Document:

Exhibit 4.73

    

    

    Time Charter

    GOVERNMENT FORM

    Approved by the New York Produce Exchange

    November 6th, 1913-Amended October 20th, 1921;
        August 6th, 1931; October 3rd, 1946

    

    

    This Charter Party, made and concluded
        in Athens the 19th day of November 2018....................................................................

    Between Egeria Marine Inc, Marshall Islands ....................................................................................

    Owners of the good Malta Flag Steamship/Motorship M.V. "CONQUISTADOR" – See Clause 29 for specification of of                         tons gross register, and ......................... tons net register, having engines of                         indicated hours power and with hull, machinery and equipment in a thoroughly efficient state, and classed........................................................... at......................... of about ........................ cubic feet bale capacity,
            and about ......................... tons of 2240 lbs. deadweight capacity (cargo and bunkers, including fresh water and stores not exceeding one and one half percent of ship's deadweight capacity, allowing a minimum of fifty tons) on a draft of ... feet ..........
            inches on ........... Summer freeboard, inclusive of permanent bunkers, which are of the capacity of about ......................................... tons of fuel, and capable of steaming, fully laden, under good weather conditions about ...knots on a consumption of about
            ............................ tons of best Welsh coal best grade fuel oil best grade Diesel oil now under construction ............................

    and TMS Dry Ltd. Charters of the Marshall
          Islands.

    Witnesseth, That the said Owners agree
        to let, and the said Charterers agree to hire the said vessel, from the time of delivery, for about an open ended period exact period in Charterer's Option, Owners have option to convert t/c to 12 months fixed rate t/c by giving Charterers 90 days notice, trading always
          via safe anchorage(s), safe berth(s), safe port(s), always afloat and always within Institute Warranty Limits, with lawful harmless bulk cargoes which to be loaded, stowed, carried, discharged in accordance with IMO recommendations and/or any
          other local/national regulations  and always in conformity with Vessel's class certificate requirements.

    within below mentioned trading limits.

    Charterers to have liberty to sublet the vessel for all or any part of the time covered by this Charter, but Charterers remaining responsible
        for the fulfillment of this Charter Party.  Acceptance of delivery shall not constitute a waiver of Owners' obligations under this Charter.

    Vessel to be placed at the disposal of the Charterers, at
          on dropping last outward sea pilot one safe port Singapore/Japan range at any time, day or night, Sunday and
          Holidays included in such dock or at such wharf or place (where she may safely lie, always afloat, at all times of tide, except as otherwise provided in
            clause No.6), as the Charterers may direct.  If such dock, wharf or place be not available time to count as provided for in clause No.5.  Vessel on her delivery to be ready to receive cargo with clean-swept, holds and tight,
        staunch, strong and in every way fitted for the service, having water ballast, winches and donkey boiler with sufficient steam power, or if not equipped with
            donkey boiler, then other power sufficient to run all the winches at one and the same time (and with full complement of officers, seamen, engineers and firemen for a vessel of her tonnage), to be employed, in carrying lawful
        merchandise, including petroleum or its products, in proper containers, excluding as per Rider Clauses................................................. (vessel is not to be
            employed in the carriage of Live Stock, but Charterers are to have the privilege of shipping a small number on deck at their risk, all necessary fittings and other requirements to be for account of Charterers), in such lawful trades, between
            safe port and/or ports in British North America, and/or United States of America, and/or West Indies, and/or Central America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or Mexico, and/or South
            America....................................................................................................and/or Europe and/or Africa, and/or Asia, and/or Australia, and/or Tasmania, and/or New Zealand, but excluding Magdalena River, River St. Lawrence between October 31st and May 15th, Hudson Bay and all
            unsafe ports; also excluding, when out of season, White Sea, Black Sea and the Baltic

    Trading Exclusions – As per Rider Clauses
        .................................................................................................................................................................. ..................................................................................................................................................................

    as the Charterers or their Agents shall direct, on the following conditions:

    1. That the Owners shall provide and pay for all provisions, wages and consular shipping and discharging fees of the Crew, see Rider Clause; shall pay for the insurance of the vessel, also for all
        the cabin, deck, engine-room and other necessary stores, including boiler water and maintain her class and keep the vessel in a thoroughly efficient state in hull and holds, machinery and equipment for and during the service.

    2. That the Charterers whilst the vessel is on hire
        shall provide and pay for all the fuel except as otherwise agreed, Port Charges canal tolls, Pilotages, Agencies, Commissions, Garbage Removal, Consular Charges (except those pertaining to the Crew and vessel's flag), and all other usual expenses except those before stated, but when the vessel puts into a port for causes for which vessel is responsible, then all such charges incurred shall be paid
        by the Owners.  Charterers to pay only for reasonably required tugboat assistance in port approaches, but always as it is customary
          for this type/size of the vessel regarding weather/tide conditions and place/port in question.  Fumigations ordered because of illness of the crew to be for Owners account.  Fumigations because of cargoes carried or ports visited while vessel employed under this charter to be for
            Charterers' account.  All other fumigations to be for Charterers' account after vessel has been on charter for a continuous period of six months or more.

    

    

    
      
        

    

    

    

    Charterers are to provide necessary dunnage and shifting boards, also any extra fittings requisite for a special trade or unusual cargo, but
        Owners to allow them the use of any dunnage, and shifting boards already aboard vessel.  Charterers to have the privilege of using shifting boards for dunnage, they making good any damage thereto.

    3. That the Charterers, at the port of delivery, and the Owners at the port of re-delivery,
            shall take over and pay for all fuel remaining on board the vessel at the current prices in the respective ports, the vessel to be delivered with not less than .................tons and not more ................... tons and to be re-delivered with not less
            than.................. tons and not more than...............tons.

    4. That the Charterers shall pay for the use and hire of the said Vessel at the rate of see Clause 44.

    No payment of Bunkers on
          delivery.

    ................................. United States Currency per ton on vessel's
            total deadweight carrying capacity, including bunkers and stores, on ........................ sinner freeboard, per Calendar Month,
        commencing on and from the day of her delivery, as aforesaid, and at and after the same rate for any part of a day month; hire to continue until
        the hour of the day of her re-delivery in like good order and condition, ordinary wear and tear excepted, to the Owners (unless lost) at on dropping last outward sea pilot one safe port passing Muscat outbound/ South Japan range including People's Republic of China/South
          Korea//Philippine Islands/Taiwan or  Charterers' Option Skaw/Passero range including United Kingdom Continent, port in Charterers' Option, at anytime day or night Sundays and holidays included ............................. unless otherwise mutually agreed.  Charterers are to give Owners not less than
            ..........................days notice of vessels expected date of re-delivery, and probable port.

    5. Payment of said hire to be made in New York in cash in United States Currency, semi-monthly
          every 15 days
            in advance, and for the last half month or part of same the approximate amount of hire, and should same not cover the actual time, hire is to be paid for the balance day by day, as it becomes due, if so required by Owners, unless bank guarantee
            or deposit is made by the Charterers, otherwise failing the punctual and regular payment of the hire, or bank guarantee, or on any breach of this Charter Party, the Owners shall be at liberty to withdraw the vessel from the service of the
            Charterers, without prejudice to any claim they (the Owners) may otherwise have on the Charterers.  Time to count from 7 a.m. on the working day following that on which written notice of readiness has been give to Charterers or their Agents
            before 4 p.m., but if required by Charterers, they to have the privilege of using vessel at once, such time used to count as hire.

    Cash for vessel's ordinary disbursements at any port may be advanced as required by the Captain, by the Charterers or their Agents, subject to
        21⁄2% commission and such advances shall be deducted from the hire. The Charterers, however, shall in no way be responsible for the application of such advances and in case Owners outlays are disputed, Owners are to settle disputed items with agents involved directly.

    6. That the cargo or cargoes be laden and/or discharged in any dock or at any wharf or place that Charterers or their agents may direct, provided the vessel can safely lie always
        afloat at any time of tide, except at such places where it is customary for similar size vessel to safely lie aground.

    7. That the whole reach of the Vessel's Hold, Decks, and usual places of
        loading (not more than she can reasonably stow and carry), also accommodations for Supercargo, if carried, shall be at the Charterers' disposal, reserving only proper and sufficient space for Ship's officers, crew, tackle, apparel, furniture,
        provisions, stores and fuel. Charterers have the privilege of passengers as far as accommodations allow, Charterers paying Owners.......... per day per passenger for accommodations and meals. However, it is agreed that in case any fines or extra expenses are incurred in the consequence of the carriage of
            passengers, Charterers are to bear such risk and expense.

    8. That the Captain shall prosecute his voyages with the utmost despatch, and shall render all customary  assistance with ship's crew and boats, The Captain (although appointed by
        the Owners), shall be under the orders and directions of the Charterers as regards vessel's employment and agency; and
        Charterers are to load, stow, and trim, tally and discharge the cargo at their expense under the supervision of the
        Captain, who is to sign Bills of Lading, for cargo as presented, in conformity with Mate's or Tally Clerk's receipts without prejudice to this Charter Party.

    9. That if the Charterers shall have reason to be dissatisfied with the conduct of the Captain, Officers, or Engineers, the Owners shall on receiving particulars of the complaint,
        investigate the same, and, if necessary, make a change in the appointments.

    10. That the Charterers shall have permission to appoint a Supercargo, who shall accompany the vessel and see that voyages are prosecuted with the utmost despatch. He is to be
        furnished with free accommodation, and same fare as provided for Captain's table, Charterers paying at the rate of U.S. $10.00

        per day. Owners to victual Pilots and Customs Officers, and also, when authorized by Charterers or their Agents, to victual Tally Clerks, Stevedore's Foreman, etc., Charterers paying as per Rider Clauses. at the current rate per meal, for all such victualling.

    11. That the Charterers shall furnish the Captain from time to time with all requisite instructions and sailing directions, in writing and/or, and the Captain shall keep a full and
        correct Log of the voyage or voyages, which are to be patent to the Charterers or their Agents, and furnish the Charterers, their Agents or Supercargo, when required, with a true copy of daily Logs, showing the course of the vessel and distance run
        and the consumption of fuel.

    12. That the Capital shall use diligence in caring for the care and the ventilation of the cargo. The Vessel's hold are naturally ventilated only.

    13. That the Charterers shall have the option of continuing this charter for a further period of
          ............................................................................................................................................................... on giving written notice thereof to the Owners of their Agents..... days previous to the
            expiration of the first named term, or any declared option.

    14. That if required by Charterers, time not to commence before the

          20th November 2018 at 00:01 hrs and should vessel not have given written notice of readiness been delivered on or before the 15th December 2018 24:00 hrs, but not later than 2400
            hours  4 p.m. Charterers or their Agents to have the option of canceling this Charter at any time not later
        than the day of vessel's readiness. See also Clause 82.

    15. That in the event of the loss of time from default and/or deficiency

        of men or stores, fire, breakdown or damages to hull, machinery or equipment, grounding, detention by average accidents to ship or cargo, drydocking for the purpose of examination or painting bottom, or by any other cause preventing the full
        working of the vessel, the payment of hire shall cease for the time thereby lost until the Vessel has returned to the

    
      
        

    

    

    

    same or equivalent position,
        and if upon the voyage the speed be reduced by defect in or breakdown of any part of her hull, machinery or equipment, the time so lost, and the cost of any extra fuel consumed in consequence thereof, and all extra expenses shall be deducted from
        the hire.

    16. That should the Vessel be lost, money paid in advance and not earned (reckoning from the date of loss or being last heard of) shall be returned to the Charterers at once. The
        act of God, enemies, fire, restraint of Princes, Rulers and People, and all dangers and accidents of the Seas, Rivers, Machinery, Boilers and Steam Navigation, and errors of Navigation throughout this Charter Party, always mutually excepted. The
        vessel shall have the liberty to sail with or without pilots, to tow and to be towed, to assist vessel in distress, and to deviate for the purpose of saving life and property.

    17. That should any dispute arise between Owners and the Charterers, the matter in dispute shall be referred to three persons at London New York, one to be appointed by each of the parties hereto, and
        the third by the two so chosen; their decision or that of any two of them, shall be final, and for the purpose of enforcing any award, this agreement may be made a rule of the Court. The Arbitrators shall be commercial shipping men. Said  three persons to be shipping men who are members of the London Maritime Arbitrators' Association. Notwithstanding anything contained in the
          Arbitration Clause to the contrary should neither the claim nor the counter-claim exceed US$ 100,000 (one hundred thousand United States dollars), exclusive of interest on the sum claimed, costs of the arbitration and legal fees, if any, it is
          hereby agreed the dispute is to be governed by the London Maritime Arbitrators Association Small Claims Procedure 2002.

    18. That the Owners shall have a lien upon all cargoes, and all sub-freights, sub-hires for any amounts due under this Charter, including General Average contributions, and the Charterers to have a lien on the Ship for all monies paid in advance and not earned, and any overpaid hire or excess
        deposit to be returned at once. Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the owners in the vessel.

    19. That all derelicts and salvage shall be for Owners' and Charterers' equal benefit after deducting Owners' and Charterers' expenses and Crew's proportion. General Average shall
        be adjusted, stated and settled, according to Rules 1 to 15, inclusive, 17 to 22, inclusive, and Rule F of York-Antwerp Rules 1992 1994 and any amendments
          thereto. 1924, at such port or place in the United States as may be selected  by the carrier, and as to matters not provided for by these
        Rules, according to the laws and usages at the port of London, New York.  In such adjustment disbursements in foreign currencies shall be exchanged into United States money at the rate prevailing on the dates made and allowances for damage to cargo claimed in foreign currency shall
            be converted at the rate prevailing on the last day of discharge at the port or place of final discharge of such damaged cargo from the ship. Average agreement or bond and such additional security, as may be required by the carrier, must be
            furnished before delivery of the goods.  Such cash deposit as the carrier or his agents may deem sufficient as additional security for the contribution of the goods and for any salvage and special charges thereon, shall, if required, be made by
            the goods, shippers, consignees or owners of the goods to the carrier before delivery. Such deposit shall, at the option of the carrier, be payable in United States money and be remitted to the adjuster. When so remitted the deposit shall be
            held in a special account at the  place of adjustment in the name of the adjuster pending settlement of the General Average and refunds or credit balances, if any, shall be paid in United States money. Hire not to contribute to General Average.

    In the event of accident, danger, damage, or disaster,
            before or after commencement of the voyage resulting from any cause whatsoever, whether due to negligence or not, for which, or for the consequence of which, the carrier is not responsible, by statute, contract, or otherwise, the goods, the
            shipper and the consignee, jointly and severally, shall contribute with the carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred, and shall pay salvage and
            special charges incurred in respect of the goods. If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully and in the same manner as if such salving ship or ships belonged to strangers.

    Provisions as to General Average in accordance with the
            above are to be included in all bills of lading issued hereunder.

    20. Fuel used by the vessel while off hire, also for cooking condensing water, or for grates and
            stoves to be agreed to as to quantity, and the cost of replacing same, to be allowed by Owners.

