Document:

Memorandum of Agreement for purchase of Iron Miner

 Exhibit 10.28 
  

			
	MEMORANDUM OF AGREEMENT	  	Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships. Adopted by The Baltic and International Maritime Council (BIMCO) in
1956.
	Dated: 1st December 2006	  	Code-name
		  	SALEFORM 1993
		  	Revised 1966, 1983 and 1986/87.

 Bocimar International nv of De Gerlachekaai 20,2000 Antwerp, Belgium 
 hereinafter called the Sellers, have agreed to sell, and 
 A company and
flag to be nominated by ‘Quintana Management’, Greece - Quintana to perform as 
 buyers or Quintana guaranteeing performance of their
nominee Buyers - 
 hereinafter called the Buyers, have agreed to buy Hull Number H1051, at Shanghai
Waigaoqiao Shipyard being a 177,000 DWT, Capesize, Bulk Carrier 
 Name: To be named ‘Mineral
Temse’ 
 Classification Society/Class: 
 Under construction to be delivered 2007 
 Flag: Intention Belgian flag
        Place of Registration: Intention Antwerp 
 Call Sign:
N/A             Grt/Nrt: N/A 
 Register Number: N/A 
 hereinafter called the Vessel, on the following terms and conditions: 
 Definitions 
 “Banking days” are days on which banks are
open both in the country of the currency stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. 
 “In
writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax or other modem form of written communication. 
 “Classification Society” or “Class” means the Society referred to in line 4. 
 “Shipbuilding Contract” means the Shipbuilding Contract dated 5th November 2004 with Shanghai Waigaoqiao Shipbuilding Co. Ltd and China Shipbuilding Trading Co. Ltd 
  

	1.	Purchase Price US$92,500,000 (Ninety Two Million, Five Hundred Thousand Untied States Dollars) 

  

	2.	Deposit 

 As security for the correct fulfillment of this Agreement
the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within 3 (three) banking days from the date of this Agreement having been signed by both parties by fax.
Buyers to sign MOA within 48 hours of agreeing main terms and receiving copy by Arrow, and to send by fax to Sellers for countersigning. This deposit shall be placed with namely Fortis Bank nv, Warandeberg
3, 1000 Brussels, Contact person: Mr. Filip Provoost TEL: 32(0)2 565.00.97, FAX .. 32(0)2 565 07.99, EMAIL: filip. provoost@fortis.com and held by them in a joint interest bearing account for the Sellers and the Buyers, to be
released in accordance with joint written Instructions of the Sellers and the Buyers. Interest, if any, to be credited to the Buyers. Any fee charged for holding the said deposit shall be borne equally by the Sellers and the Buyers. 

	3.	Payment 

 but not later than 3 banking days after the Vessel is in
every respect physically ready for delivery in accordance with the terms and conditions of this Agreement and 
 The balance of the purchase price
(including any extra’s) shall be paid to Sellers’ account upon delivery of the Vessel by the Sellers to the Buyers. 
 The Buyers will lodge
the balance of the purchase price with Sellers’ bank 1 (one) banking day in advance of anticipated delivery which shall be released against presentation of a protocol of delivery and acceptance signed by the Sellers and Buyers and if required,
countersigned by Buyers financing bank. 
  

	4.	Inspections 

 The Buyers have accepted the specification of the
Vessel/Hull No. 1051. The Buyers offer is therefore outright and not subject to any further inspections. The sellers confirm that there will be no further changes to the Shipbuilding Contract or the specifications unless with Buyers written
consent. 
  

	5.	Notices, time and place of delivery 

  

	a)	The Sellers shall provide the Buyers with 30 (thirty), 21 (twenty-one), 15 (fifteen) and 7 (seven) days approximate notice of the estimated time of delivery and 3 (three)
days’ definite notice of delivery. 

  

	b)	The Vessel shall be delivered to the Buyers ex SWS Shipyard Shanghai on a back-to-back basis and simultaneously with delivery in accordance with the Shipbuilding
Contract. 

