Document:

Exhibit 10.3.6

         CODE WORD FOR THIS CHARTER PARTY           "SHELLTIME 4"
Issued December 1984

                                                              TIME CHARTER PARTY

                    IT IS THIS DAY 20 of October 2004 AGREED between Vision
                    Ltd. of Hamilton, Bermuda (hereinafter referred to as
                    "Owners"), being owners of the good motor tanker vessel
                    called M/T "STENA VISION" (hereinafter referred to as "the
                    vessel") described as per Clause 1 hereof and CM V-MAX I
                    Limited of Hamilton, Bermuda (hereinafter referred to as
                    "Charterers"):

Description and          1. At the date of delivery of the vessel under this
Condition of        charter
Vessel
                            (a) she shall be classed:

                            (b) she shall be in every way fit to carry crude
                    petroleum and/or its products;

                            (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 to hull stress calculator and
                    radar). in a good and efficient state:

                            (d) her tanks. valves and pipelines shall be
                    oil-tight:

                            (e) she shall be in every way fitted for burning
                    at sea - fueloil with a maximum viscosity of 380 as per ISO
                    8217:1996 RMH 35 Centistokes at 50 degrees Centigrade for
                    main propulsion. marine diesel oil as per ISO 8217:1996 DMC
                    for auxiliaries
                    in port - marine diesel oil for auxiliaries;

                            (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
                    Questionnaire 88 appended hereto, provided however that if
                    there is any conflict between the provisions of
                    Questionnaire 88 and any other provision, including this
                    Clause 1, of this charter such other provision shall govern.

Shipboard                2. (a) At the date of delivery of the vessel under this
Personnel           charter and throughout the duration of this Charter
and their Duties

                                   (i) she shall have a full and efficient
                    complement of master, officers and crew for a 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 Watch keeping for Seafarers. 1978;

                                   (iv) three 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 chose
                    loading the vessel or accepting discharge therefrom to be
                    carried out quickly and efficiently.

                            (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
                    despatch:

                                   (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 or by 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                  3. (i) Subject to Clause 94 throughout the charter
Maintain            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 Clauses 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 vessels 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.

                            (iii) If Owners are in breach of their obligation
                    under Clause 3(i) Charterers may so notify Owners in
                    writing; and 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.

Period Trading      4. Owners agree to let and Charterers agree to hire the
Limits              vessel for a period of five years commencing on the date of
                    delivery under the Memorandum of Agreement for the vessel,
                    dated as of the date hereof, between Owners and CM V-Max I
                    Limited, Bermuda, (the "MOA"), unless extended under Clause
                    49 for the purpose of carrying all lawful merchandise
                    (subject always to Clause 28) within the trading limits
                    agreed in Clause 45. 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 acquired by the vessels underwriters
                    as a consequence of such order.

                    premium required by the vessel's underwriters as a
                    consequence of such order.

                         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 except 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.

                         The vessel shall be delivered by Owners at a port or at
                    sea at Charterer's option and redelivered to Owners at a
                    major oil port world wide at Charterers' option.

Laydays/                 5. The delivery of the vessel under this Charter shall
Cancelling          be deemed to have occurred and this Charter shall be
                    effective as of delivery of the Vessel to the Owners under
                    the MOA. See Clause 99.

Owners to                6. Owners undertake to provide and to pay for all
Provide             provisions, wages, and shipping and discharging fees and all
                    other expenses of the master, officers and crew; also,
                    except as provided in Clauses 4 and 34 hereof, for all
                    insurance on the vessel, for all deck, cabin and engine-room
                    stores, and for water; for all drydocking, overhaul,
                    maintenance and repairs to the vessel; and for all
                    fumigation expenses and de-rat certiciates. 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 pay for and Owners shall refund to
                    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           7. Charterers shall provide and pay for all fuel, towage
Provide             and pilotage and shall pay agency fees, port charges,
                    commissions, expenses of loading and unloading cargoes,
                    canal dues 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.

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

Payment of               9. Payment of hire shall be made in immediately
Hire                available funds to:

                    a bank and bank account nominated by the Owners per calendar
                    month in advance, less any hire paid which Charterers
                    reasonably estimate to relate to off-hire periods.

                    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 day 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 Internet Rate as
                    published by the JP Morgan Chase 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                    10. The whole research, burthen and decks of the vessel
Available to        and any passenger accommodation (including Owners' suite)
Charterers          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 350 tonnes at any time during the
                    charter period.

Overtime                 11. Overtime pay of the master, officers and crew in
                    accordance with ship's articles shall be for Charterers
                    account when incurred, as a result of complying with the
                    request of complying with the request of Charterers or their
                    agents, for loading, discharging, heating of cargo,
                    bunkering or tank cleaning.

Instructions             12. Charterers shall from time to time give the master
and Logs            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
                    their expense of any such documents which are not provided
                    by the master. All reports are to be made 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 agent may
                    direct (subject always to Clauses 35(a) and 40) without
                    prejudice to this charter. Charterers hereby indemnify
                    Owners against all consequences 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 fall 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. See also Clause 55.

Conduct of               14. If Charterers complain of the conduct of the master
Vessel's            or any of the officers or crew, Owners shall immediately
Personnel           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               15. Owners acknowledge that bunkers on board at
Delivery and        delivery are property of Charterers. Owners shall on
Redelivery          redelivery (whether it occurs at the end of the charter
                    period or on the earlier termination of this charter) accept
                    and pay for all bunkers remaining on board, at the price
                    paid at the vessel's last port of bunkering before
                    redelivery.

Stevedores,              16. Stevedores when required shall be employed and paid
Pilots, Tugs        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 therefor from stevedores.

Supernumeraries          17. Charterers may send representatives in the vessel's
                    available accommodation upon any voyage made under this
                    charter.

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 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                  20. Should the vessel be lost, this charter shall
Vessel              terminate and hire shall cease at noon on the day of 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 shall cease
                    at noon on the day on 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 occassion 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; 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 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 Charterers' representative),
                    and such loss continue 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 to
                    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); 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 an efficient state to resume her service from a
                    position not less favourable to Charterers than that at
                    which such loss of time commenced; provided, however, that
                    any service given pr 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 21(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 Clase 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 consequence 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.

Periodical               22.(a) Owners have the obligation to drydock the
Drydocking          vessel at regular intervals as agreed by Charterers. On
                    each occasion Owners shall propose to Charterers a date on
                    which they wish to drydock the vessel, not less than two
                    months 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 sediments and gas
                    free. Charters shall be responsible for and pay for the
                    disposal into reception facilities of 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.

                         The expenses of gas-freeing, including without
                    limitation the cost of bunkers, shall be for Owners account.

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 interval 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, 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 Charters'
                    responsibilities to Owners or third parties for the same.
                    See also Clause 84.

Detailed                 24.(a) Owners guarantee that the speed and
Description         consumption of the vessel shall be as follows:-
and Performance

                    Average speed         Maximum average bunker consumption
                    in knots              main propulsion   --    auxiliaries
                    fuel oil/diesel oil                          fuel oil/diesel
                    Laden                   tonnes                  tonnes

                    See Clause 71
                    Ballast
                    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 knots laden and
                    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 recognised speed"), then for the purpose
                    of calculating any increase or decrease of hire under this
                    Clause 24 the maximum recognised speed shall be used in
                    place of the average speed actually attained.

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

                            The average speeds and bunker consumptions shall for
                    the purpose 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 [5] on the Beaufort 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 the performance guaranteed in Clause
                    24(a) then if such shortfall results

                            (i) from a reduction in the average speed 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 in the total bunkers consumed,
                    compared to the total bunkers 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 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 deduction from hire so calculated for laden and
                    ballast mileage shall be adjusted to take into account the
                    mileage steamed in each such condition during Adverse
                    Weather Periods, by dividing such deduction by the number of
                    miles over which the performance has been calculated and
                    multiplying by the same number of miles plus the miles
                    steamed during the Adverse Weather Periods, in order to
                    establish the total 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) Calculations 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 the 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 Owners as the cse may
                    require.

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 masters, officers' and crew's
                    share.

Lien                     26. Owners shall have a lien upon all cargoes and
                    all 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
                    restraint 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. 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 for main propulsion and diesel oil.
                    If Owners require the vessel to be supplied with more
                    expensive bunkers they shall be liable for the extra cost
                    thereof.

Disbursements            30. Should the master require advances for ordinary
                    disbursements at any port, Charterers or their agents shall
                    make such advances to him.

Laying-up                31. Charterers shall have the option, after
                    consultation with Owners, of requiring Owners to lay up the
                    vessel at a sate place nominated by Charterers. in which
                    case the hire provided for under this charter shall he
                    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. See also Clause 82.

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
                    suck requisition, and any hire paid by such government in
                    respect of such requisition period shall be for Owners'
                    account. Any such requisition period shall count as part of
                    the charter period.

                         33.

Additional War           34. If the vessel is ordered to trade in areas where
Expenses            there is war (de facto or de jure) or threat of war.
                    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 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 am claims by Owners under
                    their war risk insurance arising out of compliance with such
                    orders.

War Risks                35. (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 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 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 cargo so discharged is concerned.

                         (c) The vessel shall have liberty to comply with am'
                    directions or recommendations as to departure. arrival,
                    routes, ports of cal], 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
                    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. 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           36. If the liability for any collision in which the
Collision Clause    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,
                    recovered 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 am' 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
                    contact."

                            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 as amended in 1994, 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 or after the commencement of the voyage, resulting from any
          causes whatsoever, whether due to negligence or not. for which, or for
          the consequences of which, the carrier is not responsible by statute,
          contract or otherwise, the caro, 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 carrier 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        38.
Paramount

          See Clause 96

TOUALOP       39.    See Clause 53
                     See Clause 52

Export             40. The master shall not be required or bound to sign bills
Restrictions  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 entitled 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 discharge 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 fait 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 or his 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 this
              charter, the references to a bill of lading being deemed to be
              references to this charter.

Law and            41.(a) This charter shall be construed and the relations
Litigation    between the parties determined in accordance with the laws of
              England. See Clause 98

Construction       42. The side headings have been included in this charter for
              convenience of reference and shall in no way affect the
              construction hereof. Rider Clauses 43 - 99 as attached and
              Questionnaire 88 to form an integral part of this Charter Party.

Owners                                            Charterers

/s/ Marcello Ausenda                              /s/ David Astwood
-------------------------                         ----------------------
    Marcello Ausenda                                  David Astwood
    Director                                          Director

RIDER CLAUSES 43 - 99 TO SHELLTIME 4
TIME CHARTER PARTY FOR M/T "STENA VISION"

43   PRIVATE AND CONFIDENTIAL

     All negotiations and fixture to be kept strictly private and confidential
     by all parties and shall not be reported except for certain mandatory
     reporting required.

44   CARGOES

     Dirty petroleum products and clean petroleum products.

45   TRADING RANGE

     World-wide trading always afloat, always within British Institute Warranty
     Limits, as may be revised from time to time, or within the limits applying
     in Owners' insurances in effect from time to time, however excluding any
     war zones, embargoed countries and any other areas to which restrictions
     may be imposed by the United Nations or the flag state. The Charterers may
     be allowed to breach the trading limits as described above subject to the
     Charterers paying any extra insurance premium supported by vouchers from
     Owners' underwriters.

