Document:

Exhibit 4.102

    Dated   21 December 2018

    TOP SHIPS INC.

        (as Guarantor)

    - and -

    XIANG T88 HK INTERNATIONAL SHIP LEASE CO., LIMITED

    (as Owner)

    	 	
             

              

            GUARANTEE

                

              

          	 

    

    

    

    Hong Kong

    
      
        

    

    

    

    CONTENTS

    	
            Clause

          	 	
            Page

          

    

    

    	
            1

          	
            DEFINITIONS AND CONSTRUCTION

          	
            1

          
	 	 	 
	
            2

          	
            GUARANTEE AND INDEMNITY

          	
            3

          
	 	 	 
	
            3

          	
            GUARANTEE PERIOD

          	
            7

          
	 	 	 
	
            4

          	
            PAYMENTS AND TAXES

          	
            7

          
	 	 	 
	
            5

          	
            REPRESENTATIONS AND WARRANTIES

          	
            8

          
	 	 	 
	
            6

          	
            UNDERTAKINGS

          	
            11

          
	 	 	 
	
            7

          	
            SET-OFF

          	
            13

          
	 	 	 
	
            8

          	
            BENEFIT OF THIS GUARANTEE

          	
            13

          
	 	 	 
	
            9

          	
            NOTICES AND OTHER MATTERS

          	
            13

          
	 	 	 
	
            10

          	
            GOVERNING LAW AND JURISDICTION

          	
            15

          
	 	 	 
	
            EXECUTION PAGE

          	
            17

          

    

    

    
      
        

    

    
    

    

    THIS GUARANTEE (this

        “Guarantee”) is dated     21 December 2018      and made

    BETWEEN:

    
      
        	1.	
                TOP SHIPS INC., a company incorporated under the laws
                    of the Republic of Marshall Islands with its registered address at Trust Company Complex, Ajeltake Road, Majuro, Marshall Islands NH96960 (the “Guarantor”); and

              

      

    

    
      
        	2.	
                XIANG T88 HK INTERNATIONAL SHIP LEASE CO., LIMITED, a
                    company incorporated under the laws of Hong Kong with its registered address at 1/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong (the “Owner”) which expression includes its successors in title, permitted assigns and permitted transferees.

              

      

    

    WHEREAS:

    
      
        	(A)	
                By a bareboat charterparty dated 21 December 2018 (the “Bareboat

                      Charterparty”) and made between the Owner and PCH77 SHIPPING COMPANY LIMITED (the “Charterer”), the Owner has agreed to let
                    and the Charterer has agreed to take one Class Product/Chemical Tanker currently under construction at the shipyard of Hyundai Mipo Dockyard Co., Ltd. with Hull No. 8218 to be named m.t. “ECO CALIFORNIA” on demise charter upon the terms
                    and conditions therein mentioned.

              

      

    

    
      
        	(B)	
                As a condition precedent to the Bareboat Charterparty, the Guarantor has granted this Guarantee in favour of the Owner.

              

      

    

    IT IS AGREED as
        follows:

    
      
        	1	
                DEFINITIONS AND CONSTRUCTION

              

      

    

    
      
        	1.1	
                Defined expressions

              

      

    

    Words and expressions whose meanings are defined in the Bareboat Charterparty shall, unless the
        context otherwise requires, have the same meanings where used in this Guarantee.

    
      
        	1.2	
                Definitions

              

      

    

    In this Guarantee, unless the context otherwise requires:

    “Collateral

          Instruments” means notes, bills of exchange, certificates of deposit and other negotiable and non-negotiable instruments and guarantees relating to any indebtedness or liabilities of the Charterer or any other person liable and includes
        any documents or instruments creating or evidencing a mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement or security interest of any kind.

    “GAAP”
        means general accepted accounting principles as effective from time to time in the United States of America.

    “Guarantee”
        includes each separate or independent stipulation or agreement by the Guarantor contained in this Guarantee.

    “Guaranteed

          Liabilities” means any and all indebtedness, obligations and liabilities (whether actual or contingent, whether as principal, surety or otherwise, whether now existing or hereafter arising, whether or not for the payment of money, and
        including, without limitation, any obligation or liability to pay

    
      1

      
        

    

    

    

    damages) of the Security Parties owing and/or payable to the Owner under the Transaction Documents.

    “Guarantee

          Period” means the period beginning on the date of this Guarantee and ending on the date on which all the Guaranteed Liabilities and all obligations (whether actual or contingent) under or in connection with this Guarantee have been
        unconditionally and irrevocably paid and discharged in full.

    “Indebtedness”
        means any obligation howsoever arising (whether present or future, actual or contingent, secured or unsecured as principal, surety or otherwise) for the payment or repayment of money.

    “Pertinent

          Jurisdiction” means the Republic of Marshall Islands or any jurisdiction in which or where the Guarantor is resident, is domiciled, established, incorporated, organized, have a permanent establishment, carries on, or has a place of
        business or is otherwise howsoever effectively connected.

    “Required

          Authorisation” means any authorisation, consent, declaration, licence, permit, exemption, approval or other document, whether imposed by or arising in connection with any law, regulation, custom, contract, security or otherwise howsoever
        which must be obtained at any time from any person, government entity or central bank or other self-regulating or supra-national authority in order to enable the Guarantor to lawfully and continuously continue its corporate existence and/or perform
        all its obligations whatsoever whensoever arising and/or grant security under the relevant Transaction Documents and/or to ensure the continuous validity and enforceability thereof.

    “Restricted

          Party” means a person or entity that is (i) listed on any Sanctions List; (ii) a national of, located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or
        organised under Iran; or (iii) otherwise a target of Sanctions (“target of Sanctions” signifying a person with whom a US person or other national of Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or
        other activities).

    “Sanctions”
        means the economic sanction laws, regulations, embargoes or restrictive measures administered, enacted or enforced by: (i) the United States; (ii) the United Nations; (iii) the European Union or its Member States, including, without limitation, the
        United Kingdom; (iv) the People’s Republic of China, or (v) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States Department of state and Her Majesty’s Treasury (“HMT”); (together, the “Sanctions Authorities”).

    “Sanctions

          List” means the “Specially Designated Nationals and Blocked Persons” list maintained by the OFAC, or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities.

    
      
        	1.3	
                Construction

              

      

    

    In this Guarantee, unless the context otherwise requires:

    
      
        	1.3.1	
                clause headings and the index are inserted for convenience of reference only and shall be ignored in the construction of this Guarantee;

              

      

    

    
      2

      
        

    

    

    

    
      
        	1.3.2	
                the rules of interpretation contained in the Bareboat Charterparty shall apply mutatis mutandis to the construction of this Guarantee;

              

      

    

    
      
        	1.3.3	
                references to a “regulation” include
                    any present or future regulation, rule, directive, requirement, request or guideline (whether or not having the force of law) of any government entity, central bank or any self-regulatory or other supra-national authority;

              

      

    

    
      
        	1.3.4	
                references to any person in or party to this Guarantee shall include reference to such person’s lawful successors and assigns and references
                    to the Owner shall also include a transferee;

              

      

    

    
      
        	1.3.5	
                references to a “guarantee” include
                    references to an indemnity or any other kind of assurance whatsoever (including, without limitation, any kind of negotiable instrument, bill or note) against financial loss or other liability including, without limitation, an obligation
                    to purchase assets or services as a consequence of a default by any other person to pay any Indebtedness and “guaranteed” shall be
                    construed accordingly;

              

      

    

    
      
        	1.3.6	
                a certificate by the Owner as to any amount due or calculation made or any matter whatsoever determined in connection with this Guarantee
                    shall be conclusive and binding on the Guarantor except for manifest error;

              

      

    

    
      
        	1.3.7	
                if any document, term or other matter or thing is required to be approved, agreed or consented to by the Owner such approval, agreement or
                    consent must be obtained in writing unless the contrary is stated; and

              

      

    

    
      
        	1.3.8	
                time shall be of the essence in respect of all obligations whatsoever of the Guarantor under this Guarantee, howsoever and whensoever arising.

              

      

    

    
      
        	1.4	
                Third party rights

              

      

    

    A person who is not a party to this Guarantee shall have no right under the Contracts (Rights of
        Third Parties) Act 1999 to enforce or enjoy the benefit of any term of this Guarantee.

    
      
        	2	
                GUARANTEE AND INDEMNITY

              

      

    

    
      
        	2.1	
                Guarantor as principal debtor; indemnity

              

      

    

    
      
        	2.1.1	
                The Guarantor irrevocably and unconditionally:

              

      

    

    
      
        	

              	(a)	
                guarantees to the Owner the due and punctual observance and performance of all the obligations of the Security Parties under the Transaction
                    Documents and the due and punctual payment of all the Guaranteed Liabilities; and

              

      

    

    
      
        	

              	(b)	
                undertakes with the Owner that whenever any Security Party does not pay any amount of the Guaranteed Obligations when due, the Guarantor shall
                    immediately on demand pay that amount as if it were the principal obligor; and

              

      

    

    
      
        	

              	(c)	
                indemnifies the Owner immediately on demand against any cost, loss or liability suffered by the Owner if any obligation guaranteed by it (or
                    anything which would have been an obligation if not unenforceable, invalid or illegal) is or becomes unenforceable, invalid or illegal.  The

              

      

    

    
      3

      
        

    

    

    

    amount of the cost, loss or liability shall be equal to the amount which the Owner would otherwise
        have been entitled to recover.

