Document:

Exhibit 10.6

 

COMMERCIAL MANAGEMENT AGREEMENT

 

Dated: March 27, 2019

 

Parties

 

		(1)	Diamond S Shipping Inc., a corporation duly organized and existing under the laws of the
Marshall Islands having their registered offices at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
c/o Diamond S Management LLC (“DSS”) a company also incorporated and existing under the laws of the Marshall
Islands with a mailing address at 33 Benedict Place, 2nd Floor, Greenwich, Connecticut 06830. USA.

 

		(2)	Capital Ship Management Corp., (“Manager” and together with DSS the “Parties”)
a company duly organized and existing under the laws of Panama with its registered office at Hong Kong Bank building, 6th
floor, Samuel Lewis Avenue, Panama, and a business address at 3, Iassonos street, Piraeus, Greece.

 

Background

 

		(A)	DSS wish to employ the services of the Manager to commercially manage the operation of the Vessels
listed in Annex A upon the terms and conditions as set out in this Agreement.

 

		(B)	The Manager agrees to commercially manage the Vessels upon the terms and conditions as set out
in this Agreement.

 

		(C)	This Agreement is the Commercial Management Agreement referred
to in the Management and Services Agreement of even date herewith between the Parties (as same may be amended from time to time
the “Services Agreement”).

 

		1.	Definitions

 

Any terms used as defined terms herein but
not otherwise defined herein shall have the meanings ascribed thereto in the Services Agreement.

 

“Commercial Management”
shall cover the services as listed in clause 6.1 of this Agreement.

 

“Corruption Legislation”
means both the U.S. Foreign Corrupt Practices Act of 1977 as amended (“FCPA”) and the UK Bribery Act 2011 (the
“Bribery Act”).

 

“High Risk Piracy Area”
and “extended High Risk Piracy Area” shall be as defined by the Joint War Committee (JWC) and International
Bargaining Forum (IBF), and as amended from time to time.

 

“Management Fee” means 1.25%
of each Vessel’s gross freight, hire, demurrage and any other revenue derived from the Vessel's commercial employment.

 

"Owners" means together DSS's
wholly owned subsidiaries owning companies of each Vessel.

 

“Vessel” means each of the
vessels referred to in Annex A of this Agreement and in plural "Vessels" means all of them.

 

    	 	1	 

     

    

 

		2.	Headings

 

The headings in this Agreement are for convenience
only and shall be ignored in construing this Agreement.

 

		3.	Third Party Rights

 

The Parties do not intend that any term of
this Agreement shall be enforceable solely by virtue of the Contracts (Rights of Third Parties) Act 1999 by any person who is not
a Party.

 

		4.	Representations and Warranties

 

Each Party has entered into this Agreement
in reliance on the following representations and warranties from the other Party (which representations and warranties shall be
repeated during the continuance of this Agreement):

 

		(a)	it is a company duly incorporated under the laws of the jurisdiction of its incorporation;

 

		(b)	this Agreement has been duly authorised, executed and delivered by it and constitutes or will constitute
its legal, valid and binding obligations;

 

		(c)	the execution, delivery and performance of this Agreement does not violate any applicable law or
regulation or its constitutional documents;

 

		(d)	it has and will maintain all necessary licences, permits and authorisations of whatever nature
necessary to enable it to lawfully fulfil its obligations under this Agreement; and

 

		(e)	the performance of its obligations under this Agreement does not violate any law or regulation
to which it is subject.

 

		5.	Duration of the Agreement

 

		5.1	This Agreement shall come into effect on the date of signing
and to be valid for a term of five (5) years.

 

		5.2	The Manager shall not commit a Vessel to period business
(e.g. consecutive voyages, time charters) of more than twelve (12) months without DSS's prior written consent which shall be provided
within three (3) New York working days of receiving notice from Manager specifying the salient features of the proposed charter.

 

		6.	Managers and Owners Obligations

 

Manager’s Obligations:

 

		6.1	(1) Manager will perform Commercial Management of the Vessels
on behalf of DSS and the Owners. Manager shall provide the following services for the Vessels which shall include but not be limited
to:

 

		(a)	seeking and negotiating employment for the Vessels and the conclusion (including the execution
thereof) of charter parties or other contracts relating to the employment of the Vessels;

 

		(b)	arranging for the provision of bunker fuels of the quality as required for each Vessel’s
trade and consistent with all applicable regulations and each Vessel’s specifications;

 

    	 	2	 

     

    

 

		(c)	voyage estimating and accounting and calculation of hire, freights, demurrage and/or despatch monies
due from or due to the charterers of the Vessels;

 

		(d)	collecting and/or assisting in the collection of (as the case may be) any sums due to Owners related
to the commercial operation of the Vessels;

 

		(e)	issuing voyage instructions;

 

		(f)	appointing agents;

 

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

 

(2) Manager will act as agents on
behalf of the Owners in relation to all matters relating to the Commercial Management and operation of the Vessels and will earn
the Management Fee. Any other discounts, rebates or commissions obtained by Manager in the normal course of the performance of
the Management Services shall be credited to the Owners.

 

(3) All monies collected by Manager
under the terms of this Agreement (other than monies payable by the Owners to Manager) and any interest thereon shall be held to
the credit of the Owners in a separate bank account in the name of the Owners or as may be otherwise advised by the Owners in writing.

 

(4) All expenses incurred by Manager
under the terms of this Agreement, in performing the Commercial Management, shall be borne by the Manager. Manager shall, at no
cost to DSS, provide their own office accommodation, office staff, facilities and stationary. Manager will also incur postage and
communication expense, reasonable and in normal course of business traveling expenses and other out of pocket expenses in performing
it services hereunder at no additional cost to DSS except that any legal fees and expenses which are incurred on behalf of DSS
in the performance by the Manager of its obligations hereunder are to be borne by DSS; provided, however, that the Manager shall
seek approval of DSS before retaining

 

counsel or incurring legal fees in
connection with any matter not covered by the Manager’s or Owner’s FD&D insurance.

 

(5) Manager will assist in collecting
information in respect to disputes and claims which would fall within the scope of FD&D cover. Calls to High Risk areas and
breaches of Trading Limits as defined in Vessels' H&M and/or war risk policies shall be reported by Manager to DSS as soon
as practically possible, and the Manager’s Insurance Brokers are to arrange cover accordingly.

 

(6) The Manager will trade the
Vessels in accordance with her certifications and Vessels' specifications.

 

Owner’s obligations:

 

		6.2	DSS will ensure that the Vessels are maintained, in a seaworthy condition and to the technical
and operational standards set forth by the OCIMF as applicable to ships of the Vessels' class; obtain and maintain all certificates
required by the ISM Code; and procure that the Vessels are at all times eligible for their intended trade and as required for the
carriage of the permitted cargoes.

 

    	 	3	 

     

    

 

		6.3	The Parties shall negotiate in good faith between the date hereof and the date of effectiveness
of this Agreement to agree appropriate (1) Vessel operational procedures; (2) forms of Voyage Expenses & Operating Expenses
Sheet and (3) forms for financial and other reporting to comply with the substantive provisions of this Agreement.

 

		7.	Working Capital

 

		7.1	DSS shall provide cash working capital for the Vessels operating in the spot market  in accordance
with usual and customary market practice for vessels of similar type and the trade in which the Vessels are engaged (taking
into account the value of the bunkers on board) as agreed upon by the Parties between signing of this Agreement and  its
effectiveness. The cash working capital will be in addition to the value of  bunkers on board each Vessel on the effectiveness
of this Agreement. The Parties shall from time to time re-examine whether the foregoing amounts in respect of working capital are
appropriate in view of market conditions

 

		8.	Reporting

 

		8.1	Manager shall reasonably promptly and, in any event, in
time, where relevant, to enable DSS to meet its legal reporting requirements provide to DSS:

 

		(a)	Monthly, quarterly and annual financial reports as required by DSS in accordance with US Generally
Accepted Accounting Practises (US GAAP), ,

 

		(b)	Other reasonable information pertaining to the income or expenses of the Vessels as may be reasonably
requested by DSS from time to time including, but not limited to weekly fixture and activity reports and profit and loss statements
relating thereto in a timely manner,

 

		(c)	Information that DSS or the Owners may reasonably request from time to time to satisfy their auditors,
lenders, insurers, or other financial advisors, and

 

		(d)	Copies of time charter if a Vessel is fixed on a time charter of more than one voyage.

