Document:

Administrative Services Agreement between the Company and Liberty Holding Co.

 Exhibit 10.1 
 ADMINISTRATIVE SERVICES AGREEMENT 
 THIS
ADMINISTRATIVE SERVICES AGREEMENT (as the same may be amended or modified from time to time, this “Agreement”) is dated as of             , 2010 and is by and between
Scorpio Tankers Inc., a Marshall Islands corporation (the “Company”), and Liberty Holding Company Ltd., a Marshall Islands corporation (“Liberty” or the “Administrator”). 
 RECITALS 
 A. The Company was recently formed in anticipation of the Company’s initial public offering (the “Public Offering”) of shares of its Common Stock, par value $0.01 per share (“Common Shares”).

 B. In order to provide administrative services to the Company with respect to Vessels it may acquire and its business, the
Company desires to engage the Administrator to provide, directly or indirectly, such services to the Company as are set out herein, and the Administrator desires to provide such services to the Company, on the terms and subject to the conditions set
forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 
 1. DEFINITIONS AND INTERPRETATION 
 1.1 Certain Definitions. In this Agreement, including the recitals
hereto, unless the context requires otherwise, the following terms shall have the respective meanings set forth below: 
 “Accounting Referee” has the meaning ascribed to such term in Section 6.3. 
 “Administrator Breach” has the meaning ascribed to such term in Section 8.3(a). 
 “Administrator Indemnified Persons” has the meaning ascribed to such term in Section 7.3. 
 “Administrator Misconduct” has the meaning ascribed to such term in Section7.1(a). 
 “Administrator’s Personnel” means all individuals who are employed by or have entered into consulting arrangements with the Administrator or any subcontractor under Section 2.3. 
 “Affiliates” means, with respect to any Person as at any particular date, any other Persons that directly or indirectly,
through one or more intermediaries, are Controlled by, Control or are under common Control with the Person in question, and “Affiliate” means any one of them. 
 “Applicable Laws” means, in respect of any Person, property, transaction or event, all laws, statutes, ordinances,
regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable official directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and
policies of any Governmental Authority having authority over that Person, property, transaction or event and having the force of law, and all general principles of common law and equity. 
 “Board of Directors” means the board of directors of the Company, as the same may be constituted from time to time.

 “Books and Records” means all books of accounts and records, including tax records, sales and purchase
records, Vessel records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Company with respect to the Vessels or the Business (whether or not in written,
printed, electronic or computer printout form). 

 “Business” means the Company’s business of owning, operating and/or
chartering or re-chartering Vessels to other Persons and any other lawful act or activity customarily conducted in conjunction therewith. 
 “Business Day” means a day other than a Saturday, Sunday or statutory holiday on which the banks in New York, New York and Monaco are required to close. 
 “Change of Control” has the meaning ascribed to such term in Section 8.4. 
 “Chief Financial Officer” means the chief financial officer of the Company. 
 “Common Shares” has the meaning ascribed to such term in the recitals to this Agreement. 
 “Company” has the meaning ascribed to such term in the preamble, and to the extent applicable, references to the Company
shall include the Company’s wholly owned Subsidiaries. 
 “Company Breach” has the meaning ascribed to
such term in Section 8.4(b). 
 “Company Indemnified Persons” has the meaning ascribed to such term in
Section 7.3. 
 “Confidential Information” means all nonpublic or proprietary information or data
(including all oral and visual information or data recorded in writing or in any other medium or by any other method) relating to a Disclosing Party that is obtained from the Disclosing Party or any third party on the Disclosing Party’s behalf,
at any time before, simultaneously with, or after the execution of this Agreement; and, without prejudice to the general nature of the foregoing definition, the term Confidential Information shall include, but not by way of limitation,
(i) information regarding the Disclosing Party’s existing or proposed operations, business plans, market opportunities, and business affairs and (ii) any information ascertainable by inspection of Confidential Information disclosed to
the Receiving Party or by the analysis of any materials supplied to the Receiving. Notwithstanding the foregoing, Confidential Information shall not include any information which (x) is public knowledge at the time of disclosure or which
subsequently becomes public knowledge other than as a result of a breach of this Agreement; (y) the Receiving Party can show was made available to it by some other Person who had a right to do so and who was not subject to any obligation of
confidentiality or restricted use regarding such information; or (z) was developed by the Receiving Party independently without use of any confidential information provided hereunder or by a third party in breach of its confidentiality
obligations. 
 “Control” or “Controlled” means, with respect to any Person, the right to
elect or appoint, directly or indirectly, a majority of the directors of such Person or a majority of the Persons who have the right, including any contractual right, to manage and direct the business, affairs and operations of such Person, or the
possession of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract, or otherwise. 
 “Costs and Expenses” has the meaning ascribed to such term in Section 6.1. 
 “Credit Facility” means any credit facility agreement to which any Company may be a party from time to time. 
 “Designated Representative” and “Designated Representatives” each have the meaning ascribed to such terms
in Section 9.1. 
 “Disclosing Party” means a Party who has disclosed Confidential Information hereunder
to the other Party or on whose behalf Confidential Information has been disclosed to the other Party. 
 “Dispute” has the meaning ascribed to such term in Section 9.1. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
  

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 “Existing Ownership Group” means Liberty and all Affiliates thereof.

 “Fiscal Quarter” means a fiscal quarter for the Company or, in the case of the fiscal quarter ending [March
31, 2010], the portion of such fiscal quarter between the date of this Agreement and the commencement of the next fiscal quarter. 
 “Fiscal Year” means the fiscal year of the Company, being the twelve-month period ending December 31. 
 “Governmental Authority” means any domestic or foreign government, including any federal, provincial, state, territorial or municipal government, any multinational or supranational organization, any government agency
(including the SEC), any tribunal, labor relations board, commission or stock exchange (including the New York Stock Exchange), and any other authority or organization exercising executive, legislative, judicial, regulatory or administrative
functions of, or pertaining to, government. 
 “IFRS” means the international financial reporting standards.

 “Initial Term” has the meaning ascribed to such term in Section 8.1. 
 “Legal Action” means any action, claim, complaint, demand, suit, judgment, investigation or proceeding, pending or
threatened, by any Person or before any Governmental Authority. 
 “Losses” means losses, expenses, costs,
liabilities and damages, excluding lost profits and consequential damages, but including interest charges, penalties, fines and monetary sanctions. 
 “Mediator’s Report” has the meaning ascribed to such term in Section 9.2(c). 
 “Parties” means the Company and the Administrator. 
 “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or trustee, unincorporated organization, association, Governmental Authority or other entity. 
 “President” means the president of the Company. 
 “Public Offering” has the meaning ascribed to such term in the recitals to this Agreement. 
 “Questioned Items” has the meaning ascribed to such term in Section 3.4(b). 
 “Receiving Party” means a Party to whom Confidential Information of a Disclosing Party has been disclosed hereunder.

 “Renewal Term” has the meaning ascribed to such term in Section 8.2. 
 “Sale and Purchase Fee” has the meaning ascribed to such term in Section 6.1. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Services” has the meaning set out in Section 3.1. 
 “Subsidiary(ies)” means, with respect to any Person, (a) a corporation of which more than 50% of the voting power of
shares entitled (without regard to the occurrence of any contingency) to vote in the election of directors or other governing body of such corporation is owned, directly or indirectly, at the date of determination, by such Person, by one or more
Persons Controlled by such Person or a combination thereof, (b) a partnership (whether general or limited) in which such Person or a Person Controlled by such Person is, at the date of determination, a general or limited partner of such
partnership, but only if more than 50% of the partnership interests of such partnership (considering all of the partnership interests of the partnership as a single class) is owned, directly

  

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or indirectly, at the date of determination, by such Person, one or more Persons Controlled by such Person, or a combination thereof, or (c) any other Person (other than a corporation or a
partnership) in which such Person, one or more Persons Controlled by such Person, or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a majority ownership interest or (ii) the power to elect or
direct the election of a majority of the directors or other governing body of such Person. 
 “Term” means the
Initial Term and any Renewal Term, in each case subject to any early termination of this Agreement as permitted herein. 
 “Vessels” means the vessels owned by the Company or any of its Subsidiaries. 
 “Voting
Securities” means securities of all classes of a Person entitling the holders thereof to vote on a regular basis in the election of members of the board of directors or other governing body of such Person. 
 1.2 Construction. In this Agreement, unless the context requires otherwise: 
 (a) references to laws and regulations refer to such laws and regulations as they may be amended from time to time, and references to
particular provisions of a law or regulation include any corresponding provisions of any succeeding law or regulation; 
 (b)
references to money refer to legal currency of the United States; 
 (c) “including” means “including, without
limitation,” whether or not so expressed; 
 (d) words importing the singular include the plural and vice versa, and words
importing gender include all genders; and 
 (e) a reference to an “approval,” “authorization,”
“consent,” “notice” or “agreement” means an approval, authorization, consent, notice or agreement, as the case may be, in writing. 
 1.3 Headings. All article or section headings in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof.

 2. ENGAGEMENT OF ADMINISTRATOR 
 2.1 Engagement. The Company hereby engages the Administrator to provide, upon the Company’s request, the Services specified herein, and the Administrator hereby accepts such engagement, all in
accordance with the terms of this Agreement. The Company and the Administrator each acknowledge that to the extent set out in this Agreement, the Administrator is acting solely on behalf of, as agent of and for the account of, the Company. The
Administrator shall advise Persons with whom it deals on behalf of the Company that it is conducting such business for and on behalf of the Company. 
 2.2 Powers and Duties of the Administrator. The Administrator shall take such actions on its own behalf or on behalf of the Company as it from time to time considers necessary or appropriate to
enable it to perform its obligations under this Agreement, subject to customary oversight and supervision of the Company, its Board of Directors and its executive officers. The Administrator shall use its reasonable best efforts to provide the
Services hereunder in a commercially reasonable manner and with the care, diligence and skill that a prudent manager would possess and exercise, except that the Administrator may allocate available supplies, manpower and services in such manner as
in the prevailing circumstances the Administrator, acting reasonably, considers to be fair and reasonable. 
 2.3 Ability to
Subcontract. The Administrator may subcontract any of its duties and obligations hereunder to provide the Services to any of its Affiliates without the consent of the Company and may subcontract its duties and obligations hereunder to provide
the Services to Persons that are not Affiliates with the prior written consent of the Company. In the event of any subcontract by the Administrator, the Administrator shall promptly notify the Company thereof and shall remain fully liable for the
due performance of its obligations under this Agreement. To

  

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the extent the Administrator subcontracts any of the Services hereunder, the Company shall directly pay the relevant subcontractor all reasonable direct and indirect fees, costs, reimbursements,
and other expenses payable to such subcontractor as the Administrator may direct. 
 2.4 Outside Activities; Competition.
The Company acknowledges that the Administrator and its Affiliates may have business interests and engage in business activities in addition to those relating to the Company and its Affiliates, for their own respective accounts and for the
accounts of other Persons. The Administrator and its Affiliates may undertake activities that compete with the activities of the Company. The Administrator agrees that it will provide the same level of service to the Company or any subsidiary
thereof as it would to any other Affiliate. 
 2.5 Limitation on Administrator’s Acquisition of Certain Vessels.
Recognizing the Company’s intentions to acquire Vessels meeting certain specific characteristics, the Administrator, on its own behalf and for that of its Subsidiaries, hereby agrees that, for the duration of this Agreement, neither it nor
its Subsidiaries shall acquire any product or crude tanker which is between 35,000 – 200,000 deadweight tons. 
 2.6
Authority of the Parties. Each Party represents to the other that it is duly authorized with full power and authority to execute, deliver and perform its obligations under this Agreement. The Company represents that the engagement of the
Administrator has been duly authorized by the Company and is in accordance with all governing documents of the Company. 
 2.7 Inspection of Books and Records. At all reasonable times and on reasonable notice, any Person authorized by the Company may inspect, examine, copy and audit the Books and Records of the Company kept by the Administrator pursuant
to this Agreement. 
 3. ADMINISTRATIVE SERVICES 
 The Administrator shall provide to the Company the services described in this Section 3 (collectively, the “Services”).

 3.1 Accounting and Records. The Administrator shall, on behalf of the Company, establish an accounting system,
including the development, implementation, maintenance and monitoring of internal control over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications as may be necessary to comply with
Applicable Laws. The Books and Records shall contain particulars of receipts and disbursements relating to the Company’s assets and liabilities and shall be kept pursuant to normal commercial practices that will permit financial statements to
be prepared for the Company in accordance with IFRS. The Books and Records shall be the property of the Company but shall be kept at the Administrator’s primary office or such other place as the Company and the Administrator may mutually agree.
Upon expiration or termination of this Agreement, all of the Books and Records shall be provided to the Company or as the Company shall direct. 
 3.2 Reporting Requirements. The Administrator shall prepare and deliver to the President and the Chief Financial Officer the following reports, which the Administrator shall use its reasonable best
efforts to prepare and deliver within the time periods specified below or, if not so specified, within the time period requested by the relevant party: 
 (a) a quarterly report to be delivered within 45 days of the end of each Fiscal Quarter setting out the interim financial results of the Company for such quarter and for the applicable Fiscal Year through
the end of such Fiscal Quarter; 
 (b) as and when requested by the Board of Directors, the President or the Chief Financial
Officer, draft reports regarding financial and other information required in connection with Applicable Laws (including annual and other reports that may be required to be filed under the Exchange Act and all other Applicable Laws); and 

(c) as and when reasonably requested by the Company from time to time, such other reports with respect to financial and other information
of the Company. 
  

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 3.3 Financial Statements and Tax Returns. At the instruction of the Chief Financial
Officer, the Administrator shall prepare and deliver for review by the Chief Financial Officer and the Audit Committee of the Board of Directors the following, which the Administrator shall use its reasonable best efforts to prepare and deliver
within the time periods specified below or, if not so specified, within the time period requested by the relevant party: 
 (a)
within 30 days of the end of each Fiscal Quarter, unaudited financial statements of the Company for such Fiscal Quarter, to be reviewed by the external auditors of the Company, prepared in accordance with IFRS and the rules and regulations of the
SEC, on a consolidated basis with all Subsidiaries of the Company; 
 (b) within 40 days of the end of each Fiscal Year,
financial statements of the Company for such Fiscal Year, to be audited by the external auditors of the Company, prepared in accordance with IFRS and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the Company;
and 
 (c) tax returns for the Company and all of its Subsidiaries required to be filed by Applicable Laws. 
 Notwithstanding the foregoing, in the event that the Company’s reporting obligations are accelerated under the Exchange Act beyond what
such obligations are at the time of the Public Offering, the Administrator shall use its reasonable best efforts to provide to the Company the financial statements referred to in clauses (a) and (b) above within such periods as shall be
required for the Company to comply with any reporting requirements under the Exchange Act or other similar applicable laws and regulations. 
 In addition, the Administrator shall attend to the time calculation and payment of all taxes payable by the Company. At the instruction of the Chief Financial Officer, the Administrator shall cause the
Company’s external accountants to review the Company’s unaudited financial statements, audit the Company’s annual financial statements and finalize tax returns. The Administrator shall make available to the Company’s accountants
the relevant Books and Records for the Company and shall assist the accountants in their duties. 
 3.4 Legal and Securities
Compliance Services. 
 (a) Responsibilities of the Administrator. 
 The Administrator shall assist the Company with the following items, whether or not related to any of the Vessels: 
 (i) compliance with all Applicable Laws, including all relevant securities laws and the rules and regulations of the SEC, the New York Stock
Exchange or any other securities exchange upon which the Company’s securities are listed; 
 (ii) arranging for the
provision of advisory services to the Company with respect to the Company’s obligations under applicable securities laws in the United States and disclosure and reporting obligations under applicable securities laws, including the preparation
for review, approval and filing by the Company of reports and other documents with the SEC and all other applicable regulatory authorities; 
 (iii) maintaining the Company’s corporate existence and good standing in all necessary jurisdictions and assisting in all other corporate and regulatory compliance matters; 
 (iv) conducting investor relations functions on behalf of the Company; and 
 (v) adjusting and negotiating settlements, with or on behalf of claimants or underwriters, of any claim, damages for which are recoverable
under insurance policies (subject to any applicable deductible). 
 (b) Administration and Settlement of Legal Actions.

