Document:

Exhibit 4.44

  

   

  

  
    MEMORANDUM OF AGREEMENT

    	
             

          	
            Norwegian Shipbrokers’ Association’s

          
	
             

          	
            Memorandum of Agreement  for sale and

          
	
             

          	
            purchase of ships. Adopted by BIMCO in 1956.

          
	
             

          	
            Code-name

          
	
             

          	
            SALEFORM 2012

          
	
             

          	
            Revised 1966, 1983 and 1986/87, 1993 and 2012

          

     

    Contract No. NX2018001

    

    

    Dated 11th June 2018

     

    Argo Owning Company Limited of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (Name of sellers), hereinafter called the “Sellers”, have
        agreed to sell, and

    

    

    Ningbo Economic and Technological Development Zone Longsheng Shipping Co., Ltd., address : Room 906, No.21 Laodong Road, Beilun, Ningbo,
        Zhejiang, 315800 China, hereinafter called the “Buyers”, have agreed to buy:.

    

    

    “Buyers’ Import Agent means “Zhejiang Nan Xin Shipping Co., Ltd.” of Floor 7, 488 Hengshan Road, Beilun, Ningbo, Zhejiang, 315800 P. R. China
        that will be acting as Import Agent and will remit the Purchase Price plus all other monies payable under this Agreement.  Their role is as Import Agent only and the Buyers to remain ultimately and fully responsible for the true and correct
        fulfilment of this Agreement.  The Import Agent will also sign on the signature page of this Agreement (Name of buyers and Import Agent), hereinafter called the “buyers”, have agreed to buy:

    

    

    Name of vessel: REDONDO

     

    IMO Number: 9211597

     

    Classification Society: NK

     

    
      
        	Class Notation:	
                Classification Characters(s) : NS (Bulk Carrier) (ESP) (PSCM) MNS

              

      

    

                   Descriptive Note (s) : Strengthened for heavy cargo loading where hold nos. 2,4 & 6 may be empty

    

    

    	
            Year of Build: 21st July, 2000

          	
            Builder/Yard: Hudong-Zhonghua Shipbuilding (Group) Co., Ltd, China 

          
	
             

          	
             

          	
             

          
	
            Flag: Malta

          	
            Place of Registration: Valletta

          	
            GT/NT: 40562/26139

          

     

    hereinafter called the “Vessel”, on the following terms and conditions:

    Definitions

    “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in
        Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 (Documentation) and Athens of Greece, London of UK, China, Malta, Hong Kong and U.S.A. (add additional jurisdictions as appropriate).

    “Buyers’ Nominated Flag State” means P.R. China (state flag state).

    “Class” means the class notation referred to above.

    “Classification Society” means the Society referred to above.

    “Deposit” shall have the meaning given
            in Clause 2 (Deposit)

    “Deposit Funds Holder”
        means HOLMAN FENWICK WILLAN, HONG KONG [ Fullstyle:  Ms. Angie Lo, Direct Line:  +852-39837779, Tel.:  852-39837786, Email:  angie.lo@hfw.com, Fax No.:  +852-39837766, Address: HFW, 15th Floor, Tower One, Lippo Centre, 89 Queensway, Hong Kong] (state name and location of Deposit Funds Holder) or, if left blank, the Sellers’ Bank, which shall hold and release the Deposit Total in accordance with this Agreement.

    “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
        e-mail or telefax.

    “Parties” means the Sellers, and the Buyers and the Buyers’ Import Agent (as the context may require).

    “Purchase Price” means the price for the vVessel

        as stated in Clause 1 (Purchase Price).

    
      
        

    

    

    

    “Sellers’ Account” means to be advised (state details of bank account) at the Seller’s Bank.

    “Sellers’ Bank” means to be advised (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance
        of the Purchase Total Price.

    
      
        	1.	
                Purchase Price

              

      

    

    The Purchase Price is USD7,500,000.-cash (United States Dollars Seven Million Five Hundred Thousand) (state currency and amount both in words and figures). – CIF Qinhuangdao, P.R. China

    
      
        	2.	
                Deposit

              

      

    

    As security for the
            correct fulfilment of this Agreement the Buyers shall lodge a deposit of__% (__ per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the “Deposit”)
            in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that:

    
      
        	

              	(i)	
                This Agreement has been signed by the Parties and exchanged in original
                        or by e-mail or telefax; and

              

      

    

    
      
        	

              	(ii)	
                The Deposit Holder has confirmed in writing to the Parties that the
                        account  has been opened.

              

      

    

    The Deposit shall
            be released in accordance with joint written instructions of the Parties’.  Interest, if any, shall be credited to the Buyers.  Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall
            provide to the Deposit Holder all necessary documentation to open and maintain the account without delay.

    
      
        	3.	
                Payment

              

      

    

    On delivery of the
            Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices):

    
      
        	

              	(i)	
                the Deposit shall be released to the Sellers; and

              

      

    

    
      
        	

              	(ii)	
                the balance of the Purchase Price and all other sums payable on delivery
                        by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers’ Account.

              

      

    

    The Parties after signing this Agreement shall enter into an Escrow Agreement with the Funds Holder and
        shall provide to the Funds Holder all necessary documentation to open and maintain the account without delay.

    To facilitate the closing, the Purchase Price and all other monies payable under this Agreement
        (collectively the “Total Price”) shall be prepaid by the Buyers in full free of bank charges to the Funds Holder’s account before the expected delivery date which shall be held in the Buyers’ sole name and are subject to the Buyers’ sole
        instruction.  On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices), the Buyers shall give all necessary
        instructions to the Funds Holder to release the Total Price to the Sellers’ Account.

    The Total Price is deemed to have been paid by the Buyers upon receipt by Sellers and Buyers from the
        Funds Holder of a copy of the Funds Holder’s “Application for Outward Remittance/ Cashier’s Order” stamped by the Funds Holder’s bank as evidence that the remittance of the Total Price has been made provided that the Buyers can provide the Funds
        Holder the signed release instruction before 1300 hours HKT.  When the above evidence of remittance has been received, the signed Protocol of Delivery and Acceptance will be time by Sellers and Buyers and the delivery documents as per Addendum to
        this Agreement will be exchanged between Sellers and Buyers appropriate.

