Document:

Purchase Agreement dated April 19, 2011

 Exhibit 4.14 

 

			
	 MEMORANDUM OF AGREEMENT
  

Dated: 19TH APRIL 2011
	 	
Norwegian Shipbrokers’ Association’s Memo-
randum of Agreement for sale and purchase 
of
ships. Adopted by The Baltic and International
Maritime Council (BIMCO) in 1956.

Code-name

SALEFORM 1993

Revised 1966, 1983 and 1986/87.

 ARDELIA NAVIGATION LIMITED of Liberia 
 hereinafter called the Sellers, have agreed
to sell, and 
 A company to be nominated by BOX SHIPS INC. of Marshall Islands 

hereinafter called the Buyers, have agreed to buy 
 Name: M. V. “BOX VOYAGER” 
 L.O.A 228.62M / BEAM 32.22M / L.B.P.
218.22 M 
 DWT 42,600 MT ON 12.03 M 
 MAIN ENGINE: WARTSILLA SULZER 7RT-FLEX 82c 
 TEU CAPACITY: 3,426, HOMOG:
2,418@14T, REEFER PLUGS: 500 
 GEARLESS/CELLULAR 
 Classification Society/Class: G.L. 
  

			
	 Built: 2010
	  	By: Howaldtwerke–Deutsche Werft Gmbh. Germany HULL No. 418
		
	Flag: Liberia	  	Place of Registration: Monrovia
		
	Call Sign: A8W05	  	GRT/NRT: G.T./N.T. 36,087 / 15,775

 Register IMO Number: 9418377 

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, and in the place of closing stipulated in Clause 8. 
 “In writing” or
“written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax or other modern form of written communication. 
 “Classification Society” or “Class” means the Society referred to in line 4. 

1. Purchase price 
 USD
34,617,200.00 cash (United States Dollars Thirty Four Million Six Hundred Seventeen Thousand Two Hundred Only) plus an aggregate of 1,133,300 (One Million One Hundred Thirty Three Thousand Three Hundred) shares of common stock in BOX SHIPS INC.
Incorporated in the Marshall Islands. 
 2. Deposit – There shall be no deposit payable under this agreement. 

As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within banking
days from the date of this Agreement This deposit shall be placed and held by them in a joint account for the Sellers and the Buyers, to be released in accordance with joint written instructions of the Sellers and the Buyers. Interest, if any, to be
credited to the Buyers. Any fee charged for holding the said deposit shall be borne equally by the Sellers and the Buyers. 

 3. Payment 
 The said Purchase Price shall be paid in full free of bank charges to the Sellers’ nominated account and bank on delivery of the Vessel with the Sellers providing the Buyers with
the agreed delivery documents as per line 176 of this agreement, but not later than 3 5 (five) banking days after the Vessel is in every respect physically ready for delivery in accordance with
the terms and conditions of this Agreement and Notice of Readiness has been given in accordance with Clause 5. 
 4. Inspections

  

	a)*	The Buyers have inspected and accepted the Vessel and the Vessel’s classification records. The Buyers have also inspected the
Vessel at/in 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. 

 

	b)*	The Buyers shall have the right to inspect the Vessel’s classification records and declare whether same are accepted or not within

 The Sellers shall provide for inspection of the Vessel at/in 

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 deck and engine log books shall be made available for
examination by the Buyers. If the Vessel is accepted after such inspection, the sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive written notice of acceptance from the
Buyers within 72 hours after completion of such inspection. 
 Should notice of acceptance of the Vessel’s
classification records and of the Vessel not be received by the Sellers as aforesaid, the deposit together with interest earned shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. 

4a) and 4b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4a) to
apply. 
 5. Notices, time and place of delivery 

 

	a)	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with 15, 7, and 3 days
approximate notice and probable port and 2 and 1 days definite notice of delivery and port. of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the
Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 

 

	b)	The Vessel shall be delivered and taken over within the Vessel’s trading area, safely afloat at a safe and accessible berth or anchorage
at/ Worldwide in Sellers’ option. The vessel shall be delivered with a time charter attached as per clause 17 herein. 

 in the Sellers’ option. 
 Expected time of delivery: 01
April to 30 June 2011 
 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14):
30th June 2011 in Buyers’
option. 
  