    
      
        	2.2	
                No security taken by Guarantor

              

      

    

    The Guarantor warrants to the Owner that it has not taken or received, and undertakes, for so long as
        this Guarantee remains in force, not to take or receive the benefit of any security from the Charterer or any other person in respect of or extending to the Guaranteed Liabilities.

    
      
        	2.3	
                Interest

              

      

    

    Any amount due to the Owner under this Guarantee shall bear interest from the date of demand until
        actual payment (both before and after judgment) at the rate of 2% per annum.  Any interest payable under this Guarantee shall accrue from day to day and shall be calculated on the actual number of days on the basis of a year of three hundred and
        sixty (360) days and shall be compounded at such intervals as the Owner shall determine and shall be payable upon demand.

    
      
        	2.4	
                Continuing security and other matters

              

      

    

    This Guarantee is a continuing security and shall:

    
      
        	2.4.1	
                secure the ultimate balance of the Guaranteed Liabilities from time to time owing to the Owner by any Security Party notwithstanding any
                    settlement of account or other matter whatsoever;

              

      

    

    
      
        	2.4.2	
                be in addition to and shall not merge with or otherwise prejudice or affect any present or future Collateral Instrument, right or remedy now
                    or hereafter held by or available to the Owner; and

              

      

    

    
      
        	2.4.3	
                not be in any way prejudiced or affected by the existence of any such Collateral Instrument, rights or remedies or by the same becoming wholly
                    or in part void, voidable or unenforceable on any ground whatsoever or by the Owner dealing with, exchanging, varying or failing to perfect or enforce any of the same or giving time for payment or indulgence or compounding with any
                    other person liable.

              

      

    

    
      
        	2.5	
                Waiver of Defences

              

      

    

    
      
        	2.5.1	
                The Guarantor acknowledges and agrees that none of the Guaranteed Liabilities shall be reduced, released or otherwise howsoever adversely
                    affected by any circumstances, event, action, matter or thing whatsoever, howsoever arising, including, without limitation:

              

      

    

    
      
        	

              	(a)	
                any renewal, variation, determination or increase in any accommodation or credit given by the Owner to any Security Party;

              

      

    

    
      
        	

              	(b)	
                any time or waiver granted to or composition with any Security Party or any other person;

              

      

    

    
      
        	

              	(c)	
                any variation, extension, release, discharge, compromise, dealing with, exchange or renewal of any right or remedy which the Owner may now or
                    hereafter have from or against any Security Party and any other person in respect of any of the obligations and liabilities of any Security Party and any other person;

              

      

    

    
      4

      
        

    

    

    

    
      
        	

              	(d)	
                any act or omission by the Owner or any other person in taking up, perfecting or enforcing any security or guarantee from or against any
                    Security Party and any other person;

              

      

    

    
      
        	

              	(e)	
                the administration, insolvency, bankruptcy, liquidation, winding-up, incapacity, limitation, disability or the discharge by operation of law
                    of any Security Party or any change in the constitution, name and style of any Security Party or any other person; or

              

      

    

    
      
        	

              	(f)	
                any invalidity, irregularity, unenforceability, act or omission which might have discharged or affected the liability of the Guarantor had it
                    been a mere surety in respect of the Guaranteed Liabilities or by anything done or omitted by any person which but for this provision might operate to exonerate or discharge the Guarantor or otherwise reduce or extinguish its liability
                    under this Guarantee.

              

      

    

    
      
        	2.5.2	
                Without prejudice to the generality of Clause 2.5.1, the Guarantor expressly confirms that it intends that its obligations under this
                    Guarantee and the guarantee and indemnity contained in it shall extend from time to time any variation, increase, extension or addition (in each case, however fundamentally) of or to any Transaction Document.

              

      

    

    
      
        	2.6	
                Additional Security

              

      

    

    This Guarantee is in addition to and is not in any way prejudiced by any other guarantee or security
        now or subsequently held by the Owner.

    
      
        	2.7	
                Collateral Instruments

              

      

    

    It shall not be obliged to make any claim or demand on any Security Party or to resort to any
        Collateral Instrument or other means of payment now or hereafter held by or available to it before enforcing this Guarantee and no action taken or omitted by the Owner in connection with any such Collateral Instrument or other means of payment
        shall discharge, reduce, prejudice or affect the liability of the Guarantor under this Guarantee nor shall the Owner be obliged to apply any money or other property received or recovered in consequence of any enforcement or realisation of any such
        Collateral Instrument or other means of payment in reduction of the Guaranteed Liabilities.

    
      
        	2.8	
                Non-Competition

              

      

    

    Until all the Guaranteed Liabilities have been irrevocably paid, discharged or satisfied in full (and
        notwithstanding payment of a dividend in any liquidation or under any compromise or arrangement) the Guarantor shall not by virtue of any payment made, security realised, or monies received for or on account of the Guarantor’s liability hereunder:

    
      
        	2.8.1	
                be subrogated to any rights, security or monies held, received or receivable by the Owner or be entitled to any right of contribution;

              

      

    

    
      
        	2.8.2	
                be entitled and shall not claim to rank as creditor against the assets or in the bankruptcy or liquidation of any Security Party in
                    competition with the Owner or from any other person liable or demand or accept any Collateral Instrument in respect of the same or dispose of the same;

              

      

    

    
      
        	2.8.3	
                take any step to enforce any right against any Security Party or any other person liable in respect of any Guaranteed Liabilities; or

              

      

    

    
      5

      
        

    

    

    

    
      
        	2.8.4	
                claim any set off or counterclaim against any Security Party or any other person liable or claim or prove in competition with the Owner in the
                    liquidation of any Security Parties or any other person liable or have the benefit of, or share in, any payment from or composition with, any Security Party or any other person liable or any other Collateral Instrument now or hereafter
                    held by the Owner for any Guaranteed Liabilities or for the obligations or liabilities of any other person liable but so that, if so directed by the Owner, it will prove for the whole or any part of its claim in the liquidation of any
                    Security Party or any other person liable on terms that the benefit of such proof and of all money received by it in respect thereof shall be held on trust for the Owner and applied in or towards discharge of the Guaranteed Liabilities
                    in such manner as the Owner shall deem appropriate.

              

      

    

    
      
        	2.9	
                Suspense accounts

              

      

    

    Any money received in connection with this Guarantee may be placed and kept to the credit of a
        suspense account for so long as the Owner thinks fit, without any obligation to apply any part towards the discharge of any Guaranteed Liabilities.  Notwithstanding any such payment in any proceedings in (or analogous to) bankruptcy, liquidation,
        administration, composition or arrangement the Owner may prove for and agree to accept any dividend or composition in respect of the whole or any part of the Guaranteed Liabilities as if this Guarantee had not been given.

    
      
        	2.10	
                New accounts

              

      

    

    If for any reason this Guarantee ceases to be a continuing guarantee for the Owner, the Owner may
        either continue any then existing account(s) with the Guarantor or open one or more new accounts for the Guarantor, but in any such case the Guarantor’s obligations under this Guarantee shall remain unaffected by, and be calculated without regard
        to, any payment into and out of any such account after this Guarantee has ceased to be a continuing guarantee.

    
      
        	2.11	
                Settlements conditional

              

      

    

    Any release, discharge or settlement between any of the Guarantor and the Owner shall be conditional
        upon no security, disposition or payment to the Owner by any Security Party or any other person liable being void, set aside or ordered to be refunded pursuant to any enactment or law relating to bankruptcy, liquidation, administration or
        insolvency or administration or for any other reason whatsoever and if such condition shall not be fulfilled the Owner shall be entitled to enforce this Guarantee subsequently as if such release, discharge or settlement had not occurred and any
        such payment had not been made.

    
      
        	2.12	
                Guarantor to pay and deliver up certain
                      property

              

      

    

    If, contrary to clauses 2.2, 2.8 or otherwise, the Guarantor takes or receives the benefit of any
        Security Interest or receives or recovers any money or other property, from any Security Party such Security Interest, money or other property shall be held on trust for the Owner and shall be delivered or paid, as appropriate to the Owner on
        demand.

    
      
        	2.13	
                Retention of this Guarantee

              

      

    

    Any discharge, releases or reassignment by the Owner of any of the security constituted by, or any of
        the obligation of the Charterer contained in, any of the Transaction Documents shall be (and be deemed always to have been) void if any act (including, without limitation, any payment) as a result of which such

    
      6

      
        

    

    

    

    discharge, release or reassignment was given or made is subsequently wholly or partially rescinded or
        avoided by operation by any law.  GUARANTEE PERIOD

    This Guarantee shall remain in full force and effect as a continuing guarantee for the duration of
        the Guarantee Period.

    
      
        	3	
                PAYMENTS AND TAXES

              

      

    

    
      
        	3.1	
                Time for payment

              

      

    

    All amounts payable by the Guarantor under or pursuant to this Guarantee shall be paid to such
        accounts at such banks as the Owner may from time to time direct to the Guarantor in US$ in same day funds for immediate value.  Payment shall be deemed to have been received by the Owner on the date on which the Owner receives authenticated advice
        of receipt, unless that advice is received by the Owner on a day other than a Banking Day or at a time of day (whether on a Banking Day or not) when the Owner in its discretion considers that it is impossible or impracticable for the Owner to
        utilise the amount received for value that same day, in which event the payment in question shall be deemed to have been received by the Owner on the Banking Day next following the date of receipt of advice by the Owner.

