Document:

d1462185_ex10-42.htm

 

Exhibit 10.42

 

 

Central Shpping

Monaco 

 

Private and Confidential

 

The Board of Directors

Top Ships Inc.

1 Vas. Sofias & Meg. Alexandrou Str.

151 24 Maroussi

 

 

For the attention of Mr. Vangelis G. Ikonomou

 

 

March 10, 2014

 

 

Subject:                      Offer letter for the provision of management services.

 

 

Dear Sir(s)

 

This offer letter outlines the management services that Central Shippi Monaco SAM (the "Company") is in a position to offer "Top Ships Inc." and the relevant fees for these services.

 

Introduction:

 

Central Shipping Monaco SAM is a company established in Monaco, edicated to provide quality ship management services for both tanker and dry bulk vessels. The "Company" has assembled a team of senior shipping executives and key employees who have been working together for over ten years, accumulating extensive experience and expertise in the technical and commercial management of large, diversified fleets.

 

Our "Company" is financially strong, viable and is committed to provide world-class shipmanagement services that meet or exceed safety and environment41 requirements, our mission is to set the standards for safe and environmentally friendly s a transportation of goods with ships, crewed and operated by motivated, profession 1 and well-trained seaborne and shore personnel.

 

Below is our proposed fees and commissions for the services that we re able to provide you with.

 

  

  

  

 

	
Type of Management services:

	
Technical, Operations, Insurance, Bunkering, Crew, Provisions, Accounting, Commercial, Chartering, Sale and Purchase, Newbuilding supervision.

 

	
Duration of Contract:

	
Five (5) years, automatically renewed.

 

	
Services and Relevant Fees:

	
·

	
USD 550 per day per vessel for Technical, Operations, Insurance, Provisions, Bunkering and Crew Management. Applicable 3 months prior delivery from the yard.

 

	  	
·

	
USD 300 per day per vessel for Commercial Management. Applicable from the date of delivery from the yard.

 

	  	
·

	
Accounting, reporting and Administrative Fees and Services at cost.

 

	
Fee Annual Increase:

	
Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2% and not more than 5%. Applicable from the signing of this agreement for all vessels in Annex "D".

 

	
Commission on all hires / gross freight / demurrage:

	
1.25%

 

	
Sales and Purchase Commission:

	
1% of the Sale or the Purchase Price, or the contract price of the Newbuilding Contract.

 

 

 

 

 

 

  

  

  

	
N/B Construction - Supervision Fee:

	
7% of actual cost.

 

	
Managers' Superintendent's Fee per day:

	
USD 500 per day, plus actual expenses.

 

	
Financial Consultancy Fee on derivative agreements, loan financing and refinancing:

	
0.20% on the total transaction amount.

 

	
Annual Performance Incentive Fee

	
At your discretion.

 

	
Notice of Termination:

	
18 months.

 

	
Termination Fees:

	
Fees for 12 months.

 

 

 

 

 

 

 

 

	
1.

	
Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

 

	
2.

	
Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such deductible range.

 

	
3.

	
Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the operation of the vessel.

 

	
4.

	
The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this agreement.

 

 

 

 

 

 

  

  

  

Attached herewith is the (BIMCO) Standard Ship Management Agreement (Shipman 98) as amended, which shall be the basis of the individual management agreements to be entered into among each of Top's vessel-owning companies and the "Company".

 

Acknowledgement and Acceptance

 

Please acknowledge your acceptance of the terms of our offer by signing the confirmation below and kindly return a copy of this letter and initialize a copy of the (BIMCO) Standard Ship Management Agreement (Shipman 98).

 

After acceptance of this offer letter and attached management agreement, same shall be binding upon the parties hereof "Top Ships Inc." and the "Company" and shall not be terminated by reason of a change of control of either "Top Ships Inc." and the "Company".

 

 

	
Yours Faithfully

 

 

	
Central Shipping Monaco SAM.

	
Accepted:

	
Top Ships Inc.

	  	  	  
	  	
Signature:

	
/s/Evangelos Ikonomou

	  	
Name:

	
Evangelos Ikonomou

	  	
Title:

	
Director

	  	
Date:

	
March 10th, 2014

 

 

 

 

 

  

  

  

 

 

ANNEX "D" (ASSOCIATED VESSELS) TO

 

THE BALTIC' AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98' 

 

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAU E 18.1(i) OF THIS AGREEMENT.