46   REDELIVERY

     Charterers to provide 15 and 10 days notice of redelivery area, and 5/3/2/1
     day(s) definite notice of redelivery and place.

47   BASIC HIRE

     The Charterers shall pay for the use of the vessel in accordance with the
     terms of this charter party a daily rate in US Dollars ($) (the "Basic
     Hire"), which shall be payable monthly in advance, as per the following
     schedule:

                            Year           Basic Hire

                              1             $35,700

                              2             $36,075

                              3             $36,469

                                                                               2
                              4             $36,882

                              5             $37,316

                        Option year 1       $37,772

                        Option year 2       $38,251

                        Option year 3       $38,753

48   ADDITIONAL HIRE

     (A)  Payment of Additional Hire

          In addition to payment of Basic Hire hereunder, the Charterers shall
          pay to the Owners Additional Hire (as defined below), if any,
          quarterly in arrears, on each Additional Hire Payment Date as
          hereinafter provided. As used herein, "Additional Hire Payment Date"
          means the 25th day of the first month of each calendar quarter
          commencing on the first full calendar quarter after the Delivery Date
          (as described in Clause 5), except that the last Additional Hire
          Payment Date shall be the 25th day following the Expiry Date (as
          described in Clauses 4 and 49), provided that if such date is not a
          Business Day (as defined below), the Additional Hire Payment Date
          shall be the next succeeding Business Day. As used herein, a "Business
          Day" means a day (other than a Saturday or Sunday) on which banks are
          open for business in New York City, Gothenburg and London.

          No Additional Hire shall be payable in respect of any periods during
          which the vessel is off-hire pursuant to Clauses 21 or 83, except that
          in the event any class condition or recommendation determined by the
          vessel's classification society during the inspection of the vessel
          undertaken by the Owners in connection with the purchase of the vessel
          (so long as such inspection shall be completed no later than 90 days
          following the delivery of the vessels), Additional Hire shall be
          payable for any off-hire periods resulting from the repair of such
          condition or recommendation unless such repairs can be completed
          during a regularly scheduled drydocking without increasing the
          duration of such drydocking.

     (B)  Calculation of Additional Hire

                                                                               3

                   During the term in effect on the date hereof of the time
                   charter by the Charterers to Sun International Limited ("Sun
                   International"), an indirect wholly-owned subsidiary of
                   Sunoco, Inc. (the "Sun Charter"), the "Additional Hire"
                   payable for any calendar quarter shall be equal to the time
                   charter hire paid by Sun International to the Charterers
                   under the Sun Charter during such calendar quarter after
                   deduction of (i) the Basic Hire in effect for such calendar
                   quarter, (ii) ship broker commissions payable by the
                   Charterers in an amount not to exceed 2.5 percent of the
                   time charter hire received by the Charterers under the Sun
                   Charter during such calendar quarter and (iii) commercial
                   management fees payable by the Charterers in an amount not
                   to exceed 1.25 percent of the time charter hire received by
                   the Charterers under the Sun Charter during such calendar
                   quarter, subject to adjustment as provided in paragraphs (C)
                   and (D) below, except that in the event the vessel is
                   off-hire as a result of any class condition or
                   recommendation determined by the vessel's classification
                   society and Additional Hire is payable pursuant to paragraph
                   (A) above, the Additional Hire payable for such off-hire
                   period shall be calculated based on the amount of time
                   charter hire that would have been payable by Sun
                   International to the Charterers under the Sun Charter had
                   the vessel not been off-hire after giving effect to the
                   deductions set forth in clauses (i), (ii) and (iii) above.

                   For any period following the expiration of the term of the
                   Sun Charter in effect on the date hereof, the "Additional
                   Hire" payable for any calendar quarter shall be equal to an
                   amount calculated as fifty percent (50%) of the Weighted
                   Average Hire for the quarter after deduction of the Basic
                   Hire in effect for that quarter, subject to adjustment as
                   provided in paragraphs (C) and (D) below. As used herein,
                   the "Weighted Average Hire" for any calendar quarter shall
                   be an amount equal to the Average Daily Rate for such
                   calendar quarter multiplied by the number of days in such
                   calendar quarter (excluding any days in such calendar
                   quarter during which Additional Hire is not payable as
                   provided in paragraph (A) above). As used herein, the
                   "Average Daily Rate" shall be a daily rate equal to the
                   weighted average of the following amounts:

                   (1)  A weighted average of the time charter hire per day
                        received by the Charterers for any periods during the
                        Calculation Period (as defined below) that the vessel is
                        subchartered by the Charterers under a time charter
                        after deduction of (i) ship broker commissions payable
                        by the Charterers in an amount not to exceed 2.5 percent
                        of the time charter hire received by the Charterers
                        during the Calculation Period and (iii) commercial
                        management fees payable by the Charterers in an amount
                        not to exceed 1.25 percent of the time charter hire
                        received by the Charterers during the Calculation
                        Period; and

                   (2)  The Time Charter Equivalent Hire (as described below)
                        for any periods during the Calculation Period that the
                        vessel is not subchartered by the Charterer under a time
                        charter.

                   For purposes of calculating the Average Daily Rate, the
                   amounts set forth in (1) and (2) above shall be weighted
                   based on the number of days the vessel was subchartered by
                   the Charterers under a time charter during the

                                                                               4

                   Calculation Period and the number of days the vessel was not
                   subchartered by the Charterers under a time charter during
                   the Calculation Period.

                   If at any time the Weighted Average Hire calculated for any
                   calendar quarter (or portion thereof), is equal to or less
                   than the Basic Hire in effect for that quarter, the
                   Additional Hire will be zero.

                   As used herein, the "Calculation Period" shall be the twelve
                   month period ending on the last day of each calendar quarter,
                   except that in the case of the first three full calendar
                   quarters following the Delivery Date, the Calculation Period
                   will be the three, six and nine month periods, respectively,
                   ending on the last day of such calendar quarter and shall
                   include in the case of the first calendar quarter the period
                   from the Delivery Date to the commencement of the first full
                   calendar quarter.

                   As used herein, "Time Charter Equivalent Hire" shall mean (i)
                   the weighted average of the Daily Value (as defined below)
                   for the following notional round voyage routes applying the
                   weight set forth opposite each route:

                   West-Africa to LOOP--50%
                   Middle East Gulf to LOOP--50%

                   or (ii) the weighted average of the Alternative Daily Value
                   for the Alternative Routes applying the Alternative Weights
                   (each as defined below), as applicable, in each plus an
                   additional amount per day equal to 10% of such weighted
                   average.

                   On the last day of each calendar quarter (or on the next
                   Business Day if such day is not a Business Day) and on the
                   Expiry Date, the Owners and the Charterers shall instruct the
                   Association of Shipbrokers and Agents Tanker Broker Panel or,
                   exceptionally, another panel of brokers mutually acceptable
                   to the Owners and the Charterers (the "Brokers Panel") to
                   determine the average spot rates (the "Average Spot Rates")
                   in Worldscale points over any periods during the Calculation
                   Period that the vessel is not subchartered by the Charterers
                   under a time charter. The Owners shall instruct the Brokers
                   Panel to determine the Average Spot Rates on the following
                   standard notional round voyage routes and cargo sizes for
                   vessels of the same type as the vessel and to deliver its
                   determination in writing to the Owners and the Charterers by
                   not later than the fifth Business Day following the date of
                   the request by the Owners and the Charterers to make such
                   determination:

                   West-Africa to LOOP with 260,000 tonnes of crude
                   Middle East Gulf to LOOP with 265,000 tonnes of crude

                                                                               5

                   In the exceptional case that the scheduled Brokers Panel
                   meeting is unexpectedly cancelled the assessment will be
                   provided at the earliest opportunity. The determination by
                   the Brokers Panel of these Average Spot Rates shall be
                   binding upon both the Owners and the Charterers.

                   The Brokers Panel shall invoice the Owners and the Charterers
                   for the cost of the Brokers Panel assessment and of any
                   experts engaged by the Brokers Panel. The amounts invoiced by
                   the Brokers Panel shall be shared equally between the Owners
                   and the Charterers.

                   On receipt of the Brokers Panel assessment, the Charterers
                   will calculate the Time Charter Equivalent Hire in accordance
                   with the following components and complete a calculation of
                   the Weighted Average Hire and the amount of Additional Hire,
                   if any, which will be forwarded to the Owners not later than
                   the fifth Business Day following the date on which the
                   Charterers receive the Average Spot Rates from the Brokers
                   Panel. The calculation shall indicate whether there is
                   Additional Hire due to the Owners or whether the calculation
                   results in a negative number.

                   To calculate the "Daily Value" the Average Spot Rates for:

                   West-Africa to LOOP with 260,000 tonnes of crude
                   Middle East Gulf to LOOP with 265,000 tonnes of crude

                   will be applied to the notional round voyage for the same
                   route with cargo and then back in ballast using the following
                   parameters:

                   a.   The Average Spot Rate, as supplied by the Brokers Panel,
                        shall be multiplied by the Worldscale Flat rate for each
                        notional round voyage route listed above as set forth in
                        the New Worldwide Tanker Nominal Freight Scale as issued
                        by the Worldscale Association and current for the period
                        in question;

                   b.   To calculate the freight income, the product of the
                        calculation set forth in (a) above shall be multiplied
                        by the cargo size for each notional round voyage route
                        listed above;

                   c.   To calculate the voyage income, bunker costs (equal to
                        the bunkers used multiplied by the bunkers prices), port
                        charges, ship broker commissions and commercial
                        management fees, all as determined below, shall be
                        deducted from the freight income calculated in (b)
                        above;

                   d.   Bunkers used shall be determined by speed, distance and
                        consumption of bunkers at sea and in port;

                                                                               6

                   e.   Distance shall be as set forth in the "World-Wide Marine
                        Distance Tables" published by Veson Nautical Distance
                        Tables;

                   f.   Speed and consumption at sea shall be 16.9 knots at 127
                        tonnes per day in laden condition and 17.7 knots at 127
                        tonnes per day in ballast condition less a steaming
                        allowance of 7.5 percent applied to the speeds to allow
                        for weather and navigation;

                   g.   Bunkers in port shall be loading 12 tonnes per day,
                        idling 3 tonnes per day and discharging 145 tonnes per
                        day;

                   h.   Time in port shall be 7.5 days, which shall be split 3
                        days loading, 3 days discharging and the balance of the
                        time idling;

                   i.   Voyage duration for each notional round voyage route
                        listed above shall be calculated using distance as set
                        forth in (e) above, speed as set forth in (f) above and
                        time in port as set forth in (h) above;

                   j.   Bunker prices shall be the mean of the average prices
                        prevailing at Curacao and Fujairah during the quarter
                        for Marine Fuel Oil grade IFO 380 CST as published by
                        Platts Bunkerwire, or another publication mutually
                        acceptable to the Owners and the Charterers should
                        Platts Bunkerwire become no longer available, plus
                        applicable barge delivery charges (equal to the average
                        barge delivery charges over the prior twelve-month
                        period);

                   k.   Port charges for loading and discharging ports shall be
                        equal to the published tariffs and exchange rates in
                        effect on the last calendar day of the quarter, and
                        include all vessel costs for port calls;

                   1.   Ship brokers commissions and a commercial management fee
                        totalling 3.75 percent of the freight income shall be
                        deducted from the voyage income; and

                   m.   The Daily Value for each notional round voyage route
                        listed above shall be calculated by dividing the voyage
                        income by the voyage duration.

