasing Co., Ltd.

        
	 	 	
          28/F., 333 Liujiazui Ring Road, Shanghai, China

        
	 	
          Fax:

        	
          +86-21-62788317

        
	 	
          E-mail:

        	
          Fang_xz@bankcomm.com/xux_31@bankcomm.com

        
	 	
          Attention:

        	
          Mr. Fang Xiuzhi/Mr. Xu Xin

        
	 	 	 
	 	
          For the Sellers:

        	
          PCH77 Shipping Company Limited

        
	 	
          Address:

        	
          1, Vass, Sofias 15124, Maroussi Greece C/O Central Mare

        
	 	
          Fax:

        	
          0030 210 8128180

        
	 	
          E-mail:

        	
          atsirikos@topships.org

        
	 	
          Attention:

        	
          Alexandros Tsirikos

        
	 	 
	
          18.

        	
          Entire Agreement

        
	 	
          The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase
              of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

        
	 	 
	 	
          Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of
              any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

        
	 	 
	 	
          Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally
              be made. Nothing in this Clause shall limit or exclude any liability for fraud.

        
	 	 

  

  

  	 	
          For and on behalf of the Sellers

          PCH77 Shipping Company Limited

        	
          For and on behalf of the Buyers

          Xiang T88 HK International Ship Lease Co., Limited

        
	 	 	 
	 	
          /s/ Andreas Louka

        	
          /s/ Lu Zhendong

        
	 	 	 
	 	
          Name: Andreas Louka

        	
          Name:  Lu Zhendong

        
	 	
          Title:  Attorney-in-fact

        	
          Title: Director

        
	 	 	 

  

  

  This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  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 approved document shall apply.  BIMCO and the Norwegian Shipbrokers’
      Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

  

  

  9Exhibit 4.100

    

    

    

    

    

    

    

    

    	
            1. Shipbroker

            N/A

          	
             

            BIMCO STANDARD BAREBOAT CHARTER

            CODE NAME: "BARECON 2001"

          	
            BIMCO

             

             

            PART I

          
	
            2. Place and date

             

            3 December 2018

          
	
            3. Owners/Place of business (Cl. 1)

            Xiang T88 HK International Ship Lease Co., Limited

                1/F., Far East Consortium Building

                121 Des Voeux Road Central

            Hong Kong

             

             

          	
            4. Bareboat Charterer/Place of Business (Cl. 1)

            PCH77 Shipping Company Limited

            Trust Company Complex

            Ajeltake Road, Majuro

            Marshall Islands MH96960

          
	
            5. Vessel’s name, call sign and flag (Cl. 1
                and 3)

            Name: Hull No. 8218 (tbn Eco California)

            Call Sign: N/A

            Flag on Actual Delivery Date: The Republic of the Marshall Islands

          
	
            6. Type of Vessel

            Class Product and Chemical Tanker

          	
            7. GT/NT

            Gross Tonnage: as per Building Contract

            Net Tonnage: as per Building Contract

          
	
            8. When/Where built

            2019

            Hyundai Mipo Dockyard Co. Ltd.

          	
            9. Total DWT (abt.) in metric tons on summer freeboard

            as per Building Contract

          
	
            10. Classification Society (Cl. 3)

            DNV-GL

          	
            11. Date of last special survey by the Vessel’s classification society

            N/A

          
	
            12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)

            N/A

          
	
            13. Port or Place of delivery (Cl. 3)

            See Additional Clause 35 (Delivery of the Vessel)

          	
            14. Time for delivery (Cl. 4)

            See Additional Clause 35

            (Delivery of the Vessel)

          	
            15. Cancelling date (Cl. 5)

            28 October 2019

          
	
            16. Port or Place of redelivery (Cl. 15)

            See Additional Clause 51 (Redelivery)

          	
            17. No. of months’ validity of trading and class certificates upon redelivery (Cl. 15)

            Six (6) months

          
	
            18. Running days’ notice if other than stated in Cl. 4

            N/A

          	
            19. Frequency of dry-docking (Cl. 10(g))

            In accordance with Classification Society or flag state requirements

          
	
            20. Trading Limits (Cl. 6)

            Trading worldwide, always safe / afloat, always within Institute Navigating Limit (INL) and subject to the exclusions
                and conditions set out in the Insurances of the Vessel (as may be revised from time to time).

             

            Always in compliance with the Vessel’s Classification Society’s requirement  and the Vessels specifications

          
	
            21. Charter period (Cl. 2)

            Charter Period (as defined in Additional  Clause 32 (Definitions))

          	
            22. Charter hire (Cl. 11)

            See Additional Clause 41 (Charterhire)

          
	
            23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii))

            N/A

          
	
            24. Rate of interest payable acc. to Cl. 11(f) and, if applicable, acc. to PART IV

            Seven per cent (7%) per annum

          	
            25. Currency and method of payment (Cl. 11)

            United States Dollars (US$)

          

    

    

    This document is computer generate BARECON 2001 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.

    
      
        

    

    “BARECON 2001” STANDARD BAREBOAT CHARTER

    PART I

    	
            26. Place of payment; also state beneficiary and bank account (Cl. 11)

            See Additional Clause 42.1 (Payments)

          	
            27. Bank guarantee/bond (sum and place)(Cl. 24)(optional)

            See Clause 24 (Corporate guarantee)

          
	
            28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b)
                applies state date of Financial Instrument and name of Mortgagee(s)/Place of business)(Cl. 12)

            Clause 12(b) applies; form fo Financial Instrument and name of mortgagee to
                be determined.

