Document:

Exhibit 10.7 

 

 

SHIPMANAGEMENT
AGREEMENT

 

This Shipmanagement Agreement
is entered into this 30th January, 2018

BETWEEN

 

(1) VOYAGEURS
SHIPPING CO. LTD a company organized and existing under the laws of Liberia having its registered office at 80, Broad Street,
Monrovia, Liberia (hereinafter referred to as “the Owners”); and

 

(2) C
TRANSPORT MARITIME S.A.M., a corporation organized and existing under the Laws of the Principality of Monaco, having its registered
office at 7 Rue du Gabian, 98000 Monaco (hereinafter referred to as “the Managers”),

 

the Owners and the Managers hereinafter
referred to as "the Parties" and each as a "Party".

 

1.       Definitions

 

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

 

"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.

 

“ISM
Code” means the International Safety Management Code for the Safe Operation of ships and for Pollution Prevention as adopted
by the International Maritime Organization (IMO).

 

“Management
Fees” means the Basic Management Fees provided under Annex A.

 

“Management
Services” means the management services provided under Clauses 3.A. and 3.B., which shall mean all of them or any of them
as the context may require.

 

“Qualifying
IPO” means the completed initial public offering, as approved by the board of directors of GoodBulk Ltd, of all or a portion
of the authorised shares (irrespective of their class or category) issued, or to be issued, by GoodBulk Ltd. pursuant to which
authorised shares have been listed for trading on the New York Stock Exchange or the Nasdaq in the United States of America (or
any other internationally recognized stock exchange).

 

“IPO
Date” means the date on which a Qualifying IPO occurs.

 

“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.

 

“STCW
95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as
amended in 1995 and as it may further be amended or supplemented.

 

     

     

    

 

"Vessel"
means the M.V. Voyageurs (IMO No. 9300570) to be renamed MV Aquavoyageurs, which will be registered in the ownership
of the Owners, under the Liberian flag with the Liberian Ships Registry.

 

This
Agreement (with its Annex A) contains the entire agreement and understanding between the parties hereto and supersedes all prior
negotiations and agreements on any matter hereof.

 

Words
importing the plural shall include the singular and vice-versa.

 

2.       Appointment
of Managers

 

With
effect from the date of delivery of the Vessel to the company “Voyageurs Shipping Co. Ltd.” which delivery
is the “Effective Date”, 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 term of this Agreement, the Managers shall carry out Management Services
in respect of the Vessel as agents for and on behalf of the Owners. The Managers shall have authority to carry out any and all
functions pertaining to the Management Services provided herein below, to take such actions and perform all such acts and things
as they may from time to time in their absolute discretion consider to be necessary or appropriate to enable them to perform this
Agreement in accordance with sound ship management practice.

 

A.
      In their capacity as Managers of the Vessel and subject to the terms and conditions
hereafter provided, the Managers are entrusted with the following Management Services:

 

3.A.1       Crew
Management (See also Clause 10)

 

The
Managers shall provide adequate and properly 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 insurances for the crew other than those insurances 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 onboard 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 negotiations
(if applicable);

 

		(viii)	operating the Managers’
drug and alcohol policies.

 

3.A.2      Technical
Management.

 

The Managers
shall provide 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 the upkeep of the Vessel to
                                         the standards required by the Owners provided that the Managers shall be entitled to
                                         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)	appointment
                                         of surveyors and technical consultants as the Managers may consider from time to time
                                         to be necessary;

 

		(iv)	arranging
                                         transportation of Managers’ shore personnel when servicing the Vessel;

 

		(v)	at least
                                         two visits per year to the Vessel by superintendents or other qualified employees of
                                         the Managers;

 

		(vi)	implementation
                                         and maintenance of a Safety Management System (SMS) in accordance with the ISM Code and
                                         the Vessel compliance with the requirements of the applicable flag state and the ISPS
                                         code;

 

		(vii)	In
                                         the event that the Managers’ superintendents or other qualified employees visit
                                         the Vessel in excess of thirty (30) days in any calendar year (and pro rata for any part
                                         of calendar year in which the Managers shall act as Managers), and/or in the event that
                                         the Managers provide repairs on the Vessel, the Owners shall pay the Managers the remuneration
                                         provided in Annex A.

 

The Manager
shall not undertake expenses in excess of USD50,000 off the budget for any particular item for any one year, without the prior
written approval by the Owner.

 

3.A.3       Insurance
arrangements

 

The Owners
shall arrange insurances in accordance with Clause 6 or shall instruct the Managers to arrange insurances on such terms and conditions
as the Owners shall have agreed in particular regarding cover, conditions, insured values, deductibles, franchises, claims handling
and reporting.

 

     

     

    

 

Subject
to Clause 6 and without limiting the generality of the foregoing, the Managers shall be responsible for any or all of the following:

 

		(i)	engaging
                                         the services of their appointed insurance brokers to assist them in arranging such insurances;

 

		(ii)	compiling
                                         such statistics and enter into negotiations with such first-class insurance companies,
                                         underwriters and P&I Clubs as they consider necessary or desirable in order to arrange
                                         such insurances;

 

		(iii)	arranging
                                         for all cover notes to be checked and for all premia, calls and debit notes to be paid
                                         promptly by their due date;

 

		(iv)	subject
                                         to the prior instructions of the Owners, handling and/or procuring settlement of any
                                         claims in connection with the Vessel.

 

The Managers
shall be reimbursed for any and all cost and expenses incurred under 3.A.3, as provided in clause Annex A, and

 

3.A.4       Provisions

 

		(i)	The Managers
                                         shall arrange for the supply in necessary quantities of the Vessel’s needs in stores,
                                         consumable stores, spare parts, system and lubricating oils to the standard implied by
                                         their shipmanagement obligations in this Agreement.

 

		(ii)	The
                                         Managers shall establish and maintain cost effective procedures for the purchase and
                                         supply of goods and services of the required quality.

 

		(iii)	Where
                                         the Managers have negotiated terms and conditions with suppliers of any stores, spares,
                                         provisions or lubricating oils (“Goods”) and/or suppliers of services required
                                         by the Vessel, then the purchase of such goods and services, unless operational or other
                                         circumstances require, shall be undertaken with such suppliers on the basis of terms
                                         and conditions negotiated by the Managers.

 

		(iv)	The
                                         Managers shall use all reasonable effort to achieve lowest prices available. If the Owners
                                         are able to obtain good faith, on arm’s length terms, on a true like for like basis
                                         (including quality, certification, place of supply, manufacturer, etc but ignoring taxes
                                         and exchange rate fluctuations) the same Goods and services at a lower price than obtained
                                         by the Managers the Owners will supply full details to the Managers and the Managers
                                         will be allowed to inquire to match such offers. In the event that the Managers cannot
                                         provide an equal or better match to such offers and provided that the Managers are not
                                         bound by any short/long term agreement for the provision of such Goods and services,
                                         the vendor suggested by the Owners will be used. In such case, the vendor will have to
                                         extend to the Managers all terms/conditions that are in force with the Owners.

 

		(v)	The Owners
                                         cannot, except as described in clause (iv), instruct the Managers to use Owners’
                                         vendors. The Managers will consider any such proposal from the Owners and will make their
                                         reasonable efforts to satisfy same, provided it does not have negative impact on other
                                         areas of the Managers’ business.

 

B.In
addition to the Management Services provided under Clause 3.A. above, the Managers may also be entitled to carry out the following
Management Services, provided always that the

 

     

     

    

 

Managers shall be instructed by the Owners to this effect and subject to the other
terms and conditions hereinafter provided: 

 

4.       Managers’
obligations

 

4.1     The
Managers undertake to use best endeavors to provide the agreed Management Services as agents for and on behalf of the Owners in
accordance with sound ship management practice and international standards, applicable statutory and regulatory requirements and
policies 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 Clause 3.A.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 taking over the duties and responsibilities imposed
by the ISM and ISPS Code when applicable.

 

4.3 Miscellaneous

 

(a)      The
Managers shall not give a preference to other vessels it is managing under arrangements with persons other than Owners and will
ensure a fair distribution of available manpower, supplies and services to the Vessel and its operations.

 

(b)      Notwithstanding
anything in this Agreement to the contrary, and apart from standard increase in commissions and fees due to inflation index based
upon appropriate European Union consumer price index reasonably acceptable to the Parties, the Management Fees payable by Owners
under this Agreement shall not increase until 26th October 2022 (inclusive) and nor shall they increase for the period
of any automatic renewal of this Agreement pursuant to Clause 17.1. The provisions of this sub-clause (b) shall survive the termination
of this Agreement or its renewal.

 

As and with
effect of the IPO Date this Clause 4.3 shall be deemed amended and supplemented as follows the words “26th October
2022” shall be deleted and replaced with the calendar date being five (5) calendar years after the date of the Qualifying
IPO (for example, for indicative purposes only, if the IPO Date was 5 March 2020 in clause 4.3 the words “26th
October 2022” would be replaced by “4 March 2025”).