    21. That as the vessel may be from time to time employed in tropical waters during the term of
            this Charter, Vessel is to be docked at a convenient place, bottom cleaned and painted whenever Charterers and Captain think necessary at least once in every six months, reckoning from time of last painting, and payment of the hire to be
            suspended until she is again in proper state for the service.

    In case of unforeseen circumstances it is Owners' privilege to dry dock and/or repair the vessel at any
        time during the currency of the Charter Party.

    22. Owners shall maintain the gear of the ship if fitted, providing gear (for all derricks)
            capable of handling lifts up to three tons, also providing ropes, falls, slings and blocks. If vessel is fitted with cranes derricks capable of handing heavier lifts, Owners are to provide necessary gear for same, otherwise equipment and gear
            for heavier lifts shall be for Charterers' account. Owners also to provide on the vessel lanterns and oil for night work. and vessel to give use of electric light when so fitted, but any additional lights over those on board to be at
            Charterers' expense. The Charterers to have to the use of any gear on board the vessel.

    23. Vessel to work night and day, if required by Charterers, and winches to be at Charterers'
            disposal during loading and discharging: steamer to provide one winchman per hatch to work winches day and night, as required, Charterers agreeing to pay officers, engineers, winchmen, deck hands and donkeymen for overtime work done in
            accordance with the working hours and rates stated in the ship's articles. If the rules of the port, or labour unions, prevent crew from driving winches, shore Winchmen to be paid by Charterers. In the event of a disabled winch or winches, or
            insufficient power to operate winches, Owners to pay for shore engine, or engines, in lieu thereof, if required, and pay any loss of time occasioned, thereby.

    24. It is also mutually agreed that this Charter is subject all the terms and provisions of an
            all the exemptions from liability contained in the Act of Congress of the United States approved on the 13th day of
            February, 1893, and entitled "An Act relating to Navigation of Vessels; etc., "in respect of all cargo shipped under this charter to or from the United States of America. It is further subject to the following clause, both of which are to be
            included in all bills of lading issued hereunder:

    

    

    U.S.A. Clause Paramount

     
    

    

    
      
        

    

    

    

    This bill of loading shall have effect subject to the
            provisions of the Carriage of Goods by Sea Act of the United States, approved April 16, 1936, which shall be deemed to be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or
            immunities or an increase of any of its responsibilities or liabilities under said Act. If any terms of this bill of lading be repugnant to said Act any extent, such terms shall be void to that extent, but no further.

    Both to Blame Collision Clause

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

    25. The vessel shall not be required to force ice or follow ice
          breakers or enter any ice-bound port, or any port where lights or light-ships have been or are about to be withdrawn by reason of ice, or where there is risk that in the ordinary course of things the vessel will not be able on account of
        ice to safely enter the port or to get out after having completed loading or discharging. See Clause 35.

    26. Nothing herein stated is to be construed as a demise of the vessel to the Time Charterers. The owners to remain responsible for the navigation of the vessel, insurance, crew,
        and all other matters, same as when trading for their own account.

    27. A commission of 21⁄2 1,25 per cent is payable by the Vessel and Owners to TMS DRY LTD.

    ...............................................................................................................................................................

    on hire earned and paid under this Charter, and also upon any continuation or extension of this Charter.

    28. An address commission of 21⁄2 1 3,75 per cent payable to the Charterers on the hire earned and paid under this Charter.

    

    

    Clause 29 to 121 both inclusive, as attached hereto, are deemed to be fully incorporated in this Charter
        Party.

    

    

    	
            THE OWNERS

          	 	
            THE CHARTERERS

          
	 	 	 
	 	 	 
	 	 	 
	
            EGERIA MARINE INC.

          	 	
            TMS DRY LTD

          
	 	 	 
	 	 	 
	 	 	 

    

    

    
      
        

    

    

    

    
      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

        CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 29 - Vessel’s
              Description:

      MV ‘CONQUISTADOR’

      GEARLESS BULK CARRIER - MALTA FLAG

      BUILT 2016/JIANGSU YANGZIJIANG SHIPBUILDING GROUP LTD

      CLASS ABS

      SUMMER DWT 209.090 MT AT 18,421M SW DRAFT

      WINTER DWT 203.668 MT AT 18.038M SW DRAFT

      TROPICAL DWT 214.515 MT AT 18,804M SW DRAFT

      TPC FULL LOAD ABT 141.8MT - FWA 0,419M

      LOA/LBP/BEAM/DEPTH: 299.95/294.40/50.00/24,90M

      INTERNATIONAL GRT/NRT 107.665/66.786

      STRENGTHENED FOR HEAVY BULK CARGOES WITH HOLDS 2-4-6-8 MAY BE EMPTY

      

      

      9 HO/HA - SIDE ROLLING HATCH COVERS

      HATCH DIMS:

      1) 15.68X19.60M, 2-8) 15.68X23.20M, 9) 15,68X21,40M

      

      

      HOLD GRAIN CAP BSS 100 PCT ABT 223.194 M3

      HOLDWISE BREAKDOWN

      1) 22608.3

      2) 28103.9

      3) 28175.6

      4) 22460.1

      5) 22415.6

      6) 23446.7

      7) 23462.1

      8) 28170.7

      9) 24651.0 - ALL ABT

      

      

      SPEED AND CONS AT SEA ALW UNDER GOOD WEATHER CONDITIONS, I.E. WINDS UPTO BEAUFORT SCALE FORCE 4 (MAX 16 KN) AND TOTAL
          COMBINED (SEA AND SWELL) SIGNIFICANT WAVE HEIGHT UPTO DOUGLAS SEA STATE 3 (0.5-l.25M) WITH NO ADVERSE CURRENTS OR NEGATIVE INFLUENCE OF SWELL. FAVOURABLE CURRENTS ARE NOT TO BE TAKEN INTO ACCOUNT.

      SERVICE SPEED/CONS:

      BALLAST: ABT 15KN AT ABT 58MT HSFO + ABT 0,2MT MGO

      LADEN: ABT 14KN AT ABT 58MT HSFO + ABT 0,2MT MGO

      

      

      DURING IDLE PERIODS AT ANCHORAGE OR AT PORTS:

      ABT 4,5MT HSFO/DAY PLUS ABT 0,2MT MGO/ DAY

      

      

      DURING LOADING/ DISCHARGING OPERATIONS:

      ABT 6MT HSFO/DAY PLUS ABT 0,2MT MGO/DAY

      

      

      ECO/SPEED CONS:

      BALLAST: ABT 13KN AT ABT 37MT HSFO + ABT 0,2 MT MGO

      LADEN: ABT 12KN AT ABT 39MT HSFO + ABT 0,2 MT MGO

      

      

      ULTRA ECO SPEED/CONS GIVEN ‘WITHOUT GUARANTEE’, FOR REFERENCE ONLY, WHILE STEAMING AT ULTRA ECO SPEED WEATHER ROUTE ANALYSIS NOT TO APPLY:

      BALLAST: ABT 11KN AT ABT 31MT HSFO + ABT 0,2 MT MGO

      LADEN: ABT 10KN AT ABT 30MT HSFO + ABT 0,2 MT MGO

      

      

      QUALITY OF BUNKERS TO BE IN ACCORDANCE WITH ISO 8217:2010 RMG 380 FOR HEAVY FUEL OIL AND DMA FOR MGO.

      CHARTERERS TO COMPLY WITH FUEL OIL/MGO SULPHUR CONTENTS WHEN VESSELS ENTERING AND TRADING IN SECA (SULPHUR EMMISSION CONTROL AREAS) INCLUDING

      
        
          

      

      
      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      

      

      

      

      CHINA AS PER LATEST AMENDMENTS.

      VSL TO HAVE LIBERTY TO USE ANY OVERPERFORMANCE AT ANY TIME DURING THE CURRENCY OF THIS CP TO OFFSET ANY UNDERPERFORMANCE AND/OR STOPPAGES.
          VESSEL TO HAVE LIBERTY OF USING MGO AT START/STOP/SWITCH GENERATOR ENGINE AT SEA, WHEN ENTERING/LEAVING PORT, MANEUVERING IN SHALLOW/NARROW WATERS,CANALS,RIVERS AND AT OTHER LIMITED OCCASIONS.

      

      

      ALL DETAILS ‘ABOUT’

      

      

      +++

      

      

      FUEL OIL CAP: 5989.6 CBMTRS / MARINE GAS OIL CAP : 576,6 CBMTRS /

      

      

      BALLAST CAP: 67.078.2 CBMTRS EXCL CHOLD NR 6 / 90524.9 CBMTRS INCL CHOLD NR 6 (HEAVY BALLAST)

      

      

      PORT BALLAST HOLDS H2: 23888.3 (85%) - H4: 13925 (62%) - HS: 24226 .80 (86%)

      

      

      SHIPS CONTACT DETS:

      FBB500 B/C 773154534

      FBB500 B/ C 773151050

      FBB500 FAX 783202735

      conquistador@gtships.com

      

      

      Clause 30 - Ocean
              Routes

      Charterers have the right to use weather routing service for monitoring vessel’s route and performance. Charterers to
          nominate the weather routing service but Owners to appoint them on Charterers’ request. Cost to be shared between Charterers and Owners. In case of discrepancy between the weather routing service data and Master’s deck logs then the weather
          reports of national shore weather stations to apply as to the weather and admiralty ocean pilot charts to apply as to the current factor. WNI always excluded.

      Clause 31 - Diesel Oil
              in Port

      The vessel is to have the liberty of using diesel oil when entering and leaving port and for manoeuvring in shallow
          narrow waters, provided such usage is determined to be essential for the safe manoeuvring of the vessel, always at the discretion of the Master.

      Clause 32 -
              Communication equipment

      The vessel shall, as a minimum, be equipped with wireless telegraph and VHF telephone to comply with International
          regulations and to allow vessel to communicate with land stations. Master, Senior Officers and Radio Officer to be fully conversant with the English language.

      Clause 33 -
              Re-measurement

      Charterers have the option to re-measure vessels deadweight, subject to Owners’ classification society approval, at
          Charterers’ time and expense. Charterers to restore original deadweight before redelivery at their time and expense.

      
        2

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 34 - Permitted
              Cargoes

      Sole cargoes allowed: Coal, Iron Ore, Iron Ore Concentrates, Iron Ore Pellets, Iron Ore Fines, Manganese Ore, always
          excluding: DRI / DRIP/ HBI / Petcoke / Sponge Iron / Pig Iron.

      In case of loading /discharging at Canadian port(s) then only homogeneous loading to take place (i.e. no alternate
          holds loading, no block stowage) always in accordance with Vessel’s class approved loading manual.

      Clause 35 - Trading
              Exclusion

      Iceland, Sweden, Finland, Norway, Denmark, East Coast Canada between 15th December / 25th April, Jorf Lasfar,
          ‘Bulkwayuu’ in Maracaibo, Libya including Gulf of Sidra / Sirte, Lebanon, Syria, Israel, former Yugoslavia but Croatia and Slovenia allowed, Albania, Turkish occupied Cyprus, Azov sea, Gulf of Aqaba, Ethiopia, Iran, Iraq, Somalia, Eritrea, Angola
          including Cabinda, Namibia, CIS Pacific, Liberia, Nigeria, Sierra Leone, Cambodia, North Korea, Haiti, Cuba, Yemen, Sudan, Sri Lanka, Georgia including Abkhazia, Hokaido, Orinoco River, Amazon River, Nicaragua, Democratic Republic of Congo
          (formerly Zaire), Murmansk, Alaska, any war risks and/or war like areas and zones, and any countries to which U.S.A./ U.N. sanctions from time to time are imposed.

      No direct trading between Peoples’ Republic of China / Taiwan.

      Furthermore, subject to change by the war risks underwriters, excluded are also Indian Ocean / Arabian Sea/ Gulf of
          Aden/ Gulf of Oman/ Southern Red Sea, the waters enclosed by the following boundaries:

      - On the north-west, by the Red Sea, south of latitude 15n

      - On the west of the Gulf of Oman by longitude 58e

      - On the east, longitude 78e

      - And on the south, latitude 12s

      Except coastal waters of adjoining territories up to 12 nautical miles Offshore.

      

      

      Owners will transit and trade the west coast of India within the 12nm Zone but will allow vessel to navigate outside of the 12nm zone at the
          following areas which are subject to additional premium for Charterers’ account:

      

      

      A) Gulf of Khambhat - Malacca banks

      B) Oil field area off Mumbai (restricted area)

      C) Gulf of Kachchh & Delta of Indus, and

      D) Sonmiani Bay Pakistan

      

      

      Ship is not allowed to approach within 50 nautical miles of the north coast of Somalia, or within 100 nautical miles
          of the Socotra Archipelago, or within 200 nautical miles of the east coast of Somalia.

      Ice free ports/trading. Vessel not to force ice nor to be ordered to follow ice-breaker(s).

      Clause 36 - Deleted

      Clause 37 -
              Delivery/Redelivery Range and notices Itinerary

      Charterers undertake to inform the Owners, during the period of Charter, as regards to the itinerary of the vessel and
          the names and full styles of their Agents at ports of call whenever so required by the Owners.

      The Owners shall provide the Charterers with 3/2/1 day definite notice of the estimated time of delivery.

      The Charterers shall provide the Owners with a minimum of 30/20/15 days redelivery notice including country of
          redelivery and further 10 days approximate notice and 5/3/2/1 day definite notice of the estimated time of redelivery.

      
        3

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 38 - Deleted 

      Clause 39 - Joint
              Survey

      A joint on-hire bunker/condition survey to be conducted at delivery port in Owners time if survey is not available at
          delivery port then it will be conducted at first loading port in Owners’ time unless vessel is rendering service to Charterers. Expenses to be shared equally between Charterers and Owners. A joint off-hire survey for the purpose of determining
          the condition of the Vessel, her equipment and quantities of bunkers on board shall be held at last discharging port in Charterers’ time. The expenses of such survey shall be shared equally between Owners and Charterers.

      Clause 40 - Holds’
              Condition and Cleaning

      All holds on arrival at Charterers 1st load port to be clean swept and dried up in every respect to load Charterers
          intended cargo and to pass relevant surveyors/authorities inspection. If holds fail to pass such inspection, vessel to be put off hire until reinspection passed. It is however understood and agreed that should holds partially failed such
          inspection and loading operations take place in those holds passed then, in case there is loss of time for Charterers, the Vessel will be placed off-hire pro rata to the number of holds rejected only.

      In lieu of hold cleaning on redelivery: USD 6,500.- lump sum excluding removal of dunnage / debris / etc which
          Charterers confirm will remove from the ship prior redelivery.

      For intermediate holds cleaning between legs, crew shall clean cargo compartments in preparation for the next cargo if
          Charterers so require. Such cleaning work shall be done in the same efficient manner as if the Vessel was trading for Owners’ account. Charterers shall pay Owners USD 750.- per hold cleaned prior to the next loading. The Vessel shall remain
          on-hire during cleaning and Owners not to be responsible if the Vessel fails to pass any inspection after cleaning.