 Expected time of delivery: End March 2007 in Sellers’ option. 
 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 1st September 2007 in Buyers’ option. 
  

	c)	If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in
writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with
Clause 14 within 48 hours of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 48 hours of receipt of the Sellers’ notification or if the Buyers
accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new cancelling date and shall be substituted for the cancelling date stipulated in line 61. 

 If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c)
shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date.
This procedure to be revived if Sellers anticipate that the Vessel will not be ready for delivery by the revised cancelling date. 
 Without prejudice to any agreed cancelling date in accordance with the foregoing in the event that under the terms of the Shipbuilding Contract the Sellers have the right to cancel same or to reject the Vessel, the Sellers will advise
the Buyers accordingly and will not exercise their right to terminate the Shipbuilding Contract or allow the continuation thereof or to reject/accept the Vessel without first obtaining the approval of the Buyers in relation thereto. If the Buyers
request that the Shipbuilding Contract is terminated or the Vessel is rejected (with or without qualifications) or fail to do so within three (3) business days after receiving notice of the relevant event from the Sellers, the MOA will be
automatically cancelled and neither party will have any obligation against the other, save for the return to the Buyers of any moneys already paid to the Sellers or deposited in escrow pursuant to the terms of the MOA. If the Buyers request the
Sellers to accept the Vessel (with or without qualifications) or not to terminate the Shipbuilding Contract then the Sellers shall do so and the Buyers shall not thereafter refuse delivery of the Vessel under the MOA because of the Sellers following
the Buyers instructions in respect of this particular matter. Failure of the Sellers to advise the Buyers of their right to terminate the Shipbuilding Contract or to reject the Vessel will be a reason for the Buyers to terminate the MOA and for the
provisions of Clause 14 of the MOA to apply. 
 The Sellers will pass to the Buyers all compensation received from the Shipyard in lieu
of any claims as provided in the Shipbuilding Contract, the same being deducted from the Purchase Price namely: 
 a)
delay in delivery; 
 b) deficiency in actual deadweight; 
 c) deficiency in actual speed; 
 d) deficiency in specific fuel consumption. 

	7.	Spares/bunkers, etc. 

 The Vessel is to be delivered to the
Buyers including everything aboard and ashore and all those parts ordered to be included in the shipbuilding specifications and spare parts and equipment, including radio installation and navigational equipment, which are to be deemed to be the
property of the Sellers. Owners’ supplied items are to be provided by the Buyers at their expense. Lubricating oils will be paid for by the Buyers against presentation of invoices. All plans and drawings to be supplied by the Builders according
to the Shipbuilding Contract and specifications are to be included in the sale. Up until the time of handover of the Vessel from the Sellers to the Buyers, the Vessel will be at the risk and expense of the Sellers in accordance with the terms of the
Shipbuilding Contract and specifications. 
 A shipmodel is to be included in price. 
 The Buyers shall take over the remaining bunkers and pay the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel.

  

	8.	Documentation 

 The place of closing: Venue nominated by the
Sellers. 
 The Sellers are to provide documentation reasonably required to effect the registration of the Vessel under the flag and ownership of the
Buyers, the Buyers itemising their requirements well in advance of the handover. There will be no intermediate registration. If the Buyers require 

 
intermediate registration, they will reimburse the Sellers the cost of intermediate registration. If Sellers require intermediate registration same will
be for their account. 
  

	9.	Encumbrances 

 The Sellers warrant that the Vessel, at the time of
delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other debts whatsoever. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred
prior to the time of delivery. 
  

	10.	Taxes, etc 

 Any taxes, fees and expenses in connection with the
purchase and registration under the Buyers’ flag shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account. 
 Sellers have declared intention Belgian flag/Antwerp against extra cost which for Buyers account. 
  

	11.	Condition on delivery 

 The Vessel is to be delivered with all
her class and trading certificates clean and valid (albeit that these will be interim certificates and might have conditions /notes/recommendations which are customarily applicable to newly-built ships of this type) in the name of the Sellers.