          	
            29. Insurance (hull and machinery and war risks)(state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k))(also state if Cl. 14 applies)

            See Additional Clause 48 (Insurances, Total Loss)

             

          
	
            30. Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

            See Additional Clause 48 (Insurance, Total Loss)

          	
            31. Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))

            See Additional Clause 48 (Insurances, Total Loss)

             

          
	
            32. Latent defects (only to be filled in if period other than stated in Cl. 3)

            See Additional Clause 36 (Exclusion of Warranties)

              

          	
            33. Brokerage commission and to whom payable (Cl. 27)

            N/A

          
	
            34. Grace period (state number of clear banking dates)(Cl.

                    28)

            N/A

          	
            35. Dispute Resolution (state 30(a), 30(b) or 30(c); if
                30(c) agreed Place of Arbitration must be stated (Cl. 30)

            (a) English law, London arbitration

          
	
            36. War cancellation (indicate countries agreed)(Cl.
                    26(f))

            N/A

          
	
            37. Newbuilding Vessel (indicate with ”yes” or “no” whether PART III applies)(optional)

            Yes, Part III does not apply

          	
            38. Name and place of Builders (only to be filled in if PART

                    III applies)

            N/A

          
	
            39. Vessel’s Yard Building No. (only to be filled in if PART

                    III applies)

            N/A

          	
            40. Date of Building Contract (only to be filled in if PART

                    III applies)

            N/A

          
	
            41. Liquidated damages and costs shall accrue to (state party acc. to Cl. 1)

            a) N/A

            b) N/A

            c) N/A

          
	
            42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV applies)(optional)

            No, Part IV does not apply

          	
            43. Bareboat Charter Registry (indicate “yes” or “no” whether PART V applies)(optional)

            No, Part V does not apply

          
	
            44. Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)

            N/A

          	
            45. Country of the Underlying Registry (only to be filled in if PART V applies)

            N/A

          
	
            46. Number of additional clauses covering special provisions, if agreed

            Clause 32 (Definitions) to Clause 54 (Miscellaneous) and Scheduels I – VII thereto  form an integral part of this
                Charter. In the event of any conflict or inconsistency between the terms of Part I and Part II of this Charter with the terms of the Additional Clauses, the terms of the Additional Clauses shall prevail.

          
	
             

            PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which
                shall Include PART I

                and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It Is further mutually
                agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter If expressly agreed and stated in Boxes 37, 42 and 43.
                If PART III and/or PART IV and/or PART V apply, it Is further agreed that In the event of a conflict of conditions,

                the provisions of PART l and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.

             

          
	
            Signature (Owners)

            For and on behalf of

            Xiang T88 HK International Ship Lease Co., Limited

            /s/ Lu Zhendong

            Name: Lu Zhendong

            Title: Director

          	
            Signature (Charterers)

            For and on behalf of

            PCH77 Shipping Company Limited

            /s/ Audreas Louka

            Name: Audreas Louka

            Title: Attorney-in-fact

          

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    
      
        	1.	
                Definitions

              

      

    

    In this Charter, the following terms shall have the meanings hereby assigned to them:

    “The Owners" shall
        mean the party identified in Box 3;

    “The Charterers"
        shall mean the party identified in Box 4;

    “The Vessel” shall
        mean the vessel named in Box 5 and with particulars as stated in Boxes 6
        to 12.

    “Financial Instrument”
        means the Finance Documents (as defined in Additional Clause 32 (Definitions)) mortgage, deed covenant or other such financial security instrument as annexed to this Charter and stated in Box
              28.

    
      
        	2.	
                Charter Period

              

      

    

    In consideration of the hire detailed in Box
            22, the Owners have agreed to let and the Charterers have agreed to hire the Vessel for the period stated in Box 21 (“The Charter Period”).

    
      
        	3.	
                Delivery (See Additional Clause 35 (Delivery of the Vessel)

              

      

    

    (not applicable when Part III applies, as indicated in Box 37)

    (a)     The Owners shall before and at
            the time of delivery exercise due diligence to make the Vessel seaworthy

    And in every respect ready-in-hull,
            machinery and equipment for service under this Charter.

    The vessel shall be delivered by the
            Owners and taken over by the Charterers at the port or place indicated in Box 13 in such ready safe berth as the Charterers may direct.

    (b)     The Vessel shall be properly
            documented on delivery in accordance with the laws of the flag State indicated in Box 5 and the requirements of the classification society stated in Box 10.  The Vessel upon delivery shall have her survey cycles up to date and trading and class
            certificates valid for at least the number of months agreed in Box 12.

    (c)     The delivery of the Vessel by
            the Owners and the taking over of the Vessel by the Charterers shall constitute a full performance by the Owners of all the Owners’ obligations under this Clause 3, and thereafter the Charterers shall not be entitled to make or assert any claim against the Owners on account of any conditions,
            representations or warranties expressed or implied with respect to the Vessel but the Owners shall be liable for the cost of but not the time for repairs or renewals occasioned by the latent defects in the Vessel, her machinery or
            appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested themselves within twelve (12) months after delivery unless otherwise provided in Box 32.

    
      
        	4.	
                Time for Delivery (See Additional Clause 35 (Delivery of the Vessel)

              

      

    

    (not applicable when Part III applies, as indicated in Box 37)

    The Vessel shall not be delivered before
            the date indicated in Box 14 without the
            Charterers’ consent and the Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.  Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days’ preliminary and not less than fourteen (14) running days’ definite notice of the date on which the Vessel
            is expected to be ready for delivery.

    The Owners shall keep the Charterers
            closely advised of possible changes in the Vessel’s position.

    
      
        	5.	
                Cancelling (See Additional Clause 33 Effectiveness of this Charter)

              

      

    

    (not applicable when Part III applies, as indicated in Box 37)

    (a)     Should the Vessel not be
            delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours after the cancelling date stated in
            Box 15, failing which this Charter shall remain in full force and effect.

    (b)     If it appears that the Vessel
            will be delayed beyond the cancelling date, the Owners may, as soon as they are in a position to state with reasonably certainty the day on which the Vessel should be ready, give notice thereof to the Charterers asking whether they will
            exercise their option of cancelling, and the option must then be declared within one hundred and sixty-eight(168) running hours of the receipt by the Charterers of such notice or within thirty-six (36) running hours after the cancelling date,
            whichever is the earlier.  If the Charterers do not then exercise their option of cancelling, the seventh day after the readiness date stated in the Owners’ notice shall be substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.