      Clause 41 - Bunkers

      Bunkers’ quantities and prices to be advised.

      Bunkers on redelivery to be same quantities as actually delivery.

      No payment of bunkers on delivery/redelivery.

      Owners to have the right to bunker the vessel prior redelivery under this charter provided same does not interfere
          with Charterers’ operations.

      During service Charterers always to arrange bunkering to take place inside port limits or at a safe usual bunker
          anchorage and Charterers never to attempt to place bunkers in the vessel outside port limits or in high seas.

      Clause 42 - Owners’
              Expenses

      Owners also to provide and pay for all other expenses of Officers and crew including immigration fees and also all
          consular fees necessitated because of vessel’s flag or nationality of Owners and lubricating oils. Vessel is to have on board all certificates necessary to comply with requirements at ports of call and canals for and during the service, failing
          which Owners are to be responsible for all time whilst.

      Vessel is unable to perform the services immediately required and for substantiated expenses directly incurred
          thereby. Charterers are to pay for compulsory, customary and port pilots.

      
        4

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      

      

      Clause 43 -
              Insurance/P and I cover

      
        
          	43.1	
                  Owners warrant that throughout the currency of this Charter Party the vessel shall be fully covered by leading insurance companies/international P and I
                      Clubs acceptable to the Charterers against Hull and Machinery, War and Protection and Indemnity Risk. Costs of such cover to be at the sole expense of Owners.

                

        

      

      
        
          	43.2	
                  If required by the Charterers, prior to commencement of the Charter or at any other time, the Owners shall procure that the Managers of the Hull and
                      Machinery insurance and the Protection and Indemnity Association shall give the Charterers proper evidence that the vessel is fully covered by the Owners.

                

        

      

      
        
          	43.3	
                  Insurance full style and value (to be advised upon request):

                      Hull and Machinery: War risks:

                      Protection and Indemnity risks:

                

        

      

      Clause 44 - Hire

      Hire: Index (CS4TC) plus 12, 5 pct to be settled at end of each month. First hire to be paid at Index of the day of
          delivery based on CS4TC plus 12,5 pct which to be adjusted at end of the month vessel delivers according to actual figures. Hire shall be paid in arrears at the first day of each month, based on average prices of preceding month. In case Owners
          declare their option to convert to 12 months t/c, rate will be as per forward curve taken by 2 independent FFA brokers to be agreed upon between Owners and Charterers.

      Bank

              details: To be advised

      Clause 45 -
              Withholdings

      Charterers are to have the right to withhold Owners’ items and estimated amount for bunkers from the last hire
          payments, any balance for bunker value is to be settled in the final hire statement. Undisputed off hires and actual Owners’ disbursements may be deducted by Charterers from the Charter hire during the period of the Charter Party. Such deductions
          will be finalized when proper statements / vouchers are submitted which is to be as soon as possible.

      Clause 46 - Banking
              Delays

      Referring to Lines 60 and 61 of New York Produce Exchange printed form, where there is default of payment as
          specified, the Owners will notify the Charterers whereupon the Charterers shall make payment of the amount due without interest within three (3) working/banking days of notification from the Owners, failing which the Owners will have the right to
          withdraw the vessel from service of the Charterers, without prejudice to any claim the Owners may otherwise have on the Charterers under this Charter.

      Clause 47 - Taxes

      Charterers shall pay and keep Owners fully indemnified and hold them harmless in respect of all local, state, national
          taxes and/or dues assessed on the vessel and/or the Owners and/or cargo and/or in respect of hire, sub-hire, freight, sub-freight or any other income payable under this Charter Party or in respect of the vessel’s employment hereunder, including
          but no limited to Chinese Enterprise (Corporate) Income Tax, Chinese Business Tax and U.S.A. Gross Transportation Tax, whether assessed during or after the currency of this Charter Party. All taxes and/or dues levied by the country of the flag of
          the vessel or the Owners shall be for Owners’ account.

      
        5

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      

      

      Clause 48 - Breakdown
              or Accident

      Should the vessel be put back whilst on voyage by reason of an accident or breakdown, or in the event of loss of time
          either in port or at sea or deviation upon the course of the voyage caused by sickness or accidents to the crew or any person on board the vessel (other than supercargo and/or other persons travelling by request of the Charterers), the hire shall
          be suspended from the time of the inefficiency until the vessel is efficient in the same or equivalent position and voyage resumed therefrom, and all substantiated extra expenses directly incurred thereby including bunkers consumed during period
          of suspended hire shall be for Owners’ account.

      Clause 49 - Stevedore
              Damage

      The stevedores although appointed and paid by Charterers/ shippers/ receivers and or their agents are to work under
          the supervision of the Master who is responsible for the safety of the Vessel. The Charterers shall be responsible for any and all damage to the Vessel, or loss or damage to her equipment caused by stevedores during the currency of this charter
          party provided the Master has reported to the Charterers or their agents within 24 hours from discovery of the damage(s) unless case of hidden damage. The Charterers shall have the liberty to redeliver the Vessel without repairing the damages as
          long as same do not affect the Vessel’s seaworthiness/class in which case Charterers undertake to reimburse Owners before redelivery the cost of repairs against production of repairs cost estimated by repairers or dockyard unless otherwise
          agreed. Should stevedores damage to the Vessel or her fittings/equipment affect Vessel’s seaworthiness/class, then Charterers to arrange for an immediate repair to class-surveyor’s satisfaction at their time/expense.

      Clause 50 - Grab
              Discharge

      Vessel is to be suitable for normal size grab discharge and no cargo to be loaded in places inaccessible to grab
          discharge. Charterers are to have the privilege of using bulldozers/ pay loaders with rubber types / tracks in vessel’s holds provided their weight not to exceed vessel’s tank-top, deck strength, whichever applicable in ports where stevedores can
          not supply bulldozers or payloaders with rubber wheels / belts then other equipment provided by stevedores for discharging will be allowed.

      Clause 51 - Mobile
              Cranes

      Charterers to have the option of placing mobile cranes on deck at their sole risk and expense, always at Master’s
          discretion and consistent with vessel’s deck strength / characteristics. Owners will appoint class surveyor at Charterers’ expense, to attend during placement of cranes to ensure safe/ proper installation. All works during installation /
          dismantling and restoration operations to be performed to master’s / class surveyor’s satisfaction.

      Cutting and/or welding of hatchcovers is not allowed. Any modification effected to Vessel’s deck and/or damage
          suffered during the above mentioned works is to be repaired and Vessel is to be restored to its original condition always to the satisfaction of the Master and class surveyor at the Charterers’ sole risk and expense.

      Furthermore any material required by the Master and class surveyor for the installation of the mobile cranes and the
          restoration as above mentioned, shall be for Charterers’ account.

      Clause 52

      Owners option break t/c, at any time, with 60 days notice.

      
        6

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 53 - Boycott

      Should the vessel be boycotted, picketed, blacklisted or similar incident at any port or place by shore and/or port
          labour and/or tugboats and/or pilots, and/or competent authority, by the terms and conditions on which members of the officers, crew were employed, or by reason of vessel’s flag and or ownership, any substantiated extra expenses directly incurred
          thereby are to be for Owners’ account and Charterers are entitled to put the Vessel off-hire for any time during which Vessel is unable to perform the services immediately required.

      Clause 54 - I.T.F.

      Owners guarantee that the vessel is, and will remain during the whole period of this Charter fully acceptable to the
          I.T.F. or equivalent fitted as far as conditions of crew, employment contracts, wages, etc. are concerned.

      In the event that the vessel is delayed by reason of boycotts, strikes, labour stoppages or other actions by the I.
          T.F. against the vessel due to employment conditions, time so lost shall be considered as off-hire, and proven costs directly resulting therefrom are to remain for Owners’ account.

      Clause 55 - Arrest

      Should the vessel be arrested during the currency of the Charter Party at the suit of any person having or purporting
          to have a claim against or any interest in the vessel, hire under this Charter Party shall not be payable in respect of any period whilst the vessel remains under arrest or remains unemployed as a result of such arrest. The clause shall be
          inoperative should the arrest be caused through any act or omission of the Charterers.

      Clause 56 - Lack of
              Crew Members

      Any time lost by the vessel by reason of none or more required crew members not being on board when the vessel is
          ready to sail, or by reason of a strike, stoppage or refusal to work by any crew is to be for Owners’ account and expenses for keeping waiting or cancelling tugs, pilot or mooring boat are to be for Owners’ account

      Clause 57 -
              Blacklisting

      Owners warrant that at the commencement of this Charter Party, the vessel is not blacklisted by the United States of
          America and/or Canadian authorities and/or longshoremen associations nor by Scandinavian, Australian, South African and/or ARAB countries.

      Clause 58 - Bills of
              Lading

      In case original Bills of Lading are not available prior to Vessel’s arrival at discharging port Owners to allow
          discharge/delivery of the cargo against Charterers’ LO.I. in Owners’ P+I club standard wording issued on the Charterers’ letter head and stamped/signed by a designated official of the Charterers only, without bank counter signature.

      The Charterers will fax the LO.I. together with copy of the Bills of Lading which will be issued to Owners managers’
          office in Greece (fax number 210-3441655) for their approval. Thereafter the Charterers will immediately send by courier mail the original L.0.1., faxing also the courier airway bill to Owners managers. This procedure to take place promptly
          enough prior to Vessel’s arrival at destination, being understood that the Owners will instruct the Master to release the cargo only after having found all in order and after having received Charterers’ fax with the courier airway bill.

      
        7

        
          

      

      

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Furthermore Charterers hereby undertake the obligation to mail the original accomplished bills of lading to Owners
          managers when same available but latest within two months after discharge in which case Owners/managers will courier back to Charterers the LO.I.

      Seawaybills permitted only for Japan discharge provided they are marked “subject to Hague-Visby rules”.

      Clause 59 -
              Certificates

      The Owners warrant that throughout the currency of this Charter Party, the vessel shall to be in possession of any
          necessary valid certificates enabling the vessel to perform the Charter Party and to comply with all applicable requirements, regulations and recommendations, including but not limited to:

      
        
          	-	
                  Tonnage and measurement certificates

                

        

      

      
        
          	-	
                  Classification and Trading certificates

                

        

      

      

      

      
        
          	-	
                  Certificates issued pursuant to the Civil Liability Convention 1969 (C.L.C.) which is applicable to OBOS and tankers

                

        

      

      
        
          	-	
                  Certificates issued pursuant to Section 311 (P) of the U.S. Federal Water Pollution Control Act, as amended (title 33 U.S. Code, Section 1321 (P)

                

        

      

      
        
          	-	
                  Certificates of Financial Responsibility to trade to U.S. waters or to the waters of any other country relevant under this Charter Party

                

        

      

      
        
          	-	
                  ISM certificates

                

        

      

      
        
          	-	
                  Brazilian Authorities’ DPC approval to be in order

                

        

      

      
        
          	-	
                  Certificates pertaining to the Crew

                

        

      

      

      

      Any time lost or other consequence of any failure to comply with this warrant shall be for Owners’ account

      Clause 60 - SUEZ
              Certificates:

      As from first passage of SUEZ CANAL under this Charter, vessel will have onboard current valid Suez Canal
          Certificates, and will so comply with all applicable requirements, regulations and recommendations as to avoid any delay in transit of canal, failing which time expenses to be for Owners’ account.

      Clause 61 -
              Vaccination Certificates

      Owners shall be responsible for and arrange at their own expense that the Master, officers and crew of the vessel to
          be vaccinated and to be in possession of valid vaccination certificates on delivery of the vessel and throughout the period of this Charter Party. Any time lost and or additional expenses incurred due to failure to provide such certificates shall
          be for Owners’ account

      Clause 62 - Quarantine

      Normal quarantine time and expenses to enter port are to be for Charterers’ account. Any extra time or detention and
          expenses for quarantine due to pestilence and illness of the vessel’s Master, Officers and crew are to be for Owners’ account, but if quarantine detention is on account of the vessel having been sent by Charterers to any infected port, such
          detention time and expenses are to be for Charterers’ account

      Clause 63 - Fumigation

      Owners are to supply valid deratisation certificate on vessel’s delivery and if same does not cover whole period of
          this Charter Party, cost of fumigation (in case fumigation is needed) shall be for Owners’ account and time so required is not to count unless fumigation is required on account of cargo carried or ports visited while vessel is employed under this
          Charter Party in which case, cost and time are to be for Charterers’ account.

      
        8

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 64 - Compliance
              with U.S. Safety and Health Regulations

      If the vessel calls at any U.S. port for the purpose of loading or discharging cargo, the vessel’s equipment shall
          comply with regulations established under U.S. Public Law 85-742 part 9 (Safety and Health Regulations for Longshoring) or any subsequent amendments.

      If longshoremen are not permitted to work due to the failure of master and or Owners to comply with the aforementioned
          regulations, any delays to the vessel resulting shall be for Owners’ account

      Clause 65 - Compliance
              with International Conventions

      
        
          	65.1	
                  In the event of the vessel being prevented from performing, or being unable to perform the service immediately required hereunder, by reason of:

                

        

      

      
        
          	

                	(A)	
                  Action on the part of relevant authorities resulting from non-compliance with any compulsory applicable enactment enforcing all or part of any of the
                      following international conventions:

                

        

      

      
        
          	

                	-	
                  International Conventions for the Safety of Life at Sea, either SOLAS 1960, or SOLAS 1974, or SOLAS 1974 in conjunction with its 1978 protocol.

                

        

      

      
        
          	

                	-	
                  International Convention Load Lines 1969

                

        

      

      
        
          	

                	-	
                  International Convention for the Prevention of Pollution from Ships 1973, in conjunction with its 1978 protocol.

                

        

      

      
        
          	

                	-	
                  ILO Merchant Shipping (minimum standards) Convention 1976 (nr. 147). International - Convention on Standards of Training, Certification and Watch Keeping
                      for Seafarers 1978

                

        

      

      
        
          	

                	(B)	
                  Labour stoppages or shortage, boycott, secondary boycott, manifestation of any kind in services essential to the operation of the vessel owing to its flag
                      or registry or ownership or management or to the conditions of employment on board. Provided always that the event(A) and/or (B) is not directed
                      against the Charterers or brought about any act, instruction or omission on the part of the Charterers, then any loss of time shall result in the vessel being off-hire and shall be dealt with in accordance with the off-hire clause.

                

        

      

      
        
          	65.2	
                  It is understood that, if necessary, vessel will comply with any safety regulations and/or requirements in effect at ports of loading and/or discharging. A
                      particular reference is the United States Department of Labour Safety and Health Regulations set forth in part III of the Federal Register.

