Document:

<PAGE>

                                                                  EXHIBIT 10.4.8

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Consul Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                       "Period                                  Management Fee
<S>                                                             <C>
1  (Effective date stated in Box 4 - November 10, 2005)             $ 5,300
2  (November 11, 2005 - November 10, 2006)                          $ 5,565
3  (November 11, 2006 - November 10, 2007)                          $ 5,843
4  (November 11, 2007 - November 10, 2008)                          $ 6,135
5  (November 11, 2008 - November 10, 2009)                          $ 6,442
Option 1 (November 11, 2009 - November 10, 2010)                    $ 6,764
Option 2 (November 11, 2010 - November 10, 2011)                    $ 7,103
Option 3 (November 11, 2011 - November 10, 2012)                    $ 7,458"
</TABLE>

      This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.

      OWNERS                               MANAGERS

      Consul Ltd.                          Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan              By: /s/ Mats Berglund
          -------------------                  -----------------
      Name: Arthur L. Regan                Name: Mats Berglund
      Title: President and CEO             Title: Director<PAGE>

                                                                 EXHIBIT 10.4.10

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Victory Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                      "Period                               Management Fee
<S>                                                         <C>
1  (Effective date stated in Box 4 - November 10, 2005)        $ 7,500
2  (November 11, 2005 - November 10, 2006)                     $ 7,875
3  (November 11, 2006 - November 10, 2007)                     $ 8,269
4  (November 11, 2007 - November 10, 2008)                     $ 8,682
5  (November 11, 2008 - November 10, 2009)                     $ 9,116
Option 1 (November 11, 2009 - November 10, 2010)               $ 9,572
Option 2 (November 11, 2010 - November 10, 2011)               $10,051
Option 3 (November 11, 2011 - November 10, 2012)               $10,553"
</TABLE>

      This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.

      OWNERS                                MANAGERS

      Victory Ltd.                          Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan               By: /s/ Mats Berglund
          -------------------                   -----------------
      Name: Arthur L. Regan                 Name: Mats Berglund
      Title: President and CEO              Title: Director<PAGE>

                                                                 EXHIBIT 10.4.12

                                 AMENDMENT NO. 1
                                       TO
                            SHIP MANAGEMENT AGREEMENT

                                 April 11, 2005

            Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Vision Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.

            The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:

            1. The schedule set forth in Clause 21 shall be deleted and replaced
      by the following:

<TABLE>
<CAPTION>
                        "Period                                Management Fee
<S>                                                            <C>
1  (Effective date stated in Box 4 - November 10, 2005)           $ 7,500
2  (November 11, 2005 - November 10, 2006)                        $ 7,875
3  (November 11, 2006 - November 10, 2007)                        $ 8,269
4  (November 11, 2007 - November 10, 2008)                        $ 8,682
5  (November 11, 2008 - November 10, 2009)                        $ 9,116
Option 1 (November 11, 2009 - November 10, 2010)                  $ 9,572
Option 2 (November 11, 2010 - November 10, 2011)                  $10,051
Option 3 (November 11, 2011 - November 10, 2012)                  $10,553"
</TABLE>

            This Amendment shall be governed by and construed in accordance with
the laws of England. Except as provided herein, the Ship Management Agreement
shall remain unchanged.

      OWNERS                                 MANAGERS

      Vision Ltd.                            Northern Marine Management Ltd.

      By: /s/ Arthur L. Regan                By: /s/ Mats Berglund
          -------------------                    -----------------
      Name: Arthur L. Regan                  Name: Mats Berglund
      Title: President and CEO               Title: Director<PAGE>

                                                                    EXHIBIT 10.1

                                                             GMP Securities Ltd.
                                                145 King Street West, Suite 1100
                                                      Toronto, Ontario, M5H 1 J8
                                         Tel: (416) 367-8600 Fax: (416) 943-6160
                                                           www.gmpsecurities.com

February 14, 2005

Private and Confidential

Analogic Corporation
8 Centennial Drive
Peabody, MA 01960
U.S.A.

Attention: John J. Millerick, Chief Financial Officer

Dear Sir:

            SECONDARY SALE OF COMMON SHARES OF CEDARA SOFTWARE CORP.

GMP Securities Ltd. ("GMP" or "we") hereby offers, in relation to the common
shares (the "Common Shares ") of Cedara Software Corp. ("Cedara") held by
Analogic Corporation ("Analogic" or "you"), to purchase from Analogic (or
entities over which Analogic has control or direction) an aggregate of 4,580,461
Common Shares (the "Block of Shares") at a net purchase price to Analogic of
U.S.$11.08 per Common Share on the terms and subject to the conditions set out
herein and in the term sheet attached as Schedule A.