         If in the Charterers' reasonable opinion it becomes impractical or
         dangerous, due to war, hostilities, warlike operations, civil war,
         civil commotion, revolution or terrorism for VLCC vessels to operate on
         the notional voyages for which the Average Spot Rates shall be
         determined, the Charterers may request the Owners' agreement for the
         Daily Value to be substituted by an Alternative Daily Value (an
         "Alternative Daily Value") for the period of such danger or restriction
         of trading. Such request shall not be unreasonably refused by the
         Owners. In such event, the Alternative Daily Value shall be calculated
         by the Charterers using the parameters set forth above on the basis of
         the Average Spot Rates using alternative notional

                                                                               7

         round voyage routes (the "Alternative Routes") and applying weights
         (the "Alternative Weights") to the Alternative Routes that reasonably
         reflect realistic alternative round voyages trade for VLCC vessels
         during the period of such danger or restriction of trading.

         The notional round voyage routes are intended to represent routes on
         which VLCC vessels are typically used. If during the term of this
         Charter, in the Charterers' reasonable opinion, these routes cease to
         be used by VLCC vessels, or assumptions regarding bunkering ports
         contained herein cease to be applicable, the Charterers may, with the
         Owners' consent, which shall not be unreasonably withheld, instruct the
         Brokers Panel to substitute alternative routes and bunkering ports (for
         purposes of determining bunker prices) that most closely match the
         routes and bunkering ports typically used by VLCC vessels and to apply
         appropriate weights to such routes.

         If "Worldscale" ceases to be published, the Brokers Panel shall use its
         best judgment in determining the nearest alternative method of
         assessing the market rates on the specified voyages.

                            Calculation Illustrations

         West-Africa to LOOP
         Data used:
1)  Average Spot Rate (determined by Brokers Panel) = W67.2
2)  Worldscale Flat = $10.83
3)  Cargo size = 260,000
4)  Voyage duration = 38.02 days
5)  Bunker price = $103.27 per tonne
6)  Bunkers used = 4,222.04 tonnes
7)  Port charges = $120,816
8)  Calculation of freight income:
    1) multiplied by 2) = 10.83 x 0.672 = $7.27;
    $7.27 x 3) = $1,890,200

9)  Calculation of voyage income:
    Freight income                                                 $1,890,200
    less:
       2.50% broker commissions                                       (47,255)
       1.25% commercial management fees                               (23,627)
       Bunker costs 5) x 6)                                          (436,010)
       Port charges 7)                                               (120,816)
                                                                     --------
                                                                     (627,708)
         Voyage income                                             $1,262,492

                                                                               8

10) Calculation of Daily Value
    9) / 4) = $1,262,492 / 38.02 = $33,206

    Middle East Gulf to LOOP
         Data used:
1)  Average Spot Rate (determined by Brokers Panel) = W67.2
2)  Worldscale Flat = $21.64
3)  Cargo size = 265,000
4)  Voyage duration = 70.80 days
5)  Bunker price = $103.27 per tonne
6)  Bunkers used = 8,385.10 tonnes
7)  Port charges = $42,000
8)  Calculation of freight income:
    1) multiplied by 2) = 21.64 x 0.672 = $14.54;
    $14.54 x 3) = $3,853,651

9) Calculation of voyage income:
   Freight income                                                $3,853,651
   less:
     2.50% broker commissions                                       (96,341)
     1.25% commercial management fees                               (48,171)
     Bunker costs 5) x 6)                                          (865,929)
     Port charges 7)                                                (42,000)
                                                                    -------
                                                                 (1,052,441)
    Voyage income                                                $2,801,210

10) Calculation of Daily Value
    9) / 4) = $2,801,210 / 70.80 = $39,565

                   Calculation of Time Charter Equivalent Hire

      Daily Value West-Africa to LOOP x 50%                         $16,603
      Daily Value Middle East Gulf to LOOP x 50%                    $19,783
                                                                    -------
                                                                    $36,386
      10% V-MAX adjustment                                           $3,689

      Time Charter Equivalent Hire                                  $40,025

(C) Adjustment for the first three calendar quarters

    If Charterers have paid Additional Hire to the Owners for the first, second
    or third calendar quarters following the Delivery Date (including in the
    case of the first

                                                                               9

    calendar quarter the period from the Delivery Date to the commencement of
    the first full calendar quarter), and such Additional Hire would have been
    lower or zero had such Additional Hire been calculated using the Weighted
    Average Hire determined over the twelve month period ending on the last day
    of the fourth full calendar quarter following the Delivery Date, the
    Charterers shall have the right to deduct from any Additional Hire otherwise
    payable in respect of the fourth calendar quarter an amount equal to the
    difference between (x) any Additional Hire paid in respect of the first,
    second and third calendar quarters following the Delivery Date and (y) any
    Additional Hire that would have been payable had such Additional Hire been
    calculated using the Weighted Average Hire determined over the twelve month
    period ending on the last day of the fourth full calendar quarter following
    the Delivery Date (but taking into account the period from the Delivery Date
    to the commencement of the first full calendar quarter), provided that in
    the event such calculation results in a negative number, no adjustment will
    be made to any Additional Hire payable in respect of the fourth quarter. If
    no Additional Hire is due at the time of the calculation of such difference
    or the difference is greater than the Additional Hire payable in respect of
    the fourth calendar quarter, any difference not deducted from the Additional
    Hire payable at such time may be deducted from future Additional Hire
    payable to the Owners.

(D) Adjustment of Additional Hire

    If, pursuant to Clause 48 of the Time Charter Party for M/T Stena Victory
    entered into between Victory Ltd. and CM V-Max II Limited, a negative number
    results at the end of a calendar quarter from the deduction of the Basic
    Hire for such calendar quarter from the Weighted Average Hire for such
    calendar quarter, then 50% of such negative amount may be deducted from the
    Additional Hire, if any, payable by the Charterers in respect of the vessel
    for such calendar quarter.

49   OPTIONS

     Charterers shall have three one-year options to extend this Charter with
     each such option to be declared by the Charterers in writing no less than
     four months prior to the expiry of the charter period in effect at that
     time.

50   IGS-COW-PUMPING

     Charterers shall have the option to crude oil wash all parts of the
     vessel's cargo tanks. Owners warrant that vessel is equipped with an Inert
     Gas System and Crude Oil Washing System in good working order and the
     Master, Officers and Crew are competent to operate said systems. If
     requested by Charterers or as required by international or local
     regulations, Owners agree to conduct crude oil washing of all cargo tanks
     at discharge port(s) simultaneously with cargo discharge operations

                                                                              10

     and to Charterers' satisfaction. International or local regulations shall
     prevail over Charterers' orders if conflict exists.

     Owners warrant that the vessel can discharge her entire cargo in maximum 24
     hours or maintain 100 p.s.i. at ship's manifold provided shore facilities
     permit, excluding crude oil washing time and stripping.

     The vessel shall be equipped with pressure gauges at each discharge
     manifold, which will be maintained in a proper working condition, and each
     gauge shall have a valid test certificate.

51   ELIGIBILITY CLAUSE

     Owners warrant that the vessel is in all respects eligible under applicable
     laws and regulations for trading to the ports and places specified in under
     this charter party and that at all times she shall have on board all
     certificates, records and other documents required for such service.
     Furthermore, it is incumbent upon the Owners, unless the Charterers
     determine otherwise, to make every effort to obtain the following vetting
     approvals/acceptance: ChevronTexaco, Shell, Navion, BP, ExxonMobil,
     TotalFinaElf, Repsol.

     In addition Owners will make best efforts to obtain , at Charterers' cost,
     other approvals/ acceptances that may be required by Charterers during the
     duration of this time charter contract. Once the above
     approvals/acceptances have been obtained, Owners will ensure that such
     approvals/acceptances will be maintained throughout the duration of the
     time charter.

52   P & I INSURANCE COST LIABILITY

     (A)  Owners warrant that, throughout the entire period of this Charter
          Party, Owners shall have full and valid protection and indemnity
          insurance ("P & I Insurance") for the vessel, as described in
          sub-paragraph (B) of this Clause, with P & I Insurance placed with a P
          & I Club which is a member of the International Group of P & I Clubs.
          The P & I Insurance and excess insurance shall be at no cost to
          Charterers; except that Charterers shall reimburse Owners for one
          hundred (100) per cent of any documented net surcharges properly due
          and paid by Owners under the P & I Insurance and/or under the
          additional insurance for U.S. voyages or is employed in any trade area
          deemed by the Owners' P & I Club to be within the Federal or State
          jurisdiction of the United States of America, and/or its executive
          economic zone as defined under the United States Oil Pollution Act of
          1990 directed under the Charter Party by Charterers, ("U.S. voyages")
          provided, however, that any reimbursement obligation of Charterers
          shall be conditioned upon Owners fully meeting the requirements of
          Clause 3. Any request for

                                                                              11

          reimbursement by Owners under this Clause shall mean the surcharges,
          as described above, paid by Owners after taking into consideration any
          and all discounts and/or rebates received or receivable by the Owners
          or to the Owners' credit under the P & I Insurance and/or additional
          insurance.

     (B)  The P & I Insurance must include coverage against liability for cargo
          loss/damage per incident and coverage against liability for pollution,
          including ITOPF obligations, ("Pollution Liability") for an amount not
          less than USD 1 billion per incident.

     (C)  If requested by Charterers, Owners shall promptly furnish to the
          Charterers proper evidence of such P & I Insurance and excess
          insurance immediately upon signing the Charter Party term. A breach by
          the Owners of the above warranty shall entitle Charterers to obtain
          such P&I Insurance and excess insurance at its own costs; provided,
          however, that in such event Charterers shall be entitled to deduct the
          costs of such insurances from the payment of hire pursuant to this
          Charter.

     (D)  In any event Owners undertake to have always in place throughout the
          entire period of this Charter Party the oil pollution coverage
          required by the industry available through P & I Club, which is a
          member of The International Group of P & I Clubs and/or first class
          insurance company.

     (E)  To the extent possible the Charterers shall be co-insured under the
          P&I Insurance

53   FINANCIAL RESPONSIBILITY IN RESPECT OF POLLUTION

     If Charterers advise Owners that the vessel is to call at any port where
     environmental legislation has been enacted that requires the procurement of
     financial guarantees, special certificates or special permits, all related
     costs payable per call related to compliance with such legislation
     (including obtaining a Certificate of Financial Responsibility and other
     requirements of the Oil Pollution Act of 1990, as amended from time to
     time, with respect to any U.S. port) shall be paid by Charterers. Owners
     shall supply any relevant documents to Charterers, and Charterers shall
     have the benefit of any eventual discount on the above.