                

        

      

      
        
          	65.3	
                  Although other provisions of this Charter make it the responsibility of the Owners, it is agreed that should the vessel not meet safety rules and
                      regulations Owners will make immediate corrective measures and any stevedore standby time upto next shift and other substantiated / directly incurred expenses involved, including off-hire, will be for Owners’ account

                

        

      

      Clause 66 - Smuggling

      Any delay, expenses and/ or time incurred on account of smuggling are to be for Charterers’ account if caused by
          Charterers and/or persons appointed by Charterers and are to be for Owners’ account, if caused by Owners, Officers and/ or Crew and/ or persons appointed by Owners.

      Clause 67 - Sea
              Carrier Initiative Agreement

      The Owners certify that they have entered into, and signed with the US customs, the S.C.I. A. (U.S . Sea Carrier
          Initiative Agreement) on an individual basis or through an association such as BIMCO, otherwise they warrant to take all necessary steps before delivery, and to hold Charterers harmless through the whole duration of the Charter Party, against any
          claim from US customs in respect of drugs which may be found on board.

      
        9

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 68 - CUBA Calls

      Owners warrant that the vessel is in full compliance with U.S.A. regulations pertaining to port calls to/from CUBA,
          specifically in compliance with the ‘U.S. Cuban Democracy Act’ and can trade without restraint into U.S. ports

      Clause 69 - Pratigue

      Vessel shall prepare radio pratique, when instructed by Charterers and be in possession of necessary certificates
          including Japanese sanitary certificates. Charterers’ Agent(s) will assist, as trading pattern allows and properly direct Master regarding the Port Authority’s requirements well in advance, prior to vessel’s arrival at subject port, however,
          should any time and or expenses be incurred, same to be for Owners’ account.

      Clause 70 - Plan /
              Draft survey

      
        
          	70.1	
                  Prior to delivery, Owners are to supply General Arrangement plans, load scale and capacity plan to Charterers.

                

        

      

      
        
          	70.2	
                  Owners warrant that the vessel will throughout the duration of the Charter Party have on board capacity plan, hydrostatic curves and tables of displacement,
                      tank calibration and trimming correction tables all sounding tubes to be in good maintenance conditions and free from impediments and vessel to have ballast tanks either empty or pressed full and trim to be deducted to minimum and not
                      to exceed trim table corrections. If vessel does not comply with above requirements she will be put off-hire until able to perform such survey. Master to keep written record of drainage moisture pumped out/in. If required, Master to
                      forward to Charterers upon arrival at unloading port and before start of discharging a certificate indicating all ballast remains.

                

        

      

      Clause 71 - Suspension
              in Case of War

      In the event of war or warlike operations involving two or more of the following nations:

      United States of America, E.C.C. Countries, Japan, Australia, Commonwealth Of Independent States and People’s Republic
          of China and/or the nation under the flag which vessel is performing under this Charter is registered, which seriously affects Charterers’ or Owners’ ability to perform their obligations under this Charter Party, both Charterers and Owners shall
          have the right to suspend this Charter Party with three (3) weeks written notice without liability to the other party. If the Charter Party is suspended, such suspension shall take place at port of destination after discharge of any cargo on
          board, subject to the provisions of attached Conwartime 2004 clause.

      Clause 72 - Vessel’s
              Inspection

      Charterers have the benefit of holding vessel’s inspection at any time at their expense on giving reasonable notice to
          Owners. Owners or Master is to give facility and assistance to carry out this inspection.

      Clause 73 - Rejection
              of the Vessel

      The Charterers shall have the option of rejecting the vessel and cancelling this Charter Party in following events:

      
        
          	(a)	
                  the vessel being off-hire as a result of technical reasons attributed to the Owners for a period in excess of 60 (sixty) consecutive days except for drydock
                      in any period of 12 (twelve) months,

                

        

      

      
        
          	(b)	
                  Owners having failed to remedy/restore Vessels deficiencies which result in restriction to vessel’s immediate trading within 60 (sixty) days after Owners’
                      receipt of Charterers’ notice requiring to remedy/restore.

                

        

      

      
        10

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 74 - Off-Hire
              Bunker Consumption

      Bunkers consumed during any period during which the vessel is off-hire for whatever cause, shall be calculated at the
          latest bunkering price actually paid by the Charterers.

      Clause 75 - Vessel’s
              Gear

      Vessel is to work day and night and to provide lights for night working, if required by Charterers. Any overtime
          charges for officers and crew are to be for Owners’ account. If the vessel’s gear for opening and closing hatches becomes inoperative, the vessel is to be off-hire. Such off-hire is to be calculated pro-rata to the number of inoperative hatches
          and is only to count if ship’s loading or discharging is actually delayed.

      Clause 76 - Hatches

      Crews are to open and close hatches before, during and alter stevedore work when and where required and when permitted
          by shore regulations.

      Clause 77 - Fresh
              Water

      Fresh water consumed under this Charter for the purpose of drinking, washing of Master, officers and crew on board is
          to be for Owners’ account. When trading limits the vessel’s ability to provide fresh water through it’s desalination plant, then extra expense for replenishment of fresh water for Charterers’ account.

      Clause 78 - Sublet

      Charterers may sublet vessel, but shall always remain responsible to Owners for due fulfilment of this Charter Party.

      Clause 79 - Watchmen

      Watchmen are to be for Owners’ account if so ordered/requested by Owners and/ or Master.

      If security guards/gangway watchmen during ship’s stay in United States of America port as required by the Immigration
          Department or United States Coast Guard due to nationality(ies) of ship’s crew members then same to be for Owners’ account. Watchmen are to be for Charterers’ account if compulsory or ordered by Charterers / shippers / receivers / their agents.

      Clause 80 - Owner’s
              Agents

      Owners may appoint Charterers’ Agents to deal with Owners’ matters.

      Charterers agree to have their Agents attend to minor matters of Owners without Agents charging extra agency fee. All
          expenses pertaining to Owners to be settled directly between Owners and Agents at cost.

      Clause 81  -
              Additional Expenses

      Charterers are to pay a lump sum of USD 1,500.- (one thousand five hundred United States dollars) per month or pro
          rata to cover entertainment expenses and radio telegrams/ telephone charges for Charterers’ account disbursed by Owners.

      Clause 82 - Laydays

      Deleted

      
        11

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 83 - Excessive
              Days in Port

      Where the Vessel remains at anchorage, in port or idle for an extended period more than 30 days in compliance with
          Charterers’ orders/instructions, and this causes fouling of the hull or underwater parts, Owners shall not be responsible for such fouling or any vessel underperformance caused by such fouling. The cost of cleaning and painting the hull or
          underwater parts, and the time spent doing so, shall be for Charterers’ account.

      Clause 84 - BIMCO
              Double Banking Clause

      
        
          	(a)	
                  The Charterers shall have the right, where and when it is customary and safe for vessels of similar size and type to do so, to order the Vessel to go, lie
                      or remain alongside another vessel or vessels of any size or description whatsoever or to order such vessels to come and remain alongside at such safe dock, wharf, anchorage or other place for transhipment, loading or discharging of
                      cargo and/ or bunkering.

                

        

      

      
        
          	(b)	
                  The Charterers shall pay for and provide such assistance and equipment as may be required to enable any of the operations mentioned in this clause safely to
                      be completed shall give the Owners such advance notice as they reasonably can of the details of any such operations.

                

        

      

      
        
          	(c)	
                  Without prejudice to the generality of the Charterers’ rights under (a) and (b), it is expressly agreed that the Master shall have the right to refuse to
                      allow the Vessel to perform as provided in (a) and (b) if in his reasonable opinion it is not safe so to do.

                

        

      

      
        
          	(d)	
                  The Owners shall be entitled to insure any deductible under the Vessel’s hull policy and the Charterers shall reimburse the Owners any additional premium(s)
                      required by the Vessel’s Underwriters and/ or the cost of insuring any deductible under the Vessel’s hull policy.

                

        

      

      
        
          	(e)	
                  The Charterers shall further indemnify the Owners for any costs, damage and liabilities resulting from such operation. The Vessel shall remain on hire for
                      any time lost including periods for repairs as a result of such operation.

                

        

      

      Clause 85 - GMT Time

      For delivery, redelivery, ETA, ETS, ETC, time to be advised in local time. For calculation purposes, hire is to be
          computed in GMT time.

      Clause 86 - Change of
              Flag

      Owners shall have the right to change the vessel’s flag and/ or crew, subject to Charterers' prior consent which is
          not to be unreasonably withheld. Such change(s) are not, in any way, to hinder, prevent or detract from Charterers' rights and ability to use the vessel according to present Charter Party terms.

      Clause 87 - Periodical
              Survey/Dry Dock

      Charterers to position vessel in Far East zone for scheduled dry dock following Owners’ three (3) months notice.
          Vessel to be placed off-hire from the time she is withdrawn from Charterers’ service for dry dock until she is again in the same or equidistant position.

      Clause 88 - Deviation
              / Put Back

      In the event of loss of time either in port or at sea, deviation from the course of the voyage or putting back whilst
          on voyage, caused by sickness of or an accident to or misconduct by Master/ Officers/ crew, stowaway, refugee or any person on board vessel other than persons travelling by request of Charterers or by reason of the refusal of Master or Officer(s)
          or crew to perform their duties or an accident or breakdown

      
        12

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      to vessel or dry docking or periodical survey, the hire shall be suspended from the time of inefficiency in port or at
          sea, deviation or putting back until vessel is again efficient in the same or equivalent position in respect to the port where Vessel is originally destined for and voyage resumed therefrom and bunkers consumed during such period of suspension
          shall be for Owners’ account.

      Clause 89 - Cargo
              Claims

      Cargo claims as between the Owners and the Charterers shall be settled in accordance with the Inter-Club New York
          Produce Exchange Agreement of February 1970 as amended September 1996 as attached.

      Clause 90 - English
              Law

      In this Charter Party English Law to apply.

      Clause 91 - Protective
              Clauses

      The New Both-to-Blame Collision Clause, New Jason Clause and General Clause Paramount or U.S.A. Clause Paramount or
          Canadian Clause paramount whichever applicable, P+I Bunkering clause and Voywar 2004 Clause, are deemed to be incorporated in all Bills of Lading issued under this Charter Party and all sub-Charter Parties. Conwartime 2004 as attached, is deemed
          to be incorporated in this Charter Party and to apply.

      Clause 92 - Deleted 

      Clause 93

      Basic war risk insurance to be for Owners’ account, however, in the event of any increase in war risk insurance premia
          (H+M/P+I ), including loss of hire and crew war risk bonus as well as blocking and trapping, due to the trade in which vessel is engaged, same to be for Charterers’ account until additional war risk premia no longer apply. The Charterers to place
          Owners in funds in lieu of such premia as provided by Owners insurance brokers prior vessel entering the war zone/place. In case vessel’s stay in the war zone/place prolonged and the amount already paid by the Charterers is not sufficient then
          Charterers to place Owners again in funds promptly for any further amounts required to cover vessel’s prolonged stay in the war zone/place.Owners will submit to Charterers the relevant debit notes immediately upon receipt of same from the
          insurance brokers and if there will be any difference plus or minus then same to be settled together with the next scheduled payment as per charter party. Such additional premium is not to exceed London underwriters’ scale. Owners will credit no
          claim bonus to Charterers .

      Clause 94

      The Owners guarantee that the construction of the vessel with fittings and other equipment shall comply with the
          requirements and/or recommendations of Australian Shore Labourers and Pilots.

      Clause 95

      Charterers have the right to instruct the Master to utilize the vessel’s maximum water ballast capacity and eventually
          to flood one or more holds in port, in order to bring down vessel’s height to get into position under loading and/or discharging appliances, however , the hold/ holds to be utilized for ballasting should be only the designated ballast holds,
          always in conformity to free board and/or safety requirements.

      Clause 96

      Notwithstanding anything to the contrary in this Charter, Owners guarantee that throughout the currency of this
          Charter Owners will comply with all federal, state and/ or local government requirements (including

      
        13

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      but not limited to the obtaining of Certificate of Financial Responsibility under OPA 90) to enable vessel to lawfully
          trade to the United States of America and any countries permitted under this Charter.

      Clause 97

      Charterers to have the privilege of ordering the vessel to be laid up at any time during the period of this Charter
          Party. In such event, Time charter hire shall be paid in accordance with Clause 4, less all operating costs which Owners may be able to save by reason of the Vessel having been laid up, if any. A joint condition survey of the Vessel to be carried
          out in the beginning and at the end of a layup period. Also, Owners to have the right to arrange for an underwater inspection. Any and all expenses to be incurred including, but not limited to, cleaning and painting the hull or underwater parts,
          restoring the Vessel and her machinery / equipment for service, class and P+I fees and expenses to be for Charterers’ account. These provisions apply in any case and fully whether layup may terminate during the currency of or, at the end of this
          charter party.

      Charterers to have the benefit of any return insurance premium if and when granted and paid to Owners from the
          underwriters by reason of the vessel being in port for a minimum of 30 (thirty) days.

      Clause 98

      Charterers guarantee that they are fully covered with a first class P+I club including cargo claims, F / D+D (Freight
          / Demurrage + Defence) and full Charterers liability and will remain so for the total duration of the present charter.

      Clause 99

      In case Vessel’s last voyage exceeds the maximum period and the market rate rises above the c/p rate in the meantime,
          it is hereby agreed that the charter hire will be adjusted to the prevailing market level from DLOSP of the last discharging port prior commencement of the last voyage until actual redelivery of the Vessel to the Owners, whether Vessel fixed for
          next employment or not, whether Vessel sold or not. Such adjusted rate to be calculated as follows:

      
        
          	-	
                  If Vessel redelivered east of Suez including Red Sea/Indian Ocean/Pacific Ocean then the average rate of route C10_03 for the whole applicable period as
                      defined above to apply.

                

        

      

      
        
          	-	
                  If Vessel redelivered west of Suez including Mediterranean sea/ Black sea/Baltic sea / Atlantic ocean then the average rate of route C8_03 for the whole
                      applicable period as defined above to apply. This clause is null and void in case of force majeure

                

        

      

      Clause 100 - Hamburg
              Rules Charter Party Clause

      Neither the Charterers nor their agents shall permit the issue of any bill of Lading, waybill or other document
          evidencing a contract of carriage (whether or not signed on behalf of the Owner or on the Charterers’ behalf or on behalf of any sub-Charters) incorporating, where not compulsorily applicable, The Hamburg Rules or any legislation giving effect to
          the Hamburg Rules or any other legislation imposing liabilities in excess of Hague or Hague Visby Rules. Charterers shall indemnify the Owners against any liability, loss or damage which may result from any breach of the foregoing provisions of
          this clause.

      Clause 101 - P & I
              Bunker Clause

      “The vessel shall have the liberty as part of the contract voyage to proceed to any port or ports at which bunker oil
          is available for the purpose of bunkering at any stage of the voyage whatsoever and whether such ports are on or off the direct and/or customary route or routes between any of the ports of loading or discharge named in this Charter Party and may
          there take oil bunkers in any quantity in the discretion of Owners even to the full capacity of fuel tanks and deep tanks and any other compartment in which oil can be carried, whether such amount is or is not required for the chartered voyage.”