 

		9.	Termination

 

		9.1	Either Party shall be entitled to terminate this Agreement
in its entirety upon the occurrence, in respect of any Party, of:

 

		(a)	in the event of a Change of Control of either CSM or DSS at the election of the other Party; or

 

		(b)	there is a Cause Event in respect of either CSM or DSS at the election of the other Party; or

 

		(c)	a receiver is appointed for all or substantially all of the property of the other Party; or

 

		(d)	an order is made to wind-up the other party; or

 

		(e)	a final judgment, order or decree which materially and adversely affects the ability of the other
Party to perform this Agreement shall have been obtained or entered against that Party and such judgment, order or decree shall
not have been vacated, discharged or stayed .

 

		9.2	The Commercial Management in respect to a Vessel shall be deemed to be terminated for such Vessel
in the case of the sale of such Vessel (in any manner) where the Vessel no longer remains in the ownership or disponent ownership
of an Owner or DSS or DSS has no power to appoint the commercial manager of such Vessel or if the Vessel becomes a total loss or
is declared as a constructive or compromised or arranged total loss or is requisitioned or seized.

 

    	 	4	 

     

    

 

		9.3	The termination of this Agreement shall be without prejudice to all rights accrued under this Agreement
prior to the date of termination.

 

		9.4	On termination, for whatever reason, of this Agreement, the Manager shall release to the Owners,
the originals where possible, or otherwise certified copies, including electronic data and copies of all accounts and documents
specifically relating to the relevant Vessel(s) and operation.

 

		10.	Force Majeure

 

Neither Party shall be under any
liability to the other for any failure to perform any of their obligations hereunder by reason of any cause whatsoever of any nature
or kind beyond their reasonable control.

 

		11.	Trading limits

 

		11.1	The Vessels shall be employed and Manager undertake to employ the Vessels in lawful trades for
the carriage of suitable lawful merchandise worldwide always in conformity with the terms of the contracts of insurance (including
any warranties expressed or implied therein) and within (i) the limits of the current Institute Warranty Limits (IWL) and excluding
the following areas;

 

Areas outside IWL and any areas /
countries embargoes by the Flag State, UN, EU and USA are prohibited. The Parties agree to re-address exclusions from time to time
as circumstances and political climate change.

 

Vessels shall only break IWL and
enter into war risk zones declared by a Vessel’s War Risks with Insurer’s consent and complying with such requirements
as to extra premia or otherwise as Owners’ Insurers may prescribe.

 

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

 

		12.	Piracy, Cost of Armed Security Guards and Additional
Insurance Premiums

 

		12.1	Manager undertakes not to employ the Vessels on any transit through the High Risk Piracy Area including
the extended High Risk Piracy Area except in compliance with the criterion stipulated in 13.2 here below

 

		12.2	On any transit through the High Risk Piracy Area including the extended High Risk Piracy Area,
the Manager shall ensure that,

 

(a) DSS and the
Manager have been notified of the transit in reasonable time to allow them to put the necessary measures in place such as extra
insurances and armed guards. The cost of the armed guards remains a voyage expense for accounting purposes.

 

(b) All costs
relating to the additional insurances required for transits namely, Additional War Risk Premium (AWRP), Kidnap & Ransom (K&R),
IWL breaches and Loss of Hire (LOH) insurance, shall be considered a voyage expense.

 

    	 	5	 

     

    

 

(c) All costs
relating to deviations associated with transits through High Risk Piracy Areas and/or Extended High Risk Piracy Areas, including
but not limited to deviations to (dis)embark guards and time spent waiting for and joining naval convoys/escorts shall also be
considered voyage expense.

 

(d) All bonuses
paid to the crew of a Vessel as required per the terms of the employment / union agreements for a transit through the High Risk
Piracy Area including the extended High Risk Piracy Area shall also be a voyage expense.

 

		12.3	DSS and the Manager will use reasonable efforts to reduce all costs associated with a Vessel’s
transiting the High Risk Piracy Area and/or the Extended High Risk Piracy Area.

 

		13.	Delivery and Redelivery

 

		13.1	Delivery of the Vessels:

At closing and signing of this
Agreement.

 

		13.2	Redelivery of a Vessel:

Free of cargo, World Wide within
IWL at the end of the term of this Agreement.

 

		14.	Assignment and sub-contracting

 

No Party may assign or transfer
any of its rights or obligations under this Agreement but the Manager shall be entitled to sub-contract performance of its obligations
under this Agreement, by their parent, subsidiary or any affiliates or, (with the consent of DSS and on such terms and conditions
as DSS shall reasonably agree) to third parties (collectively the "Sub-Managers") in accordance with the following
provisions of this Section 14:

 

(i)          any
such performance of all or any of Manager's obligations by the Sub-Managers shall be and constitute performance by the Manager
of its obligations hereunder;

 

(ii)         any
performance of Manager's obligations by the Sub-Managers will not result in any increased costs to DSS and shall be without prejudice
to the rights of DSS hereunder for any failure by the Manager in performance of the Manager's duties and obligations hereunder
and notwithstanding performance by the Sub-Managers, Manager will remain fully liable for the due performance of their obligations
under this Agreement.

 

		15.	Notices and Communications

 

All notices under this Agreement
may be sent by recorded mail or electronically. Notices will be deemed received upon actual receipt if received on a day that banks
are open for business in Greece, New York and London ("Business Day") prior to 5pm local time or at 9am on the next Business
Day if received on a non-Business Day or after 5pm local time.

 

Notices to Manager:

 

3 Iassonos Street

Piraeus, 18537, Greece

Attn: Operations and Commercial dpt

Fax: +30 210 428 4285

Email: dss@capitalship.gr

 

with cc to: g.ventouris@capitalmaritime.com

 

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Notices to Owner / DSS:

 

Diamond S Shipping, Inc.

c/o Diamond S Management LLC

33 Benedict Place, 2nd floor

Greenwich, CT 06830

USA

Attention: Michael G. Fogarty,
Senior Vice President Commercial

Email: management@diamondsshipping.com

 

		16.	Compliance with Laws and Sanctions

 

		16.1	Neither Party shall be obliged to take any action or refrain
from taking any action in connection with the subject matter set out in or connected in any way with the performance of this Agreement
if to do so would, or would in the reasonable opinion of the Party subject to the applicable law or regulation, cause the Party
in question to breach any law or regulation to which it is subject. Manager will ensure that it does not do or permit to be done
anything which might cause breach or infringement of the law and regulations of the Flag State or of the places where a Vessel
trades.

 

		16.2	DSS and Manager covenant and agree in favor of each other that all of its business under this Agreement,
and all matters relating to this Agreement and involving the Vessel) shall be conducted in compliance with EU, UN, UK, and USA
laws or regulations regarding sanctions including but not limited to the economic sanction programs administered by the Office
of Foreign Assets Control of the U.S. Department of Treasury, The Anti-boycott Program Administered By The Bureau Of Industry And
Security Of The U.S. Department Of Commerce, The U. S. Foreign Corrupt Practices Act, the U.S. Comprehensive Iran Sanctions Accountability
and Divestment Act and the UK Bribery Act 2010, as amended, together with any future EU, UK, UN and USA laws or regulations of
a similar nature.

 

		16.3	The Parties agree that the Vessels shall not be employed;

 

		(a)	in breach of any embargo or sanction or prohibited order (or any similar order or directive) of:

 

		1.	the United Nations Security Council;

		2.	the European Union;

		3.	the United Kingdom; or

		4.	the United States of America,

		5.	the Vessel’s flag state

 

as they apply
to their members or nationals;

 

		(b)	in any trade carriage of goods or business which is forbidden by United Kingdom or United States
of America laws as they apply to their members or nationals.

 

		(c)	in carrying illicit or prohibited goods; or

 

		(d)	in a way which may make it liable or destroyed, seized or confiscated;

 

		(e)	by or for the benefit of a Prohibited Person.

 

    	 	7	 

     

    

 

		16.4	DSS undertake that the Vessels will not at any time be beneficially owned directly or indirectly
by a Prohibited Person; no Prohibited Person has or will have any interest of any nature whatsoever in either Party; and no property
connected with this Agreement has been derived from any unlawful activity.

 

For the purposes of this Agreement:

 

"Prohibited Person"
means any person with whom transactions are currently prohibited or restricted under the United States of America Department of
Treasury's Office of Foreign Assets Control (OFAC), any other United States of America government sanction, export or procurement
laws or any other sanctions or other such restrictions on business dealings imposed by a member state of the European Union, including
a person on any list of restricted entities, persons or organizations published by the United States of America government, the
United Nations or the European Union or any member state of the European Union, including without limitation:

 

		1.	the United States of America Government's List of Specially Designated Nationals and Blocked Persons,
Denied Persons List, Entities List, Debarred Parties List, Excluded parties List and Terrorism Exclusion List;

		2.	Her Majesty's Treasury's Consolidated List of Financial Sanctions Targets;

		3.	the European Union Restricted person Lists issued pursuant to Council Regulation (EC) No. 881/2002
of 27 May 2002, Council Regulation (EC) No. 2580/2001 of 27 December 2001 and Council Common Position 2005/725/CFSP of 17 October
2005; and

		4.	the United Nations Consolidated List established and maintained by the 1267 Committee.”