 

(c)      All
rights of Owners under this Agreement shall be exercised solely by the Board of Directors of Owners (“Board of Directors”)
subject to the by-laws of Owners, and all instructions, directions, waivers, approvals, specifications or other actions permitted
or required to be taken under this Agreement by Owners, including (without limitation) any express limitations imposed on the
authority of Owners, shall be taken by the Board of Directors.

 

5.       Owners’
obligations

 

5.1     The
Owners shall pay all sums due to the Managers promptly in accordance with the terms of this Agreement.

 

     

     

    

 

5.2     Without
prejudice to the Managers’ obligation to provide Crew Management Services under Clause 3.A.1 and in the event that the Owners
provide crew for the Vessel, the Owners shall:

 

		(i)	procure that all officers
and ratings supplied by them or on their behalf comply with the requirements of STCW 95; and

 

		(ii)	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 Owners
shall procure, whether by instructing the Managers under Clause 3. A.3. or otherwise, that throughout the period of this Agreement:

 

		6.1	At
                                         the Owners’ expense, the Vessel is adequately insured 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);

 

		(iv)	Certificate
                                         of Financial Responsibility (COFR), Freight Demurrage and Defense (FD&D) and/or other
                                         insurances as the Vessel’s trade may require;

 

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 (collectively “the Owners’ Insurances”).

 

6.2     all
premia and calls on the Owners’ Insurances are paid promptly by their due date,

 

6.3     the
Owners’ Insurances name the Managers and, subject to underwriters’ and Owners’ agreement, any third party designated
by the Managers as a co-assured, with full cover, with the Owners obtaining cover in respect of each of the insurances specified
in Clause 6.1, if reasonably obtainable on terms such that neither the Managers nor any such third party shall be under any liability
in respect of premia or calls arising in connection with the Owners’ Insurances.

 

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 this Agreement, and of each renewal date and, if specifically requested, of
each payment date of the Owners’ Insurances.

 

7.       Income
Collected and Expenses Paid on Behalf of Owners

 

All expenses
incurred by the Managers under the terms of this Agreement on behalf of the Owners (including expenses as provided in Clause 8
and Annex A) shall in any event remain payable by the Owners to the Managers on demand.

 

     

     

    

 

8.       Management
Fees

 

The Parties
do hereby agree with and adopt the agreement on fees and costs as set out in Annex A to this Agreement which shall be an
integral part of this Agreement.

 

9.       Budgets
and Management of Funds

 

9.1
The Managers shall present to the Owners annually a budget for the following fiscal year in the Managers ́ standard format
or such other form as may be mutually agreed in writing. The first budget which will be submitted will be for the period from
the Effective Date to December 31st, 2017. Subsequent annual budgets shall be prepared by the Managers for each calendar/fiscal
year and submitted to the Owners at least forty-five (45) days prior to the commencement of each calendar/fiscal year, in respect
of that fiscal year.

 

9.2     The
Owners shall indicate to the Managers their acceptance and approval of the annual budget within thirty (30) days of presentation
and in the absence of any such indication, the Managers shall be entitled to assume that the Owners have accepted the proposed
budget.

 

9.3     In
case requested by the Owners, following the agreement of the budget, the Managers shall prepare and present to the Owners their
estimate of the working capital requirement of the Vessel and the Managers may update this estimate as may be required from time
to time. Based thereon, the Managers shall each month request the Owners in writing for the funds required to run the Vessel for
the ensuing month, including the payment of any occasional or extraordinary item of expenditure, such as emergency repair costs,
additional insurance premia, bunkers or provisions. In addition, the Owners shall provide the Managers upon request with any funds
which the Managers may request to cover any expense which the Managers in their reasonable judgment consider to be for an emergency.
All such funds shall be received by the Managers within ten days after the receipt by the Owners of the Managers’ written
request and shall be held in a separate interest-bearing bank account or accounts which shall be operated by the Managers in trust
for the Owners. The Managers shall be entitled to allocate such funds in such manner as the Managers determine and it shall not
be open to the Owners to direct the Managers otherwise. The Managers shall not expend funds in excess of 5% of the budgeted amounts,
without prior written Owners’ approval.

 

9.4     The
Managers shall produce a monthly comparison between budgeted and actual expenditure of the Vessel in the Managers ́ standard
format or such other form as may be mutually agreed in writing. Budget/actual comparison reports will be produced and submitted
on a monthly basis within 20 days from month end and will include all invoiced and accrued expenses. On a quarterly basis the
Managers shall also provide variance explanations for variances of 10% or greater based on the total year to date cost. All invoices
will be addressed to the Vessel name, c/o the Managers.

 

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

 

10.     Managers'
Right to Sub-Contract

 

The Managers
shall not have the right to sub-contract any of their obligations hereunder, including those mentioned under Clause 3. A.1., except
to Aminta Crew Management Inc. which is carrying out the supply and management of the Vessel’s crew, without the written
consent of the Owners, such consent not to be unreasonably withheld. 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.     Responsibilities

 

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

 

11.2   Liability
to Owners. 

 

(i)       Without
prejudice to Clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense
of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection
with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services unless
same is proved to have resulted solely from the gross negligence, breach of material obligations under this Agreement 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 two times the Basic Management
Fee payable hereunder.

 

(ii)      Notwithstanding
anything that may appear to be 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 Clause 3. A.1., in which case their liability shall
be limited in accordance with the terms of this Clause 11.

 

11.3   Indemnity
- Except to the extent and solely for the amount therein set out that the Managers would be liable under Clause 11.2, the
Owners hereby undertake to keep the Managers and their employees, agents and sub-contractors indemnified and to hold them harmless
against all actions, defaults, neglect, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may
be brought against them or incurred or suffered by them arising out of or in connection with the performance of this Agreement,
and against and in respect of all costs, 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 agents 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 contained in this Agreement and every right, exemption from
liability, defense and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled under this
Agreement 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 his 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 Clause 3. A.2. and/or Crew Management in accordance with Clause
3. A.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.

 

Record keeping
periods will be determined by the Managers’ Safety Management System (SMS).

 

13.     General Administration

 

13.1. The
Managers shall 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 against or by the Owners involving
third parties, including regular (monthly or as otherwise required based on the reasonable judgement of the Managers) reports
on the handling of claims and disputes. The Managers will not settle any claim that is not covered by insurance without the approval
of the Owners. The Managers will not pursue a claim against a third party relating to the Management Services without the prior
written approval from the Owners.

 

13.2  The
Managers shall, as instructed by the Owners, bring or defend actions, suits or proceedings in connection with matters entrusted
to the Managers according to this Agreement.

 

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 (subject to Clause 3. A.3.) or all other matters affecting the interests of the Owners in respect of the
Vessel.

 

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

 

13.5  Any
costs reasonably incurred by the Managers in carrying out their obligations according to this Clause 13 shall be reimbursed by
the Owners.

 

14.    Auditing
and Financial Documentation 

 

The Managers
shall at all times maintain and keep true and correct accounts and shall make the same available for inspection and auditing by
the Owners at such times as may be mutually agreed. At any time as may be requested by the Owners, and in any event upon termination,
for whatever reason, of this Agreement, the Managers shall release to the Owners, if so requested, the originals where possible,
or otherwise certified copies, of all such accounts and all documents specifically relating to the Vessel and her operation.

 

15.    Inspection
of Vessel

 

     

     

    

 

The Owners
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 Law and Regulations

 

The Managers
will not do or permit anything to be done 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 and Termination

 

17.1    .

 

		17.1	Subject
                                         to Clauses 17.2, 17.3 and 17.4 this Agreement shall come into effect on the Effective
                                         Date and shall continue until 26th October 2022 (inclusive) and on such date
                                         shall automatically be renewed until 26th October 2027 (inclusive) and every
                                         five years thereafter this Agreement shall automatically be renewed for a further five
                                         years unless (and without prejudice to any other termination rights in this agreement):

 

		(i)	this Agreement is terminated
at any time by the Owner giving to the Manager not less than three months prior notice (other than by way of a Notice of Non-Renewal)
of termination in writing (“Early Termination Notice”), in which event the term of this Agreement shall terminate
and the Manager shall cease to be responsible for the provision of the Management Services on and from the time and date specified
in such notice; or

 

		(ii)	in respect of any automatic
renewal, this Agreement is terminated by either Party giving to the other Party, notice in writing (such notice shall not be given
any less than three months’ prior to the relevant automatic renewal date) that such Party does not agree to the relevant
automatic renewal (“Notice of Non-Renewal”), in which event the term of management under this Agreement shall
terminate and the Manager shall cease to be responsible for the provision of the Management Services on and from the date this
Agreement would otherwise have automatically renewed.