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 102 - Deviation
              Clause

      The vessel has liberty to call at any port or ports in any order, for any purpose, to sail without pilots, to tow
          and/or assist vessels in all situations, and also to deviate for the purpose of saving life and/or property. Eventual costs and benefits to be equally shared by Charterers and Owners.

      Clause 103 - Clause
              Paramount

      This bill of lading shall have effect subject to the provisions of the Carriage of Goods by Sea Act of the United
          States, provisions of Water Carriage of Goods Act 1936 enacted by the Parliament of the Dominion of Canada, the Hague Rules, or the Hague-Visby Rules, as applicable, or such other similar national legislation as may mandatorily apply by virtue of
          origin or destination of the bills of lading, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or an increase of any of its responsibilities
          or liabilities under said applicable If any term of this bill of lading be repugnant to said applicable Act to any extent, such term shall be void to that extent, but no further.

      Clause 104 - General
              Clause Paramount

      The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at
          Brussels on 25 August 1924 (“the Hague Rules”) as amended by the Protocol signed at Brussels on 23 February 1968 (“the Hague-Visby Rules”) and as enacted in the country of shipment shall apply to this Contract. When the Hague Visby Rules are not
          enacted in the country of shipment, the corresponding legislation of the country of destination shall apply, irrespective of whether such legislation may only regulate outbound shipments.

      When there is no enactment of the Hague-Visby Rules in either the country of shipment or in the country of
          destination, the Hague Visby Rules shall apply to this Contract save where the Hague Rules as enacted in the country of shipment or if no such enactment is in place, the Hague Rules as enacted in the country of destination apply compulsorily to
          this Contract.

      The Protocol signed at Brussels on 21 December 1979 (“The SDR Protocol 1979”) shall apply where the Hague Visby Rules
          apply, whether mandatorily or by this Contract. The Carrier shall in no case be responsible for loss of or damage to cargo arising prior to loading, after discharging, or while the cargo is in the charge of another carrier or with respect to deck
          cargo and live animals.

      Clause 105 - Canadian
              Clause Paramount

      This Bill of Lading, so far as it relates to the Carriage of Goods by Water, shall have effect, subject to the
          provisions of the Water Carriage of Goods Act 1936, enacted by the Parliament of the Dominion of Canada, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the Carrier of any of its rights
          or immunities or an increase of any of its responsibilities or liabilities under said Act. If any term of this Bill of Lading be repugnant to said Act to any extent such terms shall be void to that extent but no further.

      Clause 106 - U.S.A.
              Paramount Clause

      This contract of Affreightment as well as its pertaining Bills of Lading shall have effect subject to the provisions
          of the Carriage of Goods by Sea Act of the United States, approved on April 16th, 1936, which shall be deemed to be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or
          an increase of any of its responsibilities or liabilities under said Act. If any term of this contract or its Bills of Lading be repugnant to said Act to any extent, such term shall be void to that extent but no further.

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 107 - New Jason
              Clause

      In the event of accident, danger, damage or disaster before or after commencement of the voyage, resulting from any
          cause whatsoever, whether due to negligence or not, for which, or for the consequences of which, the carrier is not responsible, by statute, contract or otherwise, the goods, shippers, consignees, or Owners of the goods shall contribute with the
          carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the goods.

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

      Clause 108 - New Both
              to Blame Collision Clause

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

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

      The foregoing provision shall also apply where the Owners, Operators or those in charge of any ship or ships or
          objects other than, or in addition to, the colliding ships or objects are at fault in respect to a collision or contact.

      Clause 109  - Drug And
              Alcohol Policy

      Owners warrant that there is a policy on Drug and Alcohol Abuse (Policy) applicable to the vessel which meets or
          exceeds that standard in the International Marine Forum Guidelines for the control of Drugs and Alcohol on board the Ship. Under the Policy, alcohol impairment shall be defined as a blood alcohol content of 40mg/100ml or greater; the appropriate
          seafarers to be tested shall be the full Vessel’s complement and the drug/alcohol testing and screening shall include unannounced testing in addition to route medical examinations.

      An objective of the Policy should be that the frequency of the unannounced testing be adequate to act as an effective
          abuse deterrent, and that all officers be tested at least once a year through a combined program of unannounced testing and routine medical examinations.

      Owners further warrant that the Policy will remain in effect during the term of this Charter and that Owners shall
          exercise due diligence to ensure that the Policy is complied with. It is understood that an actual impairment of any test finding of impairment shall not in and of itself mean the Owners have failed to exercise due diligence.

      Owners undertake, unless they have already done it, to sign the US Customs “Sea Carrier Initiative Agreement” in
          consideration with the US Anti-Drug Abuse Act 1986.

      Remark: In case of discrepancies between Printed Form and Rider Clauses, Rider Clauses will prevail.

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 110 - War Risks
              Clauses for Time Charter, 2004 (Code Name: CONWARTIME 2004)

      
        
          	(a)	
                  For the purpose of this Clause, the words:

                

        

      

      
        
          	

                	(i)	
                  “Owners” shall include the shipowners, bareboat charterers, disponent owners, managers or other operators who are charged with the management of the Vessel,
                      and the Master; and

                

        

      

      
        
          	

                	(ii)	
                  ‘War Risks” shall include any actual, threatened or reported:

                

        

      

      war; act of war; civil war; hostilities; revolution; rebellion; civil commotion; warlike
          operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain
          cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgement of the Master and/or the Owners, may be dangerous or are likely to be or to
          become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel.

      
        
          	(b)	
                  The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place, area
                      or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Master and/or the Owners, may be, or are likely to
                      be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                

        

      

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

                

        

      

      
        
          	(d) 	(i) 	The Owners may effect war risks insurance in respect of the Hull and Machinery of the Vessel and
                    their other interests (including, but not limited to, loss of earnings and detention, the crew and their protection and Indemnity Risks), and the premiums and/or calls therefore shall be for their account.

        

      

      
        
          	

                	(ii)	
                  If the Underwriters of such insurance should require payment of premiums and/or calls because, pursuant to the Charterers’ orders, the Vessel is within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of War Risks, then the actual premiums and/or
                      calls paid shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever
                      occurs first.

                

        

      

      
        
          	(e)	
                  If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                      dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed to the Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever
                      occurs first.

                

        

      

      
        
          	(f)	
                  The Vessel shall have liberty:-

                

        

      

      
        
          	

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

                

        

      

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(iv)	
                  to discharge at any other port any cargo or part thereof which may render the Vessel liable to confiscation as a contraband carrier;

                

        

      

      
        
          	

                	(v)	
                  to call at any other port to change the crew or any part thereof or other persons on board the Vessel when there is reason to believe that they may be
                      subject to internment, imprisonment or other sanctions.

                

        

      

      
        
          	(g)	
                  If in accordance with their rights under the foregoing provisions of this Clause, the Owners shall refuse to proceed to the loading or discharging ports, or
                      any one or more of them, they shall immediately inform the Charterers. No cargo shall be discharged at any alternative port without first giving the Charterers notice of the Owners’ intention to do so and requesting them to nominate a
                      safe port for such discharge. Failing such nomination by the Charterers within 48 hours of the receipt of such notice and request, the Owners may discharge the cargo at any safe port of their own choice.

                

        

      

      
        
          	(h)	
                  If in compliance with any of the provisions of sub-clauses (b) to (g) of this Clause anything is done or not done, such shall not be deemed a deviation, but
                      shall be considered as due fulfilment of this Charter Party.

                

        

      

      Clause 111 - BIMCO
              Bunker Fuel Sulphur Content Clause For Time Charter Parties 2005

      
        
          	(a)	
                  Without prejudice to anything else contained in this Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the
                      vessel, at all times, to comply with the maximum sulphur content requirements of any emission control zone when the vessel is ordered to trade within that zone.

                

        

      

      The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker surveyors
          used by the Charterers to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI, including the Guidelines in respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend and hold
          harmless the Owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers’ failure to comply with this Sub- clause (a).

      
        
          	(b)	
                  Provided always that the Charterers have fulfilled their obligations in respect of the supply of fuels in accordance with Sub-clause (a), the Owners warrant
                      that:

                

        

      

      
        
          	

                	(i)	
                  The vessel shall comply with Regulations 14 and 18 of MARPOL Annex VI and with the requirements of any emission control zone; and

                

        

      

      
        
          	

                	(ii)	
                  The vessel shall be able to consume fuels of the required sulphur content when ordered by the Charterers to trade within any such zone.

                

        

      

      Subject to having supplied the vessel with fuels in accordance with Sub-clause(a), the Charterers
          shall not otherwise be liable for any loss, delay, fines, costs or expenses arising or resulting from the vessel’s failure to comply with Regulations 14 and 18 of MARPOL Annex VI.

      
        
          	(c)	
                  For the purpose of this Clause, “emission control zone” shall mean zones as stipulated in MARPOL Annex VI and/or zones regulated by regional and/or national
                      authorities such as but not limited to, the EU and the US Environmental Protection Agency.

                

        

      

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 112 - BIMCO
              Standard ISM Clause for Voyage and Time Charter Parties

      From the date of coming into force of the International Safety Management (ISM) Code in relation to the Vessel and
          thereafter during the currency of this Charter Party, the Owners shall procure that both the Vessel and “the Company” (as defined by the ISM Code) shall comply with the requirements of the ISM Code. Upon request the Owners shall provide a copy of
          the relevant Document of Compliance (DOC) and Safety Management Certificate (SMC) to the Charterers.

      Except as otherwise provided in this Charter Party, loss, damage, expense or delay caused by failure on the part of
          the Owners or “the Company” to comply with the ISM Code shall be for the Owners’ account.

      Clause 113 - BIMCO
              ISPS / MTSA Clause for Time Charter Parties 2005

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

        

      

      
        
          
            	

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

                  

          

        

      

      
        
          	

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

                

        

      

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

        

      

      "The Charterers shall provide the Owners with their full style contact details and where
          sub-letting is permitted under the terms of the Charter Party shall ensure that the contact details of all sub-Charterers are likewise provided to the Owners.”

      
        
          
            	

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

          

        

      

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

                

        

      

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

                

        

      

      
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      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 114 - U.S.
              Customs Advance Notification / AMS Clause for Voyage Charter Parties

      
        
          	(a)	
                  If the Vessel loads or carries cargo destined for the US or passing through US ports in transit, the Owners shall comply with the current US Customs
                      regulations (19 CFR 4.7) or any subsequent amendments thereto and shall undertake the role of carrier for the purposes of such regulations and shall, in their own name, time and expense:

                

        

      

      
        
          	

                	i)	
                  Have in place a SCAC (Standard Carrier Alpha Code);

                

        

      

      
        
          	

                	ii)	
                  Have in place an ICB (International Carrier Bond); and

                

        

      

      
        
          	

                	iii)	
                  Submit a cargo declaration by AMS (Automated Manifest System) to the US Customs.

                

        

      

      The Charterers shall provide all necessary information to the Owners and/or their agent to enable the Owners to submit
          a timely and accurate cargo declaration. The Charterers shall assume liability for and shall indemnify, defend and hold harmless the Owners against any loss and/or damage whatsoever (including consequential loss and/or damage) and/or any
          expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Charterers’ failure to comply with any of the provisions of this sub-clause. Should such failure result in any delay
          then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall count as laytime or, if the Vessel is already on demurrage, time on demurrage.

      
        
          	(c)	
                  The Owners shall assume liability for and shall indemnify, defend and hold harmless the Charterers against any loss and/or damage whatsoever (including
                      consequential loss and/ or damage) and any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Owners’ failure to comply with any of the provisions of
                      sub-clause (a). Should such failure result in any delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall not count as laytime or, if the Vessel is already on demurrage, time on
                      demurrage.

                

        

      

      
        
          	(d)	
                  The assumption of the role of carrier by the Owners pursuant to this Clause and for the purpose of the US Customs Regulations (19 CFR 4.7) shall be without
                      prejudice to the identity of carrier under any bill of lading, other contract, law or regulation.

                

        

      

      Clause 115 - BIMCO
              Bulk Carrier Safety Clause

      
        
          	(a)	
                  The Charterers shall instruct the Terminal Operators or their representatives to cooperate with the Master in completing the IMO SHIP/SHORE SAFETY CHECKLIST
                      and shall arrange all cargo operations strictly in accordance with the guidelines set out therein.

                

        

      

      
        
          	(b)	
                  In addition to the above and notwithstanding any provision in this Charter Party in respect of loading/ discharging rates, the Charterers shall instruct the
                      Terminal Operators to load/ discharge the Vessel in accordance with the loading/ discharging plan, which shall be approved by the Master with due regard to the Vessel’s draught, trim, stability, stress or any other factor which may
                      affect the safety of the Vessel.

                

        

      

      
        
          	(c)	
                  At any time during cargo operations the Master may, if he deems it necessary for reasons of safety of the Vessel, instruct the Terminal Operators or their
                      representatives to slow down or stop the loading or discharging.

                

        

      

      
        
          	(d)	
                  Compliance with the provisions of this Clause shall not affect the counting of laytime.

                

        

      

      Clause 116

      The Owners to have the right to sell the vessel at any time during the period of this Charter Party having promptly
          informed the Charterers in this respect and to provide them with the name of the new owners, subject to Charterers approval which not to be unreasonably withheld.

      
        20

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 117

      Deleted.

      Clause 118

      Negotiations and fixture are to be kept strictly private and confidential except in case of statutory requirements or
          those of Stock listed companies.