 

 

	
Date of Agreement:

	
10th March 2014

 

	
Details of Associated Vessels:

	  

 

 

 

	
 

Hull S406 tbn ESHIPS TAWEELAH

 

	
 

Hull S407 tbn ESHIPS BURAIMI

 

	
 

Hull S414 tbn ECOTANK

 

	
 

Hull 5417 tbn ECOSHIP

 

	
 

Hull S418 tbn ECOFLEET

 

	
 

Hull S419 tbn ECO REVOLUTION

 

	
  

 

 

 

 

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible. the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

 

 

ANNEX E (MANAGEMENT FEES)

 

	
Duration of Contract:

	
Five (5) years, automatically renewed.

 

	
Services and Relevant Fees:

	
·

	
USD 550 per day per vessel for Technical and Crew Management, Insurance Provisions and Bunkering

 

	  	
·

	
USD 300 per day per vessel for Commercial Management. Applicable from the date of delivery from the yard.

 

	  	
·

	
Accounting Services at cost.

 

	
Fee Annual Increase:

	
Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2% and not more than 5%.

 

	
Commission on all hires / gross freight / demurrage:

	
1.25%

 

	
Sales and Purchase Commission:

	
1% of the Sale or the Purchase Price

 

	
N/B Construction – Supervision Fee:

	
7% of actual cost.

 

	
Managers’ Superintendent Fee beyond 10 days per annum:

	
USD 500 per day, plus actual expenses.

 

	
Notice of Termination:

	
18 months

 

	
Termination  Fees:

	
Fees for 12 months.

 

 

 

 

 

 

	
1.

	
Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

 

	
2.

	
Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such deductible range.

 

	
3.

	
Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the operation of the vessel.

 

	
4.

	
The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this agreement.d1462655_ex10-43.htm

 

 

Exhibit 10.43

 

	
1. Date of Agreement

  10th March 2014

 

 

HULL S414  tbn ECOTANK

	
 

	
2.

 

 

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

MONTE CARLO SEVEN SHIPPING COMPANY LTD

	
3.

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

CENTRAL SHIPPING MONACO SAM

	
Name

 

The Trust Company Complex, Ajeltake Road , Ajeltake Island, Majuro, Marshall Islands

	
Name

 

Palais de la Scala, 1 Avenue Henry Dunant,

Monaco MC 98000

	
Place of registered office

Marshall Islands

	
Place of registered office

Monaco

	 
	
Law of registry

	
Law of registry

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

 

 10th March 2014

	  
	
5. Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)

    YES

 

 

	
6. Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)

    YES

	
7. Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)

     YES

 

 

	
8. Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)

     YES

	
9. Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)

    YES

 

 

	
10. Sale or purchase of the Vessel (state “yes” or “no” as agreed) (Cl. 3.6)

      YES

	
11. Provisions (state “yes” or “no” as agreed) (Cl. 3.7)

      YES

 

 

	
12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)

      YES

	
13. Chartering Services (only to be filled in if  “yes” stated  in box 7) (Cl . 3.3(i))

    FOR THE ENTIRE DURATION OF THIS

    AGREEMENT

 

 

	
14. Managers’ Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)

     ( i )

	
15. Annual Management Fee (state annual amount) (Cl. 8.1)

      AS PER ANNEX “E”

 

 

	
16. Severance Costs (state maximum amount) (Cl. 8.4(ii))

AT COST AS PER SEAMEN COLLECTIVE AGREEMENT

	
17. Day and year of termination of Agreement (Cl. 17)

Duration 5 years, automatically renewed.

 

 

	
18. Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)

AS PER CLAUSE 19.1

 

 

	
19. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Owners) (Cl. 20)

 

TOP SHIPS INC.

1, VAS.SOFIAS & MEG. ALEXANDROU STR.,

15124, MAROUSSI, ATHENS, GREECE

E-mail :  vi@topships.org

Fax      : +30 210 6141 276

	
20. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Managers) (Cl. 20) 

 

CENTRAL SHIPPING MONACO SAM

Palais de la Scala, 1 Avenue Henry Dunant,

Monaco MC 98000

E-mail:  ops@centralshippingmonaco.mc

Fax      : +377 97 97 96 27

 

 

	
  

	
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 as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget), and “D” (Associated Vessels) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict of conditions, the provisions of PART I and Annexes “A”, “B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no further..