    
      
        	3.2	
                No set-off or counter claim

              

      

    

    All payments to be made by the Guarantor pursuant to this Guarantee shall, subject only to Clause
        3.3, be made free and clear of and without deduction for or on account of any taxes or other deductions, withholdings, restrictions, conditions or counterclaims of any nature.

    
      
        	3.3	
                Grossing up for Taxes

              

      

    

    If at any time any law requires (or is interpreted to require) the Guarantor to make any deduction or
        withholding from any payment, or to change the rate or manner in which any required deduction or withholding is made, the Guarantor will promptly notify the Owner and, simultaneously with making that payment, will pay to the Owner whatever
        additional amount (after taking into account any additional taxes on, or deductions or withholdings from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after making the deduction or withholding, the Owner
        receives a net sum equal to the sum which it would have received had no deduction or withholding been made.  If at any time the Guarantor is required by law to make any deduction or withholding from any payment to be made by it, the Guarantor will
        pay the amount required to be deducted or withheld to the relevant authority within the time allowed under the applicable law and will, no later than thirty days after making that payment, deliver to the Owner an original receipt issued by the
        relevant authority, or other evidence acceptable to the Owner, evidencing the payment to that authority of all amounts required to be deducted or withheld.

    
      
        	3.4	
                Currency Indemnity

              

      

    

    If, under any applicable law or regulation, and whether pursuant to a judgment being made or
        registered against the Guarantor or the liquidation of the Guarantor or for any other reason whatsoever, any payment under or in connection with this Guarantee is made or falls to be made in a currency (the “payment currency”) other than the currency in which such payment is due under or in connection with this Guarantee (the “contractual currency”) then to the extent that the amount of such payment actually received by the Owner,

    
      7

      
        

    

    

    

    when converted into the contractual currency at the rate of exchange, falls short of the amount due
        under or in connection with this Guarantee, the Guarantor, as a separate and independent obligation, shall indemnify and hold harmless the Owner against the amount of such shortfall.  For the purpose of this Clause “rate of exchange” means the rate
        at which the Owner is able on or about the date of such payment to purchase the contractual currency with the payment currency and shall take into account any premium and other costs of exchange with respect thereto.

    
      
        	4	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    
      
        	4.1	
                Continuing Representations and Warranties

              

      

    

    The Guarantor represents and warrants on the date of this Guarantee that:

    
      
        	4.1.1	
                Due incorporation

              

      

    

    the Guarantor is duly incorporated and validly existing under the laws of its jurisdiction and
        incorporation, has the power to own its assets and carry on its business as it is being conducted;

    
      
        	4.1.2	
                Insolvency

              

      

    

    the Guarantor is not insolvent or in bankruptcy or subject to any other insolvency procedure, and no
        receiver, trustee or analogous officer has been appointed in respect of the Guarantor or all or any part of its assets;

    
      
        	4.1.3	
                Power to guarantee

              

      

    

    the Guarantor has the power to execute, deliver and perform its obligations under, and has taken all
        necessary action (corporate or otherwise) to authorise its execution, delivery and performance of, this Guarantee; no limit on the powers of the Guarantor will be exceeded as a result of the borrowing, grant of security, or giving of guarantees or
        indemnities contemplated by this Guarantee;

    
      
        	4.1.4	
                Binding obligations

              

      

    

    this Guarantee has been duly executed and delivered by the Guarantor and the obligations expressed to
        be assumed by the Guarantor in this Guarantee are valid, legal, binding and enforceable obligations;

    
      
        	4.1.5	
                No conflict with other obligations

              

      

    

    the execution and delivery of, the performance of its obligations under, and compliance with the
        terms of this Guarantee by the Guarantor will not:

    
      
        	

              	(a)	
                contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which the Guarantor is subject; or

              

      

    

    
      
        	

              	(b)	
                conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which the
                    Guarantor is a party or is subject or by which it or any of its assets is bound; or

              

      

    

    
      
        	

              	(c)	
                contravene or conflict with any provision of any articles of association, articles of incorporation, by-laws, statutes or other constitutional
                    documents of the Guarantor; or

              

      

    

    
      8

      
        

    

    

    

    
      
        	

              	(d)	
                result in the creation or imposition of or oblige the Guarantor to create any Security Interest, other than as permitted by the Owner on any
                    of the undertakings, assets, rights or revenues of the Guarantor;

              

      

    

    
      
        	4.1.6	
                Validity and admissibility in evidence

              

      

    

    all consents and authorisations required or desirable:

    
      
        	

              	(a)	
                to enable it lawfully to enter into, exercise its rights and comply with its obligations under this Guarantee;

              

      

    

    
      
        	

              	(b)	
                to ensure that the obligations expressed to be assumed by it in this Guarantee are valid, legally binding and enforceable; and

              

      

    

    
      
        	

              	(c)	
                to make this Guarantee admissible in evidence in the jurisdiction of its incorporation,

              

      

    

    have been obtained or effected and are in full force and effect;

    
      
        	4.1.7	
                No litigation

              

      

    

    no proceedings are current, pending or threatened against the Guarantor or its assets which could
        have a material adverse effect on the business, assets or financial condition of the Guarantor;

    
      
        	4.1.8	
                Financial statements correct and complete

              

      

    

    the latest financial statements of the Guarantor, and the consolidated financial statements of the
        Guarantor in respect of the relevant financial year shall be delivered to the Owner in accordance with Clause 5.1.7.  Such statement represents and will represent that as at the end of such financial period to which the relevant financial
        statements relate, the Guarantor will not have had any significant liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved against or provided for in, such financial statements and,
        further, each set of financial statements delivered to the Owner pursuant to the terms of this Guarantee shall fairly represent its financial condition as at the date as at which those financial statements were drawn up and that each set of
        financial statements delivered is prepared using GAAP;

    
      
        	4.1.9	
                Sanctions

              

      

    

    no Security Party is a Restricted Party nor has any Security Party or any of their respective
        directors, officers or employees or any person acting on their behalf received notice or are aware of any claim, action, suit, proceeding or investigation against any of them with respect to Sanctions by a Sanctions Authority;

    
      
        	4.1.10	
                Registration Requirements

              

      

    

    it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of
        this Guarantee that it or any other instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any
        Pertinent Jurisdiction on or in relation to this Guarantee and this Guarantee is in proper form for its enforcement in the courts of each Pertinent Jurisdiction;

    
      9

      
        

    

    

    

    
      
        	4.1.11	
                Choice of law

              

      

    

    the choice of English law to govern this Guarantee and the submission herein by the Guarantor to the
        English arbitration and performance of associated obligations are valid and binding;

    
      
        	4.1.12	
                No immunity

              

      

    

    neither the Guarantor nor any of its assets is entitled to immunity on the grounds of sovereignty or
        otherwise from any legal action or proceeding;

    
      
        	4.1.13	
                Consents obtained

              

      

    

    all Required Authorisations have been obtained and remain in full force and effect and the Guarantor
        is not aware of any event or circumstance which could reasonably be expected to adversely affect the right of the Guarantor to hold and/or obtain renewal of any such Required Authorisations;

    
      
        	4.1.14	
                Pari passu

              

      

    

    the obligations of the Guarantor under this Guarantee are its direct, general and unconditional
        obligations ranking at least pari passu with all other present and future unsecured and unsubordinated Indebtedness of the Guarantor; and

    
      
        	4.1.15	
                Default lists

              

      

    

    the Guarantor is not on any caution list or list of defaulters of any credit information company or
        under investigation by any investigation/ enforcement agency or regulatory body.

    
      
        	4.2	
                Initial Representations and Warranties

              

      

    

    The Guarantor further represents and warrants that:

    
      
        	4.2.1	
                No default under other Indebtedness

              

      

    

    the Guarantor is not (nor would with the giving of notice or lapse of time or the satisfaction of any
        other condition or any combination thereof be) in breach of or in default under any agreement relating to Indebtedness to which it is a party or by which it may be bound;

    
      
        	4.2.2	
                Information

              

      

    

    all information whatsoever provided by the Guarantor to the Owner in connection with the negotiation
        and preparation of this Guarantee is true and accurate in all material respects and not misleading, does not omit material facts and all reasonable enquiries have been made to verify the facts and statements contained therein; there are no other
        facts the omission of which would make any fact or statement therein misleading;

    
      
        	4.2.3	
                No withholding Taxes

              

      

    

    no Taxes anywhere are imposed howsoever by withholding or otherwise on any payment to be made by the
        Guarantor under this Guarantee or are imposed on or by virtue of the execution or delivery by the Guarantor of this Guarantee or any other document or instrument to be executed or delivered under this Guarantee; and

    
      10

      
        

    

    

    

    
      
        	4.2.4	
                No Default

              

      

    

    no Default has occurred.

    
      
        	4.3	
                Repetition of Representations and Warranties

              

      

    

    On each day from the date of this Guarantee until all monies due or owing by any Security Party under
        the Transaction Documents and/or by the Guarantor under this Guarantee have been paid in full, the Guarantor shall be deemed to repeat the representations and warranties in Clause 4.1 as if made with reference to the facts and circumstances
        existing on each such day.