      Clause 119 - BIMCO
              Piracy Clause for Time Charter Parties

      
        
          	(a)	
                  The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place, area
                      or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgment of the Master and/or the Owners, may be, or are likely to
                      be, exposed to any actual, threatened or reported acts of piracy, whether such risk of piracy existed at the time of entering into this charter party or occurred thereafter. Should the Vessel be within any such place as aforesaid,
                      which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                

        

      

      
        
          	(b)	
                  If the Owners do not give their consent they shall immediately inform the Charterers and the Charterers shall be obliged to issue alternative voyage orders
                      and any time lost due to compliance with such orders shall not be considered off-hire. The Charterers shall indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                

        

      

      
        
          	(c)	
                  If the Owners consent or if the Vessel proceeds to or through an area exposed to risk of piracy the Owners shall have the liberty:

                

        

      

      
        
          	

                	(i)	
                  to take reasonable preventive measures to protect the vessel, her crew and cargo including but not limited to taking a reasonable alternative route,
                      proceeding in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment on or about the vessel,

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(iii)	
                  to comply with all orders, directions, recommendations or advice given by the Government of the Nation under whose flag the Vessel sails, or other
                      Government to whose laws the Owners are subject, or any other Government, body or group, including  military  authorities, whatsoever acting with the power to compel compliance with their orders or directions;

                

        

      

      
        
          	

                	(iv)	
                  to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has the
                      right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement; and the Charterers shall
                      indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                

        

      

      
        
          	(d)	
                  Costs

                

        

      

      
        
          	

                	(i)	
                  If the Vessel proceeds to or through an area where due to risk of piracy additional costs will be incurred including but not limited to additional
                      insurance, additional personnel and preventative measures to avoid piracy attacks, such costs shall be for the Charterers’ account. Any time lost waiting for convoys, following recommended routeing, timing, or reducing speed or taking
                      measures to minimise risk, shall be for the Charterers’ account and the Vessel shall remain on hire;

                

        

      

      
        
          	

                	(ii)	
                  If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                      dangerous in the manner defined by the said  terms, then the actual bonus  or additional wages paid shall be  reimbursed to the

                

        

      

      
        21

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery,
          whichever occurs first ;

      
        
          	

                	(iii)	
                  If the underwriters of the Owners’ insurances should require payment of additional premiums and/or calls because, pursuant to the Charterers’ orders, the
                      Vessel is within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of piracy risks, then the actual additional premiums
                      and/or calls paid shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                

        

      

      
        
          	(e)	
                  If the Vessel is attacked or seized by pirates any time lost shall be for the account of the Charterers and the Vessel shall remain on hire. If the Vessel
                      is seized the Owners shall keep the Charterers closely informed of the efforts made to have the Vessel released.

                

        

      

      
        
          	(f)	
                   If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                      Charter Party.

                

        

      

      Clause 120 -
              Radioactivity Risk Clause for Time Charter Parties

      
        
          	(a)	
                  The Vessel shall not be obliged to proceed or required to continue to or through or remain at, any port, place, area or zone, or any waterway or canal (
                      hereinafter "Area”) which may expose the Vessel, her cargo, crew or other persons on board the Vessel to danger from levels of ionizing radiations from or contamination by radioactivity from any nuclear fuel, nuclear waste or from the
                      combustion of nuclear fuel, or the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or component thereof (hereinafter “Radioactivity”)
                      determined by a competent local, national or international authority (including but not limited to the International Atomic Energy Authority and the World Health Organization) to be harmful to human health.

                

        

      

      
        
          	(b)	
                  If in accordance with sub-clause(a) the Owners decide that the Vessel shall not proceed or continue to or through or remain in the Area they must
                      immediately inform the Charterers. The Charterers shall be obliged to issue alternative voyage orders and shall indemnify the Owners for any claims from holders of the Bills of Lading caused by waiting for such orders and/or the
                      performance of an alternative voyage. Any time lost as a result of waiting for or complying with such orders shall not be considered off-hire.

                

        

      

      
        
          	(c)	
                  The Vessel shall have liberty to comply with all orders, directions, recommendations or advice of competent authorities and/or the Flag State of the Vessel
                      in respect of arrival, routes, ports of call, destinations, discharge of cargo, delivery, or in any other way whatsoever.

                

        

      

      
        
          	(d)	
                  The Charterers warrant that they shall not load cargoes and/ or empty containers and/or supply bunkers that have levels of Radioactivity in excess of normal
                      background radiation levels for the Area. The Owners, at their discretion, may arrange for a radioactive survey by an independent qualified surveyor, at the Charterers’ cost, expense and time. If the level of Radioactivity in the
                      cargoes, empty containers and/ or bunkers is determined by the surveyor to exceed normal background levels, the Owners shall have the right to refuse to load such cargoes, empty containers and/or bunkers.

                

        

      

      
        
          	(e)	
                  Any delays arising out of measures taken by port authorities to screen the Vessel for radiation either in the countries affected by Radioactivity or at
                      subsequent ports of call shall be for the Charterers’ account. Any time lost as a result of complying with such screening shall not be considered off-hire.

                

        

      

      
        
          	(f)	
                  If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                      Charter Party. In the event of a conflict between the provisions of this Clause and any implied or express provision of the Charter Party, this Clause shall prevail to the extent of such conflict, but no further.

                

        

      

      
        22

        
          

      

      

      

      ADDITIONAL CLAUSES TO M/V "CONQUISTADOR"

          CHARTER PARTY DATED 19TH NOVEMBER 2018

      Clause 121 - Loading
              Iron Ore in India

      The Charterers are to provide certificate(s) of testing from a laboratory which must be approved in advance by the
          Owners and such certificate(s) of testing must state the TML (Transportable Moisture Limit) and FMP (Flow Moisture Point) and Moisture Content. Such certificate(s) are to be presented to the Owners and the Master prior to, and as a condition of,
          the commencement of loading.

      Notwithstanding above, should the Owners so require, the Charterers are to allow the Owners or their representatives
          to take samples of cargoes prior to, and as a condition of, loading and the Owners shall be entitled to test such samples and/or appoint surveyors and/or experts to act on their behalf always at the Owners’ discretion, but only one of the
          following companies to be used:

      Either, M/S ERICSON & RICHARDS (GOA) or M/S J.B. BODA PVT LTD (GOA).

      The master shall have the right to refuse to accept cargo on board.

      Such refusal shall not be a breach of charter, vessel shall remain on-hire, and the Charterers shall be responsible,
          at their sole time and expense for all steps required to provide a safe cargo to the satisfaction of the master.

      The Charterers agree to pay and indemnify the Owners for all costs / fees, liabilities and all time taken in connection with the matters
          provided for in this clause shall be for the Charterers’ account. Cargo loaded in vessel’s holds after having been tested and accepted by Owners/Master cannot be rejected.

      

      

      -END-

      
        23

        
          

      

      

      

      

      

      SIDE LETTER

      TO

      MV “CONQUISTADOR”

      CHARTER PARTY DATED
              19TH NOVEMBER 2018

      It is mutually agreed between EGERIA MARINE INC., Marshall Islands as Owners and TMS DRY LTD, Marshall Islands as
          Charterers that notwithstanding anything else in this Charterparty:

      
        
          	

                	-	
                  Israel trading is allowed provided no subsequent voyage to Arabian country.

                

        

      

      
        
          	

                	-	
                  Sierra Leone: to be discussed/considered on a case by case basis.

                

        

      

      
        
          	

                	-	
                  Indian Ocean /Gulf of Aden/Red Sea Passage: to be discussed/considered on a case by case basis against Charterers paying for all extra insurance, crew war
                      bonus and for sufficient armed guards and safety/protection equipment.

                

        

      

      	
              THE OWNERS

            	 	
              THE CHARTERERS

            
	 	 	 
	 	 	 
	
              EGERIA MARINE INC.

            	 	
              TMS DRY LTDExhibit 4.74

  

  

  	
          1. Shipbroker

          N/A

        	
           

          BIMCO STANDARD BAREBOAT CHARTER

          CODE NAME: "BARECON 2001"

        	
          BIMCO

           

           

          PART I

        
	
          2. Place and date

          VALLETTA, MALTA

          19th November 2018

           

            

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

          PLIADES OWNING COMPANY LIMITED

          Trust Company Complex Ajeltake Road, Ajeltake Island, Majuro, MH96960 Trust Company Complex, Ajeltake Road, Ajeltake
              Island, Majuro, Marshall Islands

           

            

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

          LUCINA MARINE INC

          Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960 Marshall Islands

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

          PINK SANDS

          Call Sign: 9HA4125

          Flag: Malta

          IMO: 9724647

           

            

        
	
          6. Type of Vessel

          Bulk Carrier

           

            

        	
          7. GT/NT

          107665/66786

        
	
          8. When/Where built

          2016- YANGZI XINFU S.B. CO., LTD, CHINA

           

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

          208.931 MT

        
	
          10. Classification Society (Cl. 3)

          American Bureau of Shipping or any other Classification Society

           

            

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

          N/A

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

          Length :294.42

          Breadth: 50.00

          Depth: 24.90

           

            

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

          Worldwide at Owners' option

           

            

        	
          14. Time for delivery (Cl. 4)

          15 November -15 December 2018

        	
          15. Cancelling date (Cl. 5)

          15 December 2018

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

          N/A

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

          N/A

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

          N/A

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

          In accordance with Classification Society or Flag State

          requirements

        
	
          20. Trading Limits (Cl. 6)

          WORLDWIDE WITHIN INSTITUTE WARRANTY LIMITS

           

            

        
	
          21. Charter period (Cl. 2)

          See Clause 33

           

            

        	
          22. Charter hire (Cl. 11)

          See Clause 34

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

          N/A

           

            

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

          See Clause 34

           

            

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

          Dollars/Bank Transfer

        

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  “BARECON 2001” STANDARD BAREBOAT CHARTER

  PART I

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

          Such account as the Owners may notify the Charterers from time to time

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

          N/A

           

            

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

          First priority statutory Mortgage in favour of KFW IPEX- BANK GmbH of Germany and Second priority
              statutory Mortgage in favour of DEKABANK Deutsche Girozentrale

           

            

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

          See Clause 13

           

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

          See Clause 13

           

            

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

          See Clause 13

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

          N/A

           

            

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

          N/A

        
	
          34. Grace period (state number of clear banking dates)(Cl.
                  28)

          Three (3) Business Days

           

            

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

          30(a)

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

          N/A

           

            

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

          No, Part lll does not apply

           

            

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

                  III applies)

          N/A

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

                  III applies)

          N/A

           

            

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

                  III applies)

          N/A

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

          a) N/A

          b) N/A

          c) N/A

          
                

              

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

          No, Part IV does not apply

           

            

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

          No, Part V does not apply

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

          N/A

           

            

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

          N/A

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

          Clause 32 to Clause 42

           

            

        
	
           

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

           

        
	
          Signature (Owners)

          /s/ Dimitrios Glynos

          By: Dimitrios Glynos

          Title: Attorney-in-fact

        	
          Signature (Charterers)

          /s/ Dimitrios Dreliozis

          By: Dimitrios Dreliozis

          Title: Attorney-in-fact

        

  

  

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  
    
      

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

  
    
      	1.	
              Definitions See also
                    Clause 32

            

    

  

  In this Charter, the following terms shall have the meaning hereby assigned to them: “The Owners” shall mean the party identified in Box 3; “The Charterers” shall mean the party identified in Box 4; “The Vessel” shall mean the vessel named in Box 5 and with
      particulars as stated in Boxes 6 to 12.

  “Financial Instrument” means the mortgage, deed of covenant or other such financial security instrument as annexed to this Charter and stated in Box 28.

  
    
      	2.	
              Charter Period

            

    

  

  In consideration of the hire detailed in Box
          22, the Owners have agreed to let and the Charterers have agreed to hire the Vessel for the period stated in Box 21 (“The Charter Period”). See also Clause 33

  
    
      	3.	
              Delivery

            

    

  

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

  (a) The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy And in every respect ready in hull, machinery and equipment for service
      under this Charter.

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

  (b) The Vessel shall be property documented on delivery in accordance with the laws of the Fflag State indicated in Box 5 and the requirements of the Cclassification Ssociety

      stated in Box 10.  The Vessel upon delivery shall have her survey cycles up to date and trading and class certificated valid for at least the number of months
      agreed in Box 12.

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

  
    
      	4.	
              Time for Delivery

            

    

  

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

  The Vessel shall not be delivered before the date indicated in Box 14, without Charterers’ consent and the Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box

          15.  Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than (30) running days’ preliminary and not less than
      fourteen (14) running days’ definite notice of the date on which the Vessel is expected to be ready for delivery.

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

  
    
      	5.	
              Cancelling

            

    

  

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

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

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

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

  
    
      	6.	
              Trading Restrictions.

            

    

  

  The Vessel Shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits
      indicated in Box 20. The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in conformity with the terms of the
      contracts of insurance (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to such employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe.

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

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

  
    
      	7.	
              Surveys on Delivery and Redelivery

            

    

  

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

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

  8.  Inspection

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

  (a) to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained. The costs and fees of such inspection or survey shall be
      paid to the Owners unless the Vessel is found to require repairs or maintenance in order to achieve the condition so provided;

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

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

  All time used in respect of inspection, survey or repairs

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

  shall be for the Charterers accounts and form part of the Charter Period.

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

  The Charterers shall provide such necessary assistance to the Owners, their representatives or agents in
      respect of any inspection hereunder.

  9. Inventories, Oil and Stories

  A complete inventory of the Vessel’s
          entire equipment, outfit including spare parts, appliances and of all consumables stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. The Charterers and the
          Owners, respectively, shall at the time of delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the then current
          market prices at the ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel.
      The Charterers shall at the time of delivery take over and pay for all bunkers and lubricating oil’s in the Vessels as evidenced by invoices.

  10. Maintenance and Operation

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

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

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

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

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

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

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

  (d) Flag and Name of Vessel – During the Charter Period, the Charterers shall have the
      liberty to paint the Vessel in their own colours, install and display their funnel insignia and fly their own flag (with all fees, costs and expenses arising in relation thereto for the Charterers account). 
      The Charterers shall also have the liberty, with the Owner’s and the Mortgagees’ consent, which shall not be unreasonably withheld, to change the flag and/or the name
      of the Vessel during the Charter Period.  Any pPainting and re-painting, instalment and
      re-instalment, registration and re-registration, if required by the Owners, shall be at the Charterers’ expense and time.  If the Flag State requires the Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence
        or office shall be for the account of the Charterers.

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

  (f) Use of the Vessel’s Outfit, Equipment and Appliances – The
      Charterers shall have the use of all outfit, equipment, and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent shall be returned to the Owners on redelivery in the same good order and condition
      as when received, ordinary wear and tear expected.  The Charterers shall from time to time during the Charter Period replace such items of equipment as shall be so damaged or worn as to be unfit for use.  The Charterers are to procure that all
      repairs to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards workmanship and quality of materials) as not to diminish the value of the Vessel.  Title of any
        equipment so replaced shall vest in and remain with the Owners.  The Charterers have the right to fit additional equipment at their expense and risk (provided that no permanent structural damage is caused to
        the Vessel by reason of such installation) and but the Charterers

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

  shall, at their expense, remove such equipment and
        make good any damage caused by the fitting or removal of such additional equipment before the Vessel is redelivered to the Owners pursuant to Clause 28 at
          the end of the period if requested by the Owners.  Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations
      and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith, also for any new equipment required in order to comply with ratio regulations.

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

  11. Hire See Clause 34

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

  (b) The Charterers shall pay to the Owners for the hire of the Vessel a lump
          sum in the amount indicated in Box 22 which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable on the date and hour of the Vessel's delivery to the Charterers. Mire shall be paid
          continuously throughout the Charter Period.

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

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

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

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

   
  (g)  Payment of interest due under sub clause 11 (f) shall be made within seven (7) running days of the date of the Owners' invoice specifying the
          amount payable or, in the absence of an invoice, at the time of the next hire payment date.