 

Each as amended from
time to time.

 

		16.5	(a) Each Party further warrant to the other that it, its affiliates, personnel, co-ventures and
its subcontractors have not made, offered, or authorised, requested, received, or accepted and will not make, offer, or authorise,
request, receive or accept with respect to the matters which are the subject of this Agreement, any payment, gift, promise or other
advantage, whether directly or indirectly through any other person or entity, to or for the use or benefit of any public official
or any political party or political party official or candidate for office, or any other person where such payment, gift, promise
or advantage would violate: (i) applicable Laws, and (ii) the laws of the country of incorporation of such entity or such entity's
ultimate parent company and of the principal place of business of such ultimate parent company and (iii) the Corruption Legislation
and that none of its principals or personnel are foreign officials as defined in the Corruption Legislation (iv) including but
not limited to the United Kingdom Bribery Act of 2010 as amended and the United States of America Foreign Corrupt Practices Act
of 1977 as amended, or any other applicable jurisdiction, relating to Anti-Bribery and Anti-Money Laundering and that they shall
take no action which would subject themselves or the Owner to fines or penalties under such laws, regulations, rules, decrees or
orders.

 

(b) Each Party shall immediately
report to the other any act or omission which could possibly be seen as a breach of this clause‎. In such instances the offending
Party shall give the other access to all documents which in the innocent Party’s sole opinion may be relevant to determine
whether such a breach has occurred.

 

    	 	8	 

     

    

 

		17.	Governing Law and Jurisdiction

 

This Agreement
shall be governed by and construed in all respects in accordance with English law and any dispute arising out of or in connection
with the Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
or re-enactment then in force. The arbitration shall be conducted in accordance with the London Maritime Arbitrators’ (LMAA)
Terms current at the time when the arbitration is commenced.

 

Save as after
mentioned, the reference shall be to three arbitrators, one to be appointed by each Party and the third by the two arbitrators
so appointed. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment
to the other Party requiring the other Party to appoint its 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 calendar days specified. If the other Party does not appoint its own arbitrator and give notice that it has
done so within the 14 calendar days specified, the party referring the 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 as binding as if he had been appointed by agreement.

 

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.

 

    	 	9	 

     

    

 

		18.	Indemnity

 

		18.1	The Manager shall be under no liability whatsoever to DSS
for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of
profit arising out of or in connection with detention of or delay to the Vessels) and howsoever arising in the course of performance
of the Commercial Management UNLESS and to the extent that such loss, damage, delay or expense is proved to have resulted solely
from the fraud, gross negligence or wilful misconduct of the Manager or their employees in connection with the Vessels, in which
case its liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of US$
1,000,000;

 

		18.2	DSS shall indemnify and hold harmless the Manager and its
employees, Sub-Managers and agents against all actions, proceedings, claims, demands or liabilities which may be brought against
them arising out of, relating to or based upon this Agreement and in respect of all costs and expenses (including legal costs
and expenses on a full indemnity basis) they may suffer or incur due to defending or settling same, provided however that such
indemnity shall exclude any or all losses, actions, proceedings, claims, demands, costs, damages, expenses and liabilities whatsoever
which may be caused by or due to fraud, gross negligence or willful misconduct of the Manager and its employees, Sub-Managers
and agents.

 

		18.3	Without prejudice to the general indemnity set out in this
article DSS hereby undertakes to indemnify the Manager and its employees, Sub-Managers and agents against all taxes, imposts and
duties levied by any government as a result of the operations of DSS, Owners or the Vessels, whether or not such taxes, imposts
and duties are levied on DSS, Owners or the Vessels or the Manager. For the avoidance of doubt, such indemnity shall not apply
to taxes imposed on amounts paid to the Manager as consideration for the performance of the Commercial Management. DSS shall pay
all taxes, dues or fines imposed on the Vessels or the Manager as a result of the operation of the Vessels.

 

		18.4	It is hereby expressly agreed that no employee or agent
of the Manager (including any Sub-Manager from time to time employed by the Manager and the employees of such Sub-Managers) shall
in any circumstances whatsoever be under any liability whatsoever to DSS for any loss, damage or delay of whatsoever kind arising
or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection
with his employment and, without prejudice to the generality of the foregoing provisions in this article, every exemption, limitation,
condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable
to the Manager or to which the Manager are entitled hereunder shall also be available and shall extend to protect every such employee
or agent or Sub-Manager of the Manager acting as aforesaid.

 

		18.5	The provisions of this article 18 shall remain in force
notwithstanding termination of this Agreement.

 

		19.	Miscellaneous

 

19.1 Waiver. The failure of either Party
to enforce any term of this Agreement shall not act as a waiver. Any waiver must be specifically stated as such in writing.

 

19.2 Affiliates. This Agreement shall
be binding upon and inure to the benefit of DSS and/or the Manager and their respective successors and assigns.

 

19.3 Counterparts. This Agreement may
be executed in one or more signed counterparts, facsimile or otherwise, which shall together form one instrument. 

 

19.4 Conflict. Where the terms of this
Agreement and the Services Agreement are in conflict, the terms of the Services Agreement shall take precedence.

 

    	 	10	 

     

    

 

	For and on behalf of 	 	For and on behalf of 
	 	 	 	Capital Ship Management Corp.
	 	 	 	 
	/s/ Sanjay Sukhrani	 	/s/ Prokopios Iliou
	Name:	Sanjay Sukhrani	 	Name: Prokopios Iliou
	Position:	Chief Operating Officer	 	Position: Director
	Date: 	March 27th 2019	 	Date: 

 

    	 	11	 

     

    

 

ANNEX "A" (DETAILS OF VESSELS)

 

	Vessel
    Name	IMO
    Number	Flag
	ACTIVE	9700342	Liberia
	AGISILAOS	9315745	Marshall Islands
	AIAS	9337004	Malta
	AIOLOS	9315769	Marshall Islands
	AKERAIOS	9328297	Liberia
	AKTORAS	9312925	Marshall Islands
	ALEXANDROS II	9384021	Marshall Islands
	ALKIVIADIS	9327437	Marshall Islands
	AMADEUS	9700469	Malta
	AMOR	9700471	Liberia
	AMOUREUX	9337016	Liberia
	ANEMOS I	9327463	Liberia
	ANIKITOS	9710490	Liberia
	APOSTOLOS	9327451	Liberia
	ARIONAS	9315757	Marshall Islands
	ARIS II	9384019	Marshall Islands
	ARISTAIOS	9779939	Marshall Islands
	ARISTOTELIS II	9384033	Marshall Islands
	ASSOS	9327449	Liberia
	ATLANTAS II	9312913	Marshall Islands 
	ATROTOS	9328285	Liberia
	AVAX	9315939	Liberia
	AXIOS	9315941	Liberia
	AYRTON II	9410014	Liberia
	MILTIADIS M II	9311610	Liberia

 

    	 	12Exhibit 10.7

PART II

SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

	
        Place and date of Agreement

        Type here

        Type here
	
        2.    Date
        of commencement of Agreement (Cl. 2, 12, 21 and 25)

        Type here

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

        (i) Name: Choose
        an item.

        (ii) Place of registered
        office: Type here

        (iii) Law of registry:
        Type here
	
        4.    Managers
        (name, place of registered office and law of registry) (Cl. 1)

        (i) Name: Choose
        an item.