	12.	Name/markings 

 Naming ceremony and Sponsors will be nominated by
Quintana. At Quintana’s expense, subject to the shipyards approval the yard will paint the ‘Quintana’ logo on the port and starboard sideshell, and ‘Q’ at the bow. 
  

	13.	Buyers’ default 

 Should the deposit not be paid in accordance
with Clause 2, the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. 
 Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to cancel the Agreement, in which case the deposit together with Interest
earned shall be released to the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 
  

	14.	Sellers’ default 

 Should the Sellers fail to give Notice of
Readiness in accordance with Clause 5 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement provided always that the Sellers shall be granted a
maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every respect by the date stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel
this Agreement the deposit together with interest earned shall be released to them immediately. 
 Should the Sellers fail to give Notice of Readiness by the
date stipulated in line 61 or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence
and whether or not the Buyers cancel this Agreement. 
  

	15.	Buyers’ representatives 

 The building supervision will
remain with the Sellers. However, the Sellers will allow the Buyers to send 1 (one) representative to join their supervisory team, as an observer only, and without interference with the supervisory team of Sellers. The representative of the Buyers
will manifest himself as part of the supervisory team of the Sellers and will not communicate directly with the Shipyard and/or its agents, representatives, suppliers, etc., but will communicate through the foreman of the supervisory team of the
Sellers. The Buyers’ representative is to have the right to attend the sea trials of the Vessel. 

	16.	Arbitration 

  

	a)*	This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of this Agreement shall be referred to arbitration in London in
accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the receipt by one party of the nomination in writing of the other
party’s arbitrator, that party shall appoint their arbitrator within fourteen days, falling which the decision of the single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree they shall appoint an umpire
whose decision shall be final. 

 17. Building Warranty - The sellers will obtain the approval of the Shipyard of an assignment of
warranties to the Buyers under Article IX of the Shipbuilding Contract. If such approval cannot be obtained, the Sellers will exercise their rights under Article IX of the Shipbuilding Contract for the benefit of the Buyers. Any legal fees, costs
and expenses in connection with the exercise of such rights will be for the Buyers account. 
 18. This sale is to be kept private and confidential
until Buyers’ press release. 
  

					
	/s/ Stamatis Molaris	 		 	/s/ Maxime Van Eelke
	 Stamatis Molaris
 CEO
	 		 	 Maxime Van Eelke
 ATTORNEY-IN-FACT

	For the Buyers	 		 	For the SellersMemorandum of Agreement for purchase of Lowlands Beilun

 Exhibit 10.29 
  

			
	MEMORANDUM OF AGREEMENT	  	Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale and purchase of ships. Adopted by The Baltic and International Maritime Council (BIMCO) in
1956.
	Dated: 22nd January 2007	  	Code-name
		  	SALEFORM 1993
		  	Revised 1966, 1983 and 1986/87.

 Cobelfret Bulk Carriers N. V. of Antwerp, Belgium 
 hereinafter called the Sellers, have agreed to sell, and 
 Quintana
Maritime Limited (QML) of Quintana Maritime Limited, Trust Company Complex, 
 Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands , MH 96960 or a
company to be 
 nominated and guaranteed by QML pursuant to clause 23 hereof 
 hereinafter called the Buyers, have agreed to buy 
 Name: M/V “Lowlands Beilun” 
 Classification Society/Class: ABS 
 Built: May 1999
        By: Holla Engineering & Heavy Industries Ltd., Samko Shipyard, South Korea (present name Hyundai Samko) 
 Flag: Belgian             Place of Registration: Antwerp 
 Call Sign: 0NDA         Grt: 85,906 
 IMO Number: 9172208/ Class: 9936360 
 hereinafter called the Vessel, on the following terms and conditions:

 Definitions 
 “Banking days” are days on
which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8. 
 “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax. 
 “Classification Society” or “Class” means the Society referred to in line 4. 
  