The closing of the purchase and sale of the Block of Shares will take place at
8:00 a.m. (Eastern Daylight Time) on February 17, at the offices of our legal
counsel, Goodmans LLP, Toronto, Ontario (the "Place of Closing"). At the time of
closing, (i) you will deliver to us one or more certificates representing the
Block of Shares, duly endorsed for transfer or accompanied by stock transfer
powers, and (ii) we will deliver to you, or such other entity specified by you,
in exchange therefore, a wire transfer of immediately available funds in the
aggregate amount of U.S.$50,751,507.88.

You represent, warrant and covenant to us that:

      1.    Analogic is the legal and beneficial owner of the Block of Shares.

      and, at the closing or closings, Analogic will have good and marketable
      title to the Common Shares comprising the Block of Shares, will have held
      such Block of Shares for not less than two years from the date hereof
      (including any time such Block of Shares were held by any affiliate of
      Analogic) and Analogic will have all necessary authority to comply with
      the terms of this Agreement;

      2.    the sale of the Common Shares comprising the Block of Shares by
      Analogic to us, on the terms and subject to the conditions set out herein
      and in the term sheet attached as Schedule A, would not constitute a
      "control person distribution", as defined in Ontario Securities Commission
      Rule 14-501, and, as such, the Common Shares are freely tradable in each
      of the provinces of Canada and such sale of the Common Shares comprising
      the Block of Shares does not conflict with (i) any restriction, consent,
      approval, authorization or order of any court or governmental agency,
      commission, board, bureau, regulatory authority or administrative body,
      whether domestic or foreign, or (ii) any restriction imposed by law, rule,
      guideline, regulation, treaty or official directive (whether or not having
      the force of law) or in the interpretation or application thereof by any
      court or governmental agency, central bank or other authority or entity
      charged with the administration thereof, whether domestic or foreign
      (subject, in each case, to the

                                       1

<PAGE>

      limitations under the United States securities laws);

      3.    Analogic will deliver to us a signed copy of a representation letter
            of Analogic in the form attached as Schedule B with respect to
            United States securities law matters (i) concurrently with the
            delivery of this Agreement by Analogic, and (ii) upon the closing of
            the purchase and sale of the Block of Shares;

      4.    the Common Shares comprising the Block of Shares will be sold to us
            free and clear of all liens and security interests, escrow
            requirements or other encumbrances and will not contain any legends;

      5.    no person, other than us, has any existing right to purchase or
            otherwise acquire any of the Common Shares comprising the Block of
            Shares;

      6.    the sale to us of the Common Shares comprising the Block of Shares
            will not result in the violation of any of the terms and provisions
            of any of the constating documents of Analogic or any mortgage,
            notice, indenture, contract, agreement, instrument, lease or other
            document to which Analogic is a party or is bound;

      7.    Analogic has the corporate and other capacity and authority to
            effect the transactions contemplated by this agreement;

      8.    Analogic has no knowledge of any "material change" or "material
            fact" (as those terms are defined in the Securities Act (Ontario)
            with respect to Cedara, which has not been generally disclosed other
            than the sale contemplated herein;

      9.    Apart from exercising its right to vote the Common Shares of Cedara
            held by Analogic and its corporate affiliates, Analogic does not
            exert any direct or indirect control over Cedara. Analogic and its
            corporate affiliates do not partake in the active management of
            Cedara and do not seek to influence management of Cedara or the
            direction of management, apart from exercising its right to vote the
            Common Shares of Cedara held by Analogic. Analogic has held the
            Common Shares of Cedara as a passive portfolio investment for over
            two years. Analogic does not have any contractual right to appoint
            any director or officer of Cedara.

      10.   Analogic will file any reports required under United States
            securities laws with respect to the sale to us of the Common Shares.

The foregoing representations and warranties shall also be true and correct at
the time of closing of the purchase and sale of the Block of Shares and such
shall be a condition of our obligation to complete the purchase of the Block of
Shares. Analogic shall deliver to us a bringdown certificate signed by an
appropriate officer of Analogic confirming the truth and accuracy of such
representations and warranties at closing. The foregoing representations and
warranties shall survive such closing for a period of two years.