    Any banking or law firm fees/expenses for holding said Purchase Price and all other monies payable under
        the MOA and closing to be equally borne by Buyers and Sellers.

    
      
        	4.	
                Inspection

              

      

    

    (a)*The
        Buyers have inspected and accepted the Vessel’s NK classification records.  The Buyers have also inspected the Vessel at/in *blank state place) on *blank (state date) and have

    
      
        

    

    

    

    accepted the Vessel
            following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement.

    However, for import purposes, the Sellers will allow the Buyers to arrange inspection by CCS Surveyors
        in Songxia, China and the deal is subject to obtaining the approval of the Chinese Authority to fly Chinese flag.  If the Buyers cannot obtain the
          Import Inspection Technical Assessment Report by 1800 hours Beijing time, 11th July, 2018,
          this agreement shall become null and void and the Parties shall have no claim against each other.

    The Buyers to keep Sellers fully informed of Import Permit Status including transactions and stage of
        events that are taking place for Sellers’ guidance

    (b)*The Buyers shall have the right to inspect the Vessels classification records and declare whether same are accepted or not within *blank (State date/period).

    The Sellers shall
            make the Vessel available for inspection at/in *blank (state place/range) within *blank (state date/period).

    The Buyers shall
            undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

    The Buyers shall
            inspect the Vessel without opening up and without cost to the Sellers.

    During the
            inspection, the Vessel’s dock and engine log books shall be made available for examination by the Buyers.

    The Sale shall
            become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such
            inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

    Should the Buyers
            fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be
            released immediately to the Buyers, whereafter this Agreement shall be null and void.

    *4(a) and 4(b) are alternatives;
          delete whichever is not applicable.  In the absence of deletions, alternative 4(a) shall apply.

    
      
        	5.	
                Time and place of delivery and notices

              

      

    

    (a)  The

        Vessel shall be delivered and taken over safely afloat at a safe and always accessible berth or anchorage at/in *blank (state place/range) in the Sellers’ option. at
        Shanhaiguan Shipbuilding Industry Co., Ltd, in Quihuangdao, China, not earlier than 5th July, 2018 (provided that the Import Inspection
          Technical Assessment Report has been obtained by the Buyers and not later than 18th July, 2018 in Sellers’ option.

    Notice of Readiness
            shall not be tendered before:          (date).

    Cancelling Date (see Clauses

          5(c), 6 (a)(i), 6 (a) (iii) and 14): 18th July, 2018 in Buyers option

    (b) After

        this Agreement is signed and the Import Inspection Technical Assessment Report obtained, the Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20), ten (10), five (5) six (6), and three (3) and two (2) days as applicable
        approximate and 1 day definite notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery.

    The Buyers at their cost and respsonsibility shall arrange berth availability at Shanhaiguan
        Shipbuilding Industry Co., Ltd, in Qinhuangdao, China.  However, the Sellers local agents have to take care of all Sellers’ responsibilities in arranging clearance, pilotage, tugs assistance, coordinations with Buyers local agents and shipyard etc.

    
      
        

    

    

    

    Buyers shall pay for the berth fee.

    In case such berth is not available or Buyers fail to arranange for such berth, the Buyers shall take
        over the vessel at a safe anchorage.

    When the Vessel is at the place of delivery and physically ready for delivery in accordance with this
        Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

    (c)  If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may
        notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date.  Upon receipt of such notification the Buyers shall have the option of either cancelling this
        Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. If the Buyers have not declared their option within three (3) Banking Days of
        receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.

    If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof
        including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.

    (d) Cancellation,

        failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date.

    (e) 
        Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit together with interest earned, if any, shall be released
            immediately to the Buyers whereafter this Agreement shall be null and void. 

    
      
        	6.	
                Divers Inspection / Drydocking

              

      

    

    (a)*

    
      
        	

              	(i)	
                The Vessel will be delivered without drydocking.  However, the Buyers shall have the option right at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society at berth of Shanhaiguan Shipbuilding Industry Co., Ltd. if available or
                    another suitable location near the port of delivery prior to the delivery of the Vessel.  Such option shall be declared latest nine (9) days prior to
                        the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers
                    and paid for by the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. The extent
                    of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost
                    and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent
                    re-positioning.  The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

              

      

    

    
      
        	

              	(ii)	
                If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s
                    class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the
                    Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the
                    satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

              

      

    

    
      
        

    

    

    

    Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require
        the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and
        materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the
        average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the
        condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct
        repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

    
      
        	

              	(iii)	
                If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the port of delivery, the Sellers shall
                    take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the
                    delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming,
                      but limited to a maximum of fourteen (14) twenty (20) days.

              

      

    

    (b)

          * The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater
            parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or
            defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock
            dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshalft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers
            shall pay the aforesaid costs and expenses, dues and fees.

    (c) If

        the Vessel is drydocked pursuant to Clause 6(a)(ii) or 6(b) above:

    
      
        	

              	(i)	
                The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society
                    surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and
                        surveyed by the Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall
                        declare whether they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers.
                        Should any part of the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society
                        without condition/recommendation**.

              

      

    

    
      
        	

              	(ii)	
                The costs and expenses relating to the survey of the tailshaft system
                        shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the Sellers
                        shall pay these costs and expenses.

              

      

    

    
      
        	

              	(iii)	
                The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the
                    Classification Society surveyor.

              

      

    

    
      
        	

              	(iv)	
                The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the
                    Seller’s or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely

              

      

    

    
      
        

    

    

    

    delivery.  If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed
        the work which the Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In the event that the Buyers’ work required such additional time, the Sellers may upon
        completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel
        is in drydock or not.

    *6(a) and 6(b) are alternatives; delete whichever is not applicable. In the absence of
          deletions, alternative 6(a) shall
          apply.

    **Notes or memoranda, if any, in the surveyor’s report which are accepted by the
        Classification Society without condition/recommendation are not to be taken into account.

    
      
        	7.	
                Spares, bunkers and other items

              

      

    

    The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on
        shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or unused, whether on board or not shall become the Buyers’
        property, but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are
        taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment.

    Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s
        personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: *blank (include list)

    Items on board
            which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: *blank (include list)

    Excluded items from the sale are as follows :

    

    

    Library and forms exclusively for use in the Sellers vessel(s) and captain’s, officers’ and crew’s personal belongings

    Inlcuding the stop chest are excluded from the sale without compensation, as well as the following additional items :

    

    

    All Log Books for Deck, Engine and Radio (the Buyers are allowed to make copies)

    All ISPS, ISM And quality documentation and correspondence, SSP (Ship Security Plan)

    Vessel’s wireless e-mail system and server

    Training video library, books

    Crew/Officers library / walport videos

    All Master’s Stopchest/Bonded stores, all Master’s and crew’s personal belongings

    Personal lap-top computers

    Personal cell phones

    Contents of Master’s safe

    Certificates/documents to be returned to authorities. (The Buyers are allowed to make copies.)

    m. All leased, rented, hired equipment

    VOD (Videotel on Deman) Unit (for crew training)

    Logbooks shall be retained by the Sellers. However, the Buyers have the right to take photocopies/copy
        of the logbooks onboard before delivery at the Buyers cost.

    Items on board which are on hire or owned by third parties, listed as follows, are excluded from the
        sale without compensation:

        INFINITY Communication Box

    Items on board at the time of inspection which are on hire or owned by third parties, not listed above,
        shall be replaced or procured by the Sellers prior to delivery at their cost and expense.

    The Buyers shall
            take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums and pay either:

    
      
        

    

    

    

    

    

    (a)  *the actual
            net price (excluding barging expenses) as evidenced by invoices or vouchers; or

    (b)  *the current
            net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port.

    (c) for the
            quantities taken over.

    At the port and date delivery.  Buyers shall take over the remaining bunkers on board and pay extra to
        the Sellers at Singapore Platts as published one (1) Banking Day prior the delivery date.  Buyers also shall pay extra for unused lubricating oils in designated storage tanks and sealed drums/pails that have not passed through the Vessel’s system
        at Sellers last net purchase prices, but excluding barging expenses, as evidenced by invoices or vouchers.

    Quantities of remaining bunkers and unused lubricating oils onboard are to be measured jointly by the
        representative onboard 2 days before delivery and adjusted accordingly on the day of delivery and a relevant statement to be agreed and signed by the Sellers and the Buyers representatives.

    The Sellers agree to deliver with HFO quality remaining onboard at the time of delivery should be less
        than 30% of the HFO tank capacity and MDO/MGO quantity remaining onboard at the time of delivery should be less than 30% of the MDO/MGO respective tank capacity.  The Sellers shall provide to the Buyers a preliminary estimate of bunkers and unused
        lubicrating oils remaining onboard and their values at least 5 Banking Days (together with invoices and vouchers) prior tendering Notice of Readiness.

    Should, despite Sellers’ best endeavors, the HFO and the MDO quantities remaining on board at the time
        of delivery be excesses aforesaid quantities the NOR shall be deemed invalid and it shall then be Sellers responsibility to arrange for de-bunkering of the excessive quantities of bunkers.  All the cost associated with such de-bunkering to be borne
        by the Sellers.

    Payment under this Clause shall be made at the same time and place and in the same currency as the
        Purchase Price.

    “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b)
        (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

    *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of
          deletions alternative (a) shall
          apply.

    
      
        	8.	
                Documentation

              

      

    

    The

          place of closing: Funds Holder's Office

    (a)

            In exchange for payment of the Purchase Price shall provide the Buyers with the following delivery documents:

    
      
        	

              	(i)	
                Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag
                        State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the
                        Buyers’ Nominated Flag State;

              

      

    

    
      
        	

              	(ii)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Sellers to authorise the execution, delivery and performance of this Agreement;

              

      

    

    
      
        	

              	(iii)	
                Power of Attorney of the Sellers appointing one or more representatives
                        to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

              

      

    

    
      
        	

              	(iv)	
                Certificate or Transcript of Registry issued by the competent authorities
                        of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with
                        the original to be sent to the Buyers as soon as possible after delivery of the Vessel;

              

      

    

    

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
        deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
        Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      
        

    

    

    

    
      
        	

              	(v)	
                Declaration of Class or (depending on the Classification Society) a Class
                        Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;

              

      

    

    
      
        	

              	(vi)	
                Certificate of Deletion of the Vessel from the Vessel’s registry or other
                        official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately a written undertaking by the
                        Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the
                        Vessel has been delivered;

              

      

    

    
      
        	

              	(vii)	
                A copy of the Vessel’s Continuous Synopsis Record certifying the date on
                        which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy
                        of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

              

      

    

    
      
        	

              	(viii)	
                Commercial Invoice for the Vessel;

              

      

    

    
      
        	

              	(ix)	
                Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and
                        greases;

              

      

    

    
      
        	

              	(x)	
                A copy of the Sellers’ letter to their satellite communication provider
                        cancelling the Vessel’s communication contract which is to be sent immediately after delivery of the Vessel;

              

      

    

    
      
        	

              	(xi)	
                Any additional documents as may reasonably be required by the competent
                        authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

              

      

    

    
      
        	

              	(xii)	
                The Sellers’ letter of confirmation that to the best of their knowledge,
                        the Vessel is not black listed by any nation or international organisation.

              

      

    

    (b) At the time of
            delivery the Buyers shall provide the Sellers with:

    
      
        	

              	(i)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and

              

      

    

    
      
        	

              	(ii)	
                Power of Attorney of the Buyers appointing one or more representatives to
                        act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate).

              

      

    

    Sellers and Buyers to provide a list of closing documents reasonably required for the registration of
        the Vessel which are to be mutually agreed and incorporated into this Agreement as an Addendum hereto. Same is not to delay the signing of this Agreement, however to be agreed without unnecesarry delay.

    At the time of delivery the Sellers shall hand over to the Buyers all classification certificates as
        well as all plans/instruction books/manuals/etc. which are on board the Vessel whereas all operational and technical documentation which exist ashore in Sellers' possession shall be promptly forwarded to Buyers immediately after ships delivery at
        Buyers' expenses. The Sellers may keep the vessel's log books, but the Buyers to have the right to make copies of same.