 If any Legal Action is commenced against or is required to be commenced in favor of the Company or any of the Vessels, the
Administrator shall arrange for the commencement or defense of such Legal Action, as the case

  

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may be, in the name of, on behalf of and at the expense of the Company, including retaining and instructing legal counsel, investigating the substance of the Legal Action and entering pleadings
with respect to the Legal Action. The Administrator shall assist the Company in administering and supervising any such Legal Actions and shall keep the Company advised of the status thereof. The Administrator may settle any Legal Action on behalf of
a Company where the amount of settlement is less than $500,000 with the approval of the President or the Chief Financial Officer and, in excess of such amount, with the approval of the Board of Directors. 
 (c) Interaction with Regulatory Authorities. 
 Notwithstanding anything in this Section 3 or otherwise, the Administrator shall not act for or on behalf of the Company in its relationships with any regulatory authorities except to the extent
specifically authorized by the Company from time to time. 
 3.5 Bank Accounts. 
 The Administrator shall oversee banking services for the Company and shall establish in the name of the Company an operating account, a
retention account and such other accounts with such financial institutions as the Company may request. The Administrator shall administer and manage all of the Company’s cash and accounts, including making any deposits and withdrawals
reasonably necessary for the management of its business and day-to-day operations. The Administrator shall promptly deposit all moneys payable to the Company and received by the Administrator into a bank account held in the name of the Company.

 3.6 Other Services. 
 The Administrator shall assist the Company to: 
 (a) identify, negotiate and
secure opportunities for the Company to acquire Vessels or companies which own Vessels, or to construct Vessels, and to negotiate and carry out the purchase or sale of existing Vessels, newbuilding Vessels or companies which are the registered
owners of Vessels. 
 (b) obtain, on behalf of the Company, general insurance, director and officer liability insurance and
other insurance of the Company not related to the Vessels that would normally be obtained for a company in a similar business to that of the Company; 
 (c) administer payroll services, benefits and directors fees, for the Chief Executive Officer, the General Counsel and any other non-United States resident employee, officer or director of the Company and
its Subsidiaries; 
 (d) provide the Company with information technology support; 
 (e) provide office space and office equipment for personnel of the Company at the location of the Administrator or any subsidiary thereof or
as otherwise reasonably designated by the Company, and clerical, secretarial, accounting and administrative assistance as may be reasonably necessary; 
 (f) at the request and under the direction of the Company, handle all administrative and clerical matters in respect of (i) the call and arrangement of all annual and special meetings of
shareholders, (ii) the preparation of all materials (including notices of meetings and proxy or similar materials) in respect thereof and (iii) the submission of all such materials to the Company in sufficient time prior to the dates upon
which they must be mailed, filed or otherwise relied upon so that the Company has full opportunity to review, approve, execute and return them to the Administrator for filing or mailing or other disposition as the Company may require or direct;

 (g) provide, at the request and under the direction of the Company, such communications to the transfer agent for the Company
as may be necessary or desirable; 
 (h) make recommendations to the Company for the appointment of auditors, accountants, legal
counsel and other accounting, financial or legal advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the Administrator to engage any such adviser or expert for the
Company without the Company’s specific approval; and 
  

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 (i) attend to all other administrative matters necessary to ensure the professional
management of the Company’s business or as reasonably requested by the Company from time to time. 
 4. EMPLOYEES AND
ADMINISTRATOR’S PERSONNEL 
 4.1 Administrator’s Personnel. The Administrator shall provide the Services
hereunder through the Administrator’s Personnel. The Administrator shall be responsible for all aspects of the employment or other relationship of the Administrator’s Personnel as required in order for the Administrator to perform its
obligations hereunder, including recruitment, training, staffing levels, compensation and benefits, supervision, discipline and discharge, and other terms and conditions of employment or contract. However, the Administrator shall remain directly
responsible and liable to the Company to carry out all of its obligations under this Agreement, whether performed directly or subcontracted to another Person. 
 5. COVENANTS OF THE ADMINISTRATOR 
 The Administrator hereby agrees and
covenants with the Company that, during the Term, the Administrator shall: 
 (a) obtain and maintain for its benefit
professional indemnity insurance and other insurance as is reasonable having regard to the nature and extent of the Administrator’s obligations under this Agreement; 
 (b) exercise all due care, skill and diligence in carrying out its duties under this Agreement as required by Applicable Laws; 
 (c) provide the chairman, President, the Chief Financial Officer, and the Board of Directors with all information in relation to the
performance of the Administrator’s obligations under this Agreement as the President, the Chief Financial Officer, or the Board of Directors may reasonably request; 
 (d) use its reasonable best efforts to have all material property of the Company clearly identified as such, held separately from property of the Administrator and, where applicable, in safe custody;

 (e) use its reasonable best efforts to have all property of the Company (other than money to be deposited to any bank account
of the Company) transferred to or otherwise held in the name of the Company or any nominee or custodian appointed by the Company; 
 (f) use its reasonable best efforts to retain at all times a qualified staff so as to maintain a level of expertise sufficient to provide the Services; and 
 (g) use its reasonable best efforts to keep full and proper books, records and accounts showing clearly all transactions relating to its provision of the Services in accordance with established general
commercial practices and in accordance with IFRS, and allow the Company and its representatives to audit and examine such books, records and accounts at any time during customary business hours. 
 6. ADMINISTRATOR’S COMPENSATION AND REIMBURSEMENT 
 6.1 Fees for the Services; Reimbursement. In consideration for the provision of the Services by the Administrator to the Company, the Company shall pay the Administrator the amounts set forth on
Schedule A hereto in accordance with Section 6.2 (“Sale and Purchase Fee”). In addition, the Company shall reimburse the Administrator for (a) all of the reasonable direct and indirect costs and expenses incurred by the
Administrator and its Affiliates in providing the Services and (b) the pro rata portion of the salary and other costs incurred by the Administrator in employing and compensating an internal auditor who will be made available to the Company on a
part time basis (the “Costs and Expenses”). 
  

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 6.2 Invoicing. The Administrator shall, in good faith, determine the expenses related
to the Services that are allocable to the Company and its Affiliates in any reasonable manner determined by the Administrator and shall provide to the Company on a quarterly basis an invoice for the Costs and Expenses to be paid under
Section 6.1, which invoice shall contain a description in reasonable detail of the Costs and Expenses that comprise the aggregate amount of the payment being invoiced. The Administrator shall maintain the records of all Costs and Expenses
incurred, including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties. The Company shall pay such invoices within thirty (30) days of receipt, unless the invoice is
being disputed in accordance with this Agreement. 
 6.3 Dispute of Invoice. If the Company, in good faith, disputes the
amount of an invoice, the Company shall give written notice of such dispute (including the particulars of such dispute) to the Administrator on or before the due date with respect to all or any portion of such invoice. Upon receipt of such notice,
the Administrator shall furnish the Company with additional supporting documentation to reasonably substantiate the amount of the invoice or the Sale and Purchase Fee calculation, as applicable. Upon delivery of such additional documentation, the
Company and the Administrator shall cooperate in good faith and use commercially reasonable efforts to resolve such dispute. If they are unable to resolve the dispute within (i) ten (10) Business Days of the delivery of such additional
supporting information (in the case of an invoice) or (ii) five (5) days of such delivery (in the case of the Sale and Purchase Fee calculation), the dispute shall be referred for resolution to a firm of independent accountants of
nationally recognized standing in the United States reasonably satisfactory to each of the Administrator and the Company (the “Accounting Referee”), which shall determine the disputed amounts within thirty (30) days of the
referral of such invoice dispute to such Accounting Referee, or within ten (10) days of the referral of such Sale and Purchase Fee calculation dispute. The determination of the Accounting Referee shall not require the Company to pay more than
the amount in dispute nor require the Administrator to return any amount previously paid by the Company. The fees and expenses of the Accounting Referee shall be borne equally by the Company and the Administrator. If any invoice dispute is resolved
in favor of the Administrator, the Company shall make payment to the Administrator within ten (10) days of resolution of the dispute. Notwithstanding the foregoing, in no event shall the Company be entitled to withhold any amounts other than
those portions of the applicable payment that are in dispute. 
 6.4 Direction to Pay. By written notice to the Company,
the Administrator may direct the Company to pay any amounts owing under this Agreement directly to an Affiliate of the Administrator pursuant to a subcontracting arrangement relating to this Agreement. 
 7. LIABILITY OF THE ADMINISTRATOR; INDEMNIFICATION 
 7.1 Liability of the Administrator. The Administrator shall not be liable to the Company for any Losses arising from the Services unless and to the extent that such Loss resulted from: 

(a) the fraud, gross negligence, recklessness or willful misconduct of the Administrator or any of its Affiliates or any of their
respective employees, agents or subcontractors (“Administrator Misconduct”); or 
 (b) any breach of this
Agreement by the Administrator of any of its Affiliates. 
 7.2 Administrator Indemnification. The Company shall
indemnify and save harmless the Administrator and its directors, officers, employees, subcontractors and Affiliates (the “Administrator Indemnified Persons”) from and against any and all Losses incurred or suffered by the
Administrator Indemnified Persons by reason of or arising from or in connection with their performance of this Agreement or any third-party Legal Action brought or threatened against such Administrator Indemnified Persons in connection with their
performance of this Agreement, other than for any Losses to the extent related to or that resulted from: 
 (a) any liabilities
or obligations that the Administrator has agreed to pay or for which the Administrator is otherwise expressly responsible under this Agreement; 
 (b) Administrator Misconduct; or 
  

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 (c) any breach of this Agreement by the Administrator or any of its Affiliates (other than
the Company or its Affiliates). 
 7.3 Company Indemnification. The Administrator shall indemnify and save harmless each
Company and such Company’s directors, officers, employees, subcontractors and Affiliates (the “Company Indemnified Persons”) from and against any and all Losses incurred or suffered by the Company Indemnified Persons, to the
extent related to or that resulted from: 
 (a) any liabilities or obligations that the Administrator has agreed to pay or for
which the Administrator is otherwise expressly responsible under this Agreement; 
 (b) Administrator Misconduct; or 

(c) any breach of this Agreement by the Administrator or any of its Affiliates (other than the Company or its Affiliates). 
 8. TERM AND TERMINATION 
 8.1 Initial Term. The initial term of this Agreement shall commence on              2010 and end on December 31, 2012, unless
terminated earlier pursuant to this Agreement (the “Initial Term”). 
 8.2 Renewal Term. This Agreement
will, without any further act or formality on the part of either Party, on the expiration of the Initial Term or any Renewal Term, be automatically renewed for a further term of two (2) years (each a “Renewal Term”) unless
notice of termination is given by the Company to the Administrator. 
 8.3 Termination by the Company. This Agreement may
be terminated by the Company: 
 (a) if, at any time, the Administrator materially breaches this Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in Section 9 (“Administrator Breach”); 
 (b) if, at any time; 
 (i) the Administrator has been convicted of, has entered a
plea of guilty or nolo contendere with respect to, or has entered into a plea bargain or settlement admitting guilt for, a crime, which conviction, plea bargain or settlement is demonstrably and materially injurious to the Company; and

 (ii) the holders of a majority of the outstanding Common Shares elect to terminate this Agreement; 
 (c) if the Administrator commits fraud or is grossly negligent in the performance of its obligations hereunder, or commits an act of willful
misconduct, and the Company is materially injured thereby in any such case; 
 (d) if, at any time, the Administrator becomes
insolvent, admits in writing its inability to pay its debts as they become due, is adjudged bankrupt or declares bankruptcy or makes an assignment for the benefit of creditors, a proposal or similar action under the bankruptcy, insolvency or other
similar laws of any applicable jurisdiction, or commences or consents to proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction; or 
 (e) if any Person or group of Persons acquires Control or economic control of the Administrator in contravention of Section 10.2.

 8.4 Termination by the Administrator. This Agreement may be terminated by the Administrator: 
 (a) after the third anniversary of the Public Offering, with twelve (12) months’ prior notice by the Administrator to the Company;

  

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 (b) if, at any time, the Company materially breaches the Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in Section 9 (“Company Breach”); or 
 (c) at any time upon the earlier of (i) the occurrence of a Change of Control of the Company or (ii) the Administrator’s receipt of written notice from the Company that such a Change of
Control will occur until sixty (60) days after the later of (x) the occurrence of such a Change of Control or (y) the Administrator’s receipt of the written notice in the preceding clause (ii). If the Company has knowledge that a
Change of Control of the Company will occur, the Company shall give prompt written notice thereof to the Administrator. A “Change of Control” means the occurrence of any of the following: 
 (A) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the Company’s assets, except such a disposition to the Existing Ownership Group; 
 (B) an order made for, or the adoption by the Board of Directors of a plan of, liquidation or dissolution of the Company; 
 (C) the consummation of any transaction (including any merger or consolidation) the result of which is that any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or
indirectly, of more than a majority of the Company’s Voting Securities (unless such “person” is a member of the Existing Ownership Group), measured by voting power rather than number of shares; 
 (D) if, at any time, the Company becomes insolvent, admits in writing its inability to pay its debts as they become due, is adjudged
bankrupt or declares bankruptcy or makes an assignment for the benefit of creditors, or makes a proposal or similar action under the bankruptcy, insolvency or other similar laws of any applicable jurisdiction or commences or consents to proceedings
relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction; 
 (E) the consolidation of the Company with, or the merger of the Company with or into, any “person” (other than a member of the Existing Ownership Group), or the consolidation of any
“person” (other than a member of the Existing Ownership Group) with, or the merger of any “person” (other than a member of the Existing Ownership Group) with or into, the Company, in any such event pursuant to a transaction in
which any of the Common Stock outstanding immediately prior to such transaction are converted into or exchanged for cash, securities or other property or receive a payment of cash, securities or other property, other than any such transaction where
the Company’s Voting Securities outstanding immediately prior to such transaction are converted into or exchanged for Voting Securities of the surviving or transferee “person” constituting a majority (measured by voting power rather
than number of shares) of the outstanding Voting Securities of such surviving or transferee “person” immediately after giving effect to such issuance; or 
 (F) a change in directors after which a majority of the members of the Board of Directors are not directors who were either nominated by, appointed by or otherwise elected with the approval of current
board members at the time of such election. 
 9. DISPUTE RESOLUTION 
 9.1 Notice of Dispute. If (a) a dispute or disagreement arises between the Parties with respect to any provision of this
Agreement (other than Section 6.3), including its interpretation or the performance of a Party under this Agreement or (b) (i) the Company in good faith believes that an Administrator Breach has occurred or is reasonably likely to
occur or (ii) the Administrator in good faith believes that a Company Breach has occurred or is reasonably likely to occur (each of the foregoing being a “Dispute”), either Party may, or the Party alleging such breach or
potential breach shall, deliver written notice to the other Party. Such notice shall contain in detail the specific facts and circumstances relating to the Dispute. With respect to any Dispute described in clause (a) or (b) above, each
Party shall designate an individual to negotiate and resolve the Dispute (each a “Designated Representative” and, together, the “Designated Representatives”). The Designated Representatives shall in good faith
attempt to resolve the matter within a thirty (30) day period from the date of delivery of the notice referred to

  

 11 

 
above. If either Designated Representative intends to be accompanied by counsel at any meeting, such Designated Representative shall give the other Designated Representative at least three
(3) Business Days’ notice. All discussions and negotiations pursuant to this Section 9 shall be confidential and without prejudice to settlement negotiations. 
 9.2 Mediation. If a Dispute described in clause (a) or (b) of Section 9.1 is not resolved by the Designated
Representatives during after the thirty (30) days provided in Section 9.1, either of the Parties may refer the matter to mediation. With respect to the mediation of any Dispute, the mediator shall be mutually agreed upon by the Parties,
and such mediator will be instructed to: 
 (a) review the terms of the Dispute and the position of the Parties; 
 (b) consider the terms of and context of this Agreement; and 
 (c) render a non-binding report within sixty (60) days of the appointment of the mediator (the “Mediator’s Report”) or such later date as to which the Parties may agree.