	1.	Purchase Price US$73,000,000 (United States Dollars Seventy Three Million) 

  

	2	Deposit 

 As security for the correct fulfilment of this Agreement
the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within 3 (three) banking days after signing of this agreement by both parties on fax copies or three (3) banking days after the Charterers’
consent as referred to in Clause 18 last paragraph has been obtained, whichever is the later. This deposit shall be placed with Fortis Bank, Brussels and held by them in a joint account for the Sellers and the Buyers, to be
released in accordance with joint written instructions of the Sellers and the Buyers. Interest, to be credited to the Buyers. Bank charges to be split equally. 
  

	3.	Payment 

 The said Purchase Price shall be paid in full free of bank
charges to Fortis Bank, Brussels on delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect physically ready for delivery in accordance with the terms and conditions of this Agreement and Notice of
Readiness has been given in accordance with Clause 5. 

	4.	Inspections 

 The Buyers have inspected the Vessel and her class
records, therefore the sale is outright. 
  

	5.	Notices, time and place of delivery 

  

	a)	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with 30,
15, and 10 days approximate delivery notice and 3/2/1 definite notice of delivery. When the Vessel is at the place of delivery and in every respect physically ready for
delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. However, such port to be suitable for this purpose (crew changes/ authorities etc). 

 Sellers to advise Buyers the delivery range and likely delivery port together with their first notice of delivery. 
  

	b)	The Vessel shall be delivered within January/April 2007, “as is where is” but always in accordance with terms and conditions of this M.O.A safety afloat at a safe
and accessible berth or at a safe anchorage at a safe port within Singapore/Japan range, including South Korea and P.R. China, or within Skaw/Port said range including U.K. or South Africa or South America, port in Sellers option
with 15th April 2007 cancelling in Buyers option, but in any case Vessel to always be delivered on completion of current voyage Saldanha Bay to Japan. 

 Expected time of delivery: March 2007 
 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14):
15th April 2007 in Buyers option 
  

	c)	 If the Sellers anticipate that notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement
in accordance with Clause 14 within 73 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the 

	 	 
Buyers have not declared their option within 73 running days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date
proposed in the Sellers’ notification shall be deemed to be the new cancelling date and shall be substituted for the cancelling date stipulated in line 61. 

 If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c)
shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original canceling date.

  

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

  

	6.	Drydocking Divers Inspection (See Rider Clause 17) 

	7.	Spares/bunkers, etc. 

 The Sellers shall deliver the Vessel to the
Buyers with everything belonging to her on board on shore and on order. All spare parts and spare equipment, if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers’
property. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of
the Buyers. The radio installation and navigational equipment including SVDR if any shall be included in the sale without extra payment if they are the property of the Sellers. Unused stores and provisions shall be included in the sale and be
taken over by the Buyers without extra payment. The Vessel has no spare propeller nor spare tail-end shaft. 
 The Sellers have the right to take
ashore crockery, plates, cutlery, linen and other articles bearing the Sellers’ flag or name, provided they replace same with similar unmarked items. Library, forms, etc., exclusively for use in the Sellers’ vessel(s), shall be excluded
without compensation. Captain’s, Officers’ and Crew’s personal belongings including the slop chest are to be excluded from the sale, as well as the following additional items (including items on hire): to be specified

 On delivery The Buyers shall take over the unused lubricating oils in tanks and in unbroached drums as onboard, and pay to the
Sellers the price of lubricating oils at Sellers nett contract price as evidenced by supporting vouchers/invoices as available. The Vessel to be delivered to her new owners with lubes sufficient for 30 running days. 

 Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.
IFO/MDO onboard to remain Charterers property. 
  

	8.	Documentation 

 The place of documentation closing:
Brussels 
 In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery documents, as mutually agreed which
shall form an addendum to this contract. 
 At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of Delivery
and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 
 At the time of delivery the Sellers shall hand to
the Buyers the classification certificate(s) as well as all plans etc., which are on board the Vessel. Other certificates or other documents or records related to vessel’s history and are needed to remain onboard, being required for vetting
by Port State Control or other governmental authorities, which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers to have the right to take copies. Other
technical documentation which may be in the Sellers’ possession shall be promptly forwarded to the Buyers at their expense, if they so request. The Sellers may Keep the Vessel’s log books but the Buyers to have the right to take copies of
same. 
  