 

In
the event of termination of this Agreement by the Owner the Managers shall be entitled to receive a termination payment equal
to the prior 12 months Basic Management Fee due to the Manager as outlined in Clause 8 and annex A, save that no such termination
payment shall be payable by the Owner in the event that termination is for default of the Manager in performing their obligations
or as a result of the Manager not being permitted by applicable law to perform the services under this Agreement or due to the
insolvency of the Manager.

 

For the
avoidance of doubt, if the Manager terminates this Agreement by way of a Notice of Non-Renewal, no termination payment shall be
payable by the Owner.

 

As and with
effect of the IPO Date this Clause 17.1 shall be deemed amended and supplemented as follows:

 

(i)       the
words “26th October 2022” shall be deleted and replaced with the calendar date being five (5) calendar
years after the date of the Qualifying IPO (for example, for indicative purposes only, if the IPO Date was 5 March 2020 in clause
17.1 the words “26th October 2022” would be replaced by “4 March 2025”); and

 

(ii)      the
words “26th October 2027” shall be deleted and replaced with the calendar date being ten (10) calendar
years after the date of the Qualifying IPO (for example, for

 

 

     

     

    

 

indicative purposes only, if the IPO Date was 5 March 2020 in clause
17.1 the words “26th October 2027” would be replaced by “4 March 2030”).

 

17.2   Owners’
Default.

 

		(i)	The Managers
                                         shall be entitled to terminate this 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 thirty (30) running days of receipt by the
                                         Owners of the Managers’ written request or if the Vessel is repossessed by the
                                         mortgagees.

 

		(ii)	If the
                                         Owners proceed with the employment of or continue to employ the Vessel in 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 practicably possible.
                                         In the event that the Owners fail to remedy it within a reasonable time to the satisfaction
                                         of the Managers, the Managers shall be entitled to terminate this Agreement with immediate
                                         effect by notice in writing.

 

17.3    Managers’
Default 

 

If the Managers
fail to meet in any material respect their obligations under Clauses 3 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 a reasonable time to the satisfaction of the Owners, the Owners
shall be entitled to terminate this Agreement with thirty (30) days’ prior notice in writing.

 

17.4    Extraordinary
Termination. 

 

This Agreement
shall be deemed to be terminated in the case of the sale of the Vessel (other than sale to an affiliated company with, or to a
company belonging to the same group as the Owners) or if the Vessel becomes a total loss or is declared as a constructive or compromised
or arranged total loss or is requisitioned.

 

17.5    For
the purpose of Clause 17.4:

 

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

 

17.6    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.

 

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

 

     

     

    

 

18.      Law
and Arbitration

 

18.1    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 18.

 

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

 

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

 

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.

 

19.      Notices

 

Any notice
to be given by either Party to the other Party shall be in writing and may be sent by fax, registered or recorded mail or by personal
service.

 

( i )        if
to be served to the Managers at:

 

C
Transport Maritime Sam

7 rue du Gabian

98000
Monaco

Fax
No. +377 97982300

 

(ii)        if
to be served to the Owners, at:

 

Voyageurs
Shipping Co. Ltd

c/o C Transport
Maritime Sam

7
rue du Gabian

98000
Monaco

Fax No. +377
97982306

 

     

     

    

 

20.      Hardship

 

If the continued
performance of this Agreement becomes economically burdensome for the Parties due to an event or events not contemplated at the
time of entering into this Agreement, then the Parties agree to review the terms of clause 8 and negotiate a solution in good
faith.

 

	For
and on behalf of

        VOYAGEURS SHIPPING CO.
        LTD.

         

        /s/ Luigi Pulcini                                 

        

        Director – Luigi
Pulcini
	 	For
and on behalf of

        C TRANSPORT MARITIME
        S.A.M.

         

        /s/ John Michael Radziwill                       

        

        Director – John
Michael Radziwill

 

     

     

    

 

ANNEX
A

 

Management
Fees

 

		1.1	Basic Management Fee

 

In consideration
of the Management Services rendered by the Managers under Clause 3 of this Agreement the Owners shall pay to the Managers an annual
management fee in the lump sum amount of United States Dollars One Hundred and Forty-Four Thousand (US$144,000) (the “Basic
Management Fee”), which shall be payable by quarterly installments in advance, starting from the Effective Date.

 

		1.2	Additional Management
Fees

 

		(i)	In the event that, within
the context of Clause 3.A.2:

 

		(a)	the
                                         Managers’ superintendents or other employees visit the Vessel in excess of thirty
                                         (30) days, in any calendar year (and pro rata for part of a calendar year), and/or

 

		b)	the
                                         Managers are instructed to arrange and provide repair works on the Vessel, then the Managers
                                         shall be entitled by way of remuneration to a fee which will be agreed and calculated
                                         on a daily basis.

 

		(ii)	The
                                         Owners shall reimburse the Managers for postage, communication, and other general expenses
                                         in the lump sum amount of $15,000 per quarter, payable quarterly in advance.

 

		(iii)	The
                                         Owners shall reimburse the Managers for traveling expenses and other out of pocket expenses
                                         properly incurred by the Managers in pursuance of the Management Services.

 

		(iv)	In the
                                         event that within the context of Clause 3.A.3 the Managers provide any insurance arrangements
                                         they shall be reimbursed for time and expense at rates to be agreed on a case by case
                                         basis. Any such invoices will be payable upon presentation to the Owners.

 

		(v)	In the
                                         event that within the context of Clause 3.B.1 the Managers provide any Commercial Operations
                                         Services they shall be reimbursed for time and expense at rates to be agreed on a case
                                         by case basis. Any such invoices will be payable upon presentation to the Owners.

 

The additional
management fees provided in Clauses 1.2. (i), (ii), (iii), (iv), and (v) above are herein collectively called the “Additional
Management Fees”, which term shall mean all of them or any of them, as the context may require.

 

1.3.
       The Basic Management Fee and the Additional Management Fees shall be payable by
the Owners in consideration of the Management Services rendered by the Managers in any calendar year and shall be payable proportionately
for any part of the calendar year in which the Managers shall act as Managers.

 

1.4
        The Managers shall, at no extra cost to the Owners, provide their own office accommodation,
office staff facilities and stationery.

 

1.5         If
as a result of a collision, accident, emergency, or any other extraordinary circumstances, the Managers ́ workload is increased
beyond that which the Parties could reasonably have anticipated, the Managers shall agree with the Owners

 

     

     

    

 

reasonable additional
remuneration with regard to the nature of the extraordinary incident that occurred, the personnel and any of the Managers ́
resources deployed, and all other relevant circumstances including insurance recoveries.

 

1.6         In
the event of the appointment of the Managers being terminated by the Owners or the Managers in accordance with the provisions
of Clause 17 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, in either
case after the third anniversary of the Effective Date, the Management Fees payable to the Managers according to the provisions
of Clauses 1.1 and 1.2 shall continue to be payable for a further period of three calendar months as from the termination date.
In addition, provided that the Managers provide crew for the Vessel in accordance with Clause 3.A.1:

 

		(i)	the Owners
                                         shall continue to pay Crew Support Costs during the said further period of three calendar
                                         months; and

 

		(ii)	the
                                         Owners shall pay any Severance Costs which may materialize according to seamen’s
                                         employment agreements.

 

1.7          Unless
otherwise agreed in writing, invoiced discounts and commissions obtained by the Managers in the course of the management of the
Vessel or based on volumes applicable to the Vessel shall be credited to the Owners.

 

    

    

    

 

Schedule
of Substantially Identical Shipmanagement Agreements 

Omitted
Pursuant to Instruction 2 to Item 601 of Regulation S-K

 

Material
Details in Which Omitted Shipmanagement Agreements Differ from the Shipmanagement Agreements between Voyageurs Shipping Co. Ltd
and C Transport Maritime S.A.M., dated January 30, 2018

 

	Agreement	Counterparty

	Shipmanagement
    Agreement dated January 2, 2017                      	Aquadonna Shipping
    Co. Ltd 
	Shipmanagement Agreement dated
    January 2, 2017         	Aquamarine
    Shipping Co. Ltd
	Shipmanagement Agreement dated
    January 2, 2017                     	Aquakula Shipping Co. Ltd 
	Shipmanagement Agreement dated
    April 13, 2017             	Aquaknight
    Shipping Co. Ltd 
	Shipmanagement Agreement dated
    April 24, 2017                        	Nautical Dream Shipping Co. Ltd
	Shipmanagement Agreement dated
    May 19, 2017                         	Aquapride Shipping Co. Ltd
	Shipmanagement Agreement dated
    May 19, 2017                        	Aquacharm Shipping Co. Ltd 
	Shipmanagement Agreement dated
    June 21, 2017            	Aquavictory
    Shipping Co. Ltd
	Shipmanagement Agreement dated
    June 21, 2017                        	Aquajoy Shipping Co. Ltd 
	Shipmanagement Agreement dated
    August 1, 2017          	Aquakatana
    Shipping Co. Ltd
	Shipmanagement Agreement dated
    August 2, 2017                     	Aquahope Shipping Co. Ltd

