Document:

EX-4.40

 Exhibit 4.40 
  

 
 ‘BARECON 2001” STANDARD BAREBOAT CHARTER

PART1 
1, Shipbroker BIMCO STANDARD BAREBOAT CHARTER 
CODE NAME : “BARECON 2001” 
Mitsui & CO.L TD PART I 2. Place and date lilillil!l
November 2019 :zr 
3. Owners I Place of business (CI. 1) 4. Bareboat Charterers I Place of business {CJ. 1} 
Anchor Trans lnc. Vernazza Shlptrada lnc. 
Panama City, Republic of Panama guaranteed by Elfuku
Trust Company Complex, Ajeltake Road, Ajeltake Island, Kaiun Co., Ltd. Majuro. MH96960, Marshall Islands guaranteed by Navios 
Maritime Partners L.P. 
5. Vessel’s name, call sign, flag and IMO number (CI. 1 and 3) 
Dream Canary, 3EBN6,
Panamanian flag, 1tl0,528 M.T. DIW Type Bulk Carrier, IMO Number 95830(}5 
6. Type of Vessel 7. GT /NT 180,628 M.T. DfW Type Bulk Carrier GT: 92,379 tons

NT: 60,236 tons 
8. When I Where built 9. Total DWT (abt.} in metric tons on
s1:1mmer fFeeBeafi:l 
March, 2015 at TSUNEISHI HEAVY INDUSTRIES (CEBU), 180,528 M.T. INC. 
10. Classification Society (CI. 3) 11. Date of last special survey by the Vessel’s classification society 
Nippon Kaiji Kyokal {NK) NIA 
12 ... f mtl:lef-{:1aftlsulars-of-Vesse~e--iAGIGate--miAimHFR
AHFf’ll:ler-ef months!-vaJIGity--ef-slass seFtifieate&agreed aoo.ta-Gb--J} Cargoes to be carried; All lawful cargoes within the Vessel’s capabilities/Class, IMO, flag, her insurance 
13. Port or Place of delivery (CI.3) 14. Time for delivery (CI.4) 15. Cancelling date (CI.5)

As per Clause 6 of the MOA (as defined in Clause 1 hereof) As per Clause 5 of the MOA As par Clause 5 of the MOA See Also Clause 32. 
16. Port or Place of redelivery (CI. 3) 17. No. of months’ validity of trading and class certificates upon redelivery {CI. 15) 
At one safe berth ·or one safe port WOI’Idwide In the 3 months Charterers’ option but always within the Trading Limits 
16. Running days’ notice if other thaA stated in Cl.4 19. Frequency of dry-docking Cl. 10(g) 
NIA As per Classification Society and flag state requirements 
20. Trading Limits (CI.6)

Trading Umits: always safely afloat worldRwide within International Navigation Conditions with the Charterer’s option to break same paying extra insurance~
but always In accordance with Clause 13 and 40. 
In any event any country/place designated pursuant to any International or supranational law or regulation imposing
trade 1 
and economic sanctions including countries/places sanctioned by UN/USA, prohibitions or restrictions (which may be amended from time to time during the
Charter Period) shall always be excluded. 
21. Charter Period (CI. 2) 22. Charter hire (CI. 11) 
Twelves (12) years plus/minus 30 days in Charterers’ option See Clause 35 
(See Clause 34)

23. New class and other statutory requirements (slate percentage of Vessel’s insurance value ace. to Box 29 (CI. 10(a)(ii)) 
NIA 
24. Rate of Interest payable ace. to Cl.11 (f) and, if applicable, 25. Currency and method
of payment (CI.11) ace. to PART fV 
NIA United States Dollars payable calendar monthly in advance 
26. Place of payment: also state beneficiary and bank account 27. Bank guarantee I bond (sum and place) (CI. 24 (optional) {CI. 11) 
To be advised NIA 

 

 
 ‘BARE:CON 2001” STANDARD BAREBOAT CHARTER

PART1 
30. Additional insurance cover, if any, for Owners’ account
limited 31, Additional insurance cover, if any, for Charterers’ account to (CI. 13(b) or, If applicable, Cl. 14(g)) limited to (CI. 13(b) or, if applicable, Cl. 14(g)) N/A See Clause 40 (c) 
32. Latent defecls (only to be filled in [f period other than stated in 33. Brokerage commission and to whom payable (CI.27) Cl.3) N/A NIA 34. Grace period (state number of clear
banking days) (CI. 28) 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 3D( c) agreed, Place of Arbitration musl be stated (CI. 30) See Clause 41 London I English Law 
36. War cancellation (indicate countries agreed) (CI. 26(f)) NIA 
37. Newbuilding Vessel
(Indicate with ‘yes’ or ‘no’ whether PART 38. Name and place of Builders (only to be filled In if PART Ill lit applies) (optional\ applies) NIA No 
39. Vessel’s Yard Building No. (only to be filled in if PART Ill 40. Date of lauildiR§-Shipbuilding Contract (only to be filled in if applies) PART Ill applies) N/A No
41. Liquidated damages and costs shall accrue to (s1ate party ace. to Cl. 1) a) NIA b) NIA c) NIA 
42. !-lire/Purchase agreement (indicate with ‘yes’ or
‘no’ whether 43. Bareboat Charter Registry (Indicate with ‘yes’ or ‘no’ whether PART IV applies) (optional) PART IV applies) (optional) NIA N/A See Clause 37(d) 
44. Flag and Country of the Bareboat Charter Registry (only to be 45. Country of the Unde~ying RegistfY (only to be filled in If PART filled In If PART V applies) V applies) NIA
NIA 
See Clause 37 (d) 46. Number of additional clauses covering special provisions, if agreed Clause 32 to 60 Inclusive .. PREAMBLE u It Is mutually agreed that
th1s Contract shall be performed subject to the conditions contamed m lh1s Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such
conflict but no further. It fs further mutually agreed that PART Ill and/or PART IV and/or PART V shall only apply and shall only form part of this Charter If expressly agreed and stated in Boxes 37, 42 and 43. If PART Ill and/or PART IV and/or PART
V apply, it Is further agreed that In the event of a conflict of conditions, !he provisions of PART I and PART II shall prevail over those of PART lll and/or PART IV and/or PART V to the extent of such conflict but no further. 

 

 
 PART II 
“BARECON 2001 u Standard Bareboat
Charter 
I. Definitions 1 In this Charter, the following terms shall have the 2 meanings hereby assigned to them: 3 “The Owners” shall mean the party
identified in Box 3; 4 “The Charlerers” shall mean the party Identified in Box 4; 5 “The Vessel” shall mean Lha vessel named in Box 5 and 6 with particulars as staled in Boxes 6 to .1.2.’ 7 “Financial Instrument”
means the mortgage, deed of 8 covenant or other such financial security instrument as 9 annexed to t11ls Charter and stated In Box 28. 10 “MOA” means the Memorandum of Agreement entered into between the Owners as buyers and SMALTITE
SHIPPING CORPORATION of the Marshall Islands as Sellers (the “Sellers”) dated th November 20191n respect of the Vessel. “Banking Days” shall mean the days identified In Cl.36 (b) “Total Loss” shall mean the situation
identified In Cl.40 (a) 11 2, 12 Charter Period 13 In conslderalion of the hire detailed in !2Qxl6, the Owners 14 have agreed to let and the Charterers have agreed to hire 15 the Vessel for the period stated in Box 21 (the “Charter
Period”). 16 3. Delivery Also See Clause 32 The Vessel shall be delivered and taken over by the 17 Charterers as per Clause 32. 1B

(n<JI.ap~W/e.wheJ>PAR.FJJI.a~~l/ell,$!R!IiGalefi-ill-&lx-3l! 19 w---+i’1e-0wReFS sf:tal!-befGre aA€1 at the-tlme-Gf--Gek•lefy: 20
9l<Of4;e-00e-dili-sa-te-make-!11e-\lessel-seawof1Ay-a00 21 ifl-<wef)’-<””fl-dY·-In Aull, maol*!ery-anG-eq;lii>fAeAI 22 klr-seFVise-wHler-thls GI:JaFteF. 23 The Vessel shall be dellvered by the Owners and taken 24
over by the Charterers at the port or place indicated in Box 25 13 iR-SOOI\-reaE1)LS<lfe-lleflh -as-tl’le-Gliaflerers-ffiay-<liFeBI. 26 (b) The Vessel shall be properly documented on 27 def\very In accordance with the laws of the flag
state 28 Indicated in Box 5 ~e-reqHiFemeRts of-~the 29 
Gl-assiflsatiGfl-GE)Giety-st-ated-iA-B~he-vassel r,J~GA 30 Qelivei)’---&Rati-J:lave her
SllFVey-Gycl~ate---anEI 31 tra€11f1!3 aJ-1G-class ceFI:ifisates--vali€1 fer at leaat-thB--flHmbet= 32 Gf-moot-As-agreed-i-A--Bex-4a. 33 
(s) The
dellv.,._-&-Vessel-l>y-lll<Hlwner<HlA<!-til<> 34 takiA!J-OVBf-Gf-ttle-Vessel--by tAe -GhaFterers shall 35 GGRStltute-a f1:1ll J:78FfeF!flance by tl~e Qwner-s---e.f--aH-tRe 36
Gwnerf?--eelfgatkms-unee-F---tl:lis----Giause--J,-aRG---thereafter. 37 the--Ghaftefers-sRalt-Rat---be-----entitletl--te make or--a.&seft 30 afl)L-Giaim------aga-lnst-tRe-----OwAers-on-aGGOO-R-t--tlf--any 39 conEfi:tfGRs,--feprese Rlatie As
or---wa Ffa-Rties----expressed----ef 40 implie<l-wiliHespool-l<>-the-\lessel-bYI-llle-Qwn.,._.Aaii-Oe 41 lia~le----fGf-the--Gest----ef----bldt---not tile time fef--repaiFs------eF 42 ffiAewal-s-ossasfoo-e4--by---latent defects In-the
l.£essel, Aar. 43 machioofY-er-appuFleH-a-AGes,---existing-a-t-tHe------time-af 44 delivaf)’-Ynser this Cl1arter,l>feVi<le<HiuGh-defesls-Aave 45 manifeste<l-111emselves-witllia-lwelve (12) menll1s attar 46
deHve~ess-otheFWise-provided--iR---Be-x-32.-- 47 
4. Time for Delivery Soe Clause 32 48 (lleHI~pi-hen PNlTN appiles,.af’rindiGated ,;, BOK 37J 49 
The-Ves~tlall-nel-be-<lellvered--llefere-111e-dale 50 ffidieate€1--IA-IilOX----1-4--wf.thool--the CAafleFers’ GGAS6Rl---aAft 51
IAe--<lwMrs-s~fGise-<ki<HIIIigeAse-to-<lelivef-lhe 52 \/essei-Aol-later-!11aR-1Ae-date-lndlsale<HR-BOJ<-U, 53 Ytliess-0t-he11Nise aQreed~in-€hm 18, the owners--stta-11-glve 54 llle-Gharlerers--nol-less IAaR ll>irtY409)
FURRiAg--da)IS’ 55 praliRllmuy-aA<I-eol-less IAaR louJteen .. (44)-flffilliRg.-<fays’ 56 <leflnite-Retioo-<ll’-the date en wl11oh-tl1e-\lesse!-is-expeG!e<l 57 to-be-rea<ly-for.<telivef)c-- 58
+lie-Qwn”””’””’ll-keej>-llle-CI\arteref&-<llesal)’-a<Wise<J-.sf 59 possil>le·changes-i&#i...V.ssel’s-pe8ilien, 5. Cancelling 60
(ilel-appiiGab/ewhei>I’Nm/RI~pH!N!;.arHRdiGatOO<R Box :m 61 (a) Sl1oHid--!ile-V&&sel--nol-l>e-<lellvered-latest-by-1Ae 62 ea-HGellin~ndiaateEI in Be>( Hi, tAe Ghaftor-ets---shaU 63 have 111e
optieFI-<Il-<:ansellinf)-IAis--Charle~l>y-!JMRg.the 64 Qwner8-fletlse-Gf-GansellatieA-WUhiA---lffiFly-si*{a())-ruRRffiiJ 65 
heuFs after
tl=le-GaReelnng--Gate--st-ated .. -in Be>< 15, falliRg 66 wRIGA tAis Charter. sAall reFAaiA-In-full-fGFGS-aHd-eff-esh 67 (b)--JI-il-af’peafS-lhat-the Vassel •vill-be-<lelayad-bayeR<t 68 the--saRselling.~da~wner-s may, as
soon-as-tRey 69 are-in-posiUeA--te-state-with reaseRa91e-cefl:aiA.t.y-tRe-.day 70 en-wl1ioll-lhe-\/....-eel<l·bS-rBa<ly,give-notis-of 71 ta--the-GA-aFterers ask-Ing wAetRer tRey-wlll-exefGise--thalr. 72 optieR ef
sanGelling,aM--tA6----Gptian m~::~st then----be 73 deslare<l witAin ene--hHA<Iree aRe--sil<ty-Gi!fl11--(to!l) 74 f-Hfi-Ring Ael.IFS of-.. tt!e reaeipt 9Y-the-GAafteFem--Gf--s.waR- 75
fl0li06-.<>r··WiiAffi-IAirl)’-slx-{8!l)-FIIAAins-11ours after the 76 -lillg-Qate,-wAisAO\IeF-is-ll1e.ea~IOfrli-IAs-Chart&Ms 77 Ge-net---then S3Eeralse their---eptieR--Gf--GanaelliR§, tAe 78 -seveRtJ:l day
afteF-the---feadffiass--date stated lr...-.. -tAe 79 
QwnafS!--.noUse-shaa----be-substltl::lteEI fur-the----saFloolling 80 date-II’IElieateEI iA
QQX-1-6--fef-the-purpsse--Gf-.tRis--.G.tause--lh 81 (s) Cancellution-IIRder this ClaHs~ll-be-wltlw<ll 82 prejudiee te aA~’ Glaim---tile--GRaFterers may et-he!Wise 83 ~ave eR tt:Je-Gwners l.IREier thls.Ghaftet; 84 Tradlng Restrictions 85 The
Vessel shall be employed in lawful trades for the 86 carriage of suitable lawful merchandise within the trading 87 limits indicated in Box 20. 88 The Charterers undertake not to employ the Vessel or 89 suffer the Vessel to be employed otherwise than
in 90 conformity with the terms of the contracts of Insurance 91 (including any warranties expressed or impl!ed therein) 92 without first obtaining the consent of the insurers to such 93 employment and complying with such requirements as to 94 extra
premium or othe!Wise as the insurers may 95 prescribe. 96 The Charterers also undertake not to employ the Vessel 97 or suffer her employment in any trade or business which 98 is forbidden by the law of any country to which the Vessel 99 may sail or
Is otherwise illicit or in carl)’lng illicit or 100 prohibited goods or in any manner whatsoever which 101 may render her liable to condemnation, destruction, 102 seizure or confiscation, 103 Notwithstanding any other provisions contained in
this 104 Charter it is agreed that nuclear fuels or radioactive 105 products or waste are specifically excluded from the 106 cargo permitted to be loaded or carried under this 107 Charter. +»is--ex.slusien Gees RGl--apply-te--mdk:Hsotopes 108
H-584--of---iRteAEied ta~be wseEI ff>f-~any----im:kfstf!lal, 109 Gomm~fjfiGUitural, FAeEiieal-or-ssientffiG--Purpeses 11 0 f’l’OVi4aO-IIle-GwileF6’-i>rle<-app1<Wal 11as beeo-%1aiRe<i 111 1<>-laadiRg 111ereof, 112
113 Surveys on Delivery and Redellvery 114 (Rel-app//cable-whlllri’AR+ill.appll~--l•fJ!lliHJ 115 The Owners and Charterers have the right of shall--eaGA 116 appointing surveyors for the purpose of determining and 117 agreeing in wriling
the condition of the Vessel at the time 118 of delivery.redel-iveFy-Rereum:ier--: +Ae-Gwfler6-sRall--aaaF 119 all-expeAses ef tt:Ja-Qn-Rire---Swvey--IHGiuEiing-tGSS-Gf-tliYle, 120 if aRy, aA€1 tAe-Gharlerers st!all-bea~peru;es-of-.the 121
Gff..flire-!>urvey..iRcludlnQ loss-ef-liroo,-il-any1--al-llle.-<faily 122 e€juivaleRt-te--t-he-mte--ef-hir:e-gt--pro-Fata-#lefOOf.. 123 Inspection See Clause 59 124 The Owners shall have the right maximum once per 125 year-at-aAY--time
after giving r-easi)Rable 1 month prior 126 notice to the Charterers to Inspect or survey the Vessel 127 or instruct a duly authorised surveyor to carry out such 128 survey on their behalf:b provided it does not intolfere with the
operation/Itinerary of the Vessel and/or crew (a) to ascertain the condition of the Vessel and satisfy 129 themselves that the Vessel is being properly repaired 130 and maintained. The costs and fees for such inspection 131 or survey shall be paid
by the Owners.-HAiess-tAe--Vessel 132 ls--feuru;l te JBEfl:llre--reyairs--er--FAalnteRa-ROO--iA--efdaf----ta 133 asllleve-1110-”on<lilien-se-j>revioed; 134 (b) lA <11y dosl<--if-tAe-CI1aflerers--have Rei Ofl’ desked 135
11eF-if>-aGOor<iaASB-Witlf--GiallSe41l(!ff,---+lle-oost&-an<l 136 fees-feF--Sush-lnspeetieA er sar:vey-sA-a-U--be--pakf--b.y-11-le 137 Ci1afleFOr<;;-an<l 13 

 

 
 PART II 
11BARECON 2001’’ Standard
Bareboat Charter 
neses&afY--WtoviEieEI it Elees-nokiAGuiy--IRterl’erer-wRA-U1e 140 
Gemm6f6ial-epemli9R--9f-the Vessel). +he eests aA€1 fees 141 for- s1:1eA IAspeelisn ami--suwey-s.f:lall-be--paiG----by---the 142 
~ 143 All-time---\lSeG--in-respe4-ef-iASpeGtl9A, SUR’8Y or-repaiFS 144 sha-lf--be-fer tAe CRaFlererHsoooot-.an€1--:ferFH 13aFt ef-.the 145 Ghartef-l’efiG~, 146 The
Charterers shall also permit the Owners to inspect the 147 Vessel’s log books maximum once per year wAMe-Ver. 148 reasanaBI-y--feqwested and shall whenever required by the 149 Owners furnish them with full Information regarding any 150
casualties or other accidents or damage to the Vessel. 151 9. Inventories, Oil and Stores SEE CLAUSE 53 152 A-oomplet:a--1-JweHtory-ef.--t.l:le--.Veel’s eAtiFe eEJuipment, 153 <>Ut{il---lnsiOOing s~are ~arts,--a-j>~S-afl<l--9f-a.il
154 ~lestares eR-boafd-tR0---Vessel sAall be made 155 9y-the Gt\arte-rers iR saAfunot.leR--wl-tll--tl:le-G-~Il 156 delivery anEI a~:JaiR eA-re€1~-tAe Vessel. +he 157 G-Rarte-FSfS--aRG---the 0’A’Rers, respeetivel)’, sRall-a-t-tha-
158 t-ime--ef--tlelivery aREl rede!ivoFY tal<e ove-r aAEI 13ay fer-all 159 booker~saUng--eU1-(ffiS.FGaoheEI !3FaVisioos,.patAts; 160 ropes aAEI Qther GeRsYmable steres (exsludtflft-SP8f8 161 paFts)-ifl-tl:le....sa.Q-Vesse-J-..at...tAe-then e~nent
market-pFises 162 at-t-he-parts-of-Eiellver; amf.re€1elivery, respestiv~e 163 GMrtere<S-Silal~eosYFe-Utal-all-spare pa~a llsted-irHM 164 hwentery and 1:1seEI dtHin€J the CAarter PorJeEI are 165 ~d-attheir expa!’lse fJFier
to--rode-I-I¥GFY---Gf.-lh-a 166 Vessel- SEE ALSO CLAUSE 32, AND CLAUSE 46 167 Maintenance and Operation 10. (a)(i)Maintenance and Repairs- During the Charter period 168 the Vessel shall be in the full possession and at the 169 absolute disposal
for all purposes of the Charterers 170 and under their complete control In every respect. 171 Tho Charterers shall exercise due diligence to 172 maintain the Vessel, her machinery, boilers, 173 appurtenances and spare parts In a good state of 174
repair, in efficient operating condition and in 175 accordance with good commercial maintenance 176 practice and, except as provided for in Clause 14(1), if 177 applicable, at thelr own expense, they shall at all 178 times keep the Vessel’s
Class unexpired fully-t.~~ 179 Elate with the Classlflcatlon Society indicated in Box 180 1Q maintain all other necessary certificates In force at 181 all times. 182 (ii) New Class and Other Safety Requjmments 183
J.R..#ie-evenl-ef--a»y--{mprovemeAt, s!FI.!Gtur-al eRaR§es 184 (;)f--f-’lew---eMment-----beoomiRg-nesess~f---tl-1e 185 G<>Ali””ed-<lj>eralioo-<lf-lt\e-Vessel-i:>Y-<easell-Bf-flew 186
class---fe€fHiFemeAts er by e€1mpulsery leglslatieA 187 sosYRIJ--jexsl”~ifl§-lhe-Gharterers’--loss-ol-\ime) 188 more--tAa-R---tt~e .. perGeAtaQ€1--Stated--iA Be:c 23, ·OF--if 189 Bm: 2J Is le#-l>laAk,--a-per
eeet. of the-\lasssl’s 190 ffiwfaRGe--val-IJe--a&-Stated In Bax 29,---thaR----tl:le 19’1 extem,il-any;4e-whisiHIH><ale sf hire shall-bs-vafie<l 192 aM-#Ie--rat.Je.....iA---whsR-the sest of oomplianse---s-0011 193
be-shaFad--between--tJ:l~e-s--sensemeG-ffi--.f:lrde-r 194 te-aGRieve------a-------Ra!:.lle---€1istrihutkm-----tJ:Iereef----ag 195 be-tween tlote OwneFS-afld-the---GflaFieFeFS having 196 regaFG,--------iAter-aUa,........tQ--tf:te--leA€JtR
ef the-peFieG 197 fefRaini~eHhis-Gh.artef,--Shal~·iR tRe absam::&-ef 198 agr-eement,ba-mfer-rad-to-·-tAe ais~l.lte resGIYtloo 199 melllo<klgreeo-in-Gia”se JQ, SEE ClAUSE 38 200 (iii} Financial Security w The Charterers
shall maintain 201 financial security or responsibility In respect of third 202 party liabilities as required by any government, 203 Including federal, state or municipal or other division 204 or authority thereof, to enable the Vessel, without 205
penalty or charge, lawfUlly to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 of any country, state or munlcipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether
or not such requirements have 210 been lawfully imposed by such government or 211 division or authority thereof. 212 The Charterers shall make and maintain all 213 auangemenls by bond or othe!Wise as may be 214 necessary to satisfy such requirements
at the Charterers’ 215 sole expense and the Charterers shall Indemnify the 216 Owners against all consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 {b) Operation of the Vessel -The Charterers shall
at 219 their own expense and by their own procurement man 220 1 victual, navigate, operate, supply, fuel and, whenever 221 required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and
nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state fees and any foreign general 226 municipality and/or state taxes. The Master, officers and 227 crew of tho Vessel shall be
the servants of the Charterers 228 for all purposes whatsoever, eveA if fuF any----reason 229 ap~eiflteG-l>y-the-GwRsr&, 230 Charterers shall comply with the regulations regarding 231 officers and crew ln force In the country of the
Vessel’s 232 flag or any other applicable law. 233 (c) The Charterers shall keep the Owners aJ~G-the 234 I’Fl-GJtgagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably
required. 237 (d) Flag and Name of Vessel 238 Gufing .. Jhe-GAaftef-~erlaEI,-the-Gflartefel’lHlhal-have-the 239 libe-Fly-te-paif.tt....the--Vessei iR their-EIWfl-GeleurS;-fAStall--atHI 240
<lisj>lay..their..fllflfleHRsignia-aAEJ-.IIy-IAeir-eWIH!9118<>-11ag, 241 +he G”arterers sl1all-alae-have-the-liilerty,with-the 242 QwnefS!-GonseAt,--wl:liGh---sffil.II.--.Aet---b~f\fea89flably 24 3 wi\Rhald, le
ehaege-the-flag-and/of-llle...-Aame--<>l-ille 244 \lesseHlurln§-lh~rter-P-efie<I,--F>affillAg-an<i--re- 245 J*lintin~moot-an<l ra lnstalmSFII,-reqlstmtieA-aAG 246 €1e ragistratien,.
if--reqWe€1-by-ll’la-Gw»eFS,·ShaJt--9e--at-..tle 24 7 Charterers’ expeASO-afi<J..tim~SEE CLAUSE 37 & 43 248 (e) Changes to the Yessei--SYilj~lause-W(a)(il), 249
tlle-Q\arterers-shall--make-fH>-ffif!!Gturakhaflges-.. ;n-#!e 250 Vessel Gf--GJ.laR~n tAe maGhin~ailers,. 251 appYrtenaRGaS--GF-Spare 13alts tttereet:---witheut-·in-easR 252
inskmGe--fifst--seGur~nQ----th-e--Owners!-ar:;j;lroval-thareef.-------#’ 253 the-QwAers-se-agree,the-GI!artereFS-&Rall,lf-the-GwRers 254 ss reEflliFe, restere-tAe----Vessel-te--its-fGr-mer-sooGiticHl 255 before tAe teFmiAatien ef tRis
Chaftef.- SEE CLAUSE 38 256 (f) Use of the Vessel’s Outfit. Equipment and 257 Appliances a The Charterers shall have the use of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or
their 260 substantial equivalent shall be returned to·the Owners on 261 redelivery In substantially the same geeQ......grf.leF-aAd 262 condition as when received, ordinary wear and tear excepted. The 263 Charterers shan from time to time
during the Charter 264 period replace such items of equipment as shall be so 265 damaged or wom as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be
affected 268 in such manner {both as regards workmanship and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers hava the right to fit additional 27·1 equipment at their expense and risk but the Charterers
272 shall remove such equipment at the end of the period 273 unless agreed otherwise by the Owners and the Charterers, -If rf*Juast€4-b-y-the--GwRe-Fs. Any equipment including radio 274 equipment on hire on the Vessel at time of delivery shall
275 be kept and maintained by the Charterers and the 276 Charterers shalt assume the obligations and liabilities of 277 the Owners undor any lease contracts In connecllon 278 therewith and shall reimburse the Owners for all 279 expenses incurred In
connection therewith, also for any 280 new equipment required in order to comply with radio 281 regulations. 282 (g) Periodical Dry-Docking - The Charterers shall dry- 283 dock the Vessel and clean and paint her undeJWater 204 parts whenever the
same may be necessary, but not 