	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 propose 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 within 7 running 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 7 running 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 61. 

 If this Agreement is maintained with the new cancelling date all other terms and conditions
hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the
Vessel not being ready by the original cancelling date. 
  

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

 6. Drydocking/Divers Inspection – See clause 18

  

	a)**	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’ expense to the satisfaction of the Classification Society without condition/recommendation*. 

 

	b)**	(i) The Vessel is to be delivered without drydocking. However, the Buyers shall have the right at their expense to arrange for an underwater inspection by a
diver approved by the Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost make the Vessel available for such inspection. 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 port of delivery are unsuitable for such inspection, the Sellers shall make the Vessel available at a suitable alternative place near to the delivery port.

 (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 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. 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 by the Sellers at their expense to the satisfaction of the Classification Society without
condition/recommendation*. In such event the Sellers are to pay also for the cost of the underwater inspection and the Classification Society’s attendance. 
 (iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (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 b). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5 b) which
shall, for the purpose of this Clause, become the new port of delivery. In such event the cancelling date provided for in Clause 5 b) shall be extended by the additional time required for the drydocking and extra streaming, but limited to a maximum
of 14 running days. 
 If the Vessel is drydocked pursuant to Clause 6 a) 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 right 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 parts of the tailshaft system be condemned or found defective so as to effect the Vessel’s
class, these parts shall be renewed or made good at the Sellers’ expense to the satisfaction of the Classification Society without condition/recommendation*. 

	c)	(ii) the 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, in which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses if the Buyers require the survey and parts of the system are condemned or found defective or broken so as to affect the Vessel’s
class*. 

 (iii) the expenses in connection with putting the Vessel in and taking her out of
drydock, including the drydock dues and the Classification Society’s fees shall be paid by the Sellers if the Classification Society issues any condition/recommendation* as a result of the survey or if it requires survey of the tailshaft
system. In all other cases the Buyers shall pay the aforesaid expenses, dues and fees. 
 (iv) the Buyers’
representative shall have the right to be present in the drydock, but without interfering with the work or decisions of the Classification surveyor. 
 (v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk and expense without interfering with the Sellers’ or the Classifications
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 and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice or
Readiness for delivery whilst the Vessel is still in drydock and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether the Vessel is in drydock or not and irrespective of Clause 5 b). 

* Notes, if any, in the surveyor’s report which are accepted by the classification Society without condition/recommendation
are not to be taken into account. 
 ** 6 a) and 6 b) are alternatives; delete whichever is not applicable.
In the absence of deletions, alternative 6 a) to apply. 
 7. Spares/bunkers, etc. – see also clause 19 

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 and 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 to be 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. The radio installation and navigational equipment shall be included in the sale without extra
payment if they are the property of the Sellers. Unused Broached and Unbroached stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. 

The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the Seller’s flag or name,
provided they replace same with similar unmarked items. Library, forms, etc., exclusively for use in the Sellers’ vessel(s),shall be excluded without compensation. Captain’s Officers’ and Crew’s personal belongings including the
slop chest are to be excluded from the sale, as well as the following additional items (including items on hire): --- 

The Buyers shall take over the remaining bunkers and unused lubricating oils in storage tanks and sealed drums and pay the current
net market price (excluding barging expenses) at the port and date of delivery of the Vessel. 
 Payment under
this Clause shall be made at the same time and place and in the same currency as the Purchase Price. 
 8. Documentation.

 The place of closing: To be mutually agreed 
 A list of delivery documents to be drawn up and attached to this Agreement as an Addendum no. 1 
 In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery documents, namely: 

	a)	Legal Bill of Sale in a form recordable in (the country in which the Buyers are to register the Vessel), warranting that the Vessel is free from all
encumbrances, mortgages and maritime liens or any other debts or claims whatsoever, duly notarially attested and legalized by the consul of such country or other competent authority. 

 

	b)	Current Certificate of Ownership issued by the competent authorities of the flag state of the Vessel. 

 

	c)	Confirmation of Class issued within 72 hours prior to delivery. 

 

	d)	Current Certificate issued by the competent authorities stating that the Vessel is free from registered encumbrances. 