	Shipmanagement
        Agreement dated November 7, 2017

        
	Minnehaha
        Shipping Co. Ltd

        

	Shipmanagement Agreement dated November 7, 2017	Maka Franz Shipping Co. Ltd
	Shipmanagement Agreement dated November 7, 2017	Iron Range Shipping Co. Ltd
	Shipmanagement Agreement dated November 7, 2017	Silver Surfer Shipping Co. Ltd
	Shipmanagement Agreement dated November 7, 2017	Belle Taine Shipping Co. Ltd
	Shipmanagement Agreement dated November 7, 2017	Minnetonka Shipping Co. Ltd
	Shipmanagement Agreement dated November 7, 2017	Itasca Shipping Co. Ltd
	Shipmanagement Agreement dated January 2, 2018	Pretty Carrier Co. Ltd
	Shipmanagement Agreement dated January 2, 2018	Proud Shipping Co. Ltd
	Shipmanagement Agreement dated January 2, 2018	Angel Carrier Co. Ltd
	Shipmanagement Agreement dated January 2, 2018	Scope Carrier Co. Ltd
	Shipmanagement Agreement dated January 8, 2018	Atlantic Bridge Shipping Co. LtdEXHIBIT 10.8

 

DATED
25th February 2013

 

THE MEMBERS
AND

 

C TRANSPORT
HOLDING LTD.

 

 

 

 

 

 

 

 

 

 

C TRANSPORT
HOLDING LTD.

 

REVENUE
SHARING AGREEMENT

 

    

     

    

THIS AGREEMENT
is made on the 25th day of February 2013

 

BETWEEN:

 

		(1)	Each
                                         of the Parties listed in Schedule 1, Part 1, (together the “Members”
                                         or “Member” if any one of them is mentioned);

 

		(2)	C
                                         TRANSPORT HOLDING LTD., a company incorporated in Bermuda and having its registered
                                         office at Clarendon House, 2 Church Street, Hamilton, Bermuda (the “Manager”),

 

The above
companies shall be hereinafter referred to as the “Parties” when mentioned all together and “Party” if
anyone of them is mentioned.

 

WHEREAS:

 

		(A)	The Members
                                         have agreed between them that it is in their mutual interests and is beneficial for the
                                         profitable and efficient operation of their respective Member Vessels (hereinafter defined)
                                         to employ the same pursuant to this Agreement.

 

		(B)	The Parties
                                         have agreed that the Manager should conduct the operational and commercial management
                                         of the vessels subject to this Agreement, and undertake certain other activities in relation
                                         thereto, on the terms and conditions set out herein and in the Commercial Management
                                         Agreement.

 

NOW THEREFORE
IT IS AGREED as follows:

 

1       Definitions

 

		1.1	Defined
                                         terms

 

In
this Agreement unless the context otherwise requires:

 

“Accounting
Period” means each or any period in respect of which the Accounts relating to operations and employment of the Agreement
Vessels are drawn up, being, unless otherwise provided herein, a period commencing on the Effective Date and ending on 31st December,
2012 and, thereafter, commencing on every 1st January and ending on every 31st December for each calendar year;

 

“Accounts”
means for each Accounting Period the audited financial statements (including statement of income, balance sheet, statement of
charges and Net Agreement Result);

 

“Agreement
Expenses” shall have the meaning ascribed thereto in clause 6.2(a);

 

“Agreement
Revenue” shall have the meaning ascribed thereto in clause 6.2(b);

 

“Agreement
Vessels” means, collectively, the Member Vessels and the Chartered Vessels from time to time, being, at the Effective
Date, only the Initial Member Vessels;

 

    

     

    

“Auditors”
means Deloitte & Touche of 15 Piazza della Vittoria, Genoa, Italy;

 

“Business
Days” means a day on which commercial banks are open for business in each of New York, Monaco, Genoa and Athens and
in any other place where any Member may have its principal place of business;

 

“Business
and Activity of the Manager” means the business and activities of Manager as described in clause 2.2 or (as the context
may otherwise require) such business and activities as shall from time to time be undertaken or conducted by Manager pursuant
to the terms hereof;

 

“Chartered
Vessels” means the vessels (other than Member Vessels) from time to time chartered-in by a company nominated by the
Manager (provided it is a company managed by the Manager) in order to perform any Charterparty entered into under this Agreement;

 

“Charterparty”
or “Charterparties” means collectively, all time, voyage or consecutive voyage charters, contracts of affreightment,
transportation contracts or other contracts or arrangements from time to time entered into under this Agreement in respect of
Agreement Vessels;

 

“Commercial
Management Agreement” means the agreement dated 25th February 2013 made between (1) the Members and (2) the Manager,
annexed hereto in an agreed form in Schedule 2, providing for the provision of commercial management, marketing and other operational
services by the Manager to the Members in connection with the Business and Activity of the Manager, subject to and upon the terms
and conditions therein contained;

 

“Compulsory
Acquisition” means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation,
deprivation, forfeiture or confiscation for any reason of any Member Vessel by any Government Entity or other competent authority,
whether de jure or de facto, but shall exclude requisition for use or hire not involving requisition of title;

 

“Confidential
Information” means all information relating to the operation of the Business and Activity of the Manager, including,
inter alia, all matters relating to the finances of the Business and Activity of the Manager (including details of income, expenses
and profits) and the financing of vessels and other hardware, all technical matters relating to the Agreement Vessels and the
Business and Activity of the Manager, all details relating to this Agreement and to the Members, all details relating to contracts
proposed to be entered into by the Manager relating to the Business and Activity of the Manager including Charterparties, all
details of the commercial and technical structure of the Business mid Activity of the Manager, the management structure of the
Business and Activity of the Manager and all aspects of personnel, all details of any ancillary business carried on by the Manager
or any Related Company thereof, and all other matters which are from time to time confidential to the Manager or that the Manager
from time to time deems confidential;

 

“Dollars”,
“$” or “USD” means the lawful currency of the United States of America;

 

“Effective
Date” shall have the meaning ascribed thereto in clause 18;

 

“Government
Entity” means and includes (whether having a distinct legal personality or

 

    

     

    

not)
any national or local government authority, board, commission, department, division, organ, instrumentality, court or agency and
any association, organisation or institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing
is subject or in whose activities any of the foregoing is a participant;

 

“Initial
Member Vessels” means the Member Vessels listed in Schedule 1, Part 2, hereinafter also referred to as
“Initial Member Vessel” if any one of them is mentioned;

 

“LIBOR”
means the rate at which deposits in Dollars of the relevant amount are offered to primary lending banks in the London Interbank
Market on any relevant date as from time to time conclusively certified by Citibank N.A. upon the request of the Manager;

 

“Member
Vessels” means the vessels unanimously agreed upon by the Members from time to time as becoming subject to this Agreement,
hereinafter also referred to as “Member Vessel” if any one of them is mentioned;

 

“Owner”
means, in relation to each Member Vessel, the relevant Member;

 

“Related
Company” of a Member means any company or entity directly or indirectly controlled by such Member for which purpose
“control” means either ownership of more than fifty per cent (50%) of the voting share capital (or equivalent right
of ownership) of such company or entity or power to direct its policies and management whether by contract or otherwise;

 

“Revenue
Sharing Key” shall have the meaning ascribed thereto in clause 6.1;

 

“Total
loss” means:

 

		(a)	actual,
                                         constructive, compromised or arranged total loss of any Member Vessel; or

 

		(b)	the
                                         Compulsory Acquisition of any Member Vessel; or

 

		(c)	the
                                         hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation of
                                         any Member Vessel (other than where the same amounts to the Compulsory Acquisition of
                                         any Member Vessel) by any Government Entity, or by persons acting or purporting to act
                                         on behalf of any Government Entity, unless such Member Vessel be released and restored
                                         from such hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation
                                         within thirty (30) days after the occurrence thereof (as outlined in clause 11.2).

 

		l.2	Headings

 

Clause
headings and the table of contents are inserted for the convenience of reference only and should be ignored in interpretation
of this Agreement.

 

		1.3	References

 

In
this Agreement, unless the context otherwise requires;

 

		(a)	references
                                         to clauses and schedules are to be construed as references to clauses of and schedules
                                         to this Agreement and references to this Agreement include its schedules;

 

    

     

    

		(b)	words
                                         importing the plural shall include the singular and vice versa;

 

		(c)	references
                                         to a person shall be construed as references to an individual, firm, company, corporation,
                                         unincorporated body of persons or any Government Entity;

 

		(d)	references
                                         to any person includes such person’s assignees and successors in title; and

 

		(e)	references
                                         to statutory provisions shall be construed as references to those provisions as replaced,
                                         amended or re-enacted from time to time.