 

 
 PART II 
11BARECON 2001 1’ Standard Bareboat
Charter less than once during the period stated In Box 19 or, If Box 286 19 has been lett blank, every sixty (60) calendar months 287 after delivery or such other period as may be required by 288 the Classification Society or flag state. 289 11.
Hire SEE CLAUSE 35 290 (a)-~~aflerers shall pay--hlre--<kie-lO--IAe--Gwlleffi 291 I*JAGI\Jalll’-l.,_.ooof<lanaa--WIIMile-lefm&-of..lhis--Gllarlef-iA 292 respoot-4-wAist-1-time-&RaU-ba-Gf-the--BSS&AOO: 293
(1>)-+he-Gllaflerers shal~pay to the Owners-fGf..tlle-hire-ol 294 tfte-lJessel a lldm!3 sum-iiHiw--amount:-tREl~Gated-lll--8ex--2a 295 wh!Gh-shalf..ll~la-Aot later tha~ve~uoniR!I 296 Elays-i~ha-firs~um-l>eill!JilllYeble-efl-lAe 297
dat<H~Rd-ilo<!f-of-t11o--Vesoel’s-<Jeiively--la-the-Gllaflel0rs, 298 leire--~l>alt-l>e-r>aid-<lontilloously-threu§hout-tll~rlef 299 PeFieG. 300 (c) Payment of hire shall be made in cash without 301 discount In the
currency and in the manner indicated in 302 Box 25 and at the place mentioned in Box 26. 303 {Gf--- FiAalj3ayment.of--Aire, if far a-pefleG--ef-less-llia-R--tf::t.ft.y 304 (:lllj-runniR~ eays, shatt-toa-aalsulate<l--proporlloR!I!I¥ 305
aooorffin§l te tAe--mlm98f-ef--days FemaiAiflg.--befere 306 re<lelivery---<:lnd---a<lvaMe--paymeRt--lo-I>E>-elfestee 307 aoooF<IiA!W- 308 (ef---SI!euld-lhe-Ve&sei-l>e-losH>f-FJli&siAg,.nire-ffialkease 309
fFGm-the4ate-aR€1-tlme-wh9-R---SRe--was-le~st-heaftl-e.f. 310 :r-Ae-Gate-\lpon-whlsh-tAe--Vess~e-treate9 as lost-&F 311 missing shall be t””·(-10)--<lay&-<l~er--the-\lessel-wa&-l..t 312 repoF1:e9 ar
when--lha--Vassel-is------f)estad-as.--mfssiA§-bY 313 bley9!.s1-wtliGhevef....asGUrs first /1-,ny.. .flife--{:}airJ-ln-advafloo 314 te-be-a<ljuste<i-aGGor<IIRgiy, 315 (lj Any delay-In paymente--ahntitle--!Ae-Qwnef& 316 to~i~e-..
rate-p-ef--aRAUm-a&-a{¥6ed--in BeJi 24. If 317 8~as-net-been---fi.lled.-ill;-#’t~ree-mootA-s-interbank 318 effered-rata-ln--bondon (bi~OR or-11&-wooessort-aJ--the 319 OOJ’Fe-Asy-.state~ iA Se-x 29, as
q\KlteG---by--li:Je-·BFitisR 320 Bankem’ Asseffiatlen--{88At--en-t·he date vAleA-th&-hife-fell 321 d”e,ir!Greased-l>y 2 per sent,-$aif.aW!y, 322 AA- Payment Gf Interest a~e wndei’--SHh-Gfayse-1-~11 323
l:.la-maQa-wlthin seven (7) r-uAAing-.Qay-s-ef the Elate of---lRe 324 Gwne~eGifyiRg-t.Re--ameuHl-payable-ol’-;--if’l---tR 325 ah-e.eAGe-Qf-an-iRVGioo,at-the-time-Gf-.tM-n~ayment 326 dale, 327 12. Mortgage SEE CLAUSE 44 328 (only to epply
If Box 28 lias been appropriately filled In) 329 ‘l {a)--The-Owflers-waFFaR!-tl>al-tlley-llave-no~effeated 330 any mafl~age{a)-e~e-Vassel and that--thoy-sllall-n<>t 331
elfeat-any-mortgase(&)-witllool-tl1e-prior-GO!l8enl-<>l-the 332 GllaJterei’S,whisiH;I>alkwt-I>EHifll’<l<l.OAably-witlll>altl~ 333 :1 (tl)--+lla-Vessekilarter-this Charter ls,fiAanse<l 334
b.y-a-meFl:gage-aGGeffiiAo-----00-th e Fi na AGiai-Hlstnnrtent”’” 335 +Ae-GhartOl’efS--<lRdertake-lo-eompl~rovide--sooh 336 i-nformatiGA-and--4eGUmeAts---to enat:lle the--GWRefS--.to 337 somply,wlth-all Sl.IGR
1Actrustiens-ef4irestions-in-re&affi..te 338 the ernJ31eyFAenl,.---tns-ufaROOS,------epe-FaliaR-;-fe~aiFS and 339 maiR-terumse-of.-tAe-Vessel--as-laiG-4ewn-iA--tAe---F-JnanGial 340 I-Rstrument-er-as-may¥be GiFesteG
from-time-te-time----duriAg 341 the-G\Iff6!1BY· af the Charter-l>y-lhe-marlgagee(<>}-lll 342 OOAfGFffiity~inan~menb-----+Re--CilaFtSfBfS 343 OORfirm ti:lat, ffl~ tl:lis f)tnp~se;--lhey-----Jlave-----asquai-Rted 344 themselves wltA
all--relevalll---terms,---eeA~iUon&-aflG 345 pmvisieRS----et--1:-he--Finanelal-·lnstrr.Jment and af]Fee to 346 askAGWIOOge tRis in writlng-11’1-----aAy--form tAat r+~ay-be 347 fllquiFB<i-1>y--111e-rnortgagae(&-), The
Ownei’S-WaffaR\..th aI 348 teeyfiave-not-elfeste<i-any mart~age(&-)-otheHilaR-statad 349 i!Hle><-28-aRtl-ti>a~they shall no~agree-te-any-amoodment 350 ef.-the--meftga!iJe{st--r-e-ferreG--te--ifl-Box 28 er effest--any 351
eth~m~s)------witheut-th8----f1Fi9f---OORSen~e 352 Ghartel’ef&,-WhJsh-sAaU-net-tle-uRreasenal:.lly-witAAekl.- 353 *) (Optional, Clauses 12 fal and J.2...JlU are ~tllematlves; indioate 354 altemallve agreed In Box 28l. 355 356 13. Insurance
and Repairs SEE CLAUSE 40 357 (a} During the Charter Period the Vessel shall be kept 358 insured by the Charterers at their expense against hull 359 and machinery, war and Protection and Indemnity risks 359 (and any risks against which It is
compulsory to insure for 360 the operation of the Vessel, Including maintaining 361 financial security In accordance with sub~clause 362 10(a)(lll))ln undeowrlter’s standard from as the 363 Owners have recelvedJ reviewed and shall-in 364
Wl#ingapproved,-wRIGA--a[;)pr-ova-1----sAall-flet;.........be 365 mr<laSGilably-wllhllet<l.IA-s”sh-ferm-ae-lhe--Gwn””’ 366 sl>ali--IR-wriUn~ve, whish apprevai---Wall-r>et-l>e 367 ul’lfeasoR-ably-withh.eiEh
Such insurances shall be 368 arranged by the Charterers to protect the interests of 369 both the Owners and the Charterers and the mortgagees 370 (If any), and the Charterers shall be at liberty to protect 371 under such Insurances the Interests of
any managers 372 they may appoint. Insurance policies shall cover the 373 Owners and the Charterers according to their respective 374 interests. Subjest-kHAe--previsiellS--Gf-th~cial 375 -enl;-l~nd-the-ewr<>val sf tee Owners-and 376
Uls-insl:lfBF&,---the-Ghar=tereFs shall-effeGt-all-lnsw:ed-fepair-s 377 an€! sAall r.JndeFtake--settlemeffi-aR4..-felrnOOFsement-fl:em 378 lJ;}s-insuFeFS-Gf-.all eesls in Gonneetioo--with eldeR repairs 379
as-we-U----as---msur~es,.-B*fletwes-an€1----UaSii-Uies--to-tAe 380 exteAt-9f-GeV&FaQe-UndeF tAe insuraRGeS--Rerei~d 381 foh 382 383 The Charterers also to remain responsible for and to 384 effect repairs and settlement of costs and expenses
385 incurred thereby in respect of all other repairs not 386 covered by the insurances and/or not exceeding any 387 possible franchise(s) or deductibles provided for In the 388 Insurances. 389 All time used for repairs under the provisions of sub-
390 clause 13(al and for repairs of latent defects according to 391 Clause 3(cl above, including any deviation, shall be for 392 the Charterers’ account. 393 {G}--If-«::e----wflditieFt&-ef....tt:le--abeve-if’lsuraAG9S---f3ermit
394 ad<IUiOflal-lnsH~be plaoed by-lh8-J*!rtlee,suse 395 OOV&f-8-hall-be-l-imited-to---the---amGunt fer easA paRy-set-eut 396 iA-80J<-3Q..antl-ll<»<+””,r$pe<llive~y,--=t=fle..GwAers-<>F-tfle 397
GRaJ:ter-eFS---aS-I:he Gase may-be----si:lal[--immeffiately 398 fumisll--th<HJther-party..wlthi>artl’*’lam-ol-aRy-aeeitional 399 ffiwronse-e#eGted,--IRSIOOtf’lg-.eeple&--Gf.--any saver nates 400
or--J:)eliGies-and--tf!G-WFitten-OOR-Sent-of..the--ffislJfefS-Oh.my 401 susll-require-4-i-FNWfanee in any Gase-whe~e--the---BaRSeflt 402 of sueR instueFS-is--fle.eessafY;- 403 (c) The Charterers shall upon the request of the 404 Owners provide
information and promptly execute such 405 documents as may be reasonably required to enable the 406 Owners to comply with the Insurance provisions of tile 407 Financial Instrument. 408 (d)--S<ll,jest----la--the--pr0111siGAs-ef tee Flnanaial 409
ffistnfment, if any, shouJEI---tAe--¥essel-bewme-all-BOOfa~ 410 eonstrusYve,~sompromised-GF-agreed-total-less--under-t:Ae 411 i-MliFanees reEjulred ~:mEier sua-siause---1-3{ah--all 412 irn;ura
nG9--f}SYAlents--fGF-.stleh-iess-sHall-be-paid---te--the 41 3 Gwoofs-w!’IG--Shall--distrioote--U:le .. --meAeys betweoo-tAe 414 0Wn8fo-aml-the-Chaflerero-aGGer<lirl!l-i<>-thaiHeSJlas!IVe 415 interest&.---+he C
AaFI.ere~ndeftake-to-notify---tAa-GwnefS 416 ami-the meFt~agee~ny, ef any-{)GGu~n 417 sonse€{UBRGB··Of-wAish--tlcie.JJttssel is likely-te--be-GGme-a 418 t<>ta~les&-a&4efined-11’1-1111s-<;tauea~SEE CLAUSE 40
419 (e) The Owners shall, upon the request of the 420 Charterers, promptly execute such documents as may be 421 required to enable the Charterers to abandon the Vessel 422 to insurers and claim a constructive total loss. 423
(f)-~FeF-th6---f)l.JFf39Se-Gf--iASUf-aRGe-GGVefa!)e---a{J8ifmt-.Rull 424 aru:HnaGhln~r-r-isks----u-OOer-the-pmvisief’IS-Of...sHb.. olaus~{a),lhe-value-ef..lhe-Ve&sst-ie-lhe-sum-IR<li&ated i!Hl<>J<-29~SEE CLAUSE 40 14.
Insurance, Repairs and Classification N/A 425 (Optional, only lo apply if expressly agreed and slated ill 426 Box 29. in whlcl1 event Clause 13 s!Jafl be consklered 427 deleted). 428 (a) llHrin~
tAe-Ci>artef..l>eriod-ll>a-Vesse~~all-l>e-l<ept 429 insured-hy-111e--Owners-al-tlleiH>Xpenses-ega lnst-lwll-aRd 430 maGhiRe-fY-URd war Flsks ~AdeHRe--fGfm..of-p9UGy-eF 431 

 

 
 PART II 
“13ARECON 2001” Standard
Bareboat Charter ~:~eiiGle&-att-asheG-heret~e-Qwnar-s-a-AGioHAsldfefS-shall 432 Rat-have--any-FigAt--ef.--reseve~brooatJoo-against-the 433Ghaftemr.s-oo-a.GGount-ef.--IGss ef ar any Elama€Je to--tfls 434 Vassei--af--hef.-maeffioory. ..
-Gf----BPPI:Irtenaooes-GovereE!--By 435 su~raAGe, er en--a-GGG-Unt--ef.-.--paymems--mage--te 436 GiSGilaf!je-Giaim&-agaif!St.oF-iiabiiiUes-<>1-!Ra-\/essei-GF-IRe 437 OWRers seve reEl by SUGA--IRs\lranGe.---------ffisuFaRGe-f*)liGies 438
sllai~ooV&F-IIle-GWAef&-<IRG-111e-GhartE!fafHIOOGrGIAg-le 439 lM-if--fespeative--iR-I.erasts-.------ 440 l\Jl-l:lUFiAg-!lle-Ghaflef.-PefieEI--IAe-Vessel-sllail-bE>-kef>~ 441 lnsHfeEi-by·----lhe--GRaff.ereFS at
tA~ense-agffinst 442 f’f<JteoMoo-afld.-inelemHii)’-·Fisks-4and-a~-··a!}l!iH$1 443 whisii-Jt-.ls.-oem;>ulwl)’-lo-iA&Yie·foHil<Hl~eratioA-et-the 444
‘lessel,---iRGI<I<ilflg--maiffiainlniJ-IiAanoial-seGI!Fity-ffi 445 assOf<iaA<;e-wiliHll!H:Iause-iG(a)(iii))-IA-wsh-ferm-as-the 446 GwflefS-sA-atl-tA-Wr~tin~prove ‘lffilslg ap.(}~all-flet 447 be-unFeaSeRably-wilhi>eiQ, 448
(G)-IR--th6-9Vefll-illal--aflt-aol-eF-Ae~ii§9Are--of-tAe 449 Gharterers--<;hall vitiate aR)’-91-the--iAWfaoce-llerein 450 pr-eviGed;-{he CAaFterer.s~y-te-tRe-GwnefS-al.l--lasses 451
afld.-iAdemnify-.the-GwRem-agaffiat-ai~Giaims-afld-GemaOOs 452 wlllGR-wouiG------GtheMise !:lave beeR-------OOvereG----by---sucll 453 ffis.ufanca- 454 (<lt--+he-C:IlhalaflFi<elfreOlr<>s-sshali,-twbjesl-t<Hile-a~~revai-Gf-the 455
GwAer~F-G-wRers!....IJM6fWr.iteFS,-------affeG~I-Insure4 456 repai-d-the-GhaflO!ers-shall-unaeFlake-Gettl”””’”’-<>f 457 alt-mlscetlafl-oous elCJ3SRS es-iA------oo-nneGtlen---wlth-------sool:t 458
repaif8--aS--Welt--as-all---insttFa4----Ghaf§es,-e.XpeASas----aAd 459 liat>iUties,to---tRe-extent---ef-Gaver-a!’)e-UA€1er-·the-fA&YfanGes 460 provlae<l-feeunaer-tH~ravi&laAs-of.s>JIH;Iause-44{aj, 461
+ile--GRQrtef8fS-tG----.be-seeured---fafr:Abursemem-tJ:lrough 462 the-OwnSfS!--Undei:Vt’ritars fer SHGI:I ex-F~eMiku’es---Bi*JH 463 pFGSGRtatioR-Gf-aooount&,.---...... 464 (e)-The-GhMerers-to-ramaiR-feapoRSiGle-lor.-f!fl<l-le 465
effeGl-----fer;lairs ana setUemeffi.---Qf-oosts----aml--exp&RSes 466 inwn-eG-tl’lsFaby fA---I’eSPeGt-of...a.U.--.etfer~fS-f’IOt-~ 467 b~uFaRSe&----andlef-fl{}t 93EeaaEliR9--a~lble 468
--fmnG!tis~-oHeOOctibles-J.:mwi€1eG----fuf---in---4Ae 469 iR&YfaRGefh 470 {ft--AII-tlme-used-t’eF-fe!’lafrs-ttn€lef---the--p-mvisleRS of-sub- 471 sla!JS&-’14(o)-aFI<I-+4{e)-aRG-fef-FO~~ateR!-<Iefeots 472
aGOOrding-t-o-Cia~beva,--iAGiudiH~deviatiea, 473 shaU-be-fer-tl:le----Gharterer&--asoount--aRG-sJ:Iall-fGfffi-Ji1alt-Of 474 Yle-Gherter-l”eeie<h- 475 :r.ne-Gwoors-sR-a-JI...Aot-be---re.spanslble-feF-any-9*(:JeASes.-as 476 are-insld-
t<Hh<Hise--aRd-ap-·oHAe-Vess-r 477 suGh-time-as-may-bB-f9quire€1-t&-make-suM-repaiffi.:. 478 (!l)-lf-~he-senditieAS-ef-the-above-inSl!FaflWs··POfffiit 479 addi~oflal--insu~o-Joe-j>lased-l>y-tl1e-parti~sl\
480 oover-shall-bo>-llmile<l-le-tlle-affi9\1At...for-sash-j>alty.sei-sllt 481 ifi···BEI*-3Q-an~~~-re&pe6tfvely~wners er the 482 Gf!.a.i:tefe-rs-as-tRe--Gase-may-b&-6Aalt--lmmetliately-furnlsR 483
the-eillef.j>arty-wilh-J)artlslllars-<>f-any-addiljonal-iHS<Iranse 484 effeGteG,.jnGAAHAg. .. sepies--Gf-any-oover-nate&-Gf-.j:loileles 485 a00-th9-WA-tten--sensoot--G~·--t:l=le--iRSureFG ef any--.s.usA 486
ffifltliFOO-inSUfB-Ae&·iFI any sase.wRere--#te·ooASeffi af-.suOO 487 ffi&urer.s-is--Resessru:y.------- 488 ih)·-Shoold-tho-llessei-b”””IFI<Hln--<lGIIIai,GGRslruBtlv<>, 489
Gompmmise€J--or_....,agree4-tota!---IGss--l&ndeF----tha-itH.mr-ar.ees 490 require4---ttRGer----6lollrG!ause 11 (a), ai~AGe-13’aymeAts 491 fuH!\Ish-loss--shaii-Jo<>-j>a{<l-1~-lhe--Qwners, whe shall 492
GistriDute-ttfe-------mooeys-·--betweeA---themse!ves---aflQ --.ti:Je 493 GHaftera-FS-aGGefding-te tAeir respeelive-interests. 494 {it---lf-·-the------Vesse+---beoome6---aR----aGblal,....--ooAstrustive, 495
OOR1f;lf9ffiiseG-er--agree4-----te-lal-le8S---\I-RGer-lJ:I.e.---ffisl:l-r.anoos 496 aFFange4--by-the--GwAers-in---aGGe!’Gans~u~e 497 44(B),-lhi&-GilarleF-shal~lermffiate as of the-Gate-ef-suoh 498 I 499
(j)---+llo-Ghar!erero-shali-ll;:>OR-th...,._t-af4ile-Gwner&; 500 PFOOII>IIY.Ill<OW!e-Gush-<leeumenl&-$-may-be-Fe~uired-!e 501 eAabte-the-Owner-8-l.Q.-abaftde.A-the-Vessel-to--tfte iRSUreFS 502
aA€1-slaim··a--e.GRstfUGlive-teta-l-leS&- 503 (i<)--l’or-lile-pur~ese-Gf-lnsuF8flGG-GG\Iefa!le-8Qaill6l-11ull 504 an4-mashinefY--8Ad-waHisks-undeF-the”pmvisioos-of-.sub- 505
oiause-14(aM!le-value-eUhe-lles<lei~s-tha-surA 506 iFidioatefl-i.R--gg.x-29.,... 507 (1)---NetwlthstaA<lffig--any!Rie!j-GOiltailled--i!H*!b-olaHSe 508 4{l(a~eEI-thal-l!eder-tile-pmvislens-of.Gia<~Se-14, 509
lklpp~Oilbia,lile-GwneF<H>hall-kee;Hhe-\lessel’s-Giass 51 0 fully-up4e-elale-With-!ha-GiasstliGalleR-Sosiely-lmtioate<l-ln 511 Bex--W-an<l-mailltaln-ilil-etl1er-lleoessary-eertiliostes-ffi 512 :feFGe-at-ai-1-times., 513 15.
Redelivery ALSO SEE CLAUSE 46 514 At the expiration of the Charter Period lhe Vessel shall 515 be rede!ivered by the Charterers to the Owners at a safe 516 berth or anchorage at a safe aRS-loo-free-port or place 617 as indicated in Box 16, 1-A
S\!Gh-ready-sale-eerth-as-the-Gwnefs.ffla\4lifeot~The 518 Charterers shall give the Owners not less than thirty 519 (30) running days’ preliminary notice of expected date, 520 range of ports of redelivery or port or place of redelivery 521 and
not less than fourteen (14) running days’ definite 522 notice of expected date and port or place of redelivery. 523 Any changes thereafter in Vassel’s position shall be 524 notified Immediately to the Owners. 525 The Charterers warrant
that they will not permit the 526 Vessel to commence a voyage {Including any preceding 527 ballast voyage) which cannot reasonably be expected to 528 be completed in time to allow redelivery of the Vessel 529 within the Charter Period.
Notwithstanding the above, 530 should the Charterers fail to redeliver the Vessel wlthtn 531 the Charter Period, the Charterers shall pay the daily 532 equivalent to the rate of hire stated in Box 22 plus 5 533 per cent or to the market rate,
whichever is the higher, 534 for the number of days by which the Charter Period is 535 exceeded. All other terms, conditions and provisions of 536 the Charter shall continue to apply, 537 Subject to the provisions of Clause 10, the Vessel shall 538
be redelivered to the Owners In substantially the same 539 Gf-as-§-€H~d stfb~Gtw:e,state, condition aRd·Gia&& as that in 540 which she was delivered, fair wear and tear not affecting 541 class excepted. 542 The Vessel upon
redelivery shall have her survey cycles 543 up to date and trading and class certificates valid for at 544 least the number of months agreed In Box 17. 545 16. Non-Lien ALSO SEE CLAUSE 47 546 The Charterers will not suffer, nor permit to be
continued, 547 any lien or encumbrance incurred by them or their 548 agents, which might have priority over the title and 649 interest of the Owners In the Vessel. +Re-------G-llarterefG 550
fufthef--agree---tG--fasteR----te---tha--Vesse-1--in--a--oonspiGUous 551 ;>lase-aml-1o-l<eep-s<>-fastene<klwill9-the-Ghafler-P~ed 552 a-AGtiee-FeadiA§-as-fQIJews;. 553
‘+hi;;-Vessel-is-the-J>FOI’efty-of...tRame-<>1”-Gwners)rlWs 554 HRdeF--GilaFter--t-9-1Rame--ef-Ghafterer-s)--aRG-by--the-tGfFils 555 el-tl1e-Ghafler-P-arly-Aei!Aer-the-GhafterefS-Ref---the 556
MasteF-Aave.-any-Rghl,paweF---9f--auU~Gfity--la-Gfeate,iRGUF 567 e~SffHit.to-be-imposed-eA--the--Vessel aAy ·lien 556 whatseevef.!. .. - 559 17. Indemnity ALSO SEE CLAUSE 64 560 (a) The Charterers shall indemnify the Owners against 561 any
loss, damago or expense Incurred by the Owners 562 arising out of or in relation to the operation of the Vessel 563 by the Charterers, and against any lien of whatsoever 564 nature arising out of an event occurring during the 565 Charter Period. If
the Vessel be arrested or otherwise 566 detained by reason of claims or liens arising out of her 567 operation hereunder by the Charterers, the Charterers 566 shall at their own expense take all reasonable steps to fi69 secure that within a
reasonable time the Vessel is 570 released, including the provision of ball. 571 Without prejudice to the generality of the foregoing, the 572 Charterers agree to indemnify the Owners against all 573 consequences or liabilities arising from the
Master, 674 officers or agents signing Bills of Lading or other 575 documents. 576 