 

	e)	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 furnish a Certificate
or other official evidence of deletion to the Buyers promptly and latest within 4 (four) weeks after the Purchase Price has been paid and the Vessel has been delivered. 

 

	f)	Any such additional documents as may reasonably be required by the competent authorities 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. 

 At the time of delivery the
Buyers and Sellers 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. 
 At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as well as all plans, etc., 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 to have the right to take copies. Other technical documentation which may be in the Sellers’ possession shall be promptly forwarded
to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers to have the right to take copies of same. 
 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 debts whatsoever. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of
delivery. 
 10. Taxes, etc. 

Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’ flag 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: 
 The vessel will be delivered and taken over with everything belonging to her
in the same condition as at the time of inspection fair wear and tear excepted and with all national, international and trading certificates as well as all other certificates the vessel had at the time of inspection to be clean and valid.

 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 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, valid and unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery. 
 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4 a) or 4 b), if applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 

 

	*	Notes, 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 redelivery under the Time Charter Party the Buyers undertake to change the name of the Vessel and alter funnel markings. 

13. Buyers’ default 
 Should the
deposit not be paid in accordance with Clause 2, 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, the Sellers have the right to cancel the Agreement, in which case the deposit together
with interest earned 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 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement provided always that the
Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. 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 in every respect by the date stipulated in line 61 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 shall be released to them immediately. 
 Should the Sellers
fail to give Notice of Readiness by the date stipulated in line 61 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 both parties and the deposit has been lodged, the Buyers have the right to place
two 3 (three) representatives on board the Vessel at their sole risk and expense upon                     
arrival at                      on or about  
 These representatives are on board for the purpose of familiarisation and in the capacity of observes only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers’
representatives shall sign the Sellers’ letter of indemnity prior to their embarkation. 
 One Buyers Superintendent to be allowed to
attend the physical delivery/taking over. 
 16. Arbitration 

 

	a)*	 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of this Agreement shall be referred to
arbitration in London in accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, 

	 	
that party shall appoint their arbitrator within fourteen days, failing which the decision of the single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree
they shall appoint an umpire whose decision shall be final. 

  

	b)*	This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Law of the State of New York and should any
dispute arise out of this Agreement, the matter in dispute shall be referred to three 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 purpose of enforcing any award, this Agreement may be made a rule of the Court. 

The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. New York.

  

	c)*	Any dispute arising out of this Agreement shall be referred to arbitration
at                     , subject to the procedures applicable there. The laws of
                     shall govern this Agreement. 

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

Additional clauses 17 to 20 are to be fully incorporated into this agreement. 
 Clause 17. Time Charter Employment 
 This sale includes a Time Charter
of the Vessel as follows: 
  

	 	•	 	 Charterers: Compania Sud Americana de Vapores S.A. Valparaiso, Chile 

 

	 	•	 	 C/P Date
19th July 2010 

  

	 	•	 	 Period: 24 months plus/minus upto 45 days in Charterers option 

 

	 	•	 	 Hire: USD 20,000.00 (United States Dollars twenty thousand) per day 

 

	 	•	 	 Commencement of the TimeCharter: 9TH August 2010 at 22:01 GMT

 Clause 18. – Drydocking 
 The vessel will be delivered without drydocking. The Sellers shall issue a letter on the date of delivery confirming that to the best of their knowledge, the vessel has not touched bottom.

 Clause 19. – Bunkers/Lubeoils 
 Buyers to pay extra only for unused lubricating oils in tanks, sealed and unbroached drums at Sellers last supply net prices, as evidenced by Sellers invoices. There shall be no payment for the
Bunkers as they are the property of the Time Charterers. 
 Clause 20. Subjects 

This agreement is subject to Buyers Board of Directors approval declarable no later than 30th April 2011. 

 

					
	 The Buyers
	 		  	The Sellers
			
	 /s/ Tony Smith
	 		  	 /s/ M. Stefanou

	 Name: Tony Smith
	 		  	Name: M. Stefanou
	 Date: 19 April 2011
	 		  	Date: 19 April 2011

 Copyright: Norwegian Shipbrokers’ Association, Oslo, Norway. 