    (c)     Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may
            otherwise have on the Owners under this Charter.

    
      
        	6.	
                Trading Restrictions

              

      

    

    The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits
        indicated in Box 20.

    The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in conformity with the
        terms of the contracts of insurance Insurances (as
          defined in Additional Clause 32 (Definitions)) (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to such employment and complying with such requirements as the extra premium or
        otherwise as the insurers may prescribe.

    The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which is forbidden
        by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure or confiscation.

    Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or
        waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter.  This exclusion does not apply to radio-isotopes used or
            intended to be used for any industrial, commercial, agricultural, medical or scientific purposes provided the Owners' prior approval has been obtained to loading thereof.

    
      
        	7.	
                Surveys on Delivery and Redelivery

              

      

    

    (not applicable when
            Part III applies, as indicated in Box 37)

    The Owners and Charterers shall each
            appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at the time of delivery and redelivery hereunder.  The Owners shall bear all expenses of the On-hire Survey including loss of time, if any, and
            of the Off-hire Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rate thereof.

    
      
        	8.	
                Inspection

              

      

    

    The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey the Vessel
        or instruct a duly authorised surveyor to carry out such survey on their behalf:-

    (a)     to ascertain
        the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained.  The costs and fees for one such
        inspection or survey shall in the absence of a Termination Event be paid by the Owners Charterers per calendar year provided upon the occurrence of a Termination Event, the costs and fees
          for all such inspection or survey shall be paid by the Charterers unless the Vessel

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    Is found to require repairs or
            maintenance in order to achieve the condition so provided;

    (b)      in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g).  The costs and fees for such inpsection or survey shall be paid by the Charterers; and

    (c)     for any other commercial reason they consider necessary (provided it does not unduly interfere with the commercial
        operatioin of the Vessel). The costs and fees for such inspection and survey shall be paid by the OwnersCharterers.

    All time used in respect of inspection, survey or repairs shall be for the Charterers account and form part of the Charter
        Period.

    The Charterers shall also permit the Owners to inspect the Vessel’s log books whenever requested and shall whenever required
        by the Owners furnish them with full information regarding any casualties or other accident or damage to the Vessel.

    
      
        	9.	
                Inventories, Oil and Stores

              

      

    

    A complete inventory of the Vessel’s entire equipment, outfit including spare parts, appliances and of all consumables stores
        on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. Without limiting the foregoing, Tthe Charterers
        and the Owners, respectively, shall at thealso provide the Owners with a complete inventory of time of delivery and redelivery take over and pay for all
        bunkers, lubricating oil, unbreached provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the ports of delivery and
            redelivery, respectively.  The Charterers shall ensure that all spare part listed in the inventory and used during the Charter Period are replaced at their expense prior to on redelivery of the Vessel.  (See also Additional Clause 51 (Redelivery))

    
      
        	10.	
                Maintenance and Operation

              

      

    

    (a)(i)Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the absolute disposal for all purposes of the Charterers
        and under their complete control in every respect.  The Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of repair, in efficient operating condition and in accordance with good commercial
        maintenance practice and, except as provided for in Clause
              14(I), if applicable, at their own expense they shall at all times keep the Vessel’s Class fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary certificates in force at all times.

    
      
        	

              	(ii)	
                New Class and Other Safety Requirements - In the event of any
                    improvement, structural changes or new equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements or by compulsory legislation costing (excluding the Charterers’ loss of time) more than the percentage stated in Box
                          23, or if Box 23 is left blank, 5 percent of the Vessel’s insurance value as stated in Box 29, then
                        the extent, if any, to which the rate of hire shall be varied and the ratio in which the cost of compliance and the
                      time used in relation thereto shall be shared between the parties concerned in order to achieve a reasonable distribution thereof as between
                        the Owners andfor the Charterers’ account.having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence of
                        agreement, be referred to the dispute resolution method agreed in Clause 30.

              

      

    

    
      
        	

              	(iii)	
                Financial Security - The Charterers shall maintain financial
                    security or responsibility in respect of third party liabilities as required by any government, including federal, state or municipal or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to
                    enter, remain at, or leave any port, place, territorial or contiguous waters of any country, state or municipality in performance of this Charter without any delay.  This obligation shall apply whether or not such requirements have been
                    lawfully imposed by such government or division or authority thereof.

              

      

    

    The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy such requirements
        at the Charterers’ sole expense and the Charterers shall indemnify the Owners against all consequences whatsoever (including loss of time) for any failure or inability to do so.

    (b)     Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, navigate, operate, supply, fuel and, whenever
        required, repair the Vessel during the Charter Period and they shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of the vessel under this Charter, including annual Fflag State fees and any foreign general municipality and/or state
        taxes.  The Master, officers and his crew of the Vessel shall be the servants of the Charterers for all purposes whatsoever, even if for any reason appointed by the Owners.

    Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel’s flag or any
        other applicable law.

    (c)     The Charterers
        shall keep the Owners and the mortgagee(s) advised of the intended employment, planned dry docking and major repairs of the Vessel, as reasonably required.

    (d)     Flag and Name of Vessel - During the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours, install and display their
        funnel insignia and fly their own house flag.  The Charterers shall
            also have the libertynot, without
        the Owners’  prior written consent,which shall not be
            unreasonably withheld, to change the flag and/or the name of the Vessel during the Charter Period.  Painting and re-painting, instalment and re-instalment, registration and re-registration, if required by the Owners, shall be at the Charterers’ expense and time.

    (e)     Changes to the Vessel - Subject to clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel or changes in the machinery, boilers,
        appurtenances or spare parts thereof without in each instance first securing the Owners’ approval thereof.  If the Owners so agree, the Charterers shall, if the Owners so require, restore the Vessel to its former condition before the termination of
        this Charter.

    (f)     Use of the Vessel’s Outfit, Equipment and Appliances – The Charterers shall have the use of all outfit, equipment, and appliances on board the Vessel at the time
        of delivery, provided the same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary wear and tear expected.  The Charterers shall from time to time during the
        Charter Period replace such items of equipment as shall be so damaged or worn as to be unfit for use.  The Charterers are to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both
        as regards workmanship and quality of materials) as not to diminish the value of the Vessel.  The Charterers have the right to fit additional

    

    

    This document is computer generate BARECON 2001 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.