	
Signature(s) (Owners)

 

MONTE CARLO SEVEN SHIPPING COMPANY LTD

	
Signature(s) (Managers)

CENTRAL SHIPPING MONACO SAM

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "A" (DETAILS OF VESSEL OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

	
Date of Agreement:

	
10th March 2014

 

	
Name of Vessel(s):

	
Hull Number S414  tbn ECOTANK

 

Particulars of Vessel:

 

 

	
TYPE OF VESSEL

	
Oil and Chemicals

Ship Type IMO 2

 

	
HULL TYPE

	
Double Hull

 

	
IMO NUMBER

	
9695834

 

	
FLAG

	
LIBERIA

 

	
YEAR & PLACE BUILT

	
2016 at Hyundai Vinashin Shipyard, Vietnam

 

	
CLASS SOCIETY

	
ABS

 

	
CALL SIGN

	
tba

 

	
LOA, BREADTH, DEPTH

	
183.06 M / 32,20 M / 19,10 M

 

	
SDWT - DRAFT

	
50,088 MT @ 13.30 M

 

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "B" (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

 

	Date of Agreement:    	   10th March 2014
	  

Details of Crew:

	 

 

 

 

 

 

	 Rank	Number 	 Nationality

 

	
 

Master

 

	
1

	
Bulgarian / Filipino

	
 

Chief Officer

 

	
1

	
Filipino

	
 

Second Officer

 

	
1

	
Filipino

	
 

Third Officer

 

	
1

	
Filipino

	
 

Chief Engineer

 

	
1

	
Filipino

	
 

Second Engineer

 

	
1

	
Filipino

	
 

Third Engineer

 

	
1

	
Filipino

	
 

Electrician

 

	
1

	
Filipino

	
 

Pumpman

 

	
1

	
Filipino

	
 

Bosun

 

	
1

	
Filipino

	
 

Able Seaman

 

	
3

	
Filipino

	
 

Ordinary Seaman

 

	
2

	
Filipino

	
 

Deck Cadet

 

	
1

	
Filipino

	
 

Oiler

 

	
1

	
Filipino

	
 

Wiper

 

	
1

	
Filipino

	
 

Engine Cadet

 

	
1

	
Filipino

	
 

Cook

 

	
1

	
Filipino

	
 

Mess Boy

 

	
2

	
Filipino

	
 

CREW TOTAL

 

	
22

	  

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "C" (ANNUAL MANAGEMENT BUDGET)

TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

	 Date of Agreement:    	   10th March 2014
	  

 

	 

 

Managers Budget in USD effective from the first year of operations.

 

 

	
Hyundai Vinashin Shipyard MR Oil and Chemical Tanker 50,000 DWT

	
 Proposed Budget for first year of operations

	
Accounts Code

	
Crew

	
Daily Amount

	
Annual Amount

	
Annual

Summary

	  	
CREW SALARIES & FIXED OVERTIME

	
2.516,44

	
$918.500

	  
	  	
ADDITIONAL  CREW  OVERTIME

	
0,00

	
$0

	  
	  	
OWNERS CREW BONUS

	
41,10

	
$15.000

	  
	  	
CREW TRANSPORTATION EXPS

	
232,88

	
$85.000

	  
	  	
CREW COMPULSORY INSURANCE

	
6,85

	
$2.500

	  
	  	
CREW  INSURANCE FOR P&I  DEDUCTIBLE

	
16,44

	
$6.000

	  
	  	
CREW PRE-JOINING TRAININGS

	
27,40

	
$10.000

	  
	  	
CREW PRE-JOINING MEDICAL EXPS

	
9,59

	
$3.500

	  
	  	
CREW VARIOUS EXPENSES

	
219,18

	
$80.000

	  
	  	
MANNING AGENT MANAGEMENT FEE

	
82,19

	
$30.000

	  
	  	
MANNING AGENT EXPENSES

	
9,86

	
$3.600

	  
	  	