 

 
 PART II 
“BARt=CON 2001” Standard
Bareboat Charter (b) If the Vessel be arrested or otheiWise detained by 577 reason of a claims or claims against the Owners, the 578 Owners shall at their own expense take all reasonable 579 steps lo secure that within a reasonable time the Vessel
is 560 released, including the provision of bail. 561 ln such circumstances the Owners shall indemnify the 562 Charterers against any loss, damage or expense 583 incurred by the Charterers (Jncluding hire paid under this 584 Charter) as a direct
Gonsequence of such arrest or 585 detention. 566 18. Lien 667 The Owners to have a lien upon all cargoes, sub~hires and 568 sub-freights belonging or due to the Charterers or any 569 sub-charterers and any Bill of lading freight for all 590 claims
under this Charter, and the Charterers to have a 591 lien on the Vessel for all moneys paid in advance and not 592 earned. 593 19. Salvage 594 AU salvage and towage performed by the Vessel shall be 595 for the Charterers’ benefit and the cost
of repairing 596 damage occasioned thereby shall be borne by the 597 Charterers. 598 20. Wreck Removal 599 In the event of the Vassel becoming a wreck or 600 obstruction to navigation the Charterers shall Indemnify 601 the Owners against any sums
whatsoever which the 602 Owners shall become liable to pay and shall pay in 603 consequence of the Vessel becoming a wreck or 604 obstruction to navigation. 605 21. General Average 606 The Owners shall not contribute to General Average. 607 22.
Assignment, Sub~Charter and Sale 608 {a) The Charterers shall not assign this Charter nor sub- 609 charter the Vessel on a bareboat basis except with the 610 prior consent in writing of the OWners, which shall not be 611 unreasonably withheld, and
subject to such terms and 612 conditions as the Owners shall approve. 613 (b)-The----QwnefS--&Rall---not-sall tl:le ‘less~-dijfiA§-----he 614 G\!ffi>AG)’-of--tllis--Ghafl-~lcwlth-<118--I’Fi<>F--wrllteA 615
GGASeRt-------ef-.----ttJe---GhaFtereFS, V.’l’liGA shall A9t Sa 616 tmr--saoonably--wi#theld, and s~;~t.Jjest-to--tRe--b~;~yeF-aweptiAg 617 a A assi!iAR-lertt-af-tJais--CharteF:- SEE ClAUSE48 616 23. Contracts of Carriage 619 “) (a)
The Charterers are to procure that all documents 620 Issued during the Charter Period evidencing the terms and 621 conditions agreed in respect of carriage of goods shall 622 contain a paramount clause incorporating any legislation 623 rel~ting to
carrier’s llabllily for cargo compulsorily 624 applicable ·In the trade; if no such legislation exists, the 625 documents shall incorporate the Hague..Visby Rules, The 626 documents shall also contain the New Jason Clause 627 and the
BothRto~Biame Collision Clause. 623 ~ fbt---+he .. -GI:1-a-He-rer-s----are--t9----(}roGYre-t11aalhla~JI-i~”’assengeF 629 tleket&-i&swad---duFiAg---tRe-Gt:larter-P-eFlGG-fGF----tAe-Gaffiage-ef 630
passengel£--aml------tAalr-lugeage------blmief--thfs----GRa-ftef---P.all 631 oontaiF1----a-----J3-meunt-sla-Hs-e----lnoofP9-fati-Ag--aAy..-legiffiatien 632 rela-t-iRg-------te----6a-FfieFs-Uabm~er----passengers aAGl tlleir- 633
l”g9<JQ<>-G<llfl~Ciisorily-awtisable--ln-t-cle;-lf-n<H>”Gh 634 le~exlst&;-tAe-passe»f!9-f----tiGkets-s»all-iAGe-fPflJale 635 tHe-------Atherts---Conventien Relatln§-the-GaHiaee-e:J 636
Passe-RgeFS---aml tAeir lugga§e------by-Sea,--1-9-74,-----anti--a-Ry 637 ~rotocol-theret<>, 636 ‘) llelete as eppllcabla. 639 24. Bank Guarantee 640 (Oplional, only to apply if !1!!JJZ fflled In) 641 -+J:le-G-flafteFer.S-YAEieR:al~e
to ..fur -flisA--;-bsfore-de-llve~e 642 Vessel,-a-fir-skl-ass----bank-gYa-FaR-tea-el”-beAG-----lR-----e-sum 643 a-Ad-al-the ~!aGe as-inS~GateG----in-Be-J( 27 as §U.arantee--fef 644
f”ll-p-aRGe-Gf..thnir-Geli§ali<>n841nclef-lllis 645 Gllarter-.--~ 646 25. Requisition/Acquisition ALSO SEE CLAUSE 40 (a)l(b) 647 (a) In the event of the requisition for Hire of the Vassel 646 by any governmental or ot11er competent
authority 649 (hereinafter referred to a “Requisition for Hire”} 650 Irrespective of the date during the Charter Period when 651 “Requisition for Hire” may occur and Irrespective of the 652 length thereof and whether or not il be
for an indefinite 653 or a limited period of time, and irrespective of whether 11 654 may or wlll remain in force for the remainder of the 655 Charter Period, this Charter shall not be deemed 656 thereby or thereupon to be frustrated or otherwise
657 terminated and the Charterers shall continue to pay the 658 stipulated hire in the manner provided by this Charter 659 unur the time when the Charter would have terminated 660 pursuant to any of the provisions hereof always provided 661 however
that Jn the event of “Requisition for Hire” any 662 Requisition Hire or compensation received or receivable 663 by the Owners shall be payable lo the Charterers during 664 the remainder of the Charter Period or the period of the 665
‘Requisition for Hire’ whichever be the shorter. 666 (b) Notwithstanding the provisions of clause 25 (a), in 667 the event of the Owners being deprived of their ownership In the Vessel by any Compulsory Acquisition 668 of the Vessel or
requisition for title by any governmental 669 or other competent authority, which for the avoidance 670 of any doubt, shall exch~de requisition for use or hire not Involving requisition of title (hereinafter referred to 671 as ‘Compulsory
Acquisition’), then, -ifrespeative--ef 672 the Glate EflJFIA9·Ahe Char:ter PerieG---wlwn-~!Gaffii*HsaFY 673 Mquls!U~GGur,.this Charter shall be deemed 674 terminated as of the date of such “Compulsory 675 Acquisition”. Jn such
event charter hire to be considered 676 as earned and to be paid up to the date and time of such 677 “Compulsory Acquisition”, but not thenafter. 678 26. War 679 (a) For the purpose of this Clause, the words ‘War 680 Risks’ shall
include any war (whether actual or 661 threatened), act of war, civil war, hostilities, revolution, 682 rebellion, civil commotion, warlike operations, the laying 683 of mines (whether actual or reported), acts of piracy, 684 acts of terrorists,
acts of hostility or malicious damage, 685 blockades (whether imposed against all vessels or 686 imposed selectively against vessels of certain flags or 687 ownership, or against certain cargoes or crews or 688 otherwise howsoever), by any person,
body, terrorist or 689 political group, or the Government of any state 690 whatsoever, which may be dangerous or are likely to be 691 or to become dangerous lo the Vessel, her cargo, crew 692 or other persons on board the Vessel. 693 {b) The Vessel,
unless the written consent of the 694 Owners be first obtained, shall not continue to or go 695 through any port, place, area or zone (whether of 696 land or sea), or any wate1way or .canal, where II 697 reasonably appears that the Vessel, her
cargo, crew or 698 other persons on board the Vessel, in the reasonable 699 judgement of the Owners, may be, or are likely to be, 700 exposed to War Risks. Should the Vessel be within any 701 such place as aforesaid, whlch only becomes dan{.Jerous
702 or is. likely to be or to become dangerous, after the entry 703 into it, the Owners shall have tile right to require the 704 Vessel to leave such area. 705 (c) The Vessel shall not load contraband cargo, or to 706 pass through any blockade,
whether such blockade be 707 imposed on all vessels, or 1s imposed selectively in any 708 way whatsoever against vessels of certain flags or 709 ownership, or against certain cargoes or crews or 710 otherwise howsoever, or to proceed to an area
where 711 she shall be subject, or is likely to be subject to a 712 belligerent’s right of search and/or oonfiscntion. 713 (d) If tAe insurers ef tRe war--fisk-------i-nstlfanGa,----wAe-tt 714
Glauoo--14--is-a~e,--shookl-requir&-!’a}’ffie!ll-of “115 preml~:~ms--anlil’-er salls-beGaHSB;-p-I:IFSI:IaRt-----tG--~the 716 G-flafterers! efdef&,---#te-VesseHs---witi:HRr-m-!s-ffire----lG.-ooter 717
and-r~ny-afea---Gf-areas---wffiGI’l-a-re---apeclfied 716 b-y----swA-insurer-s---,as--ba-IA§--Wbjest--te-ad4iUooal .. .prem-il:lms 719 beGai;;I-Se ef ~’\’ar R.lsks-,---tR8-fi-SUGh-premium&--afldler-Galls 

 

 
PART II 
11BARECON 2001” Standard Bareboat Charter

sl!all-oe-ffiimi>llffie<l-by-lha-Gllartar&fS-la-#le-GweeFS-al 720 the-same-time-as-t~B-Aext-paymeffi--Qf-Air:e-is·dl:l&:- 721 
(e) The Charterers shall have the liberty: 722 
(1) to comply with all orders, directions, 723
recommendations or advice as to departure, arrival, 724 routes, sailing in convoy, ports of call, stoppages, 725 destinations, discharge of cargo, delivery, or in any 726 other way whatsoever which are given by the 727 government of the nation under
whose flag the 728 vessel sails, or any other government, body or group 729 whatsoever acting with the power to compel 739 compliance with their orders or directions’ 731 (ii) to comply with the orders, directions or 732 recommendations of any
war risks underwriters who 733 have the authority to give the same under the terms 734 of the war risks insuran«::e; 735 (iii) to comply with the terms of any resolution of tha 736 
Security Council of the Unlted Nations, any 737 directives of the European Community, the effective 738 orders of any other supranational body which has 739 the right to issue and
give the same, and with 740 national laws aimed at enforcing the same to which 741 the Owners are subject, and to obey the orders and 742 directions of those who are charged with their 743 enforcement. 744 {f.)-------ffi-te-evant ef ebltbmak-ef wa.f
{w-Rether--the-fe ae-a 745 deslar-atlGR-Gf-w-ar-·or-net--t--fit--betweeR any ~NO-GF--m9fe 746 of-the-4eUewln€J-OO\HWi~·the-I.J.Rite4--States ef Ameriear 747 Rlfssiar·the UniteS Kin~Eiaffij----FfanGB;--and---tfle-P~ 748
Re!*ll>liG-af-Ghi~etwa&A-afl)’-1wo-aHll<)f6-of--the 749 eeHRY/es--stateEI in Bex----3e., -9etfl-tl-le--Gwf:tefS- aRG----tRe 750 GharteFeFS stlall--have ltle right---tG---GB:HGel-this--GR-after7 751 wf:le.FmlpoA--tRe-G-1:1-afterers
sl1all retleliv&f-tl:te--Vessel--ffi 752 
!!1e-GWOOfS-i!HIGGGr<!aiwa-With-Giao<;e-4li;jl-!he-\lessel 753
has-eaF§e-en-beaf4--afteF-disGJ:\af§e-#lereor-at 754 l;lestiAatiGA-;--9r-if-da9affeG-u1’!deF ti:Jis G1ause .. rr-eFR 755 reasAiAg-an<k>fl-g-U-a! a Rear opell-aFI<kafe-perl--as 756 <!ireGted by !!1e
Gwners,-er4!11e-Vessei-llawe-Gaf!I’J 757 el+-bGaHJ,--at-#le-peft-at-wA~e-Vessel tReA !s--eF--if-at 758 sea-ai---a---Reaf;-epeR---aAG----safe-paR-as----dlroote€1----by--tf:la- 759 QWAefS,----f-n.-aU Gases
hffe-shaH--sootfnue---te-9e----pai4-J.R 760 aGGOFEiaooa---w/th~-Gl-at:it!ie-----1--1----aFld e>:GefJt a.s-afe.Fe.satd-a!l 761 elller-jmWisiellS4lllio-GhaF!6FWII-appi)41HYI 762 rodellve~ 763 
27. Commission 764 
+he--GwRar.s-to pay a eernmissien--a-t--tRe-.rate--ffiE!Wated-in 766 ~ate
tAe 6rokers Ramea ln-Br:m g~ en-any--hire---paid 766 un<J<lf-th<>-Gha~<>-<a!a--l&-iR<IiGa!ed-in Bo” 331-lllo 767 oommiss-ioo----tG-be pai€1 by the.-QwneF&-SRall---GeV8F----#te 768 astual-exj:Jenses ef tl:le
BrokefS-aR€1-a-raaseRable--fee--feF 769 their-work ,. 770 
lf-tho-IHIW!Ir&-is-ooli>ai<k>wi~reaGh-of !H&-GharteH>y 771
aitflef--Of--lho-partles, the ‘”’W-IIa-erafore----,;1\aU 772 
-iAGemAify--#le--Bmkef&-afJaiR-st--lllelf---Wss.-- Qf.-oommtsslon~ 773 
Should the parties agree to cancel the Charter, the 774 Owners shall Indemnify the Brokers against any loss of 776 commission but in such case the commission shall not 776 exceed
the brokerage on one year’s hire. 777 
28. Termlnatron 778 
(a)
Charterer’s Default 779 
+he--GwRers--shali-IJe-entttte<l--lG--withGraw-too--\lessel-from 780 tAe-sefViGe-Gf-.the----Gh aFteFers
anS----tefmlAata-Ule---GRa-Jter. 781 willl--immediate-elfesl-by-wfil!el1 not1Ge-io-111&-Gharterer&-1t 782 {it-the CJ:laFterers fail te pay ~’liFe in aGGefGaooe-with 783
Glause---1-’h----Mewever.,--wftefe----.there------1&------fai!ure--te 784 make-----puflGtuaJ.----payment--eJ---flir-e-due---te-eve-FS!ghtT 785 Aei}Hgel’!ce, erreFS or--omlssial’ls-oR--#Ie-paH--of--t-Re 786 
Ghafter~sir-baFl-ke-fs,-lhe Qv ·ners enan give the 787

GRaftefefs----wfitten-----AgtiGe--~e.~numbef------{)f -GJea-F 788

i>allking-<tays.--stated-i11-13ox-34---jas-feG<Jjjnise<l-a!-IAe 789 agraOf! t>lase--of;>aymoot)--in--wlliGh-to-<estify-tlla-latlura, 790
aR4-wheA----Se-reGtitied-witRlA----$l;lGI=l-FWJ’Rber~e.f---4ays 791 fol!owiAg--t-he-OwneFS’ noUG&,---the-paymeffi.-&MI!--stand 792 a-s---regular. anEI j8{clAGtual.--~-aHur-e-by--the-Gflarte!’8fS-to 793 pay-l;iro--wl!hin--11\o
794 
“”’”bSf--<lf-day&-sta!e<l-ln--Behl4-af-li1e!HeGelvieg 795 the-QwnefS!-RatlGB<-a&--l*fNiGed .. hatei-A,-sha!~e 796
the-Gwnefs-t~w-fRe---Vessel··fmm-t-Re-servise 797 ef-the--GRaftafefS--an€1-temtinate·-tfle----GNFteF-WI!Ae-ut 798 furth9f-tletise.; 799

(IIJ--!I1e-Ghafiefer;;..Jail--!o--GGmply-wl-e-requ-s BOO oF. 801

~lause--8-ftra<lin!}-RestfiG!lons) 802 (2) Clause-1;l{a)--(ffisuranoo--a00--Repaifs) 803 
(‘r<Widad-tHel-ll!e--GweerH\I!all--have--!R<H>ptieA;--J.y 804 wr.iUen netiGa -te-the--ChaFterefs,-.. to gl•:e the 805
Gl!artaref&-a--Sf”’Glfie-mi>ef--Of-<iay&-jjraoo--wilhffi 806 whiel:l te r-eGtlfy-tfla---failiJfe-witHoot-prejudire---00-the 807 Gwoors’--flght-te--wlth<lraiV--afl<l..laFrnl!lai<Hm<iar--!his 808 
Glause If lhe Chaf!efers-fal~ply- with sush 809 
Mtioor 
~ll)--the-CharteFers fall le res!lfy any-failuro--to-e””’’’il’ 810 will>-the-·-r-””men!s of sub-Gl..,.e---40(a){i) 811
(MalnteMAGS--itAd -Re;a aiFS) as-seGR-a&-pFaGtlsally 812 pessible--after--tfle---GwRers..--fl~uested--tl:lem-in 813 wRUng se te Elo·-at=u:l--i-R---any-eve-Rt--so-ihat--tAe 814 
~ASUmRGe-Gever.is-net-prejudiG-e€1-:. 815 
SEE CLAUSE 41 & 42 
(b) Owners’ Default 816 If the Owners shall by any act or omission be in breach of 817 their obligations under this Charter to the extent that the 818 Charterers are deprived
of the use of the Vassel and 819 such breach continues for a period of fourteen (14} 820 running days after written notice thereof has been given 821 by the Charterers to the Owners, the Charterers shall be 822 entitled to terminate this Charter
with immediate effect by 823 written notice to the OWners. 824 (c) Loss of Vessel This CAarter-shall-l>e-deeme<l-!<>--ba-leFmiFiatad-if-tho :Vessel----heGGmes a tetal-less er !s deslared-a~
soostrustive-eF-Gempromise4-oF--arraHge4--tetal-less.------Fef 
!110--flurpose-4-this-wl>-Giausa,-!he-\lesssl--shall-eo!-ba 825
deemed-·tG---Be-l9$t--uR!ese--s-Ae-ha&-eilRer--beoome--aA 826 
-aGtuai-tGta!--tess-or-ag-reement-lla-s-aee-A--feaffieG-wllh-hBF 827
-uA€1SFWf.!ters-iR-FespeGt--Gf--h6f-GGAStr.ustiva,oompremiseG 828 fH-affilAi}e4---tGtal less er if---m!Gh-agreemt-wlth~h6f 829 Wl<!e/W<Iter&-is-Rol--faaGha<I--J!..i&.a<ijudg~soffil’elefli 830
tfibunal---tRat---a-oonstrustWe---!oss--ef----ths----Vessel-has 831 oGGUrrorh SEE CLAUSE 40 (d)/( e) 832 
(d) Either party shall be entitled to terminate this 833