    
      
        

    

    equipment at their expense and risk but title to such additional equipment shall be deemed to have passed to the Owners
        immediately upon such fitting, and the Charterers shall remove such equipment at the end of the period if requested by the Owners.  Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by
        the Charters and the Charterers shall assume the obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith, also for any new
        equipment required in order to comply with radio regulations.

    (g)     Periodical Dry-Docking – The Charters shall dry-dock the Vessel and clean and paint her underwater parts whenever the same may be necessary, but not less than
        once during the period stated in Box 19 or, if Box 19 has been left blank, every sixty (60) calendar months after delivery or such other period as may be
        required by the Classification Society or Flag State.

    
      
        	11.	
                Hire (See Additional Clause 41 (Charterhire))

              

      

    

    (a)     The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect of
        which time shall be of the essence.

    (b)     The Charterers shall pay to the
            Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 which shall be payable no later than every thirty (30) running days in advance, the first lump sum being payable on the date and hour of the Vessel’s delivery to the Charterers.  Hire shall be paid continuously
            throughout the Charter Period.

    (c)     Payments of hire shall be made
            in cash without discount in the currency and in the manner indicated in Box 25 and at the place mentioned in Box 26.

    (d)     Final payment of hire, if for a
            period less than thirty (30) running days, shall be calculated proportionally according to the number of days and hours remaining before redelivery and advance payment to be affected accordingly.

    (e)     Should the Vessel be lost or
            missing, hire shall cease from the date and time when she was lost or last heard of.  The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last reported or when the Vessel is posted as
            missing by Lloyd’s, whichever occurs first.  Any hire paid in advance to be adjusted accordingly.

    (f)     Any delay in payment of hirer shall entitle the Owners to interest at the rate per annum as agreed in Box 24.  If Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or is successor) for the
            currency stated in Box 25, as quoted by the British
            Bankers’ Association (BBA) on the date when the hire fell due, increased by 2 per cent, shall apply.

    (g)     Payments of interest due under subclause

            11(f) shall be made within seven (7) running days of the date of the Owners invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire payment date.

    
      
        	12.	
                Mortgage (See also Additional Clause 44 (Owners’ Right to Mortgage))

              

      

    

    (only to apply if Box 28 has been appropriately filled in)

    
      
        	*)	
                (a)     The Owners warrant that they have not effected any mortgage(s) of
                        the Vessel and that they shall not effect any mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.

              

      

    

    
      
        	*)	
                (b)     The Vessel chartered under this Charter is may
                    be financed by a mortgage according to the Financial Instrument.  The Charterers undertake to comply, and provide such information and documents to enable the Owners to comply, with all such instructions or directions in regard to the
                    employment, insurances, operation, repairs and maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time during the currency of the Charter by the mortgagee(s) in conformity with the
                    Financial Instrument.  The Charterers confirm that, for this purpose, they will have acquainted themselves with all
                    relevant terms, conditions and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be required by the mortgagee(s).  The Owners warrant that they have not effected any mortgage(s) other than stated in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any other mortgage(s) without the prior consent of the Charterers, which shall not be
                        unreasonably withheld.

              

      

    

    
      
        	*)	
                (Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28)

              

      

    

    
      
        	13.	
                Insurance and Repairs (See also Additional Clause 48 (Insurances, Total Loss))

              

      

    

    (a)     During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against hull and
        machinery, war and Protection and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with sub clause 10(a)(iii)) in such form as the Owners
        shall in writing approve, which approval shall not be un-reasonably withheld.  Such insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the mortgagee(s), (if any), and The Charterers
        shall be at liberty to protect under such insurances the interests of any managers they may appoint.  Insurance policies shall cover the Owners, and the Charterers according to their respective interests.  Subject to the provisions of the Financial
        Instrument, if any , and the approval of the Owners and the insurers, the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as well as insured
        charges, expenses and liabilities to the extent of coverage under the insurances herein provided for.

    The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred thereby in
        respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurance.

    All time used for repairs under the provisions of sub-clause 13(a) and for repairs of latent defects according to Clause 3(c) above, including any deviation, shall be the Charterers’
        account.

    (b)     If the conditions of the above
            insurances permit additional insurance to be placed by the parties, such cover shall be limited to the amount for each party set out in Box 30 and Box 31, respectively.  The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, including copies of any cover notes or
            policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers are necessary.

    (c)     The Charterers shall upon the request of the Owners, provide information and promptly execute such documents as may
        be reasonably required to enable the Owners to comply with the insurance provisions of the Financial Instrument.

    (d)     Subject to the provisions of the Financial Instruments, if any, should the Vessel become an actual, constructive,
        compromised or agreed total loss under the insurances required under sub-clause 13(a), all insurance payments for such loss shall be paid to the Owners who
        shall distribute the moneys between thein
          accordance with Additional Clause 48.3 (Total Loss) Owners and the Charterers according to their respective interests.The Charterers
        undertake to notify the Owners and the mortgagee(s), if any, of any occurrences in consequence of which the Vessel is likely to become a

    

    

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    total loss as defined in this Clause.

    (e)     The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to enable the
        Charterers to abandon the Vessel to insurers and claim a constructive total loss.

    (f)     For the purpose of insurance
            coverage against hull and machinery and war risks under the provisions of sub-clause 13(a), the value of the Vessel is the sum indicated in Box 29.

    
      
        	14.	
                Insurance, Repairs and Classification

              

      

    

    (Optional,
              only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered deleted).

     
    (a)     During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and machinery and war risks under the form of policy or policies
            attached hereto.  The Owners and/or insurers shall not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the Vessel or her machinery or appurtenances covered by such insurance, or on account
            of payments made to discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies shall cover the Owners and the Charterers according to their respective interests.