VICTUALING  -  PROVISIONS

	
221,92

	
$81.000

	
$1.239.100

	  	
WATER

	
10,96

	
$4.000

	  	
Crew Subtotal

	
3.394,79

	
$1.239.100

	
Accounts Code

	
Insurance

	
64001

	
HULL & MACHINERY

	
273,97

	
$100.000

	  
	
64002

	
INSURANCE LOSS OF HIRE

	
0,00

	  	  
	
64003

	
WAR RISKS ANNUAL PREMIUM

	
8,22

	
$3.000

	  
	
64004

	
P&I

	
135,62

	
$49.500

	  
	
64005

	
FD D

	
27,40

	
$10.000

	  
	
64006

	
MARINE INTEREST

	
0,00

	  	  
	
64007

	
PURCHASERS INTEREST INSURANCE

	
0,00

	  	
$162.500

	
64008

	
BACK CALLS-(INSURANCE) SUPPLEMENTARY

	
0,00

	  
	  	
Insurance Subtotal

	
445,21

	
$162.500

	
Accounts Code

	
Repairs and Maintenance

	
67001

	
AUX.MACHINERY REPAIRS/MAINTENANCE

	
27,40

	
$10.000

	  
	
67003

	
BOILER REPAIRS/MAINTENANCE

	
41,10

	
$15.000

	  
	
67005

	
CHEMICALS & GASES

	
41,10

	
$15.000

	  
	
67013

	
DECK SPARE PARTS - REPAIR/MAINTENANCE

	
27,40

	
$10.000

	  
	
67006

	
DIESEL GENERATORS - REPAIRS/MAINTENANCE

	
41,10

	
$15.000

	  
	
67017

	
MAIN ENGINE REPAIRS/MAINTENANCE

	
41,10

	
$15.000

	  
	
67008

	
PAINTS AT SEA

	
27,40

	
$10.000

	  
	
67010

	
RADIO ROOM NAVIGATION MAINTENANCE

	
13,70

	
$5.000

	  
	
67011

	
REPAIRS - MAINTENANCE

	
41,10

	
$15.000

	  
	
67012

	
SLOPS & GARBAGE REMOVAL

	
0,00

	
$0

	  
	
67016

	
SUPER.ENGIN/PORT CPTN OTHER FEES&EXPS

	
54,79

	
$20.000

	
$135.000

	
67019

	
VESSELS IT HARDWARE EQUIPMENT

	
13,70

	
$5.000

	  	
Repairs and Maintenance Subtotal

	
369,86

	
$135.000

	
Accounts Code

	
Other Vessel Operating Expenses

	
66010

	
SAFETY ITEMS

	
41,10

	
$15.000

	  
	
68001

	
CABIN STORES - ACCOMODATION

	
13,70

	
$5.000

	  
	
68015

	
GALLEY-KITCHEN EQUIPMENT

	
6,85

	
$2.500

	  
	
68013

	
WATER SUPPLY

	
0,00

	
$0

	  
	
66002

	
ACCRUALS-OPERATING EXPS

	
0,00

	
$0

	  
	
66001

	
APPROVAL-SUITABILITY INSPECTIONS

	
82,19

	
$30.000

	  
	
66004

	
CHARTS/N.PUBLICATIONS

	
27,40

	
$10.000

	  
	
66023

	
CLASS AND STATUT CERTIFICATES/INSPECTION

	
27,40

	
$10.000

	  
	
66005

	
CLEARING/FORWARDING EXPS

	
68,49

	
$25.000

	  
	
66006

	
DECK STORES

	
41,10

	
$15.000

	  
	
66007

	
ELECTR.DEPT-STORES

	
13,70

	
$5.000

	  
	
66008

	
ENGINE STORES

	
27,40

	
$10.000

	  
	
66022

	
FLAG CERTIFICATES/INSPECTION

	
4,11

	
$1.500

	  
	
66026

	
OTHER CONSULTANCY DOCUMENTATION SERVICES

	
41,10

	
$15.000

	  
	
66021

	
PORT DUES RELATED TO PROTECTING AGENTS

	
27,40

	
$10.000

	  
	
66018

	
PROTECTING AGENTS FEES/EXPENSES

	
27,40

	
$10.000

	  
	