GMP represents, warrants and covenants to you that:

      1.    it will deliver to Analogic a signed copy of a representation letter
            of GMP in the form attached as Schedule C with respect to United
            States securities law matters (i) concurrently with the delivery of
            this agreement by GMP, and (ii) upon the closing of the purchase and
            sale of the Block of Shares;

      2.    it shall complete the purchase and sale of the Block of Shares and
            shall effect all offers and sales of the Common Shares so acquired
            in compliance with all applicable laws, rules, guidelines,
            regulations, treaties and official directives (whether or not having
            the force of law).

      3.    it has all necessary authority to comply with the terms of this
            Agreement; and

      4.    the purchase from Analogic of the Common Shares comprising the Block
            of Shares will not result in the violation of any of the terms and
            provisions of any of the constating documents of GMP or any
            mortgage, notice, indenture, contract, agreement, instrument, lease
            or other document to

                                       2

<PAGE>

            which GMP is a party or is bound.

The foregoing representations and warranties shall be true and correct at the
time of closing, of the purchase and sale of the Block of Shares and such shall
be a condition of your obligation to complete the sale of the Block of Shares.
We shall deliver to you a bringdown certificate signed by an appropriate officer
of ours confirming the truth and accuracy of such representations and warranties
at closing. The foregoing representations and warranties shall survive such
closing for a period of two years.

Time shall be of the essence of our agreement and no term or provision of this
agreement may be amended, changed, waived or terminated, except by an instrument
in writing signed by each of us.

This offer is open for acceptance by you until 9:00 a.m. (Eastern Daylight Time)
on February 14, 2005.

GMP SECURITIES LTD.

By: /s/ Daniel Bruno
    ------------------------
Daniel Bruno
Director, Investment Banking
416-943-6132 Office
416-943-6160 Fax

Accepted and agreed to at 8:50 a.m. (Eastern Daylight Time), this 14th day of
February, 2005.

ANALOGIC CORPORATION

By /s/ John Millerick
   ---------------------------
Name: John Millerick
Title: Chief Financial Officer

                                       3

<PAGE>

                                   SCHEDULE A

                              ANALOGIC CORPORATION
            SECONDARY SALE OF COMMON SHARES OF CEDARA SOFTWARE CORP.

                                   TERM SHEET

COMPANY:          Cedara Software Corp. ("Cedara").

SELLING           Analogic Corporation. (" Analogic").
SHAREHOLDER:

OFFERING:         A "block trade" offering of 4,580,461 common shares ("Common
                  Shares") of Cedara Software Corp. on a "bought deal" basis
                  (the "Block of Shares") through the facilities of the Toronto
                  Stock Exchange to GMP Securities Ltd. ("GMP"), a buyer outside
                  of the United States in accordance with Regulation S under the
                  United States Securities Act of 1933, as amended the
                  "Securities Act").

NET PRICE:        U.S.$11.08 per Common Share, net to Analogic.

AMOUNT:           U.S.$50, 751,507.88 net to Analogic.

MANNER OF SALE:   The Common Shares will be offered and sold by GMP in Canada,
                  "without legends" through the facilities of the Toronto Stock
                  Exchange to buyers outside of the United States in accordance
                  with Regulation S under the Securities Act.

CLOSING DATE:     On or about February 17, 2005.

AGENT:            GMP.

                                       4

<PAGE>

                                   SCHEDULE B

                              ANALOGIC CORPORATION
            SECONDARY SALE OF COMMON SHARES OF CEDARA SOFTWARE CORP.

                  FORM OF REPRESENTATION LETTER TO BE DELIVERED
                             BY ANALOGIC CORPORATION

GMP Securities Ltd.
145 King Street West
Suite 1100
Toronto, Ontario
Canada M5H 118

Ladies and Gentlemen:

In connection with the proposed sale to GMP Securities Ltd. ("GMP") of 4,580,461
common shares (the "Shares") of Cedar a Software Corp. (the "Company"), Analogic
Corporation ("Analogic") confirms and undertakes, as follows:

      (a)   The Shares when delivered to GMP, will not bear any restrictive
            legend.

      (b)   No "Directed selling efforts" (as defined in Regulation S
            ("Regulation S") under the United States Securities Act of 1933, as
            amended (the "Securities Act") have been made with respect to the
            Shares in the United States by Analogic or any of its affiliates, or
            any person acting on behalf of any of the foregoing.

      (c)   Analogic is not an affiliate of the Company within the meaning of
            Regulation S.