 

2       Purpose
of this Agreement and activities of the Manager

 

		2.l	Purpose

 

The
purpose of this Agreement, incorporating as applicable the terms of the Commercial Management Agreement, is the regulation of
the Parties’ rights and obligations regarding the employment of the Agreement Vessels. The Manager will use reasonable endeavours
to employ the Agreement Vessels in the market with a view to maximizing the earnings of each Agreement Vessel, which shall be
shared and distributed to each Member in accordance with clause 6 below and in order to provide customers a better service and
to allow the members to benefit from enomies of scale and better income flows.

 

		2.2	Business
                                         and Activity of the Manager

 

The
Business and Activity of the Manager shall comprise, as set out in further detail in this Agreement:

 

		(a)	as
                                         its primary business, the operation of the Member Vessels under this Agreement including,
                                         without limitation, the employment of all the Agreement Vessels entrusted to its commercial
                                         and operational management and the performance of all Charterparties; and

 

		(b)	the
                                         undertaking and conducting of all ancillary activities which the Manager shall from time
                                         to time deem necessary or desirable in connection with the employment of the Agreement
                                         Vessels.

 

3       Obligations
of Members

 

		3.1	Obligations

 

Each
Member shall, in relation to each Member Vessel which is subject to this Agreement and during such time as such Member Vessel
shall remain subject to this Agreement:

 

		(a)	Make
                                         available the relevant Member Vessel for an undetermined period of time pursuant to the
                                         terms of this Agreement and shall provide the Manager with a copy of the relevant Member
                                         Vessel head charterparty;

 

		(b)	Perform
                                         all its obligations under each Charterparty to which it is a party and, without prejudice
                                         to the generality of the foregoing, shall properly man, provision and store

 

    

     

    

such
Member Vessel and maintain such Member Vessel so as to meet the requirements of any such Charterparty. The Manager shall be entitled
to inspect any Member Vessel at any time in order to ensure the same;

 

		(c)	Without
                                         prejudice to clause 3.1(h), effect and maintain in respect of such Member Vessel insurances
                                         against hull and machinery, war and protection and indemnity risks on such terms and
                                         at such values as may be required by the terms of any relevant Charterparty and procedure
                                         (if the Manager shall so require) that the Manager shall be co-assured under each Member
                                         Vessel’s P&I insurances without recourse to the Manager for payments of premiums
                                         or calls. For the avoidance of doubt the Manager shall not be co-assured in respect of
                                         any other insurances;

 

		(d)	Properly
                                         perform all its obligations under any mortgage or charge on such Member Vessel so as
                                         to avoid any arrest of such Member Vessel or other enforcement of third party security
                                         interests in the same;

 

		(e)	Without
                                         prejudice to clause 3.1(f), not sell and shall procure that any beneficial or disponent
                                         owner of the Member Vessel, if appropriate, does not sell or contract to sell such Member
                                         Vessel save and except in certain circumstances where:

 

		(i)	pursuant
                                         to clauses 3.4, 11 and 12 of this Agreement the Member’s rights and obligations
                                         are deemed terminated and/ or the Member Vessel shall be withdrawn or deemed withdrawn;
                                         or

 

		(ii)	the
                                         purchaser of the relevant Member Vessel either is already a Member or has been accepted
                                         for membership under this Agreement pursuant to clause 3.3 and has agreed to maintain
                                         the Member Vessel in question as a Member Vessel subject to this Agreement and any Charterparty
                                         to which such Member Vessel is at the time of the sale committed is novated so far as
                                         may be necessary;

 

		(iii)	it
                                         is agreed by the Members and the buyer of the Member Vessel that such Member Vessel will
                                         continue to be made available to the Manager for employment.

 

		(f)	Ensure
                                         that each Member Vessel shall at all times whilst it is subject to this Agreement be
                                         owned by or in the disponent ownership of the relevant Member;

 

		(g)	Take
                                         all reasonable steps to enforce any and all of its rights arising out of or in connection
                                         with the employment of, and the provision of services in relation to, such Member Vessel(s).
                                         Within the limits prescribed by this Agreement and subject always to any requisite agreement
                                         of any relevant P&I associations and/or clubs, the Member shall be entitled to compromise,
                                         refer to litigation or arbitration, abandon, submit to judgment or settle any such action
                                         or proceedings provided always that any such Member shall at all times keep the Manager
                                         fully advised and updated of the same.

 

		(h)	In
                                         addition effect such of the following insurances and/or such other insurances as the
                                         Manager may, in consultation with the relevant Member, deem to be required for the efficient
                                         operation of the Member Vessels;

 

		(i)	Loss
                                         of Hire and/or Freight Insurance;

 

		(ii)	Charterers’
                                         Liability Insurance;

 

		(iii)	Charterers’
                                         F.D. & D. Coverage.

 

3.2       Initial
obligations

 

Each
Member shall enter into a Charterparty with any third party as suggested by the Manager in respect of its Initial Member Vessel(s)
on the date of this Agreement pursuant to the provisions of this Agreement and in particular the provisions of clause 4.2(a).

 

3.3       Additional
Members

 

The
Members agree that no additional entities shall become “Members” under this Agreement unless all of the Members at
the time unanimously agree on the admission of such additional entity as a “Member” hereunder.

 

3.4       Withdrawal
of Member Vessels from this Agreement

 

A
Member Vessel may be withdrawn from this Agreement by a Member by giving three (3) months’ written notice to the Manager,
except that if at the expiry of of withdrawal the Member Vessel is committed to perform any Charterpart(ies), such notice shall
take effect only at the conclusion of such commitment(s).

 

Following
a notice under this clause, the Manager shall not, except with the Member’s prior written approval, conclude Charterparties
for the relevant Member for a duration which may reasonably be expected to exceed the expiry of such notice.

 

4       Obligations
and authority the Manager

 

4.1       Agreement
of Members

 

The
Manager is (and shall throughout the period of this Agreement be) hereby authorised by each and every Member from time to time
to undertake, perform and fulfill the Business and Activities of the Manager and, for such purpose but subject always to any provision
of this Agreement which requires the consent and/or approval of the Members, to negotiate, enter into and conclude in the name
and for and on behalf of each relevant Member such Charterparty as shall to the Manager· appear necessary or appropriate
to achieve the objects of this Agreement. The Manager shall at all times provide written notice to each of the Members of any
Charterparties into which it has entered together with a copy of such Charterparty.

 

4.2       Obligations
and authority of the Manager

 

The
Manager shall, and shall throughout the period of this Agreement be, and is (unless otherwise stated to the contrary) hereby authorised
by each Member in relation to its Member Vessel(s), to:

 

		(a)	Negotiate
                                         and agree the Charterparties for the Member Vessels for and on behalf of the relevant
                                         Member – to be executed by the relevant Member and the relevant third party –
                                         provided that any such Charterparty has a maximum duration of 7 months (+15 days) and
                                         by the first day of the laycan may not be more than 50 days from the date of fixing;

 

    

     

    

for
the negotiation and agreement of any such Charterparty having a duration exceeding 7 months (+15 days) or with the first day of
the laycan being more than [50] days from the date of fixing, the prior written consent of the relevant Member shall be required;

 

		(b)	to
                                         negotiate the terms of all or any Charterparties for Chartered Vessels;

 

		(c)	Make
                                         all necessary arrangements for the proper employment of the Agreement Vessels;

 

		(d)	Appoint
                                         port and other agents for the Agreement Vessels;

 

		(e)	Invoice
                                         for, and receive, all freights, deadfreights, demurrages, hire and other earnings of
                                         the Agreement Vessels and (without prejudice to clause 9) to recover all such amounts
                                         from those third parties who are properly obliged to pay the same;

 

		(f)	Pay
                                         all brokerage, commissions, port and canal charges and expenses, bunkers and any other
                                         expenses properly incurred in relation to the employment of, and the provision of services
                                         in relation to, the Agreement Vessels;

 

		(g)	Negotiate
                                         the supply of bunkers in accordance with specifications to be provided by the Members
                                         or owners of Chartered Vessels, the provision of towage, agency and other agreements
                                         necessary for the proper performance of the employment of the Agreement Vessels;

 

		(h)	Advise
                                         the Members regularly of the trading of any Agreement Vessel and to co-operate with the
                                         Members in relation to dry-docking and/or repairs planned by the Members;

 

		(i)	Unless
                                         the same are determined by the Manager to not be required, the Manager shall effect such
                                         of the following insurances and/or such other insurances as the Manager may determine
                                         in consultation with the Members to be required for the efficiency of the Operations:

 

-Ship
Managers’ Legal Liability Insurance

 

and
shall be entitled to reimbursement in full for the costs of such insurances from the Members;

 

		(j)	Promote
                                         transportation and operational services and undertake any market research, trade forecasts
                                         and market analysis that the Manager deems necessary to further achieve the objectives
                                         of the Business and Activity of the Manager;

 

		(k)	Take
                                         all such further steps and actions as shall be incidental to the matters referred to
                                         above and/or as shall, in the Manager’s view, further the objectives of the Business
                                         and Activity of the Manager; and

 

		(l)	Enter
                                         into the Commercial Management Agreement with the Manager.