    
      
        	5	
                UNDERTAKINGS

              

      

    

    
      
        	5.1	
                General

              

      

    

    The Guarantor undertakes that, from the date of this Guarantee and so long as any monies are owing
        under this Guarantee, it will:

    
      
        	5.1.1	
                Compliance with laws

              

      

    

    comply in all respects with all laws to which it may be subject, if failure so to comply would have a
        Material Adverse Effect;

    
      
        	5.1.2	
                Sanctions

              

      

    

    guarantee and undertake from the date of this Guarantee, neither it nor any company that is directly
        or indirectly owned and controlled by the Guarantor is a Restricted Party;

    
      
        	5.1.3	
                Notice of Termination Event

              

      

    

    promptly notify the Owner as soon as the Guarantor becomes aware of a Termination Event in the
        Bareboat Charterparty or any occurrence which might adversely affect its ability to perform its obligations under this Guarantee and will from time to time, if so requested by the Owner, confirm to the Owner in writing that, save as otherwise
        stated in such confirmation, no Termination Event in the Bareboat Charterparty has occurred and is continuing;

    
      
        	5.1.4	
                Consents and licences

              

      

    

    without prejudice to Clause 4.1, obtain or cause to be obtained, maintain in full force and effect
        and comply in all material respects with the conditions and restrictions (if any) imposed in, or in connection with, every Required Authorisation and do, or cause to be done, all other acts and things which may from time to time be necessary or
        desirable under applicable law for the continued due performance of all of its obligations under this Guarantee;

    
      
        	5.1.5	
                Perfection and protection of Guarantee

              

      

    

    as soon as reasonably practicable, execute all such documents (including notices), effect all such
        registrations and filings, deposit all such documents and do all such things as the Owner may reasonably require in order to facilitate the enforcement of this Guarantee or the exercise of any rights held by the Owner under this Guarantee;

    
      
        	5.1.6	
                Other information

              

      

    

    
      11

      
        

    

    

    

    deliver to the Owner all other information financial or otherwise concerning the Guarantor and its
        affairs which the Owner may reasonably require from time to time including but not limited to the following:

    
      
        	

              	(a)	
                all documents dispatched by it to its shareholders generally at the same time as they are dispatched;

              

      

    

    
      
        	

              	(b)	
                as soon as reasonably practicable upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which
                    are current, threatened or pending against it; and

              

      

    

    
      
        	

              	(c)	
                as soon as reasonably practicable, such further information including the financial condition, business and operations of the Guarantor or the
                    Charterer,

              

      

    

    as the Owner may request;

    
      
        	5.1.7	
                Financial Statements

              

      

    

    supply to the Owner in sufficient copies as soon as they become available:

    
      
        	

              	(a)	
                the unaudited semi annual financial statements of the Charterer and the Guarantor (each prepared in accordance with GAAP and, in the case of
                    the Guarantor, on a consolidated basis) as soon as available and in no event later than 90 days after each such date;

              

      

    

    
      
        	

              	(b)	
                the annual financial statement of the Charterer, as referred to in the Guarantor’s audited consolidated annual financial statements, and the
                    audited financial statements of the Guarantor (each prepared in accordance with GAAP and, in the case of the Guarantor, on a consolidated basis) as soon as available and in no event later than one hundred and twenty (120) days after the
                    end of their respective financial year;

              

      

    

    
      
        	5.1.8	
                Requirements as to Financial Statements

              

      

    

    
      
        	

              	(a)	
                ensure that each set of financial statements delivered pursuant to Clause 5.1.7 shall fairly represent the financial condition of the
                    Charterer and the Guarantor (as the case may be) as at the date as at which those financial statements were drawn up; and

              

      

    

    
      
        	

              	(b)	
                ensure that its financial statements delivered pursuant to Clause 5.1.7 is prepared using GAAP; and

              

      

    

    
      
        	5.1.9	
                Notification of Default shall, and shall procure that the Charterer shall, notify the Owner of any default (and the steps, if any, being taken
                    to remedy it) promptly upon becoming aware of its occurrence; and promptly upon a request by the Owner, the Guarantor shall and shall procure that the Charterer shall, supply to the Owner a certificate signed by the relevant sole
                    director or a senior officer on its behalf certifying that no default is continuing (or if a default is continuing, specifying the default and the steps, if any, being taken to remedy it).

              

      

    

    
      
        	5.2	
                Negative undertakings

              

      

    

    
      12

      
        

    

    

    

    The Guarantor undertakes that, from the date of this Guarantee and so long as any moneys are owing
        under this Guarantee, it will not, without the prior written consent of the Owner:

    
      
        	5.2.1	
                No merger

              

      

    

    merge or consolidate with any other company or person which would result in a Change of Control.

    
      
        	6	
                SET-OFF

              

      

    

    
      
        	6.1	
                Set-off

              

      

    

    The Guarantor irrevocably authorises the Owner at any time to set off without notice any liability of
        the Guarantor to the Owner (whether present or future, actual or contingent, and irrespective of the branch or office, currency or place of payment) against any money held by the Owner for account of the Guarantor (whether current or otherwise and
        whether or not subject to notice) with any branch of the Owner in or towards satisfaction of the Secured Obligations and, in the name of the Owner or the Guarantor, to do all acts (including, without limitation, converting or exchanging any
        currency) and execute all documents which may be required to effect such application.

    
      
        	7	
                BENEFIT OF THIS GUARANTEE

              

      

    

    
      
        	7.1	
                Benefit and burden

              

      

    

    This Guarantee shall be binding upon, and shall enure to the benefit of the Guarantor and the Owner
        and their respective successors and permitted assigns.  The Guarantor may not assign or transfer any of its rights or obligations hereunder without the prior written consent of the other party to this Guarantee.  The Owner may assign or transfer
        its rights under this Guarantee without the consent of the Guarantor.  The Owner shall notify the Guarantor after the Owner transfers its rights under this Guarantee to any third party.

    
      
        	7.2	
                Changes in constitution of the Owner

              

      

    

    This Guarantee shall remain binding on the Guarantor notwithstanding any change in the constitution
        of the Owner or the Owner’s absorption in, or amalgamation with, or the acquisition of all or part of its undertaking or assets by, any other person, or any reconstruction or reorganisation of any kind, to the intent that this Guarantee shall
        remain valid and effective in all respects.

    
      
        	7.3	
                Disclosure of information

              

      

    

    The Owner may disclose to a potential assignee or sub-participant any information which the Owner has
        received in relation to a Guarantor or its affairs under or in connection with this Guarantee, the Bareboat Charterparty and the Transaction Documents to which the Guarantor is a party.

    
      
        	8	
                NOTICES AND OTHER MATTERS

              

      

    

    
      
        	8.1	
                Notices

              

      

    

    
      
        	8.1.1	
                Unless otherwise specifically provided herein, every Notice under or in connection with this Guarantee shall be given in English by letter
                    delivered personally and/or sent by post and/or transmitted by fax.

              

      

    

    
      13

      
        

    

    

    

    
      
        	8.1.2	
                In this Clause 8, “Notice” and or “Notices” includes any demand, consent, authorisation, approval, instruction, request, waiver or other communication.

              

      

    

    
      
        	8.2	
                Address for Notices, effective date of Notices

              

      

    

    
      
        	8.2.1	
                Subject to Clause 8.2.4, notices to the Guarantor shall be deemed to have been given and shall take effect when received in full legible form
                    by the Guarantor at the address and/or the fax number and/or email address appearing below (or at such other address, fax number or email address as the Guarantor may hereafter specify for such purpose to the Owner by notice in
                    writing):

              

      

    

    
      
        	

              	Address:	
                1, Vass Sofias 151 24 Marousi c/o Top Ships

              

      

    

    
      
        	

              	Fax:	
                0030 210 6141272

              

      

    

    
      
        	

              	Email:	
                atsirikos@topships.org

              

      

    

    
      
        	

              	Attention:	
                Alexandros Tsirikos

              

      

    

    
      
        	8.2.2	
                Notwithstanding the provisions of Clause 8.2.1 or 8.2.4, a Notice given pursuant to this Guarantee shall be deemed to have been given and
                    shall take effect when delivered, sent or transmitted by the Owner to a Guarantor to the address or fax number referred to in clause 8.2.1.

              

      

    

    
      
        	8.2.3	
                Subject to clause 8.2.4, Notices to the Owner shall be deemed to be given, and shall take effect, when received in full legible form by the
                    Owner at the address and/or the fax number appearing below (or at such other address or fax number as the Owner may hereafter specify for such purpose to the Guarantor by notice in writing):

              

      

    

    
      
        	

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

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

              

      

    

    
      
        	

              	Fax:	
                +86 -21-6278 8317

              

      

    

    
      
        	

              	Email:	
                fang xz@bankcomm.com / xux_31@bankcomm.com

              

      

    

    
      
        	

              	Attention:	
                Mr. Fang Xiuzhi / Mr. Xu Xin

              

      

    

    
      
        	8.2.4	
                If under clause 8.2.1 or 8.2.3 any Notice would be deemed to have been given and effective on a day which is not a Banking Day in the place of
                    receipt or is outside normal business hours in the place of receipt, the Notice shall be deemed to have been given and to have taken effect at the opening of business on the next Banking Day.

              

      

    

    
      
        	8.3	
                No implied waivers, remedies cumulative

              

      

    

    No failure or delay on the part of the Owner in exercising any right, power, discretion or remedy
        under or pursuant to this Guarantee nor any actual or alleged course of dealing between the Owner and the Guarantor shall operate as a waiver of, or acquiescence in, any default on the part of the Guarantor, unless expressly agreed to in writing by
        the Owner nor shall any single or partial exercise by the Owner of any right, power, discretion or remedy or the exercise by the Owner of any other right, power, discretion or remedy.  The remedies provided in this Guarantee are cumulative and are
        not exclusive of any remedies provided by law.