66027

	
QUALITY DPT CERTIFICATES/INSPECTION

	
27,40

	
$10.000

	  
	
66024

	
SAFETY EQUIP MAR CERTIFICATES/INSPECTION

	
27,40

	
$10.000

	  
	
66025

	
SAFETY EQUIP TEC CERTIFICATES/INSPECTION

	
41,10

	
$15.000

	  
	
66011

	
STATIONERY EXPS

	
13,70

	
$5.000

	  
	
66019

	
SUBSCRIPTIONS & MEMBERSHIPS

	
6,85

	
$2.500

	  
	
66020

	
TECHNICAL CONSULTANCY DOCUMENTATION SERV

	
27,40

	
$10.000

	  
	
66012

	
TELECOMMUNICATIONS

	
41,10

	
$15.000

	  
	
66013

	
TONNAGE TAX

	
20,55

	
$7.500

	
$241.500

	
66014

	
VARIOUS EXPS

	
6,85

	
$2.500

	  	
Other Vessel Operating Expenses Subtotal

	
661,64

	
$241.500

	
66009

	
Lubricants

	
493,15

	
$180.000

	
$180.000

	
Accounts Code

	
Spares

	
67002

	
AUX.MACHINERY SPARE PARTS

	
27,40

	
$10.000

	  
	
67004

	
BOILER SPARES

	
27,40

	
$10.000

	  
	
67014

	
DECK SPARE PARTS

	
27,40

	
$10.000

	  
	
67007

	
DIESEL GENERATORS SPARE PARTS

	
27,40

	
$10.000

	  
	
67015

	
MAIN ENGINE SPARE PARTS

	
41,10

	
$15.000

	
$60.000

	
67009

	
RADIO ROOM NAVIGATION-EQUIPMENT SPARES

	
13,70

	
$5.000

	  	
Spares Subtotal

	
164,38

	
$60.000

	  	
Extraordinary Expenses

	
0,00

	  	  
	  	
Less corresponding claims

	
0,00

	  	  
	  	
TOTAL OPEX WITHOUT DD EXPENSES

	  	
$2.018.100

	  
	  	
DAILY OPEX WITHOUT DD EXPENSES

	  	
$5.529

	  
	  	
DD Adjustments (5y / 2.5y amortization)

	
0,00

	  	
$5.529

	  	
TOTAL OPEX WITH DD EXPENSE

	
5.529,04

	
$2.018.100

	  	
DAILY OPEX WITH DD EXPENSES

	  	
$5.529

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "D" (ASSOCIATED VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

	Date of Agreement:    	   10th March 2014
	  

Details of Associated Vessels:

 

:

 

	
Hull S406 tbn ESHIPS TAWEELAH

 

	
Hull S407 tbn ESHIPS BURAIMI

 

	
Hull S414 tbn ECOTANK

 

	
Hull S417 tbn ECOSHIP

 

	
Hull S418 tbn ECOFLEET

 

	
Hull S419 tbn ECO REVOLUTION

 

	  

 

  

  

  

ANNEX E  (Management Fees)

	
Duration of Contract

 

 

Services and Relevant Fees:

	
Five (5) years, automatically renewed.

 

 

●   USD 550 per day per vessel for Technical and Crew Management, Insurance, Provisions and Bunkering.

      Applicable 3 months prior delivery from the yard.

●    USD 300 per day per vessel for Commercial Management.

        Applicable from the date of delivery from the yard.

●    Accounting Services at cost.

 

	
Fee Annual Increase:

	
Based on total percentage increase in the U.S. Consumer Price Index over the previous year, but not less than 2% and not more than 5%.

 

	
Commission on all hires / gross freight /demurrage:

 

Sales and Purchase Commission:

 

 

N/B Construction – Supervision Fee:

	
1.25%

 

 

1% of the Sale or the Purchase Price

 

7% of actual cost.

 

	
 

Managers’ Superintendent’s Fee

beyond 10 days per annum:

 

	
 

USD 500 per day, plus actual expenses.

	
Notice of Termination:

 

Termination Fees:

 

	
18 months

 

Fees for 12 months.

 

	

1. Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

2. Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such deductible range.

3. Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the operation of the vessel.

4. The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this agreement.

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

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