        (ii) Place of registered
        office: Type here

        (iii) Law of registry:
        Type here

	
        5.     The
        Company (with reference to the ISM/ISPS Codes) (state name and IMO Unique Company Identification number. If the Company is a third
        party then also state registered office and principal place of business) (Cl. 1 and 9(c)(i))

        (i) Name: Type here

        (ii) IMO Unique Company Identification number:
        Type here

        (iii) Place of registered
        office: Type here

        (iv) Principal place
        of business: Type here
	
        6.    Technical
        Management (state “yes” or “no” as agreed) (Cl. 4)

        Yes

	
        7.    Crew
        Management (state “yes” or “no” as agreed) (Cl. 5(a))

        Yes

	
        8.    Commercial
        Management (state “yes” or “no” as agreed) (Cl. 6)

        Not covered under this Agreement

	
        9.     Chartering
        Services period (only to be filled in if “yes” stated in Box 8) (Cl.6(a))

        Not coverd under this Agreement
	
        10.  Crew
        Insurance arrangements (state “yes” or “no” as agreed)

        (i) Crew Insurances* (Cl. 5(b)): See
        Clause 40 of Rider Clauses

        (ii) Insurance for persons proceeding to
        sea onboard (Cl. 5(b)(i)): See Clause 40 of Rider Clauses

        *only to apply if Crew Management (Cl. 5(a)) agreed
        (see Box 7)

	
        11.  Insurance
        arrangements (state “yes” or “no” as agreed) (Cl. 7)

        See Clause 40 of Rider Clauses
	
        12.  Optional insurances
        (state optional insurance(s) as agreed, such as piracy, kidnap and ransom, loss of hire and FD&D) (Cl. 10(a)(iv))

        See Clause 40 of Rider Clauses

	
        13.  Interest (state
        rate of interest to apply after due date to outstanding sums) (Cl. 9(a))

        To be discussed
	
        14.  Annual management
        fee (state annual amount) (Cl. 12(a))

        $850 per day

	
        15.  Manager’s nominated account (Cl.12(a))

        TBA
	
        16.  Daily rate (state
        rate for days in excess of those agreed in budget) (Cl. 12(c))

        Not Applicable

	
        17.  Lay-up period / number of months (Cl.12(d))

        Not Applicable

	
        18.  Minimum contract period (state
        number of months) (Cl. 21(a))

        As per Management and Services Agreement
	
        19.  Management fee on
        termination (state number of months to apply) (Cl. 22(g))

        As per Management and Services Agreement

	20.  Severance Costs (state maximum amount) (Cl. 22(h)(ii)) To be paid in accordance with the terms, conditions, regulations and laws governing the employment of the crew.	
        21.  Dispute
        Resolution (state alternative Cl. 23(a), 23(b) or 23(c); if Cl. 23(c) is agreed, place of arbitration must be stated) (Cl. 23)

        (a) English
        law, London arbitration Type here

	
        22.  Notices (state full
        style contact details for serving notice and communication to the Owners) (Cl. 24)

        As per Management and Services Agreement
	
        23.  Notices (state full style contact
        details for serving notice and communication to the Managers) Cl. 24)

        As per Management and Services Agreement

 

It is mutually agreed between the
party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART l and PART ll as well as Annexes “A”
(Details of Vessel or Vessels), “B” (Details of Crew), “C” (Budget), “D” (Associated Vessels)
and “E” (Fee Schedule) attached hereto, shall be performed subject to the conditions contained herein. In the event
of a conflict of conditions, the provisions of PART l and Annexes “A”, “B”, “C”, “D”
and “E” shall prevail over those of PART ll to the extent of such conflict but no further.

 

    	 	 	 

     

    

 

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SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

	
        Signature(s) (Owners)

         

        Type here

         
	
        Signature(s) (Managers)

         

        Type here

 

SECTION 1 – Basis of the Agreement

 

		1.	Definitions

 

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

 

“Company” (with reference
to the ISM Code and the ISPS Code) means the organization identified in Box 5 or any replacement organization appointed by the
Owners from time to time (see Sub-clauses 9(b)(i) or 9(c)(ii), whichever is applicable).

 

“Crew” means the personnel of the numbers,
rank and nationality specified in Annex “B” hereto.

 

“Crew Insurances” means
insurance of liabilities in respect of crew risks which shall include but not be limited to death, permanent disability, sickness,
injury, repatriation, shipwreck unemployment indemnity and loss of personal effects (see Sub-clause 5(b) (Crew Insurances) and
Clause 7 (Insurance Arrangements) and Clause 10 (Insurance Policies) and Boxes 10 and 11).

 

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

 

“Flag State” means the State whose flag
the Vessel is flying.

 

“ISM Code” means the International Management
Code for the Safe Operation of Ships and for Pollution Prevention and any amendment thereto or substitution therefor.

 

“ISPS Code” means the International Code
for the Security of Ships and Port Facilities and the relevant amendments to Chapter XI of SOLAS and any amendment thereto or substitution
therefor.

 

“Managers” means the party identified in
Box 4.

 

“Management Services”
means the services specified in SECTION 2 - Services (Clauses 4 through 7) as indicated affirmatively in Boxes 6 through 8, 10
and 11, and all other functions performed by the Managers under the terms of this Agreement.

 

“Owners” means the party identified in Box
3.

 

"OPA 90" means the US Oil Pollution Act of
1990 and any amendments thereof.

 

“Severance Costs” means the costs which are
legally required to be paid to the Crew as a result of the early termination of any contracts for service on the Vessel.

 

“SMS” means the Safety Management System
(as defined by the ISM Code).

 

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

 

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

 

    	 	 	 

     

    

 

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SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

		2.	Commencement and Appointment

 

With effect from the date stated
in Box 2 for the commencement of the Management Services and continuing unless and until terminated as provided herein, the Owners
hereby appoint the Managers and the Managers hereby agree to act as the Managers of the Vessel in respect of the Management Services.

 

		3.	Authority of the Managers

 

Subject to the terms and conditions
herein provided, during the period of this Agreement the Managers shall carry out the Management Services in respect of the Vessel
as agents for and on behalf of the Owners. The Managers shall have authority to take such actions as they may from time to time
in their absolute discretion consider to be necessary to enable them to perform the Management Services in accordance with sound
ship management practice, including but not limited to compliance with all relevant rules and regulations.

 

    	 	 	 

     

    

 

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	SECTION 2 – Services

 

		4.	Technical Management

 

(only applicable if agreed according
to Box 6).

 

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

 

		(a)	ensuring that the Vessel complies with the requirements of the law of the Flag State;

 

		(b)	ensuring compliance with the ISM Code;

 

		(c)	ensuring compliance with the ISPS Code;

 

		(d)	providing competent personnel to supervise the maintenance and general efficiency of the Vessel;

 

		(e)	arranging and supervising dry dockings, repairs, alterations and the maintenance of the Vessel
to the standards agreed with the Owners provided that the Managers shall be entitled to incur the necessary expenditure to ensure
that the Vessel will comply with all requirements and recommendations of the classification society, and with the law of the Flag
State and of the places where the Vessel is required to trade;

 

		(f)	arranging the supply of necessary stores, spares and lubricating oil;

 

		(g)	appointing surveyors and technical consultants as the Managers may consider from time to time to be necessary;

 

		(h)	in accordance with the Owners’ instructions, supervising the sale and physical delivery of
the Vessel under the sale agreement. However services under this Sub-clause 4(h) shall not include negotiation of the sale agreement
or transfer of ownership of the Vessel;

 

		(i)	arranging for the supply of provisions unless provided by the Owners; and

 

		(j)	arranging for the sampling and testing of bunkers;

 

		(k)	ensuring compliance with OPA 90, including but not limited
to appointing and at all times maintaining a "Qualified Individiual" for the vessel

 

		5.	Crew Management and Crew Insurances

 

		(a)	Crew Management

 

(only applicable if agreed according to Box 7)

 

The Managers shall provide suitably
qualified Crew who shall comply with the requirements of STCW 95. The provision of such crew management services includes, but
is not limited to, the following services:

 

(i) selecting,
engaging and providing for the administration of the Crew, including, as applicable, payroll arrangements, pension arrangements,
tax, social security contributions and other mandatory dues related to their employment payable in each Crew member’s country
of domicile;

 

(ii) ensuring
that the applicable requirements of the law of the Flag State in respect of rank, qualification and certification of the Crew and
employment regulations, such as Crew’s tax and social insurance, are satisfied;

 

(iii) ensuring
that all Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they
are engaged and are in possession of valid medical certificates issued in accordance with appropriate Flag State requirements or
such higher standard of medical examination as may be agreed with the Owners. In the absence of applicable Flag State requirements
the medical certificate shall be valid at the time when the respective Crew member arrives on board the Vessel and shall be maintained
for the duration of the service on board the Vessel;

 

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

 

    	 	 	 

     

    

 

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

 

(vi) training of the Crew;

 

(vii) conducting union negotiations;
and

 

(viii) if the Managers are
the Company, ensuring that the Crew, on joining the Vessel, are given proper familiarisation with their duties in relation to the
Vessel’s SMS and that instructions which are essential to the SMS are identified, documented and given to the Crew prior
to sailing.