     
    (b)     During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection and Indemnity risks (and any risks against which it is
            compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall in writing approve which approval shall not be unreasonably withheld.

     
    (c)     In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the Charterers shall pay to the Owners all losses and
            indemnify the Owners against all claims and demands which would otherwise have been covered by such insurance.

     
    (d)     The Charterers shall, subject to the approval of the Owners or Owners' Underwriters, effect all insured repairs, and the Charterers shall undertake settlement of all
            miscellaneous expenses in connection with such repairs as well as all insured charges, expenses and liabilities to the extent of coverage under the insurances provided for under the provisions of sub-clause 14(a).  The Charterers to be secured reimbursement through the Owners' Underwriters for such
            expenditures upon presentation of accounts.

     
    (e)     The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the
            insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances.

     
    (f)     All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects according to Clause 3 above, including any deviation, shall be for the Charterers' account and shall form part of the Charter Period.

     
    The Owners shall not be responsible for
            any expenses  as are incident to the use and operation of the Vessel for such time as may be required to make such repairs.

     
    (g)     If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall be limited to the amount for each party set out in Box 30 and Box 31, respectively.  The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any
            additional insurance effected, including copies of any cover notes or policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary.

     
    (h)     Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances required under sub-clause 14(a), all insurance payments for such
            loss shall be paid to the Owners, who shall distribute the moneys between themselves and the Charterers according to their respective interests.

     
    (i)     If the Vessel becomes an actual, constructive,  compromised or agreed total loss under the insurances arranged by the Owners in accordance with sub-clause 14(a), this
            Charter shall terminate as of the date of such loss.

     
    (j)     The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to enable the Owners to abandon the Vessel to the insurers and
            claim a constructive total loss.

     
    (k)     For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-clause 14(a), the value of the Vessel is the sum indicated in Box 29.

     
    (I)     Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if applicable, the Owners shall keep the Vessel's Class
            fully up to date with the Classification Society indicated in Box 10
            and maintain all other necessary certificates in force at all times.

    
      
        	15.	
                Redelivery (See also Additional Clause 51 (Redelivery))

              

      

    

    At the expiration of the Charter Period
            the Vessel shall be redelivered by the Charterers to the Owners at a safe and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct.  The Charterers shall give the Owners not less than thirty (30) running days' preliminary notice of expected date,
            range of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days' definite notice of expected date and port or place of redelivery.  Any changes thereafter in the Vessel's position shall be notified
            immediately to the Owners.

    The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding ballast voyage)
        which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period.  Notwithstanding the above, should the Charterers fail to redeliver the Vessel within the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22
        plus 10 per cent. or to the market rate, whichever is the higher, for the number of days by which the Charter Period is exceeded.  All other terms, conditions and provisions of this Charter shall continue to apply.

    Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good
            structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class excepted.

    The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at least the
        number of months agreed in Box 17.

    
      
        	16.	
                Non-Lien

              

      

    

    The Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which
        might have priority over the title and interest of the Owners in the Vessel.  The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice reading as follows:

    “This Vessel is the property of (name of Owners).  It is under charter to (name of Charterers) and by the terms of the
        Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever.”

    
      
        	17.	
                Indemnity  (See also Clause 43 (Indemnity)

              

      

    

    

    

    

    

     

    

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

     (a)     The
        Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising out of or in relation to a breach of this
          Charter and/or the operation of the Vessel by the Charterers, and against any lien of whatsoever nature arising out of an event occurring during the Charter

            Period Security Period.  If the Vessel be arrested or otherwise detained by reason of claims or liens arising out of her
        operation hereunder by the Charterers, the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable
        time the Vessel is released, including the provision of bail.

    Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences
        or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.

    (b)     If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners shall at their own expense take all reasonable steps
            to secure that within a reasonable time the Vessel is released, including the provision of bail.  In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers (including hire
            paid under this Charter) as a direct consequence of such arrest or detention.

    
      
        	18.	
                Lien

              

      

    

    The Owners to have a lien upon all cargoes, sub-hires and sub-freights belonging or due to the Charterers or any sub-charterers and any Bill of Lading freight for all claims under this Charter, and the Charterers to have a lien on
            the Vessel for all moneys paid in advance and not earned. The Charterers are not entitled to have any lien on the Vessel of whatsoever nature.

    
      
        	19.	
                Salvage

              

      

    

    All salvage and towage performed by the Vessel shall be for the Charterers' benefit and the cost of repairing damage
        occasioned thereby shall be borne by the Charterers.

    
      
        	20.	
                Wreck Removal

              

      

    

    In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the Owners against
        any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation.

    
      
        	21.	
                General Average

              

      

    

    The Owners shall not contribute to General Average.

    
      
        	22.	
                Assignment, Sub-Charter and Sale (See Additional Cluase 53 (Assignment and set-off)

              

      

    

    (a)     The Charterers shall not assign this
            Charter nor sub-charter the Vessel on a bareboat basis except with the prior consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and conditions as the Owners shall approve.

    (b)     The Owners shall not sell the Vessel during the currency of this Charter. except with the prior written consent of the Charterers, which shall not be unreasonably withheld, and
            subject to the buyer accepting an assignment of this Charter.

    
      
        	23.	
                Contracts of Carriage

              

      

    

    
      
        	*)	
                (a)     The Charterers are to procure that all
                    documents issued during the Charter Period evidencing the terms and conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation relating to carrier's liability for cargo compulsorily
                    applicable in the trade; if no such legislation exists, the documents shall incorporate the Hague-Visby Rules.  The documents shall also contain the New Jason Clause and the Both-to-Blame Collision Clause.

              

      

    

    
      
        	*)	
                (b)     The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of passengers and their luggage under this Charter shall contain a
                        paramount clause incorporating any legislation relating to carrier's liability for passengers and their luggage compulsorily applicable in the trade; if no such legislation exists, the passenger tickets shall incorporate the Athens
                        Convention Relating to the Carriage of Passengers and their Luggage by Sea, 1974, and any protocol thereto.