Charter with immediate effect by written notice to the 834 other party in the event of an order being made or 835 resolution passed for the winding up,
dissoilltion, 836 liquidation or bankruptcy of the other party {otherwise 837 than for the purpose of reconstruction or amalgamation) 838 or if a receiver Is appointed, or-iHt-wspen~ymeAt; 839 ceases to carry on business or makes any special 840
arrangaments or composition with its creditors. 841 (e) The termination of this Charter shall be without 842 prejudice to all rights accrued due between ttla parties 843 prior to the date of termination and to any claim that 844 either party might
have. 845 
Repossession 
In the event of the termination ofthis Charter in
accordance with the applicable provisions of Clause 28, the Owners shall have the right to repossess the Vessel 846 from the Charterers at her current or next port of call, or 847 at a port or place convenient to them without hindrance 848 or
interference by the Charterers, courts or local 849 authorities. Pending physical repossession cf the Vessel in accordance with this Clause 29, the Charterers shall 850 85”1 29. 852 853 854 865 856 85”1 858 

 

 
PART II 
“BARE CON 2001” Standard Bareboat
Charter hold the Vessel as gratuitous bailee only to the Owners. 859 The Owners shall arrange for an authorised represent- 860 ative to board the Vessel as soon as reasonably 861 practicable following the termination of the Charter. The 862 Vessel
shall be deemed to be repossessed by the Owners 863 from the Charterers upon the boarding of the Vessel by 864 the Owners’ representative. All arrangements and 865 expenses relating to the settling of wages, 866 disembarkation and repatriation
of the Charterers’ 867 Master, officers and crew shall be the sole responsibility 868 of the Charterers. 869 30. Dispute Resolution 870 ‘) (a) This Contract shall be governed by and construed in 871 accordance with English law and any
dispute arising out of 872 or In connection with this Contract shall be referred to 873 arbitration In London in accordance with the Arbitration Act 874 1996 or any statutory modification or re-enactment thereof 875 save to the extent necessary to
give effect to the 876 provisions of this Clause. 877 The arbitration shall be conducted in accordance with the 878 London Maritime Arbitrators Association (LMM) Terms 879 current at the time when the arbitration proceedings are 880 commenced. 881
The reference shall be to three arbitrators. A party 882 wishing to refer a dispute to arbitration sllall appoint its 883 arbitrator and send notice of such appointment in writing 884 to the other party requiring the other party to appoint its 885
own arbitrator within 14 calendar days of that notice and 886 stating that iL will appoint its arbitrator as sole arbitrator 887 unless the other party appoints its own arbitrator and 888 gives not!ce tllat It has done so within the 14 days 889
specified. If the other party does not appoint its own 890 arbitrator and give nollca that it has done so within the 891 14 days specified, the party referring a dispute to 892 arbitration may, without the requirement of any further 893 prior notice
to the other party, appoint its arbltrator as 894 sole arbitrator and shall advise the other party 895 accordingly. The award of a sole arbitrator shall be 896 binding on both parties as if he had been appointed by 897 agreement. 898 Nothing herein
shall prevent the parties agreeing in writing 899 to vary these provisions to provide for the appointment of 900 a sole arbitrator. 901 In cases where neither the claim nor any counterclaim 902 exceeds the sum of US$50,000 (or such other sum as the
903 parties may agree) tho arbitration shall be conducted in 904 accordance with the LMAA Small Claims Procedure 905 current at the time when the arbitration proceedings are 906 commenced. 907 (b)-.+his-GoolfaG!-shall-b’”iJOV6r+lOd by and
senstrue<HA 908 e<GOfdAAGa-Wilh +ille-9-<>f-llle-lJnlle<I-States-Gede-an<l-#1e 909 Mafltima-baw-Gf-#Je--YRited-atates-anfl.-aR.y4isp-ute-aFisiA§ 910 eut-ef-aF-iA-oormeGtleR--Wit-A-this--GeRf:Fa.Gt-shaJI-98-Fefe.Ffed 911
le-1RF<>e-j>ef&ell&-al-J>Iew-Y-eFk,-<me-to--I>IH!j>~oiR!ed··l>y 912 eaoR-el-1iJ<>-j)artie&-llerele,-<lnd-li1G-tllif<i-by Ji>a-tw<H><J 913 OOese-JF,-tAeif---tleslskm-Gr-that-ef
any two-ef.-tlwm....sllall-be 914 linal,-and....fef-ll\e...pufJ>956&--<JI-enferolAg-any....aW81”<1, 915 judgmSRt-may--be-eAle-Fed-ol’l--3fHIWar-d by aAy GGI:lft-of 916 eempetent----j:UFiOOiGtien. Ti:la
proeeeffiA.gs--shall---be 917 oonGuGled--iA-aGGerGanss witA the---rules---ef-.the--Sesiety.-9f 918 Mafi\lme-Afbitfa!ers, ins, 919 ffi-.Gasas--wl1&re---neltRer---#te-Giaim--nGf-afi.Y-GOUAterolaim 920
‘”””’eGs-!il<HtUffi-ei-\JS$aOfJO()..(ef-suGh-eli>eH;Wll-astile 921 parties--may -agree)--tilEHifllitr.tle!Hlllali--be--oon<laee<l-ln 922 aG<leFGafl
,...wlll1-lluHlhoflene<I-Afi>itraUen--Prose<lur<H>f 923 tl>e-Sesialy-ei-Marltime-Afi>ilfa!ers;-IA<>-<>””””t-at.fue-time 924 wReB-Ule-arbit-ratioo-pRJseeEfiAf:”IS aFe somFAeAGed. 925
(<;)--rhis-Ge-.t-shali-ll9-!JGVernefi loy-aM-GOns!rue<i ifl 926 ast3Gf<iaooe-wl!h-·tile-laws-Gf-tht>-j>laoe-ffi1l!Ually-agreed-by 927 ~Fties-anG-any dis~We-aflsiAg~out-Bf-eHR-GoAAeGtloo­ 928
wlth--tRis---GG-RtmGt--sAall---be-refefr-ad--tQ-arbitfatloo-at-a 929 rnulHa-Uy-agre~klre.--siJbjeGt---tv- tAe p~esedh!FSS 930 appUsai>ie-tllere, 931 (<IJ--Nolwltll-g-ja),-(~)-a!>ove,lh<;-r>aftles-may 932
agree--at-aAy.-time-ttH”e!Of--19-medialiefl...a!1y-<ii-sa 933 aRfi/Qf--Gispute---afisjRQ-9Ut--ef-er-iA-Gel’m6Sti-Gn-wit-!Hhis 934 GontfaGb 935 IR-tile-oase -oHrdisp<Jie..i11-re8pt>Gktf-WhisiH!fbltratioo 936
has--l>t>eA-WmmensaEH!nder-(a)rii>)-<>1”-{o)-aeeve,the 937 foiiewiRf!””haii-ai’f’ly;- 938 (IJ-!iii!her-party may at any-liffit>-afi<Wrom-lime-!G 939 time- elesl-te-refet-the dispute
or--paft.-.Gf...tl1e-displ:lla 940 lfHl’ledia!ioR-by..-aefVIee-.on-tRe--elhef...paf!y-Gf...a 941 WfilleR-1\0ti~MeE!i<ttien-Notise”J-(<;a!URg-on 942 tile other party-lt>-a!Jree-to-media!it>fh 943 ~1)-+he--e!her ~afly
•han-the-oo-wilhlit-44--<;aiendaf 944 days ef resei~t--of-the-MeGiatlen-Netise-GGnfifi’Fl---#la.t 945 Ul-ey-agree te medlatie~GI+-Gase-tfle-parties 946 shaiHh<>fealtar-agree-a-medlatof-Withffi..a.-furlileH4 947
ealan<lal”-<iays,lailiR!!-Whi-<>--applioatie!Htf 948 eitileF-~eclla!eF-Will-be--a~poiAteG-.premptiy 949 ey-tRe-Afi>itratieo-+rii>unaHIIl<>-”+fibunal’)-eF-SliGh 950 persen- as tRe T-tlbunal may
desi§Aate-fer---that 951 Pllfll956.---l’h9-R1e<liaUeR-sAali-lle-eeA<Ius!ed-ffi.&!loh 952 ptaoo .. -aRG-iA--a(;GordanGe----With--suoh---pfeGSEIHFe-afld 953 on---s-uGA-t6fA-1s-~s tRe ~artles may agroe--eF,iR-tRe 954 eveAt--ef
9isag~ement, as may.---be--set---by--tAe 955 me<iiatef, 956 ~ii)-11-jhe--e!her-pafl>’--<!ees--not--a§fae-lo 957 me<ilate,lilat-faGt-may-l:Je-brou~<>-atteAiieR-91 958
tlle-+rii>unal-aA<i-may-b<Hai<er!..ifl!<>·asoollfll.by..the 959 +Abunal-wilO!HIIIooatin!Hile-oosts--el-!ile-afbltmtiOil 960 as-between.fue-pl!ftles, 961
(W)--+ile·.,edia!ioR--shaii-oot-alfeGHhEI-fi{lhl-<>f···lll1er 962 pafty-t-a--seek-s-~:~sR-Fellsf-er tal~e SYsh---steps--a&-ft 963 wnsiQ6fS--ROGessa~t-eGt-its--il=l-teFsst- 964 (v)--Eitiler party
may-a<ivioa-the TA~unal that-#ley.llave 965 afjfee{J--to-ma4i-atleR.---+-h~itratie~ures 966 sl!a!l-ooA!inufH!uFIR!}-lhe-<endookJI-the-me<iiatien 967 i>y-ti1e--T-fii><ma!-may-take-the--mediattaR-tlmetable 968
inla-<>sGOOAt-whaA--Seltlln!l-lhe-timetabl<>-le•·•leps..ifl 969 the-arbitraliOfh 970 (vlt-lJnie&&-etAe!WIS.......,IIfOe<l-<>~est~ed·-iA-!ile 971 meGtatlon-tefmS;-eaGl-1-party sAall bear-its ovm
sests 972 inooFFe<!-in-the-mediatioo-an<i lila ~a~ies.sl>aii-Ware 973 “’’IOiiy.the-me<ilat<>r’s-sesls-afl<l.&xpenses, 974 (viif-’l”-lle-mealati<>n-pm..........mall--be-willlellt-praj!Jdioo
975 aOO--oonfideffiiaf.-and--lle--fAfet:matlon-91’-dvGHments 976 disGieseQ..<Iurlng it sl1ali 9EHeveaied-to-111e.:rfii><ffiai 977 exeept-1:9-tRe ~Gent that-#tey are C:i!sGiosa-13-!e-ooQe~ 978
the-law-aA<i-pmeeti<!f’eijevemin!l-llle-afi>llr<~tla~>c 979 (Nille;..ilJe.pa!rios-<i>efrlti-!Je-aware..lhel lho medlalle~ay 980 uaf-neGell<afily-iRlerropiJfme.limil&} 9 81 (e) If Box
35~iH’aft..i-is-nek!wfef/fia!eiy-lllled--IR,sub~ 982 ala\ISe-30(a)4lhis-Giause-sAa!t-appl~l>-oia\Jse-3Q(G) 983 silaU-opply-ln-aU-o’”””” 984 ‘) Sub-clauses 30laJ, {!Q@ and J)f2l are allernatives; Indicate 985
alternative ~greed In Box 35. 986 31. Notiaes SE;E CLAUSE 51 987 {<I)-Any-ootia<He-b6-!Jiv61l-by...either paFty to the--elileF 988 pa~all-b<>-ln-wfiliR!J-<”lfld·may-lla-seAt-.by..ffil<.-teiOJ<; 989
reglslereG-er--FeGGfQed+naiJ-e.r..by-persoRal-sewlG& 990 (b}----+he--adGfess--ef-tl:te--Ruties fer seFViGe--af.--s.I;IGA 991 eommuniGatioo-s~all-be--as-stated-ln-Bexe-s-;}...and--4 992 rOSjleGtively, 993 

 

 
“BARE CON 2001” Standard Bareboat Charter

PART Ill OPTIONAL PART 
PROVISIONS TO APPLY FOR NEWBUILOING VESSELS ONLY

(OpfionaJ, only to apply if expressly agreed and stated In Box 37)

Spesllioatioos-all<I-S~Ipbulldln!J-GeRtraG! {a)----+he-Vessel--sRal-f.--be--eeAStRK;teG--iA--aGGOrGaooe-with
the--B\Iildln§-$1li~oulldiA!}-GoRlfa<Jl-fllerealleH;alle<l-”ll!e 2 ‘<Jei~ouil<liR§-!Midlng--G<lntfa6l’)-as-aAASJ<ed--te---tl!is ~ Gi1artef;-lllaGe-l>elweefi--IAe-.f!JJildef<>-anG--lRe-Sell6f8 4
QWAeF&-aAG--ffl--aSGGF€iaRSe With the-spooif~GaUeRS--afld & pialt&--aAAexeEI----Iilaf<lt<l;-----WGh-B<IildiR!J-GeRifaGt, a speGif!Gatioos---aAd·-PiaR&--havi-R!}-Seen-GG-tffi-te~sigAe€!-as +
-·<1-by~he-Gilarl<lfer& 8 (l>l--.J>I<H;Ilange-sllall-bo-ma<le-in-llle-SIIlpbuiiEiiR!J-QulldiAg Goo!faol-GHn--the-s~eslllaalt<>lllH>r-piafls-QI-lh&-\lessel-as 9
a~pr~e-Gha-·-aiHlforesal<l-willlout-tAe .\{) Gl:taFtererf?-wAsenb 4+ (G)---+Ile--C~aflerere -sllall-lmv&-!Ae-<1ght-lo-00n-olr -12 FGf’F””8R!alive-\G-th<>-ll<lildefS’-¥af<l-le~ASflOOI-tllo-\lessel
~ Gwmg~urse--ef-.t4ef-6GRSWGtieR--le--s-atlsfy--#lemselves 44 t-Aat--GensiJ:uGtkl.n.--is-iA--assGFda-Ree--~wilA----suGh .. -awroved 41i &[3eslflsatiens-aAf!.-.!*a»s-as---fefer.re4---tG--tmdef----Wb-Giause .jS
(a)-eHili&-Gia”””’ -1+ .jjl (d)·--+R<>-\Ie&sel--shall-be--built--iA-ascord ,......witll-tRe llllildiAg-Gooifast--aAEi-4\all--l>e--el-th<>-deoort~tioiHG!-sUt 49
lheFei!tr-<JuojaG!-to-!1\~rovi&iaR<H>I-·••ktallse ;!(s)(<~ ;J() llareundef,-lAe-GilaFterefS--sllall-be-b9CIH<!--lo-aooept-;he ;u

Vessel----from.-tRe-GWner-s,--<39A’lpleta4-aAd--oonstNGted--iA 22 a006f8an......wilh-llle-Bulldln!}-GentmGI,--sn-tha-Eiata-of ;J;l
<lelivef)’-l>y-the--B\Iilders,....+A<>-GhaFterefS-uR<Iefleke-tllal 24 havi-seple<!-111e-\le&sel-llley-wiU-Rat-llleraafieH’alsa 2§ aR)Lslaims-agaiAst-llle-Gwl!are-ln-f85PSGI-ar-tlle-Vessel’s 2S pelfefmanse er
Sj366UiGatleA------Gt----defaGts,------if----aR.y. ‘J+ Nsverthetess,-il1-f8-Sfl’6Bt···Gf-.a.Ay--fepaif&,-feplaGeFAGRtS-”Gf 28 aefeell>--wllisll--appeaF-WitiliA-lil<>-tirst-42-mentils--IFGm :19
ijeiivefY-bY--tAe--BHHGefs,tRe--QwnefS--Sh.atl-enEieaveYr--te <!0 
GQmpet-tRe----EkliiGers--te----fe.J;lair, Fef!laGe-eF--FeFHedy----aAY ;u
de-feote--e.F--tG-r-eoovef-fmffi--tl::!e-BuilEieFs--any--exf;leAditldfe :>2 if’IGUFreG-in--GaffYiFig--oot--s-uGh reJ3aiFS,~meAts--er­ ~ remedies-.-----HeweveF,--#Je-GwAefs!--lla9illly--t.9--tAe-Gilatte~ers u <14
shall-be-llmite<l-t<>-lhe-el<leR!Iile-Qwflers llave a vaH<I-efeim agaifi&t-lile-l’lulldefs...WldeHile-jjUa~ause-el--the •• SUIIding-G<>nlraG!-{a--ooi’)’-Wl1er<>ol-ffils-be-~lie<!--l<>
‘aa ¥1- lile-Gharterefi>),-+lle-GhaflereFa-shali-be-IJeuR<!-Ie-aGGGpl wch-sumS-as-the--Gwfl9fS--8f6-reas<>naaly-ai>ie-to-re._, 39

UHEief-t-his---etause-an~-eAall-make-AQ~f-l:lfthef Giaiffi-GA-lhe 4Q

QwAef&--for---tila---dlffefeRGe-betweaA-the-amel:lnt(&}-sG 44 r-eGG’IOO!d-aAG----Ule-aGklal-expeAtlituFe-On-fGPaifS,replasement
er-reme<lylng-Oelasi<H>r-i<>f-any~me-l­ ‘”’ 4:! Afly-li~ui<late<Hiarnages-lor-pilysl<;al-<lefesls-e~de~si””Gies 44 shall-aGGfUe-lo-lile-assmml-<>l-the-pal!y-slatad-iR-llo>4’$) 45
of-if-flsl··fiii~Rall-be-share<l-ef;ually-be\woon·the-paflle!h 4Q The-Ge&ls--ef --f*lfSUing--a--Giaim---eF--Gia-lms af)aiAst--tAe 47 lluildEli<Hinder-lills-Giause-(instuEiiAjj-any-1iai>mty-l<>-lile 48
Bllilders)-silall-lle-l:>ame-lly-lll...parly-s!alad-iA-B<l>-#(b)-er- 49 ii-Rei-IIU~n-sllall-be-sllared-sqHally.-lletweeMil...paflle& a9 M :r-lme-aRd.J’Iaw-oWellvery SE!; CI.A\JS€-33 (~bjesl-----tG tAe
‘fessel----having---wmplet.e4---fleF !;2 asseptaooe--lflals-ffiGiudiA!I-Ifials.-el-wrrw·•flllilmleRHl1 53 aooar<lenGe-Wilil-!ll<>-ll<lildln~at-aR<I--sj>eGIHsallons M
le-lhe-satisfaeUGlHlf-lile-Gilaflerer&,-llle-GwnBfS-silall.gjve 55 and---tl:te---Ghart.erers...shall-take-f.lelivefY-Gf the Vessel--af.leat lie when-feady-foHialivery-aR<i-properly-<Jeeum8llle<i--at-the 5+
!luilaef&’-’>’af<H>f-so-or-saf<>-and-readily-at.-.ll>le liS aook,whar~-<>H>Iaee-as-may-b<>-agreed-llolween-llle-parties §9
herel<>-aRa-llla-l’luilaElf&.-1Jnd9F-Ihe-l>uil9iAg-G<lntFaGI,-!IIe 00 !luilaers-llave-eslimaleo lh-e-Vessel-wll~.be-rea<ly-fef ()j. <lellvel)’-la-llle-llwllefS-as-lllareiJ>-~rovide<l-el!l-lhe-delivery @;!
date-lo~ths-pufPese--al-lile-GilarleHlllall-ba-lll<>-dal<>-wheR @;! lile-\iessel-is-ln-fast-rea<ly-for-<leiivBl’)’-lly-lh<>-E!alloers-aftar 64
oompletfen”-Gf--.tFials--wJ:Je:tl’Jer~tRat---bs--befere-or-after-as a& lndioateG-ffi-lhe-ll!iikllng-G<mifa~art8FeFS-Shaii-RG! 66 be-entilled-ta-relll8e-ooseplanse--<>l-<leliv~he-Vessel fJ7 68
an<l-llpan-aR<I--sfiar--susll-aG<Je~laRoo,-·suOieolte-Gimlse 00 .j.(<l);-ll!a-Ghar!Sf9f&-shait-Rot-b.......U~ad--le--make-afl)’ ‘Ill
G!aiFA-aQain&t-tfte-GwRSF&-in---f6SJ)BGf.··9f.--.a.Hy-GSRGJtlf.HIS;- .f.:l. FepfaseAtati9AS---Gf--Warrafllie.s.,---wAe#leF-...-e*f)r.e~s-----Gf +2
ill’l~~a<J,as-l<>-lil........werthiROSS-Of-lile--\lessol--sr-·-IR +:! .respeG~ay-in-deJiver-y. 74 (b)---il-f<lf-any-reasan-Giilef-lilan-a-defaull--lly-llle-8ellars ;ze
Gwners-4mdef--lll<>-1lllipi>alldin!}-GellifaG!;-Iile-!luildere -7S beoolfi8---6Atltled--uRQer--fuat-Ce~ol:--ttl-deliiJef--t.l:!e ++ \lessel-lo~lle-Sellers,-lile-Gwners-shalklj;oR-givil1jj-l<>-lhe +8
Ghaflerers-...WFil!ell--netiao--of--llulldors---l>”””miA§--69 79 efflille<:l,be-elffi!lsed-lroll’I-Qivi”l)-<<ellvory-<>l-lho-Vessel-lo SO
lile-GilaFterefS-an<l--u~oR-fBGeipt--ef...Gilsh-<loliae-by-.llla 81. GJ:i.after.oFS tl:lis Ch~a.II-Gease-t&llave-effee.t. g2 (G)-I~y-reasoR-Ihe-GwAer&.booarne-eRlllled-uA<IGf lhe-EMdlng-Geffifast-le-rejeG!--Iile-\lessel--lhe-Qwner~
8J Gl1311;-i>efer<>-exerslslllg-s-.Jght.ffi.fejeetiaR;-OOnsulf-lile 84 C~s-and--therebl\}00 35 (iJ--il’the-GI!arterer&-00-nol-wisll-t<Hako-<lelivery-ef-lile 86 \1essel -liley-sllall-infafffi-111e.Gwners-wit
hill-8fAAln-(7-j-Mming 8+ Elajl&-by-no~n-wfiliA!T-aA<HI;Jo/l-feseipl-by.tho-Gwnem-el 88 sYGh-ooYss<hls-GilafteHlhalklease-lo-llave-e flesli-<>r 89 \ii)-lf-lhe-GilartereFS-Wish-W-leke-aelivefy.-ol-llle-\/essel gQ
liley-may-by-oolis<>-in-wfiliRg-willliR--seven-fl)--rumliRg lJ1. day&--f6{lUir-e--t-Ae-0WReF&-te-r~8fj9tiats-witJ:I....lha--BHf\G6f$--3S tl6 la-the-lerfm-eR--Willsh-<lalivery--slle\11~--be-leken-aA<iler W
reffa.iR-from--exe-f(;;isiR§--!Aelr-fighl-ef-r-ej&Gtlan ~aAG--UfH’ln 94 reeeipt~h~-ROOse-tJ:le-QwAer.s-sllatkGmmeHGe-.SYGR 95 n6!JGljaHoAHI!ld/or-leke--<lelivory-el--the-Vessei-lfGm-the gg
BllildefS-sA<i-deliveH1er-ta-lll<>-GhaflerefSi 97 (ll~.....ffi.-AG-Gi_R_II-IIle-Gharterers-i>e-enlilied W le-rejasl-llle-lle&&Okloless lhe 0Wfl&f&-are-ai>le-1o-re)esl 99
lile-\/esse>lfe”’-th<>-llllil<lei’Si-S€E-GbWS!;-~ 400 (iv)---lf...li;is...Cilarter-lefmlnale&-1Jnd8f-S\Ib-slause-(b)-el W.1-tllis-Giause,llle-Gwo6f8--Bhall-lilereaft8f-f191-be--liable-te 4{);! llle-Gharleref&
-for-aA)’-<;Ialm-oodef-BF-afisiRg--suk>l-tllis 41l3 Gha-...Jis-t&llf\iRatl<>lh - (<1)-An}Yi~uldate<klamage&-fur-de!ay-in .. daJivery.-unaef 4.Qii
lile-!luH<llnB-Gooifaet-aA<I-a!ly-<JeSl&-inG1lfFe<i~n-purwiAg 49@ a-slairn-!llorefe~sllall-assrue-le-lile-aOOOUAt-·Of.-lh...parly +W- statad-in 8 “” 41 (c)-<>F-iHlot...Jilled--ln-sllall-b<>-GI13red 498
E><j\lally-llelweeR-IIle-paflieSo 400 -149 3. GuaraHteeW..-ks-SEI>-GI.AIJSIH2 -lf.--net-----etllePNise---ag reed,--the--Gwners---au-t-Rorise-----tAe -144 GkarteFeFS----tQ...ar-Ean§e--fof--tlw.--guaFaRtee-wefks-..to-be
-’1-’1-2 per{efffiO<i--i!Hloosrdan......with-l~e-£hlpl>uildiAg-build~ -!’hl Goolmet-t””’”””nd-11 ire--1e--seflliAlle-dHfifl!l-lh...peFiod-·of +14
guaraRtae.--wer~TAe--G-RarteFef<’..,....Have--te--advlsa--tlla :1--4§ GWAem-abe-ul----#le-peffefmaAre-te--th~t--the-GWAer-s 44-€i may-re<jUeol, 4-1-7 4. Name-ei-Vessoi-SIOE-GI.AIJS!i44 H8
+h<>-Ralll<>-<>l--!lle--\/essol-shall-l>e--mulHally--agreed 149 betweeFI---#l-e-GwneRrand-tlle--Ghalle-mJS--anG---ti:te-”V-essal 4-20 sllall-be-painle~!Hile-sola\11&,-display.the-lwmel-insignla -1U
aA<I-lly-th<>-hause-fla€J-<1S-16qlllre<l-i>y-tll<>-Gi1aFte”’”” “lb! 5. S-oy OA ~edellvefy---<l!iE-GbA\JSE-46 423 +ile-GwRers--and-111<>-GI>aflerefS-Mlali-appelnt-suM>yors 124
feF-Iil...pHfj>986-GI-de\emllnin~<J-agreoillg-ln-wfiliAg-lhe -l-ila oondioeR-el1he-\/esoel-at-th<>-ilm<>-ei-Fadelivepr, ;.:;e Willlaut-i>rejuaioe-to-Ciause-1~T II), lhe ChaflefSre = s-1\all-bear:-all·-s\J rvay-expeA-Ses-a
llG---al-l-Gthe r eests, if-any. 4-28 inGiuain@-lhe-sast-el-dosldlls-afl<!-<lndasldAS,if-requifed., 4;!9 as-well-as-all-re~aiF-oosts.-iRSUFf9d~e-ChartGrefS-silall 4<10 alse---tlear-all-less--Gf.--.tim.e--spe~ormeGUGn-wltl:l--aRy ~-34
<lesldng-aA<i-unde~s-well-a&repair&,-WhiGil-&llall-l>e j;J2 pald-af-lil<>-Fate-s>-lllr”·POHlay-<>rfr<>-rala~ -13a 