 

		(b)	( See Clause 40 in Rider Clauses)

 

		6.	Commercial Management (See separate agreement for Commercial Management) (

 

		7.	(See Clause 40 in Rider Clauses)

 

	 SECTION 3 – Obligations

 

		8.	Managers’ Obligations

 

		(a)	The Managers undertake to use their best endeavours to provide the Management Services as agents
for and on behalf of the Owners in accordance with sound ship management practice and to protect and promote the interests of the
Owners in all matters relating to the provision of services hereunder.

 

Provided however, that in the performance
of their management responsibilities under this Agreement, the Managers shall be entitled to have regard to their overall responsibility
in relation to all vessels as may from time to time be entrusted to their management and in particular, but without prejudice to
the generality of the foregoing, the Managers shall be entitled to allocate available supplies, manpower and services in such manner
as in the prevailing circumstances the Managers in their absolute discretion consider to be fair and reasonable.

 

		(b)	Where the Managers are providing technical management services in accordance with Clause 4 (Technical
Management), they shall procure that the requirements of the Flag State are satisfied and they shall agree to be appointed as the
Company, assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by
the ISM Code and the ISPS Code, if applicable.

 

		9.	Owners’ Obligations

 

		(a)	The Owners shall pay all sums due to the Managers punctually in accordance with the terms of this
Agreement. In the event of payment after the due date of any outstanding sums the Manager shall be entitled to charge interest
at the rate stated in Box 13.

 

		(b)	Where the Managers are providing technical management services in accordance with Clause 4 (Technical
Management), the Owners shall:

 

(i) report
(or where the Owners are not the registered owners of the Vessel procure that the registered owners report) to the Flag State administration
the details of the Managers as the Company as required to comply with the ISM and ISPS Codes;

 

		(d)	Where the Managers are providing crew management services
in accordance with Sub-clause 5(a) the Owners shall:

 

(i) inform
the Managers prior to ordering the Vessel to any excluded or additional premium area under any of the Owners’ Insurances
by reason of war risks and/or piracy or like perils and pay whatever additional costs may properly be incurred by the Managers
as a consequence of such orders including, if necessary, the costs of replacing any member of the Crew. Any delays resulting from
negotiation with or replacement of any member of the Crew as a result of the Vessel being ordered to such an area shall be for
the Owners’ account. Should the Vessel be within an area which becomes an excluded or additional premium area the above provisions
relating to cost and delay shall apply;

 

    	 	 	 

     

    

 

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(ii) agree with the Managers prior to any change
of flag of the Vessel and pay whatever additional costs may properly be incurred by the Managers as a consequence of such change.
and

 

(iii) provide, at no cost to the Managers, in accordance
with the requirements of the law of the Flag State, or higher standard, as mutually agreed, adequate Crew accommodation and living
standards.

 

    	 	 	 

     

    

 

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	 SECTION 4 – Insurance, Budgets, Income, Expenses and
    Fees

 

		10.	Insurance Policies (See Clause 40 of Rider Clauses)

 

		11.	Income Collected and Expenses Paid on Behalf of Owners

 

		(a)	Except as provided in Sub-clause 11(c) all monies collected by the Managers under the terms of
this Agreement (other than monies payable by the Owners to the Managers) and any interest thereon shall be held to the credit of
the Owners in a separate Client bank account.

 

		(b)	All expenses incurred by the Managers under the terms of this Agreement on behalf of the Owners
(including expenses as provided in Clause 12(c)) may be debited against the Owners in the account referred to under Sub- clause
11(a) but shall in any event remain payable by the Owners to the Managers on demand.

 

		12.	Management Fee and Expenses

 

		(a)	The Owners shall pay to the Managers an annual management fee as stated in Box 14 for their services
as Managers under this Agreement, which shall be payable in equal monthly instalments in advance, the first instalment (pro rata
if appropriate) being payable on the commencement of this Agreement (see Clause 2 (Commencement and Appointment) and Box 2) and
subsequent instalments being payable at the beginning of every calendar month. The management fee shall be payable to the Managers’
nominated account stated in Box 15.

 

		(b)	(c)         The Managers shall, at no extra cost to the Owners, provide their own office accommodation,
office staff, facilities and stationery. Without limiting the generality of this Clause 12 (Management Fee and Expenses) the Owners
shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly
incurred by the Managers in pursuance of the Management Services.

 

Any days used by the Managers’
personnel travelling to or from or attending on the Vessel or otherwise used in connection with the Management Services in excess
of those agreed in the budget shall be charged at the daily rate stated in Box 16.

 

		(d)	(e)         Save as otherwise provided in this Agreement, all
discounts, rebates and commissions, other than those that are not attributable to the Owner's vessels, obtained by the Managers
in the course of the performance of the Management Services shall be credited to the Owners.

 

		13.	Budgets and Management of Funds

 

		(a)	The Managers’ initial budget is set out in Annex “C” hereto. Subsequent budgets
shall be for twelve month periods and shall be prepared by the Managers and presented to the Owners not less than two months before
the end of the budget year.

 

		(b)	The Owners and Manager shall discuss the budget as presented and finalize the same within one month
from the date when the same was presented by the Managers. The budgets proposed will be consistent with the operating budgets for
vessels of a simmilar class owned and / or managed by the Owners and Managers. (c) Following the agreement of the budget, the Managers
shall prepare and present to the Owners their estimate of the working capital requirement for the Vessel and shall each month request
the Owners in writing to pay the funds required to run the Vessel for the ensuing month, including the payment of any occasional
or extraordinary item of expenditure, such as emergency repair costs, which have been approved by the Owners,. Such funds shall
be received by the Managers within ten running days after the receipt by the Owners of the Managers’ written

request and shall be held to the credit of the Owners
in a separate Client bank account.

 

		(d)	The Managers shall at all times maintain and keep true
and correct accounts in respect of the Management Services in accordance with the relevant U.S. Generally Accepted Accounting
Practicesor such other standard as the parties may agree, including records of all costs and expenditure incurred, and produce
a comparison between budgeted and actual income and expenditure of the Vessel in such form and at intervals as Reasonably promptly
and, in any event, in time, where relevant, to enable DSS to meet its legal reporting requirements.:

 

(i))Monthly, quarterly and annual financial reports
as required by DSS in accordance with US Generally Accepted Accounting Practises (US GAAP).

 

    	 	 	 

     

    

 

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(ii) Other reasonable
information pertaining to the income or expenses of the Vessels as may be reasonably requested by DSS from time to time including,
but not limited to weekly fixture and activity reports and profit and loss statements relating thereto in a timely manner.

 

(iii) Information
that DSS or the Owners may reasonably request from time to time to satisfy their auditors, lenders, insurers, or other financial
advisors.

 

The Managers shall make such accounts
available for inspection and auditing by the Owners and/or their representatives in the Managers’ offices or by electronic
means, provided reasonable notice is given by the Owners.

 

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

 

    	 	 	 

     

    

 

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	SECTION 5 – Legal, General and Duration of Agreement

 

		14.	Trading Restrictions

 

If the Managers are providing crew
management services in accordance with Sub-clause 5(a) (Crew Management), the Owners and the Managers will, prior to the commencement
of this Agreement, agree on any trading restrictions to the Vessel that may result from the terms and conditions of the Crew’s
employment.

 

		15.	Replacement

 

If the Managers are providing crew
management services in accordance with Sub-clause 5(a) (Crew Management), the Owners may require the replacement, at their own
expense, at the next reasonable opportunity, of any member of the Crew found on reasonable grounds to be unsuitable for service.
If the Managers have failed to fulfil their obligations in providing suitable qualified Crew within the meaning of Sub- clause
5(a) (Crew Management), then such replacement shall be at the Managers’ expense.

 

		16.	

 

		17.	Responsibilities

 

		(a)	Force Majeure

 

Neither party shall be liable for
any loss, damage or delay due to any of the following force majeure events and/or conditions to the extent that the party invoking
force majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have
made all reasonable efforts to avoid, minimise or prevent the effect of such events and/or conditions:

 

(i) acts of
God;

 

(ii)
any Government requisition, control, intervention, requirement or interference;

 

(iii) any circumstances
arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;

 

(iv)
riots, civil commotion, blockades or embargoes;

 

(v)
epidemics;

 

(vi)
earthquakes, landslides, floods or other extraordinary weather conditions;

 

(vii) strikes,
lockouts or other industrial action, unless limited to the employees (which shall not include the Crew) of the party seeking to
invoke force majeure;

 

(viii) fire,
accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and

 

(ix)
any other similar cause beyond the reasonable control of either party.

 

		(b)	Liability to Owners

 

(i) Without
prejudice to Sub-clause 17(a), the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or
expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection
with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS
same is proved to have resulted solely from the, gross negligence, fraud or wilful default of the Managers or their employees or
agents, or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense
has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge
that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents
giving rise to a claim or claims shall never exceed US $ 3.0 million. The managers shall provide the Owners with reasonable evidence
of having adequate professional liability insurance cover.