              

      

    

    
      
        	*)	
                Delete as applicable.

              

      

    

    
      
        	24.	
                Bank Corporate Gpuarantees

              

      

    

    (Optional, only to apply if Box

            27 filled in)

    The Charterers undertake to furnish, before delivery of the Vessel, a first class bank corporate guarantee or bond in the from each of (i) Top Ships Inc. and (ii) Central Shipping Monaco S.A.M. sum and at the place as
            indicated in Box 27 as guarantee, for full performance of their obligations under this Charter.

    
      
        	25.	
                Requisition/Acquisition

              

      

    

    (a)     In the event
        of the Requisition for Hire of the Vessel by any governmental or other competent authority (hereinafter referred to as "Requisition for Hire") irrespective of the date during the Charter Period Security Period when "Requisition for Hire" may occur and irrespective of the length thereof and
        whether or not it be for an indefinite or a limited period of time, and irrespective of whether it may or will remain in force for the remainder
        of the Charter Period Security Period, this
        Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time when the Charter would have terminated
        pursuant to any provisions hereof.always proivded however that in the event of “Requisiton for Hire” any Requisition for Hire or compensation recevied or
            receivable by the Owners shall be payable to the Charterers during the remainder of the Charter Period or the period of the remainder of the Charter Period or the period of the “Requisition for Hire” whichever be the shorter.

    (b) In the event of the Owners being deprived of their ownership in the Vessel by any Compulsory Acquisition of the Vessel or requisition for title by any governmental or
            other competent authority (hereinafter referred to as "Compulsory Acquisition"), then, irrespective of the date during the Charter Period when "Compulsory Acquisition" may occur, this Charter shall be deemed terminated as of the date of such
            "Compulsory Acquisition".  In such event Charter Hire to be considered as earned and to be paid up to the date and time of such "Compulsory Acquisition".

    
      
        	26.	
                War

              

      

    

    (a)     For the
        purpose of this Clause, the words "War Risks" shall include any war (whether actual or threatened), act of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines (whether actual or reported),
        acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise
        howsoever), by any person, body, terrorist or political group, or the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

    (b)     The Vessel, unless adequate insurace cover and the written consent of the Owners be first obtained, shall not continue to or go through any
        port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably

     

      

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, may
        be, or are likely to be, exposed to War Risks.  Should the Vessel be within any such place as aforesaid, without adequate insurance cover or without
          the written consent of the Owners, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have the right to require the Vessel to leave such area.

    (c)     The Vessel
        shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or
        otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a belligerent's right of search and/or confiscation.

    (d)     If the
        insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums and/or calls because,
        pursuant to the Charterers' orders, the Vessel is within, or is due to enter and remain within, any area or areas which are specified by such insurers as being subject to additional premiums because of War Risks, then such premiums and/or calls
        shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due.

    (e)      The
        Charterers shall have the liberty:

    
      
        	

              	(i)	
                to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in convoy, ports of call, stoppages, destinations,
                    discharge of cargo, delivery, or in any other way whatsoever, which are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or group whatsoever acting with the power to compel
                    compliance with their orders or directions;

              

      

    

    
      
        	

              	(ii)	
                to comply with the orders, directions or recommendations of any war risks underwriters who have the authority to give the same under the terms of the war
                    risks insurance;

              

      

    

    
      
        	

              	(iii)	
                to comply with the terms of any resolution of the Security Council of the United Nations, any directives of the European Community, the effective orders of
                    any other Supranational body which has the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their
                    enforcement.

              

      

    

    (f)      In the event of outbreak of war (whether there be a declaration of war or not) (i) between any two or more of the following countries: the United States of America;
            Russia; the United Kingdom; France; and the People's Republic of China, (ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance with
          Clause 15, if the Vessel has cargo on board after
            discharge thereof at destination, or if debarred under this Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has no cargo on board, at the port at which the Vessel then is or if at
            sea at a near, open and safe port as directed by the Owners.  In all cases hire shall continue to be paid in accordance with Clause 11 and except as aforesaid all other provisions of this Charter shall apply until redelivery.

    
      
        	27.	
                Commission

              

      

    

    The Owners to pay a commission at the
            rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid under the Charter.  If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the actual expenses of
            the Brokers and a reasonable fee for their work.

    If the full hire is not paid owing to
            breach of the Charter by either of the parties the party liable therefor shall indemnify the Brokers against their loss of commission.  Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of
            commission but in such case the commission shall not exceed the brokerage on one year's hire.

    
      
        	28.	
                Termination (See Additional Clauses 49 (Termination Events) and 50 Owners’ rights on termination))

              

      

    

    (a)      Charterers' Default

    The Owners shall be entitled to withdraw
            the Vessel from the service of the Charterers and terminate the Charter with immediate effect by written notice to the Charterers if:

    
      
        	

              	(i)	
                the Charterers fail to pay hire in accordance with Clause 11.  However, where there is a failure to make punctual payment of hire due to oversight, negligence,
                        errors or omissions on the part of the Charterers or their bankers, the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such number of days following the Owners' notice,
                        the payment shall stand as regular and punctual.  Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners' notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and terminate the
                        Charter without further notice;

              

      

    

    
      
        	

              	(ii)	
                the Charterers fail to comply with the requirements of:

                    (1) Clause 6 (Trading Restrictions)

                      (2) Clause 13(a) (Insurance and Repairs) provided that the Owners
                        shall have the option, by written notice to the Charterers, to give the Charterers a specified number of days grace within which to rectify the failure without prejudice to the Owners' right to withdraw and terminate under this
                        Clause if the Charterers fail to comply with such notice;

              

      

    

    
      
        	

              	(iii)	
                the Charterers fail to rectify any failure to comply with the
                        requirements of sub-clause 10(a)(i) (Maintenance and Repairs) as soon as practically

              

      

    

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    possible after the Owners have requested
            them in writing so to do and in any event so that the Vessel's insurance cover is not prejudiced.