54   VESSEL'S CASUALTIES

     The Owners shall cause the Master to inform Charterers immediately by
     telefax or telex if any situation occurs which results, or is likely to
     result in either delays, or damages to the vessel or machine systems,
     including but not limited to, failure of inert gas system, cargo systems,
     or delays from proceeding to assistance of other vessels, or in damages to
     cargo, or in pollution, oil spill, and/or oil discharge.

                                                                              12

55   LETTER OF INDEMNITY

     If Bill of Lading is not available at any discharge port or place to which
     the vessel may be ordered by Charterers under this Charter or if Charterers
     require Owners to deliver cargo to a party and/or at a port or place other
     than set out in the Bills of Lading, then Owners shall nevertheless
     discharge the cargo carried by the vessel in compliance with Charterers'
     instructions, upon a consignee nominated by Charterers (hereinafter called
     "the Receiver") presenting reasonable identification to the Master, in
     consideration of the following undertakings by the Charterers:-

     Then in each case, the vessel shall discharge the cargo as directed by the
     Charterers in consideration of the following indemnity, which shall be
     deemed to be given in each and every occasion:

     (A)  Charterers shall indemnify Owners and their servants or agents and
          hold all of them harmless in respect of:

          1.   All liability loss or damage of whatsoever nature (including
               legal costs as between attorney and solicitor and clients and
               associated expenses) which Owners and their servants and agents
               may sustain by reason of delivering cargo in accordance with
               Charterers' request, or

          2.   Any liability in respect of loss or damage to cargo which Owners
               and their servants and agents may incur by reason of a change in
               destination to the extent that such liability exceeds the
               liability that would have been incurred if the new destination
               had been named as the original discharge port in the Bill of
               Lading.

     (B)  In the event of any proceeding being commenced against Owners and
          their servants and agents, in connection with the delivery of the
          goods as aforesaid, Charterers shall provide them from time to time
          with sufficient funds to defend the said proceedings.

     (C)  If the vessel or any other vessel or property belonging to Owners
          should be arrested or detained by reason of Owners complying with
          Charterers' aforesaid request, Charterers shall provide such bail or
          other security as may be required to secure the release of such vessel
          or property and to indemnify Owners in respect of any loss, damage, or
          expense caused by such arrest or detention whether or not the same is
          justified.

     (D)  Owners shall promptly notify the Charterers:

                                                                              13

          1.   If any person, other than a person to whom the Charterers ordered
               the Owners to deliver or produce delivery of the cargo, claims to
               be entitled to such cargo, or

          2.   If the vessel or any other property is arrested as a result of
               any such discharge of cargo as aforesaid

     (E)  As soon as all original Bills of Lading shall have arrived and/or come
          into the Charterers' possession, the Charterers shall deliver them to
          the Owners or Owners' nominees duly endorsed whereupon the present
          Charterers' liability shall cease.

     (F)  Charterers warrant that they are authorised by the party or parties
          entitled to the cargo to direct the vessel to discharge the cargo as
          aforesaid.

     (G)  This indemnity shall be governed by and construed in accordance with
          United States Law, and all disputes, controversies or claims arising
          out or in relation to this indemnity or the breach, termination or
          invalidation thereof shall be decided by the United States District
          Court for the Southern District of New York, and the Charterers
          undertake to instruct New York solicitors to accept service of any
          proceedings in respect of any dispute arising out of or in connection
          with this indemnity when called upon to do so.

56   EXXON DRUG AND ALCOHOL POLICY CLAUSE

     Owners warrant that they have a policy on Drug and Alcohol Abuse ("Policy")
     applicable to the vessel, which meets or exceeds the standards in the Oil
     Companies International Marine Forum Guidelines for the Control of Drugs
     and Alcohol Onboard Ships. Under the Policy, alcohol impairment shall be
     defined as a blood alcohol content of 40-mg/100 ml or grater; the
     appropriate seafarers to be tested shall be all vessel Officers and the
     drug/alcohol testing and screening shall include random or unannounced
     testing in addition to routine medical examinations. An object of the
     Policy should be that the frequency of the random/unannounced testing to be
     adequate to act as an effective abuse deterrent, and that all Officers be
     tested at least once a year through a combined program of
     random/unannounced testing and routine medical examinations.

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

                                                                              14

57   SOLAS CLAUSE

     The vessel has a valid SOLAS Safety Equipment and SOLAS Construction
     Certificates.

58   TELEFAX/TELEX CLAUSE

     The vessel has a telefax and a telex machine on board, which Owners shall
     maintain in good working order throughout the entire period of this Charter
     Party.

59   ISPS CLAUSE

     (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, 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, 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, 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".

                                                                              15

     (ii)   Except otherwise provided in this Charter, 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 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 or
     expenses, 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 immediately indemnify the
     paying party.

60.  AUTOMATED MANIFEST SYSTEM (AMS) CLAUSE

     U.S. customs clearance - if cargo is to be discharged in a U.S. port or
     territory subject to control by the U.S. Customs and Border Protection
     ("CBP"), Charterers warrant that all necessary details required by CBP for
     clearance of the cargo, inclusive of but not limited to, shipper consignee
     and notify party full name, address and phone number or telex number, will
     be included on each Bill of Lading or alternatively supplied to Owners in
     writing a minimum of 24 hours prior to vessel's arrival at the first
     designated U.S. port of discharge. For voyages less than 24 hours in
     duration this information must be included on the Bill of Lading or advised
     to Owners prior to vessel departure from the loading place or port. Any
     delays, fines or penalties incurred due to Charterers' failure to comply
     with the above will be for Charterers' account.

     Effective 4 March 2004, all imported cargoes into the U.S. must be
     electronically reported via the Bureau of U.S. customs and border
     protection AMS system. This requires the carrier to have a type 3
     international carriers bond as well as a Standard Carriers Alpha Code
     ("SCAC"). It is the responsibility of the carrier to ensure that this
     reporting requirement occurs 24 hours prior to vessel's arrival at the
     first U.S. port. Should the international voyage be less than 24 hours in
     duration, the carrier shall electronically file the manifest via the
     automated

                                                                              16

     manifest system at the time of loading in the foreign port. Owners and/or
     vessel master or their designated agent will provide a copy of the
     electronically filed manifest to the Charterers or their designated agent
     at the time of filing with CBP.

     Owners warrant that it is aware of the requirements of the U.S. customs and
     border protection regulation issued on 5 December 2003 under federal
     register Part II Department of Homeland security 19 CFR Parts 4, 103 et al.
     and will comply fully with these requirements for entering U.S. ports. Any
     delays, fines or penalties incurred due to Owners' failure to comply with
     the above will be for Owners' account.

61   DERRICKS

     The vessel shall be equipped, throughout the entire period of this Charter
     Party with minimum of 1x15 ton derricks.

62   I T O P F

     Owners warrant that vessel is a member of the International Tanker Owners
     Pollution Federation (ITOPF), and that Owners will retain such membership
     during the entire period of this contract. Owners further warrant that the
     vessel shall, during the period under this contract, be in full compliance
     with 1969 Civil Liability Convention (CLC) and the 1971 Fund Convention.

63   OIL SPILL PREVENTION AND RESPONSE

     Should Charterers determine that Owners do not have a suitable or adequate
     Oil Spill Response Contingency Plan that provides directly or through
     membership or contract with an oil spill response contractor or
     organisation all necessary equipment or personnel to prevent, abate,
     contain and remove pollution, Charterers shall notify Owners concerning any
     such deficiencies. Owners shall promptly rectify such deficiencies at
     Owners' cost and expense.

64   INSURANCE PROVISION

     Upon request by Charterers, Owners will provide documentary evidence of
     insurance. Further, Owners shall give a minimum of ten (10) days notice to
     Charterers in the event that liability cover is to be lowered or withdrawn.

65   SPILL RESPONSE CONTINGENCY PLAN

     Owners warrant they have an "Oil Spill Response Contingency Plan" and that
     they will provide Charterers a copy prior to commencement of this Charter
     including phone numbers of key Owners contacts. Owners further warrant that
     during this

                                                                              17

     Charter Party and any extension thereof that this plan will comply with all
     U.S. Federal and U.S. Coast Guard Requirements.

66   COMPLIANCE CLAUSE

     Owners warrant that the vessel shall, during the period of this Charter,
     comply with all applicable international conventions, all applicable Laws,
     regulations and/or other requirements of the country of the vessel registry
     and of the countries of the port(s) and/or place(s) to which the vessel may
     be ordered hereunder and all applicable regulations and/or requirements of
     any terminals or facilities in such port(s) or place(s) where the vessel
     shall load or discharge. Owners further warrant that the vessel shall have
     on board, during subject period, all certificates, records or other
     documents required by the aforesaid conventions, laws, regulations and/or
     requirements. The conventions, laws, regulations and requirements referred
     to in this paragraph include the conventions, laws, regulations and
     requirements concerning ship size, ship design, safety, operation of ship
     equipment (including inert gas and crude oil wash system if the vessel is
     so equipped), navigation, pollution and other like matters.

67   U.S. COAST GUARD REGULATION CLAUSE

     Owners certify that the vessel will be in full compliance with all known
     and future applicable United States Coast Guard Regulations including
     Pollution Prevention Regulations as specifically described as 33 CFA parts
     154, 155 and 156 or will hold necessary waivers if not in compliance. Any
     delay as a result of non-compliance will count as time off hire. If and for
     as long as the vessel will not be traded to the U.S., Charterers may
     relieve the Owners from any obligation under this clause.

68   ARCO 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 nodular 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.

69   SHIP-TO SHIP LIGHTERAGE CLAUSE

     Charterers have the option to load and/or discharge and/or lighten the
     vessel via ship-to-ship transfer in accordance with the procedure set out
     in "OCIMF'S Ship-to-Ship Transfer Guide", always to the Master's
     satisfaction.

                                                                              18

     If ship-to-ship transfer is required this is subject to the Master's
     approval. In this event Charterers shall provide a sheltered area for
     conduct of ship-to-ship transfer operation. Any extra insurance costs,
     which may be placed on the vessel and/or cargo as a result of such
     ship-to-ship transfer operation, shall be for Charterers' account.
     Charterers are to provide and pay for adequate fenders, moorings, hoses and
     equipment necessary to perform the ship-to-ship transfer operations, all of
     which shall be to the Master's satisfaction.

     Such ship-to-ship transfer operation shall always be carried out in
     conformity, with the provisions of the "OCIMF Ship-to-Ship Transfer Guide",
     but ship-to-ship transfer operations shall always be at the Master's
     discretion and if the Master at any time considers that ship-to-ship
     transfer operations are or should become unsafe and have to be interrupted,
     the vessel shall not be considered as off hire.

     Charterers shall notify Owners of such ship-to-ship transfer operations and
     give Owners sufficient notice to arrange additional insurance cover for
     ship-to-ship transfer purpose.

     Full or partial discharge into lighters/barges shall not be considered to
     be ship-to-ship transfer.

70   MOORING AND HOSE CLAUSE

     Owners shall, unless otherwise notified by Charterers or their agent,
     supply at Owners' expense all hands, equipment and facilities required on
     board the mooring and unmooring and connecting and disconnecting hoses for
     loading and discharging.