    After this Agreement is signed, the Buyers have the right to request and receive in copy all
        certificates (Class, Trading, Statuory etc) including but not limited ot Safe Manning, DOC, SMC, CSR, Radio Licence, International Tonnage Registration certificate as required by the Buyers' new registration.

    (A) In relation to the original Fee from Encumbrances Certificate (the "Clean Transcript of Register"):
        ON date of closing in Hong Kong the Sellers shall provide the Buyers with an original Clean Transcrip of Register issued by Malta Maritime Authority ("MMA") dated not earlier than 3

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
        deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
        Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      
        

    

    

    

    Banking Days prior to tender of NOR, evidencing the Sellers' ownership of the Vessel and that the Vessel
        is free from registered encumbrances.

    (B) in relation to the original Deletion Certificate: On the date of closing and upon conclusion of the
        transfer of title and delivery of the Vessel to the Buyers, Sellers will proceed with applying for (i) the deletion of the Vessel from the MMA and (ii) the issuance of the Deletion Certificate and Closed CSR. Such applications, at the request of
        the Sellers, shall be stamped by the MMA by way of receipt and scanned copies of same can be made available to the Buyers on the same date of delivery.  Sellers will provide Buyers on the same date of delivery. Sellers will provide Buyers with
        scanned copies of Deletion Certificate and Closed CSR of the Vessel issued within two (2) Banking Days from the date of delivery from the MMA. The originals of the Deletion Certificate and Closed CSR to be couriered to an address appointed by the
        Buyers on the date of issuance.

    Certificates/documents to be returned to the authorities include the following items (Buyers are allowed
        to make copies):

    1.  Vessel's Original Registry Certificate

    2.  Radio License

    3. Documentation of Compliance

    (c) If any of the documents listed in Sub clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country
        of the translated language..

    (d) The Parties
            shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later than *blank (state number of days), or if left blank, nine (9) days prior to
            the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

    (e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which
        are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

    (f) Other technical documentation which may be in the Sellers’ possession shall promptly after delivery
        be forwarded to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers have the right to take copies of same.

    (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming
        the date and time of delivery of the Vessel from the Sellers to the Buyers.

    
      
        	9.	
                Encumbrances

              

      

    

    The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances,
        mortgages and maritime liens or any other claims or debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of any potential claims made
        against the Vessel which have been incurred prior to the time of delivery.

    
      
        	10.	
                Taxes, fees and expenses

              

      

    

    Any taxes, fees and expenses in connection with the purchase and registration in the Buyers’ Nominated
        Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account.

    
      
        	11.	
                Condition on delivery

              

      

    

    The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is
        delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted.

    However, the Vessel shall be delivered charter free, free of cargo, and free of stowaways with her Class maintained without
        condition/recommendation*, free of average damage affecting the Vessel’s class and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, clean and valid and unextended without

    

    

    

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
        deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
        Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      
        

    

    

    

    condition/ recommendation* by the Classification Society or the relevant authorities at the time of
        delivery.

    The Vessel's CMS items shall be valid and up to date without outstanding at the time of delivery.

    The Vessel shall be delivered with her cargo holds fully clean and swept, and free of cargo and cargo
        residues. However, the Sellers have the option to deliver Vessel with her cargo holds as they are left by stevedores after completion of cargo onboard by paying the Buyers a lumpsum of USD 4,200, - in lieu of cargo hold cleaning.

    Buyers acknowledge that the Vessel's next bottom survey in Dry Dock & Boiler Surveys are due by 21st
        July 2018 and accept to take delivery with such surveys due.

    For the avoidance of doubt Sellers list hereinbelow vessel's major survey due dates which are as
        follows:

    - Bottom Survey in Dry Dock is due 21st July 2018

    - Intermediate Survey is due by 21st October 2018

    - Boiler Survey is due by 21st July 2018

    “inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b)
        (inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

    *Notes and memoranda, if any, in the surveyor’s report which are accepted by the
        Classification Society without condition/recommendation are not to be taken into account.

    
      
        	12.	
                Name/markings

              

      

    

    Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.

    
      
        	13.	
                Buyers’ default

              

      

    

    Should the Deposit
            not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest.

    Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right
        to cancel this Agreement., in which case the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their
            loss, tThe Sellers shall be entitled to claim further compensation for their losses direct for all expenses incurred together with interest.

    
      
        	14.	
                Sellers’ default

              

      

    

    Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready
        to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be physically
        ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to cancel.
            In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately.

    Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to
        validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this
        Agreement.

    
      
        	15.	
                Buyers’ representatives

              

      

    

    After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and expense.

    These representatives are on board for the purpose of familiarisation and in the capacity of observers
        only, and they shall not interfere in any respect with the operation of the Vessel. The

    

    

    

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
        deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
        Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    

    

    
      
        

    

    

    

    Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of
        indemnity prior to their embarkation.

    Upon the Seller's giving 3 days' approximate notice, the Buyers have the right to place onboard 2 more
        representatives and 4 more Buyers' officers and crew during daytime only. The Sellers' officers shall, reasonably and as practical as possible without delays to the Vessel's delivery schedule and always at Master's supervision, explain and show the
        Vessel's main operation functions to the Buyers' representatives and officers.

    
      
        	16.	
                Law and Arbitration

              

      

    

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

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

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

    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration
        shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

    (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
            rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their
            decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the
            Society of Maritime Arbitrators, Inc.

    In cases where
            neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

    (c) This Agreement shall be governed by and construed in accordance with the laws of *blank (state place) and any dispute arising out of or in connection with this Agreement shall be referred to
            arbitration at *blank (state place), subject to the procedures applicable there.

    *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable, In the absence of deletions, alternative
          16(a) shall apply.

    
      
        	17.	
                Notices

              

      

    

    All notices to be provided under this Agreement shall be in writing exchanged through the brokers involved.