Printed and sold by S-Gruppen A/S, Halvorsen & Larsen, Oslo, Norway. 
 Fax: 47-22-25 28 69. Phone: 47-22-25 81 90.Purchase Agreement dated April 19, 2011

 Exhibit 4.15 

 

			
	 MEMORANDUM OF AGREEMENT
  

Dated: 19TH APRIL 2011
	 	
Norwegian Shipbrokers’ Association’s Memo-
randum of Agreement for sale and purchase
of
ships. Adopted by The Baltic and International
Maritime Council (BIMCO) in 1956.

Code-name

SALEFORM 1993

Revised 1966, 1983 and 1986/87.

 DELFIS SHIPPING COMPANY S.A. of Liberia 
 hereinafter called the Sellers, have agreed
to sell, and 
 A company to be nominated by BOX SHIPS INC. of Marshall Islands 

hereinafter called the Buyers, have agreed to buy 
 Name: M. V. “CMA CGM KING FISH” 
 L.O.A 294.11M / BEAM 32.20M /
L.B.P. 283.20 M (REG. LENGTH 284.17M) 
 DWT 65,892 ON 13.50 M 
 MAIN ENGINE: MAN-B&W 10K98MC-C 77,600 BHP 
 TEU CAPACITY: 5,095, HOMOG:
3,306@14T, REEFER PLUGS: 330 
 GEARLESS / CELLULAR 
 Classification Society/Class: To be advised 
  

			
	 Built: 2007
	  	By: HYUNDAI HEAVY INDUSTRIES SAMHO HULL No. 1769
		
	 Flag: Liberia
	  	Place of Registration: Monrovia
		
	 Call Sign: to be advised
	  	GRT/NRT: G. T./N.T. 54,309 / 34,011

 Register IMO Number: 9330991 

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, and in the place of closing stipulated in Clause 8. 
 “In writing” or
“written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, telex, telefax or other modern form of written communication. 
 “Classification Society” or “Class” means the Society referred to in line 4. 

1. Purchase price 
 USD
35,765,600.00 cash (United States Dollars Thirty Five Million Seven Hundred Sixty Five Thousand Six Hundred Only) plus an aggregate of 1,170,900 (One Million One Hundred Seventy Thousand Nine Hundred) shares of common stock in BOX SHIPS INC.
Incorporated in the Marshall Islands. 
 2. Deposit – There shall be no deposit payable under this agreement. 

As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within banking
days from the date of this Agreement This deposit shall be placed and held by them in a joint account for the Sellers and the Buyers, to be released in accordance with joint written instructions of the Sellers and the Buyers. Interest, if any, to be
credited to the Buyers. Any fee charged for holding the said deposit shall be borne equally by the Sellers and the Buyers. 

 3. Payment 
 The said Purchase Price shall be paid in full free of bank charges to the Sellers’ nominated account and
bank on delivery of the Vessel with the Sellers providing the Buyers with the agreed delivery documents as per line 176 of this
agreement, but not later than 3 5 (five) banking days after the Vessel is in every respect physically ready for delivery in accordance with the terms and
conditions of this Agreement and Notice of Readiness has been given in accordance with Clause 5. 
 4. Inspections 

 

	a)*	The Buyers have inspected and accepted the Vessel and the Vessel’s classification records. The Buyers have also inspected the
Vessel at/in 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. 

 

	b)*	The Buyers shall have the right to inspect the Vessel’s classification records and declare whether same are accepted or not within

 The Sellers shall provide for inspection of the Vessel at/in 

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. If the Vessel is accepted after such inspection, the sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive written notice of acceptance from the
Buyers within 72 hours after completion of such inspection. 
 Should notice of acceptance of the Vessel’s
classification records and of the Vessel not be received by the Sellers as aforesaid, the deposit together with interest earned shall be released immediately to the Buyers, whereafter this Agreement shall be null and void. 

* 4a) and 4b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4a) to
apply. 
 5. Notices, time and place of delivery 

 

	a)	The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with 15, 7, and
3 days approximate notice and probable port and 2 and 1 days definite notice of delivery and port. of the estimated time of
arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers
a written Notice of Readiness for delivery. 