71   SPEED AND CONSUMPTION FIGURES

     In addition to Clause 24 (a) speed and consumption:

     Laden/Ballast Fuel Oil 380 CST:

     Speed         Consumption laden         Consumption ballast
     -----         -----------------         -------------------
     16.9 knots    127 tons per day          -
     17.7 knots    -                         127 tons per day

     From the above mentioned speeds there shall be deducted a steaming
     allowance of 7.5 per cent to allow for weather and navigation.

     Idle in port or stand by:   3 tons per day
     Loading:                    12 tons per day

                                                                              19

     Pumping at full capacity:   145 tons per day

     Performing COW:             42 tons per day

72   CLEANING CLAUSE

     Cleaning of cargo tanks to be performed by the vessel's crew in accordance
     with Charterers' cleaning instructions, which always to be compatible with
     coating type/resistance list and the vessel's tanks, lines, gaskets, pumps
     and coils.

     Charterers supply cleaning chemicals if required due to cargoes carried.

73   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
     in the vessel incurred by the actual Owners, 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, unless such seizure or
     detention is occasioned by any personal act or omission or default of
     Charterers or their agents, or by reason of the cargo carried.

74   SMUGGLING CLAUSE

     Any delays, expenses and/or fines incurred on the account of smuggling to
     be for Owners' account if caused by the Master, Officers, Crew or Owners'
     servants.

75   HOUSE FLAG/CHARTERERS' MARKINGS

     Charterers have the privilege of flying their house flag, to paint funnel,
     bow crest in their house colours and to paint their marks on ship's sides
     and put/change name of vessel. On or prior to vessel's redelivery
     Charterers shall remove their marks on ships sides and repaint ship's name
     and funnel in accordance with Owners' request. Cost of such paintings
     and/or repainting and/or changing name for Charterers' account unless
     otherwise agreed with Master/Owners. Upon Charterers' request crew to
     perform the work and payment to be settled direct between Charterers and
     Master.

76   ENGLISH LANGUAGE CLAUSE

     The vessel will be manned with Master and Officers able to communicate both
     verbally and in written English ensuring smooth communication with
     Charterers, their agents and shore personnel of suppliers and receivers.

                                                                              20

77   ITF CLAUSE

     The Owners guarantee that the officers and crew on board are employed under
     terms and conditions approved by ITF head office competent for the country
     of the vessel's flag during the whole Charter period.

     In the event the vessel being subject to boycott by ITF or any other body,
     being delayed or rendered in-operative by strikes, labour stoppages or any
     other difficulties arising from the vessel's flag, ownership, crew or terms
     of employment of other crew of the same ownership, operation or control,
     such time lost is to be considered as off-hire and all expenses incurred
     thereby, including fuel consumed during such period; to be for Owners'
     account.

78   HEATING CLAUSE

     The vessel to be able throughout the terms of this Charter to maintain the
     cargo temperature up to a maximum of 57.5 degrees Celsius (135 degrees
     Fahrenheit) and if loaded below to increase it by 4 degrees Celsius per
     day.

79   VACCINATION CERTIFICATES

     The Owners/Managers to arrange at their time and expense that the Master,
     Officers and Crew of the vessel hold valid vaccination certificates.

80   REMEASURE CLAUSE

     Charterers have the option to re-measure the vessel for the purpose of
     satisfying certain port/terminal regulations. All cost and time to be for
     Charterers' account. The vessel to be redelivered non-measured at Owners'
     option if Charterers exercised their option to re-measure in first place.

81   EXXON MOORING

     Owners warrant that vessel's mooring lines and wires shall comply fully
     with any one of three of Exxon Mooring Criteria during the Charter Party
     period. Charterers, subject to Owners' prior consent, to supplement lines
     and mooring wires, load/or discharge pipes/equipment if required at Owners'
     expense.

82   STORAGE CLAUSE

     Charterers shall have the option of requesting the vessel to remain idle,
     at a safe place, at anchor/or drifting.

                                                                              21

83   BREACH OF WARRANTY CLAUSE

     If Owners are in breach of any of their representations and warranties,
     Charterers may so notify Owners in writing, and following the receipt by
     Owners of any such notice that Owners failed to exercise due diligence as
     required by their representations and warranties, the vessel shall be
     off-hire and no further payments shall be due until Owners have so
     demonstrated that they are exercising such due diligence.

84   INSPECTION CLAUSE

     Owners agree to allow Charterers or their designated representative access
     to the vessel on demand at any time during the term of the Charter Party,
     for the purposes of carrying out a full and detailed inspection into every
     aspect of the vessel's operation and maintenance. If as a result of such
     inspection the vessel is determined to be operating or maintained to a
     lesser standard than that existing at the time of delivery of the vessel to
     Charterers at the commencement of this Charter (the `'Delivery Standard")
     then Charterers may place the vessel off-hire until such time as the Owners
     return the vessel to the Delivery Standard as determined by Charterers. The
     vessel shall remain on-hire for 48 (forty-eight) hours after notice placing
     the vessel off-hire is given to allow Owners to review all deficiencies and
     to provide Charterers with an action plan.

     In enforcing this clause Charterers is to make allowances for fair wear and
     tear of the vessel.

85   ON-HIRE SURVEY

     Owners/Charterers agree to hold a joint on-hire survey (physical
     conditions) at last discharge port prior delivery or first load port after
     delivery. Cost of said survey to be shared equally between
     Owners/Charterers. Same applies for redelivery.

86   ISM

     Owners warrant that at all time during the performance of this charter the
     vessel shall strictly adhere to and conform to the requirements of the ISM
     Code and shall be in possession of a valid Safety Management Certificate
     (SMC). Owners further warrant that at all times during the performance of
     this charter the Owners or the Managers shall comply with the provisions of
     the ISM Code and be in possession of a Document of Compliance (DOC).

87   CHANGE OF OWNERSHIP CLAUSE

     Owners warrant that for the duration of this Charter (i) the Owners shall
     remain the sole owners of the vessel and Arlington Tankers Ltd. shall
     remain the direct

                                                                              22

     legal and beneficial owner of the Owners, (ii) there will be no change in
     the technical management of the vessel other than changes pursuant to
     Section 3 of the Agreement, dated the date hereof between Stena AB and the
     Owners, and (iii) there will be no change in the flag or registry of the
     vessel.

88   MULTIGRADE CARGOES

     Owners warrant that the vessel shall always load/discharge cargo at the
     maximum possible rate consistent with the safe operation of the vessel.
     Additionally the vessel shall be capable of loading a full cargo within a
     maximum period of 24 hours (or prorated for part cargoes). Where more than
     one grade is to be loaded/discharged such grades shall be loaded/discharged
     concurrently, whilst maintaining two valve segregation between grades,
     provided the vessel is physically capable of doing so. Any additional time
     used owing to the inability of the vessel to load/discharge in accordance
     with the above shall be considered as time off hire.

89   ONBOARD BLENDING CLAUSE

     Charterers shall have the right to perform onboard blending of cargo whilst
     loading, being two or more grades, over the designated cargo tanks to be
     loaded. Vessel's staff shall ensure that proper stability maintained during
     the entire operation. Charterers' nominated cargo inspector will always
     supervise such onboard blending and vessel's staff is to follow the
     inspector's recommendations. Charterers will issue L.O.I. in Owners' P&I
     Club wording.

90   TRACKING SYSTEM CLAUSE

     It is agreed that Charterers may from the time of fixing until completion
     of the charter period employ an Inmarsat tracking system on the vessel.
     Such tracking system works on data provided from the vessel's onboard
     Inmarsat C system and can be installed simply, either remotely, or on some
     older systems with minimal set up input from the vessel.

     All registration/communication costs relating to this tracking system will
     be for Charterers' account. Charterers will advise when the system is
     operative and confirm termination on completion of charter.

91   Q88.COM CLAUSE

     Owners to provide, free of charge, a copy of the OCIMF VPQ in the required
     electronic form so that the vessel can be included in Charterers'
     subscription to the website "Q88.com". Owners are furthermore required to
     update the system with

                                                                              23

     vessel approval status, certification and any other information as required
     on a regular basis.

92   GREEN AWARD CLAUSE

     Rebates in port dues etc. obtained via the Green award certificate to be
     refunded to Charterers, provided that Charterers have paid for the Green
     Award audit fees in full, or prorated for the period covered under this
     charter party.

93   SALE OF THE VESSEL

     The Owners shall have no right to sell the vessel during term of this
     Charter or any extension thereof without the Charterers' prior written
     consent, whose consent may be withheld at the Charterers' sole discretion.
     For the purpose of this Clause 93, any sale, assignment, transfer,
     conveyance or disposition of the shares of the Owners, directly or
     indirectly through intermediate holding companies, by their sole
     shareholder Arlington Tankers, Inc. to any third party not controlled by
     Arlington Tankers, Inc. shall be deemed a sale of the vessel. This clause
     93 shall not prohibit in any way the mortgaging or hypothecation of the
     vessel to a financial institution pursuant to a financing transaction
     related to the purchase of the vessel by the Owners.

94   CHANGES/IMPROVEMENTS NECESSARY FOR THE OPERATION OF THE VESSEL OR IMPOSED
     BY LEGISLATION OR CLASS

     (A)  In the event any improvement, structural change or the installation of
          new equipment is imposed by compulsory legislation and/or class rules,
          Charterers shall have the right to require that the Owners effect such
          improvement, changes or installations. The Charterers shall fully
          reimburse the Owners for the total cost of all such improvements,
          structural changes or installations up to USD100,000 in any calendar
          year. To the extent that the total cost of all such improvements,
          structural changes or installations exceed USD100,000 in any calendar
          year, the Charterers shall reimburse the Owners in an amount equal to
          the product of (i) the cost of such improvements, structural changes
          or installations and (ii) a fraction, the numerator of which shall be
          the number of whole months remaining in the charter period at the time
          of completion of such improvement, structural change or installation
          (the "Remaining Charter Period") and the denominator of which shall be
          the number of whole months remaining in the depreciation period of the
          vessel (calculated as 25 years from the year the vessel was built) at
          the time of completion of such improvement, structural change or
          installation (such product, the "Reimbursement Payment") and the
          balance of the cost of such improvement, structural change or
          installation shall be paid by the Owners. If the Charterers have made
          a payment to the Owners pursuant to the preceding sentence and
          following such payment the charter period is extended as a result of
          the exercise by the

                                                                              24

          Charterers of their option rights under Clause 49 hereof, the
          Charterers shall pay additional compensation to the Owners in an
          amount equal to the difference between the Reimbursement Payment paid
          by the Charterers and the amount that would have been paid by the
          Charterers had the Remaining Charter Period used to calculate the
          Reimbursement Payment included the number of whole months in the
          extension period.

     (B)  In any event any improvement, structural change or the installation of
          new equipment, not falling under (A) above, is deemed necessary by the
          Charterers for the continued operation of the vessel, Charterers shall
          have the right at their own cost to effect such improvement,
          structural changes or installation, with the Owners' consent which
          shall not unreasonably be withheld.

     (C)  The Owners have to be notified in writing in advance by the Charterers
          about any changes and/or improvements as afore mentioned.

     (D)  Any change, improvement or installation made pursuant to this Clause
          shall be the property of Owners.