	9.	Encumbrances 

 The Sellers warrant that the Vessel, at the time of
delivery, is free from all charters (except the Charter), encumbrances, mortgages and maritime liens or any other debts whatsoever. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the
Vessel which have been incurred prior to the time of delivery. 
  

	10.	Taxes, etc. 

 Any taxes, fees and expenses in connection with the
purchase and registration under the Buyers’ flag shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account. 

	11.	Condition on delivery 

 The Vessel with everything belonging to her
shall be at the Sellers’ risk and expense until she is delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over “as is where is”. 
 However, the Vessel shall be delivered with her present class maintained free of condition/recommendation*, free of average damage affecting the
Vessel’s class, and with all her classification certificates and national/ International trading certificates, to be clean, valid at least until next survey due (intermediate) and unextended at the time of delivery; with CSM cycle
clean and up-to-date, 
  

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

  

	12.	Name/markings 

 Upon delivery the Buyers undertake to change funnel
markings if possible. If not, at next convenient port. 
  

	13.	Buyers’ default 

 Should the deposit not be paid in accordance
with Clause 2. the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest. 
 Should the Purchase Price not be paid In accordance with Clause 3, the Sellers have the right to cancel the Agreement, in which case the deposit together with interest
earned shall be released to the Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest. 
  

	14.	Sellers’ default 

 Should the Sellers fail to give Notice of
Readiness in accordance with Clause 5 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 or at such date that may have been extended pursuant to this Agreement the Buyers shall have the option of
cancelling this Agreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. If after Notice of Readiness has been
given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every respect by the date stipulated in line 61 or at such dated that may have been extended pursuant
to this Agreement and new Notice of Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this Agreement the deposit together with Interest earned shall be released to them immediately.

 Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or at such dated that may have been extended pursuant to this
Agreement or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or
not the Buyers cancel this Agreement. 
  

	15.	Buyers’ representatives 

 After this Agreement has been signed
by both parties and the deposit has been lodged, the Buyers have the right to place two representatives on board for the Vessel’s last voyage prior to delivery at their sole risk and expense. 

 These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they
shall not interfere in any respect with the operation of the Vessel. The Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to their embarkation. These representatives to sign the usual Letter of Indemnity before
boarding the Vessel. 
  

	16.	Arbitration 

  

	a)*	This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of this Agreement shall be referred to arbitration in London in
accordance with the Arbitration Acts 1996 or any statutory modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the receipt by one party of the nomination in writing
of the other party’s arbitrator, that party shall appoint their arbitrator within fourteen days, failing which the decision of the single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree they shall appoint
an umoire whose decision shall be final. The arbitrators shall be members of the London Maritime Arbitrators Association. 

 16 a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 16 a) to apply. 
 Additional Clauses 17-23, as attached hereto, form an integral part of this Memorandum of Agreement. 
  

					
	For and on behalf of the Sellers	 		 	For and on behalf of the Buyers
			
	/s/ A. Verdonck	 		 	/s/ Nikos Frantzeskakis
	Cobelfret Bulk Carriers NV	 		 	Nikos Frantzeskakis
	A. Verdonck	 		 	Chief Commercial & Operations Officer
	Managing Director	 		 	

 This document is computer generated copy of “SALEFORM 1993”, printed by authority of the Norwegian
Shipbrokers’ Association, using software which is the copyright of Strategic Software Ltd. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the proprinted text of this document, the
original document shall apply. The Norwegian Shipbrokers’ Association and Strategic Software Ltd. assume no responsibility for any loss or damage caused as a result of discrepancies between the original approved document and this document.