 

    	 	 	 

     

    

 

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(ii) Acts
or omissions of the Crew - Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be
liable for any acts or omissions of the Crew, even if such acts or omissions are negligent, grossly negligent or wilful, except
only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under Clause
5(a) (Crew Management), in which case their liability shall be limited in accordance with the terms of this Clause 17 (Responsibilities).

 

		(c)	Indemnity

 

Except to the extent and solely
for the amount therein set out that the Managers would be liable under Sub- clause 17(b), the Owners hereby undertake to keep the
Managers and their employees, agents and sub- contractors indemnified and to hold them harmless against all actions, proceedings,
claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them
arising out of or in connection with the performance of this Agreement, and against and in respect of all costs, loss, damages
and expenses (including legal costs and expenses on a full indemnity basis) which the Managers may suffer or incur (either directly
or indirectly) in the course of the performance of this Agreement.

 

		(d)	“Himalaya”

 

It is hereby expressly agreed that
no employee or agent of the Managers (including every sub-contractor from time to time employed by the Managers) shall in any circumstances
whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting
directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment
and, without prejudice to the generality of the foregoing provisions in this Clause 17 (Responsibilities), every exemption, limitation,
condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable
to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such
employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 17 (Responsibilities)
the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or
might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this
extent be or be deemed to be parties to this Agreement.

 

		18.	General Administration

 

		(a)	The Managers shall keep the Owners and, if appropriate, the Company informed in a timely manner
of any incident of which the Managers become aware which gives or may give rise to delay to the Vessel or claims or disputes involving
third parties.

 

		(b)	The Managers shall handle and settle all claims and disputes
arising out of the Management Services hereunder, unless the Owners instruct the Managers otherwise. The Managers shall consult
with Owners , act under their direction, and keep the Owners appropriately informed in a timely manner throughout the handling
of such claims and disputes.

 

		(c)	The Owners may request the Managers to bring or defend
other actions, suits or proceedings related to the Management Services, on terms to be agreed.

 

		(d)	The Managers shall, with the approval of the Owner, have
power to obtain appropriate legal or technical or other outside expert advice in relation to the handling and settlement of claims
in relation to Sub-clauses 18(a) and 18(b) and disputes and any other matters affecting the interests of the Owners in respect
of the Vessel, unless the Owners instruct the Managers otherwise.

 

		(e)	On giving reasonable notice, the Owners may request, and
the Managers shall in a timely manner make available, all documentation, information and records in respect of the matters covered
by this Agreement either related to mandatory rules or regulations or other obligations applying to the Owners in respect of the
Vessel (including but not limited to STCW 95, the ISM Code and ISPS Code) to the extent permitted by relevant legislation.

 

On giving reasonable notice, the
Managers may request, and the Owners shall in a timely manner make available, all documentation, information and records reasonably
required by the Managers to enable them to perform the Management Services.

 

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

 

    	 	 	 

     

    

 

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		(g)	Any costs incurred by the Managers in carrying out their obligations according to this Clause 18 (General Administration) shall
be reimbursed by the Owners.

 

		19.	Inspection of Vessel

 

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

 

		20.	Compliance with Laws and Regulations

 

The parties will not do or permit
to be done anything which might cause any breach or infringement of the laws and regulations of the Flag State, or of the places
where the Vessel trades.

 

		21.	Duration of the Agreement ( As per Management and Services Agreement)

 

		(a)	(b)          Where the Vessel is not at a mutually convenient port or place on the expiry of such period, this Agreement shall terminate
on the subsequent arrival of the Vessel at the next mutually convenient port or place.

 

		22.	Termination (This clause has been amended to make
it consistent with the Management Agreement) 

 

		(a)	 

 

Either Party shall be entitled to terminate this Agreement
in its entirety upon the occurrence, in respect of any Party, of:

 

(i) in
the event of a Change of Control of either CSM or DSS at the election of the other party; or

 

(ii)
the other party materially breaches this Agreement, if not cured within 15 days notice of such breach;

 

(iii)
there is a Cause Event in respect of either CSM or DSS at the election of the other party; or

 

(iv)
a receiver is appointed for all or substantially all of the property of the other party; or

 

(v)
an order is made to wind-up the other party; or

 

(vi) a
final judgment, order or decree which materially and adversely affects the ability of the other party to perform this Agreement
shall have been obtained or entered against that party and such judgment, order or decree shall not have been vacated, discharged
or stayed.

 

		(b)	Notwithstanding Sub-clause 22(a):

 

(i) The
Managers shall be entitled to terminate the Agreement with immediate effect by giving notice to the Owners if any monies payable
by the Owners and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have
been received in the Managers’ nominated account within ten (10) days of receipt by the Owners of the Managers’ written
request, or if the Vessel is repossessed by the Mortgagee(s).

 

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

 

(iii) If
either party fails to meet their respective obligations under Sub-clause 5(b) (Crew Insurances) and Clause 10 (Insurance Policies),
the other party may give notice to the party in default requiring them to remedy it within ten (10) days, failing which the other
party may terminate this Agreement with immediate effect by giving notice to the party in default.

 

    	 	 	 

     

    

 

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		(c)	Extraordinary Termination

 

This Agreement shall be deemed
to be terminated in the case of the sale of the Vessel or, if the Vessel becomes a total loss or is declared as a constructive
or compromised or arranged total loss or is requisitioned or has been declared missing or, if bareboat chartered, unless otherwise
agreed, when the bareboat charter comes to an end.

 

		(d)	For the purpose of Sub-clause 22(c) hereof:

 

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

 

(ii) the
Vessel shall be deemed to be lost either when it has become an actual total loss or agreement has been reached with the Vessel’s
underwriters in respect of its constructive total loss or if such agreement with the Vessel’s underwriters is not reached
it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred; and

 

(iii) the
date upon which the Vessel is to be treated as declared missing shall be ten (10) days after the Vessel was last reported or when
the Vessel is recorded as missing by the Vessel’s underwriters, whichever occurs first. A missing vessel shall be deemed
lost in accordance with the provisions of Sub-clause 22(d)(ii).

 

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

 

		(h)	In addition, where the Managers provide Crew for the Vessel
in accordance with Clause 5(a) (Crew Management):

 

(i) the
Owners shall continue to pay Crew Support Costs during the said further period of the number of months stated in Box 19; and

 

(ii) the
Owners shall pay an equitable proportion of any Severance Costs which may be incurred, not exceeding the amount stated in Box 20.
The Managers shall use their reasonable endeavours to minimise such Severance Costs.

 

		(i)	On the termination, for whatever reason, of this Agreement, the Managers shall release to the Owners,
if so requested, the originals where possible, or otherwise certified copies, including electronic data and copies of all accounts
and all documents specifically relating to the Vessel and its operation.

 

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

 

		23.	BIMCO Dispute Resolution Clause

 

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

 

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

 

The reference shall be to three
arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment
in writing to the other party requiring the other party to appoint its own arbitrator within 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.

 

    	 	 	 

     

    

 

PART II

SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

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

 

In cases where neither the claim
nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted
in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 

(b)*

 

		(d)	Notwithstanding Sub-clauses 23(a), 23(b) or 23(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 Agreement.

 

(i) In
the case of a dispute in respect of which arbitration has been commenced under Sub-clauses 23(a), 23(b) or 23(c) above, the following
shall apply:

 

(ii) 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.

 

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

 

(iv) 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.

 

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

 

(vi) 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.

 

(vii) 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.

 

(viii) 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 21 in Part I is not appropriately filled in, Sub-clause 23(a) of this Clause shall apply.

 

*Note: Sub-clauses 23(a), 23(b)
and 23(c) are alternatives; indicate alternative agreed in Box 21. Sub-clause 23(d) shall apply in all cases.

 

		24.	Notices

 

		(a)	All notices given by either party or their agents to the other party or their agents in accordance
with the provisions of this Agreement shall be in writing and shall, unless specifically provided in this Agreement to the contrary,
be sent to the address for that other party as set out in Boxes 22 and 23 or as appropriate or to such other address as the other
party may designate in writing.

 

A notice may be sent by registered
or recorded mail, facsimile, electronically or delivered by hand in accordance with this Sub-clause 24(a).

 

    	 	 	 

     

    

 

PART II

SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

		(b)	Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed to have been received:

 

(i)
if posted, on the seventh (7th) day after posting;

 

(ii)
if sent by facsimile or electronically, on the day of transmission; and

 

(iii)
if delivered by hand, on the day of delivery.