  

	b)	The Vessel shall be delivered and taken over within the Vessel’s trading area, safely afloat at a safe and accessible berth or
anchorage at/ Worldwide in Sellers’ option. The vessel shall be delivered with a time charter attached as per clause 17 herein. 

in the Sellers’ option. 
 Expected time of delivery: 01 April to 30 June 2011 
 Date of cancelling (see Clauses 5 c),6 b) (iii)and 14): 30th June 2011 in Buyers’ option. 
  

	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 propose 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 within 7 running 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 7 running 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 61. 

 If this Agreement is maintained with the new cancelling date all other terms and conditions
hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the
Vessel not being ready by the original cancelling date. 
  

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

 6. Drydocking/Divers Inspection – See clause 18

  

	a)**	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 Seller’s expense to the satisfaction of the Classification Society without condition/recommendation*. 

 

	b)**	(i) The Vessel is to be delivered without drydocking. However, the Buyers shall have the right at their expense to arrange for an underwater inspection by a
diver approved by the Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost make the Vessel available for such inspection. 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 port of delivery are unsuitable for such inspection, the Sellers shall make the Vessel available at a suitable alternative place near to the delivery port.

 (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 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. 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 by the Sellers at their expense to the satisfaction of the Classification Society without
condition/recommendation*. In such event the Sellers are to pay also for the cost of the underwater inspection and the Classification Society’s attendance. 
 (iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable drydocking 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 b). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5 b) which
shall, for the purpose of this Clause, become the new port of delivery. In such event the cancelling date provided for in Clause 5 b) shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum
of 14 running days. 
 If the Vessel is drydocked pursuant to Clause 6 a) 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 right 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 parts of the tailshaft system be condemned or found defective so as to effect the Vessel’s
class, those parts shall be renewed or made good at the Sellers’ expense to the satisfaction of the Classification Society without condition/recommendation*. 

	c)	(ii) the 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, in which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses if the Buyers require the survey and parts of the system are condemned or found defective or broken so as to affect the Vessel’s
class*. 

 (iii) the expenses in connection with putting the Vessel in and taking her out of
drydock, including the drydock dues and the Classification Society’s fees shall be paid by the Sellers if the Classification Society issues any condition/recommendation* as a result of the survey or if it requires survey of the tailshaft
system. In all other cases the Buyers shall pay the aforesaid expenses, dues and fees. 
 (iv) the Buyers’
representative shall have the right to be present in the drydock, but without interfering with the work or decisions of the Classification surveyor. 
 (v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk and expense without interfering with the Sellers’ or the Classifications
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 and expense. In the event that the Buyers’ work requires such additional time, the Sellers may upon completion of the Sellers’ work tender Notice or
Readiness for delivery whilst the Vessel is still in drydock and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether the Vessel is in drydock or not and irrespective of Clause 5 b). 

* Notes, if any, in the surveyor’s report which are accepted by the classification Society without condition/recommendation
are not to be taken into account. 
 ** 6a) and 6 b) are alternatives; delete whichever is not applicable.
In the absence of deletions, alternative 6 a) to apply. 
 7. Spares/bunkers, etc. – see also clause 19 

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
to be 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. The radio installation and navigational equipment shall be included in the sale without extra payment if they
are the property of the Sellers. Unused Broached and Unbroached stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. 

The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the Seller’s flag or name, provided they
replace same with similar unmarked items. Library, forms, etc., exclusively for use in the Sellers’ vessel(s), shall be excluded without compensation. Captain’s Officers’ and Crew’s personal belongings including the slop chest
are to be excluded from the sale, as well as the following additional items (including items on hire): ---- 
 The Buyers shall take
over the remaining bunkers and unused lubricating oils in storage tanks and sealed drums and pay the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel. 

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

8. Documentation. 
 The place of closing:
To be mutually agreed 
 A list of delivery documents to be drawn up and attached to this Agreement as an Addendum no. 1

 In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery documents, namely:

	 	a)	Legal Bill of Sale in a form recordable in (the country in which the Buyers are to register the Vessel), warranting that the Vessel is free from all
encumbrances, mortgages and maritime liens or any other debts or claims whatsoever, duly notarially attested and legalized by the consul of such country or other competent authority. 

 

	 	b)	Current Certificate of Ownership issued by the competent authorities of the flag state of the Vessel. 

 

	 	c)	Confirmation of Class issued within 72 hours prior to delivery. 