    (b)     Owners' Default

    If the Owners shall by any act or
            omission be in breach of their obligations under this Charter to the extent that the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) running days after written notice thereof has been
            given by the Charterers to the Owners, the Charterers shall be entitled to terminate this Charter with immediate effect by written notice to the Owners.

    (c)     Loss of Vessel

    This Charter shall be deemed to be
            terminated if the Vessel becomes a total loss or is declared as a constructive or compromised or arranged total loss.  For the purpose of this sub-clause, the Vessel shall not be deemed to be lost unless she has either become an actual total
            loss or agreement has been reached with her underwriters in respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive
            loss of the Vessel has occurred.

    (d)     Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party in the event of an order being made or
            resolution passed for the winding up, dissolution, liquidation or bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment, ceases to carry on
            business or makes any special arrangement or composition with its creditors.

    (e)     The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to the date of termination and to any claim that
            either party might have.

    
      
        	29.	
                Repossession

              

      

    

    In the event of the termination of this Charter in accordance with the applicable provisions of Clauses 28this Charter, the Owners shall have the right to repossess the Vessel from the Charterers at
        her current or next port of call, or at a port or place convenient to them without hindrance or interference by the Charterers, courts or local authorities.  Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall hold the Vessel as gratuitous bailee only to the Owners and the Charterers shall procure that the master and the crew follow the orders and directions of the Owners.

    The Owners shall arrange for an
            authorised representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.  The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the
        Vessel by the Owners' representative.  All arrangements and expenses relating to the settling of wages, disembarkation and repatriation of the Charterers' Master, officers and crew shall be the sole responsibility of the Charterers.

    
      
        	30.	
                Dispute Resolution

              

      

    

    
      
        	*)	
                (a)     This Contract shall be governed by and
                    construed in accordance with English law and any dispute arising out of or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
                    re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

              

      

    

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

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

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

    In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may
        agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

    
      
        	*)	
                (b)     This Contract shall be governed by and
                      construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be referred to three persons at New York, one to be
                      appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of
                      competent jurisdiction.  The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

              

      

    

    In cases where neither the claim nor any counterclaim exceeds the sum of US550,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime
        Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.

    
      
        	*)	
                (c)     This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by the parties and any dispute arising out of or in connection with
                        this Contract shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there.

              

      

    

    (d)     Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection with
            this Contract.

    In the case of a dispute in respect of
            which arbitration has been commenced under (a), (b) or (c) above, the following shall apply:-

    
      
        	

              	(i)	
                Either party may at any time and from time to time elect to refer the
                        dispute or part of the dispute to mediation by service on the other party of a written notice (the "Mediation Notice') calling on the other party to agree to mediation.

              

      

    

    
      
        	

              	(ii)	
                The other party shall thereupon within 14 calendar days of receipt of the
                        Mediation Notice confirm that they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator will be appointed
                        promptly by the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal may designate for that purpose.  The mediation shall be conducted in such place and in accordance with such procedure and

              

      

    

    

    

    This document is computer generate BARECON 2001 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

    “BARECON 2001” Standard Bareboat Charter

    on such terms as the parties may agree
            or, in the event of disagreement, as may be set by the mediator.

    
      
        	

              	(iii)	
                If the other party does not agree to mediate, that fact may be brought to
                        the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.

              

      

    

    
      
        	

              	(iv)	
                The mediation shall not affect the right of either party to seek such
                        relief or take such steps as it considers necessary to protect its interest.

              

      

    

    
      
        	

              	(v)	
                Either party may advise the Tribunal that they have agreed to mediation. 
                        The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration.

              

      

    

    
      
        	

              	(vi)	
                Unless otherwise agreed or specified in the mediation terms, each party
                        shall bear its own costs incurred in the mediation and the parties shall share equally the mediator's costs and expenses.

              

      

    

    
      
        	

              	(vii)	
                The mediation process shall be without prejudice and confidential and no
                        information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration.

              

      

    

    (Note: The parties
            should be aware that the mediation process may not necessarily interrupt time limits.)

    (e)    If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply.  Sub-clause 30(d) shall apply in all cases.

    *)     Sub-clauses 30(a), 30(b) and 30(c) are alternatives;

    indicate alternative
            agreed in Box 35.

    
      
        	31.	
                Notices (See Additional Clause 52 (Communications))

              

      

    

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

    (b)     The address of
        the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    This document is computer generate BARECON 2001 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.

    

    

    
      
        

    

    “BARECON 2001” Standard Bareboat Charter

    	 	 	
            OPTIONAL

                PART

          

    PART III

        PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

        (Optional, only to apply if expressly agreed and stated in Box 37)

    
      
        	1.	
                Specifications and Building Contract

              

      

    

    (a)     The Vessel shall be constructed in accordance with the Building Contract (hereafter called the Building Contract") as annexed to this Charter, made between the
            Builders and the Owners and in accordance with the specifications and plans annexed thereto, such Building Contract, specifications and plans having been counter- signed as approved by the Charterers.

    (b)     No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by the Charterers as aforesaid, without the
            Charterers' consent.

    (c)     The Charterers shall have the right to send their representative to the Builders' Yard to inspect the Vessel during the course of her construction to satisfy
            themselves that construction is in accordance with such approved specifications and plans as referred to under sub-clause (a) of this Clause.

    (d)     The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein.  Subject to the provisions of sub-clause 2(c)(ii)
            hereunder, the Charterers shall be bound to accept the Vessel from the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the Builders.  The Charterers undertake that having accepted the
            Vessel they will not thereafter raise any claims against the Owners in respect of the Vessel's performance or specification or defects, if any.  Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12
            months from delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or remedies. 
            However, the Owners' liability to the Charterers shall be limited to the extent the Owners have a valid claim against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to the Charterers).  The
            Charterers shall be bound to accept such sums as the Owners are reasonably able to recover under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so recovered and the actual expenditure on
            repairs, replacement or remedying defects or for any loss of time incurred.  Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box 41(a) or if not filled in shall be shared equally between the parties.  The costs of pursuing a claim or claims
            against the Builders under this Clause (including any liability to the Builders) shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.