      (d)   Analogic has not relied upon GMP or any of its affiliates or
            representatives for advice concerning the advisability or timing of
            the sale of Shares or for any tax, regulatory or other advice
            concerning the transactions contemplated hereby.

      (e)   The purchase of the Shares has not been part of a plan or scheme to
            evade the registration provisions of the Securities Act.

Analogic acknowledges that GMP, its affiliates, representatives and others will
rely upon Analogic's confirmations, acknowledgements, undertakings and
agreements set forth herein and Analogic will notify GMP promptly if any of the
representations or warranties herein ceases to be true and accurate.

GMP is entitled to rely upon this letter and is irrevocably authorized to
produce this letter or a copy hereof to any interested party as required by law
or order of a court or regulatory body of competent jurisdiction with respect to
the purchase of the Shares and the matters covered hereby provided that GMP
undertakes to provide prompt written notice to Analogic in advance of such
production.

This letter shall be governed by, and constructed in accordance with, the laws
of the province of Ontario and the federal laws of Canada applicable therein,
without regard to its choice of law principles that would require the
application of the law of any other jurisdiction.

                                               ANALOGIC CORPORATION

                                               By /s/ John Millerick
                                                  ------------------------------
                                                  Name: John Millerick
                                                  Title: Chief Financial Officer

                                       5

<PAGE>

                                   SCHEDULE C

                              ANALOGIC CORPORATION
            SECONDARY SALE OF COMMON SHARES OF CEDARA SOFTWARE CORP.

                  FORM OF REPRESENTATION LETTER TO BE DELIVERED
                             BY GMP SECURITIES LTD.

Analogic Corporation
8 Centennial Drive
Peabody, MA 01960
U.S.A.

Ladies and Gentlemen:

In connection with its proposed purchase from affiliates of Analogic Corporation
(" Analogic") of 4,580,461 common shares (the "Shares") of Cedara Software Corp.
(the "Company"), GMP Securities Ltd. ("GMP") confirms and undertakes, as
follows:

      (a)   GMP is aware, understands and acknowledges that no federal or state
            agency has passed on or made any recommendation or endorsement of
            the Shares.

      (b)   GMP is aware, understands and acknowledges that the Shares are being
            offered and sold in reliance on specific exemptions or
            non-application from the registration requirements of federal
            securities laws of the United States, including the United States
            Securities Act of 1933, as amended (the "Securities Act"), and the
            securities laws of the states of the United States and that Analogic
            is relying upon the truth and accuracy of our representations,
            warranties, agreements, acknowledgments, and understandings set
            forth herein in order to determine the applicability of such
            exemptions and GMP's suitability to acquire the Shares.

      (c)   GMP is not a U.S. Person (as that term is defined in Regulation S
            ("Regulation S") under the Securities Act).

      (d)   No offer of the Shares was made to GMP by Analogic in the United
            States (as defined in Regulation S).

      (e)   At the time the buy order for the Shares was originated, GMP was
            located outside the United States and such buy order from GMP
            originated outside of the United States.

      (f)   GMP is aware, understands and acknowledges that the Shares have not
            been and will not be registered under the Securities Act and may
            only be offered or sold pursuant to registration under the
            Securities Act or an available exemption therefrom (including
            Section 4(1) thereof).

      (g)   The purchase of me Shares has not been part of a plan or scheme to
            evade the registration provisions of the Securities Act.

GMP acknowledges that Analogic, the Company and others will rely upon GMP's
confirmations, acknowledgements, undertakings and agreements set forth herein
and GMP will notify Analogic promptly if any of the representations or
warranties herein ceases to be true and accurate.

Analogic acknowledges that GMP, in making the confirmations and undertakings set
forth herein, is relying upon the confirmations and undertakings made by
Analogic to GMP in a letter to GMP of even date herewith.

                                       6

<PAGE>

Analogic is entitled to rely upon this letter and is irrevocably authorized to
produce this letter or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the
purchase of the Shares and the matters covered hereby. Analogic undertakes to
provide prompt written notice to GMP in advance of such production.

This letter shall be governed by, and construed in accordance with, the laws of
the state of province of Ontario and the federal laws of Canada applicable
therein, without regard to its choice of law principles that would require the
application of the law of any other jurisdiction.

                                                    GMP SECURITIES LTD.

                                                    By: /s/ Daniel Bruno
                                                        ------------------------
                                                        Name: Daniel Bruno
                                                        Title: Director

                                       7

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