    Contact details for
            recipients of notices are as follows:

    For the Buyers: *blank

    

    

    For the Sellers: *blank

    

    

    

    

    

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
        deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’
        Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

     

    
      
        

    

    

    

    
      
        	18.	
                Entire Agreement

              

      

    

    The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in
        relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall
        have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent
        that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

    Clauses 19 to 21 form an integral part of this Agreement.

    
      
        	19.	
                Not-blacklisted Confirmation

              

      

    

    Sellers to provide a letter confirming that to the best of their knowledge the vessel is not blacklisted
        by any Arab organisation of Damascus league or any other country or organisation.

    
      
        	20.	
                Confidentiality

              

      

    

    This offer and subsequent discussions/negotiations and any eventual sale shall be kept strictly private
        and confidential among all parties concerned, except where required by statutory or requirements for stock listed comanies.  However, should the sale or any other details relating to the sale become known or reported in the market, neither the
        Sellers nor the Buyers shall have the right to withdraw from the sale or fail to fulfill all their obligations under the MOA.

    
      
        	21.	
                The Sellers confirm in writing at the time of closing that the Vessel’s Owners, Managers and Beneficial Owners are not listed as
                    Sanction Entities of individual under USA, EU and UN sanctions and are not part of OPAC list.

                This Agreement is executed in 4 original copies with 3 original copies for the Buyers.

                  

              

      

    

    	
            For and on Behalf of the Sellers

          	
            For and on Behalf of the Buyers

          
	
             

          	
             

          
	
            Georgios A. Kaklamanos

                  

          	
            /s/ Hu Yongcheng

          
	
            Name:  Georgios A. Kaklamanos

              

          	
            Name: Mr. Hu Yongcheng

          
	
            Title: Attorney-in-fact

          	
            Title: Director

          

    

    

    	
            For and on behalf of the Import Agent

          	 
	
             

          	
             

          
	 	 
	
            /s/ Chen Rui

          	 
	
            Name: Mr. Chen Rui

          	 
	
            Title: General ManagerExhibit 4.45

    

    

    

    
      MEMORANDUM OF AGREEMENT

      	
               

            	
              Norwegian Shipbrokers’ Association’s

            
	
               

            	
              Memorandum of Agreement  for sale and

            
	
               

            	
              purchase of ships. Adopted by BIMCO in 1956.

            
	
               Contract No: 18MH01GTB6IXD0039

            	
              Code-name

            
	
               

            	
              SALEFORM 2012

            
	
               

            	
              Revised 1966, 1983 and 1986/87, 1993 and 2012

            

       

      Dated 12th June 2018

       

      AMARA SHIPPING COMPANY, Trust Company Complex,
            Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (Name of sellers), hereinafter called the “Sellers”, have agreed to
          sell, and Ningbo Tiany Shipping Limited of Add: No. 88 Jinhe Road, Jiaochuan Street, Zhenhai District, Ningbo P.R. China (Name of buyers), hereinafter called the “Buyers”, have agreed to buy:

      Name of vessel: MV Mendocino

       

      IMO Number: 9231298

       

      Classification Society: Nippon Kaiji Kyokai

       

      Class Notation: NS* (Bulk Carrier,
            strengthened for heavy cargoes, Nos 2,4&6 Holds may be empty) (ESP) (PSCM)MNS*

      	
              Year of Build: Jan 2002

            	
              Builder/Yard: Imabari Shipbuilding
                    Co., Ltd. 

            
	
               

            	
               

            	
               

            
	
              Flag: Malta

            	
              Place of Registration: Valletta

            	
              GT/NT: 39.727/25.754

            

       

      hereinafter called the “Vessel”, on the following terms and conditions:

      Buyers’ Import Agent: China Machinery Import & Export Corporation of Add: Room 2401C West Building
          No. 1 Fuchengmen Xicheng District, Beijing P.R. China

      Definitions

      “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in
          Clause 1 (Purchase Price) and in the place of closing stipulated in Clause
              8 (Documentation) and Greece, UK, USA, Malta, Singapore and China including Hong Kong (add additional jurisdictions as appropriate).

      “Balance” means eighty (80) percent balance & all other monies payable under the MOA.

      “Buyers’ Nominated Flag State” means Chinese (state flag state).

      “Class” means the class notation referred to above.

      “Classification Society” means the Society referred to above.

      “Deposit” shall have the meaning given in Clause

              2 (Deposit)

      “Deposit Holder or
            Escrow Agent” means Holman Fenwick Willian International LLP acting through its offices in Singapore (state name and location of Deposit Holder) or, if left blank, the Sellers’ Bank,
          which shall hold and release the Deposit and Balance in accordance with this Agreement.

      “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
          e-mail or telefax.

      “Parties” means the Sellers, the Buyers and the Buyers’ Import Agent.

      “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price).

      “Sellers’ Account” means TBA

          (state details of bank account) at the Seller’s Bank.

      “Sellers’ Bank” means TBA

          (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance
          of the Purchase Price.

      
        
          	1.	
                  Purchase Price

                

        

      

      The Purchase Price is US$9.600.000(United States Dollars Nine Million Six Hundred Thousand) in cash only (state currency and amount
              both in words and figures).

      
        
          	2.	
                  Deposit

                

        

      

      As security for the
            correct fulfilment of this Agreement the Buyers’ Import Agent shall lodge by T/T for Buyers’ account a
            deposit of 20% (twenty per
          cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the “Deposit”) in full free of bank charges, in an interest bearing joint escrow account for the Parties
          with the Deposit Holder within three five (35)

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
          Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall
          apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          

      

      

      

      Banking Days after the date that:

      
        
          	

                	(i)	
                  This Agreement has been signed by the Parties and exchanged in
                          original or by e-mail or telefax; and

                

        

      

      
        
          	

                	(ii)	
                  The Deposit Holder has confirmed in writing to the Parties that the account has been opened.

                

        

      

      The Deposit shall be released in accordance with joint written instructions of the Parties’. 
          Interest, if any, shall be credited to the Buyers.  Any fee charged for the opening, maintaining and closing the account for holding and
          releasing the Deposit shall be borne equally by the Parties. The Parties shall immediately provide to the Deposit Holder all necessary
          documentation required for KYC purposes in order to open and maintain the account and shall execute the Escrow Account Agreement without delay.  Payment of the Deposit by Buyers’
            Import Agent is made at the instructions for and on behalf of the Buyers who are the contracting party under this Agreement and remain fully responsible.