 The Parties shall consider the Mediator’s Report and may mutually decide to make it a binding report. If the mediator is
not able to facilitate a binding agreement between the Parties, the Dispute is not resolved to the satisfaction of the Parties as a result of the Mediator’s Report or a mediator cannot be chosen mutually by the Parties, the Dispute shall be
submitted to binding arbitration pursuant to Section 9.3. 
 9.3 Arbitration. Any Dispute not resolved by the
Parties pursuant to Section 9.1 or 9.2 shall be fully and finally resolved by binding arbitration pursuant to this Section 9.3. Either Party may refer the Dispute to arbitration, which shall take place in London, England in accordance with
the London Maritime Arbitrators Association rules before a single arbitrator. The prevailing Party in any such arbitration shall be entitled to costs, expenses and reasonable attorneys’ fees, and judgment upon the award rendered by the
arbitrators may be entered in any court having jurisdiction thereof. 
 10. GENERAL 
 10.1 Assignment; Binding Effect. The Parties may not assign any of their respective rights under this Agreement in whole or in part
without the prior written consent of the other Party, which consent may be withheld in the sole discretion of such other Party. This Agreement is binding upon and inures to the benefit of the Parties and their successors and permitted assigns.

 10.2 Change of Control of the Administrator. If any Person or group of Persons acting in concert (other than
Affiliates of Liberty) proposes to acquire Control of the Administrator, directly or indirectly, the Administrator shall provide at least thirty (30) days’ written notice of the change of Control to the Company, which notice shall identify
the Person that will acquire, directly or indirectly, Control of the Administrator. 
 10.4 Confidentiality.
(a) Each Receiving Party agrees: 
 (i) to use any Confidential Information solely to carry out its obligations or
exercise its rights under this Agreement (the “Purpose”) and for no other purpose; 
 (ii) to copy and make
other works based on Confidential Information only as strictly necessary for the Purpose; 
 (iii) to maintain the
confidentiality of the Confidential Information using at least the same degree of care that the Receiving Party uses for its own confidential or proprietary information of a similar nature, but no less than reasonable care; 
 (iv) to reveal any Confidential Information to any third party without the prior written consent of the Disclosing Party, except that if the
Receiving Party is required by law, court or administrative order or regulation to

  

 12 

 
reveal any Confidential Information, the Receiving Party is permitted to do so provided that the Receiving Party gives the Disclosing Party reasonable prior written notice (if permitted)
of the required disclosure and cooperate with the Disclosing Party at its expense in seeking a protective order or other relief; 
 (v) to limit disclosure of the Confidential Information to such of your officers and employees as is necessary for the Purpose; 
 (vi) to inform each officer and employee who receives any Confidential Information of the restrictions as to use and disclosure of Confidential Information contained herein and to be responsible for any
breach of such restrictions by any such persons; 
 (vii) Forthwith upon the Disclosing Party’s request, to procure the
return of all Confidential Information together with any copies, abstracts, or other works which contain or are based on any of the Confidential Information; provided that, notwithstanding the foregoing, the Receiving Party shall be permitted to
retain Confidential Information to the extent it is required to retain such Confidential Information pursuant to law, court or administrative order or regulation; 
 (b) Each Receiving Party further acknowledges that any breach of the provisions of this Agreement would result in serious damage being sustained by the Disclosing Party, and as a result hereby
unconditionally agrees: 
 (i) To be responsible for losses, damages or expenses (including without limitation attorneys’
fees and expenses) that have been determined to have been caused by any such breach; and 
 (ii) That the Disclosing Party shall
be entitled to equitable relief (including without limitation injunctive relief) in relation to any threatened or actual breach of the provisions of this Agreement without any requirement of posting a bond and without limiting any other remedy that
may be available to the Disclosing Party. 
 10.5 Notices. Each notice, consent or request required to be given to a
Party pursuant to this Agreement must be given in writing. A notice may be given by delivery to an individual or by fax, and shall be validly given if delivered on a Business Day to an individual at the following address, or, if transmitted on a
Business Day, by fax or email addressed to the following Party: 
  

							
	(a)	  	if to the Company:	 	(b)	 	if to the Administrator:
				
		  	Address:	 		 	Address:
				
		  	Attention:	 		 	Attention:
				
		  	Fax No.:	 		 	Fax No.:

 or to any other address or fax
number that the Party so designates by notice given in accordance with this Section. Any notice 
 (a) if validly delivered on a
Business Day, shall be deemed to have been given when delivered; and 
 (b) if validly transmitted by fax on a Business Day,
shall be deemed to have been given on that Business Day. 
 10.6 Third Party Rights. The provisions of this Agreement are
enforceable solely by the Parties to this Agreement, and no shareholder, employee, agent of any Party or any other Person shall have the right to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the
terms of this Agreement. 
 10.7 No Partnership. Nothing in this Agreement is intended to create or shall be construed as
creating a partnership or joint venture between the Parties, and this Agreement shall not be deemed for any purpose to constitute any Party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as a member of
a joint venture or joint enterprise with any other Party to this Agreement. 
  

 13 

 10.8 Severability. Each provision of this Agreement is several. If any provision of
this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect: 
 (a) the legality, validity or enforceability of the remaining provisions of this Agreement; or 
 (b) the legality, validity or enforceability of that provision in any other jurisdiction; 
 except that if: 
 (x) on the reasonable construction of this Agreement as a whole, the applicability of the other
provision presumes the validity and enforceability of the particular provision, the other provision will be deemed also to be invalid or unenforceable; and 
 (y) as a result of the determination by a court of competent jurisdiction that any part of this Agreement is unenforceable or invalid and, as a result of this Section 10.8, the basic intentions of
the Parties in this Agreement are entirely frustrated, the Parties shall use commercially reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm their mutual intention in entering into this Agreement. 
 10.9 Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of England.

 10.10 Amendments. No amendment, supplement, modification or restatement of any provision of this Agreement shall be
binding unless it is in writing and signed by each Person that is a Party to this Agreement at the time of the amendment, supplement, modification or restatement. 
 10.11 Entire Agreement. This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining
thereto. 
 10.12 Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement
or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition. Any waiver must be specifically stated as such in
writing. 
 10.13 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall
constitute one agreement binding on the Parties. 
 [Remainder of This Page Intentionally Left Blank] 
  

 14 

 IN WITNESS WHEREOF, this Administrative Services Agreement has been duly executed by the Parties as of the
date first written above. 
  

							
	SCORPIO TANKERS INC.	  	LIBERTY HOLDING COMPANY LTD.
				
	By:	 	  
	  	By:	 	  

	Name:	 		  	Name:	 	
	Title:	 		  	Title:	 	

  

 15 

 SCHEDULE A 
 SALE AND PURCHASE FEE 
 For the provision of Services
directly involving the sale and purchase of Vessels or companies which own Vessels as specified in Section 3.6(a), the Company shall pay the Administrator a fee equal to 1% of the gross purchase or sale price of a Vessel, or a company which
owns Vessels, upon consummation of such sale or purchase. In addition, in the event of a sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the Company’s assets, except such a disposition to the Existing Ownership Group, the Company shall pay the Administrator a fee equal to 1% of the gross sale price upon consummation thereof. 
  

 16Time Charter Agreement of Noemi Shipping Company Limited

 Exhibit 10.2 
 ORIGINAL 
 Code word for this Charter Party 
 “SHELLTIME 4” 
 Issued December 1984 
 Time Charter Party 
 LONDON, 31.10.2006 
  

			
		  	IT IS THIS DAY AGREED between Noemi Shipping Company Limited, Of Marshall Islands (hereinafter referred to as “Owners”), being owners
of the good motor tanker vessel called MT Noemi (hereinafter referred to as “the vessel”) described as per Additional Clauses Number 1, hereof and King Dustin Tankschiffahrts GmbH&Co.
KG of Hamburg, Germany (hereinafter referred to as “Charterers”):
		
	 Description and
 Condition of
 Vessel
	  	1. At the date of delivery of the vessel under this charter
	  	  
 (a) she shall be classed: (See
additional clause 1)

	  	  
 (b) she shall be in every way fit to carry
crude petroleum and/or its clean and dirty products; always in accordance with vessel’s class certificates, coating manufacturers resistance list and the vessel’s trim, stability and stress requirements, maximum 3
grades (within the vessel’s natural segregations), but always excluding asphalt, bitumens, casinghead – LWSR permitted only if compatible with coating manufacturers resistance list. Charterers not to re-deliver the vessel with last cargo
orimulsion, CBFS or LWSR.

		  	  
 (c) she shall be tight, staunch, strong, in
good order and condition, and in every way fit for the service with her machinery, boilers, hull and other equipment (including but not limited the hull stress calculator and radar) in a good and efficient state:

		
		  	 (d) her tanks, valves and pipelines should be oil-tight;

		
		  	 (e) she shall be in every way fitted for burning at sea fuel oil with a maximum viscosity of Centistokes at 50 degrees Centigrade/any
commercial grade of fuel oil (“ACGFO”) for main propulsion, marine diesel oil/ACGFO for auxiliaries

		
		  	 In port marine diesel oil/ACGFO for auxiliaries:

		
		  	 IFO and MGO as per clause 29 hereof

		
		  	 (f) she shall comply with the regulations in force so as to enable her to pass through the Suez and Panama Canals by day and night without delay:

		
		  	 (g) she shall have on board all certificates, documents and equipment required from time to time by any applicable law to enable her to perform the
charter service without delay:

		
		  	 (h) she shall comply with the description in Intertanko Questionnaire 88 and OCIMF questionnaire Form B appended hereto, provided
however that if there is any conflict between the provision of Form B Intertanko Questionnaire 88 and OCIMF questionnaire and any other provision, including this Clause 1, of this charter such other provision shall govern. See
vessel’s description rider Clause 1.

		
	 Shipboard
 Personnel
 And their Duties
	  	2. (a) At the date of delivery of the vessel under this charter and throughout the entire period of this Charter Party
	  	  
 (i) she shall have a full and efficient
complement of master, officers and crew for vessel of her tonnage, who shall in any event be not less than the number required by the laws of the flag state and who shall be trained to operate the vessel and her equipment competently and safely;

	  	  
 (ii) all shipboard personnel shall hold
valid certificates of competence in accordance with the requirements of the law of the flag state;

		
		  	 (iii) all shipboard personnel shall be trained in accordance with the relevant provisions of the International Convention on Standards of Training,
Certification and Watchkeeping for Seafarers, 1978; as amended from time to time.

		
		  	 (iv) there shall be on board sufficient personnel with a good working knowledge of the English language to enable cargo operations at loading and
discharging places to be carried out efficiently and safely and to enable communications between the vessel and those loading the vessel or accepting discharge therefrom to be carried out quickly and efficiently.

		
		  	 (v) all ship board personnel will comply with the OCIMF Guidelines for the control of drugs and alcohol on board
ship.

		
		  	 (vi) Owners guarantee that the Owners or management company as the case may be shall always be in compliance with ISM Code or any future
equivalent.

		
		  	 (b) Owners guarantee that throughout the charter service the master shall with the vessel’s officers and crew, unless otherwise ordered by
Charterers,

		
		  	 (i) prosecute all voyages with the utmost dispatch;

		
		  	 (ii) render all customary assistance. And

		
		  	 (iii) load and discharge cargo as rapidly as possible when required by Charterers or their agents to do so, by night and day, but always in
accordance with the laws of the place of loading or discharging (as the case may be) and in each case in accordance with any applicable laws of the flag state.

			
	Duty to Maintain	  	3. (i) Throughout the charter service Owners shall, whenever the passage of time, wear and tear or any event (whether or not coming within Clause 27 hereof) requires steps
to be taken to maintain or restore the conditions stipulated in Clause 1 and 2 (a), exercise due diligence so to maintain or restore the vessel.
		
		  	(ii) if at any time whilst the vessel is on hire under this charter the vessel fails to comply with the requirements of clauses 1,2 (a) or 10 then hire shall be reduced to the
extent necessary to indemnify Charterers for such failure. If and to the extent that such failure affects the time taken by the vessel to perform any services under this charter, hire shall be reduced by an amount equal to the value, calculated at
the rate of hire, of the time so lost. Any reduction of hire under this sub-Clause (ii) shall be without prejudice to any other remedy available to Charterers, but such reduction of hire is in respect of the time lost, such time shall be excluded
from any calculation under Clause 24.
		
		  	(iii) If owners are in breach of their obligation under Clause 3(i) Charterers may also so notify Owners in writing; an if, after the expiry of 30 days following the receipt by
Owners of any such notice, Owners have failed to demonstrate to Charterers’ reasonable satisfaction the exercise of due diligence as required in Clause 3 (i), the vessel shall be off-hire, and no further hire payments shall be due, until Owners
have so demonstrated that they are exercising such due diligence.
		
		  	Furthermore, at any time while the vessel is off-hire under this Clause 3 Charterers have the option to terminate this charter by giving notice in writing with effect from the
date on which such notice of termination is received by owners or from any later date stated in such notice. This sub-Clause (iii) is without prejudice to any rights of Charterers or obligations of Owners under this charter of otherwise (including
without limitation Charterers’ rights under Clause 21 hereof.
		