 

		(m)	In
                                         case of freight commitment without bunker clause, proceed to hedge relevant bunkers.

 

    

     

    

4.3       Commercial
Management Agreement

 

It
is expressly understood and agreed that all the Business and Activity of the Manager (including, without limitation, the business,
activities and functions described in clause 2.2) shall be conducted by the Manager pursuant to the terms of this Agreement and
the terms of the Commercial Management Agreement. Except to the extent that such liabilities are covered by the Ship Managers’
Legal Liability Insurance to be taken out by the Manager pursuant to clause 4.2 (i), the Members hereby unconditionally agree,
severally (and proportionally with their participation percentage as per the Revenue Sharing Key), to defend, indemnify and hold
harmless the Manager in respect of all liabilities howsoever incurred in connection with n the performance of its obligations
hereunder or otherwise arising in connection with this Agreement. Such indemnity shall not in any event extend to any liabilities
incurred by reason of any gross negligence or willful misconduct on the part the Manager and/or its servants or agents.

 

5       Accounting

 

The
Manager shall prepare and circulate, or cause to be prepared and circulated, to each of the Members each of the following:

 

		(a)	the
                                         Accounts, no later than one hundred and twenty (120) days after the end of the relevant
                                         Accounting Period;

 

		(b)	a
                                         monthly statement of all Agreement Revenue and Agreement Expenses relating to all the
                                         Agreement Vessels during the month in question (incorporating in the case of Agreement
                                         Revenue details of such Agreement Revenue on a year to date annual/monthly/daily time
                                         charter basis), no later than thirty (30) days after the end of such month;

 

		(c)	a
                                         quarterly statement of all Agreement Revenue and Agreement Expenses relating to all the
                                         Agreement Vessels (incorporating in the case of Agreement Revenue details of such Agreement
                                         Revenue on a year to date annual/monthly/daily time charter basis), no later than thirty
                                         ( 20) days after the end of such quarter.

 

		(d)	a
                                         twelve (12) months’ budget in respect of the Member Vessels for each calendar year,
                                         no later than the beginning of December in the preceding year, which projection shall
                                         be up-dated (as appropriate) for the last six (6) months of each year no later than 31st
                                         May each year;

 

		(e)	the
                                         budgets and accounts described in clause 6.3; and

 

		(f)	such
                                         other information as to the financial performance of the Agreement Vessels as shall from
                                         time to time be agreed by the Members.

 

    

     

    

6       Remuneration
of Members; Working Capital

 

6.1       Revenue
Sharing Key

 

		(a)	For
                                         each of the Member Vessels a key figure (“Revenue Sharing Key”) shall be
                                         established, expressing the relative theoretical earning capacity of such Member Vessel
                                         on a time charter basis (based upon the description of that Member Vessel for the time
                                         being contained in the relevant Charterparty), such theoretical earning capacity to be
                                         based (inter alia) on the cargo carrying capacity and capabilities and efficiency of
                                         operation in and between the respective trades in which the Member Vessels will or would
                                         be employed and on any deficiency whatsoever attributable to any Member Vessel, including
                                         the consequences of such Member Vessel’s age or flag or crewing.

 

		(b)	The
                                         initial Revenue Sharing Key for each Member Vessel shall be as outlined in Schedule
                                         3.

 

		(c)	The
                                         Revenue Sharing Key for any Member Vessel may be varied, no more than once every year
                                         (and in any way not with retroactive effect, but only with effect as from the date of
                                         such variation), by unanimous agreement of the Members from time to time (provided such
                                         variation in any way cannot be done until the end of the first employment of each Member
                                         Vessel or before 1st January 2014 whichever is the later) to reflect the actual capability
                                         of that Member Vessel compared to the description of that Member Vessel for the time
                                         being contained in the relevant Charterparty. Unless the variation is agreed by a unanimous
                                         decision of the Members without the need for such a reference, the matter shall be referred
                                         to an independent specialist shipbroker or maritime consultant appointed for the purpose
                                         by the Manager, and the determination of such shipbroker or consultant shall be final
                                         and binding on the Members from time to time. The costs of appointing such a shipbroker
                                         or consultant shall be borne by the Manager, if the variation was requested by the Member,
                                         or by the Member requesting such variation. If the Revenue Sharing Key for any Member
                                         Vessel is varied in accordance with this clause, the description of that Member Vessel
                                         for the time being contained in the relevant charterparty shall be amended to reflect
                                         the variations in that Member Vessel’s actual capability by reason of which such
                                         variation of its Revenue Sharing Key was made.

 

6.2       Allocation
of revenue and expenses

 

		(a)	The
                                         expenses of operating the Agreement Vessels (the “Agreement Expenses”) shall
                                         comprise the aggregate of:

 

		(i)	brokers’
                                         commissions payable to third parties;

 

		(ii)	voyage
                                         expenses;

 

		(iii)	charter
                                         hire paid out by the Manager in respect of any Chartered Vessels ;

 

		(iv)	currency
                                         losses incurred by the Manager;

 

    

     

    

		(v)	other
                                         relevant expenses incurred by the Manager in the operation of the Agreement Vessels,
                                         including but limited to any expenses relating to transiting of piracy zones and/or any
                                         expenses relating to hull cleaning of any Member Vessel due to stay in ports for a period
                                         of time longer than the maximum period as provided in any relevant Member Vessel’s
                                         Charterparty or the employment contract; and

 

		(vi)	the
                                         cost of any insurances which the Manager may have effected pursuant to the provisions
                                         of clause 4.2;

 

		(b)	The
                                         gross revenue from the operation of the Agreement Vessels (the “Agreement Revenue”)
                                         shall be allocated to each one of the Members in accordance with the Revenue Sharing
                                         Key. The net amount of the Agreement Revenue to be distributed as per the above between
                                         the Member Vessels is hereinafter referred to as the “Net Agreement Result.”

 

6.3       Budgets
and Accounts

 

		(a)	The
                                         Manager shall present to the Members before the end of December each year an operating
                                         budget for the next calendar year. Such budget shall be in such form as the Members think
                                         practicable but will be divided into monthly sections and these monthly sections will
                                         be further divided by the number of Member Vessels expected to be operating under this
                                         Agreement in the relevant month and by voyage by voyage estimates in respect of each
                                         Agreement Vessel.

 

		(b)	Within
                                         fifteen (15) days after the end of each calendar month, the Manager shall present to
                                         the Members a provisional statement of the Agreement Revenue, Agreement Expenses and
                                         Net Agreement Result accumulated from the beginning of the relevant year up to the end
                                         of that month. The Manager will at the same time also present to the Members a cash flow
                                         forecast covering a six (6) week period showing the amounts required by the Manager to
                                         be retained to cover all Agreement Expenses payable during that period, as well as a
                                         contingency amount to cover any unforeseen Agreement Expenses.

 

6.4       Distribution
of Net Agreement Result

 

		(a)	The
                                         Members shall receive hire for their respective Member Vessels (based upon the Revenue
                                         Sharing Key for each of their respective Member Vessels) by monthly or semi-monthly installments
                                         in arrears. Such hire shall be based upon the Agreement Revenue and Agreement Expenses
                                         for the previous month according to the most recent monthly statement prepared in accordance
                                         with clause 6.3(b) and shall be further adjusted for each Member Vessel in accordance
                                         with the provisions of the relevant Charterparty. The Manager shall determine the amount
                                         of the Net Agreement Result to be paid out by way of hire each month having regard to
                                         cash available and to the amounts required to be retained according to the most recent
                                         cash flow projection prepared in accordance with clause 6.3(b ).

 

		(b)	Further
                                         distributions of the Net Agreement Result (which shall always be paid by way of hire
                                         for the Member Vessels) shall be made at such times as the Manager

 

    

     

    

shall
determine and a final distribution for each calendar year shall be made following the presentation of the audited Accounts for
that year in accordance with clause 5(a). Each such further distribution shall be subject to adjustment for each Member Vessel
in accordance with the provisions of the relevant Charterparty (after allowing for adjustments already made in accordance with
clause 6.4(a). However, in relation to performance claims under the relevant Charterparty, the Manager may determine whether such
claims shall be satisfied by way of deduction from hire and/or by way of variation of the Revenue Sharing Key and of the description
of the relevant Member Vessel in the relevant Charterparty according to the nature and extent of each such performance claim.