 

 
 11 BARE!CON 2001 11 Standard 13areboat Charter

PART IV HIRE/PURCHASE AGREEMENT (Optional, only to apply if expressly agreed and stated in Box 42) OPTIONAL PART GR---e*pifatiof’l-ef-this Gf:laFter
and-pFaVieletl Ute CRartm 1 ~ave-fYifilleG-theii’-Gbligatioos-a’*”roing-lo PART I and-11 2 as-woll-as-P-ART--111,-il-a;>plisabla, ~ is agrea<l-llla’-- 3 1*1YfRenl ef the fiRal ~aymeAt ef J:Jire-ag....per Glat~se 11·
4 tRe-----Gflafl:efEHS Rave ~urshaseGI tAe--Vessel----witA 5 “””’l’lllin!l-l><>l<mg!H!j-lo-llBH>A<I-llle-Vassal-is--fully-pal~ 6 fer, 7 11>-fhe-f<J//ew/nfi-Para--<HJwn-d-to-as 8 tRe-Se#er.s-aRfllRe
CheFiemr.s--&8-tRe iiJIJ}’GFS. 9 +Re-¥essal-sRal~e-<lmarea by Ills Sellefs-an<l-!al<eA 10 evef--t,y-the Bu)·ers t;~fl-expiFatffi.R--gf lt:la-Gharter. 11 +lw-$enGf6---.ijOOFaAtee-tAat tRe Veasel;-at--tRe-tiFRe-of 12
delivefYr-!s-free-fr-om-a!f....e.rurumbranses aAEI maFitime-lieAS 13 er-aAy-4e9ts--what-sGever etAer tf:lan-these-aRsiflQ--from 14 anyth-iA{J--Gene-eHtet Elene l;ly the-BHyere er any.-exisliA§ 15 meft!jilge-agreea nat Ia
l>e-paid-e~-Sy-tlle-tima-<>f-<1~ 16 $helHG-any-slaim&;-wAiell-have-besn iAe~F:e€1 f,lflor-te--th& 17 Mfll<H>I-Gelivery,-l>e-me<la-agaiAal-tlle-llessel,tha-Seller<> 18
hereby--oo<lertaka--to--inaemfllly-li1e--Buyers-agaiASI-all 19 OOHSe”J«eAses 9f sldst:l Glaims te tAe extent-U--eaHe 20 proved that the Sellers are resfJenslbl&-fer-wGR-GJ.alms., 21 Any ta,;es,
not-affa.i.;--GGRSIJiaf-·3A€1---9tf1Gf-Gi:targes--aR€1 22 expense-ooAHested-wltR-Ifle-fmFGhase-aAd Fe§istrotloA 23 una9F-S<lyers!--llag shall l>a-for-BI!Y<>FS’--aGOOunt,--Any. 24 ~oAsl.llar aAEI--ether
eAaF§es and~oo-ses 25 GGAASG004-with-sl~f.-.tAe-£elleFS’ re~isrer shall-f3e-fe.F 26 Seiier<;CaG- 27 lfl exeHange--fGf---J*lYFASAI--of---tAe-lasl--mGAtWs---1:\il’e 28 instalment-the-Sellers sAall
fllmish···lhe-8uyeFS-WitH--a-Bill 29 o~e--<luly-attealf!<i-alla-.legaliae<l,--logetller-witll-;~ 30 serUfioate settlA§ eY-t--the Fef!istemd--·enwmbfance&;--if 31
“”l’-GR-dellvery4-llle-Vaoael-ill<M>ellers-sl1all-[;fevlde 32 fGr-deletieA ef the Vessel-ffem-tRe-ShiJts--Rag.fster-anG 33 GeliveF-a-Geftlficate-Gklelefum-t~.-the 13t:Jyers. 34
+he-Sel19fS-ffiall,-<!l-lhe-time-al-<leliveF)’;-Ilaf1d··te-111e 35 BliyGRH~IH:Iassifisao9A--GSFiifjsates-(fer-Aill~-9llf!ffies, 36 ar!OOws,chaiRB, ale) as well·as-ali-plaAS-whlffi-may-lle-ln 37 .Se-ll~essh:~A: 38
+he-wireless iR&tallation-anEI--llaHt!Ga~·iA&tfl.lFASAts,.unle&& 39 GFI-hir<>,-·SRatl-i>e--iRGiooe<l-in-llle-sal....wlthalil-ariy-axtra 40 paymenl, 41
+lle-Vaoael-witl>-BverythiA!}-l>elaAging-le-11eF-SI1a 11-b&-at 42 Seller-s’ rlsk-am.I--B*fJE:mSe--YAtiJ.--she--i&--EielivereEI te the 43 S~.Jy”ers.;-SUbjeGt--lo-tA(o)-GOildi(ioAs ef tAis CoffifaGt,--aA4-Ihe 44
Vesset-wilh·--aVSF)’IhiAg oelon9iA!J-la-heF shall be 45 dellvered-allG-tak-en-eVat-as-slla--fs....at-the-time-Gf Qeliveryr 46 after wAisR tlw-Sellers sRall Aave-·n9--f6SpGRBibility.-.feF 47 pessible fa~;Jlts er ElefiGienGies ef
aRy rJess.r~pUoo,. 48 +lle-B!IyeFs-uncleflake-la-pay.-feF-IAe-re~atFiaoan-eWI!e 49 Mafl<lf,-<lfiloeF8;-aAd-otller-pef6<lnnel-lHippolnted-by-lfle 50 Sellef&--tG---the--pGH----wl:iere---tAe Vessel·-·ent&FSG---tRe 51
Sar.eboat CRaFter as fJBfnGial:lse J (P’\RT II} er ta pay the 52 equlvalen~oost,el-tllelf.j<AAney-te-a!1)’-9tller-pla- 53 

 

 
“BARECON 2001 11 Standard Bat·eboat Charter OPTIONAL PART PARTY PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER
REGISTRY {Optional, only to epply If expressly agreed and stated in Box 43) 1. Gef.I.Riti.ans 1 l”of--he-j>Hfj>OS<H>l-tllls-AAR+-V,.JAe-fellewing-lef!”fl&-Shall 2 tlave-tl:!e-meanings-AeF&Sy-assiOfle4-te·them;. 3
~ar-ebeat CRaFter Rea~l:laU--meatHI:te-re~ 4 the-slat<>-wllese--fla§-lhe-\/essel-wlll-lly-anG-ifHII\ich-111e 5 GAaflareAS-<~F<>-i”ejjistereEI--as-lhe--lJarel>oat--sf\aF!erem 6
<l\lfing4h9-J’Ofia<l-<>f.1ha-Ba<eooa!-Gilaf!er, 7 “’ff!!>-’’adefivif!G=-Re!!i<;t<¢.shall-meaR-tfl<>-reQistfy-of-ll!e 8 stat&-in wllisll llle OwnefS-1)f.tha-¥essel-arerB!jistered-as
9 Own6f8-afld-lawhisl1-j\lfisdislloo-and-Gen!fel-ei.JI1e.vesssl 10 wilf-reve Ft l:lfJ’9A tefmfR-ati-Gfl.-Gf.----.tR.e--@ateDeat---Gharter 11 Registfatien~ 12 2. M~e See Clause-44 13 +Aa-Vessekflaflered-UndeF-tlli&-GilaReHs-Jinan~ 14
mof!gago.-and--tl\a-previsi011S·-ef Clause 12fl>} (I’AR-T-11) 15 &hall-a;>ply, 16 ‘l’ermlnatten-of-GhaFier by-Qelault 17 lf..tl.la-Vessel sl:laFI:eFed-uRdaf.-tl:tis-GAaFtef-is-fegfstered-iR 18
a-llareboa\-Gila~er-Regislfy-as-s\aled-ia-llel<-44;-anG-if 19 the-Ownefs-shall-<latault-·in-tOO-j:Jaym-.ol-any-<>meants 20 <ki&--UA<ieF-.JI1&-merlga!Je(8)--sj>aoilled-iA--Bex--2ll,-the 21
Ghafierefa-shall,-il-se-<equlreG-by--tlla-me~ag&e;-<lireGt 22 #1-e--Gwners te re r:egls-lef....lhe·-Ve&sel--ln-the---YAderlyiRg- 23 Regislfy-a&-shewn-ifl-gex~ 24
ffi--lhe--ell<!f!I--GI--lhe--\lesseb-oelng--delete<I--IFGm-·--1~e 25 Ba-Febeat-GHafter. Ref]iBtF}’ as stated In-Sex 44, due-te-a 26 defauil-by-lhe--OwRef&-IA-tlle-paymant-ef-a!lj’-aR10UAis 27 ooe-uA~ar-tlle-morlga!Je(s)
,lhe-Gfla.Fterai$-Shalchav&.JI1e 28 rlgRt--te--lelmil1-ls--Ghafter-fefthwllh--aml--wilheot 29 l’f’!)Udiee-le-aRY-<>IheF-Sialm-they-may-flave-agaifllll-tAe 30 QWA&f&-IJnder-tA-i&-G-J::IartAA 31EX-4.41

 Exhibit 4.41 
  

 
 ‘BARECON 2001” STANDARD BAREBOAT CHARTER PART1 
1. Shlpbrol<er BIMCO STANDARD BAREBOAT CHARTER CODE NAME : “BARECON 2001” 
Mitsui
& CO.LTD PART! 2. Place and dale 
\$ EebruclY~.I 2020 
3. Owners/ Place of
business (CI. 1) 4. Bareboat Charterers I Place of business (CI. 1) LUA LINE S.A., Republic of Pan·ama and OK! NO KAIUN CO., ROSELITE SHIPPING CORPORATION LTD. 
The owning ratio of Vessel between LUA LINE S.A. and OK! NO KAIUN CO. LTO . Is 50 :50. 
5.
Vessel’s name, call sign, flag and lMO number (CI. 1 and 3) 
DREAM CORAL(to be named NAVIOS CORAL!), Panamanian flag, 180,249 M.T. D/WTypo Bulk Carrier, IMO
Number 9747948 
6. Type of Vessel 7. GTINT 
180,249 M.T. 0/WType Bulk Carrier
GT/NT: 92,722/60,504 
8. When I Where built 9. Total DWT (abt.) in metric tons on summer flae~aar~ 2016, IMABARI SHIPBUILDING CO., LTO . 180,249 M.T. DIW

10. Classification Society (CI. 3) 11. Dale of last special survey by the Vessel’s classification society Nippon Katji Kyokal (NK) N/A 
12 .-I’YriRet-paftioulars ef Ve sset {a lse In die ate minffimRHlUmbSH>Hll<>nlhs’-valldl~as&-oolllnGates-a!JfSe<i-aoo,.le-Gh-3) 
Cargoes to be carrledj All Jawfuf cargoes within tile Vessel’s capabllltlos/Ciass, IMO, flag her Insurance 
1 
13. Port or Place of delivery (CI.3) 14. Time for delivery (CI.4) 15. Cancelling date (CI.5)

As per Clause 6 of the MOA (as defined In Clause1 hereof) As per Clause 5 of the MOA As per Clause 5 of U1e MOA See Also Clause 32. 
1S. Port or Place of redelivery (CI. 3) 17. No. of months’ var!d!ty of trading and class certificates upon redelivery (CI. 15) 
At one safe berth or one safe port worldwide In the 3 months 
Charterers’ option but
always within the Trading Limits 
18. Running days’ notice if other than stated in C!.4 19. Frequency of dry-docking Cl. 1D(g) 
N/A As per Classification Society and flag state requirements 
20. Trading Limits (CI.6)

Trading Limits: always safely afloat world~wldo wlthln International Navigation Conditions with the Charterer’s option to break same paying extra insurance,
but always In accordance with Clauso 13 and 40. 
In any event, any country/place designated pursuant to any International or supranational raw or regulation
Imposing trade and economic sanctions Including countries/places sanctioned by UN/USA, prohibitions or restricllons (which may be amended from time to time during tho Charter Period) shall always be excluded. 
21. Charter Period (CI. 2) 22. Charter hire (CI. 11) 
Twelve (12) years phis/minus 30 days In
Charterers’ option See Clause 35 
(See Clause 34) 
23. New class and other
statutory requirements (state percentage of Vessel’s insurance value ace. to Box 29 (CI. 1O(a)(ii)) N/A 
24. Rate of Interest payable ace. to Cl.11 (Q anc, If
applicable, 25. Currency and method of payment (CI.11) ace. to PART IV 
N/A Untted States DoUars l>ayable calendar monthly Ln advance 
26. Place of payment; also state beneficiary and bank account 27. Bank guarantee I bond (sum and place) (CI. 24 (optional) (CI.11) 
To be advised NIA 
28. Mortgage(s), if any (state whether Cl. 12(e) or (b) applies; if 29.
Insurance {llUrl and machinery and war risks) (state value 

 

 
 ‘BARECON 2001” STANDARD BAREBOAT CHARTER PART! 
12(b) applies, state date of Financial Instrument and name of ace. Ia CI.I3(Q or, If applicable, ace. to Cl. 14(k)) (also state if Mort.gagee(s)/Piace of business) (CI. 12) Cl.14
applies) 
See Clause 44 See Clause 40 
30. Additional insurance cover, if any,
for Owners’ accounL limited 31. Additional insurance cover, if any, for Charterers’ account to (CI.13(b) or, If applicable, Cl. 14(g)) limited to (CI. 13(b) or, if applicable, Cl. 14(g)) NIA See Clause 40 (c) 
32. Latent defects (only to be filled In If period olher then stated in 33. Brokerage commission and to whom payable (CI.27) Cl.3) NIA NIA 
34. Grace period (stale number of clear banking days) (CI. 28) 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed, Place of Arbitration must be stated (CI. 30)
Sao Clause 41 London I English Law 
36. War cancellation (indicate countries agreed) (CI. 26(Q) NIA 
37. Newbulidlng Vessel (Indicate with ‘yes’ or ‘no’ whether PART 38. Name and place of Builders (only to be filled In if PART Ill Ill applies) ll!.t!!JQM!l
applies) NIA 
No 
39. Vesoel’s Yard Building No. (only to be filled In if
PART Ill 40. Date of ll\lil<IIRg-Shlpbulldlng Contract (only to be filled tn If applies) PART Ill applies) NIA 
No 
41. Liquidated damages and costs shall accrue to (state party ace. to Cl. 1) a} N/A 
NIA

~~ NIA 
42. Hire/Purchase agreement (indicate with ‘yes’ or
‘no’ whether 43. Bareboat Charter Registry (indicate with ‘yes’ or ‘no’ whether 
PART IV applies) (optional) PART IV applies)
(optional) NIA NIA 
See Clause 37(d) 
44. Flag and Country of the Bareboat
Charter Registry (only to be 45. Country of the Underlying Rogistry (only to be filled In If PART filled in if PARTV applies) V applies) NIA N/A 
See Clause 37 (d)

46. Number of additional clauses covering special provi!>ions, If agreed

Clause 32 to 60 lnclusivo 
PREAMBlE- It 1s mutually agroad thai this Contract
shall be performed subject to the conditions contained 1n th1s Charter wh1ch shall Include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such con filet but
no further. It Is further mutually agreed that PART til and/or PART IV and/or PART V shall only apply and shall only form part of this Charter If expressly agreed and stated In Boxes 37,42 and 43. If PART Ill and/or PART IV and/or PARTV apply, It Is
fur1her agreed that in the event or a conflict of condl!lons, the provisions of PART I and PART II shall prevail over those of 
PART Ill and/or PART IV and/or
PARTVto tho exlent of such conflict but no further Signature (OWners) Signature (Charterers) 
.’1 .- ;- -,., - 
;_...-’ 
..... ~~~.... ~....... . .. .................. ~.~ ..: ..........................
... 
By: Masanobu Oklno By: Ceor~o; Pa.««IJ<t.kt~ 
Title:
President of LUA LINE S.A. Title: A l+ovuev- i~-<- F’ttd-Signature (Owners) 
By: Masanobu Oklno 
Title: Prosldant of OKJNO KAIUIII CO., LTD. 

 

 
 PART II 
11 BARECON 2001” Standard Bareboat
Charter 
11 BARECON 2001” 
1. Dennltlons 1 In this Charter, the following
terms shall have the 2 meanings hereby assigned to them: 3 
“The Ownem”shall mean the party Identified in Box 3; 4 “The Charterers”shall mean
the party Identified In Box 4; 5 
•rhe Vessel” shall mean the vessel named in Box 5 and 6 with particulars as stated in Boxes 6 to j_g; 7 aFinancial
Instrument” means the mortgage, deed of 8 covenant or oiher such financial security instrument as 9 annexed to this Charter and stated In~. 10 
11MOA11 means
the Memorandum of Agreement entered Into between the Owners as buyers and 
ROSE LITE SHIPPING CORPORATION as Sellers (the 
J•sellers1’) dated 2020 In respect of the Vessel. 
“Banktng Days” shall
mean the days identified In 
Cl.36 (b) 
“Tota1 Loss” shall mean the
sltuatlon Identified In 
Cl.40 (a) 11 
2. 12 Charter Period 13 
In consideration of the hire detailed !n ~.theOwners 14 have agreed to let and the Charterers have agreed to hire 15 the Vessel for the period stated In~(the “Charter
Period”). 16 
3. Delivery Also See Clause 32 
Tho Vessel shall be
delivered and taken over by the 17 
Charterers as por Clause 32. 18

(llfll.<lppt/<8-R+-IIHiwJ~•. as indi<aledi~ 19 (a) The Ovmers allall befOf<HIA<I-at-lhe-limEH>~dellvery 20 eXefGise
due-dlligenG&-te-mak-e--the Vesset seaweFtRy ani:! 21 in.evefY-respeol-reaoy In hull, mashinery and equlpmeRt 22 far SBPiiOO tJRti&F-fh.fs..Gftafter-: 23

The Vessel shall be delivered by the Owners and taken 24 over by the Charterers at the port or place indicated in Box 25 13 i!Hluoh-t’eady-saf<Hl<lllh
as the ChaFierers may-direst. 26 (b) The Vessel shall be properly documented on 27 delivery in accordance with the laws of Lhe flag state 28 
Indicated in Box 5
arul--ll\e--requlrements-of-the 29 slasstnsation sooiety-<tate<I-IFl-Box--111-The-\lessel-upen 30 dellvef)’ shall-have--hef--6\!fVey sysles up-IG-<Iate-all<l 31 trading and
slass-<:elliliGates41all<l-ior-at-least-tll9-lluml>e< 32 oH!lorlllls-agreed-1!1-l.loJ<-R.. 33 (G)-:r-he-<lellvery-4-the-\lessel by the Ovmers-an<l-tlle 34 taking ever of th&-Vesse~by-the Cllalterers sllall 35
sooslltute-a-tull-peffermanse by tile Ov:ne:s ef-all--llle 36 
Gwnar-s!-ebligatiafls \:lAder ttlis ClaYse a, and--thereafte-J: 37 
-Fierers-shali-net-i>e--el’ltitie<l-t<>-make-eH>SSef! 38 any-Glalm-eijaiRst the OWJ’teFS eA--aOOOUAt-----Gf-any. 39 oomJi~ons, reflreseAtatieRs
er:-warmnties-e-xpr-essed-(}F 40 lmplled-wltll-respest to the Vessel-bu~tho-OWAers-shail-l>e 41 ilaelo-for the sost ef bu!-Rot-the--timo-foHepaif&-<lf 42