    
      
        	8.4	
                Acknowledgment

              

      

    

    The Guarantor acknowledges and confirms that the Owner has an unrestricted right to give to any of
        the Lenders any information (and copies of such information) in connection with any of the Transaction Documents (and the transactions contemplated therein) and/or any Security Party.

    
      14

      
        

    

    

    

    
      
        	8.5	
                Language

              

      

    

    This Guarantee has been prepared and executed in the English language only.

    
      
        	8.6	
                Expenses

              

      

    

    The Guarantor agrees to reimburse the Owner on demand on a full indemnity basis for all legal and
        other costs, charges and expenses incurred by the Owner in relation to the enforcement of this Guarantee.

    
      
        	8.7	
                Partial Invalidity

              

      

    

    If, at any time, any provision of this Guarantee is or becomes invalid, illegal or unenforceable in
        any respect, that provision shall be severed from the remainder and the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way.

    
      
        	8.8	
                Counterparts

              

      

    

    This Guarantee may be executed in counterparts and by the different parties on separate counterparts,
        each of which when so executed and delivered shall be an original but all counterparts shall together constitute one and the same instrument.

    
      
        	9	
                GOVERNING LAW AND ARBITRATION

              

      

    

    
      
        	9.1	
                Governing Law

              

      

    

    
      
        	9.1.1	
                This Guarantee and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance
                    with English law in accordance with the Arbitration Act in accordance with English law 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.

              

      

    

    
      
        	9.2	
                Arbitration

              

      

    

    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 the
        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

    
      15

      
        

    

    

    

    Claims Procedure current at the time when the arbitration proceedings are commenced.

    IN WITNESS whereof

        the parties to this Guarantee have caused this Guarantee to be duly executed as a deed on the date first above written.

    
      16

      
        

    

    

    

    EXECUTION PAGE

    THE GUARANTOR

    	
            EXECUTED as a DEED

            For and on behalf of

            TOP SHIPS INC.

            by Alexandros Tsirikos

            Witnessed / Verified by

          	
            )

            )

            )

            )

            )

            )

          	
             

             

             

            /s/ Alexandros Tsirikos

          

    

    

    	 	 
	
            
              /s/ Andreas Louka

            

          	 
	
            Name:  Andreas Louka

          	 
	
            Title:   Advocate

          	 

    

    

    

    

    

    

    THE OWNER

    	
            SIGNED by Lu Zhendong

            for and on behalf of

            XIANG T88 HK INTERNATIONAL SHIP LEASE CO., LIMITED

             

            Witnessed / Verified by

          	
            )

            )

            )

            )

            )

            )

          	
            /s/ Lu Zhendong

          

    

    

    	 	 
	
            
              /s/ Wang Ying

            

          	 
	
            Name:  Wang Ying

          	 
	
            Title:

          	 

    

    

  

   

    

   

    

  17Exhibit 4.103

    	
            1. Date of Agreement

             

            1st January 2019

             

            M/T STENAWECO
                    ENERGY

             

                  

          	 	
            THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

            STANDARD SHIP MANAGEMENT AGREEMENT

            CODE NAME: "SHIPMAN 98"

            Part I

          
	
            2. Owners (name, place of registered office and law of registry) (Cl. 1)

          	 	
            3. Managers (name, place of registered office and law of registry) (Cl. 1)

          
	 	 	 	 	 
	 	
            MONTE CARLO 71 SHIPPING COMPANY LIMITED

          	 	 	
            CENTRAL SHIPPING INC.

          
	 	
            Name

          	 	 	
            Name

          
	 	 	 	 	 
	 	
            The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands

          	 	 	
            The Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands

          
	 	
            Place of registered office

          	 	 	
            Place of registered office

          
	 	 	 	 	 
	 	
            Marshall Islands

          	 	 	
            Marshall Islands

          
	 	
            Law of Registry

          	 	 	
            Law of Registry

          
	 	 	 	 	 
	
            4. Day and year of commencement of Agreement (Cl. 2)

             

            1st January 2019

             

          
	
            5. Crew Management (state "yes" or "no" as agreed) (Cl. 3.1)

             

            YES

             

          	 	
            6. Technical Management (state "yes" or "no" as agreed) (Cl.

                    3.2)

             

            YES

             

          
	
            7. Insurance (state "yes" or "no" as agreed) (Cl. 3.3)

             

            YES

             

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

                    3.4)

             

            YES

             

          
	
            9. Accounting (state "yes" or "no" as agreed) (Cl. 3.5)

             

            YES

             

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

             

            YES

             

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

             

            YES

             

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

             

            YES

             

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

             

            FOR THE ENTIRE DURATION OF THIS AGREEMENT

             

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

             

            (i)

             

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

             

            AS PER ANNEX “E”

             

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

             

            AT COST AS PER SEAMEN COLLECTIVE

                AGREEMENT

             

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

             

            Duration 5 years, automatically renewed.

             

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

             

            AT COST AS PER CLAUSE 19.1

             

          
	
            19. Notices (state postal and cable address, telex and telefax number for serving notice and communication to the Owners) (Cl. 25)

            TOP SHIPS INC.

                1, Vas.Sofias & Meg. Alexandrou Str.,

                15124, Maroussi, Athens, Greece

                E-mail : vi@topships.org

                Fax      : +30 210 6141 276

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

            CENTRAL SHIPPING INC.

                c/o CENTRAL MARE INC.

                1, Vas. Sofias & Meg. Alexandrou Str.,

                15124, Maroussi, Athens, Greece

                E-mail: ops@centralmare.com

                Fax     : +30 210 8020 364

          
	
             

              

            It is mutually agreed between the party stated in Box 2
                and the party stated in Box 3 that this Agreement consisting of PART

                    I and PART II as well as Annexes "A"
                (Details of Vessel), "B" (Details of Crew), “C”
                (Budget), and “D” (Associated Vessels) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict
                of conditions, the provisions of PART I and Annexes “A”,
                “B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no father.

          
	 	 	 
	
            Signature(s) (Owners)

             

            /s/ Vangelis Ikonomou

            Vangelis Ikonomou 

             

             

            MONTE CARLO 71 SHIPPING COMPANY LTD

             

             

          	 	
            Signature(s) (Managers)

             

            /s/ Andreas M. Louka

            Andreas M. Louka

            Attorney-in-fact

             

            CENTRAL SHIPPING INC.

          

    

    

    

    

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

    
      
        

    

    

    

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

                THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

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

          

    

    

    	
            Date of Agreement:

          	
            1st January 2019

          
	 	 
	 	 
	
            Name of Vessel(s):

          	
            M/T STENAWECO ENERGY

          
	 	 
	 	 
	 	
            Particulars of Vessel:

          
	 	 
	 	 

    

    

    

    

    	
            TYPE OF VESSEL

          	
            Oil and Chemicals

                Ship Type IMO 2

          
	
            HULL TYPE

          	
            Double Hull

          
	
            IMO NUMBER

          	
            9683984

          
	
            FLAG

          	
            Marshall Islands

          
	
            YEAR & PLACE BUILT

          	
            2014 at Khanh Hoa, Vietnam

          
	
            CLASS SOCIETY

          	
            DNV-GL

          
	
            CALL SIGN

          	
            V7CJ5

          
	
            LOA, BREADTH, DEPTH

          	
            183.06 M / 32,20 M / 19,10 M

          
	
            SDWT - DRAFT

          	
            49,737 MT @ 13.32 M

          

    

    

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

    
      
        

    

    

    

    	
            ANNEX “B” (DETAILS OF CREW) TO

                THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

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

          

    

    

    
      
        	Date of Agreement:	
                1st January 2019

              

      

    

    Details of Crew:

    	
            Rank

          	
            Number

          	
            Nationality

          
	
            Master

          	
            1

          	
            Filipino

          
	
            Chief Officer

          	
            1

          	
            Filipino

          
	
            Second Officer

          	
            1

          	
            Filipino

          
	
            Third Officer

          	
            1

          	
            Filipino

          
	
            Chief Engineer

          	
            1

          	
            Filipino

          
	
            Second Engineer

          	
            1

          	
            Filipino

          
	
            Third Engineer

          	
            1

          	
            Filipino

          
	
            Electrician

          	
            1

          	
            Filipino

          
	
            Pumpman

          	
            1

          	
            Filipino

          
	
            Bosun

          	
            1

          	
            Filipino

          
	
            Able Seaman

          	
            3

          	
            Filipino

          
	
            Ordinary Seaman

          	
            2

          	
            Filipino

          
	
            Deck Cadet

          	
            1

          	
            Filipino

          
	
            Oiler

          	
            1

          	
            Filipino

          
	
            Wiper

          	
            1

          	
            Filipino

          
	
            Engine Cadet

          	
            1

          	
            Filipino

          
	
            Cook

          	
            1

          	
            Filipino

          
	
            Mess Boy

          	
            2

          	
            Filipino

          
	
            CREW TOTAL

          	
            22

          	 

    

    

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

    
      
        

    

    

    

    	
            ANNEX “C” (ANNUAL MANAGEMENT BUDGET)

                TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

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

          

    

    

    
      
        	Date of Agreement:	
                1st January 2019

              

      

    

    Managers Budget in USD effective from the first year of operations.