 

6.5       Working
Capital

 

		(a)	Members
                                         are required to contribute working capital in the amount of US$ 1,000,000 per each of
                                         their respective Member Vessel(s) by means of cash and/or bunkers it however being understood
                                         that Members shall endeavour to deliver their said respective member vessels to the RSA
                                         with bunkers not exceeding a value of USD 500,000. Said working capital is to be deposited
                                         in the bank account instructed by the Manager not less than five (5) days prior entry
                                         of the Member Vessel into the Revenue Sharing Agreement.

 

		(b)	Bunkers
                                         quantities/prices

 

		a.	Prices
                                         of bunkers on delivery into RSA to be as per Singapore platts on date of delivery or
                                         closest date if on the delivery date there is not platts published

 

		b.	Bunkers
                                         on redelivery from the RSA to member to be about same quantities as on delivery into
                                         the RSA. Prices on redelivery to be as per Singapore platts on date of redelivery or
                                         closest date if on the redelivery date there is not platts published.

 

		(c)	In
                                         the event the cash flow projections prepared pursuant to clauses 5(e) and 6.3(b) evidence
                                         an operating loss during any relevant period, or if as a result of any unbudgeted Agreement
                                         Expenses, any loss arises, the Members shall be required, and hereby agree, to contribute
                                         further working capital in the same proportion as outlined in Clause 6.2(b), such contribution
                                         to be made within five (5) days from the receipt of a demand from the Manager.

 

6.6       Non-payment

 

Any
payment or contribution which is required to be made pursuant to this clause 6 which is not paid within the time specified shall
bear interest at the rate of two per cent ( 4%) per annum above LIBOR from the expiry of any notice period to the actual date
of payment.

 

7       Confidentiality

 

Except
for disclosures required by any judicial or administrative proceeding or by any governmental or regulatory authority, no
Member shall disclose or communicate to any person (other than to their respective professional advisors and/or financiers)
or use or exploit for any purpose whatever any of the Confidential Information which the relevant Member may receive or
acquire as a result of entering into this Agreement and/or becoming a Member hereunder, and each Member shall use all
reasonable endeavors to prevent any Related Company thereof or any company which has its vessel(s) fully managed by
such

    

     

    

 

Member
or any of its or their employees or any person under its or their direct or indirect control from so acting. This restriction
shall continue to apply after the expiration or termination of this Agreement or after such Member ceases to be a Member without
limit in point of time, but shall cease to apply to information or knowledge which may properly come into the public domain through
no fault of the Member so restricted.

 

8       No
Partnership

 

8.1       Partnerships

 

It
is hereby expressly agreed between the parties hereto that neither this Agreement nor any of the revenue sharing arrangements
contemplated hereby shall constitute any of the Members, Company or the Manager as partners in law or in equity.

 

9       Liabilities;
Claims against Third Parties

 

9.1       Liabilities

 

It
is understood and agreed that, each Member, , will, subject to the provisions of the relevant Charterparty, issue or authorise
the issue of all bills of lading, waybills and other documentary receipts in respect of cargoes carried on board its relevant
Member Vessel(s), and each Member shall therefore, without prejudice to subclause 3.1(g) and hereof, assume exclusive responsibility
in relation to its relevant Member Vessel(s), vis-à-vis all third parties, for the negotiation and settlement of all claims
arising in relation thereto. All liabilities for cargo damage shall be assumed by the respective Member in relation to its relevant
Member Vessel(s). Any other liabilities to third parties in respect of loss or damage sustained in consequence of the operation
of any of the Member Vessels shall be assumed by the relevant Member in relation to its relevant Member Vessel(s).

 

9.2       Claims

 

All
claims relating to Member Vessels shall be handled by the relevant Member in conjunction with Manager and the relevant Member’s
P&I association and/or Club and Manager will provide all appropriate documentation to assist and/or support such claim. Any
loss, cost and/or expenses arising from any claims relating to any Chartered Vessels and/or relating to cargoes not performed
by any Member Vessel, shall be shared between the Members in accordance with their participation percentage as per the Revenue
Sharing Key.

 

10       Chartering-in
of vessels (and cargo commitment)

 

In
order to facilitate the efficient, flexible and profitable operation of the Business and Activity of the Manager, the Manager
may, from time to time, fix Chartered Vessels to cover any employment entered into and/or take forward cargo commitments commencing
not later than 3 months after the date of fixture. Such commitment not to exceed 3 months’ duration. The Manager can not
create a short position unless obliged by circumstances e.g. if there is only one vessel to be fixed and one cargo to be covered
and the managers have to fix the vessel first then automatically there is a short position .All costs and expenses resulting from
and in relation to such charters or employments shall represent liabilities of Manager and the earnings of all Chartered Vessels
shall constitute Agreement Revenue,

 

    

     

    

provided
that any liability to third party in respect thereto shall be proportionally assumed and shall be shared between the Members in
accordance with their participation percentage as per the Revenue Sharing Key. Claims in relation to Chartered Vessels shall be
handled by the Manager and all costs and expenses in relation thereto shall be shared between the Members in accordance with their
participation percentage as per the Revenue Sharing Key.

 

11       Term

 

11.1       Term

 

This
Agreement shall come into effect on the Effective Date and, subject to the provisions of clause 9 of the Commercial Management
Agreement, shall terminate upon the first to occur of the following events:

 

		(a)	The
                                         Members mutually agree to terminate this Agreement;

 

		(b)	The
                                         Commercial Management Agreement is terminated pursuant to clause 9 thereof;

 

		(c)	If
                                         there are more than two Members, then as to the termination solely of one (1) particular
                                         Member’s rights and obligations under the Agreement:

 

		(i)	following
                                         said Member’s termination pursuant to a three (3) month prior written notice to
                                         the Manager, except that if at the expiry of such notice the Member Vessel is committed
                                         to perform any Charterpart(ies), such notice shall take effect only at the conclusion
                                         of such commitment(s).. Following a notice under this clause, the Manager shall not,
                                         except with the Member’s prior written approval, conclude further Charterparties
                                         for any Member Vessel for a duration which may reasonably be expected to exceed the expiry
                                         of such notice;

 

		(ii)	(upon
                                         such Member’s compulsory withdrawal in accordance with clause 12;

 

		(iii)	upon
                                         such Member no longer owning or chartering-in any Member Vessels; or

 

		(d)	at
                                         such time as there is only one Member hereunder.

 

11.2       Total
Loss

 

A
Member Vessel that is determined to be a Total Loss shall be deemed withdrawn from this Agreement at the time of such Total Loss.
For the purposes of this clause 11.2 a Total Loss shall be deemed to have occurred:

 

		(a)	in
                                         the case of an actual total loss of a Member Vessel on the actual date such Member Vessel
                                         was lost or, if such date is not known, on the date on which such Member Vessel was last
                                         reported;

 

		(b)	in
                                         the case of a constructive total loss of a Member Vessel, upon the date and at the time
                                         notice of abandonment of such Member Vessel is given to the insurers of such Member Vessel
                                         (provided a claim for total loss is admitted by such insurers) or, if such insurers do
                                         not forthwith admit such a claim, at the date and at the time at

 

    

     

    

which
either a total loss is subsequently admitted by the insurers or a total loss is subsequently adjudged by a competent court of
law or arbitration tribunal to have occurred;

 

		(c)	in
                                         the case of a compromised or arranged total loss, on the date upon which a binding agreement
                                         as to such compromised or arranged total loss has been entered into by the insurers of
                                         a Member Vessel;

 

		(d)	in
                                         the case of Compulsory Acquisition, on the date upon which the relevant requisition of
                                         title or other compulsory acquisition occurs; and

 

		(e)	in
                                         the case of hijacking, theft, condemnation, capture, seizure, arrest, detention or confiscation
                                         of a Member Vessel (other than where the same amounts to Compulsory Acquisition of such
                                         Member Vessel) by any Government Entity, or by persons purporting to act on behalf of
                                         any Government Entity, which deprives the Manager of the use of such Member Vessel for
                                         more than thirty (30) days, upon the expiry of the period of thirty (30) days after the
                                         date upon which the relevant hijacking, theft, condemnation, capture, seizure, arrest,
                                         detention or confiscation occurred (provided however that any one of the above events
                                         shall not be considered as Total Loss for so long as the final charterers of the Member
                                         Vessels are paying the charter hire ).

 

11.3       Continuing
obligations

 

The
withdrawal by any Member of any one or more of its Member Vessels (including, without limitation, as a result of a Total Loss)
shall be strictly without prejudice to the obligations of such Member hereunder in relation to the outstanding costs and expenses
of the Manager in respect of the Member Vessel(s) in question.