      
        
          	3.	
                  Payment

                

        

      

      The Balance of eighty(80) percent(%) of the Purchase Price together with the
          estimated amount(based on the survey figures) of Bunkers(i.e IFO/MDO) and lubricating oils remaining on board and other money payable by the Buyers to the Sellers under the MOA(Balance Money) shall be remitted by the Buyers’ Import Agent by T/T
          to the Escrow Agent, as part of the pre-delivery payment before the expected delivery date and shall be released together with the Deposit free of bank charges to Sellers’ nominated account no later than three (3) Banking Days after the date that
          the Notice of Readiness has been given as per Clause 5 below.  Payment of the Balance by the Buyers’ Import Agent is made at the instructions for and on behalf of the Buyers who are the contracting party under this Agreement and remain fully
          responsible.

      Any banking law firm fees/expenses for holding said balance and closing to be
          equally borned by Buyers and Sellers.

      The full purchase price is deemed to have been paid by the Buyers upon receipt by
          Sellers and Buyers from the Deposit Holder of a copy of the Deposit Holder’s Application for Outward Remittance/Cashiers Order stamped by the Deposit Holders’ bank as evidence that the remittance of the purchase funds under the MOA has been
          made.  When above evidence of remittance has been received, the signed Protocol of Delivery and Acceptance will be timed by Sellers and buyers and the delivery documents as per Addendum to the MOA will be exchanged between Sellers and Buyers as
          appropriate.

      On delivery of
              the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices):

      
        
          	

                	(i)	
                  the Deposit shall be released to the Sellers; and

                

        

      

      
        
          	

                	(ii)	
                  the balance of the Purchase Price and all other sums payable on
                          delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank to the Sellers’ Account.

                

        

      

      
        
          	4.	
                  Inspection

                

        

      

      (a)*
          The Buyers have waived their right to inspected
          and have accepted the Vessel’s classification records.  The

              Buyers have also inspected the Vessel at/in ________(state place) on __________ (state date) and have accepted the Vessel following this inspection and the therefore this sale is outright and definite, subject only to the terms and conditions of this Agreement.

      (b)* The Buyers shall have the right to inspect the Vessels
              classification records and declare whether same are accepted or not within _______ (State date/period).

      The Sellers shall
              make the Vessel available for inspection at/in _______ (state place/range) within ______ (state date/period).

      The Buyers shall
              undertake the inspection without undue delay to the Vessel. Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

      The Buyers shall
              inspect the Vessel without opening up and without cost to the Sellers.

      During the
              inspection, the Vessel’s dock and engine log books shall be made available for

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          

      

      

      

      examination by
              the Buyers.

      The Sale shall
              become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such
              inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

      Should the Buyers
              fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be
              released immediately to the Buyers, whereafter this Agreement shall be null and void.

      *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

      
        
          	5.	
                  Time and place of delivery and notices

                

        

      

      (a)  The

          Vessel shall be delivered and taken over safely afloat at a safe and always accessible berth or anchorage at/in Shanhaiguan Shipyard in China (state place/range) innot earlier than 15th July 2018 and no later than 31st August 2018 in the Sellers’ option.

          Notice of Readiness shall not be tendered before: (date).

      Cancelling Date (see Clauses

              5(c), 6 (a)(i), 6 (a) (iii) and 14): 31st August 2018

          The vessel will perform one more voyage upon completion of present voyage and will then be delivered to the Buyers within the above mentioned
            delivery window.

      (b) The

          Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20), ten nine (109), five (5) and three (3) days’ approximate notice and one (1) day definite notice of the date the Sellers intend to tender Notice of Readiness and of the intended place of delivery.

      When the Vessel is at the place of delivery and physically ready for delivery in accordance with this
          Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

      (c)  If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may
          notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of either cancelling this
          Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new
          Cancelling Date. If the Buyers have not declared their option within three (3) Banking Days of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new
          Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.

      If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof
          including those contained in Clauses 5(b) and 5(d) shall
          remain unaltered and in full force and effect.

      (d) Cancellation,

          failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14
          (Sellers’ Default) for the Vessel not being ready by the original Cancelling Date.

      (e) 
          Should the Vessel become an actual, constructive or compromised total loss before delivery the Deposit together with interest earned, if any, shall be released immediately to the Buyers whereafter this Agreement shall be null and void. 

      
        
          	6.	
                  Divers Inspection / Drydocking

                

        

      

      (a)*

      
        
          	

                	(i)	
                  Vesselto be delivered without Dry docking.  However, Tthe Buyers shall have the option
                      at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended
                      date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost and
                      expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a
                      Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work
                      or decisions of the Classification Society surveyor. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society. If the

                

        

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          

      

      

      

      conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their
          cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. 
          The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

      
        
          	

                	(ii)	
                  If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s
                      class, then (1) unless repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the
                      Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the
                      satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

                

        

      

      Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not
          require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour
          and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall
          be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of
          the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the
          direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

      
        
          	

                	(iii)	
                  If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and
                      no suitable dry-docking facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by
                      the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) twenty (20) days.

                

        

      

      (b)

            * The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater
              parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules. If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or
              defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection
              with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshalft system are condemned or found
              defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

      (c) If

          the Vessel is drydocked pursuant to Clause 6(a)(ii) or 6(b)
          above:

      
        
          	

                	(i)	
                  The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification surveyor. If such survey is not required by the Classification Society, the Buyers shall have the option to require the tailshaft to be drawn and surveyed by the
                          Classification Society, the extent of the survey being in accordance with the Classification Society’s rules for tailshaft survey and consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare whether
                          they require the tailshaft to be drawn and surveyed not later than by the completion of the inspection by the Classification Society. The drawing and refitting of the tailshaft shall be arranged by the Sellers. Should any part of
                          the tailshaft system be condemned or found defective so as to affect the Vessel’s class, those parts shall be renewed or made good at the Sellers’ cost and expense to the satisfaction of Classification Society without
                          condition/recommendation**.