  
    
      	12.	
              Mortgage See also Clause 35

            

    

  

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

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

            

    

  

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

            

    

  

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

            

    

  

  
    
      	13.	
              Insurance and Repairs

            

    

  

  (a) During the Charter Period the Vessel shall be kept insured by the Charterers at their expense in accordance with the requirements set out in the Facility Agreements. against hull and machinery, war and Protection and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, including maintaining financial security in
          accordance with sub clause 10(a)(iii)) in such form as the Owners shall in writing approve, which approval shall not be un reasonably withheld. Such insurances stated in this Clause 13 shall be arranged by the Charterers- to protect the interests of both the Owners and the Charterers and the mMortgagees(s) (if any), and The Charterers shall be at liberty to
          protect under such insurances the interests of any managers they may appoint. Insurance policies shall cover the Owners, and the Charterers and the Mortgagees according to their respective interests.

  Subject to the provisions of the Financial Instruments, if any, and the
        agreed loss payable clauses, and the approval of the Owners and the insurers, the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as
      well as insured charges, expenses and liabilities to the extent of coverage under the insurances herein provided for.

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

  All time used for repairs under the provisions of sub-clause

          13(a) and for repairs of latent defects according to Clause 3(c) above, including any deviation, shall be for the Charterers' account.

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

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

  (d) Subject to the provisions of the Financial lnstru-

  This document is computer generate BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

  ments, if any, should the Vessel become a an actual, constructive, compromised or agreed Ttotal Lloss under the insurances required under sub clause 13(a), all
      insurance payments for such loss shall be paid to the Lenders In accordance with the agreed loss payable clauses Owners who shall distribute the moneys between the Owners and the Charterers according to their respective interests. and any amount In excess of all of the amounts owning and secured under the Facility Agreements in
        relation to the Vessel shall be paid to the Charterers. The Charterers undertake to notify the Owners and the MmortgageeSs(s), if any, of any occurrences in consequence of which the Vessel is likely to become a Ttotal Lloss as defined in this Clause.

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

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

  
    
      	14.	
              Insurance, Repairs and Classifications.

            

    

  

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

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

  Insurance policies shall cover the Owners
          and the Charterers according to their respective interests.

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

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

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

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

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

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

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

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

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

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

  (k) For the purpose of insurance coverage against hull and machinery and war
          risks under the provisions of sub-clause 14(a), the
          value of the Vessel is the sum indicated in Box 20.

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

  15. Redelivery

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

  Any changes thereafter in the Vessel's
          position shall be notified immediately to the Owners.

  The Charterers warrant that they will not
          permit the Vessel lo commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period. Notwithstanding the above, should the
          Charterers fail to redeliver the Vessel within The Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box

            22 plus 10 per cent. or to the market rate, whichever is the higher, for the number of days by which the Charter Period is exceeded. All other terms,
          conditions and provisions of this Charter shall continue to apply.

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

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

  16. Non-Lien

  The Charterers will not suffer, nor permit to be continued,

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

  any lien or encumbrance incurred by them or their agents, which might have priority over the title and interest of the Owners
      in the Vessel. The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice reading as follows:

  "This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of the Charter
      Party neither the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever."
      and a notice required by the Mortgagee as set out in clause 22.5 of the KFW and DEKA Facility Agreement.

  
    
      	17.	
              Indemnity

            

    

  

  (a) The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising out of or in relation to the operation of the Vessel by the
      Charterers, and against any lien of whatsoever nature arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by reason of claims or liens arising out of her operation hereunder by the Charterers,
      the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including the provision of bail.

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

  (b) If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners shall at their own expense take all reasonable steps to secure that
      within a reasonable time the Vessel is released, including the provision of bail.

  In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers
      (including hire paid under this Charter) as a direct consequence of such arrest or detention.

  
    
      	18.	
              Lien

            

    

  

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

  
    
      	19.	
              Salvage

            

    

  

  Subject to the provisions of
        the Financial Instruments, aAll salvage and towage performed by the Vessel shall be for the Charterers' benefit and the cost of repairing damage occasioned thereby shall be borne
      by the Charterers.

  
    
      	20.	
              Wreck Removal

            

    

  

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

  
    
      	21.	
              General Average

            

    

  

  The Owners shall not contribute to General Average.

  
    
      	22.	
              Assignment, Sub-Charter and Sale

            

    

  

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

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

  
    
      	23.	
              Contracts of Carriage

            

    

  

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

            

    

  

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

            

    

  

  
    
      	)*	
              Delete as applicable

            

    

  

  
    
      	24.	
              Bank Guarantee

            

    

  

  (Optional,

          only to apply if Box 27 is filled)

  The Charterers undertake to furnish,
          before delivery of the Vessel, a first class bank guarantee or bond in the sum and at the place as indicated in Box 27 as guarantee for full performance of their obligations under this Charter.

  
    
      	25.	
              Requisition/Acquisition

            

    

  

  (a)  Subject to the provisions of the Financial Instruments, iIn the event of the Requisition for Hire of the Vessel by any governmental or other competent authority (hereinafter referred to as "Requisition for
      Hire") irrespective of the date during the Charter Period when "Requisition for Hire" may occur and irrespective of the length thereof and whether or not it be for an indefinite or a limited period of time, and irrespective of whether it may or will
      remain in force for the remainder of the Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated and the Charterers shall continue to pay the stipulated hire in the manner provided by this
      Charter until the time when the Charter would have terminated pursuant to any of the provisions hereof always provided however that if all hire has been
        paid by the Charterers hereunder then in the event of "Requisition for Hire" any Requisition Hire or compensation is received or receivable by the Owners, the same shall be payable to the Charterers during the remainder of the
      Charter Period or the period of the "Requisition for Hire" whichever be the shorter.

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

  
    
      	26.	
              War

            

    

  

  (a) Subject to the provisions of the
        Financial Instruments, fFor the
      purpose of this Clause, the words "War

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

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

  (b) The Vessel, unless the War Risks Insurers written consent of the Owners be first obtained, shall not continue to or go through any port, place, area or zone (whether of land or sea), or any waterway or canal,
      where it reasonably appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid,
      which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have the right to require the Vessel to leave such area.

  (bb) In the event of hostilities in any part of the world (whether war is declared or not), the Charterers shall not cause or permit the
      Vessel to enter or trade to any zone which is declared a war zone by any Government or by the Vessel's war risks insurers until the prior written notice to war risks insurers has been given and the Charterers have obtained the consent of the insurers
      to such employment and comply with such requirements as to extra premium or otherwise as the insurers may prescribe or have effected any special, additional or modified insurance cover which the Owners may require.

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

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

  (e) The Charterers shall have the liberty:

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  (f) In the event of outbreak of war (whether there be a declaration of war or not) (i) between
          any two or more of the following countries: the United States of America; Russia; the United Kingdom; France; and the People's Republic of China, (ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have the right to cancel this Charter,
          whereupon the Charterers shall redeliver the Vessel to the Owners in accordance with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the
          Vessel then is or if at sea at a near, open and safe port as directed by the Owners.  In all cases hire shall continue to be paid in accordance with Clause 34 Clause 11 and except

          as aforesaid all other provisions of this Charter shall apply. until redelivery.

  
    
      	27.	
              Commission

            

    

  

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

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

  
    
      	28.	
              Termination

            

    

  

  (a) Charterers' Default

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

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  (1) Clause 6 (Trading Restrictions)

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

  
    
      	

            	(iii)	
              the Charterers fail to rectify any failure to comply with the requirements of sub-clause

                      10(a)(i) (Maintenance and Repairs) as soon as practically

            

    

  

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

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

  
    
      	

            	(b)	
              Owners' Default

            

    

  

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

  (c) Loss of Vessel

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

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

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

  
    
      	29.	
              Repossession

            

    

  

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

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

  
    
      	30.	
              Dispute Resolution

            

    

  

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

            

    

  

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

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

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

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

        language or any arbitration proceedings shall be in English.

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

            

    

  

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

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

            

    

  

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

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

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  PART II

  "BARECON 2001" Standard Bareboat Charter

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

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

  
    
      	

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

            

    

  

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

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

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

            

    

  

  
    
      	*)	
              Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35.

            

    

  

  
    
      	31.	
              Notices See Clause 34

            

    

  

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

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

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  
    
      

  

  

  

  
    	
             

          	
             

          	
             

          	
             OPTIONAL

            

            PART

            

          

    

    

  

  “BARECON 2001” Standard Bareboat Charter”

  Part III

  PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

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

  1. Specifications and Building Contract

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

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

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

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

  2. Time of Place of Delivery

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

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

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

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

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

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

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

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

  3. Guarantee Works

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

  4. Name of Vessel

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

  5. Survey on Redelivery

  The Owners and the
          Charterers shall appoint surveyors for the purpose of determining and agreeing in writing the condition of the Vessel at the time of re-delivery.  Without prejudice to Clause 15(Part II), the Charterers shall bear all survey expenses and all
          other costs, if any, including the cost of docking and undocking, if required, as well as all repair costs incurred.  The Charterers shall also bear all loss of time spent in connection with any docking and undocking as well as repairs, which
          shall be paid at the rate of hire per day or pro rata.

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  
    
      

  

  

  

  

  

  
    	
             

          	
             

          	
             

          	
             OPTIONAL

            

            PART

            

          

  

  “BARECON 2001” Standard Bareboat Charter”

  Part IV

  HIRE/PURCHASE AGREEMENT

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

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

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

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

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

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

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

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

  The Buyers undertake
          to pay for the repatriation of the Master, officers and other personnel if appointed by the Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent cost for their journey to any other place.

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  
    
      

  

  

  

  

  

  
    	
             

          	
             

          	
             

          	
             OPTIONAL

            

            PART

            

          

  

  “BARECON 2001” Standard Bareboat Charter”

  Part V

  PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY

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

  1. Definitions

  For the purpose of this Part V, the
          following terms shall have the meanings hereby assigned to them:

  “The Bareboat Charter Registry” shall mean the registry of the State whose flag the Vessel will fly and in which the Charterers are registered as the bareboat charterers during the period of the
          Bareboat Charter.

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

  2. Mortgage

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

  3. Termination of Charter by Default

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

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

  

  

  This document is a computer generated BARECON 2001 form printed by authority of BIMCO.  Any insertion or deletion to the form must be clearly
      visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply.  BIMCO assumes no responsibility for any loss, damage or expense as a
      result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  

  

  

  

  
    
      

  

  
  

  

  ADDITIONAL CLAUSES TO
          BARECON 2001 DATED 19th NOVEMBER 2018

  CLAUSE 32- DEFINITIONS

  “Actual Delivery Date” means

      the date when the Vessel is in fact delivered by the Owners to the Charterers pursuant to the Charter.

  “Advance Charterhire” means

      the advance charterhire amount specified in Schedule 1.

  “Business Day” means

      a day on which banks are open for business in the principal business centres of London, New York and Athens.

  “Charter Guarantee” means

      the guarantee of the Charter Guarantor contained in this Charter.

  “Charter Guarantor” means

      Dryships Inc. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

  “Charterhire” means

      each of, as the context may require, all of the quarterly instalments of hire payable hereunder comprising in each case:

  
    
      	

            	(i)	
              a component of Charterhire A; and

            

    

  

  
    
      	

            	(ii)	
              a component of Charterhire B.

            

    

  

  “Charterhire A” means,

      in relation to a Payment Date, the fixed charterhire in accordance with the table set out in Schedule 1 (Payment Dates and Fixed Charterhire) as
      may be adjusted from time to time in accordance with clause 36 of this Charter.

  “Charterhire B” means,

      in relation to a Payment Date, the interest component calculated in accordance with the terms of clause 8 of the KFW Facility Agreement, to accrue from the Actual Delivery Date onwards and for the duration of the Charter Period.

  “Charter Period” has

      the meaning given to it in Clause 33 of this Charter.

  “Classification Society” means

      ABS or any classification society notified by the Charterers to the Owners which is a member of the International Association of Classification Societies.

  “Facility Agreements” means

      (a) a facility agreement dated 30 September 2016 as amended by a Supplemental Agreement dated 22 September 2017 and as further amended and supplemented by a Second Supplemental Agreement dated 9 October 2018 and entered into between inter alios (i)
      the Owners, Corysia Owning Company Limited and Harpina Owning Company Limited as joint and several borrowers, (ii) the banks and financial institutions listed therein as lenders (the “KFW Lenders”), (iii) KFW IPEX- Bank GmbH as arranger, agent and
      security agent, (iv) KFW IPEX- Bank GmbH as hedging provider and (v) Capeships Inc., Holdships Inc. as guarantors and (vi) Melite Owning Company Limited as collateral owner pursuant to which the lenders have agreed to make available and have made
      available to the Borrowers, jointly and severally, a loan of up to Eighty two million seven hundred and sixty two thousand five hundred Dollars ($82,762,500) (the “KFW Facility Agreement”) and (b) a facility agreement dated 6 October 2016 as amended and supplemented by a
      Supplemental Agreement dated 27 March 2017 and as further amended and supplemented by a Second Supplemental Agreement dated 22 September 2017 and entered into between inter alios (i) Melite Owning Company Limited as borrower, (the “Borrower”) (ii)
      Dekabank Deutsche Girozentrale as arranger, agent and security agent and the financial institutions listed therein as lenders (the “DEKA Lenders”, together with the KFW Lenders the “Lenders”) (iii) Capeships Inc., the Owners, Harpina Owning Company Limited and Corysia Owning Company Limited

  
    1

    
      

  

  

  

  as guarantors, pursuant to the terms of which the lenders have agreed to make available and have made available to the
      Borrower a facility of up to Thirty Eight Million Eight Hundred and Fifty Thousand Dollars ($38,850,000) (the “DEKA Facility Agreement”, together
      with the KFW Facility Agreement the “Facility Agreements”).

  “Financial Instruments” means

      the first and second priority mortgages, deed of covenants, the general assignments or such other financial security instruments granted to the Owners’ Lenders as security for the obligations of the Owners in relation to the Facility Agreements.

  “Flag State” means
      the Malta, Marshall Islands, Liberia, Cyprus, Greece or the Cayman Islands or any other flag state approved by the Owners and the Mortgagees.

  “Mortgagees” means
      (i) KFW IPEX- BANK GmbH of Palmengartenstrasse 5-9, D-60325, Frankfurt am Main, Germany and (ii) DEKABANK DEUTSCHE GIROZENTRALE of Mainzer Landstrasse 16, 60325 Frankfurt am Main, Germany.

  “Payment Date” means

      each of the dates upon which Charterhire is to be paid by the Charterers to the Owners pursuant to clause 34.

  “Permitted Security
        Interests” means:

  
    
      	(a)	
              Security Interests created by a Financial Instrument; and

            

    

  

  
    
      	(b)	
              other Security Interests permitted under the Facility Agreement or the Financial Instruments.

            

    

  

  “Purchase Obligation” means

      the purchase obligation referred to in Clause 38.

  “Purchase Obligation Date”
      means the date on which the Owners shall transfer the legal and beneficial interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period.