    
      
        	2.	
                Time and Place of Delivery

              

      

    

    (a)     Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance with the Building Contract and specifications to
            the satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the Builders' Yard or some other safe and readily accessible dock, wharf or
            place as may be agreed between the parties hereto and the Builders.  Under the Building Contract the Builders have estimated that the Vessel will be ready for delivery to the Owners as therein provided but the delivery date for the purpose of
            this Charter shall be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract.  The Charterers shall not be entitled to refuse
            acceptance of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be entitled to make any claim against the Owners in respect of any conditions, representations or warranties, whether
            express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.

    (b)     If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled under that Contract not to deliver the Vessel to
            the Owners, the Owners shall upon giving to the Charterers written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers and upon receipt of such notice by the Charterers this Charter shall
            cease to have effect.

    (c)     If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult the
            Charterers and thereupon

    (i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) running days by notice in writing and upon receipt by the
            Owners of such notice this Charter shall cease to have effect; or

    (ii) if the Charterers wish to take delivery of the Vessel

    they may by notice in writing within
            seven (7) running days require the Owners to negotiate with the Builders as to the terms on which delivery should be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the Owners shall commence such
            negotiations and/ or take delivery of the Vessel from the Builders and deliver her to the Charterers;

    (iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from the Builders;

    (iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be liable to the Charterers for any claim under or arising out
            of this Charter or its termination.

    (d)     Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a claim therefor shall accrue to the account of the party
            stated in Box 41(c)
            or if not filled in shall be shared equally between the parties.

    
      
        	3.	
                Guarantee Works

              

      

    

    If not otherwise agreed, the Owners
            authorise the Charterers to arrange for the guarantee works to be performed in accordance with the building contract terms, and hire to continue during the period of guarantee works.  The Charterers have to advise the Owners about the
            performance to the extent the Owners may request.

    
      
        	4.	
                Name of Vessel

              

      

    

    The name of the Vessel shall be mutually
            agreed between the Owners and the Charterers and the Vessel shall be painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers.

    
      
        	5.	
                Survey on Redelivery

              

      

    

    The Owners and the Charterers shall
            appoint surveyors  for the purpose of determining and agreeing in writing the condition of the Vessel at the time of re-delivery Without prejudice to Clause

            15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, including the cost of docking and undocking, if required,
            as well as all repair costs incurred.  The Charterers shall also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be paid at the rate of hire per day or pro rata.

    

    

    This document is computer generate BARECON 2001 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.

    
      
        

    

    “BARECON 2001” Standard Bareboat Charter

    	 	 	
            OPTIONAL

                PART

          

    PART IV

        HIRE/PURCHASE AGREEMENT

        (Optional, only to apply if expressly agreed and stated in Box 42)

    On expiration of this Charter and
            provided the Charterers have

            fulfilled their obligations according to Part I and II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the Charterers have purchased the Vessel with everything belonging to her and the
            Vessel is fully paid for.

    

    

    In the following
            paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.

    

    

    The Vessel shall be delivered by the
            Sellers and taken over by the Buyers on expiration of the Charter.

    

    

    The Sellers guarantee that the Vessel,
            at the time of delivery, is tree from all encumbrances and maritime liens or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing mortgage agreed not to be paid off by the time of delivery. 
            Should any claims, which have been incurred prior to the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all consequences of such claims to the extent it can be proved that the Sellers
            are responsible for such claims.  Any taxes, notarial, consular and other charges and expenses connected with the purchase and registration under Buyers' flag, shall be for Buyers' account.  Any taxes, consular and other charges and expenses
            connected with closing of the Sellers' register, shall be for Sellers' account.

    

    

    In exchange for payment of the last
            month's hire instalment the Sellers shall furnish the Buyers with a Bill of Sale duly attested and legalized, together with a certificate setting out the registered encumbrances, if any.  On delivery of the Vessel the Sellers shall provide for
            deletion of the Vessel from the Ship's Register and deliver a certificate of deletion to the Buyers.  The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors, chains, etc.), as
            well as all plans which may be in Sellers' possession.

    

    

    The Wireless Installation and Nautical
            Instruments, unless on hire, shall be included in the sale without any extra payment.

    

    

    The Vessel with everything belonging to
            her shall be at Sellers' risk and expense until she is delivered to the Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be delivered and taken over as she is at the time of delivery,
            after which the Sellers shall have no responsibility for possible faults or deficiencies of any description.

    

    

    The Buyers undertake to pay for the
            repatriation of the Master, officers and other personnel if appointed by the Sellers to the port where the Vessel entered the Bareboat Charter as per Clause

            3 (Part II) or to pay the equivalent cost for their journey to any other place.

    

    

    This document is computer generate BARECON 2001 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.

    

    

    
      
        

    

    “BARECON 2001” Standard Bareboat Charter

    	 	 	
            OPTIONAL

                PART

          

    PART V

        PROVISIONS TO APPLY FOR VESSELS REGISTERED IN BAREBOAT CHARTER REGISTRY

        (Optional, only to apply if expressly agreed and stated in Box 43)

    

    

    
      
        	1.	
                Definitions

              

      

    

    For the purpose of this PART V, the
            following terms shall have the meanings hereby assigned to them: "The Bareboat Charter Registry" shall mean the registry of the State whose flag the Vessel will fly and in which the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter.

     
    “The Underlying Registry" shall mean the registry of the State in which the Owners of the Vessel are
            registered as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat Charter Registration.

    
      
        	2.	
                Mortgage

              

      

    

    The Vessel chartered under this Charter
            is financed by a mortgage and the provisions of Clause 12(b) (Part II) shall apply.

    
      
        	3.	
                Termination of Charter by Default

              

      

    

    If the Vessel chartered under this
            Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28. the Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying Registry as shown in Box 45.

     
    In the event of the Vessel being deleted
            from the Bareboat Charter Registry as stated in Box 44, due to a
            default by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners under this Charter.

    

    

    This document is computer generate BARECON 2001 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.

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