                

        

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          

      

      

      

      
        
          	

                	(ii)	
                  The costs and expenses relating to the survey of the tailshaft system
                          shall be borne by the Buyers unless the Classification Society requires such survey to be carried out or if parts of the system are condemned or found defective or broken so as to affect the Vessel’s class, in which case the
                          Sellers shall pay these costs and expenses.

                

        

      

      
        
          	

                	(iii)	
                  The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the
                      Classification Society surveyor.

                

        

      

      
        
          	

                	(iv)	
                  The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the
                      Seller’s or the Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely delivery.  If, however, the Buyers’ work in drydock is still in progress when the Sellers have completed the work which the
                      Sellers are required to do, the additional docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and expense. In the event that the Buyers’ work required such additional time, the Sellers may upon
                      completion of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock and, notwithstanding Clause 5(a),
                      the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

                

        

      

      * 6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the
          absence of deletions, alternative 6 (a) shall apply.

      **Notes or memoranda, if any, in the surveyor’s report which are accepted by the
          Classification Society without condition/recommendation are not to be taken into account.

      
        
          	7.	
                  Spares, bunkers and other items

                

        

      

      The Sellers shall
              deliver the Vessel to the Buyers with everything belonging to her on board and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at
              the time of inspection used or unused, whether on board or not shall become the Buyers’ property, but spares on order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not required to replace spare
              parts including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the property of the Buyers. Unused stores and provisions
              shall be included in the sale and be taken over by the Buyers without extra payment.

      Library and forms
              exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: (include list)

      Items on board
              which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: _______ (include

              list)

      Items on board at
              the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.

      The Vessel shall be delivered with everything belonging to the Vessel on board,
          used or unused, including all spare parts and spare equipment, stores, radio installations and navigational equipment.

      The Vessel does not have a spare anchor, or a spare tail-end shaft, or a spare
          propeller.

      Excluded from this sale are personal effects of Master, Officers and Crew including
          stop chest, log books, holy icons, ISM manuals, original certificates which must be surrendered to the authorities and hired or third party’s items, which shall be taken ashore by the Sellers upon or before delivery of the Vessel.

      Notwithstanding the above the following items are to be excluded from the Sale:

      a. Oxygen/Acetylene/Freon Gas Bottles

      b. All Log Books for Deck and Engine with Buyer’s right to photocopy available logs for the last 3
          months only at their own expense

      c. All ISPS, ISM And quality documentation and correspondence

      d. Vessel’s wireless e-mail system and server

      e. Training video library, books, etc

      f. Crew/Officers library / walport videos

      g. All Master’s Slopchest/Bonded stores, as well as all Master’s and crew’s personal belongings

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          

      

      

      

      h. Personal lap-top computers

      i. Personal cell phones

      j. Contents of Master’s safe

      k. Works of Art, Originals, copies, prints, statues

      l. Certificates/documents to be returned to authorities

      m. Videotel on demand (VOD) for crew training.

      

      

      Price to include everything belonging to the Vessel on board, including all navaids
          and wireless equipment.

      The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and greases in storage tanks and unopened drums and pay either:

      (a)  *the actual
              net price (excluding barging expenses) as evidenced by invoices or vouchers; or

      (b)  *the current
              net market price as per Singapore Platts(excluding barging expenses) as reported two (2) days prior to the delivery date.  at the port and date of delivery of the Vessel or, if
              unavailable, at the nearest bunkering port, for the quantities taken over.

      Buyers also shall pay extra for unused lubricating and hydraulic oils and greases
          in designed storage tanks and sealed drums/pails that have not passed through the Vessel’s system at Sellers’ last net purchase prices, but excluding barging expenses, as evidenced by invoices or vouchers.

      The Sellers will do their best to keep the quantity of Bunkers and Lub Oils on
          delivery as less as possible if the last port the Vessel called prior to delivery is Taiwan or Hong Kong or Macao of P.R. China, the remaining bunker capacity for IFO and MDO shall not be more than five percent(5%) of the total tank capacity of
          IFO and MDO respectively.

      If the last port that the Vessel has called prior to delivery is another port apart
          from the above mentioned three ports, then the remaining bunker capacity for IFO and MDO shall not be more than thirty percent (30%) of the total tank capacity of IFO and MDO respectively.

      Payment under this Clause shall be made at the same time and place and in the same currency as the
          Purchase Price.

      “inspection” in this Clause

              7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

      *(a) and (b) are alternatives, delete whichever is not applicable. In the absence
          of deletions alternative (a) shall apply.

      
        
          	8.	
                  Documentation

                

        

      

      The place of closing: at the Deposit Holder’s office

      (a) In exchange for payment of the Purchase Price shall provide the Buyers with the following delivery documents to be mutually agreed and to be incorporated into an Addendum to this Agreement but in any case, failure to agree documentation shall not be a reason to invalidate the MOA:

      
        
          	

                	(i)	
                  Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated
                          Flag State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required
                          by the Buyers’ Nominated Flag State;

                

        

      

      
        
          	

                	(ii)	
                  Evidence that all necessary corporate, shareholder and other action has
                          been taken by the Sellers to authorise the execution, delivery and performance of this Agreement;

                

        

      

      
        
          	

                	(iii)	
                  Power of Attorney of the Sellers appointing one or more representatives
                          to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

                

        

      

      
        
          	

                	(iv)	
                  Certificate or Transcript of Registry issued by the competent
                          authorities of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing
                          meeting with the original to be sent to the Buyers as soon as possible after delivery of the Vessel;

                

        

      

      
        
          	

                	(v)	
                  Declaration of Class or (depending on the Classification Society) a
                          Class Maintenance

                

        

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          

      

      

      

      Certificate
              issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;

      
        
          	

                	(vi)	
                  Certificate of Deletion of the Vessel from the Vessel’s registry or
                          other official evidence of deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that the registry does not as a matter of practice issue such documentation immediately a written undertaking by
                          the Sellers to effect deletion from the Vessel’s registry forthwith and provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid
                          and the Vessel has been delivered;

                

        

      

      
        
          	

                	(vii)	
                  A copy of the Vessel’s Continuous Synopsis Record certifying the date
                          on which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the
                          copy of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

                

        

      

      
        
          	

                	(viii)	
                  Commercial Invoice for the Vessel;

                

        

      

      
        
          	

                	(ix)	
                  Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and
                          greases;

                

        

      

      
        
          	

                	(x)	
                  A copy of the Sellers’ letter to their satellite communication provider
                          cancelling the Vessel’s communication contract which is to be sent immediately after delivery of the Vessel;

                

        

      

      
        
          	

                	(xi)	
                  Any additional documents as may reasonably be required by the competent
                          authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

                

        

      

      
        
          	

                	(xii)	
                  The Sellers’ letter of confirmation that to the best of their
                          knowledge, the Vessel is not black listed by any nation or international organisation.