  “Purchase Obligation
        Price” means an amount equal to USD 5,400,000 (United States Dollars Five Million Four Hundred Thousand) as may be adjusted from time to time in accordance with clause 36 of this Charter.

  “Security Interest” means

      a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien, assignment, hypothecation or any other security interest of any kind or any other agreement or arrangement having the effect of conferring a security interest;

  “Total Loss” means:

  
    
      	(a)	
              actual, constructive, compromised or arranged total loss of the Vessel;

            

    

  

  
    
      	(b)	
              requisition for title, confiscation or other compulsory acquisition by a government entity; or

            

    

  

  
    
      	(c)	
              hijacking, piracy, theft, condemnation, capture, seizure, arrest or detention for more than 30 days.

            

    

  

  CLAUSE 33 - CHARTER PERIOD

  The period of chartering of the Vessel under this Charter shall commence on the Actual Delivery Date
      and terminate on the Final Repayment Date in respect of Advance C as defined in the KFW Facility Agreement unless otherwise terminated in accordance with the terms hereof.

  CLAUSE 34 - CHARTERHIRE

  
    2

    
      

  

  

  

  

  

  
    
      	34.1	
              In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the request of the Charterers, the Charterers hereby
                  irrevocably and unconditionally agree to pay to the Owners, the Charterhire, the Advance Charterhire and the Purchase Obligation Price.

            

    

  

  
    
      	34.2	
              The Charterers shall pay the Advance Charterhire to the Owners on the Actual Delivery Date which amount shall be non-refundable under all circumstances and no
                  interest shall accrue on the Advance Charterhire.

            

    

  

  
    
      	34.3	
              Subject to the terms of this Clause 34, the Charterers shall pay the Charterhire quarterly in arrears in 40 consecutive instalments to the Owners under this
                  Charter. The payment dates will be 5 days prior to the Payment Dates, as same are specified in Schedule 1 (Payment Dates and Fixed
                    Charterhire), or any other date as may be mutually agreed between the Charterers and the Owners.

            

    

  

  
    
      	34.4	
              Time of payment of the Charterhire, the Advance Charterhire and other payments by the Charterers shall be of the essence of this Charter.

            

    

  

  
    
      	34.5	
              All payments of the Charterhire, the Advance Charterhire, the Purchase Obligation Price and any other amounts payable under the Charter shall be made in
                  Dollars.

            

    

  

  
    
      	34.6	
              All Charterhire and any moneys payable hereunder shall be payable by the Charterers to the Owners to such account as the Owners may notify the Charterers in
                  writing. Payment of the Charterhire and the Advance Charterhire and other moneys hereunder shall be at the Charterers’ risk until receipt by the Owners.

            

    

  

  
    
      	34.7	
              All stamp duty, value added tax, withholding or other taxes and import and export duties and all other similar types of charges which may be levied or assessed
                  on or in connection with:

            

    

  

  
    
      	(a)	
              the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and

            

    

  

  
    
      	(b)	
              the import, export, purchase, delivery and re-delivery of the Vessel, shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and Advance Charterhire
                    and other payments payable under this Charter by addition to, and at the time of payment of, such amounts.

            

    

  

  
    
      	34.8	
              If the Charterers fail to make any payment due under this Charter on the due date, they shall pay interest on such late payment at the default rate of two per
                  cent. (2%) per annum plus the Interest Rate from the date on which such payment became due until the date of payment thereof.

            

    

  

  
    
      	34.9	
              All default interest and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and shall be calculated on
                  the basis of the actual number of days elapsed and a 360 day year.

            

    

  

  
    
      	34.10	
              Any payment which is due to be made on a day which is not a Business Day, shall be
                  made on the preceding Business Day in the same calendar month.

            

    

  

  CLAUSE 35 - QUIET ENJOYMENT

  
    
      	35.1	
              Provided that the Charterers do not breach any terms of this Charter, the Owners
                  hereby agree: (i) not to disturb or interfere or do or cause any person claiming on behalf of the Owners to disturb or interfere with the Charterers’ lawful use, possession and quiet enjoyment of the Vessel during the Charter Period
                  (including its full, quiet

            

    

  

  
    3

    
      

  

  

  

  

  

  and unfettered use, possession and employment of the Vessel subject to the terms of this Charter); and
      (ii) without limiting (i), not to take any steps to wind up, liquidate or place in administration or receivership of the Owners or commence or continue any analogous proceedings in any jurisdiction in respect of the Owners.

  CLAUSE 36- SECURITY SHORTFALL

  If at any time a prepayment is required to be made as provided in clause 25.12 of the KFW Facility
      Agreement, then such prepayment of the loan pursuant to clause 25.12 (a) (ii) of the KFW Facility Agreement shall be made by the Charterers. In such event the Charterhire A and/or the Purchase Obligation Price shall be adjusted pursuant to clause
      25.12 (b) of the KFW Facility Agreement.

  CLAUSE 37- NOTICES

  Any notice, certificate, demand or other communication to be served, given made or sent under or in
      relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post, fax or by email to the
      following respective addresses:

  
    
      	

            	(A)	
              to the Owners:

            

    

  

  	 	
          c/o TMS DRY LTD.

              Address: Athens Licensed Shipping Office

              11 Fragkokklisias Street, GR 151 25,

              Marousi, Athens, Greece

              Email: management@tms-dry.com

        

  

  

  
    
      	

            	(B)	
              to the Charterers:

            

    

  

  	 	
          c/o DRYSHIPS MANAGEMENT SERVICES INC.

              Address: Athens Licensed Shipping Office

              109 Kifisias Avenue and Sina Street

              GR 151 24, Marousi, Athens, Greece

              Email: management@dryships.com

        

  

  

  
    
      	

            	(C)	
              to the Charterers’ Guarantor:

            

    

  

  	 	
          c/o DRYSHIPS MANAGEMENT SERVICES INC.

              Address: Athens Licensed Shipping Office

              109 Kifisias Avenue and Sina Street

              GR 151 24, Marousi, Athens, Greece

              Email: management@dryships.com

        

  

  

  or, if a party hereto changes its address or fax number, to such other address or fax number as that
      party may notify to the other.

  CLAUSE 38- PURCHASE OBLIGATION

  Subject to other provisions of this Charter, in consideration of the Owners entering into this Charter,
      the Charterers shall, on the last day of the Charter Period, be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall
      perform their obligations referred to in Clause 39 and the Charterer shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the
      Charterers agree otherwise.

  
    4

    
      

  

  

  

  CLAUSE 39- SALE OF THE VESSEL BY PURCHASE OBLIGATION

  Completion of the performance of the Purchase Obligation shall take place on the Purchase Obligation
      Date, whereupon the Owners will sell to the Charterers (or their nominee), and the Charterers (or their nominee) will purchase from the Owners, all the legal and beneficial interest and title in the Vessel, for the Purchase Obligation Price on an “as
      is where is” basis and on the following terms and conditions:

  
    
      	

            	(i)	
              the Vessel shall be free from any registered mortgages incurred by the Owners;

            

    

  

  
    
      	

            	(ii)	
              the Purchase Obligation Price, shall be paid by (or on behalf of) the Charterers to the Owners on the Purchase Obligation Date, together with unpaid amounts of
                  Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Purchase Obligation Date which remain unpaid; and

            

    

  

  
    
      	

            	(iii)	
              concurrently with the Owners receiving irrevocable payment of the Purchase Obligation Price and all other moneys payable under this Charter in full pursuant to
                  the terms of this Charter, the Owners shall transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis to the Charterers or their nominees and shall (at Charterers’ cost) execute a bill of sale and a protocol
                  of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers (and to the extent required for such purposes, the Vessel shall be deemed first to have been
                  redelivered to the Owners).

            

    

  

  CLAUSE 40-NO SET-OFF OR TAX DEDUCTION

  
    
      	40.1	
              All Cha1terhire, Advance Charterhire or payment of the Purchase Obligation Price
                    and any other payment made from the Charterers shall be paid punctually:

            

    

  

  
    
      	(a)	
              without any form of set-off, cross-claim or condition; and

            

    

  

  
    
      	(b)	
              free and clear of any tax deduction or withholding unless required by law.

            

    

  

  
    
      	40.2	
              If the Owners are required by law to make a tax deduction from any payment:

            

    

  

  
    
      	(a)	
              the Owners shall notify the Charterers as soon as they become aware of the requirement; and

            

    

  

  
    
      	(b)	
              the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability
                  relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received.

            

    

  

  CLAUSE 41 -CHARTER GUARANTEE

  
    
      	41.1	
              In consideration of the Owners agreeing to charter the Vessel to the Charterers and accepting this Charter Guarantee as security for the payment by the
                  Charterers of sums due under this Charter, and subject only to Sub-clause 41.2 below, the Charter Guarantor hereby irrevocably and unconditionally guarantees to the Owners the punctual performance by the Charterers of all Charterers’
                  obligations under this Charter and to pay any amount due by the Charterers under this Charter within thirty (30) days

            

    

  

  
    5

    
      

  

  

  

  following service by the Owners of a relevant demand accompanied by relevant documented proof of such
      amount due.

  
    
      	41.2.	
               If within fifteen (15) banking days after receipt of the above mentioned demand the Charter Guarantor receives (i) a written notice from the Charterers stating
                  that they dispute the Owners’ claim and (ii) evidence that the matter has been referred to court of arbitration (as may be applicable), the Charter Guarantor shall not be obliged to make any payment under this Charter Guarantee until the
                  latest of thirty (30) days after the dispute has been finally determined, and in any case following the exhaustion of any appeal process therefrom.

            

    

  

  
    
      	41.3	
              This Charter Guarantee is a continuing guarantee and will extend to the full completion of all Charterers’ obligations under this Charter.

            

    

  

  CLAUSE 42- MISCELLANEOUS

  
    
      	42.1	
              The Charterers waive any rights of sovereign immunity which they or any of their properties may enjoy in any jurisdiction and subjects itself to civil and
                  commercial law with respect to their obligations under this Charter.

            

    

  

  
    
      	42.2	
              No term of this Charter is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not party to this Charter.

            

    

  

  
    
      	42.3	
              This Charter may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this
                  Charter, as the case may be.

            

    

  

  
    
      	42.4	
              These additional clauses shall be read together with the BARECON 2001 to constitute this Charter as a single instrument. However, in case of any conflict
                  between these additional clauses and the BARECON 2001, the terms of these additional clauses shall prevail.

            

    

  

  
    
      	42.5	
              The parties hereto agree to keep the terms and conditions of this Charter (the “Confidential Information”) strictly confidential, provided that such party may disclose Confidential
                  Information in the following cases:

            

    

  

  
    
      	(a)	
              as required in order to comply with statutory requirements for stock listed
                    companies;

            

    

  

  
    
      	(a)	
              it is already known to the public or becomes available to the public other than
                    through the act or omission of the disclosing patty;

            

    

  

  
    
      	(b)	
              with the prior written consent of all parties hereto.

            

    

  

  [Signature page follows]

  

  

  
    6

    
      

  

  

  

  	
          /s/ Dimitrios Glynos

        	 
	
          PLIADES OWNING COMPANY LIMITED

        	 
	
          Name: Dimitrios Glynos

        	 
	
          Title: Attorney-in-fact

        	 
	 	 
	 	 
	
          /s/ Dimitrios Dreliozis

        	 
	
          LUCINA MARINE INC.

        	 
	
          Name: Dimitrios Dreliozis

        	 
	
          Title: Attorney-in -fact

        	 
	 	 
	 	 
	
          /s/ Dimitrios Dreliozis

        	 
	
          DRYSHIPS INC.

        	 
	
          Name: Dimitrios Dreliozis

        	 
	
          Title: Vice President -Finance

        	 

  

  

  
    7

    
      

  

  

  

  SCHEDULE 1

  PAYMENT DATES AND FIXED CHARTERHIRE

  	 	
          Payment Date

        	
          m/v Pink Sands

        
	 	
          Actual Delivery Date

        	
          $32,600,000

          (the “Advance Charterhire”)

        
	
          1

        	
          14-Jan-19

        	
          $450,000

        
	
          2

        	
          14-Apr-19

        	
          $450,000

        
	
          3

        	
          14-Jul-19

        	
          $450,000

        
	
          4

          4

        	
          14-Oct-19

        	
          $450,000

          $450,000

        
	
          5

        	
          14-Jan-20

        	
          $450,000

        
	
          6

        	
          14-Apr-20

        	
          $450,000

        
	
          7

        	
          14-Jul-20

        	
          $450,000

        
	
          8

        	
          14-Oct-20

        	
          $450,000

        
	
          9

        	
          14-Jan-21

        	
          $450,000

        
	
          10

        	
          14-Apr-21

        	
          $450,000

        
	
          11

        	
          14-Jul-21

        	
          $450,000

        
	
          12

        	
          14-Oct-21

        	
          $450,000

        
	
          13

        	
          14-Jan-22

        	
          $450,000

        
	
          14

        	
          14-Apr-22

        	
          $450,000

        
	
          15

        	
          14-Jul-22

        	
          $450,000

        
	
          16

        	
          14-Oct-22

        	
          $450,000

        
	
          17

        	
          14-Jan-23

        	
          $450,000

        
	
          18

        	
          14-Apr-23

        	
          $450,000

        
	
          19

        	
          14-Jul-23

        	
          $450,000

        
	
          20

        	
          14-Oct-23

        	
          $450,000

        
	
          21

        	
          14-Jan-24

        	
          $450,000

        
	
          22

        	
          14-Apr-24

        	
          $450,000

        
	
          23

        	
          14-Jul-24

        	
          $450,000

        
	
          24

        	
          14-Oct-24

        	
          $450,000

        
	
          25

        	
          14-Jan-25

        	
          $450,000

        
	
          26

        	
          14-Apr-25

        	
          $450,000

        
	
          27

        	
          14-Jul-25

        	
          $450,000

        
	
          28

        	
          14-Oct-25

        	
          $450,000

        
	
          29

        	
          14-Jan-26

        	
          $450,000

        
	
          30

        	
          14-Apr-26

        	
          $450,000

        
	
          31

        	
          14-Jul-26

        	
          $450,000

        
	
          32

        	
          14-Oct-26

        	
          $450,000

        
	
          33

        	
          14-Jan-27

        	
          $450,000

        
	
          34

        	
          14-Apr-27

        	
          $450,000

        
	
          35

        	
          14-Jul-27

        	
          $450,000

        

  
    8

    
      

  

  

  

  	
          36

        	
          14-Oct-27

        	
          $450,000

        
	
          37

        	
          14-Jan-28

        	
          $450,000

        
	
          38

        	
          14-Apr-28

        	
          $450,000

        
	
          39

        	
          14-Jul-28

        	
          $450,000

        
	
          40

        	
          14-Oct-28

        	
          $450,000

        
	
          41

        	
          14-Jul-28

        	
          $5,400,000

              (the “Purchase Obligation Price”)

        

  

  

  

  

  9

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