	 Period Training
 Limits
	  	4. Owners agree to let and Charters agree to hire the vessel for a period of See Additional Clause 23 (Period clause which will reflect agreement in main
terms) commencing from the time and date of delivery of the vessel, for the purpose of carrying all lawful merchandise (subject always to Clause 28) including in particular. See Additional Clause 3 (Trading
Limits)
		
		  	In any part of the world as Charterers shall direct, subject to the limits of the current British Institute Warranties and any subsequent amendments thereof. Notwithstanding the
foregoing, but subject to Clause 35, Charterers may order the vessel to ice bound waters or to any part of the world outside such limits provided that Owners consent thereto (such consent not to be unreasonably withheld) and that
Charterers pay for any insurance premium required by the vessel’s underwriters as a consequence of such order. (Including but not limited to, extra premiums due under Owners loss of hire insurance cover)
		
		  	 Charterers shall use due diligence to ensure that the vessel is only employed between and at safe places (which expression when used in this
charter shall include ports, berths, wharves, docks, anchorages, submarine lines, alongside vessels or lighters, and other locations including locations at sea) where she can safely lie always afloat. Notwithstanding anything contained in this or
any other clause of this charter, Charterers do not warrant the safety of any place to which they order the vessel and shall be under no liability in respect thereof expect for loss or damage caused by their failure to exercise due diligence as
aforesaid. Subject as above the vessel shall be loaded and discharged at any places as Charterers may direct, provided that Charterers shall exercise due diligence to ensure that any ship-to-ship transfer operations shall conform to standards not
less than those set out in the latest published edition of the ICS/OCIMF Ship-to-ship Transfer Guide. Vessel not to be used as storage tanker nor as a shuttle vessel for more than 2 months per year.

		
		  	 The vessel shall be delivered by Owners in: DOP 1 SP/SA MED/BSEA/UKCONT/USAC/USG CARIBS/EAST COAST CANADA in Owner’s option. It is also
Owners option to deliver the vessel at sea 5 days steaming south of Los Angeles. Should Owners exercise such option and deliver the vessel at this position then the Charterers will have the right to redeliver the vessel at sea in the Pacific Ocean
in a position which is no further from Balbao than the delivery position, and redeliver to Owners at a port in dropping last outbound sea pilot One (1) safe port United States Atlantic coast, United States Gulf,
Caribbean, East coast Canada, Mediterranean, United Kingdom Continent European Mediterranean At Charterers’ option.

		
	 Laydays/
 Cancelling
	  	5. The vessel shall not be delivered to Charterers before December 2006 – January 2007 to be narrowed (See also Rider Clause 37) and Charterers shall
have the option of cancelling this charter if the vessel is not ready and at their disposal on or before
		
	 Owners to
 Provide
	  	6. Owners undertake to provide and to pay for all provisions, lubolls, wages, and shipping and discharging fees and all other expenses of the master,
officers and crew: also, except as provided in Clause 4 and 34 hereof, for all insurance on the vessel, for all deck, cabin and engine-room stores, and for water: for all dry-docking, overhaul maintenance and repairs to the vessel: and for all
fumigation expenses and de-rat certificates, Owners’ obligations under this Clause 6 extend to all liabilities for customs or import duties arising at any time during the performance of this charter in relation to the personal effects of the
master, officers and crew, and in relation to the stores provisions and other matters aforesaid which Owners are to provide and paid for and Owners shall refund the Charterers any sums Charterers or their agents may have paid or been compelled to
pay in respect of any such liability. Any amounts allowable in general average for wages and provisions and stores shall be credited to Charterers insofar as such amounts are in respect of a period when the vessel is on-hire.
		
	 Charterers to
 Provide
	  	7. Charterers shall provide and pay for all fuel (except fuel used for domestic services), lowage and pilotage and shall pay agency fees, port charges, commissions,
expenses of loading and unloading cargoes, canal dues and tax/dues on cargo/freight and all charges other than those payable by Owners in accordance with Clause 6 hereof, provided that all charges for the said items shall be for
Owners’ account when such items are consumed, employed or incurred for Owners’ purposes or while the vessel is off-hire (unless such items reasonably relate to any service given or distance made good and taken into account under Clause
21 or 22) : and provided further that any fuel used in connection with a general average sacrifice or expenditure shall be paid for by Owners. OPA charges for Charterers account.

  

			
	Rate of Hire	  	8. Subject as herein provided, Charterers shall pay for the use and hire of the vessel at the rate of USD 24,500 per day, and pro rata for any part of a day,
from the time and date of her delivery UTC (local time) until the time and date of her redelivery (local time) to Owners.
		
	 Payment of
 Hire

	  	9. Subject to Clause 3 (iii), payment of hire shall be in immediately available funds to: In US$ to Owners designated Bank: The Royal Bank of Scotland plc, London -
UK
		
		  	Account no. : Credit a/c of: Noemi Shipping Company Limited Account identifier: NOEMI – USD1
		
		  	IBAN: GB53RBOS16630000345737
		
		  	SWIFT: RBOSGB2L
		
		  	In U.S.A. Dollars per calendar month in advance, less:
		
		  	(i) any hire paid which Charterers reasonably estimate to relate to off-hire periods, and
		
		  	(ii) any amounts disbursed on Owners’ behalf, any advances and commission thereon, and charges which are for Owners’ account pursuant to any provision hereof,
and
		
		  	(iii) any amounts due or reasonably estimated to become due to Charterers under Clause 3(ii) or 24 hereof, any such adjustments to be made at the due date for the next monthly
payment after the facts have been ascertained, Charterers shall not be responsible for any delay or error by Owners’ bank in crediting Owners’ account provided that Charterers have made proper and timely payment.
		
		  	In default of such proper and timely payment,
		
		  	(a) Owners shall notify Charterers of such default and Charterers shall within seven days of receipt of such notice pay to Owners the amount due including interest, failing which
Owners may withdraw the vessel from the service of Charterers without prejudice to any other rights Owners may have under this charter or otherwise: and
		
		  	(b) Interest on any amount due but not paid on the due date shall accrue from the days after that date up to and including the day when payment is made, at a rate per
annum which shall be 1% above the U.S. Prime Interest Rate as published by the Chase Manhattan Bank in New York at 12:00 New York time on the due date, or, if no such interest rate is published on that day, the interest rate published on the next
preceding day on which such a rate was so published, computed on the basis of a 360 day year of twelve 30 day months, compounded semi-annually.
		
	 Space
 Available
to
 Charterers
	  	10. The whole reach, burthen and decks of the vessel and any passenger accommodation (including Owners’ suite shall be at Charterers’ disposal, reserving only
proper and sufficient space for the vessel’s master, officers, crew, tackle, apparel, furniture, provisions and stores, provided that the weight of stores on board shall not, unless specially agreed, exceed 550 tonnes at any time
during the charter period.
		
	Overtime	  	11. Overtime pay of the master, officers and crew in accordance with ship’s articles, even telecommunication expenses and gratuities and third parties
shall be for Owners Charterers’ account, when incurred as a result of complying with the request of Charterers or their agents, for loading, discharging, heating of cargo, bunkering or tank
cleaning. Charterers shall pay together with hire lumpsum USD 2000 per month covering all the above.
		
	 Instructions
 And
Logs
	  	12. Charterers shall from time to time give the master all requisite instructions and sailing directions, and he shall keep a full and correct log of the voyage or
voyages, which Charterers or their agents may inspect as required. The master shall when required furnish Charterers or their agents with a true copy of such log and with properly completed loading and discharging port sheets and voyage reports for
each voyage and other returns as Charterers may require. Charterers shall be entitled to take copies at Owners’ expense of any such documents which are not provided by the master. Reports to be completed in
English.
		
	 Bills of
 Lading

	  	13. (a) The master (although appointed by Owners) shall be under the orders and direction of Charterers as regards employment of the vessel, agency and other arrangements,
and shall sign bills of lading as Charterers or their agents may direct (subject always to Clauses 35 (a) and 40) without prejudice to this charter. Charterers hereby indemnify Owners against all consequences or liabilities that may
arise
		
		  	 (i) from signing bills of lading in accordance with the directions of Charterers or their agents, to the extent that the terms of such bills of
lading fail to conform to the requirements of this charter, or (except as provided in Clause 13 (b) from the master otherwise complying with Charterers’ or their agents orders;

		
		  	 (ii) from any irregularities in papers supplied by Charterers or their agents,

		
		  	 (b) Notwithstanding the foregoing, Owners shall not be obliged to comply with any orders from Charterers to discharge all or part of the cargo.

		
		  	 (i) at any place other than that shown on the bill of lading and/or

		
		  	 (ii) without presentation of an original bill of lading

		
		  	 unless they have received from Charterers both written confirmation of such orders and an indemnity in a form acceptable to
Owners. Invoking the letter of Indemnity as per additional Clause No. 25 of the riders.

		
	 Conduct of
 Vessel’s
 personnel
	  	14. If Charterers complain of the conduct of the master or any of the officers or crew, Owners shall immediately investigate the complaint. If the complaint proves to be
well founded, Owners shall, without delay, make a change in the appointments and Owners shall in any event communicate the result of their investigations to Charterers as soon as possible.

			
	 Bunkers at
 Delivery
and
 Redelivery
	  	15. Charterers shall accept and pay for all bunkers on board at the time of delivery, and Owners shall on redelivery (whether it occurs at the end of the charter period or
on the early termination of this charter) accept and pay for all bunkers remaining on board, at their respective purchase price which to be supported by vouchers, at the then current market prices at the port of delivery or
redelivery, as the case may be, or if such prices are not available payment shall be at the then current market prices at the nearest port at which such prices are available: provided that if delivery or redelivery does not take pace in a port
payment shall be at the price paid at the vessel’s last port of bunkering before delivery or redelivery, as the case – may be, Owners shall give Charterers the use and benefit of any fuel contracts that may have in force from time to time,
if so required by Charterers, provided supplies agree.
		
	 Stevedores,
 Pilot,
Tugs
	  	16. Stevedores when required shall be employed and paid by Charterers, but this shall not relieve Owners from responsibility at all times for proper stowage, which must be
controlled by the master who shall keep a strict account of all cargo loaded and discharged, Owners hereby indemnify Charterers, their servants and agents against all losses, claims, responsibilities and liabilities arising in any way whatsoever
from the employment of pilots, tugboats or stevedores, who although employed by Charterers shall be deemed to be the servants of and in the service of Owners and under their instructions (even if such pilots, tugboat personnel or stevedores are in
fact the servants of Charterers their agents or any affiliated company): provided, however, that
		
		  	(i) The foregoing indemnity shall not exceed the amount to which Owners would have been entitled to limit their liability if they had themselves employed such pilots, tugboats or
stevedores, and
		
		  	(ii) Charterers shall be liable for any damage to the vessel caused by or arising out of the use of stevedores, fair wear and tear excepted, to the extent that Owners are unable
by the exercise of due diligence to obtain redress therefore from stevedores.
		
	Supernumeraries	  	17. Charterers may send representatives in the vessel’s available accommodation upon any voyage made under this charter, Owners finding provisions and all requisites
as supplied to officers, except liquors, Charterers paying at the rate of US$ 15 per day for each representative while on board the vessel.
		
	Sub-letting	  	18. Charterers may sub-let the vessel, but shall always remain responsible to Owners for due fulfillment of this charter.
		
	Final Voyage	  	19. If when a payment of hire is due hereunder Charterers reasonably expect to redeliver the vessel before the next payment of hire would fall due, the hire to be paid
shall be assessed on Charterers’ reasonable estimate of the time necessary to complete Charterers’ programme up to redelivery, and from which estimate Charterers may deduct amounts due or reasonably expected to become due
for
		
		  	(i) Disbursements on Owners’ behalf or charges for Owners’ account pursuant to any provision hereof, and
		
		  	(ii) Bunkers on board at redelivery pursuant to Clause 15.
		
		  	Promptly after redelivery any overpayment shall be refunded by Owners or any underpayment made good by Charterers.
		
		  	If at the time this charter would otherwise terminate in accordance with Clause 4 the vessel is on a ballast voyage to a port of redelivery or is upon a laden voyage, Charterers
shall continue to have the use of the vessel at the same rate and conditions as stand herein for as long as necessary to complete such ballast voyage, or to complete such laden voyage and return to a port of redelivery as provided by this charter,
as the case may be.
		
	 Loss of
 Vessel

	  	20. Should the vessel be lost, this charter shall terminate and hire shall cease at noon on the day of her loss: should the vessel be a constructive total loss, this
charter shall terminate and hire shall cease at noon on the day on which the vessel’s underwriters agree that the vessel is a constructive total loss: should the vessel be missing, this charter shall terminate and hire cease at noon on the day
of which she was last heard of. Any hire paid in advance and not earned shall be returned to Charterers and Owners shall reimburse Charterers for the value of the estimated quantity of bunkers on board at the time of termination, at the price paid
by Charterers at the last bunkering port.
		
	Off-hire	  	21. (a) On each and every occasion that there is loss of time (whether by way of interruption in the vessel’s service or, from reduction in the vessel’s
performance, or in any other manner)
		  	  
 (i) Due to deficiency of personnel or stores; repairs;
gas-freeing for repairs; time in and waiting to enter dry dock for repairs: breakdown (whether partial or total) of machinery, boilers or other parts of the vessel or her equipment (including without limitation tank coatings); overhaul, maintenance
or survey; time lost by vessel for obtaining all necessary authorization or certificates for trading, collision, stranding, accident or damage to the vessel: or any other similar cause preventing the efficient working of the vessel:
and such loss continues for more than three consecutive hours (if resulting from interruption in the vessel’s service) or cumulates to more than three hours (if resulting from partial loss of service); or

		
		  	(ii) Due to industrial action, refusal to sail, breach of orders or neglect of duty on the part of the master, officers or crew ; or
		
		  	(iii) For the purpose of obtaining medical advice or treatment for or landing any sick or injured person (other than a Charterers’ representative carried under clause 17
hereof) or for the purpose of landing the body of any person (other than a Charterers’ representative), and such loss continues for more than three consecutive hours; or
		
		  	(iv) Due to any delay in quarantine arising from the master, officers or crew having had communication with the shore at any infected area without the written consent or
instructions of Charterers or their agents, or at any detention by customs or other authorities caused by smuggling or other infraction of local law on the part of the master, officers or crew; or

  

			
	 	  	(v) Due to detention of the vessel by authorities at home or abroad attributable to legal action against or
breach of regulations by the vessel, the vessel’s owners, or
Owners (unless brought about by the act or
neglect of Charterers);
		
		  	(vi) Delay for failure in obtaining M.O.C vetting approvals -See additional clause No. 22.4, then without prejudice to Charterers’ rights under
clause 3 or to any other rights of Charterers hereunder or otherwise the vessel shall be off-hire from the commencement of such loss of time until she is again ready and in efficient state to resume her service from a position not less favorable to
Charterers than that at which such loss of time commenced; provided, however, that any service given or distance made good by the vessel whilst off- hire shall be taken into account in assessing the amount to be deducted from hire.
		
		  	(b) If the vessel fails to proceed at any guaranteed speed pursuant to Clause 24, and such failure arises wholly or partly from any of the causes set out in Clause 2l(a)above,
then the period for which the vessel shall be off-hire under this Clause 21 shall be the difference between
		
		  	(i) the time the vessel would have required to perform the relevant service at such guaranteed speed, and
		
		  	(ii) the time actually taken to perform such service (including any loss of time arising from interruption in the performance of such service).
		