 Additional Clauses to the Memorandum of Agreement 
 Dated 22nd January 2007 W/V “Lowlands Beilun” 
 Clause 17 
 Vessel to be delivered without dry-docking, however, Buyers have the option at their own cost to employ a class recognised
diver to inspect Vessel’s bottom and underwater part not later than two days prior delivery. If any damage is found and the attending class surveyor considers such damage will affect class or will impose a condition of class which is affecting
her clean condition of class, then the Owner to arrange according to paragraph a) or b) below whichever applicable. If the port/anchorage of delivery is not suitable (unclear waters/currents) for underwater inspection, Sellers, at their time and
expense, to shift the ship to another area suitable for such inspection to be safely carried out. 
  

	a)	In the event that class imposes a condition that would require the Vessel to be drydocked before her next scheduled drydocking, then the Sellers shall arrange at their expense for
the Vessel to be drydocked in accordance with Clause 6 of this Agreement and they shall repair the damage to class satisfaction to obtain a clean certificate of class without conditions or recommendations prior to delivery to the Buyers.

 The decision of class as to whether underwater damage, if any, imposes a condition of class shall be final and binding of the
parties. In the event that the Vessel is required to be drydocked as per (a) above the Sellers have the right to take the Vessel from the intended delivery port and proceed directly in ballast to a port in the Sellers’ option where such
drydocking and repairs to take place which place to be within Vessel’s delivery range as per Clause 5, it is agreed that the cancelling date shall be extended per day pro-rata for the extra time taken to deliver the Vessel caused by ballasting/
drydocking/ repairs as required to be carried out to class satisfaction as above. 
 Whilst the Vessel is in drydock the Buyers shall have the
right to attend the Vessel and to have the right to clean, paint and carry out their reasonable works whilst she is in drydock at the Buyers’ risk and expense provided same docs not interfere with the Sellers’ work and the Buyers work to
be subjected to the Sellers’ attending superintendent’s approval which however not be unreasonably withheld 
 In the event that the
Buyer’ works are not completed prior to the time the Sellers have completed their work, the Sellers have the right to tender notice of readiness whilst Vessel is still in drydock provided they are in all respects ready to deliver the Vessel in
accordance with the terms of this agreement. Should the Buyers’ work still not be completed and the Vessel be unable to leave drydock because of this work within three (3) banking days after the Sellers have tendered N.O.R. then the Buyers
shall take delivery of the Vessel in drydock and pay for the Vessel even though she remains in drydock. 
 The cost of docking and undocking
shall be for the Sellers’ account but any extra time and expense spent in drydock after N.O.R. has been tendered by the Sellers shall be for the Buyers’ account. 
  

	b)	 If the diver’s inspection reveals damage to the underwater parts which would affect the class, but the class surveyor approves the repair to be deferred and
the Vessel to trade until her next drydocking, the Buyers and Sellers shall mutually agree a monetary compensation in lieu of actual repair, which shall pay to the Buyers by deduct from the purchase money at the time of closing. In the event that
agreement 

	 	 
cannot be reached, then the compensation to be based upon the average of two quotations from two respectable shipyards close to the delivery port but within
the delivery range, one obtained by each party, to quantify the costs of repair estimated for compensation. 