!’ellewai&-<>ooaslened-by-laten~oefest<HA-!Ao-Vessel,-her 43 mael’llnery e· app~;~RenaAses, axls1lng-at-th~lma-ef 44 
deliver:y blAder thls-Gharter,..preVkfeG-sush defeets have 45 manlfested--lhemseives-witl!ln ~·:el•te (12) months alief 46 dellveF)’ ~:~nless
ethsFW!se--pr(wJdeG-iA--8~ 47 
4. Time for Delivery See Clouse 32 48 
(Rot
Bflli!Jesoh>-wh61H’Aimliapptles,as.Jildi<atedi~ 49 +ile-\lessel-sllaiH!et oe oelivere<l--before the data 60 lndiGated-iFl-BOl( 14 wilheiii-!A~ha~erers!-oonsenklnd 51 -ner&-sllall-<>xerGise-<iue diligense-to-deliver the 52
Vessel-not-late: than IRe date indiGated-ln·Bex-Mh 53 Vnia”” othew.4se agreed-ln-Box-13;-tho-OWAOfS-Shali-give 54 the-Gilal’lerers-lloi--/<!Ml--than thirty (31))-runnlng-<lays! 65 pFeliminary
anG-not--less-lhan-fourtee~nnln!jJ-days! 56 detlflite-n9Uce-ef..the4ate en whleh tlie Vessells-expeGted 57 te-lle-ready-ler<tetivery,- 58 The-GwnerHI>all keep the Chaflerers-Giosely-advlse<klf 59
pessiOIEHlllanges-in-llle-Vessel’siJosltion, 
6. cancelling 60

(no!-appi/<8/Jh>-whel>PIIIlRII<lpp/ie<;-a>lndi<aled !R i!MEj 61 {a)--Sheuld-lhe-Vessei-noi-R!Hiel!vered latesl--b’f-tlle 62 sanselling
date-lndiGato<l-ln-BOJ< 1§, the ChaFie:ers-sllall 63 llave-llle-<>ptlon-okanselllng this Chafler by givlng-llle 64 Ownem-nolloe-okansellatlon-wlllllr>-!hirty-sil<-(;!ll)-rwrming 65 
hours after th!Hlai\OOIIing-<latiHltaleo In Be” 15, failing 66 whlsh-1hlo-GhaFleH11lall-remaln4n-iYII-Ior.. -an<i-effeob 67 
(l>)-lf-it-appears-tl!at-\he-\le$el-will be delayed-beyond 66 lh!Hlanoeilinfj-<late,-!Ae-GWAers-may, as seen-<lS-tAey 69 afe iA fJBSitien te stale with reasaRable
seFtainty the Gay 70 en wl:lls~ tfla Vessel she~:~IS’ be ma9y, give Rslise tt’Jereer 71 t<Hhe-GhartereRHlsl<ln(I-Whether-lheY-wlii-exerGise-thel• 72 opli<>A-Gklanseillng,an<l-tlle--opilen must then-be 73
<leGiared-wlthiR--Gne-hundre<l--and--slxty·elght--fW8) 74 FURRing hoc”’ of the reoolpt by t-rterers of sush 75 notlse-or-wlthln-thllty-slx-(36)-runnlng-lleUrs-after-the 76 
Gallselllng4ate,whlohev9f-I!Hhe-ea~i9H~the-Gila<lerers 77 <lo--net then exerolse-thetr option of oanseliing, the 78 seventh aay
aftef--!AEH&adiness-<fate-etated--ln-lhe 79 
GwMrs’ MUse sha:U--be substituted fer tAe Ganaellffig 80 
<iate-lndlsated In B~erthe purpose ef this Clause ti. 81 
(<>)
Gansellatio01-UA<ief-lh~ooe § shall oe willlQIJI 82 prejudlse to SAY slalm lhe Chaflerers may eU!OfWise 83 hav<>eMha-Qwners-undeHhi&G)larter. 84

6. Trading Restrictions 85 
The Vessel shall be employed in lawful trades for
the 86 carriage of suitable lawful merchandise within the trading 87 limits Indicated in Box 20. 86 The Charterers undertake not to employ the Vassel or 89 suffer the Vessel to be employed otherwise than In 90 conformily with the terms of the
contracts of insurance 91 
(Including any warranties expressed or Implied therein) 92 without first obtaining the consent of the Insurers to such 93 employment and
complying with such requirements as to 94 exira premium or otherwise as the Insurers may 95 prescribe. 96 The Charterers also undertake not to employ the Vessel 97 or suffer her employment In any trade or business which 98 
Is forbidden by the law of any country to which the Vessel 99 may sail or Is otherwise Illicit or In carrying illicit or 100 prohibited goods or in any manner whatsoever which 101
may render her liable to condemnation, destruction, 102 seizure or confiscation. 103 Notwithstanding any other provisions contained in this 104 Charter it is agreed that nuclear fuels or radioactive 105 products or waste are specifically excluded
from the 106 cargo permitted to be loaded or carried under this 107 
Charter. +his exolusiell-<laes-Rot-apply-ta-radio-isotoj:>ea 108
l!Se<l--<lr-lntende<l--to-lle-useci---l<>r’---aJly-lnd!!Siriat-, 109 oommerGial;-agrioultural;-;nedloal-or-osieRiiflo-pufJloses 110 provided the Owners’ prior appreval-llas--b&arH>btaine<l 111 tG-teadlng.theroot
112 113 7. Surveys on Delivery and Redelivery 114 
(llol-8pp!lo91i!ewhenPARTIII~ 115 
The Owners and Charterers have the right ofsi>al~eaoh 116 appoln11ng surveyors for the purpose of determining and 117 agreeing in writing the condition of the Vessel at the llme
118 of delivery.re<fellvery-hareunder. +he-{)wnOfS-Shai~bear 119 ell aXfleRses a’-tfle-QR-ffire--Swv~nsh.JEifAg-lasHf-tim&; 120 
11-any,-and-lhe
Chaflerers shali-b&ar-olt-e.penses-el-lhe 121 OU hire SUNey-lns!OOiflij-Joss-af-tlme,ikmy;-at-the-dally 122 e<tllivaleRt-to the rate or hire-<>r-plo rata themot 123 
8. inspection See Clause 59 124 
The Owners shall have the right maximum once per 125
yearaklny-1ime after giving reasonable 1 month prior 126 notice to the Charterers to Inspect or survey the Vessel 127 or instruct a duly authorised surveyor to carry out such 128 survey on their behalf:- provlded It do~.ts not Interfere with the-
ope-ration/Itinerary of the Vessel andfor crew (a} to ascertain the condition of the Vessel and satJsl”y 129 themselves that the Vessel Is being properly repaired 130 and mafntalned. The costs and fees for such Inspection 131 or survey shall be
paid by the OWners.--\ffile-ss tRe Vessel 132 -i-s--faund---le ret:~t~ire ref)aifs-.ef--ma/Fiteoonoo-ln-order-to 133 aehieve-lhe-GGA<iillen-<9-J>reviaed; 134 (b) In df)’ deck if-l~e-Qlarterers-i>aviH!Oklry-<iooked 135 her ifl
aseer£fanGa-wUA-...- GJause-10(g~e-sosls--aOO 136 fees--fOf-SUGh-illSf’OGiien er SUIV9)’-8MI~e-pal<i--by-lha 137 Charterers;-and 138 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 PART II 
11BARECON 2001” Standard Bareboat
Charter 
11BARECON 2001” 
(<>) for any et~er--G<Jmmerslal--reason
they seRSi<ler 139 oosessary (provhie<l-it does not unduly IAiolferer-wllh-lhe 140 oemmeFGiai-GpefBtlen-of-lhe Vessel). The-e<>sltHIOO-Iees 141 fof-SUG!Hnspeotlon and su,ey shall--l>e--pal<l-by-the 142 OWners, 143 
All time used-ht-fes[:JeGt ef iRspeGtieA,--SUW&y-oHepalr& 144 shall-be-fer the Challerers’ aGOOunt-anG-Ierm ~art ef tha 145 G-eriG<!, 146 The Charterers shall also
permit the Owners to Inspect the 147 
Vessel’s log books maximum once per year wheneve; 148 reasonably-requested and shall whenever required by the 149

Owners furnish them with full !nrormation regarding any 150 casualties or other accidents or damage to the Vessel. 151 
9. Inventories, 011 and Stores SEE CLAUSE 53 152 
A-<romplete
lnventery-<>1-th&--Vessel’s-<>nllre-e~ulpmOR~ 153 
<>lll!il--i<>oluolng spaFe-parts, appllaRGes aml-&1-all 154 
oonsumable stores sn-boar<l-t~e-VesseH!hall-l>e-maoe 155 
l>y--lhe
Charterel’S-ln-oon)unotlen with the Ownera en 156 
Oeilvery--an<l-a~A-reoetlvery el the-Vesseh-+lle 157 
~arterers anG-tJ\e-.Qwner~estively, sRall at the 158 
Uma--{)f.-4ellvety-anEHedetivety take
ever and pay feF-aU: 169 bunkef&,-lubrl<!aling oil, unbroaehe<l-pr<>vlslens;-palnts, 160 
FQ):lBS aRd otf.ler-oon&umable--sleres (eJtsl~:~~iAg
spaFe 161 peRsf-IA-Iho-sald-Vessel at tha then ourrent markel-plioes 162 al-tlle-perts-Gklollvery-<~nlke<lellvory,-reepeslively. The 163 Charterera shall-ensuro that all spare parts liste~e 164 hwentery and wsad rl~:~riAg the Charter
Pefiod-are 165 refllased at thelr--&~ense flFier te ret::lslilJe:y of the 166 
Vessel~ SEE ALSO CLAUSE 32, AND CLAUSE 46 167 
Malntenanca and Operation 
10. (a)(J)Maintenance and Repairs· During the Charter period
168 the Vessel shall be In the full possession and at the 169 absolute disposal for all purposes of the Charterers 170 and under their complete control in every respect. 171 The Charterers shall exercise due diligence to 172 maintain the Vessel, her
machinery, boilers, 173 appurtenances and spare parts in a good state of 174 repair, in efficient operating condition and In 175 accordance with good commercial maintenance 176 practice and, except as provided for In Clause 14(1), If 177 applicable,
at their own expense, they shall at all 178 times keep the Vessel’s Class unexpired fully-up-to 179 Oete with the Classification Society Indicated In Box 180

.1Q maintain all other necessary certificates in force at 181 all times. 182

{ii) New Class and Other Safetv Requirements 183 fA-the-event.-Gkmy-lmpr.ovemeAtj slmstt:~ral shanges 184 or-----flew-----equlpment---beoomlnjJ------A.esessa!y
fef--th.e 185 ooRtirmed-eperatian-of-tha Vessel by reassfl sf-new 186 
Glass re~uireMcnt&--<Jr-by--GeMpulsory-!eglslatlen 187 
oestlng-(ex~luding-the Chartcrera’ loss of-time) 188 more-than-the-peraentage stale<i-1R--Box-:l3,-er-lf 189 
Qex 2a is--left-b!ank;--5--per-GeA~f--the Vessel’s 190 lnsuronce value as stated h’1 QO)( 29, then-the 191 
OJ<tenl;-ik!!ly,-le-whloh-lll<Hal8-0f.lllre-shalt-lle-vafie<l 192 an<l-th8-J’atl<>-ln-whlsh-lhe-oosl-ef--oemplianGe shsll 193 bO··ShafB<I
between the-partles-oonoeme<l-iA-Order 194 ta-ae!’deve a reasanable--dlstf.fuutieA thereef as 195 b&lWeen-the--GW!lera--an<l--thrH:harterers haVIR!! 196 regard, lnter--alla,-te-the--length of the perlo<l 197
remalnlng-<~n<ier-this-f:hartcr, shall In the absenoe-ef 198 agreemeJI\,-be-referre<l--t<>--lh<Hilspute--resolutlen 199 methed-agreeo’-ln Clause 3Q. SEE CLAUSE 38 200 (Ill) Financial Security - The Charterers shall maintain
201 financial security or responsibility in respect of third 202 party liabilities as required by any government, 203 including federal, state or municipal or other division 204 or authority thereof, to onable the Vessel, without 205 penally or
charge, lawfully to enter, remain at, or 206 leave any port, place, territorial or contiguous waters 207 or any country, state or municipality In performance 208 of this Charter without any delay. This obligation 209 shall apply whether or not such
requirements have 210 been lawfully imposed by such government or 211 division or authority t~ereof. 212 
arrangements by bond or otheiW!se as may be 214 necessary
to satisfy such requirements at the Charterers’ 215 sole expense and the Charterers shall indemnify the 216 Owners against aU consequences whatsoever (including 217 loss of time) for any failure or Inability to do so. 218 
(b) Operatjon of the Vessel -The Charterers shall at 219 their own expense and by their own procurement man, 220 vtctual, navigate, operate, supply, fuel and, whenever 221
required, repair the Vessel during the Charter Period and 222 they shall pay all charges and expenses of every kind 223 and nature whatsoever incidental to their use and 224 operation of the Vessel under this Charter, Including 225 annual flag state
fees and any foreign general 228 municipality and/or state taxes. The Master officers and 227 
1 crew of the Vessel shall be the servants of the Charterers 228 for
all purposes whatsoever, even-if..--foi’---Bny---masofl 229 appeillted-l>y-lhe-GwnOF& 230 Charterers s~all comply with t~e regulations regarding 231 officers and crew In force In the country of the Vessel’s 232 flag or any olher
applicable law. 233 (c) The Charterers shall keep the owners an<l--the 234 me~gagee(s) advised of the Intended employment, 235 planned dry-docking and major repairs of the Vessel, as 236 reasonably required. 237 (d) Flag and Name of Vessel 238
r:lwrln!l-\lle-GharteH’erle<l,-t~e-Gharterero-shall-lleve-lhe 239 liberty-lo-paint~~e-Vessei-IA-Ihelr-ewA-OOieufS;-inslall-anEI 240 
Ols~lay
tholr-fWAAeiiASigAia-aAO fly their SIVA hs•se flag, 241 ThrH:harterens--shall-alse-have--lhe--llberty,wltil--the 242 
OwneFS’ GQ!’lsent, wAial:l
sAall net be ~mreas&Rably 243 wlthheld;-t<Hlllange--lhe-flag-and/or-the-name-<>t-the 244 
VesaeHI•fill§c-ltle-Gha~er Period.
Palntlni!-and--re- 245 peffiting,IABial-d--re-hlslali!!Cllt,-Jeglslratien--M<I 246

Ele-reglstraHen,iH’e~”ir~<i-l>y-l~e-Owners,sllall-ile-<lt-lhe 24 7 CMI!erers’ e>pense an<l-time,.-SEE CLAUSE 37 & 43 248

(e) Changes to the Vessei...S•I>JeGt-I<H:iaYse4ll{aJ~I); 249 lhe--GMFlerers shall make--fle stRJslt.~ml shaAges in-#le 250 
Vessei---Gr-41anges--IA--the-maslllnefY;---I>ollers, 251 appuFtananGes-&r-spare-paFts-thareaf....wilheut-Jn-eaGh 252 instaAoo-lifst-sOSllriH!j-11\e Owners’
aptlroval-lhereelc--tf 253 the-Owners-so-agree;-the-Gharterers-shall,l~the-Owners 254 
S9-fequire,----restere--the-Vessel te its farffief--Gf)ndiY.an 255
before-lhe-lermlnatlon-of.thls-Gharter, SEE CLAUSE 38 256 
(n Use of the Vessel’s Oulfil Equ’1oment and 257 Appliances - The Charterers shall have the
u!?.a of all 258 outfit, equipment, and appliances on board the Vessel at 259 the time of delivery, provided the same or their 260 substantial equivalent shall be returned to the Owners on 281 redelivery in substantially the same geo4-e~er----aRG
262 condition as when received, ordinary wear and tear excepled. The 263 
Charterers shall from time to time during the Charter 264 period replace such Jtems of
equipment as shall be so 265 damaged or worn as to be unfit for use. The Charterers 266 are to procure that all repairs to or replacement of any 267 damaged, worn or lost parts or equipment be effected 268 In such manner (both as regards workmanship
and 269 quality of materials) as not to diminish the value of the 270 Vessel. The Charterers have t~e right to fit additional 271 equipment at their expense and risk but the Charterers 272 shall remove such equipment at the end of the period 273
unless agreed otherwise by the Owners and the Charterers . ..Jf r~uested-l>y-lhe-Gwners, Any equipment including radio 274 equipment on hire on the Vessel at time of dellvel)’ shall 275 be kept and maintained by the Charterers and the 278

Charterers shall assume the obligations and liabilities of 277 tho Owners under any lease contracts in connection 278 therewith and shall reimburse the Owners for
all 279 expenses incurred in connection therewith, also for any 280 new equipment required In order to comply with radio 281 regurauons, 282 
(g) Periodical
Drv-Docklnq - The Charterers shall dry- 283 dock the Vessel and <:lean and paint her underwater 284 parts whenever the same may be necessary, but not 285 

 

 
 11BARECON 20011’ Standard Bareboat Charter OPTIONAL 
PART 
PARTV

PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY

(Op/lonal, only to apply if expressly agreed and stoted In Box 43) 
1.
l:leflnl!loRS 1 i’<>f-!he-pYFj>OS<Nl~NliS P,~RT ‘l, the following leFA1S shall 2 
have-tha.meanings her~§Ae<l-te-them; 3 
~areboat-Gbarter-Re:Eiis1FV~ sl:lall meaA-the-feg~f 4 the-slate-whose nag tho Vesoel ‘lAII Hy.-an<l-ln-whiGh-lho 5 
Gllali<lr<>rs are reglsl~s-the-bareboa~orer.; 6 dyfln§-lhG-~>efio<l-el-tlle-8arebeal Chafieh 7 
“fluHJn<lerlyiA!!-Beois!N’-shell-mean-tlle-reglstry-fl~he 8 slate iR whlsll-lhe-(Jwnors-of-lh~l-are regislere<kl& 9 
Qwneffl-&fld to whish jYrisdlolioll-and-Genlrol-oHhe-Vessol 10 will-revoiH!por>-termlnatlo!Hl~a Bareboat Charlef 11 
Registration, 12 
2. Mortgag~e<H:Iause-44 13 
+lle-Vessol shartere<l-<uldeF-Ihls-Gllartef-ls-flnanood-l>y.-a 14 mortgaga-.mHhe previsions of ClaYse 12(b) (PART I~ 15 shalkli’J’Iy. 16 
3. -””«o»-<>~a~efawll 17 
IHhe-Vassekllartere<l-<m<leHills
Chalter Is regislere<l-iR 18 a-Bareboa~ller-Reglslf’{-<>s-slaled-ln-Box-44;-an<l-lf 19 th&-GwnBRH!halklelauiWn-the payA1enl of any aA1ount& 20
“”’’--liA<IeF--the-morlgage(6)-opeG!Jied-ln--llox--28,--the 21 
Charterers seal!, If so require<l-l>~gee,-<lireG! 22
the-Gwner&-I<H1l-register-lh...Vassel-ln-the-Un<lerlying 23 
Regi~s-shawn-tR-Il9l<-’16, 24 
ffi-I.J:Ie event ef tlte Vessel being BefeteEI frem tAa 25

Bareboa~Fter-Regislf’{-<>s-slaie<l-l~4,-due-to-a 26 default ~Y lha Owllers in lha payment ef any-ame<~nle 27
dUMmdel’-the-rnertgage(6);-lll&-Glla-rs shall have-tAo 28 righl to lam’llnate !his Charter f<>~thwilil--afl<l-wilfl””l 29 prejll<lise-tG-<lny-ffih.,_,laiA1 !hey A1ey have against-IRe 30
Ownef&-\!n<ieHilis-Gllafler, 31 

 

 
 Additional Clauses 
to the Bareboat Charter Party
dated 15 fe!z)”Mvv 2020 (this “Charter”) by 
r, 
LUA LINE S.A.
and OK! NO KA!UN CO., LTD. as owner (the “Owners”) and 
ROSELITE SHIPPING CORPORATION. as charterer (the “Charterers”) 
in respect of MV “Dream Coral” (to be named “Navios Corali”) (the “Vessel”) 
32. DELIVERY 
(a) The Charterers shall take delivery of the Vessel under this Charter
simultaneously with delivery by the Sellers (as defined in Clause 1 of this Charter) as sellers to the Owners as buyers under the MOA, and the Owners shall be obliged to deliver the Vessel to the Charterers hereunder in the same moment as the Owners
is taking delivery of the Vessel under the MOA. 
(b) In the event that the Vessel is not delivered to Owners under the MOA for any reason, this Charter shall
automatically terminate. 
(c) The Owners warrant that the Vessel, at time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any
other debts whatsoever, other than (I) those incurred prior to the delivery of the Vessel hereunder, (ii) this Charter and (iii) the mortgage over the Vessel, assignment of insurance in respect of the Vessel and the assignment of the charter hires
in respect hereof in favour of AWA BANK. (the 
“Mortgagee”). 
(d) The
Vessel shall be delivered under this Charter in the same condition and with the same equipment, inventory and spare parts as she is delivered to the Owners under the MOA. The Charterers know the Vessel’s condition at the time of delivery, and
expressly agree that the Vessel’s condition as delivered under the MOA is acceptable and in accordance with the provisions of this Charter. The Vessel shall be delivered to the Charterers under this Charter strictly “as is/where is”,
and the Charterers shall waive any and all claims against the Owners under this Charter on account of any conditions, seaworthiness, representations, warranties expressed or implied in respect of the Vessel (including but not limited to any bunkers,
oils, spare parts and other items whatsoever) on delivery. 

 

 
 33. ISM CODE 
During the currency of this Charter
the Charterers shall procure at the costs and expenses and time of the Charterers that the Vessel and the “company” (as defined by the ISM code) shall comply with the requirements of the ISM code. Upon request the Charterers shall provide
a copy of relevant documents of compliance (DOC) and safety management certificate (SMC) to the Owners. For the avoidance of any doubt any loss, damage, expense or delay caused by the failure on the part of the “Company” to comply with the
ISM code shall be for the Charterers’ account. 
34. CHARTER PERIOD 
(a)
The Owners shall let to the Charterers and the Charterers shall take the Vessel on charter for the period and upon the terms and conditions contained herein. 
(b)
Subject always to the provisions hereto, the period of the chartering of the Vessel hereunder (hereinafter referred to as the “Charter Period”) shall comprise (unless terminated at an earlier date in accordance with the terms hereof) a
charter period of 12 years from the date of the delivery of the Vessel by the Owners to the Charterers under this Charter (the “Delivery Date”) with up to 30 days more or less in the Charterers’ option, provided always that the
chartering of the Vessel hereunder may be terminated by the Owners pursuant to Clause 41 or shall terminate in the event of the Total Loss or Compulsory Acquisition of the Vessel subject to, and in accordance with provisions of Clause 40.