		  	For the avoidance of doubt, all time included under (ii) above shall be excluded from any computation under Clause 24.
		
		  	(c) Further and without prejudice to the foregoing, in the event of the vessel deviating (which expression includes without limitation putting back, or putting into any port
other than that to which she is bound under the instructions of Charterers) for any cause or purpose mentioned in Clause 21(a), the vessel shall be off-hire from the commencement of such deviation until the time when she is again ready and in an
efficient state to resume her service from a position not less favourable to Charterers than that at which the deviation commenced, provided, however, that any service given or distance made good by the vessel whilst so off-hire shall be taken into
account in assessing the amount to be deducted from hire. If the vessel, for any cause or purpose mentioned in Clause 21 (a), puts into any port other than the port to which she is bound on the instructions of Charterers, the port charges, pilotage
and other expenses at such port shall be borne by Owners. Should the vessel be driven into any port or anchorage by stress of weather hire shall continue to be due and payable during any time lost thereby.
		
		  	(d) If the vessel’s flag state becomes engaged in hostilities, and Charterers in consequences of such hostilities find it commercially impracticable to employ the vessel and
have given Owners written notice thereof, then from the date of receipt by Owners of such notice until the termination of such commercial impracticability the vessel shall be off-hire and Owners shall have the right to employ the vessel on their own
account.
		
		  	(e) Time during which the vessel is off hire under this charter shall count as part of the charter period.
		
		  	(e) Time during which the vessel is off hire under this Charter Party shall count as part of the Charter Period, but Charterers shall have the option, in the event off-Hire
period exceeds 20 days, to add such time over the said allowance to the relevant Charter period, by notifying the Owners 30 days prior to the natural expiration of each Charter period, as the case may be.
		
	 Periodical
 Drydocking
	  	22. (a) Owners have the right and obligation to drydock the vessel at regular intervals of as required by Classification Society and in case of emergency On
each occasion Owners shall propose to Charterers a date on which they wish to drydock the vessel, not less than 90 days before such date, and Charterers shall offer a port for such periodical drydocking and shall take all
reasonable steps to make the vessel available as near to such date as practicable.
		
		  	Owners shall put the vessel in drydock at their expense as soon as practicable after Charterers place the vessel at Owners’ disposal clear of cargo other than tank washings
and residues. Owners shall be responsible for and pay for the disposal into reception facilities of such tank washings and residues and shall have the right to retain any monies received therefor, without prejudice to any claim for loss of cargo
under any bill of lading or this charter.
		
		  	(b) if a periodical drydocking is carried out in the port offered by Charterers (which must have suitable accommodation for the purpose and reception facilities for tank
washings an residues), the vessel shall be off-hire from the time she arrives at such port until drydocking is completed and she is in every way ready to resume Charterers’ service and is at the position at which she went off-hire or a position
no less favourable to Charterers; whichever she first attains. However
		
		  	(i) provided that owners exercise due diligence in gas freeing, any time lost in gas freeing to the standard required for entry into drydock for cleaning or painting the
hull shall not count as off-hire, whether, lost on passage to the drydocking port or after arrival there (notwithstanding Clause 21) and
		
		  	(ii) any additional time lost in further gas freeing to meet the standard required for hot work or entry to cargo tanks shall count as off-hire, whether lost on passage
to the drydocking port or after arrival there
		
		  	Any time which, but for sub clause (i) above, would be off-hire, shall not be included in any calculation under Clause 24.
		
		  	Time and The expenses of gas-freeing, including without limitation the cost of bankers, shall be for Owners’ account.
		
		  	(c) If Owners require the vessel, instead of proceeding to the offered port, to carry out periodical drydocking at a special port selected by them, the vessel shall be off-hire
from the time when she is released to proceed to the special port until she next presents for loading in accordance with Charterers’ instructions, provided, however, that Charterers shall credit Owners with the time which would have been taken
on passage at the service speed had the vessel not proceeded to drydock. All fuel consumed shall be paid for by Owners but Charterers shall credit Owners with the value of the fuel which would have been used of such notional passage calculated at
the guaranteed daily consumption for the service speed, and shall further credit Owners with any benefit they, may gain in purchasing bunkers at the special port.
		
		  	(c) Charterers shall, insofar as cleaning for periodical drydocking may have reduced the amount of tank cleaning necessary to meet Charterers’ requirements credit
Owners with the value of any bunkers which Charterers calculate to have been saved thereby, whether the vessel drydocks at an offered or a special port.

  

							
	Ship Inspection	  	23. Charterers shall have the right at any time during the charter period to make such
inspection of the vessel as they may consider necessary. This right
may be exercised as often
and at such intervals as Charterers in their absolute discretion may determine and whether the
vessel is in port or on passage. Owners affording all necessary co-operation and
accommodation on board provided,
however,
		
		  	(i) That neither the exercise nor the non-exercise, nor anything done or not done in the exercise or non-exercise, by Charterers of such right shall in any way reduce
the master’s or Owners’ authority over, or responsibility to Charterers or third parties for, the vessel and every aspect of her operation, nor increase Charterers’ responsibilities to Owners or third parties for the same;
and
		
		  	(ii) That Charterers shall not be liable for any act, neglect or default by themselves, their servants or agents in the exercise or non-exercise of the aforesaid
right.
		
	 Detailed
 Description
 And
 Performance
	  	24. (a) Owners guarantee that the speed and consumption of the vessel shall be as follows:
	  	  
 Average speed in knots
	  	  
 Maximum average bunker consumption main propulsion
– auxiliaries

	  		  	Fuel oil/diesel oil	  	fuel oil/diesel oil
	  	Laden	  	Tonnes	  	tonnes
				
		  	Ballast	  		  	
		
		  	See Vessels description clause Number 1 and over performance Clause Number 26
		
		  	 The foregoing bunker consumptions are for all purposes except cargo heating and tank cleaning and shall be pro-rated between the speeds
shown.

		
		  	 The service speed of the vessel is 14.0 knots laden and 14.5 knots in ballast and in the absence of Charterers’ orders to the
contrary the vessel shall proceed at the service speed. However if more than one laden and one ballast speed are shown in the table above Charterers shall have the right to order the vessel to steam at any speed within the range set out in the table
(the “ordered speed”).

		
		  	 If the vessel is ordered to proceed at any speed other than the highest speed shown in the table, and the average speed
actually attained by the vessel during the currency of such order exceeds such ordered speed plus 0.5 knots (the “maximum recognized speed”), then for the purpose of calculating any increase or decrease of hire under this Clause 24 the
maximum recognized speed shall be used in place of the average speed actually attained.

		
		  	 For the purposes of this charter the “guaranteed speed” at any time shall be the then-current ordered speed or the service
speed, as the case may be

		
		  	 The average speeds and bunker consumptions shall for the purposes of this Clause 24 be calculated by reference to the observed distance
from pilot station to pilot station on all sea passages during each period stipulated in Clause 24(c), but excluding any time during which the vessel is (or but for Clause 22 (b)(i) would be) off-hire and also excluding
“Adverse Weather Periods”, being (i)any periods during which reduction of speed is necessary for safety in congested waters or in poor visibility (ii) any days, noon to noon, when winds exceed force 8 5 on the Beuafort Scale for more than
12 hours.

		
		  	 (b) If during any year from the date on which the vessel enters service (anniversary to anniversary) the vessel falls below or
exceeds the performance guaranteed in Clause 24 (a) then if such shortfall or excess results

		
		  	 (i) From a reduction or an increase in the average speed of the vessel, compared to the speed guaranteed in Clause 24 (a), then an
amount equal to the value at the hire rate of the time so lost or gained, as the case may be, shall be deducted from or added to the hire paid;

		
		  	 (ii) From an increase or decrease in the total bunkers consumed, compared to the total bunker which would have been consumed had the
vessel performed as guaranteed in Clause 24 (a), an amount equivalent to the value of the additional bunkers consumed or the bunkers saved, as the case may be, based on the average price paid by Charterers for the
vessel’s bunkers in such period, shall be deducted from or added to the hire paid.

		
		  	 The addition to or deduction from hire so calculated for laden and ballast mileage respectively shall be adjusted to
take into account the mileage sleamed in each such condition during Adverse Weather Periods, by dividing such additon or deduction by the number of miles over which the performance has been calculated and multiplying by the same
number of miles number of miles plus the miles steamed during the Adverse Weather Periods, in order to establish the total addition to or deduction from hire to be made for such period.

		
		  	 Reduction of hire under the foregoing sub-Clause (b) shall be without prejudice to any other remedy available to
Charterers.

		
		  	 (c) Calculation under this Clause 24 shall be made for the yearly periods terminating on each successive anniversary of the date on
which the vessel enters service, and for the period between the last such anniversary and the date of termination of this charter if less than a year. Claims in respect of reduction of hire arising under this Clause during final year or part year of
the charter period shall in the first instance be settled in accordance with Charterers’ estimate made two months before the end of the charter period. Any necessary adjustment after this charter terminates shall be made by payment by Owners to
Charterers or by Charterers to

		
		  	 (d) Owners as (e) the case may require. Payments in respect increase of hire arising under this Clause shall be made promptly after
receipt by Charterers of all the information necessary to calculate such increase.

			
		
	Salvage	  	25. Subject to the provisions of Clause 21 hereof, all loss of time and all expenses (excluding any damage to or loss of the vessel or tortious liabilities to third
parties) incurred in saving or attempting to save life or in successful or unsuccessful attempts at salvage shall be borne equally by Owners and Charterers provided that Charterers shall not be liable to contribute towards any salvage payable by
Owners arising in any way out of services rendered under this Clause 25.
		
		  	 All salvage and all proceeds from derelicts shall be divided equally between Owners and Charterers after deducting the master’s,
officers’ and crew’s share.

		
	Lien	  	26. Owners shall have a lien upon all cargoes and freights, sub-freights and demurrage for any amounts due under this charter; and Charterers shall have a lien on the
vessel for all monies paid in advance and not earned, and for all claims for damages arising from any breach by Owners of this charter.
		
	Exceptions	  	27. (a) The vessel, her master and Owners shall not, unless otherwise in this charter expressly provided, be liable for any loss or damage or delay or failure arising or
resulting from any act, neglect or default of the master, pilots, mariners or other servants of Owners in the navigation or management of the vessel: fire, unless caused by the actual fault or privity of Owners: collision or stranding; dangers and
accidents of the sea; explosion, bursting of boilers, breakage of shafts or any latent defect in hull, equipment or machinery: provided, however that Clauses 1,2,3 and 24 hereof shall be unaffected by the foregoing. Further, neither the vessel, her
master or Owners, nor Charterers shall, unless otherwise in this charter expressly provided, be liable for any loss or damage or delay or failure in performance hereunder arising or resulting from act of God, act of war, seizure under legal process,
quarantine restrictions, strikes, lock-outs, riots, restraints of labour, civil commotions or arrest or restraints of princes, rulers or people.
		
		  	(b) The vessel shall have liberty to sail with or without pilots, to tow or go to the assistance of vessels in distress and to deviate for the purpose of saving life or property.

		
		  	(c ) Clause 27(a) shall not apply to or affect any liability of Owners or the vessel or any other relevant person in respect of
		
		  	(i) loss or damage caused to any berth, jetty, dock, dolphin, buoy, mooring line pipe or crane or other works or equipment whatsoever at or near any place to which the vessel may
proceed under this charter, whether or not such works or equipment belong to Charterers, or
		
		  	(ii) any claim (whether brought by Charterers or any other person) arising out of any loss of or damage to or in connection with cargo. Any All such claims shall
be subject to the Hague-Visby Rules or the Hague Rules, as the case may be, which ought pursuant to Clause 38 hereof to have been incorporated in the relevant bill of lading (whether or not such Rules were so incorporated) or, if no such bill of
lading is issued, to the Hague-Visby Rules.
		
		  	(d) In particular and without limitation, the foregoing subsections (a) and (b) of this Clause shall not apply to or in any way affect any provision in this charter relating to
off-hire or to reduction of hire.
		
	 Injurious
 Cargoes
	  	28. No acids, explosives or cargoes injurious to the vessel shall be shipped and without prejudice to the foregoing any damage to the vessel caused by the shipment of any
such cargo and the time taken to repair such damage, shall be for Charterers’ account. No voyage shall be undertaken, nor any goods or cargoes loaded, that would expose the vessel to capture or seizure by rulers or governments.
		
	Grade of Bunkers	  	29. Charterers shall supply marine diesel oil/fuel oil with a maximum viscosity of 380 Centistokes at 50 degrees Centigrade
according to RMG 35/ACGFO for main propulsion and diesel oil/ACGFO according to DMA for the auxiliaries. If Owners require the vessel to be supplied with more expensive
bunkers they shall be reliable for the extra cost thereof. (See also additional Clause 38).
		
		  	 Charterers warrant that all bunkers provided by them in accordance herewith shall be of a quality complying with the International Marine
Bunker Supply Terms and conditions of Shell International Trading Company and with its specification for marine fuels as amended from time to time.

		
	Disbursements	  	30. Should the master require advances for ordinary disbursements at any port, Charterers or their agents shall make such advances to him, in consideration of which Owners
shall pay a commission of two and a half per cent, and all such advantages and commissions shall be deducted from hire.
		
	Laying-up	  	31. Charterers shall have the option, after consultation with Owners, of requiring Owners to lay up the vessel at a safe place nominated by Charterers, in which
case the hire provided for under this charter shall be adjusted to reflect any net increases in expenditure reasonably incurred or any net saving which should reasonably be made by Owners as a result of such lay up. Charterers may exercise the said
option any number of times during the charter period.
		
	Requisition	  	32. Should the vessel be requisitioned by any government, de facto or de jure, during the period of this charter, the vessel shall be off-hire during the period of such
requisition, and any hire paid by such government in respect of such requisition period shall be or Owners’ account. Any such requisition period shall count as part of the charter period.

			
		
	Outbreak of War	  	33. If war hostilities break out between any two or more of the following countries: USA., Russia and CIS States, PRC, UK, Netherlands, Germany, France, Italy in so
far that such areas have been declared War Risk areas by the War Risk rating committee in London as recognised by the Lloyds of London both Owners and Charterers have the right to cancel this Charter. However neither party shall be entitled to
terminate this Charter Party on account of minor and/or local warlike operation or economic warfare anywhere which will not interfere with the vessel’s trade. This cancellation to be declared within a period of 15 days from the date in which
the Hull & Machinery Insurers officially report the outbreak of such war. If war or hostile break out between two or more of the following countries: USA, U.S.S.R., P.R.C., U.K., Netherlands, both Owners and Charterers shall have
the right to cancel this charter.
		
	Additional War Expenses	  	34. If the vessel is ordered to trade in areas where there is war (de facto or de jure) or threat of war, Charterers shall reimburse Owners for any additional insurance
premia, (net of discounts) including Hull & Machinery and Loss of Hire, crew bonuses and other expenses which are reasonably incurred by Owners as a consequence of such orders, provided that Charterers are given notice of such
expenses as soon as practicable and in any event before such expenses are incurred, and provided further that Owners obtain from their insurers a waiver of any subrogated rights against Charterers in respect of any claims by Owners under their war
risk insurance arising out of compliance with such orders.
		