 

12       Compulsory
Withdrawal

 

12.1       In
the event that any of the following events shall arise in relation to any Member:

 

		(a)	a
                                         petition is presented or an order is made or a resolution is passed for the winding up
                                         or bankruptcy or insolvent re-organization of such Member or bankruptcy protection proceedings
                                         including without limitation administration proceedings or in the USA Chapter 11 proceedings
                                         or a receiver, trustee or liquidator is appointed in respect of such Member or any event
                                         analogous thereto and having the same or similar effect shall occur in relation to such
                                         Member; or

 

		(b)	such
                                         Member shall commit any breach of any of the terms of this Agreement which shall not
                                         be remedied or made good within a period of thirty (30) days after notice requiring remedy
                                         of the same shall have been served upon the relevant Member by Company;

 

then,
the Manager may (at its option) serve upon the Member in question a notice in writing requiring its compulsory withdrawal from
this Agreement. Such notice shall become effective for the purposes of expelling such Member from this Agreement with immediate
effect. Any compulsory withdrawal shall, however, operate without prejudice to the obligations of the

    

     

    

relevant
Member accrued up to the effective date of such notice (including, without limitation, the obligations of such Member in respect
of outstanding costs and expenses of the Manager) and shall, at Manager’s option, be subject to (i) the fulfillment of all existing
contract commitments for that Member’s Member Vessel(s) or (ii) the provision by that Member of a substitute vessel(s) for
a duration equal to the remaining period of the contract commitments for which such relevant Member Vessel(s) would have been
used.

 

		12.2	In the
                                         event that any Member Vessel will be off-hire for a period exceeding 30 days, the Manager
                                         may (at its option) serve upon the relevant Member a notice in writing requiring the
                                         compulsory withdrawal of such Member Vessel and the consequent withdrawal of such Member
                                         in the event any such Member Vessel is Member’s only Vessel.

 

13       Law
and jurisdiction

 

13.l       This
Agreement is governed by and shall be construed in accordance with English law.

 

		13.1	Any
                                         dispute arising under this Agreement shall be referred to arbitration in London in accordance
                                         with the Arbitration Act 1996 or any statutory modification or reenactment thereof save
                                         to the extent necessary to give effect to the provisions of this Clause. The arbitration
                                         shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
                                         Terms current at the time when the arbitration proceedings are commenced.

 

The
reference shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send
notice of such appointment in writing to the other Parties requiring the other Parties to appoint their own arbitrators within
14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Parties appoint
their own arbitrators and give notice that it has done so within the 14 days specified. If the other Party do not appoint their
own arbitrators and give notice having done so within the 14 days specified, the Party referring the dispute to arbitration may,
without the requirement of any further prior notice to the other Parties, appoint its arbitrator as sole arbitrator and shall
advise the other Parties accordingly. The award of a sole arbitrator shall be binding on the 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.

 

For
the avoidance of doubt, all disputes arising out of or in connection with any Charterparty executed pursuant to this Agreement
shall be determined in accordance with the dispute resolution provision(s) of said Charterparty.

 

14       Assignment

 

Any
Member shall, subject to the giving of prior notice in writing to the Manager, be entitled to assign to any third party the benefits
of its membership in this Agreement and, in particular, its entitlement to the Net Agreement Result. No such assignment shall
however in any respect alter or otherwise affect the nature and extent of the obligations assumed by each Member hereunder, which
shall not be capable of transfer without the express prior

 

    

     

    

agreement
in writing of the remaining Members and shall be subject to the execution by such transferee, the Manager and the remaining Members
of an Addendum to this Agreement.

 

15       Entire
Agreement

 

With
the exception of the Commercial Management Agreement, this Agreement contains the entire agreement between each of the Members
and the Manager with respect to the subject matter hereof.

 

16       Severance

 

The
clauses of this Agreement shall be deemed to give rise to separate and independent rights and obligations of the parties hereto.
To the extent that any clause (or part thereof) of this Agreement is subsequently found to be invalid or unenforceable the
same shall not affect any other part of this Agreement, which shall remain in full force and effect. In such event, the parties
hereto shall negotiate in good faith to agree upon altered terms of this Agreement to replace those which have been found to be
invalid or unenforceable.

 

17       Notices

 

Every
notice, request, demand or other communication under this Agreement shall:

 

		(i)	be
                                         in writing delivered personally or by first-class prepaid letter (airmail if available),
                                         fax or telex (confirmed in the case of a fax or telex by first-class prepaid letter sent
                                         within 3 days of dispatch, but so that the non-receipt of such confirmation shall not
                                         affect in any way the validity of the fax or telex in question);

 

		(ii)	be
                                         deemed to have been received, subject as otherwise provided in this Agreement in the
                                         case of a fax at the time of transmission, in the case of a telex in the time of despatch
                                         with confirmed answerback of the addressee appearing at the beginning and end of the
                                         communication (provided that if the date of despatch is not a business day in the country
                                         of the addressee it shall be deemed to have been received at the opening of business
                                         on the first following business day) and in the case of a letter when delivered personally
                                         or 3 days after it has been put in to the post; and

 

		(iii)	be
                                         sent:

 

if
to be sent to the Members, at

 

		•	For
                                         Dry Bulk Handy Holding Inc., Dry Bulk Cape Holding Associated Inc., Dry Bulk Argentina
                                         Inc., Triton Trading & Transportation Co. Ltd., C/o C Transport Maritime SAM Gildo
                                         Pastor Center, 7 rue du Gabian, 98000 Monaco, Fax. no. +377 97982300 , attention: Mr.
                                         Gary Weston/ Mr. Luigi Pulcini

 

    

     

    

		•	For
                                         Bocimar International N.V., c/o Bocimar International N.V., De Gerlachekaai, 20, BE-2000
                                         Antwerp 1, Belgium, Fax no.............................,
                                         Attn...................................

 

if
to be sent to the Manager, at:

 

C/o
C Transport Maritime SAM

Gildo Pastor Center

7 rue du Gabian

98000 Monaco

Fax. 377 97982300

Attention : Mr. Gary Weston/ Mr. Luigi Pulcini

or to such other address, fax or telex number as is notified by one Party to the other Parties under this Agreement.

 

18       Effective
Date

 

Provided
the Charterparties in respect of the Initial Member Vessels shall have been executed, this Agreement shall be effective as of
29th January 2013 (the “Effective Date”). Such Initial Member Vessels shall be deemed to be subject to this
Agreement when they shall have dropped their outward pilots at their last respective ports of discharge and shall be empty.

 

19       Amendments

 

This
Agreement may not be amended other than by an instrument in writing executed by the parties to this Agreement. The Manager hereby
undertakes to notify the Members of any changes in law and/or other regulatory requirements which necessitate or may necessitate
any amendment of this Agreement and shall suggest the form of any such amendments. The Manager shall be entitled to suggest such
reasonable changes to this Agreement as it shall consider necessary to take account of regulatory or other changes which come
into force after the date hereof and which affect the operation of the Agreement Vessels. Such proposed changes will be communicated
in writing to the Members and, subject to the Members’ consent not to be unreasonably withheld, they will come into force
the date in which such regulatory or other changes come into effect.

 

20.       Counterparts

 

This
Agreement may be entered into in any number of counterparts and by the parties to it in separate counterparts, each of which when
executed and delivered shall be an original, but all the counterparts constitute one and the same instrument.

 

    

     

    

IN WITTNESS
WHEEREOF, this Revenue Sharing Agreement has been executed the day and year first above written.

 

THE
MEMBERS

 

SIGNED,
SEALED and DELIVERED

as
a DEED 

By
Ilias Iliopoulos and Santiago Bielenberg 

For
and on behalf of

Dry
Bulk Handy Holding Inc.

In
the presence of

S.
Faina

c/o
C Transport Maritime S.A.M.

7
Rue du Gabian, 98000 Monaco

 

SIGNED,
SEALED and DELIVERED

as
a DEED

By
G.V. Menada

For
and on behalf of

Dry
Bulk Cape Holding Associated Inc.

In
the presence of

E.
Morella

c/o
C Transport Maritime S.A.M.

7
Rue du Gabian, 98000 Monaco

 

SIGNED,
SEALED and DELIVERED

as
a DEED

By
G.V. Menada

For
and on behalf of

Dry
Bulk Argentina Inc.

In
the presence of

S.
Faina

c/o
C Transport Maritime S.A.M.

7
Rue du Gabian, 98000 Monaco

 

SIGNED,
SEALED and DELIVERED

as
a DEED 

By
Luigi Pulcini

For
and on behalf of

Triton
Trading & Transportation Co. Ltd.

In
the presence of

S.
Faina

c/o
C Transport Maritime S.A.M.

7
Rue du Gabian, 98000 Monaco

 

SIGNED,
SEALED and DELIVERED

as
a DEED 

By
Benoit Timmermans

For
and on behalf of

Bocimar
International N.V.

In
the presence of

Dimitri
Govaerts

 

     

    

    

THE
MANAGER

 

SIGNED,
SEALED and DELIVERED

as
a DEED 

By
Luigi Pulcini

For
and on behalf of

C
Transport Holding Ltd.

In
the presence of

S.
Faina

c/o
C Transport Maritime S.A.M.

7
Rue du Gabian, 98000 Monaco

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