    	
            Hyundai Vinashin Shipyard MR Oil and Chemical Tanker 50,000 DWT

          
	
            Proposed Budget for first year of operations

          
	
            Accounts

            Code

          	
            Crew

          	
            Daily Amount

          	
            Annual Amount

          	
            Annual Summary

          
	
            68002

          	
            CREW AGENTS/SUBMANAGERS EXPENSES

          	
            9,86

          	
            $3.600

          	 
	
            68003

          	
            CREW AGENTS/SUBMANAGERS FEES

          	
            82,19

          	
            $30.000

          
	
            68004

          	
            CREW BONUS (TANK CLEANING, VETTING BONUS, ETC)

          	
            41,10

          	
            $15.000

          
	
            68014

          	
            CREW INDEMNITIES

          	
            0,00

          	
            $0

          
	
            68005

          	
            CREW COMPULSORY INSURANCE & CREW INSURANCE FOR P&I DEDUCTIBLE

          	
            23,29

          	
            $8.500

          
	
            68006

          	
            CREW PRE-JOINING MEDICAL EXPS

          	
            9,59

          	
            $3.500

          
	
            68021

          	
            CREW MISC CLAIMABLE MATTERS

          	
            0,00

          	
            $0

          
	
            68007

          	
            ADDITIONAL CREW OVERTIME

          	
            0,00

          	
            $0

          
	
            08008

          	
            CREW SALARIES & FIXED OVERTIME & OWNERS’ CREW BONUS INCLUDING ADDITIONAL OVERLAPPING USD 20,000

          	
            2.608,22

          	
            $952.000

          
	
            68009

          	
            CREW TRANSPORTATION EXPS

          	
            232,88

          	
            $85.000

          
	
            68010

          	
            CREW UNIFORMS/WORKING CLOTHES

          	
            8,22

          	
            $3.000

          
	
            68011

          	
            CREW PRE-JOINING TRAININGS & CREW VARIOUS EXPENSES

          	
            296,58

          	
            $90.000

          	
            $1.271.600

          
	
            68019

          	
            GREEK CREW MEDICAL EXPS

          	
            0,00

          	
            $0

          
	
            68018

          	
            GREEK CREW MISC EXPS

          	
            0,00

          	
            $0

          
	
            68017

          	
            GREEK CREW TRANSPORTATION EXPS

          	
            0,00

          	
            $0

          
	
            68016

          	
            GREEK CREW WAGES

          	
            0,00

          	
            $0

          
	
            68012

          	
            PROVISIONS

          	
            221,92

          	
            $81.000

          
	
            68020

          	
            SHIPOWNERS’ CONTRIBUTIONS

          	
            0,00

          	
            $0

          
	
            68022

          	
            CREW LEAVE PAY

          	
            0,00

          	
            $0

          
	 	
            Crew Subtotal

          	
            3.483,84

          	
            $1.271.600

          
	
            Accounts

            Code

          	
            Insurance

          	 
	
            64001

          	
            HULL & MACHINERY

          	
            164,38

          	
            $60.000

          	 
	
            64002

          	
            INSURANCE LOSS OF HIRE

          	
            0,00

          	
            $0

          
	
            69003

          	
            WAR RISKS ANNUAL PREMIUM

          	
            15,75

          	
            $5.750

          
	
            64004

          	
            P&I

          	
            136,99

          	
            $50.000

          
	
            65005

          	
            FD D

          	
            27,40

          	
            $10.000

          
	
            64006

          	
            MARINE INTEREST

          	
            0,00

          	
            $0

          
	
            64007

          	
            PURCHASERS INTEREST INSURANCE

          	
            0,00

          	
            $0

          	
            $125.750

          
	
            64008

          	
            BACK CALLS-(INSURANCE) SUPPLEMENTARY

          	
            0,00

          	
            $0

          
	 	
            Insurance Subtotal

          	
            344,52

          	
            $125.750

          
	
            Accounts

            Code

          	
            Repairs and Maintenance

          
	
            67001

          	
            AUX.MACITINERY REPAIRS/MAINTENANCE

          	
            27,40

          	
            $10.000

          	 
	
            67003

          	
            BOILER REPAIRS/MAINTENANCE

          	
            41,10

          	
            $15.000

          
	
            67005

          	
            CHEMICALS & GASES

          	
            41,10

          	
            $15.000

          
	
            67013

          	
            DECK SPARE PARTS - REPAIR/MAINTENANCE

          	
            27,40

          	
            $10.000

          
	
            67006

          	
            DIESEL GENERATORS - REPAIRS/MAINTENANCE

          	
            41,10

          	
            $15.000

          
	
            67017

          	
            MAIN ENGINE REPAIRS/MAINTENANCE

          	
            41,10

          	
            $15.000

          
	
            67008

          	
            PAINTS AT SEA

          	
            27,40

          	
            $10.000

          
	
            67010

          	
            RADIO ROOM NAVIGATION MAINTENANCE

          	
            13,70

          	
            $5.000

          
	
            67011

          	
            REPAIRS - MAINTENANCE

          	
            41,10

          	
            $15.000

          
	
            67012

          	
            SLOPS & GARBAGE REMOVAL

          	
            0,00

          	
            $0

          
	
            67016

          	
            SUPER,ENGIN/PORT CPTN OTHER FEES&EXPS

          	
            54,79

          	
            $20.000

          	
            $135.000

          
	
            67019

          	
            VESSELS IT HARDWARE EQUIPMENT

          	
            13,70

          	
            $5.000

          
	 	
            Repairs and Maintenance Subtotal

          	
            369,86

          	
            $135.000

          
	
            Accounts

            Code

          	
            Other Vessel Operating Expenses

          
	
            66010

          	
            SAFETY ITEMS

          	
            27,40

          	
            $10.000

          	 
	
            68001

          	
            CABIN STORES - ACCOMODATION

          	
            27,40

          	
            $10.000

          
	
            68015

          	
            GALLEY-KITCHEN EQUIPMENT

          	
            13,70

          	
            $5.000

          
	
            68013

          	
            WATER SUPPLY

          	
            13,70

          	
            $5.000

          
	
            66002

          	
            ACCRUALS-OPERATING EXPS

          	
            0,00

          	
            $0

          
	
            66001

          	
            APPROVAL-SUITABILITY INSPECTIONS

          	
            54,79

          	
            $20.000

          
	
            66004

          	
            CHARTS/N.PUBLICATIONS

          	
            27,40

          	
            $10.000

          
	
            66023

          	
            CLASS AND STATUT CERTIFICATES/INSPECTION

          	
            41,10

          	
            $15.000

          
	
            66005

          	
            CLEARING/FORWARDING EXPS

          	
            109,59

          	
            $40.000

          
	
            66006

          	
            DECK STORES

          	
            95,89

          	
            $35.000

          
	
            66007

          	
            ELECTR. DEPT-STORES

          	
            27,40

          	
            $10.000

          	
            $348.000

          
	
            66008

          	
            ENGINE STORES

          	
            68,49

          	
            $25.000

          
	
            66022

          	
            FLAG CERTIFICATES/INSPECTION

          	
            10,96

          	
            $4.000

          
	
            66026

          	
            OTHER CONSULTANCY DOCUMENTATION SERVICES

          	
            13,70

          	
            $5.000

          
	
            66021

          	
            PORT DUES RELATED TO PROTECTING AGENTS

          	
            13,70

          	
            $5.000

          
	
            66018

          	
            PROTECTING AGENTS FEES/EXPENSES

          	
            13,70

          	
            $5.000

          
	
            66027

          	
            QUALITY DPT CERTIFICATES/INSPECTION

          	
            68,49

          	
            $25.000

          
	
            66024

          	
            SAFETY EQUIP MAR CERTIFICATES/INSPECTION

          	
            27,40

          	
            $10.000

          
	
            66025

          	
            SAFETY EQUIP TEC CERTIFICATES/INSPECTION

          	
            27,40

          	
            $10.000

          
	
            66011

          	
            STATIONERY EXPS

          	
            27,40

          	
            $10.000

          
	
            66019

          	
            SUBSCRIPTIONS & MEMBERSHIPS

          	
            13,70

          	
            $5.000

          
	
            66020

          	
            TECHNICAL CONSULTANCY DOCUMENTATION SERV

          	
            13,70

          	
            $5.000

          
	
            66012

          	
            TELECOMMUNICATIONS

          	
            134,25

          	
            $49.000

          
	
            66013

          	
            TONNAGE TAX

          	
            54,79

          	
            $20.000

          
	
            66014

          	
            VARIOUS EXPS

          	
            27,40

          	
            $10.000

          
	 	
            Other Vessel Operating Expenses Subtotal

          	
            953,42

          	
            $348.000

          
	
            66009

          	
            Lubricants

          	
            438,36

          	
            $160.000

          	
            $160.000

          
	
            Accounts

            Code

          	
            Spares

          
	
            67002

          	
            AUX.MACHINERY SPARE PARTS

          	
            41,10

          	
            $15.000

          	 
	
            67004

          	
            BOILER SPARES

          	
            27,40

          	
            $10.000

          
	
            67014

          	
            DECK SPARE PARTS

          	
            41,10

          	
            $15.000

          
	
            67007

          	
            DIESEL GENERATORS SPARE PARTS

          	
            27,40

          	
            $10.000

          
	
            67015

          	
            MAIN ENGINE SPARE PARTS

          	
            41,10

          	
            $15.000

          	
            $70.000

          
	
            67009

          	
            RADIO ROOM NAVIGATION-EQUIPMENT SPARES

          	
            13,70

          	
            $5.000

          
	 	
            Spares Subtotal

          	
            191,78

          	
            $70.000

          
	 	
            Extraordinary Expenses

          	
            0,00

          	 	 
	 	
            Less corresponding claims

          	
            0,00

          	 
	 	
            TOTAL OPEX WITHOUT DD EXPENSES

          	 	
            $2.135.350

          

    
      
        

    

    

    

    

    

    	 	
            DAILY OPEX WITHOUT DD EXPENSES

          	 	
            $5.850

          	 
	 	
            DO Adjustments (5y / 2.5y amortization)

          	
            0,00

          	 	
            $5.850

          
	 	
            TOTAL OPEX WITH DD EXPENSE

          	
            5.850,27

          	
            $2.135,350

          
	 	
            DAILY OPEX WITH DD EXPENSES

          	 	
            $5.850

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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

    
      
        

    

    

    

    	
            ANNEX “D” (ASSOCIATED VESSELS) TO

                THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

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

          

    

    

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

    
      
        	Date of Agreement:	
                1st January 2019

              

      

    

    Details of Associated Vessels:

    	
            M/T STENAWECO ENERGY

          
	 
	 
	 
	 
	 
	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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

    
      
        

    

    

    

    ANNEX E (Management Fees)

    	
            Duration of Contract Five

          	
            (5) years, automatically renewed.