	War Risks	  	35. See Rider Clause 32 (a) The master shall not be required or bound to sign bills of lading for any place which in his or Owners’ reasonable
opinion is dangerous or impossible for the vessel to enter or reach owing to any blockade, war, hostilities, warlike operations, civil war, civil commotions or revolutions.
		
		  	 (b) If in the reasonable opinion of the master or Owners it becomes, for any of the reasons set out in Clause 35(a) or by the operation of
international law, dangerous, impossible or prohibited for the vessel to reach or enter, or to lead or discharge cargo at, any place to which the vessel has been ordered pursuant to this charter (a “place of peril”), then Charterers or
their agents shall be immediately notified by telex or radio messages, and Charterers shall thereupon have the right to order the cargo, or such part of it as may be affected, to be leaded or discharged, as the case may be, at any other place within
the trading limits of this charter (provided such other place is not itself a place of peril). If any place of discharge is or becomes a place of peril, and no orders have been received from Charterers or their agents within 48 hours after dispatch
of such messages, then Owners shall be at liberty to discharge the cargo or such part of it as may be affected at any place which they or the master may in their or his discretion select within the trading limits of this charter and such discharge
shall be deemed to be due fulfilment of Owners’ obligations under this charter so far as the cargo so discharged is concerned.

		
		  	 (c) The vessel shall have liberty to comply with any directions and recommendations as to departure, arrival, routes, ports of call,
stoppages, destinations, zones, waters, delivery or in any other wise whatsoever given by the government of the state under whose flag the vessel sails or any other government or local authority or by any person or body acting or purporting to act
as or with the authority of any such government or local authority including any de facto government or local authority or by any person or body acting or purporting to act as or with the authority of any such government or local authority or by any
committee or person having under the terms of the war risk insurance on the vessel the right to give any such directions or recommendations. If by reason of or in compliance with any such directions or recommendations anything is done or is not
done, such shall not be deemed a deviation.

		
		  	 If by reason of or in compliance with any such direction or recommendation the vessel does not proceed to any place of discharge to which
she has been ordered pursuant to this charter, the vessel may proceed to any place which the master or Owners in his or their discretion select and there discharge the cargo or such part of it as may be affected. Such discharge shall be deemed to be
due fulfilment of Owners’ obligations under this charter so far as cargo so discharged is concerned.

		
		  	 Charterers shall procure that all bills of lading issued under this charter shall contain the Chamber of Shipping War Risks Clause
1952.

		
	Both to blame Collision Clause	  	36. If the liability for any collision in which the vessel is involved while performing this charter falls to be determined in accordance with the laws of the United
States of America, the following provision shall apply: “If the ship comes into collision with another ship as a result of the negligence of the other ship and any act, neglect or default of the master, mariner, pilot or the servants of the
carrier in the navigation or in the management of the ship, the owners of the cargo carried hereunder will indemnify the carrier against all loss, or liability to the other or non-carrying ship or her owners in so far as such loss or liability
represents loss of, or damage to, or any claim whatsoever of the owners of the said cargo, paid or payable by the other or non-carrying ship or her owners to the owners of the said cargo and set off, recouped or recovered by the other or
non-carrying ship or her owners as part of their claim against the carrying ship or carrier”.
		
		  	 “The foregoing provisions shall also apply where the owners, operators or those in charge of any ship or ships or objects other than, or in
addition to, the colliding ships or objects are at fault in respect of a collision or contract”.

		
		  	 Charterers shall procure that all bills of lading issued under this charter shall contain a provision in the foregoing terms to be applicable where
the liability for any collision in which the vessel is involved falls to be determined in accordance with the laws of the United States of America.

		
	 New Jason
 Clause

	  	37. General average contributions shall be payable according to the York/Antwerp Rules, 1974, 1994, as amended from time to time
and shall be adjusted in London in accordance with English law and practice but should adjustment be made in accordance with the law and practice of the United States of America, the following provision shall apply:
		
		  	 “In the event of accident, danger, damage or disaster before and after the commencement of the voyage, resulting from any cause whatsoever,
whether due to negligence or not, for which, or for the consequence of which, the carrier is not responsible by statute, contract or otherwise, the cargo, shippers, consignees or owners of the cargo shall contribute with the carrier in general
average to the payment of any sacrifices, losses or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the cargo”

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

		
		  	 Charterers shall procure that all bills of lading issued under this charter shall contain a provision in the foregoing terms, to be applicable
where adjustment of general average is made in accordance with the laws and practice of the United States of America.

		
	Clause Paramount	  	38. Charterers shall procure that all bills of lading issued pursuant to this charter shall contain the following clause:
		
		  	“(1) Subject to sub-clause (2) hereof, this bill of lading shall be governed by, and have effect subject to, the rules contained in the International Convention for the
Unification of Certain Rules relating to Bills of Lading signed at Brussels on 25th August 1924 (hereafter the “Hague Rules”) as amended by the Protocol signed at Brussels on 23rd February 1968 (hereafter the “Hague-Visby Rules”). Nothing contained herein shall be deemed to be either a
surrender by the carrier of any of his rights or immunities or any increase of any of his responsibilities or liabilities under the “Hague-Visby Rules”.
		
		  	“(2) If there is governing legislation which applies the Hague Rules compulsorily to this bill of lading to the exclusion of the Hague-Visby Rules, then this bill of lading
shall have effect subject to the Hague Rules. Nothing herein contained shall be deemed to be either a surrender by the carrier of any of his rights or immunities or an increase of any of his responsibilities or liabilities under the Hague
Rules.”
		
		  	“(3) If any term of this bill of lading is repugnant to the Hague-Visby Rules or Hague Rules if applicable, such term shall be void to that extent but no
further.”
		
		  	“(4) Nothing in this bill of lading shall be construed as in any way restricting, excluding or waiving the right of any relevant party or person to limit his liability under
any available legislation and/or law.”
		
	TOVALOP	  	39. Owners warrant that the vessel is:
		
		  	(i) a tanker in TOVALOP and,
		
		  	(ii) Property enter in Steamship Mutual P&I Club
		
		  	and will so remain during the currency of this charter. See ITOPF Clause 28
		
		  	When an escape of discharge of Oil occurs from the vessel and causes or threatens to cause Pollution Damage, or when there is the Threat of an escape or discharge of Oil
(i.e. a grave and imminent danger of the escape or discharge of Oil which, if it occurred, would create a serious danger of Pollution Damage, whether or not an escape or discharge in fact subsequently occurs), then Charterers may, at their option,
upon notice to Owners or master, undertake such measures as are reasonably necessary to prevent or minimise such Pollution Damage or to remove the Threat, unless Owners promptly undertake the same. Charterers shall keep Owners advised of the nature
and result of any such measures taken by them and, if time permits, the nature of the measures intended to be taken by them. Any of the aforementioned measures taken by Charterers shall be deemed taken on Owners’ authority as Owners’
agent, and shall be at Owners’ expense except to the extent that:
		
		  	(1) any such escape or discharge or Threat was caused or contributed to by Charterers, or
		
		  	(2) by reason of the exceptions set out in Article III, paragraph 2, of the 1969 International Convention on Civil Liability for Oil Pollution Damage. Owners are or, had
the said Convention applied to such escape or discharge or to the Threat, would have been exempt from liability for the same, or
		
		  	(3) the cost of such measures together with all other liabilities, costs and expenses of Owners arising out of or in connection with such escape or discharge or Threat
exceeds one hundred and sixty United States Dollars (US $160) per ton of the vessel’s Tonnage or sixteen million eight hundred thousand United States Dollars (US $16,800,000), whichever is the lesser, save and insofar as Owners shall be
entitled to recover such excess under either the 1971 International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage or under CRISTAL;
		
		  	PROVIDED ALWAYS that if Owners in their absolute discretion consider said measures should be discontinued, Owners shall so notify Charterers and thereafter Charterers
shall have no right to continue said measures under the provisions of this Clause 39 and all further liability to Charterers under this Clause 39 shall thereupon cease.
		
		  	The above provisions are not in derogation of such other rights as Charterers or Owners may have under this charter or may otherwise have no acquire by law or any
International Convention or TOVALOP.
		
		  	The term “TOVALOP” means the Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution dated 7th January 1969, as amended from time to time, and the term “CRISTAL” means the Contract
Regarding an Interim Supplement to Tanker Liability for Oil Pollution dated 14th January 1971, as amended from time to time. The term “Oil”, “Pollution Damage”, and “Tonnage” shall for the purposes of this Clause 39 have the meanings ascribe to them in
TOVALOP.
		
	Export Restriction	  	40. The master shall not be required or bound to sign bills of lading for the carriage of cargo to any place to which export of such cargo is prohibited under the laws,
rules or regulations of the country in which the cargo was produced and/or shipped.
		
		  	Charterers shall procure that all bills of lading issued under this charter shall contain the following clause:
		
		  	“If any laws rules or regulations applied by the government of the country in which the cargo was produced and/or shipped, or any relevant agency thereof, impose a
prohibition on export of the cargo to the place of discharge designated in or ordered under this bill of lading, carriers shall be entitle to require cargo owners forthwith to nominate an alternative discharge place for the discharge of the cargo,
or such part of it as may be affected, which alternative place shall not be subject to the prohibition, and carriers shall be entitled to accept orders from cargo owners to proceed to and discharge at such alternative place. If cargo owners fail to
nominate an alternative place within 72 hours after they or their agents have received from carriers notice of such prohibition, carriers shall be at liberty to discharge the cargo or such part of it as may be affected by the prohibition at any safe

			
		  	place on which they or the master may in their absolute discretion decide and which is not subject to the prohibition, and such discharge shall constitute due performance of the
contract contained in this bill of lading so far as the cargo so discharged is concerned”.
		
		  	The foregoing provision shall apply mutatis mutandis to the charter, the reference to a bill of lading being deemed to be references to this chapter.
		
	Law and Litigation	  	41. (a) This charter shall be construed and the relations between the parties determined in accordance with the laws of England.
		
		  	 (b)     Any dispute arising under this charter shall be decided by as per LMAA Arbitration Clause
(see clause 27 of the rider) the English Courts to whose jurisdiction the parties hereby agree.

		
		  	 (c)     For smaller disputes upto US$ 100,000 the small claim procedure laid by the London
Maritime Arbitrators Association and any subsequent amendment thereto shall apply.

		
		  	(d) Notwithstanding for foregoing, but without prejudice to any party’s right to arrest or maintain the arrest of any maritime property, either party may, by giving
written notice of election to the other party, elect to have any such dispute referred to the arbitration of a single arbitrator in London in accordance with the provisions of the Arbitration Act 1950, or any statutory modification or re-enactment
thereof for the time being in force.
		
		  	 (i) A party shall lose its right to make such an election only if:

		
		  	 (a) It receives from the other party a written notice of dispute which

		
		  	 (1) States expressly that a dispute has arisen out of this charter;

		
		  	 (2) Specifies the nature of the dispute; and

		
		  	 (3) Refers expressly to this clause 41 (c)

		
		  	 and

		
		  	 (b) It fails to give notice of election to have the dispute referred to arbitration not later than 30 days from the date of receipt of such
notice of dispute.

		
		  	 (ii) The parties hereby agree that either party may

		
		  	 (a) appeal to High Court on any question of law arising out of an award;

		
		  	 (b) apply to the High Court for an order that the arbitrator state the reasons of his award;

		
		  	 (c) give notice to the arbitrator for that a reasoned award is required; and

		
		  	 (d) apply to the High Court to determine any question of law arising in the course of the reference.

		
		  	 (d) It shall be a condition precedent to the right of any party to a stay of any legal proceedings in which maritime property has been, or
may be, arrested in connection with a dispute under this charter, that that party furnishes to the other party security to which that other party would have been entitled in such legal proceedings in the absence of a
stay.

		
	Construction	  	42. The side headings have been included in this charter for convenience of reference and shall in no way affect the construction hereof.
		
		  	 “Charterers” Additional Clauses from No. 1 to No. 40 attached hereto are to be incorporated into this Charter
Party.

  

			
	The Owners:	 	
 

		
	The Charterers:	 	
 

  

 ADDITIONAL CLAUSES 
 “NOEMI” 
 TIME CHARTER PARTY
DATED 
 1. VESSEL’S DESCRIPTION CLAUSE 
 Owners guarantee the following speed/consumption in moderate weather up to and including Beaufort Scale Force 5 excluding voyages of less than 24 hours and areas such as restricted channels and where slow
speed is required by authorities of the port. Calculation to be made from full away on leaving last pilot to end of seapassage. 
 Class: ABS
+A1(E), Crude and Oil Product Carrier, +AMS, +ACCU, SH, SHCM, ReS, VEC(-L) 
 Deadweight: 72,515 mt 
  

			
	Gross Tonnage:	  	41,526 mt
	Net Tonnage:	  	20,970 mt

  

			
	Main dimensions:
	LOA:	 	227.8 Metres
	LBP:	 	219 Metres
	Beam:	 	32.24 Metres
	Depth:	 	20.6 Metres

 Cargo cubic capacity
(including slop tanks)(98%): 83,058.20 m3 
 Main engine/power: MAN B&W6S60MC – 14,100 BHP 
 Speed/consumption 
 All consumption expressed in tonnes of IFO 380 per day, unless otherwise specified. Consumption up to
Beaufourt 5 included, at service speed. 
  

			
	Ballast	  	Laden
	14.5 knots on 37.0 mt + 3.0 mt	  	14.0 knots on 37.0 mt + 3.0 mt
		
	Maintain Cargo Temperature upto 135 F	  	10 mt Ifo
		
	Increase Temperature from 44 To 66 C	  	
	(Air 0 Deg - Sea 5 Deg) in 96 Hours	  	120 mt Ifo/Total
		
	Inerting all tanks by IGS	  	20 mt Ifo per 36 Hrs or 13.3 mt Ifo per day
		
	Diesel generator idle	  	3.0 mt Ifo
	Boilers idle	  	4.0 mt Ifo
		
	Discharging in 24 hrs	  	32.0 mt Ifo + 12.0 Mt of mgo
	Loading	  	10.0 mt Ifo

			
	Ballasting/Deballasting	  	8.0 mt Ifo X 12 Hrs
		
	Butterworth all tanks about 36 hrs	  	17.0 mt Ifo

 Vessels full description as given and vessel
speed and consumptions are guaranteed as average speed for voyages over 24 hrs and subject to vessel not remaining idle in tropical waters for more than 15 days. Actual speed and consumptions are to be compared against the TCP figures above and
shall be mutually revised/agreed between Owners and Charterers after six months of trading however final consumptions to be in line for with those of similar vessels/engines. No claims in respect of the Vessel’s performance shall be submitted
by either party during the first six months of trading. The speed and consumption so agreed by Owners and Charterers to be included into an addendum to be attached to this TCP. 
  