95   THIRD PARTY CLAUSE

     Except as may be otherwise agreed in writing by the parties with any third
     party, a person who is not party to this Agreement/Charter may not enforce,
     or otherwise have the benefit of, any provision of this Agreement/Charter
     under the Contract (Rights of third Parties Act 1999), but this provision
     does not affect any right or remedy of a third party which exists or is
     available apart from the Act.

96   NEW CLAUSE PARAMOUNT

     The Charterers warrant to include following clauses in all Bills of Lading
     issued pursuant to this time Charter by them or any subcharterer:

     (i)    Subject to sub-clauses (2) or (3) 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 rights or immunities or any increase of any of
            his responsibilities or liabilities under the Hague-Visby Rules.

                                                                              25

     (ii)   If there is governing legislation which applies the Hague-Visby
            Rules compulsory 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.

     (iii)  If there is governing legislation which applies the Hamburg Rules
            compulsory to this Bill of Lading to the exclusion of the
            Hague-Visby Rules, then this Bill of Lading shall have effect
            subject to the Hamburg 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 Hamburg Rules.

     (iv)   If any term of this Bill of Lading is repugnant to the Hague-Visby
            Rules, the Hague Rules or the Hamburg Rules, as applicable, such
            term shall be void to that extent but no further.

97   ARBITRATION

     Any dispute arising under this charter shall be referred to the arbitration
     in London in accordance with the provisions of the Arbitration Act 1996, or
     any statutory modification or re-enactment thereof for the time being in
     force save to the extent necessary to give effect to this provisions of
     this Clause. The arbitration shall be conducted in accordance with the
     London Maritime Arbitration Association (LMAA) terms current at the time
     when the arbitration proceedings are commenced.

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

                                                                              26

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

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

98   NO ASSIGNMENT BY CHARTERERS

     Notwithstanding any other provisions of this Charter, the Charterers may
     not assign any of their rights and obligations under this Charter without
     the prior written consent of the Owners.

99   OPTIONAL TERMINATION

     In the event the vessel is not delivered under this Charter by December 1,
     2004, both the Owners and the Charterers shall have the right to terminate
     this Charter and neither the Owners or the Charterers shall be entitled to
     damages or to any other compensation or reimbursement of expenses.

100  OPTIONAL TERMINATION BY OWNERS

     Upon the expiration of the Sun Charter, if Sun International does not
     extend the Sun Charter with the Charterers at a daily rate of time charter
     hire at least equal to the Basic Hire, the Owners shall have the right to
     terminate this Charter upon notice in writing to the Charterers no less
     than 60 days prior to the date of such termination, which right shall be
     exercisable by the Owners at any time until one year following the
     expiration of the Sun Charter; provided, however, that the Owners shall not
     have such right to terminate this Charter if the Charterers have (A)
     entered into a new time charter in respect of the vessel for the remainder
     of the charter period under this Charter with a company (or its subsidiary)
     having a credit rating of "BBB" or higher from Standard & Poor's Rating
     Services or "Baa2" or higher from Moody's Investors Service, Inc. at a
     daily rate of time charter hire at least equal to the Basic Hire or (B)
     provided cash collateral to the Owners initially in an amount equal to $7.5
     million and decreasing quarterly thereafter pro rata, as security for the
     Charterers' payment obligations under this Charter.Exhibit 10.4.1

October 20, 2004
----------------------------------------
1. Date of Agreement

                                                                          THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)
                                                                          STANDARD SHIP MANAGEMENT AGREEMENT
                                                                          CODE NAME: "SHIPMAN 98"
                                                                                                                             Part 1
------------------------------------------------------------------------------------------------------------------------------------
2. Owners (name, place of registered office and law of                    3. Managers (name, place of registered office and law of
   registry) (Cl. 1)                                                         registry (Cl. 1)

      -----------------------------------------------------------------         ----------------------------------------------------
      Name                                                                      Name
      Companion Ltd.                                                            Northern Marine Management Ltd

      -----------------------------------------------------------------         ----------------------------------------------------
      Place of registered office                                                Place of registered office
      Hamilton                                                                  Clydebank, Scotland

      -----------------------------------------------------------------         ----------------------------------------------------
      Law of registry                                                           Law of registry
      Bermuda                                                                   Scotland

------------------------------------------------------------------------------------------------------------------------------------
4. Day and year of commencement of Agreement (Cl. 2)

------------------------------------------------------------------------------------------------------------------------------------
5. Crew Management (state "yes" or "no" as                                6. Technical Management (state "yes" or "no" as
   agreed) (Cl. 2.1)                                                         agreed) (Cl. 3.2)
   YES                                                                       YES

------------------------------------------------------------------------------------------------------------------------------------
7. Commercial Management (state "yes" or "no" as                          8. Insurance Arrangements (state "yes" or "no" as
   agreed) (Cl. 3.3)                                                         agreed) (Cl. 3.4)
   NO                                                                        YES

------------------------------------------------------------------------------------------------------------------------------------
9. Accounting Services (state "yes" or "no" as                            10. Sale or purchase of the Vessel (state "yes" or "no"
   agreed) (Cl. 3.5)                                                          as agreed) (Cl. 3.6)
   YES                                                                        NO

------------------------------------------------------------------------------------------------------------------------------------
11. Provisions (state "yes" or "no" as agreed)                            12. Bunkering (state "yes" or "no" as agreed)
    (Cl. 3.7)                                                                 (Cl. 3.8)
    YES                                                                       NO

------------------------------------------------------------------------------------------------------------------------------------
13. Chartering Services Period (only to be filled in                      14. Owners' Insurance (state alternative (i), (ii) or
    if "yes" stated in Box 7) (Cl. 3.3(i))                                    (iii) of Cl. 6.3)
    --                                                                        (i)

------------------------------------------------------------------------------------------------------------------------------------
15. Annual Management Fee (state annual amount) (Cl. 8.1)                 16. Severance Costs (state maximum amount) (Cl. 8.4(ii))
    see Clause 21                                                             --

------------------------------------------------------------------------------------------------------------------------------------
17. Day and year of termination of Agreement                              18. Law and Arbitration (state alternative 19.1, 19.2 or
    (Cl. 17)                                                                  19.3; if 19.3 place of arbitration must be stated)
    see Clause 22                                                             (Cl. 19)

                                                                                               19.1
------------------------------------------------------------------------------------------------------------------------------------
19. Notices (state postal and cable address, telex and                    20. Notices (state postal and cable address, telex and
    telefax number for serving notice and communications                      telefax number for serving notice and communication
    to the Owners) (Cl. 20)                                                   to the Managers) (Cl. 20)

                                                                              Northern Marine Management Ltd.

                                                                              Alba House
    Companion Ltd.                                                            2 Central Avenue
    First Four, The Hayward Building                                          Clydebank G81 2QR
    22 Bermudiana Road                                                        SCOTLAND
    Hamilton, Bermuda HM11
    Facsimile No.: +1 441 292 4258                                            FAX: +44-141 941 2791

------------------------------------------------------------------------------------------------------------------------------------

It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and
PART II shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of
PART I shall prevail over those of PART II to the extent of such conflict but no further.

------------------------------------------------------------------------------------------------------------------------------------
Signature(s) (Owners)                                                      Signature(s) (Managers)

/s/ Marcello Ausenda                                                       /s/ Mats Berglund
    Marcello Ausenda                                                           Mats Berglund
    Director                                                                   Director

                                    PART II
                "SHIPMAN 98" STANDARD SHIP MANAGEMENT AGREEMENT

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

    "Owners" means the party identified in Box 2.
    "Managers" means the party identified in Box 3.
    "Vessel" means M/T "STENA COMPANION"
    "Crew" means the Master, officers and ratings of the Vessel.
    "Crew Support Costs" means all expenses of a general nature which are not
    particularly referable to any individual vessel for the time being managed
    by the Managers and which are incurred by the Managers for the purpose of
    providing an efficient and economic management service and, without
    prejudice to the generality of the foregoing, shall include the cost of crew
    standby pay, training schemes for officers and ratings, cadet training
    schemes, sick pay, study pay, recruitment and interviews.
    "Severance Costs" means the costs which the employers are legally obliged to
    pay to or in respect of the Crew as a result of the early termination of any
    employment contract for service on the Vessel.
    "Crew Insurances" means insurances against crew risks which shall include
    but not be limited to death, sickness, repatriation, injury, shipwreck
    unemployment indemnity and loss of personal effects.
    "Management Services" means the services specified in sub-clauses 3.1 to 3.8
    as indicated affirmatively in Boxes 5 to 12, and the undertaking specified
    in Clause 23.
    "ISM Code" means the International Management Code for the Safe Operation of
    Ships and for Pollution Prevention as adopted by the International Maritime
    Organization (IMO) by resolution A.741(18) or any subsequent amendment
    thereto.
    "STCW 95" means the International Convention on Standards of Training,
    Certification and Watchkeeping to Seafarers, 1978, as amended in 1995 or any
    subsequent amendment thereto.
     "Time Charter" means the time charter party between Owners as owners and
     Sten Bulk AB (the "Time Charterers") as charterers effective attached
     hereto as Annex 1.
    "Agreement" means Part I, Part II, including Additional Clauses 21-31 as
    well as Annex 1.

2.  Appointment of Managers
    With effect from the day and year of the Time Charter and continuing unless
    and until terminated as provided herein, the Owners hereby appoint the
    Managers and the Managers hereby agree to act as the Managers of the Vessel.

3.  Basis of Agreement
    Subject to the terms and conditions herein provided, during the period of
    this Agreement, the Managers shall carry out Management Services in respect
    of the Vessel. The Managers shall have authority to take such actions as
    they may from time to time in their absolute discretion consider to be
    necessary to enable them to perform this Agreement in accordance with sound
    ship management practice.

    3.1 Crew Management
    (only applicable if agreed according to Box 5)
    The Managers shall provide suitably qualified Crew for the Vessel as
    required by the Owners in accordance with the STCW 95 requirements,
    provision of which includes but is not limited to the following functions:
    (i)     selecting and engaging the Vessel's Crew, including payroll
            arrangements, pension administration and insurance for the Crew
            other than those mentioned in Clause 6;
    (ii)    ensuring that the applicable requirements of the law of the flag of
            the Vessel are satisfied in respect of manning levels, rank,
            qualification and certification of the Crew and employment
            regulations including Crew's tax, social insurance, discipline and
            other requirements;
    (iii)   ensuring that all members of the Crew have passed a medical
            examination with a qualified doctor certifying that they are fit
            for the duties for which they are engaged and are in possession of
            valid medical certificates issued in accordance with appropriate
            flag State requirements. In the absence of applicable flag State
            requirements the medical certificate shall be dated not more than
            three months prior to the respective Crew members leaving their
            country of domicile and maintained for the duration of their
            service on board the Vessel;
    (iv)    ensuring that the Crew shall have a command of the English language
            of a sufficient standard to enable them to perform their duties
            safely;
    (v)     arranging transportation of the Crew, including repatriation;
    (vi)    training of the Crew and supervising their efficiency;
    (vii)   conducting union regulations;
    (viii)  operating the Managers' drug and alcohol policy unless otherwise
            agreed.
    (ix)    ensuring that any complaints from the Time Charterers with respect
            to the Master or any of the officers or Crew are immediately
            investigated, communicating the results of such investigations to
            the Time Charterers and if such complaints are well-founded ensuring
            that changes in the appointments are made without delay.