35. CHARTER HIRE 
Monthly Hire Rate 
After the delivery of Vessel, the Charterers shall pay the hire monthly in advance for the Charter Period, which consist of (i) Monthly Fixed Hire, (ii) Monthly Variable Hire and
(iii) Monthly Owners’ profit: 
(i) Monthly Fixed Hire (same as Owners’ loan principal repayment based on 12 years equal monthly repayment schedule with
US$750,000 balloon) is the sum of US$237,847.-(in the case of Purchase Price is US$35,000,000) for 

 

 
 Vessel, which is equal to one hundred forty forth (1/144) of the initial Charter Principal Balance minus US$750,000 balloon. Otherwise,
the Monthly Fixed Hire should be proportionally adjusted to 1/144 of the applicable Amortized Purchase Price if delivery of the Vessel occurs after April 01, 2020; and 
(ii) Monthly Variable Hire is calculated from the number of the days in any relevant month, and daily variable hire in accordance with the following formula: 
Monthly Variable Hire = Daily Variable Hire x the number of the days in the relevant month

Daily Variable Hire= Charter Principal Balance x (2.0% +one (1) month ICE Ll BOR as applicable for the month in respect of which such Daily Variable Hire is to be
calculated) I 360 
Applicable one (1) month ICE LIBOR to be confirmed fourteen (14) Banking Days prior to hire due date (The both parties to discuss again about the
exact date when the date for delivery of the vessel gets closer.). The Owners shall notify the Charterers in writing of the Monthly Variable Hire due on any due date for hire by sending to the Charterers a duly issued invoice for that Monthly
Variable Hire and Monthly Fixed Hire at least four (4) Banking Days before such due date. 
Charter Principal Balance means US$35,000,000.-(or the Amortized Purchase
Price if delivery of the Vessel occurs after April 01, 2020) less the aggregate Monthly Fixed Hire as has at any relevant time been paid to the Owners for Vessel.

Should the ICE LIBOR fail to negative interest rate, zero (0) is to be applied as ICE LIBOR. 
(iii) Monthly Owners profit: US$20,000 /month for Vessel. 
“Banking Day” shall mean a
day on which banks are open in Japan, Piraeus/Greece, London and New York. 

 

 
 36. PAYMENTS 
(a) Notwithstanding anything lo the
contrary contained in this Charter, all payments by the Charterers hereunder (whether by way of hire or othe1wise) shall be made as follows:- 
(i) not rater than 11
:OD a.m. (New York time) on one Banking Day prior to the date on which the relevant payment is due under the terms of this Charter: and 
(ii) in United States
Dollars to the bank account in the name of the Owners established and maintained in THE AWA BANK, LTD. 
Komatsushima Office, as more specifically notified later by
the Owners in writing (or such other bank or banks as may from time to time be notified by the Owners to the Charterers by not less than fourteen (14) days’ prior written notice) for the account of the Owners. 
(b) If any day for the making of any payment hereunder shall not be a Banking Day (as defined in Clause 35 hereof) the due date for payment of the same shall be the next following
Banking Day. 
(c) Subject to the terms of this Charter, the Charterers’ obligation to pay hire in accordance with the requirements of Clause 35 and this Clause
36 and to pay certain amount of insurance benefit pursuant to Clause 40 (e) and to pay the Termination Compensation pursuant to Clause 42 shall be absolute irrespective of any contingency whatsoever, including (but not limited to) (i) any failure or
delay on the part of any party hereto or thereto, whether with or without fault on its part, other than the Owners, in performing or complying with any of the terms or covenants hereunder, (ii) any insolvency, bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or against the Owners or the Charterers or any change in the constitution of the Owners or the Charterers or any other person, (iii) any invalidity or
unenforceability or lack of due authorization of or other defect in this Charter, or (iv) any other cause which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this
Charter. 
(d) In the event of failure by the Charterers to pay within three (3) Banking Days after the due date for payment thereof, or in the case of a sum

  

 

 
 payable on demand, the date of demand therefor, any hire or other amount payable by them under this Charter, the Charterers will pay to
the Owners on demand interest on such hire or other amount from the date of such failure to the date of actual payment (both before and after any relevant judgment or winding up of the Charterers) at the rate determined by the Owners and certified
by them to the Charterers (such ce1iification to be conclusive in the absence of manifest error) to be the aggregate of (i) two & one-half per centum (2% %) and (ii) the London Interbank Offered Rate for US Dollar deposits of not more than one
month’s duration (as selected by the Owners or their funders in the light of the likely duration of the default in question) (as such rate is from time to time quoted by leading banks in the London Interbank Market). Interest payable by the
Charterers as aforesaid shall be compounded at such intervals as the Owners shall determine and shall be payable on demand. 
(e) Any interest payable under this
Charter shall accrue from day to day and shall be calculated on the actual number of days elapsed and a three hundred and sixty (360) day year. 
(f) In this
Charter, unless the context otherwise requires, “month” means a period beginning in one calendar month (and, In the case of the first month, on the date of delivery hereunder} and ending in the succeeding calendar month on the day
numerically corresponding to the day of the calendar month in which such period started provided that if there is no such numerically corresponding day, such period shall end on the last day in the relevant calendar month and “monthly”
shall be construed accordingly. 
37. FLAG AND CLASS 
(a) The Vessel shall upon
the Delivery Date be registered in the name of the Owners under the Panamanian flag. The Owners and Charterers agree to keep the Panamanian flag during the Charter Period, subject to Clause 37(c}. 
(b) The Owners shall have no right to transfer the Vessel’s classification society. The Charterers shall, at any time after the Delivery Date and at the Charterers’
expense, have the right to transfer the Vessel’s classification society from Nippon Kaiji Kyokai to any other classification society at least equivalent to Nippon Kaiji Kyokai. 
(c) Further, in the event that the Charterers need to change the flag of the Vessel for its commercial or operational reason, the Charterers can 

 

 
 change the flag with the prior written Owner’s consent, which should not be unreasonably withheld, provided however that:

(i) the Owners may reject such change of flag if the propsed flag will cause any problem for the Mortgagee (in the reasonable opinion of the Mortgagee);

(ii) the Owners shall have the right to take redelivery the Vessel under the Pananian flag, and accordingly If the Vessel is redelivered to the Owners without the
purchase by the Charterers under Clause 49 hereof and she is then under the flag of any state other than Panama, on demand, the Owners may change such flag to the Panamanian flag so that the Owners may take redelivery of the Vessel under the
Panamanian flag (in which case the Charterer shall cooperate with the Owners for change to the Panamanian flag); and (iii) any expenses and time (including, but not limited to, legal charges for finance documents for the Mortgagee) in relation to
change of flag (including chage to the Panamanian flag) shall be for the Charterers’account. 
(d) With the prior written consents of the Owner and the
Mortgagee (which shall not be unreasonably withheld) and subject to the Charterers’ supplying the standard de-registration agreement reasonably satisfactory to the Mortgagee, the Charterers are entitled to establish the standard bareboat
charter registration on the Vessel at the costs, expense (including but not limited to legal charges for finance .documents for the Mortgagee, if any) and time of the Charterers. 
(e) If during the Charter Period there are modifications made to the Vessel which are compulsory for the Vessel to comply with change to rules and regulations to which operation of
the Vessel is required to conform, the cost relating to such modifications shall be for the account of the Charterers. 
(f) The Owners will arrange the
Vessel’s registration under Panama flag and recordation of their mortgage and for the issuance of all Vessel’s initial certificates of the flag at the Owners’ cost. Thereafter the Charterers are responsible to arrange for the renewal
of such certs at the Charterers’ cost throughout the Charter Period 
38. IMPROVEMENT AND ADDITIONS 
The Charterers shall have the right to fit additional equipment and to make severable improvements and additions at their expense and risk. Such 

 

 
 additional equipment, improvements and additions shall be removed from the Vessel without causing any material damage to the Vessel (any
such damage being made good by the Charterers at their time and expense) provided however that the Charterers shall redeliver the Vessel without removing such additional equipment, improvements and additions if the Owners consent to such non-removal
before the redelivery. 
The Charterers shall also have the right to make structural or non-severable improvements and additions to the Vessel at their own time,
costs and expense and risk provided that such improvements and additions do not diminish the market value of the Vessel and are not likely to diminish the market value of the Vessel during or at the end of the Charter Period and do not in any way
affect or prejudice the marketability or the useful life of the Vessel and are not likely to affect or prejudice the marketability or the useful life of the Vessel during or at the end of the Charter Period. 
In the event of any structural modifications to Vessel or installation of new equipment becoming necessary for the continued operation of Vessel by reason of new class regulations
or by compulsory legislation to which operation of Vessel is required to conform, the cost of such compulsory modifications shall be for the Charterers’ account. 
39. UNDERTAKING 
The Charterers undertake and agree that throughout the Charter period they
will:- 
-notify the Owners in writing of any Termination Event (or event of which they are aware which, with the giving of notice and/or lapse of time or other
applicable condition, would constitute a Termination Event); - provide survey status of the Vessel to the Owners when they request it. 
40. INSURANCE, TOTAL LOSS
AND COMPULSORY ACQUISITION 
(a) For the purposes of this Charter, the term “Total Loss” shall include actual or constructive or compromised or agreed or
arranged total loss of the Vessel including any such total loss as may arise during a requisition for hire. “Compulsory Acquisition” shall have the meaning assigned thereto in Clause 25(b) hereof. 
(b) The Charterers undertake with the Owners that throughout the Charter Period:- 

 

 
 (i) they will keep the Vessel insured in the first class underwriter’s standard form as the Owners shall in writing approve, which
approval shall not be unreasonably withheld, with such insurers (including P&I and war risks associations) as shall be reasonably acceptable to the Owners with deductibles reasonably acceptable to the Owners (ii being agreed and understood by
the Charterers that there shall be no element of self- insurance or insurance through captive insurance companies without the prior written consent of the Owners);

(ii) they will be properly entered in and keep entry of the Vessel with P&I Club that is a member of the International Group of Protection and Indemnity
Association for the full commercial value and tonnage of the Vessel and against all prudent P&I 
Risks in accordance with the rules of such association or club
including, in case of oil pollution liability risks equal to the highest level of cover from time to time available under the basic entry with such P&I (but always a minimum of USD1 ,000,000,000); 
(iii) The policies in respect of the insurances against fire and usual marine risks and policies or entries in respect of the insurances against war risks shall, in each case,
include the following loss payable provisions:- 
(a) For so long as the Vessel is mortgaged in favour of the Mortgagee (as defined in this Additional Clause 32) as
assignee: 
Until such time as the Assignee shall have notified the insurers to the contrary: 
(i) All recoveries hereunder in respect of an actual, constructive or compromised or arranged total loss shall be paid in full to the Assignee without any deduction or deductions
whatsoever and applied in accordance with clause 40 (e); (ii) All other recoveries not exceeding United Slates Dollars One Million (US$1,000,000.00) shall be paid in full to the Charterers or to their order without any deduction or deductions
whatsoever; and 

 

 
 (iii) All other recoveries exceeding United States Dollars One Million (US$1,000,000.00) shall, subject to the prior written consent of
the Assignee which shall not be unreasonably withheld be paid in full to the Charterers or their order without any deduction whatsoever. 
(iv) 
(b} During any periods when the Vessel is not mortgaged: 
(i) All recoveries hereunder in
respect of an actual, constructive or compromised or arranged total loss shall be paid in full to the Owners without any deduction or deductions whatsoever and applied in accordance with clause 40 (e); (ii) All other recoveries not exceeding United
States Dollars Two Million (US$2,000,000.00) shall be paid in full to the Charterers or to their order without any deduction or deductions whatsoever; and (iii) All other recoveries exceeding United States Dollars Two million (US$2,000,000.00)
shall, subject to the prior written consent of the Owners be paid in full to the Charterers or their order without any deduction whatsoever, subject to the fulfillment of the provisions of Clause 44; 
and the Owners and Charterers agree to be bound by the above provisions. 
(iv) the Charterers
shall procure that duplicates of all cover notes, policies and certificates of entry shall be furnished to the Owners for their custody; 
(v) the Charterers shall
procure that the insurers and the war risk and protection and indemnity associations with which the Vessel is entered shall 
(A) furnish the Owners with a letter or
letters of undertaking addressed to the Mortgagee in relevant underwriter’s standard form and in accordance with the underwriters’ rules. 
(B) supply to
the Owners such information in relation to the insurances effected, or to be effected, with them 

 

 
 as the Owners may from time to time reasonably require: and 
(vi) the Charterers shall use all reasonable efforts to procure that the policies, entries or other instruments evidencing the insurances are endorsed to the effect that the
insurers shall give to the Owners prior written notification of any amendment, suspension, cancellation or termination of the insurances in accordance with the underwriters’ guidance and rules. 
(c) Notwithstanding anything to the contrary contained in Clauses 13 and any other provisions hereof, the Vessel shall be kept insured during the Charter Period in respect of
marine and war risks on hull and machinery basis (The Charterers shall have the option, to take out on a full hull and machinery basis increased value or total loss cover in an amount not exceeding Thirty per centum (30%) of the total amount insured
from time to time) for not less than the amounts specified in column (b) in the table set out below in respect of the one-yearly period during the Charter Period specified in column (a) (on the assumption that the first such period commences on the
Delivery Date) against such amount (hereinafter referred to as the “Minimum Insured Value”): 
(a) (b) 
Year Minimum Insured Value 
1 USD 38,500,000 
2 USD 35,360,417 
3 USD 32,220,833 
4 USD 29,081,250 
5 USD 25,941,667 
6 USD 22,802,083 
7 USD 19,662,500 
8 USD 16,522,917 
9 USD 13,383,333 
10 USD 10,243,750 
11 USD 7,104,167 
12 USD 3,964,583 
(d) (i) Jf the Vessel shall become a Total Loss or be subject to Compulsory
Acquisition the Chartering of the Vessel to the 

 

 
 Charterers hereunder shall cease and the Charterers shall:- 
(A) immediately pay to the Owners all hire, and any other amounts, which have fallen due for payment under this Charter and have not been paid as at and up to the date on which the
Total Loss or Compulsory Acquisition occurred (the “Date of Loss”) together with interest thereon at a rate reflecting the Owners’ reasonable cost of funds at such intervals, which amount to be agreed between the Owners and the
Charterers and shall cease to be under any liability to pay any hire, but not any other amounts, thereafter becoming due and payable under this Charter, Provided that all hire and any other amounts prepaid by the Charterers subsequent to the Dale of
boss shall be forthwith refunded by the OWRefSi 
(B) for the purposes of this sub-clause, the expression “relevant Minimum Insured Value” shall mean the
Minimum Insured Value applying to the one-year period in which the Date of Loss occurs. 
(ii) For the purpose of ascertaining the Date of Loss:- 
(A) an actual total loss of the Vessel shall be deemed to have occurred at noon (London time) on the actual date the Vessel was lost but in the event of the date of the loss being
unknown the actual total loss shall be deemed to have occurred at noon (London time) on the date on which it is acknowledged by the insurers to have occurred; 
(B)
a constructive, compromised, agreed, or arranged total loss of the Vessel shall be deemed to have occurred at noon (London time) on the date that notice claiming such a total loss of the Vessel is given to the insurers, or, if the insurers do not
admit such a claim, at the date and time at which a total loss is subsequently admitted by the insurers or adjudged by a competent court of law or arbitration tribunal to have occurred. Either the Owners or, with the prior written consent of the
Owners (such consent not to be unreasonably withheld), the Charterers shall be 

 

 
 entitled to give notice claiming a constructive total loss but prior to the giving of such notice there shall be consultation between
the Charterers and the Owners and the party proposing to give such notice shall be supplied with all such information as such party may request; and 
(C) Compulsory
Acquisition shall be deemed to have occurred at the time of occurrence of the relevant circumstances described in Clause25 (b) hereof. 
(e) All moneys payable under
the insurance effected by the Charterers pursuant to Clauses 13 and 40, or other compensation, in respect of a Total Loss or pursuant to Compulsory Acquisition of the Vessel shall be received in full by the Owners (or the Mortgagees as assignees
thereof) and applied by the Owners (or, as the case may be, the Mortgagees):- 
FIRST, in payment of all the Owners’ costs incidental to the collection thereof,

SECONDLY, in or towards payment to the Owners (to the extent that the Owners have not already received the same in full) of a sum equal to the aggregate of (i)
unpaid but due hire under this Charter and unpaid interest thereon up to and including the Date of Loss and (ii) the “Termination Amounf’ (defined below) as at the Date of Loss, and 
THIRDLY, in payment of any surplus to the Charterers by way of compensation for early termination. 
“Termination Amount” shall mean: 
(A) in case that Date of Loss is at or after the
end of 4th year of the Charter Period, the Termination Amount shall be equal to the Purchase Option Price payable under Clause 49 which shall be calculated based on the Date of Loss; and 
(B) in case that the Date of Loss is before the 4th year of the Charter Period, the Termination Amount shall be as follows: (date) (amount) as at the Delivery Date: USD 37,054,375
at the end of 1•1 year of the Charter Period: USO 34, 171,667 

 

 
 at the end of 2nd year of the Charter Period: USD 31,225,833 at the end of 3rd year of the Charter Period: USD 28,280,000 
provided that, in relation to (B), if Date of Loss is between the two dates as specified above, then the Termination Amount shall be adjusted proportionally on the basis of 360
days a year. 
(f) The Charterers and the Mortgagee shall execute the “Assignment of Insurances” of which contents and wording shall be mutually agreed
between the Owners and the Chaiterers. 
41. TERMINATION EVENTS 
(a) Each of the
following events shall be a “Termination Event” for purposes of this Charter:- 
(i) if any installment of hire or any other sum payable by the Charterers
under this Charter (including any sum expressed to be payable by the Charterers on demand) shall not be paid at its due date or within ten (10) Banking Days following the due date of payment and such failure to pay is not remedied within three (3)
Banking Days of receipt by the Charterers of written notice from the Owners notifying the Charterers of such failure and requesting that payment is made; or 
(ii)
Save in circumstances where requisition for hire or compulsory requisition result in termination of insurances for the Vessel, if either (A) the Charterers shall fail at any time to effect or maintain any insurances required to be effected and
maintained under this Charter, or any insurer shall avoid or cancel any such insurances (other than where the relevant avoidance or cancellation results from an event or circumstance outside the reasonable control of the Charterers and the relevant
insurances are reinstated or re-constituted in a manner meeting the requirements of this Charter within seven (7) days of such avoidance or cancellation) or the Charterers shall commit any breach of or make any misrepresentation in respect of any
such insurances the result of which the relevant insurer avoids the policy or otherwise excuses or releases itself from all or any of its liability thereunder, or (B) any of the said insurances shall cease for any reason whatsoever to be in full
force and effect (other than where the reason in question is 

 

 
 outside the reasonable control of the Charterer and the relevant insurances are reinstated or re-constituted in a manner meeting the
requirements of this Charter within seven (7) days of such cease); or 
(iii) if the Charterers shall al any time fail to observe or perform any of their material
obligations under this Charter, other than those obligations referred to in sub-clause (i) or sub-clause (ii) of this Clause 41 (a), and such failure to observe or perform any such obligation is either not remediable or is remediable but is not
remedied within thirty (30) days of receipt by the Charterers of a written notice from the Owners requesting remedial action; or 
(iv) if any material
representation or warranty by the Charterers in connection with this Charter or in any document or certificate furnished to the Owners by the Charterers in connection herewith or therewith shall prove to have been untrue, inaccurate or misleading in
any material respect when made (and such occurrence continues unremedied for a period of thirty (30) days after receipt by the Charterers of written notice from the Owners requesting remedial action): or 
(v) if a petition shall be presented (and not withdrawn or stayed within sixty (60) days) or an order shall be made or an effective resolution shall be passed for the
administration or winding-up of the Charterers (other than for the purpose of a reconstruction or amalgamation during and after which the Charterers remain solvent and the terms of which have been previously approved in writing by the Owners which
approval shall not be unreasonably withheld) or if an encumbrancer shall take possession or an administrative or other receiver shall be appointed of the whole or any substantial part of the property, undertaking or assets of the Charterers or if an
administrator of the Charterers shall be appointed (and, in any such case, such possession is not given up or such appointment is not withdrawn within sixty (60) days) or if anything analogous to any of the foregoing shall occur under the laws of
the place of the Charterers’ incorporation, or 
(vi) if the Charterers shall stop payments to all of its creditors or shall cease to carry on or suspend all or
a substantial part of their business or shall be unable to pay their debts, or shall admit in writing their inability to pay their debts, as they become due or shall otherwise become or be adjudicated insolvent; or 

 

 
 {vii) if the Charterers shall apply to any court or other tribunal for, a moratorium or suspension of payments with respect to all or a
substantial part of their debts or liabilities, or 
{viii) (A) {a) if the Vessel is arrested or detained (other than for reasons solely attributable to the Owners
or to those for whom, for the purposes of this provision, the Owners shall be deemed responsible, including without limitation, any legal person who, at the date hereof or at any time in the future is affiliated with the Owners) and such arrest or
detention is not lifted within ninety (90) days {or such longer period as the Owners shall reasonably agree in the light of all the circumstances) of the date on which the Vessel has been arrested or detained, or {b) if any petition of any public
auction or other sale proceeding {following such arrest or detention) is filed or such proceeding is commenced or ordered by the competent court or other authority (except that the Charterer promptly contested in good faith and which is continuing),

{B) if a distress or execution shall be levied or enforced upon or sued out against all or any substantial part of the property or assets of the Charterers and
shall not be discharged or stayed within ninety (90) days; or 
{ix} if any consent, authorization, license or approval necessary for this Charter to be or remain
the valid legally binding obligations of the Charterers, or to the Charterers to perform their obligations hereunder or thereunder, shall be materially adversely modified or is not granted or is revoked, suspended, withdrawn or terminated or expires
and is not renewed (provided that the occurrence of such circumstances shall not give rise to a Termination Event if the same are remedied within thirty (30) days of the date of their occurrence); or 
(x) if {a) any legal proceeding for the purpose of the reconstruction or rehabilitation of the Charterers is commenced and continuing in any jurisdiction and {b) the Owners receive
a termination notice from the receiver, trustee or others of the Charterers which informs the termination/rejection of the Charter pursuant to the relevant laws, codes and regulations applicable to such proceeding. 

 

 
 (b) A Termination Event shall constitute (as the case may be) either a repudiatory breach of, or breach of condition by the Charterers
under, this Charter or an agreed terminating event the occurrence of which will (in any such case) entitle the Owners by notice to the Charterers to terminate the chartering of the Vessel under this Charter and recover the amounts provided for in
Clause 42(c) either as liquidated damages or as an agreed sum payable on the occurrence of such event. 
42. OWNERS’ RIGHTS ON TERMINATION 
(a) At any time after a Termination Event shall have occurred and be continuing, the Owners may, by notice to the Charterers immediately, or on such date as the Owners shall
specify, terminate the chartering by the Charterers of the Vessel under this Charter, whereupon the Vessel shall no longer be in the possession of the Charterers with the consent of the Owners, and the Charterers shall redeliver the Vessel to the
Owners. For the avoidance of doubt, in case of the termination of the Charter Jn accordance with 41 (a) (x) hereof, the Charter shall be deemed to be terminated upon receipt by the Owners of the termination notice set forth in Clause 41 (a} (x)
hereof. 
(b) On or at any time after termination of the chartering by the Charterers of the Vessel pursuant to Clause 42(a) hereof the Owners shall be entitled to
retake possession of the Vessel, the Charterers hereby agreeing that the Owners, for that purpose, may put into force and exercise all their rights and entitlements at law and may enter upon any premises belonging to or in the occupation or under
the control of the Charterers where the Vessel may be located. 
(c) If the Owners pursuant to Clause 42(a) hereof give notice to terminate the chartering by the
Charterers of the Vessel, the Charterers shall pay to the Owners on the date of termination (the “Termination Date”), the aggregate of (A} all hire due and payable, but unpaid, under this Charter to (and including) the Termination Date
together with interest accrued thereon pursuant to Clause 36(d) hereof from the due date for payment thereof to the Termination Date, (B} any sums, other than hire, due and payable by the Charterers, but unpaid, under this Charter together with
interest accrued thereon pursuant to Clause 36(d} to the Termination Date and (C) any actual direct financial loss suffered by the Owners which direct Joss shall be determined as the shortfall, if any, between (a) the current market value of the
Vessel (average value as estimated by two independent valuers such as major London brokers i.e. Arrow Valuations Ltd, Barry Rogliano Salles, Braemar ACM Shipbroking, H Clarkson & Co. 