			
	Cargo System/pumps:	  	3 steam driven centrifugal pumps of 2,000 Cu M/hr each
		
	Ballast system/pumps:	  	2 electric driven centrifugal pumps of 1,200 Cu M/hr each
		
	Auxiliary boilers:	  	2 Aalborg 2.0 ton/hr x 16.6 Kg/cm2
	Exhaust:	  	1 Kangrim 1.0 ton/hr x 6 Kg/cm2
		
	Mooring equipment:	  	according to OCIMF requirements
		
	Lifting equipment:	  	1 hose handling crane 15 mt

 2. COFR CLAUSE 

 If U.S.A. trade all cost payable per call related to COFR and OPA 90 to be paid by Charterers to Owners against relevant documents. Owners to
pass any relevant discount on the above to Charterers. 
 3. TRADING LIMITS CLAUSE 
 Vessel to trade between good and safe ports/places, always afloat, worldwide within the current Institute Warranty Limits, however excluding: Albania,
Turkish controlled Cyprus, Arab League boycotted countries, Sierra Leone, Liberia, Haiti, Orinoco river, Caripito, Somalia, Eritrea, Yugoslavia and former Yugoslavian republics (but including Omisalj and Rijeka), North Korea, Kampuchea and Vietnam,
any voyage which will incur the risk of black listing and/or boycotting, war zones as defined by Lloyds of London and any other areas to which restrictions may be imposed by the United States, or the United Nations, or the flag state. The vessel is
not allowed to trade Cuba during the last 6 months of the c/p. The vessel can trade Israel on a case-by-case basis and subject to the Owner’s consent. Charterers may be allowed to order the ship to any war zones as defined by Lloyd’s of
London upon payment by Charterers of any additional insurance premiums required by the vessel’s underwriters for such breach subject to owners prior consent which shall not be unreasonably withheld. Charterers may be allowed to breach Institute
Warranty Limits, however breach of IWL to be always subject to owners/head owners approval on a case by case basis and upon payment by Charterers of any additional insurance premiums required by the Vessel’s Underwriters for such breach. Vessel
not to force ice nor follow ice-breakers. 

 4. EXXON DRUG CLAUSE 
 Owners warrant that it has a policy on drug and Alcohol abuse (“Policy”) applicable to the vessel which meets or exceeds the standards in the Oil International Marine Forum Guidelines for the
Control of Drug and Alcohol onboard Ship. Under the Policy, alcohol impairment shall be defined as a blood alcohol content of 40 mg/100 ml or greater; the appropriate seafarers to be tested shall be all vessel’s officers and the drug / alcohol
testing and screening shall include unannounced testing in addition to routine medical examinations. An objective of the Policy should be that the frequency of the unannounced test be adequate to be as an effective abuse deterrent, and that all
officers to be tested at least once a year through a combined program of announced testing, and routine medical examinations. Owners further warrant that the policy will remain in effect during the term of this charter and that the owners shall
exercise due diligence to ensure that the policy is complied with. 
 5. DETENTION CLAUSE 
 Should the vessel be seized or detained by any authority or arrested at the suit of any party having or purporting to have a claim against any interest of
the vessel borne by the owner, hire shall not be payable in respect of any period during which the vessel is not at Charterers’ use and all extra expenses shall be for Owners’ account. 
 6. STS - LIGHTERING CLAUSE 
 Owners
shall allow transfer of cargo between the vessel and another vessel made fast alongside or while underway. However such procedure always subject to master’s approval and to be in accordance with the ICS/OCIMF Ship to Ship Transfer guide
(Petroleum). All extra equipment required and extra expenses incurred for such transfer operation shall be provided by Charterers for their account. 
 7. FINANCIAL RESPONSIBILITY IN RESPECT OF POLLUTION CLAUSE 
 (1) Owners warrant that throughout the currency of this
Charter they will provide the vessel with the following certificates: 
 (a) Certificates issued pursuant to the Civil Liability Convention
1969 (‘CLC”), and pursuant to the 1992 protocols to the CLC, as and when in force 
 (b) Certificates issued pursuant to the
Section 1016 (a) of the Oil Pollution Act 1990, and Section 108 of the Comprehensive Environmental Response, Compensation and Liability Act 1980, as amended in accordance with Part 138 of Coast Guard Regulations 3 CFR, so long as
these can be obtained by the owners from or by (identify the applicable scheme or schemes) 
 (c) Any other similar certificates of
responsibility which may be required of Owners during the currency of this Charter Party to the extent that such certification can be readily and commercially obtained such that a prudent owner trading for his own account would obtain such
certification. 

 (2) Notwithstanding anything whether printed or typed herein to the contrary, 
 (a) save as required for compliance with paragraph (1) hereof, owners shall not be required to establish or maintain financial security or
responsibility in respect of oil or other pollution damage to enable the vessel lawfully to enter, remain or leave any port, place, territorial or contiguous waters of any country, state or territory in performance of this Charter 
 (b) Charterers shall indemnify owners and hold them harmless in respect of any loss, damage, liability or expense (including but not limited to the costs of
any delay incurred by the vessel as a result of any failure by the charterers promptly to give alternative voyage orders) whatsoever and howsoever arising which owners may sustain by reason of any requirement to establish or maintain financial
security or responsibility in order to enter, remain in or leave any port, place or waters, other than to the extent provided in paragraph (1) hereof. 
 (c) Owners shall not be liable for any loss, damage, liability or expense whatsoever and howsoever arising which charterers and/or the holders of any bill of lading issued pursuant to this Charter may
sustain by reason of any requirement to establish or maintain financial security or responsibility in order to enter, remain or leave any port, place or waters, other than to the extent provided in paragraph (1) hereof. 
 (3) Owners warrant that they have and will maintain through the period of this charter party the Standard Oil Pollution Insurance cover issued by the
vessel’s P & I club (currently USD One billion) 
 (4) if requested by Charterers, Owners shall promptly furnish to the Charterers
proper evidence of such P & I Insurance and Excess Insurance immediately upon signing this charter or any time during the charter term. The above warranty is to be regarded as an essential part of this charter, which is conditional on its truth
or performance, so that the breach entitles the charterers in charterer’s option, to terminate the charter and/or recover any damages allowable in Law. 
 Charterers warrant that terms of this clause will be incorporated effectively into any bill of lading issued pursuant to this charter. 
 8. NOTICE CLAUSE 
 Owners and Charterers to give delivery/re-delivery notices,
respectively; 15, 10 days approximate and 7, 5, 3, 2, 1 days definitive. 
 9. ENGLISH LANGUAGE CLAUSE 
 Owners/Managers undertake to have English speaking personnel available to ensure appropriate communications between Charterers/Owners/Managers/Agents/
Authorities/ Terminal Officials. 

 10. CHANGE OF OWNERSHIP CLAUSE 
 Throughout the duration of this Charter party, the Owners shall have the right to sell the vessel or to change management of the vessel, subject to the prior consent of Charterers, which shall not be
unreasonably withheld. 
 11. REMEASURING CLAUSE 
 Owner guarantee to immediately upon Charterers’ request remeasure the vessel’s DWT for the purpose of satisfying certain port/terminal regulations; such remeasurement will be performed by the
Vessel’s Registry subject availability and in accordance to the Vessel’s Flag state regulations. All time and expenses for remeasurement to be for the Charterers’ account against Owners’ proper documentation and invoice.

 12. ITF CLAUSE 
 Ref.
to clause 1. Owners warrant that the vessel has I.T.F. or equivalent certificate on board. In any event of the vessel being delayed by no compliance with the above or being rendered inoperative by strikes, labour stoppages, or by any difficulties
due to vessel flag, ownership, crew, terms of employment of officers or, crew, or any other vessel under the same ownership, operation or control, all time lost is to be considered as off hire and expenses to be for Owners’ account. 

13. IGS/SBT/COW SYSTEMS CLAUSE 
 Owners warrant that the vessels is equipped with an inert gas system and segregated ballast tanks on board the vessel and said system are in working order and shall be operational during the duration of this charter. 
 In the event is required by terminal personnel or independent inspectors to breach the inert gas system for the purpose of gauging, sampling, temperature
determination or ascertaining remaining on board quantities after discharge, the master shall comply with these requirements consistent with safe operation of the vessel and regulations of the port. 
 If requested by Charterers, Owners agree to conduct crude oil washing of all cargo tanks at discharge port(s) simultaneously with discharge operations.

 If the above systems are not in good working conditions due to the vessel/crew/Owners’ negligence and is causing delay in vessel’s
normal operations, the vessel will be put off hire for such time actually lost and bunkers consumed shall be for Owners’ account. 
 14. HEATING CLAUSE 
 Vessel to load cargo up to and maximum 165 degrees Fahrenheit. Vessel to be able through the time
charter period to maintain the cargo temperature up to maximum of 135 degrees Fahrenheit. Vessel to heat up to 10 degrees Celsius in 96 hours, but cargo temperature never to exceed 145 degrees Fahrenheit. 

 15. CLEANING VESSEL CLAUSE 
 Owners/Master to be at Charterers’ disposal for all tank cleaning making full use of the vessel’s crew and equipment. Owners, master and crew to use best endeavour to minimise cleaning time and
expenses. 
 16. CAST IRON CLAUSE 
 Owners warrant that all riser valves and fittings, outboard of the last fixed rigid support to the vessel’s deck that are used in the transfer of cargo or ballast will be made of steel or nosular
iron and that only one steel reducer or spacer will be used between the vessel’s valve and the loading arm. The fixed rigid support must be designed to prevent both lateral and vertical movement of the transfer manifold 
 17. CARGO RETENTION CLAUSE 
 In the
event that any cargo remain on board upon completion of discharge, Charterers shall have the right to claim against Owners an amount equal to the FOB port of loading value of such cargo plus freight due with respect thereto, provided that volume of
such cargo is liquid, pumpable and reachable by vessel’s normal discharge equipment as determined by an independent surveyor. The independent surveyor to be mutually agreed by both parties. 
 18. ELIGIBILITY CLAUSE 
 Owners
warrant the vessel is in all respects eligible under applicable conventions, laws and regulations for trading to the ports and places as specifies under this time charter. Owners warrants that vessel should have onboard for inspection by the
appropriate authorities, all certificates, records, compliance letters, contingency plans and other documents required for such service, including but not limited to, the US Coast Guard Certificate of Financial Responsibility and the Certificate
required by the International Convention on Civil Liability for Oil Pollution Damage 1969, as amended. 
 Owners further warrant that the vessel
does, and will comply with all applicable conventions, laws, regulations and ordinances of any international, national states or local government entity having jurisdiction including but not limited to the US. Port and Tanker Safely Ad, as amended,
the US Federal Water Pollution Control Act as amended, the International Convention for the Prevention of Pollution from Ships (MARPOL 1973) as amended together with 1978 protocol and 1984 amendments thereto and the International Convention for
Safety of Life at Sea (SOLAS 1974) as amended together with 1978 Protocol and 1981/1 983 amendment thereto, IMO regulations. 
 Any delays,
losses, expenses or damages arising as a result of failure to comply with this clause, shall be for Owner’s account and charterers shall not be liable for any delay caused by Vessel’s failure to comply the above warranties. 
 Notwithstanding any other provisions to the contract, if during the currency of the Time Charter party any laws and/or regulations are appraised and engaged
prohibiting or restricting the employment of the vessel in her reasonably intended trade, Charterers shall without prejudice have the option to cancel the Time Charter Party, unless Owners decide to make the vessel in full compliance with such laws
and/or regulations whereby the vessel can trade fully and freely according to the terms of the Charter Party. 

 19. COMPLIANCES WITH REGULATIONS CLAUSE 
 Owners warrant that all trading certificates will remain valid during the course of this Charter Party and the vessel will comply with all regulations in
force al the ports within the trading range, as defined in CI.3 of this rider. If vessel fails to comply with the above, any damages, costs, delays or losses incurred will be, in any case, for Owners account and Charterers shall have the option to
put the vessel off-hire. Vessel shall not be put off-hire for alleged non-compliances only. 
 Should new legislations, rules and regulations ho
adopted by any country, government body of other legislative authority so to affect the tradability of the vessel to any country, port or place under the terms of this charter party, then Owners and Charterers undertake to act reasonably in all
circumstances, in a spirit of good cooperation, to discuss and find the right solution(s). 
 20. LIBYAN CERTIFICATE CLAUSE

 If required for calls to Libya, Charterers shall arrange for the Vessel’s certificates to be translated into the Arabic language
for their risk and time, and at Charterers’ cost for the translation. 
 21. O.C.I.M.F. CLAUSE 
 Ref. to Clause 1, Owners warrant that the vessel fully complies with Standards and Recommendations OCIMF for Oil Tankers, 1981 International safety Guide for
Oil Tankers and Terminals, Standards for Oil Tankers Manifold and Associated Equipment (latest edition), Ship to Ship Transfer Guide (Petroleum) (latest edition) and Recommendation for Equipment Employed in the mooring of the Ship at single point
Moorings (latest edition) and any future amendment thereto. 
 Should new legislations, rules and regulations adopted by any country, government
body of other legislative authority so to affect the tradability of the vessel to any country, port or place under the terms of this charter party, then Owners and Charterers undertake to act reasonably in all circumstances, in a spirit of good
cooperation, to discuss and find the right solution(s). 
 22. VETTING CLAUSE 
 1. Throughout the duration of this charter, owners to arrange for the following oil company inspections at their time and expense: bp, shell, exxon/mobil,
chevrontexaco and total, subject always to (i) the vessel’s trading pattern, (ii) the oil company’s acceptance criteria regarding new building vessels, (iii) the availability of inspectors at that time and (iv) that
owners requests for vetting inspections are not declined unreasonably for oil companies’ reasons. 
 2. however, since the vessel is a new
building, owners shall be granted a period of 3 (three) months from the completion of the first voyage under this charter to have the vessels inspected by the majors listed above, but always subject to the limitations provided in subparagraph
(1) above. 

 3. if during the charter period, the vessel is found to be unacceptable by any of the major oil companies,
listed in subparagraph (1) above, owners will immediately take steps to rectify any outstanding deficiencies at owners’ expense and shall have the vessel re-inspected by the involved major oil company as soon as practicable, but always
subject to the limitations provided in subparagraph (1) above. 
 4. in the event that 
 (a) either the vessel fails to obtain the acceptance(s) as per paragraph 2) above and she remains unacceptable for one or more oil companies for sixty
(60) days after the time limit provided therein are expired, or 
 (b) the vessel remains unacceptable for any of the above major oil
companies as per paragraph 1) above for 45 days after she has been found unacceptable as per paragraph 3) above, charterers shall have the right to put the vessel off-hire until missing acceptance(s) are reinstated, always subject to the limitations
provided in subparagraph (1) above 
 5 the Owners will endeavour to arrange for newbuilding inspection from as many oil companies as
possible before delivery. 
 23. PERIOD AND OPTION 
 Owners agree to let and Charterers agree to hire the vessel for a period of five (5) years plus/minus thirty (30) days in Charterers option. 
 24. PUMPING CLAUSE 
 Owners warrant
vessel is capable of discharging her entire cargo within 24 hours or maintain 100 PSI at ship’s rail provided shore facilities are capable of receiving same. If vessel fails to maintain this discharge rate, Owners are to instruct master to
clarify by protest letter or remarks in time sheets, countersigned by receivers, the reason of such failure. If vessel’s performance is below above referenced standard and pumping is delayed due to vessel’s deficiency, owners shall be
responsible for any excessive pumping time and should it become necessary to withdraw the vessel from the berth all expenses are to be for Owners’ account and time to be considered off-hire. Additional time to be allowed for COW in accordance
with vessel’s technical description. 
 25. LOI CLAUSE 
 STANDARD FORM LETTER OF INDEMNITY TO BE GIVEN IN RETURN FOR DELIVERING CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING 
 [P&I wording to be included] 
 STANDARD FORM LETTER OF INDEMNITY TO BE GIVEN IN RETURN FOR
DELIVERING CARGO AT A PORT OTHER THAN THAT STATED IN THE BILL OF LADING 
  

 [P&I wording to be included] 
 STANDARD FORM LETTER OF INDEMNITY TO BE GIVEN IN RETURN FOR DELIVERING CARGO AT A PORT OTHER THAN THAT STATED IN THE BILL OF LADING AND WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING.