    3.2 Technical Management
    (only applicable if agreed according to Box 6)
    The Managers shall provide at their own cost but subject to Clause 30,
    technical management which includes, but is not limited to, the following
    functions:
    (i)     provision of competent personnel to supervise the maintenance and
            general efficiency of the Vessel;
    (ii)    arrangement and supervision of dry dockings, repairs, alterations
            and of the upkeep of the Vessel to the standards required by
            the Owners and the Managers shall incur the necessary expenditure to
            ensure that the Vessel will comply with the law of the flag of the
            Vessel and of the places where she trades, and all requirements and
            recommendations of the classification society;
    (iii)   arrangement of the supply of necessary stores, spares and
            lubricating oil;
    (iv)    appointment of surveyors and technical consultants as the Managers
            may consider from time to time to be necessary;
    (v)     development, implementation and maintenance of a Safety Management
            System (SMS) in accordance with the ISM Code (see sub-clause 4.2).

3.3

                                    PART II
                "SHIPMAN 98" STANDARD SHIP MANAGEMENT AGREEMENT

    3.4 Insurance Arrangements
    (only applicable if agreed according to Box 8)
    The Managers shall arrange at their own cost insurances in accordance with
    Clause 6, on such terms and conditions as the Owners shall have instructed
    or agreed, in particular regarding conditions, insured values, deductibles
    and franchises.

    3.5 Accounting Services
    (only applicable if agreed according to Box 9)
    The Managers shall at their own cost
    (i)     establish an accounting system which meets the requirements of the
            Owners and provide regular accounting services, supply regular
            reports and records,
    (ii)    maintain the records of all costs and expenditure incurred as well
            as data necessary or proper for the settlement of accounts between
            the parties.

    3.6

    3.7 Provisions (only applicable if agreed according to Box 11)
    The Managers shall at their own cost arrange for the supply of provisions.
    The Owners acknowledge that all provisions, stores, lubricating oil and
    other consumables on board on the date when this Agreement takes effect are
    the property of the Managers. Upon redelivery, the Owners shall pay the
    Managers for all provisions on board at cost.

    3.8

4.  Managers' Obligation
    4.1 The Managers undertake to use their best endeavours to provide the
    agreed Management Services in accordance with the terms of of the Time
    Charter and sound ship management practice and to protect and promote the
    interests of the Owners in all matters relating to the provision of services
    hereunder. Provided, however, that the Managers in the performance of their
    management responsibilities under this Agreement shall be entitled to have
    regard to their overall responsibility in relation to all vessels as may
    from time to time be entrusted to their management and in particular, but
    without prejudice to the generality of the foregoing, the Managers shall be
    entitled to allocate available supplies, manpower and services in such
    manner as in the prevailing circumstances the Managers in their absolute
    discretion consider to be fair and reasonable.

    4.2 Where the Managers are providing Technical Management in accordance with
    sub-clause 3.2, they shall procure that the requirements of the law of the
    flag of the Vessel are satisfied and they shall in particular be deemed to
    be the "Company" as defined by the ISM Code, assuming the responsibility for
    the operation of the Vessel and taking over the duties and responsibilities
    imposed by the ISM Code when applicable.

5.  Owners' Obligations
    5.1 The Owners shall pay all sums due to the Managers punctually in
    accordance with the terms of this Agreement.

    5.2 Where the Managers are providing Technical Management in accordance
    with sub-clause 3.2, the Owners shall:
    (i)     instruct such officers and ratings to obey all reasonable orders of
            the Managers in connection with the operation of the Managers'
            safety management system.

6.  Insurance Policies
    The Managers shall procure, that throughout the period of this Agreement:

    6.1 at the Managers' expense the Vessel is insured for not less than her
    sound market value or entered for her full gross tonnage, as the case may be
    for:
    (i)     usual hull and machinery marine risks (including crew negligence)
            and excess liabilities;
    (ii)    protection and indemnity risks (including pollution risks and Crew
            Insurances);
    (iii)   war risks (including protection and indemnity and crew risks) in
            accordance with the best practice of prudent owners of vessels of a
            similar type to the Vessel, with first class insurance companies
            underwriters or associations; and
    (iv)    off-hire ("the Insurances");

    6.2 all premiums and calls on the Insurances are paid promptly by their due
    date;

    6.3 the Insurances name the Owners, the Time Charterers and the
    Managers, and subject to underwriters' agreement, any third party designated
    by the Owners, the Time Charterers or the Managers as a joint assured, with
    full cover, with the Managers obtaining cover in respect of each of the
    insurances specified in sub-clause 6.1:
    (i)     on terms whereby the Managers and any such third party are liable in
            respect of premiums or calls arising in connection with the
            Insurances; or
    (ii)    on such other terms as may be agreed in writing between the Managers
            and the Owners, but in all cases subject to the terms and conditions
            that the Owners shall have agreed with the mortgagees of the Vessel.

                                    PART II
                "SHIPMAN 98" STANDARD SHIP MANAGEMENT AGREEMENT

    Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left blank
    then (i) applies:

    6.4 written evidence is provided, to the reasonable satisfaction of the
    Managers, of their compliance with their obligations under Clause 6 within
    a reasonable time of the commencement of the Agreement, and of each renewal
    date and, if specifically requested, of each payment date of the Insurances.

7.

8.  Management Fee
    8.1 The Owners shall pay to the Managers for their services as Managers
    under this Agreement an annual management fee as stated in Clause 21 which
    shall be payable by equal monthly installments in advance, the first
    installment being payable on the commencement of this Agreement (see Clause
    2 and Box 4) and subsequent installments being payable every month.

    8.2 The management fee shall be fixed and final as set out in Clause 21
    for the entire duration of this Agreement.

    8.3 The Managers shall, at no extra cost to the Owners, provide their own
    office accommodation, office staff, facilities and stationery.

    8.5 If the Owners decide to lay-up the Vessel whilst this Agreement remains
    in force, an appropriate reduction of the management fee for the period
    shall be mutually agreed between the parties.

9.

10. Managers' Right to Sub-Contract
    The Managers shall have the right to sub-contract any of their obligations
    hereunder, including those mentioned in sub-clause 3.1 and 4.2. In the event
    of such a sub-contract the Managers shall remain fully liable for the due
    performance of their obligations under this Agreement.

11. Responsibilties
    11.1 Force Majeure. Neither the Owners nor the Managers shall be under any
    liability for any failure to perform any of their obligations thereunder by
    reason of any cause whatsoever of any nature or kind beyond their reasonable
    control.

    11.2 Liability to Owners - (i) Save as otherwise provided for in the
    additional clauses and without prejudice to sub-clause 11.1 and Clause 25,
    the Managers shall be under no liability whatsoever to the Owners for any
    loss, damage, delay or expense of whatsoever nature, whether direct or
    indirect, (including but not limited to loss of profit arising out of or in
    connection with detention of or delay to the Vessel) and howsoever arising
    of the Management Services UNLESS same is proved to have resulted solely
    from the gross negligence or willful default of the Managers or their
    employees, or agents or sub- contractors employed by them in connection with
    the Vessel, in which case (save where loss, damage, delay or expense has
    resulted from the Managers' personal act or omission committed with the
    intent to cause same or recklessly and with knowledge that such loss,
    damage, delay or expense would probably result) the Managers' liability for
    each incident or series of incidents giving rise to a claim or claims shall
    never exceed a total of ten times the annual management fee payable
    hereunder.

                                    PART II
                "SHIPMAN 98" STANDARD SHIP MANAGEMENT AGREEMENT

    (ii) Notwithstanding anything that may appear to the contrary in this
    Agreement, the Managers shall not be liable for any of the actions of the
    Crew, even if such actions are negligent, grossly negligent or willful,
    except only to the extent that they are shown to have resulted from a
    failure by the Managers to discharge their obligations under sub-clause 3.1,
    in which case their liability shall be limited in accordance with the terms
    of this Clause 11.

    11.3 Indemnity - To the extent that they are caused by any act or omission
    of the Owners, the Owners hereby undertake to keep the Managers and their
    employees, agents and sub- contractors indemnified and to hold them harmless
    against all actions, proceedings, claims, demands or liabilities whatsoever
    or howsoever arising which may be brought against them or incurred or
    suffered by them arising out of or in connection with the performance of the
    Agreement, and against and in respect of all costs, losses, damages and
    expenses (including legal costs and expenses on a full indemnity basis)
    which the Managers may suffer or incur (either directly or indirectly) in
    the course of the performance of this Agreement.

    11.4 "Himalaya" - It is hereby expressly agreed that no employee or agent of
    the Managers (including every sub-contractor from time to time employed by
    the Managers) shall in any circumstances whatsoever be under any liability
    whatsoever to the Owners for any loss, damage or delay of whatsoever kind
    arising or resulting directly or indirectly from any act, neglect or default
    on his part while acting in the course of or in connection with his
    employment and, without prejudice to the generality of the foregoing
    provisions in this Clause 11, every exemption, limitation, condition and
    liberty herein contained and every right, exemption from liability, defence
    and immunity of whatsoever nature applicable to the Managers or to which the
    Managers are entitled hereunder shall also be available and shall extend to
    protect every such employee or agent of the Managers acting as aforesaid and
    for the purpose of all the foregoing provisions of this Clause 11 the
    Managers are or shall be deemed to be acting as agent or trustee on behalf
    of and for the benefit of all persons who are or might be their servants or
    agents from time to time (including sub-contractors as aforesaid) and all
    such persons shall to this extent be or be deemed to be parties to this
    Agreement.

12. Documentation
    Where the Managers are providing Technical Management in accordance with
    sub-clause 3.2 and/or Crew Management in accordance with sub-clause 3.1,
    they shall make available, upon Owners' request, all documentation and
    records related to the Safety Management System (SMS) and/or the Crew which
    the Owners need in order to demonstrate compliance with the ISM Code and
    STCW 95 or to defend a claim against a third party.

13. General Administration
    13.1 The Managers shall at their own cost handle and settle all claims
    arising out of the Management Services hereunder and keep the Owners
    informed regarding any incident of which the Managers become aware
    which gives or may give rise to claims or disputes involving third parties.

    13.3 The Managers shall also have power to obtain legal or technical or
    other outside expert advice in relation to the handling and settlement of
    claims and disputes or all other matters affecting the interests of the
    Owners in respect of the Vessel

    13.4 The Managers shall arrange for the provision of any necessary guarantee
    bond or other security.

14. Auditing
    The Managers shall at their own cost at all times maintain and keep true
    and correct accounts in compliance with subclause 3.5 (i) above and shall
    make the same available for inspection and auditing by the Owners at such
    times as may be mutually agreed. On the termination, for whatever reasons,
    of this Agreement, the Managers shall release to the Owners, if so
    requested, the originals where possible, or otherwise certified copies, of
    all such accounts and all documents specifically relating to the vessel and
    her operations.

15. Inspection of Vessel
    The Owners and the Time Charterers shall have the right at any time after
    giving reasonable notice to the Managers to inspect the Vessel for any
    reason they consider necessary.