 

 
 Ltd., E.A. Gibsons Shipbrokers, Fearnleys, Galbraith, Simpson Spencer & Young, Howe Robinson & Co Ltd London and Maersk Broker
K.S. (to include, in each case, their successors or assigns and sL1ch subsidiary or other company in the same corporate group through which valuations are commonly Issued by each of these brokers), or such other first-class independent broker as the
Owners and Charterers may agree in writing from time to time) and (b) the Termination Amount (as defined In Clause 40(e)) to be calculated based on the Termination Date PROVIDED ALWAYS that if the said market value exceeds the aggregate of (A) and
(B) and the Termination Amount, then the Owners shall pay the amount of such excess to the Charterers forthwith. The aggregate of (A), (8) and (C) above shall hereinafter be referred to as the “Termination Compensation”). 
(d) If the Charter is terminated in accordance with this Clause 42 the 
Charterers shall
Immediately redeliver the Vessel at a safe and ice-free port or place as indicated by the Owners. The Vessel shall be redelivered to the Owners in substantially the same condition and class as that in which she was delivered, fair wear and tear not
affecting class excepted. 
(e) The Owners agree that if following termination of th!l Charter under this Clause, the Owners sell or otherwise transfer the Vessel to
a third party, or enter into any other arrangement with a third party with an option to purchase the Vessel, then the Owners shall pay to the Charterers after that sale (i) the amount of the sale price less (ii) the aggregate of the unpaid
Termination Compensation and the Termination Amount (as defined in Clause 40(e)) which would be payable by the Charterers as set out in Clause 49 as at the date of such sale (which shall include, for the avoidance of doubt, any costs and expenses
Incurred by the Owners arising from or in relation to the termination and the re-possession of the Vessel and operation, repair (as the case may be) and such sale of the Vessel). 
43. NAME 
The Charterers shall, subject only to prior notification to the relevant authorities
of the jurisdiction in which for the time being the Vessel is registered, be entitled from time to time to change the name of the Vessel. During the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours,
install and display their funnel insignia and fly their own house flag. Painting and Installment shall be at Charterers’ expense and time. The Charterer shall also have the liberty to change the name of the Vessel during the Charter Period at
the expense and time of 

 

 
 the Charterers (including the legal charge for finance documents for the Mortgagee, if any). 
The Owners shall have no right to change the name of the Vessel during the Charter Period. 
44.
MORTGAGE and ASSIGNMENT 
The Owners confirm that they are famillar with the terms of the assignment of insurances made or to be made by the Charterers in favour or
the Mortgagee, and they agree to the terms thereof and will do nothing that conflicts therewith, excepting that the Owners shall be entitled to assign its rights, title and interest in and to this Charter to the Mortgagee or its assignee. Neither
party shall assign its right or obligations or part of thereof to any third party without the written consent of the other, unless otherwise expressly permitted herein. 
In respect of the Vessel the Owners undertake not to borrow more than the respective purchase option prices as set out at the relevant milestone in Clause 49 hereof. 
The Owners have the right to register a first preferred mortgage on the Vessel in favour of the Mortgagee securing a loan under the Loan Agreement under standard mortgages and
security documentation. In which case, the Owners undertake to procure from the Mortgagee a Letter of Quiet Enjoyment In a form and substance acceptable to the Charterers. 
The Charterers agree to sign an acknowledgement of the Owners’ charterhire assignment or any other comparable document reasonably required by the Mortgagee, in favour of the
Mortgagee. During the course of the Charter the Owners have the right to register a substitute mortgage in favour of another bank provided such registration is effected in a similar amount to the loan amount outstanding with the Mortgagee at that
time and only if such substitute mortgagee executes a Letter of Quiet Enjoyment in favour of the Charterers in the same form as that provided by the Mortgagee or the form acceptable for the Charterers. The Charterers will then agree to sign a
charterhire assignment in favour of the substitute mortgage in a form as shall be agreed by the Charterers, which agreement not be unreasonably withheld. Any cost incurred by the Charterers shall be for Owners’ account. 

 

 
 Subject to the term and conditions of this Charter, the Charterers also agree that the Owners have the right to assign its rights, title
and interest in and to the insurances by way of assignment of insurance in respect of the Vessel to and in favour of the Assignee in a form and substance acceptable to Charterers and the Assignee. 
Owners shall procure that any mortgage and charterhire assignment shall be subject to this Charter and to the rights of the Charterers hereunder, In accordance with, and subject
to, a Letter of Quiet Enjoyment. 
In the event that the Owners execute security of any nature (including but not limited to any mortgage, assignment of insurances)
over the Vessel then the Owners hereby undertake and agree as a condition of this Charter to procure that the beneficiary of such security executes in favour of the Charterers a letter of quiet enjoyment in such form and content as is reasonably
acceptable to the Charterers, and the effectiveness of this assignment clause is subject to the agreement of a letter of Quiet Enjoyment on or before delivery of the Vessel. 
The Charterers shall not assign charter nor sub-charter Vessel on a bareboat basis except with the prior consent in writing of the Owners, which shall not be unreasonably withheld.
Such Owners’ prior written consent will not be required provided that Vessel remain at all times under the management of Navios Shipmanagement Inc. or an affiliate of Navies Shipmanagement Inc. or of Angeliki Frangou Furthermore, the Charterers
may assign or transfer the charter by way of novation to a subsidiary or affiliate of Navios Maritime Holdings Inc without Owners’ prior written consent, in which case, (i) the Charterers, the Owners and such new charterers as permitted under
this Clause shall enter into a novafion agreement on or before such novation at the Charterers’ cost and (ii) new assignment of insurances and assignment of charterhires as mentioned above and an amendment of the Mortgage (as the case may be)
shall be made in favour of the Mortgagee at the Charterers’ cost. 
45. REDELIVERY INSPECTION 
Prior to redelivery and without interference to the operation of the Vessel, the Owners, at their risk and expense, shall have the right provided that such right is declared at
least 20 days prior to the expected redelivery date to carry out an underwater inspection of the Vessel by Class approved diver and in the presence of Class surveyor and Owners’ and Charterers’ representatives. Should any damages in the
Vessel’s underwater parts be found that will impose a condition or recommendation of Vessel’s class 

 

 
 then: 
a) In case Class imposes a condition or
recommendation of class that does not require drydocking before next scheduled drydocking. Charterers shall pay to Owners the estimated cost to repair such damage .in way which is acceptable to Class, which to be direct cost to repair such damage
only, as per average quotation for the repair work obtained from two reputable independent shipyards at or in the vicinity of the redelivery port, one to be obtained by Owners and one by Charterers within 2 Banking Days from the date of imposition
of the conditionfrecommendation unless the parties agree otherwise. 
b) In case Class require Vessel to be drydocked before the next scheduled drydocking the
Charterers shall drydock the Vessel at their expense prior to redelivry of the Vessel to the Owners and repair same to Class satisfaction. 
In such event the Vessel
shall be redelivered at the port of the dockyard. 
46. REDELIVERY 
The
Charterers shall redeliver to the Owners the Vessel with everything belonging to her at the time of redelivery including spare parts on board, used or unused subject to the Clause 38 hereof. The Owners shall take over and pay the Charterers for
remaining bunkers and unused lubricating oils including hydraulic oils, and greases, unbroached provisions, paints, ropes and other consumable stores as per Clause 53 al the Charterers’ purchased prices with supporting vouchers. For the purpose
of this clause, the Charterers shall withhold the Hire two last hire payments (the “Withheld Hire”) and shall offset the cost of bunkers, unused lubricating oils and unbroached provisions etc., remaining on board at the time of redelivery
from the Withheld Hire. If the Withheld Hire is not sufficient to cover the cost of bunkers, unused lubricating oils, and unbroached provisions etc. the Owners shall settle the outstanding amount within 3 Banking Days after redelivery of the Vessel.

Personal effects of the Master, officers and crew including slop chest, hired equipment, if any and the following listed items are excluded and shall be removed by
the Charterers prior to or at the time of redelivery of the Vessel: 

 

 
 E-mail equipment not part of GMDSS Gas bottles Electric deck air compressor Blasting and painting equipment Videotel (or similar) film
library 
47. MORTGAGE NOTICE 
The Charterers keep prominently displayed in the
chart room, engine room and the master’s cabin of the Vessel a framed printed notice in plain type (the print on which shall measure at least six inches by nine inches) reading as follows:- 
NOTICE OF MORTGAGE 
“This Vessel is covered by a First Preferred Ship Mortgage given to
THE AWA BANK, LTD. a banking corporation duly organized and existing under the laws of Japan, having its head office at 24-1,NISHI SEMBACHO 2CHOME,TOKUSHIMA CITY,TOKUSHIMA,JAPAN, Japan, acting through its KOMATSUSHIMA Office at 7-14, MATSUSHIMACHO,
KOMATSUSHIMA CITY, TOKUSHIMA, JALAN, Japan, its successors and assigns, under the authority of the laws of the Republic of Panama. Under the terms of said Mortgage, neither the owner of this Vessel, any charterer, the Master of this Vessel, nor any
other person has any right, power or authority to create, incur or permit to be imposed upon the Vessel any liens, maritime or otherwise, other than the lien of said Mortgage and liens for crew’s wages or salvage.” 
48. SALE OF VESSEL BY OWNERS 

	1.	 The Owners have the right to sell the Vessel to a reputable third party
(“Purchaser”) at any time during the Charter Period with the prior written consent of the Charterers and provided that (i) the Purchaser agrees to take over the benefit and burden of this Charter, (ii) such ownership change does not result
in any reflagging of the Vessel, (iii) such ownership change does not resu It in the Charterers being obliged to increase any payment under this Charter, (iv) such ownership change does not increase the actual or contingent obligations of the
Charterers under this Charter, and (v) the Charterers shall not be liable for the costs and expenses (including legal fees) incurred in the sale of the Vessel by the Owners under this Clause 48. 

	2.	 The Owners shall give the Charterers at least one month’s prior
written 

 

 
 notice of any sale. 

	3.	 Subject to 48.1, the Charterers and Owners undertake with each other to
execute one or more novation agreements (or other documents required under applicable law) to novate the rights and obligations of the Owners under this Charter to the Purchaser such novation agreement(s) or other documents to be in such form and
substance acceptable to the Charterers and such novation will be effective upon delivery of the Vessel from the Owners to the Purchaser.” 

49. CHARTERERS’ OPTION TO PURCHASE VESSEL 

	1.	 From (and including) the end of 4th year of the Charter Period, the
Charterers have the option to purchase the Vessel at the following purchase price. The Charterers’ purchase option is subject to Charterers’ written declaration to the Owners latest three (3) months prior to the expected date of delivery,
such date to be indicated by the Charterers in their declaration notice (such purchase option price at such expected date of delivery indicated in the declaration notice as calculated by the following formula, being called the “Purchase Option
Price”). 

  

	The	 Purchase Option Price shall be calculated in accordance with the following
formula: 

  

	“Purchase	 Option Price = (A} + (B) + (C)” (A} = Charter Principal Balance

  

	(B)	 =Owners’ profit starting from US$1,500,000. at the end of 4th year and
de-escalate US$62,500/year to the end of 12th year (C} == Owners’ broker commission: 1.00% over the above (A) + (B) for Vessel 

 2. The
Purchase Option Price shall be paid in full free of bank charges to the Owners (as seller) upon the delivery date of the Vessel under this Clause. 
3. Immediately
prior to delivery of the Vessel by the Owners to the Charterers under the PO MOA (as defined in Clause 49.4) the Parties shall execute a Protocol of Redelivery and Acceptance under this Charter (the “Redelivery 

 

 
 Protocol”) and save in respect of any claims accrued under this Charter prior to the date and time of the Redelivery Protocol, this
Charter shall terminate forthwith. 
4. Upon the date of any written notification by the Charterers to the Owners of their intention to purchase the Vessel, the
Owners and the Charterers shall be deemed to have unconditionally entered into a contract to sell and purchase the Vessel for the Purchase Option Price on and in strict conformity with the terms and conditions contained In the Memorandum of
Agreement attached to this Charter as Exhibit A (the “PO MOA”). 
50. MISCELLANEOUS 
(a) The terms and conditions of this Charter and the respective rights of the Owners and the Charterers shall not be waived or varied otherwise than by an instrument in writing of
the same date as or subsequent to this Charter executed by both parties or by their duly authorized representatives. 
(b) Unless otherwise provided in this Charter
whether expressly or by implication, time shall be of the essence in relation to the performance by the Charterers of each and every one of their obligations hereunder. 
(c) No failure or delay on the part of the Owners or the Charterers in exercising any power, right or remedy hereunder or in relation to the Vessel shall operate as a waiver
thereof nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise of any such right or power or the exercise of any other right, power or remedy. 
(d) If any terms or condition of this Charter shall to any extent be illegal invalid or unenforceable the remainder of this Charter shall not be affected thereby and all other
terms and condition shall be legal valid and enforceable to the fullest extent permitted by law. 
(e) The respective rights and remedies conferred on the Owners and
the Charterers by this Charter are cumulative, may be exercised as often as the Owners or the Charterers (as the case may be) think fit and are in addition to, and are not exclusive of, any rights and remedies provided by law. 

 

 
 51. COMMUNICATIONS 
Except as otherwise provided
for in this Charter, all notices or other communications under or in respect of this Charter to either party hereto shall be in writing and shall be made or given to such party at the address, facsimile number or e-mail address appearing below (or
at such other address, facsimile number or e-mail address as such party may hereafter specify for such purposes to the other by notice in writing):- 
(i) in the
case of the Owners c/o OKINO KAIUN CO., LTD. 
Address : 7-22, Minamikomatsushima-Cho, Komatsushima, Tokushima, 773-0005 Japan Telephone : +81-0885-32-1534 Telefax :
+81-0885-32-1529 E-mail : okino@f6.dion.ne.jp 
(ii) in the case of the Charterers c/o Navios Shipmanagement Inc. Address : 85 Akti Mlaouli Street, 18538, Piraeus,
Greece Telephone : 30-210-4595000 E-mail : ops@navios.com legal@navios.com, tech@navios.com legal_corp@navios.com 
(iii) in the case of the Brokers c/o Mitsui &
Co., Ltd. 
Address : 1-3, Marunouchi 1-Chome, Chiyodaku, Tokyo 100-8631, Japan Telephone : +81-3-3285-4452 Telefax E-mail : tkmsh@dg.mitsui.com 
A written notice includes a notice by facsimile or e-mail. A notice or other communication received on a non-working day or after business hours in the place of receipt shall be
deemed to be served on the next following working day in such place. 
Subject always to the foregoing sentence, any communication by personal delivery or letter
shall be deemed to be received on delivery, any communication by e-mail shall be deemed to be received upon transmission of the automatic answerback of the addresses and any communication by facsimile shall be deemed to be received upon 

 

 
 appropriate acknowledgment by the addressee’s receiving equipment. 
All communications and documents delivered pursuant to or otherwise relating to this Charter shall either be in English or accompanied by a certified English translation.

52. TRADING IN WAR RISK AREA 
The Charterers shall be permitted to order the
Vessel into an area subject to War Risks as defined in Clause 26 without consent of the Owners provided that all Marine, War and P&I Insurance are maintained with full force and effect and the Charterers shall pay any and all additional premiums
to maintain such insurance. 
53. INVENTORIES, OIL AND STORES 
A complete
inventory of the Vessel’s entire equipment, outfit Including spare parts, appliances and of all consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the
Vessel. 
The Owners shall at the time of redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable
stores (excluding spare parts) in the said Vessel at the Charterers’ purchased prices with supporting vouchers. However, the Charterers shall not pay to the Owners at time of delivery for any bunkers, lubricating oil, provisions, paints, ropes
and consumable stores which the Charterers have supplied to the Vessel at the Charterers’ expense prior to delivery. The Charterers shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at
their expense prior to redelivery of the Vessel. 
54. INDEMNITY FOR POLLUTION RISKS 
The Charterers shall indemnify the Owners against the following Pollution Risks:- 
(a)
liability for damages or compensation payable to any person arising from pollution; 
25 

 

 
 (b) the costs of any measures reasonably taken for the purpose of preventing, minimizing or cleaning up any pollution together with any
liability for losses or damages arising from any measures so taken; 
(c) liability which the Owners and/or the Charterers may incur, together with costs and
expenses incidental thereto, as the result of escape or discharge or threatened escape discharge of oil or any other substance; 
(d) the costs or liabilities
incurred as a result of compliance with any order or direction given by any government or authority for the purpose of preventing or reducing pollution or the risk of pollution; provided always that such costs or liabi/lties are not recoverable
under the Hull and Machinery Insurance Policies on the Vessel; 
(e) liability which the Owners and/or the Charterers may incur to salvors under the exception to the
principal of “no cure-no pay” in Article 1 (b) of Lloyds Standard Form of Salvage Agreement (LOF 1990); and 
(f) liability which the Charterers may incur
for the payment of fines in respect of pollution in so far as such liability may be covered under the rules of the P&I Club. 
55. TRADE AND COMPLIANCE CLAUSE

The Charterers and the Owners hereby agree that no person/s or entity/ies under this Charter will be individual(s) or entily(ies) designated under any applicable
national or international law imposing trade and economic sanctions. 
Further, the Charterers and the Owners agree that the performance of this Charter will not
require any action prohibited by sanctions or restrictions under any applicable national or international law or regulation imposing trade or economic sanctions.

56. ANTI-BRIBERY AND ANTI-CORRUPTION 
The Charterers and the Owners hereby
agree that in connection with this Contract and/or any other business transactions related to it, they as well as their sub-contractors and each of their affiliates, directors, officers, employees, agents, and every other person acting on its and
its sub-contactors’ behalf, shall perform all required duties, transactions and dealings in compliance with all applicable 
26 

 

 
 laws, rules, regulations relating to anti-bribery and anti-money laundering. 
57 COSTS AND EXPENSES 
(a) The parties hereto agree that all operational cost Including
required cost in relation to Vessel’s flag (such as tonnage tax, insurance and crew certs etc) would be for the Charterers’ account. However, all other cost (such as financing cost /cost for registration and discharge of their mortgage
etc) would be for the Owners’ account. 
(b) For this Charter and the MOA, each party should bear its own costs unless otherwise agreed herein. 
58 MANAGEMENT COMPANY 
The management company shall be Synergy Marine Pte Ltd. and/or Navios
Shipmanagement Inc., and/or any other management company affiliated to Angeliki Frangou. The Charterers may change the management company with the Owners’ prior consent not to be unreasonably withheld, unless such change is to an affiliate of
Navios Shipmanagement Inc. or of Angeliki Frangou in which case Owners’ consent will not be required. 
59 BBC SURVEY (Further to Clause 8) 
1. In case the Vessel has any incidents/casualties, Owners have the right to carry out physical inspection more than once per year at Owners’ expense. Charterers will do their
best to organize the timing and place based on Owners’ preferred timing. Charterers tech and OPS will organize accordingly. Owners shall have the right to visit the Vessel at dry-dock after the completion of DD works. 
2. The Owners shall have the right to perform a physical inspectionfsurvey (including dry-dock) of Vessel each once per year. Prior one month notice of intention to perform such
survey shall be given in writing to the Charterers and the Charterers shall keep the Owners informed of Vessel’s each itinerary for possible inspection. Inspections shall be at Owners Cost and not to unreasonably disturb and/or delay
Vessel’s itinerary. In case the Vessel has any incidents/casualties, Owners have the right to carry out physical inspection more than once per year at Owners’ expense. 
3. Charterers will do their best to organize the timing and place based on Owners’ preferred timing. Charterers tech and OPS will organize accordingly. 
4. Owners shall have the right to visit the Vessel at dry-dock after the completion of DD works.

27 

 

 
 60 SANCTION 
(1) In this Clause, the following
provisions shall apply where any sanction, prohibition or restriction Is imposed on any specified persons, entities or bodies including the designation of any specified vessels or fleets under United Nations Resolutions or trade or economic
sanctions, laws or regulations of the European Union, United States of America, United Kingdom, Panama, Japan, the Flag State of the Vessel and/or the Marshall Islands. 
(2) The Owners and the Charterers hereby represent and warrant to each other that as of the even date hereof, they have never received any notice of legal proceedings or
investigation in relation to the sanctions, restrictions or designation referred to in sub-clause (1) and have never acknowledged existence of such legal proceedings or investigation. 
(3) The Owners hereby warrants that at the date of entering into this Agreement and during the currency of this Charter: (i) none of the Owners, their directors and officers is
subject to any of the sanctions, prohibitions, restrictions or designation referred to in sub-clause (1) which prohibit or render unlawful any performance by the Charterers and/or the Owners under this Charter; (ii) the Owners are letting and
performing other obligations hereunder as principals and not as agent, trustee or nominee of any person with whom transactions are prohibited or restricted under sub-clause (1); and (iii) the Owners will promptly inform the Charterers of receipt of
any notice of proceeding or investigation referred to in sub-clause (2) and send the copy of such notice and any relevant documents they have received in relation thereto. 
(4) The Charterers hereby warrants that at the date of entering into this Agreement and during the currency of this Charter: (i) none of the Charterers, the management company
under Clause 58 hereof, their respective directors and officers is subject to any of the sanctions, prohibitions, restrictions or designation referred to in sub-clause (1) which prohibit or render unlawful any performance by the Charterers and/or
the Owners under this Charter; the Charterers are hiring and performing other obligations hereunder as principals and not as agent, trustee or nominee of any person with whom transactions are prohibited or restricted under sub-clause (1); (ii) the
Vessel is not a designated vessel under any of the sanctions, 
28 

 

 
 prohibitions, restrictions or designation referred to in sub-clause (1); (iii) the Charterer will promptly inform the Owners of receipt
of any notice of proceeding or investigation referred to in sub-clause (2) and send the copy of such notice and any relevant documents they have received in relation thereto; and (iv) on demand the Charterers will provide the Owners of all Relevant
Documents in relation to the Vessel and/or the cargo on board the Vessel. 
In this paragraph (v), “Relevant Documents” shall mean (A) such documents as
required to prove that the Charterers are not in breach of the sanctions, prohibitions, restrictions or designation referred to in sub-clause (1) and/or (B) such documents as required for the Owners and/or the Mortgagee to disclose to any competent
authority in relation to the sanctions, prohibitions, restrictions or designation referred to in sub-clause (1), provided that the Relevant Documents shall be reasonably and practicably obtainable to the Charterers. 
(end) 
Attachment: Exhibit A (PO MOA), 
Purchase Option Price (for reference) 

 

 
 [ PURCHSE OPTION PRICE (for reference) l 
1

2 
3 
4 $23,583,333 $25,334, 167 
5 $20, 729, 167 $22,388,333 
6 $17,875,000 $19, 442,500 
7 $15,020,833 $16, 496,667 
8 $12, 166, 667 $13, 550,833 
9 $9,312,500 $10,605,000 
10 $6,458,333 $7, 659, 167 
11 $3, 604, 167 $4, 713,333 
12 $750,000 $1. 767,500

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