 Clause 18

 The Vessel is on charter to Messrs. Louis Dreyfus Armateurs SAS as charterers (the “Charterers”) under a time charterparty dd Paris
11 April 2005 (the “Charter”). 
 The Sellers undertake to procure that Cobelfret S.A. (“Cobelfret”) shall charter the Vessel from
the Buyers (the “Head Charter”) at US$36,000 per day net (with no commission payable by the Buyers as owners) for a duration equal to the remaining period under the Charter and otherwise on terms identical to the Charter except that clause
33 is to be amended to include Buyers’ banking details, clause 37 to be amended to a maximum value of US$84,000,000 and Clause 77 to be amended for the change of flag, and Clauses 27 and 28 to be deleted. Failure by the Sellers to procure that
Cobelfret enters into the Head Charter shall be a default of the Sellers under Clause 14. 
 This Agreement is subject to consent being obtained from the
Charterers that the Buyers shall be free to change the flag of the Vessel from Belgian flag to Maltese flag. If such consent is not obtained within 2 banking days after the date of execution of this Agreement by both parties by fax, this Agreement
shall become null and void without the parties having any claims against each other. 
 Clause 19 
 In case of delivery of the vessel on a date later than 23rd February 2007, 12.00 hrs GMT, the sales price agreed will be reduced at a rate of US$30,000 (United
States Dollars Thirty Thousand) per day or pro rata for part of a day that Vessel is delivered later than 23rd February 2007 12.00 hrs GMT. 
 The
Buyers shall have the right to set-off the above reduction against the Purchase Price and in such case the Sellers shall agree to deliver the Vessel against receipt of the reduced Purchase Price. 
 Cancelling date agreed to remain 15th April 2007 in Buyers’ option. For the avoidance of doubt, if Buyers decide to grant Sellers extension of the cancelling date under Clause 5 c)
hereof, the provision of this Clause 19 shall be in full force until actual delivery of the Vessel to the Buyers (notwithstanding new cancelling date). 
 Clause 20 
 The existence of this Agreement as well as the terms hereof should remain strictly private and confidential subject to any
disclosure requirements imposed on QML by the U.S. Securities and Exchange Commission (“SEC”) or the rules of NASDAQ and subject further to the following paragraph of this Clause 20. The restriction imposed by this Clause 20 shall not
apply in relation to a party to the extent (a) such party is required by law to disclose this Agreement and/or the circumstances surrounding it or (b) the relevant information has been disclosed to the public other than by a person who
would had been subject to the confidentiality obligations imposed by this Clause 20 or (c) a party is requested to disclose this Agreement and/or the terms thereof to its financiers, legal advisers, auditors etc. 

 Clause 21 
 The
Buyers shall have the right to assign as security any of their rights under this Agreement to a bank or another financial institution providing the Buyers with finance in relation to the acquisition of the Vessel. 
 Clause 22 
 Any and all notices and communications in
connection with this Agreement shall be in English and addressed as follows. 
  

			
	If to the Buyers to:	  	 Quintana Maritime Limited
 c/o Quintana Management
LLC
 Pandoras 13 & Kyprou Street
 166 74
Glyfada
 Athens
 Greece

		
		  	 Fax number: 210 89 48823
 Attn.: Mr. Stamatis
Molaris and Mr Nikos Frantzeskakis with cc to
 Mr. Michael Koutsouridis

		
	If to the Sellers to:	  	 Cobelfret Bulk Carriers N. V.
 Sneeuwbeslaan
14
 Antwerp
 Belgium

		
		  	 Fax number: 32-3-829 9329
 Attn: Mr. A.
Verdonck

 Clause 23 
 The Sellers agree that QML is entitled to nominate one of its subsidiaries as the buyer of the Vessel (such subsidiary being called for the purposes of this Agreement, the “Nominee”) under this Agreement. It is further agreed
between the Sellers and the Buyers that any such nomination is to be made by QML in writing at least 10 running dates before delivery of the Vessel and in connection therewith QML will also provide to the Sellers a copy of its letter nominating the
Nominee as Buyers, which nomination shall be accepted by the Nominee by countersigning such letter. 
 Finally, it is hereby agreed between the parties
thereto, that upon such nomination taking place the Nominee shall become the “Buyers” for the purposes of this Agreement and shall have all the rights and obligations QML had by signing this Agreement. QML will remain responsible for all
the obligations the Buyers have under this Agreement, notwithstanding the nomination of the Nominee, provided however that, to the extent that the Nominee duly performs and discharges (or procures the performance and discharge of) the duties and
liabilities undertaken by the Buyers in this Agreement, then such performance and discharge of the said duties and liabilities by the Nominee shall be deemed to be proper and due performance and discharge of QML’s duties and liabilities under
this Agreement and the Sellers’ shall not be construed by virtue of the terms of this Clause 23 that they have the right to ask QML to perform again any duty or liability that has already been performed by the Nominee. 

					
	FOR THE BUYERS	 		 	FOR THE SELLERS
			
	/s/ Nikos Frantzeskakis	 		 	/s/ A. Verdonck
	Nikos Frantzeskakis	 		 	Cobelfret Bulk Carriers NV
	Chief Commercial & Operations Officer	 		 	A. Verdonck
		 		 	Managing Director

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