          
	 	 
	
            Services and Relevant Fees:

          	●	
            Accounting, Reporting, Legal and Administrative Services at cost.

          
	 	●	
            USD 550 per day per vessel for Technical
                  and Commercial, Crew Management, Insurance, Provisions and Bunkering.  Applicable 3 months prior delivery from the yard.

          
	 	 	 
	
            Fee Annual Increase:

          	
            Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2% and
                not more than 5%.

          
	 	 
	
            Commission on all hires / gross freight / demurrage:

          	
            1.25%

          
	 	 
	
            Sales and Purchase Commission:

          	
            1% of the Sale or the Purchase Price or the Contract Price of the Newbuilding Contract.

          
	 	 
	
            N/B Construction – Supervision Fee:

          	
            7% of actual cost.

          
	 	 
	
            Managers’ Superintendent’s Fee beyond 10 days per annum:

          	
            USD 500 per day, plus actual expenses.

          
	 	 
	
            Notice of Termination:

          	
            18 months

          
	 	 
	
            Termination Fees:

          	
            Fees for 12 months.

          

    

    

    	
            1.

          	
            Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses
                resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

          
	
            2.

          	
            Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such
                deductible range.  All insurance related rebates to be for the benefit of the Manager.

          
	
            3.

          	
            Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the
                operation of the vessel.

          
	
            4.

          	
            The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this
                agreement.

          

    
      
        

    

    

    

    PART II

        “SHIPMAN 98” Standard Ship Management Agreement”

    1.  Definitions

    In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings
        hereby assigned to them.

    "Owners" mean the
        party identified in Box. 2.

    "Managers" mean the
        party identified in Box 3.

    "Vessel" means the
        vessel or vessels details of which are set out in Annex "A" attached hereto.

    "Crew" means the
        Master, officers and ratings of the numbers, rank and nationality specified in Annex “B” attached hereto.

    "Crew Support Costs"
        means all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management
        service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, recruitment and interviews.

    "Severance Costs"
        means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

    "Crew Insurances"
        means insurances against crew risks which shall include but not limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects.

    "Management Services"
        means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.

    "ISM Code" means the
        International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto.

    "STCW 95" means the
        International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.

    2.  Appointment of Mangers

    With effect from the day and year stated in Box

            4 and continuing unless and until terminated as provided herein, the Owners hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel.

    3.  Basis of Agreement

    Subject to terms and conditions herein provided, during the period of this Agreement, the Managers shall carry out
        Management Services in respect of the Vessel as agents for and on behalf of the Owners.  The Managers shall have authority to take such actions as they may from time to time in their absolute discretion consider to be necessary to enable them to
        perform this Agreement in accordance with sound ship management practice.

    3.1  Crew Management

    (only applicable if agreed
          according to Box 5)

    The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95
        requirements, provision of which includes but it is not limited to the following functions:

    (i)  selecting and engaging the Vessel's Crew, including payroll arrangements, pension administration, and insurances for
        the Crew other than those mentioned in Clause 6;

    (ii)  ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning
        levels, rank, qualification and certification of the Crew and employment regulations including Crew's tax, social insurance, discipline and other requirements;

    (iii)  ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they
        are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements.  In the absence of applicable flag State requirements the medical certificate shall
        be dated not more than three months prior to the respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel;

    (iv)  ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to perform
        their duties safely;

    (v)  arranging transportation of the Crew, including repatriation;

    (vi)  training the Crew and supervising their efficiency;

    (vii)  conducting union negotiations;

    (viii)   operating the Managers' drug and alcohol policy unless otherwise agreed.

    3.2  Technical Management

    (only applicable if agreed according to Box 6)

    The Managers shall provide technical management which includes, but is not limited to, the following functions:

    (i)  provision of competent personnel to supervise the maintenance and general efficiency of the Vessel;

    (ii)  arrangement and supervision of dry dockings, repairs, alterations and the upkeep of the Vessel to the standards
        required by the Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure that the Vessel will comply with the law of the flag of the Vessel and of the places where she trades, and all requirements and
        recommendations of the classification society;

    (iii)  arrangement of the supply of necessary stores, spares and lubricating oil;

    (iv)  appointment of surveyors and technical consultants as the Managers may consider from time to time to be necessary;

    (v)  development, implementation and maintenance of a Safety Management System (SMS) in accordance with the ISM Code (see
        sub-clauses 4,2 and 5;3).

    3.3  Commercial Management

    (only applicable if agreed
          according to Box 7)

    The Managers shall provide the commercial operation of the Vessel, as required by the Owners, which includes, but is not
        limited to, the following functions:

    (i)  providing chartering services in accordance with the Owners’ instructions which include, but are not limited to,
        seeking and negotiating employment for the Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel.  If such a contract exceeds twelve months in duration the period
        stated in Box 13. consent thereto in writing shall first be obtained from the Owners.

    (ii)  arranging of the proper payment to Owners or their nominees of all hire and/or freight revenues or other moneys of
        whatsoever mature to which Owners may be entitled arising out of the employment of or otherwise in connection with the Vessel.

    (iii)  providing voyage estimates and accounts and calculating of hire, freights, demurrage and/or despatch moneys due from
        or due to the charterers of the Vessel;

    (iv)  issuing of voyage instructions;

    (v)  appointing agents;

    (vi)  appointing stevedores;

    (vii)  arranging surveys associated with the commercial operation of the Vessel.

    3.4  Insurance Arrangements

    (only applicable if agreed according to Box 8)

    The Managers shall arrange insurances in accordance with Clause 6, on such terms and conditions as the Owners shall have
        instructed or agreed, in particular regarding conditions,

    
      
        

    

    

    

    PART II

    “SHIPMAN 98” Standard Ship Management Agreement”

    insured values, deductibles and franchises.

    3.5  Accounting Services

    (only applicable if agreed according to Box 9)

    The Managers shall

    (i)  establish an accounting system which meets the requirements of the Owners and provide regular accounting services,
        supply regular reports and records,

    (ii)  maintain the records of all costs and expenditure incurred as well as data necessary or proper for the settlement of
        accounts between the parties.

    3.6  Sale or Purchase of the Vessel

    (only applicable if agreed according to Box 10)

    The Managers shall, in accordance with the Owners’ instructions, supervise the sale or purchase of the Vessel, including the
        performance of any sale or purchase agreement, but not negotiation of the same.

    3.7  Provisions (only applicable if agreed according to Box 11)

    The Manager’s shall arrange for the supply of provisions.

    3.8  Bunkering (only applicable if agreed according to Box 12)

    The Managers shall arrange for the provision of bunker fuel of the quality specified by the Owners as required for the
        Vessel’s trade.

    4.  Managers’ Obligations

    4.1  The Managers
        undertake to use their best endeavours to provide the agreed Management Services as agents for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of the Owners in all matters
        relating to the provision of services hereunder.  Provided, however, that the Managers in the performance of their management responsibilities under this Agreement shall be entitled to have regard to their overall responsibility in relation to all
        vessels as may from time to time be entrusted to their management and in particular, but without prejudice to the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such manner as in
        the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.

    4.2  Where the Managers are providing Technical Management in accordance with sub-clause 3.2, they shall procure that the requirements of the law of the flag of the Vessel are satisfied and they shall in particular be deemed to be the “Company” as defined by the ISM Code,
        assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

    5.  Owners’ Obligations

    5.1.  The Owners
        shall pay all sums due to the Managers punctually in accordance with the terms of this Agreement.

    5.2.  Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall:

    (i)  procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95;

    (ii)  instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of
        the Managers’ safety system.

    5.3  Where the Managers are not providing Technical Management in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them and identified to
        the Managers, shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

    6.  Insurance Policies

    The Owners shall procure, whether by instructing the Managers under sub-clause 3.4 or otherwise, that throughout the period of this Agreement:

    6.1.  at the Owners’ expense, the Vessel is insured for not less than her sound market value or entered for her full gross
        tonnage, as the case may be for:

    (i)  usual hull and machinery marine risks (including crew negligence) and excess liabilities;

    (ii)  protection and indemnity risks (including pollution risks and Crew Insurances); and

    (iii)  war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent owners
        of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (the “Owners’ Insurances”);

    6.2.  all premiums and calls on the Owners’ Insurances are paid promptly by their due date,

    6.3.  the Owners’ Insurances name the Managers and, subject to underwriters’ agreement, any third party designated by the
        Managers as a joint assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified in sub-clause 6.1:

    (i)  on terms whereby the Managers and any such third party are liable in respect of premiums or calls arising in connection
        with the Owners’ Insurances; or

    (ii)  if reasonably obtainable, on terms such that neither the Managers nor any such third party shall be under any
        liability in respect of premiums or calls arising in connection with the Owners’ insurances; or

    (iii)  on such other terms as may be agreed in writing.