 [P&I wording to be included] 
 26. OVERPERFORMANCES CLAUSE 
 Notwithstanding anything contained in clause 24 hereabove, Charterers will not pay more
than the rate provided in clause 8 and Owners are not entitled to ask compensation for vessel overperformances. 
 27. LMAA ARBITRATION
CLAUSE 
 All disputes or differences arising out of this contract which cannot be amicably resolved shall be referred to arbitration in
London. Unless the parties agree upon a sole arbitrator, one arbitrator shall be appointed by each party. In the case of arbitration on documents, if the two arbitrators so appointed are in agreement their decision shall be final. In all other cases
the arbitrators so appointed shall appoint a third arbitrator and the reference shall be the three-man tribunal thus constituted. 
 If either
the appointed arbitrators refuses to act or is incapable of acting, the party who appointed him shall appoint a new arbitrator in his place. 
 If one party fails to appoint an arbitrator, whether originally or by way of substitution for two (2) weeks after the other party, having appointed his arbitrator, has (by telex or letter) called upon the defaulting party to make the
appointment, the president for the time being of the London Maritime Arbitrators Association, shall upon application of the other party, appoint an arbitrator on behalf of the defaulting party and that arbitrator shall have the like powers to act in
the reference and make an award (and, if the case so requires, the like duty in relation to the appointment of a third arbitrator) as if he had been appointed in accordance with the terms of the agreement. 
 This contract is governed by English Law and there shall apply to all proceedings under this clause the Terms of the London Maritime Arbitrators Association
current at the time when the arbitration proceeding were commenced. All appointees shall be member of the Association. 
 28 I.T.O.P.F.
CLAUSE 
 Notwithstanding anything to the contrary in this Charter, there shall be no obligation upon the Owner or the Vessel to be a
participant in the tanker Owners voluntary agreement concerning liability for oil pollution dated January 7th. 1969 as amended (“TOVALOP”). Owner, however, warrants that it is a member of the International Tanker Owners Pollution
Federation (“ITOPF”) and that Owner will retain such membership during the entire period of the services of the Vessel under this Charter. 
 29. VESSEL’S MAINTENANCE CLAUSE 
 Upon reasonable notice, Owners to give to Charterers reasonable access to all
documents regarding the vessel’s performances whether aboard, ashore in Owners’ or Owners Management’s office together with reasonable access to the vessel for inspection purposes. 
 Owners and Charterers agree that a meeting will take place as often as necessary, but at least twice a year, between Owners and Charterers’ technical
staff in order to review and ensure prompt settlement of any technical problem that may have arisen. 

 During the charter party period(s), the Charterers to have the option every six (6) months to arrange
for an independent surveyor to inspect the vessel at Charterers cost and expenses. The copy of the inspection report to be supplied to both Owners and Charterers. 
 30. VESSEL’S FLAG AND CLASSIFICATION SOCIETY CLAUSE 
 For the duration of the
charter party period the Owners will register the vessel into the Marshall Islands Registry and fly its flag. The vessel was built and is classed under ABS and the Owners intend to maintain this classification during the period of the Charter Party.
Owners have the option to change classification within the IACS group for important reasons only. 
 War Clause 
 (clause n. 33 of Intertanktime 80 in substitution of ‘War Risk Clause’ n. 35 of Shelltime 4) 
 31. ADDITIONAL WAR EXPENSES CLAUSE 
 If the Vessel is ordered to trade in areas were there is war (de facto or de jure) or /and where the area in question has been declared additional war risk premium areas by the Vessel’s war risk insurers. Charterers shall reimburse
Owners for any additional insurance premia, crew bonuses and other expenses which are reasonably incurred by Owners as a consequence of such orders, provided that Charterers are given notice of such expenses as soon as practicable and in any event
when such expenses are incurred, and provided further that Owners obtain from their insurers a waiver of any subrogated rights against Charterers in respect of any claim by owners under their war risk insurance arising out compliance with such
orders. For the purpose of this Charter Party, Charterers liability for war risk insurance premiums is to be based upon the insured value of the Vessel, which at delivery is United States Dollars (insured value to be advised) Charterers to benefit
from rebates from hull insurers on war risk insurance premiums. 
 32. WAR RISKS CLAUSE 
 (a) The Master shall not be required or bound to sign Bills of Lading for any place which in his or Owners’ reasonable opinion is dangerous or
impossible for the Vessel to enter or reach owing to any blockade, war, hostilities, warlike operations, civil war, civil commotions, or revolutions. 
 (b) If in reasonable opinion of the Master or Owners it becomes, for any of the reasons set out in Clause 32 (a) or by the operation of international law, dangerous, impossible or prohibited for the Vessel to reach or enter, or to load
or discharge cargo at, any place to which the Vessel has been ordered pursuant to this Charter, (a “place of peril”), then Charterers or their agents shall be immediately notified by telex or radio messages, and Charterers shall thereupon
have the right to order the cargo, or such part of it as may be affected, to be loaded or discharged, as the case may be, at any other place within the trading limits of this Charter (provided such other place is not itself a place of peril). If any
place of discharge is or become a place of peril, and no orders have been received from Charterers or their agents within 48 hours after dispatch of such messages, then Owners shall be at liberty to discharge the cargo of such part of it as may be
affected at any place which they or the Master may in their or his descretion select within the trading limits of this charter and such discharge shall be deemed to be due fulfilment of Owner’s obligations under this Charter so far as cargo so
discharge is concerned. 

 (c) The Vessel shall have liberty to comply with any directions or recommendations as to departure, arrival,
routes, ports of call, stoppages, destinations, zones, water, delivery or any other wise whatsoever given by the government of the state under whose flag of the Vessel sails or any other government or local authority or by any person or body acting
or purporting to act as or with the authority of any such government or local authority including de facto government or local authority or by any committee or person having under the terms of war risks insurance on the Vessel the right to give any
such directions or recommendations. If by reason of or in compliance with any such directions or recommendations anything is done or is not done, shall not be deemed a deviation. 
 If by reason of or in compliance with any such direction or recommendation the Vessel does not proceed to any place of discharge to which she has been ordered pursuant to this Charter, the Vessel may
proceed to any place which the master or Owners in his or their opinion select and their discharge the cargo or such part of it as may be affected. 
 Such discharge shall be deemed to be due fulfilment of Owners’ obligations under this Charter so far as cargo so discharged is concerned. 
 Charterers shall procure that all Bill of Lading issued under this Charter shall contain the Chamber of Shipping War Risks clause 1952. See clause 31 (Additional War Expenses). 
 Owners to be entitled to insure their interest in the vessel for such terms as they deem fit up to its total insured value and also in the hire against any
of the risks likely to be involved thereby, and Charterers shall make refund on demand of any additional premium thereby incurred and 
 1.
Notwithstanding the terms of Clause 20 hire shall be payable for all time lost including any loss owing to loss or injury to the Master, officers or crew or to refusal by the Master, officer or crew to proceed to such zone or to be exposed of such
risks. 
 2. In the event of the wages of the Master and/or officers and/or crew and/or the cost of provisions and/or stores for deck and/or
engine room and/or insurance being increased by reason of or during the existence of any of the matter mentioned in Section (A) the amount of any increase shall be added to the hire and paid by the Charterers on production of Owners’
account thereof. 
 Furthermore, notwithstanding any other provision of this Charter Party, any war bonus payable to Master and/or officers
and/or crew shall be for Charterers’ account. 
 33 VESSEL’S TRACKING CLAUSE 
 It is agreed that Charterers may from the time of fixing until completion of the Charter period employ an Inmarsat C Tracking system on the Vessel. All
registration/communication costs relating to this tracking system will be for the Charterers’ account. Charterers will advise when the system is operative and confirm termination upon completion of Charter. Owners to supply Inmarsat C number (9
digits, beginning with 4), manufacturer, make etc, model No., terminal S/W version prior to vessel’s delivery. 
 34 WAR P&I
LIABILITIES INCLUSION CLAUSE 
 Owners to ensure that Hull War Risk insurance incorporates provisions for War P & I liabilities
inclusion clause. 
 35 SECURITY CLAUSE (replaced by Bimco ISPS clause for TCP) 
 (a) (i) From the date of coming into force of the International Code for the Security of Ships and of Port Facilities and the relevant amendments
to Chapter XI of SOLAS (ISPS Code) in relation to the Vessel and thereafter during the currency of this Charter Party, the Owners shall procure that both the Vessel and “the Company” (as defined by the ISPS Code) shall comply with the
requirements of the

 
ISPS Code relating to the Vessel and “the Company”. Upon request the Owners shall provide a copy of the relevant International Ship Security Certificate (or the Interim International
Ship Security Certificate) to the Charterers. The Owners shall provide the Charterers with the full style contact details of the Company Security Officer (CSO). 
 (ii) Except as otherwise provided in this Charter Party, loss, damage, expense or delay, excluding consequential loss, caused by failure on the part of the Owners or “the Company” to
comply with the requirements of the ISPS Code or this Clause shall be for the Owners’ account. 
 (b) (i) The Charterers shall
provide the CSO and the Ship Security Officer (SSO)/Master with their full style contact details and, where sub-letting is permitted under the terms of this Charter Party, shall ensure that the contact details of all sub-charterers are likewise
provided to the CSO and the SSO/Master. Furthermore, the Charterers shall ensure that all sub-charter parties they enter into during the period of this Charter Party contain the following provision: 
 “The Charterers shall provide the Owners with their full style contact details and, where sub-letting is permitted under the terms of the charter
party, shall ensure that the contact details of all sub-charterers are likewise provided to the Owners”. 
 (ii) Except as otherwise
provided in this Charter Party, loss, damage, expense or delay, excluding consequential loss, caused by failure on the part of the Charterers to comply with this Clause shall be for the Charterers’ account. 
 (c) Notwithstanding anything else contained in this Charter Party all delay, costs or expenses whatsoever arising out of or related to security
regulations or measures required by the port facility or any relevant authority in accordance with the ISPS Code including, but not limited to, security guards, launch services, tug escorts, port security fees or taxes and inspections, shall be for
the Charterers’ account, unless such costs or expenses result solely from the Owners’ negligence. All measures required by the Owners to comply with the Ship Security Plan shall be for the Owners’ account. 
 (d) If either party makes any payment which is for the other party’s account according to this Clause, the other party shall indemnify the
paying party. 
 36. AIR POLLUTION CLAUSE 
 Owners will endeavour to comply with IMO Regulations regarding air pollution, however Charterers always to provide bunkers to the Vessel in compliance with applicable IMO Regulations. 
 37. LAY-CAN AND NON-DELIVERY CLAUSE. 
 Deleted – not applicable 
 38. BUNKER QUALITY CLAUSE 
  

	A.	charterers to ensure that bunkers supplied during the currency of this charter shall be suitable for the vessel’s engines, charterers to supply: fueloil 380 cst
(iso 8217:1996(e) (and as subsequently amended) (grade rmg 35) and mgo dma. 

  

	B.	without prejudice to anything else contained in this charter party, the charterers shall supply fuels of such specifications and grades to permit the vessel, at all
times, to comply with the maximum sulphur content requirements of any emission control zone when the vessel is ordered to trade within that zone. 

 the charterers also warrant that any bunker suppliers, bunker craft operators and bunker surveyors used by the charterers to supply such fuels shall comply with regulations 14 and 18 of marpol annex vi,
including the guidelines in respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend and hold harmless the owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting
from the charterers’ failure to comply with this sub-clause (b). 

	C.	provided always that the charterers have fulfilled their obligations in respect of the supply of fuels in accordance with sub-clause (b), the owners warrant that:

  

	 	(i)	the vessel shall comply with regulations 14 and 18 of marpol annex vi and with the requirements of any emission control zone; and 

  

	 	(ii)	the vessel shall be able to consume fuels of the required sulphur content 

 when ordered by the charterers to trade within any such zone 
 subject to having
supplied the vessel with fuels in accordance with sub-clause (b), the charterers shall not otherwise be liable for any loss, delay, fines, costs or expenses arising or resulting from the vessel’s failure to comply with regulations 14 and 18 of
marpol annex vi. 
  

	D.	for the purpose of this clause, “emission control zone” shall mean zones as stipulated in marpol annex vi and/or zones regulated by regional and/or national
authorities such as, but not limited to, the eu and the us environmental protection agency 

  

	E.	owners use fobas (lloyds) petroleum services analysis or equivalent for determining bunker quality which charterers also recognize, charterers recognizing and accepting
vps applied test methods and written sampling on board procedures. 

  

	F.	should any dispute arise as to the quality of bunkers supplied under this charter party, then owners and charterers are to immediately agree an independent surveying
firm, specializing in bunker analysis to attend the vessel and analyse bunkers on board following internationally recognized test methods such asiso or similar, failing agreement within 72 hours of first notification of suspected defect in supply
owners shall have the right to appoint their own surveyor whose findings shall be binding on both parties, if the analysis shows that the supply is out of specification, charterers to immediately arrange for replacement of the bunkers, all time,
costs, expenses, surveys to be for charterers account, should the analysis confirm the supply is within specification, all time, costs, expenses, surveys will be for owners accounts. 

  

	G.	vessel to keep some gasoil on board for cleaning, manoevring and mandatory and operational equipment. 

 39. MARINE GROWTH CLAUSE 
 If the
Vessel stays or is laid up for more than 25 days in a port and/or anchorage and/or berth, or 15 days in tropical waters then the Owners to notify the Charterers that the vessel’s performance may be affected. Owners will not be responsible for
changes in the Vessel’s description of speed and consumptions. Charterers to have the right to provide for scamping of underwater hull (against acceptance of Owners letter of indemnity for damages to hull and or paint (to be provided)), but
Owners description to be re-instated only after the certification by an independent surveyor confirming that the hull state is recovered, except for fair wear and tear, as it was at the time of Vessel’s delivery. 
 40. ASSIGNMENT AND SUBLET CLAUSE 
 Notwithstanding any other provision of this charter, Charterers may assign all of their rights and obligations under the charter to any of Charterers’ related or affiliated company, subject to Owners approval which shall not be
unreasonably withheld. Charterers shall also have the right to sublet the

 
Vessel, but in such an event, Charterers shall always remain responsible to Owners for the fulfilment of charter in all its terms and conditions, save that the Owners shall always be entitled to
assign the benefit of this charter party to any bank(s) or other institution(s) in connection with the vessel’s financing.

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