16. Compliance with Laws and Regulations
    The Managers will not do or permit to be done anything which might cause any
    breach or infringement of the laws and regulations of the Vessel's flag, or
    of the places where she trades.

17. Duration of the Agreement
    This Agreement shall come into effect on the day and year stated in Clause
    22.

18. Termination
    18.1 Owners' default
    (i)     The Managers shall be entitled to terminate the Agreement with
            immediate effect by notice in writing if any moneys payable by the
            Owners under this Agreement shall not have been received in the
            Managers' nominated account within ten running days of receipt by
            the Owners or the Managers written request or if the Vessel is
            repossessed by the Mortgagees.

    (ii)    If the Owners:
            (a)    fail to meet their obligations under sub-clauses 5.2 of this
                   Agreement for any reason within their control, or

            (b)    proceed with the employment of or continue to employ the
                   Vessel in the carriage of contraband, blockade running, or in
                   an unlawful trade, or on a voyage which in the reasonable
                   opinion of the Managers is unduly hazardous or improper,
            the Managers may give notice of the default to the Owners, requiring
            them to remedy it as soon as practically possible. In the event that
            the Owners fail to remedy it within 30 days after a written notice
            to the Owners from the Managers, the Managers shall be entitled to
            terminate the Agreement with immediate effect by notice in writing.

     18.2 Managers' Default
     If the Managers fail to meet their obligations under Clauses 3

                                    PART II
                "SHIPMAN 98" STANDARD SHIP MANAGEMENT AGREEMENT

    and 4 of this Agreement for any reason within the control of the Managers,
    the Owners may give notice to the Managers of the default, requiring them to
    remedy it as soon as practically possible. In the event that the Managers
    fail to remedy it within 30 days after a written notice to the Managers from
    the Owners, the Owners shall be entitled to terminate the Agreement with
    immediate effect by notice in writing without prejudice to any rights of the
    Owners at such time.

    18.3 Extraordinary Termination
    This Agreement shall be deemed to be terminated in the case of the sale of
    the Vessel or if the Vessel becomes a total loss or is declared as a
    constructive or compromised or arranged total loss or is requisitioned.

    18.4 For the purpose of sub-clause 18.3 hereof
    (i)  the date upon which the Vessel is to be treated having been sold or
         otherwise disposed of shall be the date on which the Owners cease
         to be registered as Owners of the Vessel;
    (ii) the Vessel shall not be deemed to be lost unless either she has become
         an actual total loss or agreement has been reached with her
         underwriters in respect of her constructive, compromised or arranged
         total loss or if such agreement with her underwriters is not
         reached it is adjudged by a competent tribunal that a constructive
         loss of the Vessel has occurred.

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

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

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

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

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

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

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

20. Notices
    20.1 Any  notice to be given by either party to the other party shall be
    in writing and may be sent by fax, telex, registered or recorded mail or
    by personal service.
    20.2 The address of the Parties for service of such communication shall be
    so stated in Boxes 19 and 20, respectively.

ADDITIONAL CLAUSES 21 - 31 TO SHIP MANAGEMENT AGREEMENT
BETWEEN COMPANION LTD. AND NORTHERN MARINE MANAGEMENT LTD.
DATED OCTOBER 20, 2004 FOR THE VESSEL M/T "STENA COMPANION",
BEING AN INTEGRAL PART OF SUCH AGREEMENT

21.     MANAGEMENT FEE

The Owners shall compensate the Managers for the services under this agreement
with a fixed daily management fee (the "Management Fee"), as per the following
schedule:

             YEAR

               1         $ 5,750
               2         $ 6,038
               3         $ 6,339
               4         $ 6,656
               5         $ 6,989
        Option Year 1    $ 7,339
        Option Year 2    $ 7,706
        Option Year 3    $ 8,091

In addition to the above Management Fee, for each day that the Vessel is on
hire for more than 360 days during any twelve-month period commencing on the
Delivery Date (as defined in the Time Charter), the Owners shall pay to the
Managers an incentive fee equal to the Basic Hire (as defined in the Time
Charter) for each such day payable to the Owners under the Time Charter by not
later than the fifth Business Day (as defined in the Time Charter) following
the end of such twelve-month period.

22.     DURATION AND TERMINATION

This Agreement shall come into effect on the date stated in Box 4 and shall
continue in force until the expiration of the Time Charter, unless terminated in
accordance with Article 18 of this Agreement, provided that either the Owners or
the Managers shall have the right to terminate this Agreement in the event of
the termination of the Time Charter. In the event the Vessel is not delivered
under the Time Charter by December 1, 2004, both the Owners or the Managers
shall have the right to terminate this Agreement and neither the Owners or the
Managers shall be entitled to damages or to any other compensation or
reimbursement of expenses.

23.     ACKNOWLEDGEMENT OF TIME CHARTER

The Managers have read and are familiar with the terms of the Time Charter,
which is attached as Annex 1 to this Agreement. The Managers undertake to
perform, as part of its Management Services, the duties and obligations of the
Owners under the Time Charter as if such duties and obligations were
specifically set forth herein as duties and obligations of the Managers, except
that the Managers shall not be responsible for the cost of any improvement,
structural change or the installation of new equipment imposed

by compulsory legislation and/or class rules pursuant to Clause 94(A) of the
Time Charter.

In the event that the Time Charter is terminated for any reason, either party
may terminate this Agreement upon notice to the other.

24.     OFF-HIRE

The Managers agree to indemnify the Owners for any days of off-hire (pursuant to
Clause 21 of the Time Charter) or reduced hire (pursuant to Clause 24 of the
Time Charter) with respect to the Vessel under the Time Charter such that in any
given twelve-month period commencing on the Delivery Date (as defined in the
Time Charter) the Owners shall have received from the Time Charterers and the
Managers, on a combined basis, a total of 360 days of Basic Hire (as defined
in the Time Charter); provided, that nothing in this Clause 24 shall be
construed so as to impose an obligation on the Managers to indemnify the
Owners for the payment of Basic Hire (as defined in the Time Charter) by the
Time Charterers under the Time Charter other than for days of off-hire
(pursuant to Clause 21 of the Time Charter) or reduced hire (pursuant to
Clause 24 of the Time Charter).

The Managers' obligation to indemnify Owners for off-hire pursuant to this
Clause 24 shall be reduced by any amount received by Owners for such off-hire
under the off-hire insurance procured by the Managers pursuant to Clause 6 of
this Agreement.

25.     VESSEL'S CASUALTIES

Master and/or Managers shall inform Owners immediately by e-mail, telefax or
telex if any situation occurs which results, or is likely to result, in either
delays, or damages to the Vessel or machine systems, including but not limited
to, failure of inert gas system, cargo systems or delays from proceeding to
assistance to other vessels, or damages to cargo, or in pollution, oil spill
and/or oil discharge.

26.     COMMUNICATIONS

All communications under this Agreement shall be in the English language.

27.     ASSIGNMENT CLAUSE

The Owners may assign all of their rights under this Agreement to any
mortgagee of the Vessel provided that such assignment shall not otherwise
prejudice the rights of the Managers to terminate this Agreement in the event
that the Time Charter is terminated in accordance with Clauses 18.1 or 23
of this Agreement. Upon satisfaction of the conditions set forth above,
Managers hereby agree to enter into an acknowledgement of such assignment
in such form as the mortgagee may reasonably require.

28.     THIRD PARTY RIGHTS

Except as may be otherwise agreed in writing by the parties with any third
party, a person who is not a party to this Agreement may not enforce, or
otherwise have the benefit of, any provisions of this Agreement under the
Contracts (Rights of Third Parties) Act 1999, and, without limitation, no
consent of any such person shall be required for the rescission or amendment
of this Agreement, but this does not affect any right or remedy of a third
party which exists or is available apart from that Act.

29.     INDEMNIFICATION

The Managers hereby undertake to indemnify the Owners against the consequences
of any failure by Managers to comply with the requirements of this Agreement
including (without limitation) any claims made by the Time Charterer against the
Owners resulting from a failure of the Managers to perform their obligations
under this Agreement (including as set out in Clause 23 hereof, the obligations
of the Owners under the Time Charter); provided that Managers' indemnification
for environmental matters shall not extend beyond the protection and indemnity
coverage with respect to the Vessel required hereunder.

The Managers also agree to indemnify the Owners against the consequences of any
insurer with respect to the Vessel failing to pay out any claim in full;
provided that the Managers' indemnification for environmental matters shall not
extend beyond the protection and indemnity coverage with respect to the Vessel
required hereunder.

30.     CHANGES AND/OR IMPROVEMENT NECESSARY FOR THE OPERATION OF THE VESSEL
        OR IMPOSED BY LEGISLATION AND/OR CLASS

In the event that any improvement, structural change or the installation of
new equipment is imposed by compulsory legislation and/or class rules, the
Manager shall, at the expense of Owners and Charterers as set forth in
Clause 94(A) of the Time Charter, effect such improvement, structural change
or installation. In the event pursuant to Clause 94(A) of the Time Charter
the Owners are responsible for the cost of such improvement, structural change
or installation, the Owners shall reimburse the Managers therefor no later
than the fifth Business Day (as defined in the Time Charter) following notice
from the Managers.

In the event any improvement, structural change or the installation of new
equipment is deemed necessary by the Managers for the continued operation of
the Vessel, Managers shall have the right, at their own cost, to effect such
improvement, structural change or installation, with the Owners consent which
shall not be unreasonably withheld.

The Owners shall be notified in writing in advance by the Managers about any
changes and/or improvements as afore mentioned.

Any change, improvement or installation made pursuant to this Clause 30 shall be
the property of Owners.

Owners shall not be liable for the cost of any improvement, structural change or
installation that is requested by or made for the account of any Time Charterer
or for which a Time Charterer is otherwise responsible.

31.     CONDITION OF VESSEL ON DELIVERY AND RE-DELIVERY

If the Vessel, at the time she is delivered under the Time Charter, does not
comply with Clauses 1 and 2(a) thereof or one or more of the requirements
referred to on lines 220-224 of clause 11 of the MOA, the Managers agree that
they shall at their own cost make all corrections and repairs necessary to cause
the Vessel to comply with such clauses and requirements.

The Managers further agree that (a) upon re-delivery of the Vessel under the
terms of the Time Charter (attached as Annex 1 to this Agreement), the Vessel
shall be in class with no outstanding recommendations and shall be ready to sail
and in the same good order and condition as when delivered under the Time
Charter per Clauses 1 and 2(a) thereof, ordinary wear and tear consistent with
the age of the Vessel at the time of re-delivery excepted, (b) the Managers
shall at their own cost make all corrections and repairs necessary to cause the
Vessel to comply with all of the terms of this Clause 31 prior to re-delivery of
the Vessel under the Time Charter, and (c) the Managers shall assure that the
Vessel has undergone at least one drydocking prior to re-delivery.

COMPANION LTD.                                   NORTHERN MARINE MANAGEMENT LTD.

/s/ Marcello Ausenda                              /s/ Mats Berglund
    Marcello Ausenda                                  Mats Berglund
    Director                                          Director

                       ------------------------

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