    Indicate alternative (i), (ii) or (iii) in Box 14.  If Box 14 is left blank then (i) applies.

    6.4  written evidence
        is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under Clause 6 within a reasonable time of the
        commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.

    7.  Income Collected and Expenses Paid on Behalf of Owners

    7.1  All moneys
        collected by the Managers under the terms of this Agreement (other than moneys payable by the Owners to the Managers) and any interest thereon shall be held to the credit of the Owners in a separate bank account.

    7.2  All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as
        provided in Clause 8) may be debited against the Owners in the account referred to under sub-clause 7J. but shall in any event remain payable by the Owners
        to the Managers on demand.

    8.  Management Fee

    8.1  The Owners shall
        pay to the Managers for their services as Managers under this Agreement an annual DAILY management fee as stated in Box 15 which shall be payable to equal
        monthly installments in advance, the first installment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent installments being payable every month.

    8.2  The management fee shall be
            subject to an annual review on the anniversary date of the Agreement and the proposed fee shall be presented in the annual budget referred to in sub-clause 9.1.  Please refer to Annex E (Management Fees)

    8.3  The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities
        and stationery.  Without limiting the generality of Clause 7 the Owners shall reimburse the Managers for postage and communication expenses, traveling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of

    
      
        

    

    

    

    PART II

    “SHIPMAN 98” Standard Ship Management Agreement”

    the Management Services.

    8.4  In the event of the appointment of
            the Managers being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management fee”
            payable to the Managers according to the provisions of sub- clause 8.1, shall continue to be payable for a further period of three calendar months as from the termination date.  In addition, provided that the Managers provide Crew for the
            Vessel in accordance with sub-clause 3.1;

    (i)  the Owners shall continue to pay
            Crew Support Costs during the said further period of three calendar months and

    (ii)  the Owners shall pay an equitable
            proportion of any Severance Costs which may materialize, not exceeding the amount stated in Box 16.

    Please refer to Annex E (Management Fees)

    8.5  If the Owners decide to lay-up the Vessel whilst this Agreement remains in force and such lay-up lasts for more than
        three months, an appropriate reduction of the management fee for the period exceeding three months until one month before the Vessel is again put into service shall be mutually agreed between the parties.

    8.6  Unless otherwise agreed in writing all discounts and commissions obtained by the Managers in the course of the
        management of the Vessel shall be credited to the Owners.

    9.  Budgets and Management of Funds

    The Managers shall present to the Owners annually a budget for the following twelve months in such form as the Owners
        require.  The budget for the first year hereof is set out in Annex “C” hereto.  Subsequent annual budgets shall be prepared by the
        Managers and submitted to the Owners not less than three months before the anniversary date of the commencement of this Agreement (see Clause 2 and Box 4).

    9.1  The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one month of
        presentation and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget.

    9.2  Following the agreement of the budget, the Managers shall prepare and present to the Owners their estimate of the
        working capital requirement of the Vessel and the Managers shall each month update this estimate, based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for the ensuing month, including
        the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs, additional insurance premiums, bunkers or provisions.  Such funds shall be received by the Managers within ten running days after the receipt by the
        Owners of the Managers’ written request and shall be held to the credit of the Owners in a separate bank account.

    9.3  The Managers shall produce a comparison between budgeted and actual income and expenditure of the Vessel in such form
        as required by the Owners monthly or at such other intervals as mutually agreed.

    9.4  Notwithstanding anything contained herein to the contrary, the Managers shall in no circumstances be required to use or
        commit their own funds to finance the provision of the Management Services.

    10.  Managers’ Right to Sub-Contract

    The Managers shall not
        have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1 without the prior written consent of the Owners
            which shall not be unreasonably withheld.  In the event of such a sub- contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement.

    11.  Responsibilities

    11.1  Force Majeure - Neither the Owners nor the Managers shall be under any liability for any failure to perform any of their
        obligations thereunder by reason of any cause whatsoever of any nature or kind beyond their reasonable control.

    11.2  Liability to Owners - (i) 
        Without prejudice to sub-clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising
        out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS
        same is proved to have resulted from the negligence, gross negligence or willful default of the Managers of their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay
        or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for such incident
        or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual Management Fee payable hereunder.

    (ii)  Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any
        of the actions of the Crew even if such actions are negligent, grossly negligent or willful, except only to the extent that they are shown to have resulted from a failure to the Managers to discharge their obligations under sub-Clause 3.1, in which
        case their liability shall be limited in accordance with the terms of this Clause 11.

    11.3  Indemnity - Except to the extent and solely for the amount therein set out that the Managers would be liable under sub- clause 11.2, the Owners hereby undertake to keep the
        Managers and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or
        suffered by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, losses, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may
        suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

    11.4  “Himalaya” - It is hereby
        expressly agreed that no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or
        delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his party while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing
        provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and
        immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all
        the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all
        persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

    12.  Documentation

    Where the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in accordance
        with sub-clause 3.1, they shall make available,

    
      
        

    

    

    

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        “SHIPMAN 98” Standard Ship Management Agreement”

    upon Owners’ request, all documentation and records related to the Safety Management System (SMS) and/or the Crew which the
        Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party.

    13.  General Administration

    13.1  The Managers
        shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives or may give rise to claims or disputes involving third parties.

    13.2  The Managers
        shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted to the Managers according to this Agreement.

    13.3  The Managers
        shall also have power to obtain legal or technical or other outside expert advice in relation to the handling and settlement of claims and disputes or all other matters affecting the interests of the Owners in respect of the Vessel.

    13.4  The Owners
        shall arrange for the provision of any necessary guarantee bond or other security.

    13.5  Any costs
        reasonably incurred by the Managers in carrying out their obligations according to Clause 13 shall be reimbursed by the Owners.

    14.  Auditing

    The Managers shall at all times maintain and keep true and correct accounts and shall make the same available for inspection
        and auditing by the Owners at such times as may be mutually agreed.  On the termination, for whatever reasons, of this Agreement the Managers shall release to the Owners, if so requested, the originals when possible, or otherwise certified copies,
        of all such accounts and all documents specifically relating to the Vessel and her operation.

    15.  Inspection of Vessel

    The Owners shall have the right at any time after giving reasonable notice to the Managers to inspect the Vessel for any
        reason they consider necessary.

    16.  Compliance with Laws and Regulations

    The Managers will not do or permit to be done anything which might cause any breach or infringement of the laws and
        regulations of the Vessel’s flag, or of the places where she trades.

    17.  Duration of the Agreement

    This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date stated in Box 17.  Thereafter it shall continue until terminated by either
        party giving to the other notice to the Managers in writing, in which event the Agreement shall terminate upon the expiration of a period of two eighteen months from the date upon which
        such notice was given.  In case Owners wish to terminate the Agreement earlier than the date stated in Box 17 Owners will pay the Managers all fees as per ANNEX “E” for the
          remaining period until the date stated in Box 17.

    18.  Termination

    18.1  Owners’

          default

    (i)  The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys
        payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”. shall not have been
        received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees.

    (ii)  If the Owners:

    (a)  fail to meet their obligations under sub- clauses 5.2 and 5.3 of this Agreement for any reason
        within their control, or

    (b)  proceed with the employment of or continue to employ the Vessel in the carriage of contraband,
        blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically
        possible.  In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers the Managers shall be
        entitled to terminate the Agreement with immediate effect by notice in writing.

    18.2  Managers’

          Default

    If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of
        the default, requiring them to remedy it as soon as practically possible.  In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners the Owners shall be entitled to terminate the Agreement with
        immediate effect by notice in writing.

    18.3  Extraordinary

          Termination

    This Agreement shall be deemed to be terminated in the case of the sale of the Vessel or if the Vessel becomes a total loss
        or is declared as a constructive or compromised or arranged total loss or is requisitioned.

    18.4  For the purpose
        of sub-clause 18.3 hereof

    (i)  the date upon which the Vessel is to be treated as having been sold or otherwise disposed or shall be the date on which
        the Owners cease to be registered as Owners of the Vessel;

    (ii)  the Vessel shall not be deemed to be lost unless either she has 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.

    18.5  This Agreement
        shall terminate forthwith in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is
        appointed, or it if suspends payment, ceases to carry on business or makes any special arrangement or composition with its creditors.

    18.6  The
        termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the date of termination.

    18.7  A change of
        control of either party shall not terminate this Agreement.

    19.  Law and Arbitration

    19.1  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 to 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

    
      
        

    

    

    

    PART II

        “SHIPMAN 98” Standard Ship Management Agreement”

    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 USD50,000 (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.

    19.2  This Agreement 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 Agreement 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 that of any two of them shall be final,
            and for the purposes of enforcing any award, judgment 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 not
            any counterclaim exceeds the sum of USD50,000 (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.

    19.3  This Agreement 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 Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there.

    19.4  If Box 18 in Part I is not appropriately filled in, sub- clause 19.1 of
        this Clause shall apply.

    Note:  19.1,
        19.2 and 19.3 are alternatives; indicate alternative agreed in Box 18.

    20.  Notices

    20.1  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.

    20.2  The address of
        the Parties for service of such communication shall be as stated in Boxes 19 and 20, respectively.

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