 

And in each case proof of posting, handing in or transmission
shall be proof that notice has been given, unless proven to the contrary.

 

		25.	Entire Agreement

 

This Agreement and the Rider Clauses
attached hereto constitute the entire agreement between the parties and no promise, undertaking, representation, warranty or statement
by either party prior to the date stated in Box 2 shall affect this Agreement. Any modification of this Agreement shall not be
of any effect unless in writing signed by or on behalf of the parties.

 

		26.	Third Party Rights

 

Except to the extent provided in Sub-clauses 17(c) (Indemnity)
and 17(d) (Himalaya), no third parties may enforce any term of this Agreement.

 

		27.	Partial Validity

 

If any provision of this Agreement
is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable in any respect under
any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality, invalidity
or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted from this Agreement to
the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect
and shall not in any way be affected or impaired thereby.

 

		28.	Interpretation

 

In this Agreement:

 

		(a)	Singular/Plural

 

The singular includes the plural
and vice versa as the context admits or requires.

 

		(b)	Headings

 

The index and headings to the clauses and appendices
to this Agreement are for convenience only and shall not affect its construction or interpretation.

 

		(c)	Day

 

“Day” means a calendar day unless expressly
stated to the contrary.

 

		29.	BIMCO MLC Clause for SHIPMAN 2009 For the purpose of this clause:

 

"MLC" means the International Labor Organization
(ILO) maritime Labor Comvention (MLC 2006) and any Amendments thereto or substitution thereof.

 

    	 	 	 

     

    

 

PART II

SHIPMAN 2009 STANDARD SHIP MANAGEMENT AGREEMENT

 

"Shipowner" shall mean the party named as "shipowner"
on the Maritime Labor Certificate for the vessel.

 

(a) Subject
to Clause 3 (Authority of the Managers), the Managers shall, to the extent of their Management Services assume the Shipowner's
duties and responsibilities imposed by the MLC for the vessel, on behalf of the Shipowner.

 

(b)
The Owners shall ensure compliance with the MLC in respect of any crew members supllied by them or on their behalf.

 

(c)
The Owners shall procure, whether by instructing the Managers under Caluse 7 (Insurance Arrangements) or otherwise, insurance
cover or finacial security to satisfy the Shipowner's finacial security obligations under the MLC.

 

Rider Clauses 30 to 36 attached hereto form an integral
part of this agreement.

 

    	 	 	 

     

    

 

RIDER CLAUSES

 

		30.	In respect of the Management Services provided for in this
Agreement:

 

		(a)	The Managers shall if requested provide the Owners with the curriculum vitae and consult the
                                                                                 Owners prior to the appointment of any senior officers (Master, Chief Officer, Chief Engineer and Second Engineer) to the
                                                                                 Vessel. The Managers shall exercise reasonable efforts to satisfy the Officer Matrix requirements (as applicable and amended
                                                                                 from time-to-time) of the Listed Majors (as such term is defined in Rider Clause 31 (a) below). Supplementing Annex “B” and Clause 5
(a)

 

		(b)	The Managers shall promptly investigate any concerns or
complaints from Owners with respect to any crew member. If the Managers, after proper investigation, deem such concern or complaint
justified, the Managers will replace such crew member as soon as reasonably practicable. Supplementing Clause 5 (a).

 

		(c)	The Managers shall undertake such measures as are reasonably necessary and within their control
to prevent or mitigate damages when an escape or discharge of oil or other polluting substance from the Vessel occurs or threatens
to cause pollution damage. Supplementing Clause 4.

 

		(d)	The Managers shall disclose to Owners, whenever requested, the details of any services provided
by any subsidiary or fellow subsidiary of the Managers in course of performing their management services for the Vessel. Supplementing
Clause 16.

 

		(e)	The Managers shall consult Owners with respect to the scheduling and location as well as the extension
or postponement of any dry dockings, special surveys, intermediate surveys or major repairs of the Vessel, and negotiate directly
with the relevant ship repair yards or facilities the prices and payment terms and arrange to pay for such services all of which
shall be subject to Owners’ written approval, which shall not to be unreasonably withheld or delayed. In connection with
any of the foregoing, Owners may, after providing notice to Managers, but always before RFQ to the ship repair yard, negotiate
directly with the relevant ship repair yards or facilities the prices and payment terms and arrange to pay for such services directly.
Supplementing Clause 4 (e)

 

		(f)	With respect to bulk procurement contracts for the purchase of services or goods from third parties,
the Managers will communicate with and work closely with Owners in evaluating proposals from and selecting prospective vendors
or suppliers with the goal of achieving most favourable prices and terms. Supplementing Clauses 4 (f)

 

		(g)	The Managers shall if requested in writing include Owners on the distribution list for all Vessel
correspondence and communications with respect to the operation of the Vessel including those related to classification society,
flag state and vetting by charterers. Supplementing Clauses 4 and 8

 

		(h)	With respect to dealings with the Classification Societies, the Managers and Owners shall collaborate
in negotiations involving block fees and other services, with the goal of achieving most favourable prices and terms. Supplementing
Clause 4 (e)

 

    	 	 	 

     

    

 

		(j)	With respect to the Budget attached to Annex “C”, if the Managers have good reason
to expect that the combined budget for any calendar year for (i) the Vessel and (ii) all other vessels of vessel owning companies
under the control of Diamond S Shipping, Inc. (“DSS”) being under technical management by the Managers (the
"Other Fleet") will exceed the proposed combined budget by five percent (5%) or more in aggregate in order to
fulfil their responsibilities and obligations under the aggregate of (i) this Agreement and (ii) all other technical management
agreements for the Other Fleet, the Managers will so advise Owners and request Owners’ written consent to any such increase.
Owners shall respond promptly and reasonably to such request and such consent shall not to be unreasonably withheld or delayed
.. Notwithstanding the foregoing, if the Managers anticipate that any proposed non budgeted capital expenditure for the Vessel is
likely to exceed U.S.$20,000, the Managers must obtain the Owners’ prior written consent (such consent shall not to be unreasonably
withheld or delayed) before committing to such expenditure. Supplementing Annex “C” and Clauses 13 and 22 (e)

 

		31.	Oil Majors’ Acceptances

 

		(a)	Vessel

 

The Managers shall exercise reasonable
commercial endeavours to arrange a SIRE inspection (OCIMF Ship Inspection Report Programme) of the Vessel by an oil major company
(“Major”) from the list of Majors below (“Listed Majors”), and thereafter, at least one valid
SIRE inspection at regular intervals as required by the Majors

Listed Majors:

ExxonMobil
- IMT

Shell

BP

Chevron

Total

Statoil / Equinor

Repsol

P66

Tesoro

Lukoil

BHP Rightship

Petrobras

 

The Managers shall exercise reasonable
commercial endeavours to correct or remedy any defects recorded in a SIRE inspection report as soon as possible.

 

The Managers shall promptly notify
Owners of any failure to obtain acceptance or the withdrawal of acceptance of the Vessel from or by any Listed Major.

 

In the event that any Listed Majors’
acceptance is not granted or reinstated or any deficiencies noted are not rectified within 90 days after the inspection has been
completed subject to the availability of the Vessel for such inspection, Owners shall have the option to terminate this Agreement
by giving Managers 60 days’ notice.

 

The Managers shall not, however,
be responsible for any failure based upon defects in the Vessel’s design and/or construction or for any failure as a consequence
of such Major(s) not inspecting the Vessel in a timely manner, and Owners shall not have the option to terminate this Agreement
according to the provisions of the paragraph hereabove.

 

    	 	 	 

     

    

 

The Managers shall, subject to
the policies of Majors and availability of their inspectors, exercise reasonable endeavours to obtain acceptance of the Vessel
prior to the delivery of the Vessel.

 

The Managers shall provider officers
and crew to satisfy any Crew Matrix Requirement of the Listed Major’s.

 

		(b)	Managers

 

The Managers shall exercise reasonable
commercial efforts to conform to and maintain a TVMSA (Tanker Vessel Management and Self Assessment) with OCIMF at a level that
satisfies each of the Listed Majors.

 

The Managers shall promptly notify
the Owners should any of the Listed Majors notify the Managers that they will not accept the Vessel under their management for
business. The Managers shall exercise reasonable commercial endeavours to remedy the causes for such a rejection within 90 days
of such notification.

 

		32.	Trading Ban Termination

 

		(a)	If the Vessel solely by reason of a shortcoming in her
technical management by Managers pursuant to this Agreement is barred from trading to the United States or any Port State to which
tankers comparable to this Vessel generally trade either party shall forthwith notify the other in writing as soon as such party
becomes aware of such event. If, for any reason, any such trading ban is not lifted within 90 running days after such notice has
been provided, Owners shall have the option to terminate this Agreement with immediate effect.