                

        

      

      (b)

            At the time of delivery the Buyers shall provide the Sellers with:

      
        
          	

                	(i)	
                  Evidence that all necessary corporate, shareholder and other action has
                          been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and

                

        

      

      
        
          	

                	(ii)	
                  Power of Attorney of the Buyers appointing one or more representatives
                          to act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate).

                

        

      

      (c)

            If any of the documents listed in Sub clauses (a) and (b) above the documentary addendum are not in the English language they shall be
              accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country of the translated language.

      (d)

            The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) the
              documentary addendum above for review and comment by the other party not later than ______ (state number of days), or if left blank, nine (9) days prior to the
              Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

      (e)

            Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above the documentary addendum, the Sellers shall also hand to
              the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which are on board the Vessel shall also be handed over to the Buyers
              unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

      (f)

            Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their
              expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers have the right to take copies of same.

      (g)

            The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance confirming the date and time of delivery of the Vessel
              from the Sellers to the Buyers.

      
        
          	9.	
                  Encumbrances

                

        

      

      The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances,
          mortgages and maritime liens or any other claims or debts whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the Buyers against all consequences of any potential claims made
          against the Vessel which have been incurred prior to the time of delivery.

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          

      

      

      

      
        
          	10.	
                  Taxes, fees and expenses

                

        

      

      Any taxes, fees and expenses in connection with the purchase and registration in the Buyers’ Nominated
          Flag State shall be for the Buyers’ account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers’ account.

      
        
          	11.	
                  Condition on delivery

                

        

      

      The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is
          delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be delivered and taken over as she was at the time of signing

            this MOA inspection, fair wear and tear excepted.

      However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained
          without condition/recommendation*, free of average damage affecting the Vessel’s class, and with her classification certificates and national certificates per the documentary addendum referred to in Clause 8, as well as all other certificates the
          Vessel had at the time of signing this MOA inspection,
          clean, valid and unextended without condition/ recommendation* by the Classification Society or the relevant authorities and which to be valid for a minimum period of at least three (3) months at the time of delivery.

      “inspection” in this Clause

              11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

      *Notes and memoranda, if any, in the surveyor’s report which are accepted by the
          Classification Society without condition/recommendation are not to be taken into account.

      
        
          	12.	
                  Name/markings

                

        

      

      Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.

      
        
          	13.	
                  Buyers’ default

                

        

      

      Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the right to cancel this Agreement, and they shall be entitled to claim compensation for their losses and for all expenses incurred together with interest.

      Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers.  If the Deposit does not
          cover their loss, the Sellers shall be entitled to claim further compensation for their losses and for all expenses incurred together with interest.

      
        
          	14.	
                  Sellers’ default

                

        

      

      Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. If after Notice of Readiness
          has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option
          to cancel. In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately.

      Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to
          validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this
          Agreement.

      
        
          	15.	
                  Buyers’ representatives

                

        

      

      After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have
          the right to place two (2) representatives on board the Vessel at their sole risk and expense.

      These representatives are on board for the purpose of familiarisation and in the capacity of observers
          only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

      
        
          	16.	
                  Law and Arbitration

                

        

      

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

      The arbitration shall be conducted in accordance with the London Maritime Arbitrators

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      

      

      
        
          

      

      

      

      Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

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

      In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration
          shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

      (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
              rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen;
              their decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the
              rules of the Society of Maritime Arbitrators, Inc.

      In cases where
              neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

      (c) This Agreement shall be governed by and construed in accordance with the laws of ______(state place) and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at ______(state place), subject to the procedures
              applicable there.

      *16(a),

              16(b) and 16(c) are alternatives; delete whichever is not applicable, In the absence of deletions, alternative 16(a) shall apply.

      
        
          	17.	
                  Notices

                

        

      

      All notices to be provided under this Agreement shall be in writing and exchanged by the broking channels.

      Contact details
              for recipients of notices are as follows:

      For the Buyers:
          __________

      

      

      For the Sellers:
          __________

      

      

      
        
          	18.	
                  Entire Agreement

                

        

      

      The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers
          in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

      Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall
          have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

      Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the
          extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

      
        
          	19.	
                  CCS INSPECTION

                

        

      

      For import purpose, Buyers shall have the option to arrange at their own time, risk
          and expenses for a CCS inspection at the next discharging port, however such inspection is not a condition or subject whatsoever to this agreement and therefore the deal is outright and definite subject only to the terms and conditions of this
          Agreement.

      
        
          	20.	
                  CONFIDENTIALITY CLAUSE

                

        

      

      Each of the Parties involved in this Memorandum of Agreement shall keep entirely
          confidential and shall not disclose any of the terms and conditions in this MOA, except where required by statutory or requirements for stock listed companies.  If however despite best efforts, the details of this sale leak into the market place,
          neither party has the right to cancel this contract.

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

      
        
          

      

      

      

      

      

      	
              For and on behalf of the Sellers

            	
              For and on behalf of the Buyers

            
	
               

            	
               

            
	 /s/ George Kaklamanos

            	 /s/ Chen Bin

            
	
              Name: George Kaklamanos

                

            	
              Name: Chen Bin

                

            
	
              Title:

                

            	
              Title: 

                

            

      

      

      

      

      	 	
              For and on behalf of the 

                

            
	
               

            	
               

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or
          deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian
          Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

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