 

		(b)	If the Vessel solely by reason of a shortcoming in her
technical management by Managers pursuant to this Agreement is put on a technical hold by at least two of the Listed Majors and
neither such technical hold is withdrawn within 120 days from the date of notification thereof, the Owners shall have the option
to terminate this Agreement by giving Managers 30 days’ notice.

 

		33.	Sarbanes-Oxley Compliance

 

Managers shall assist Owners in
complying with the requirements of the Sarbanes-Oxley Act of 2002, as it may be amended from time to time (“SOX”),
governing the effectiveness of the internal controls of service organizations retained by publicly held companies by taking or
causing to be taken, all actions and doing, or causing to be done, all things and executing any and all documents and instruments
of any kind which may be required to conducting an evaluation of the internal controls of Managers in compliance with SOX. The
Managers agree to take or cause to be taken, all actions and to do, or cause to be done, all things and to execute any and all
documents and instruments of any kind on an ongoing basis which may be necessaryto permit the Owners to remain in compliance with
SOX throughout the term of this Agreement, and, with the exception of the costs incurred by Managers to obtain SAS 70 reports or
any equivalents thereof, if required by Owners, which shall be payable by the Owners, each of the parties shall bear their own
costs associated with such compliance.

 

		34.	Assignments

 

Managers shall be entitled to
sub-contract performance of its obligations under this Agreement by their parent, subsidiary or, in the case of crew
management services, associated companies (e.g. manning agent in Philippines, Romania, Russia and others) or
Affiliates without the consent of the Owners but also, with the prior written consent of Owners to third parties, which shall
not be unreasonably
withheld or delayed; provided, that, no such subcontract shall result in increased costs to Owners.

 

    	 	 	 

     

    

  

Any obligations by any sub-manager
shall be without prejudice to the rights of Owners hereunder for any failure by the Managers in performance of its duties and obligations
hereunder and the Managers shall remain solely responsible to Owners for performance of their obligations hereunder.

 

This Agreement may be assigned
by Owners to

 

		(i)	any entity whose financial standing is equal to or
greater than Owners;

		(ii)	any entity to which the Owners has assigned or novated
the construction contract for the Vessel;

		(iii)	any entity which acquires DSS;

 

subject to Managers’ prior
written consent which shall not be unreasonably withheld or delayed, except that the Managers shall have discretionary rights in
respect of any proposed assignment to an entity which is not a parent or affiliate of the Owners.

 

Any assignment, attempted assignment,
transfer or attempted transfer by either of the parties hereto in violation of the foregoing sentences shall be void and of no
effect.

 

		35.	Notifications

 

The Managers will notify the Owners,
as soon as reasonably possible, of any incident that causes or has the potential to cause injury or loss of life, or harm or damage
to the vessel, her cargo or the marine environment, or materially affect the operational capability of the Vessel or result in
the Vessel, Master and/or Owners acquiring a liability from a third party.

 

		36.	Confidentiality

 

The parties hereto agree that
the terms and conditions of this Agreement will not be disclosed, except to the extent necessary for its performance, unless it
may be otherwise mutually agreed, or unless such disclosure is required to be made (a) as required in connection with any financing
transaction for Owners or DSS or (b) in order to comply with any law , regulation, order or process binding on either of the parties
or their respective parents, subsidiaries, agents, directors, officers or legal or accounting advisors or (c) to any potential
investor or business partner or bank of the Managers.

 

		37.	Anti Bribery Clause

 

Managers and their Directors,
Officers, Employees, Masters and Crew members shall comply with the applicable laws, rules, regulations, decrees and/or official
government orders, including but not limited to the United Kingdom Bribery Act of 2010 as amended and the United States of America
Foreign Corrupt Practices Act of 1977 as amended, or any other applicable jurisdiction, relating to Anti- Bribery and Anti-Money
Laundering and that they shall take no action which would subject themselves or the Owners to fines or penalties under such laws,
regulations, rules decrees or orders.

 

		38.	Annual Adjustment of fees as per CPI

 

The management fee stated in Box
14, United States Dollars eight hundred fifty ($850) per day shall be subject to increase on each anniversary of the date hereof
based on the total percentage increase, if any, in the Consumer Price Index (to agree on relevant index) over the immediately preceding
twelve months of the term of this Agreement.

 

		39.	Management and Services Agreement-Conflict

 

This Agreement is the
Technical Management Agreement referred to in the Management and Services Agreement of even date herewith between DSS (the
parent/sole owner of the Owners) and the Managers (as same may be amended from time to time the “Management and
Services Agreement”) Any terms used as defined terms
herein but not otherwise defined herein shall have the meanings ascribed thereto in the Management and Services Agreement.

 

    	 	 	 

     

    

  

Where the terms of this Agreement
and the Management and Services Agreement are in conflict, the terms of the Management and Services Agreement shall take precedence.

 

		40.	Insurances

 

		a.	Vessel and Crew insurances, H&M and P&I as
well as any other ancillary marine coverages Owners wish to procure from time to time, will be placed by the Manager, at the direction
of the Owners. The insurers will name the Owners as the assured and name other entities as required by the Owners as Co-Assureds
with full cover.

 

		b.	Owners will review and approve, in advance of placement, the terms, conditions, insured values,
deductibles, franchises, exceptions and limits of liability of the insurance policies. Owners will retain the right to amend the
foregoing at their discretion.

 

		c.	The Vessel will be insured for all marine risks, including but not limited to crew negligence and
excess liabilities. Insurance will be placed with S&P “A” investment grade rated insurers.

 

		d.	Protection & Indemnity risks, including but not limited to pollution risks, diversion expenses.,
crew insurances in accordance with the best practice of prudent managers of a similar type to the Vessel with S&P “A”
rated P&I Clubs who are members of the International Group of P&I Clubs. In the case of oil pollution liability risks,
for an aggregate amount equal to $1,000,000,000 and / or the highest level of cover from time to time available under a basic International
Group Protection & Indemnity Club entry and in the international marine insurance market.

 

		e.	War Risks, including but not limited to blocking and trapping, protection & indemnity, terrorism
and crew risks and such optional insurances as may be agreed such as piracy, kidnap and ransom, loss of hire, COFR and FD&D.

 

		f.	The Managers shall pay all premiums or calls in respect of the insurances by the due dates in accordance
with policy terms and conditions.

 

		g.	The Managers shall provide written evidence, to the reasonable satisfaction of the Owners, of the
Manager’s compliance with their obligations under this clause at the commencement of this Agreement and as of each subsequent
renewal date and, if specifically requested, of each payment date of the insurance.

 

		h.	The Managers shall endeavor to obtain best terms including but not limited to premiums for the
Vessel, always on a basis similar to vessels of the same class owned and/or operated by the Managers.

 

		i.	The Managers shall be responsible for fulfilling all of the obligations of Owners w.r.t. reporting claims to insurers
and coordinating all claims and recoveries under the policies. The Managers shall provide reports at periods and in a form specified
by the Owners from time to time.

 

		j.	Any rebates, discounts, performance bonuses, continuity credits, no claim bonus’ from the
insurers or brokers attributable on a pro rated basis to the Vessel shall be for the account of the Owners.

 

    	 	 	 

     

    

 

	ANNEX “A” (DETAILS OF VESSEL OR VESSELS)
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Date of Agreement: Type here 

 

Name of Vessel(s): Choose an item. 

 

Particulars of Vessel(s): Type here

 

    	 	 	 

     

    

 

	ANNEX “B” (DETAILS OF CREW)
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Date of Agreement: Type here

 

Details of Crew: Type here

 

	Numbers	Rank	Nationality
	 	 	 
	Type here	Type here	Type here

  

    	 	 	 

     

    

 

	ANNEX “C” (BUDGET)
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Date of Agreement: Type here

 

Managers ́ initial budget with effect from the commencement
date of this Agreement (see Box 2):

 

Type here

 

 

    	 	 	 

     

    

 

	ANNEX “D” (ASSOCIATED VESSELS)*
	
        TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT

        CODE NAME: SHIPMAN 2009

 

*NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS
ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 22(b)(i) OF THIS AGREEMENT.

 

Date of Agreement: Type here

 

Details of Associated Vessels: Type here 

 

    	 	 	 

     

    

  

	ANNEX “E” (FEE SCHEDULE)
	TO THE BIMCO STANDARD SHIP MANAGEMENT AGREEMENT
	CODE NAME: SHIPMAN 2009

 

Type here

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