 

	 	d)	Current Certificate issued by the competent authorities stating that the Vessel is free from registered encumbrances. 

 

	 	e)	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 furnish a Certificate
or other official evidence of deletion to the Buyers promptly and latest within 4 (four) weeks after the Purchase Price has been paid and the Vessel has been delivered. 

 

	 	f)	Any such additional documents as may reasonably be required by the competent authorities 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. 

 At the time of delivery the
Buyers and Sellers 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. 
 At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as well as all plans, etc., 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 to have the right to take copies. Other technical documentation which may be in the Sellers’ possession shall be promptly forwarded
to the Buyers at their expense, if they so request. The Sellers may keep the Vessel’s log books but the Buyers to have the right to take copies of same. 
 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 debts whatsoever. The Sellers hereby undertake to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of
delivery. 
 10. Taxes, etc. 

Any taxes, fees and expenses in connection with the purchase and registration under the Buyers’ flag 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: 
 The vessel will be delivered and taken over with everything belonging to her
in the same condition as at the time of inspection fair wear and tear excepted and with all national, international and trading certificates as well as all other certificates the vessel had at the time of inspection to be clean and valid.

 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 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, valid and unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery. 
 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to
Clause 4 a) or 4 b), if applicable, or the Buyers’ inspection prior to the signing of this Agreement. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date. 

 

	*	Notes, 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 redelivery under the Time Charter Party the Buyers undertake to change the name of the Vessel and alter funnel markings. 

13. Buyers’ default 
 Should the
deposit not be paid in accordance with Clause 2, 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, the Sellers have the right to cancel the Agreement, in which case the deposit together
with interest earned 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 a) or fail to be ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have the option of cancelling this Agreement provided always that the
Sellers shall be granted a maximum of 3 banking days after Notice of Readiness has been given to make arrangements for the documentation set out in Clause 8. 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 in every respect by the date stipulated in line 61 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 shall be released to them immediately. 
 Should the Sellers
fail to give Notice of Readiness by the date stipulated in line 61 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 both parties and the deposit has been lodged, the Buyers have the right to place
two 3 (three) representatives on board the Vessel at their sole risk and expense upon                     
arrival                      at on or about These representatives are on board for the purpose of familiarisation and in the capacity of
observes only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to their embarkation. 

One Buyers Superintendent to be allowed to attend the physical delivery/taking over. 

16. Arbitration 
  

	a)*	 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of this Agreement shall be referred to
arbitration in London in accordance with the Arbitration Acts 1950 and 1979 or any statutory modification or re-enactment thereof for the time being in force, one arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other party’s arbitrator, 

	 	
that party shall appoint their arbitrator within fourteen days, failing which the decision of the single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree
they shall appoint an umpire whose decision shall be final. 

  

	b)*	This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Law of the State of New York and should any
dispute arise out of this Agreement, the matter in dispute shall be referred to three 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 purpose of enforcing any award, this Agreement may be made a rule of the Court. 

The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. New York.

  

	c)*	Any dispute arising out of this Agreement shall be referred to arbitration
at                    , subject to the procedures applicable there. The laws of
                     shall govern this Agreement. 

 

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

 Additional clauses 17 to 20 are to be fully incorporated into this agreement. 

Clause 17. Time Charter Employment 
 This sale includes a Time Charter of the Vessel as follows: 
  

	 	•	 	 Charterers: CMA CGM 

  

	 	•	 	 C/P Date
22nd January 2011

  

	 	•	 	 Period: 36 months plus/minus upto 45 days in Charterers option 

 

	 	•	 	 Hire: USD 23,000.00 (United States Dollars twenty three thousand) per day. 

 

	 	•	 	 Commencement of the TimeCharter: The Timecharter shall commence between 1st March to 30th June 2011 

 Clause 18. – Drydockinq 
 The vessel will be delivered without
drydocking. The Sellers shall issue a letter on the date of delivery confirming that to the best of their knowledge, the vessel has not touched bottom. 
 Clause 19. – Bunkers/Lubeoils 
 Buyers to pay extra only for unused
lubricating oils in tanks, sealed and unbroached drums at Sellers last supply net prices, as evidenced by Sellers invoices. There shall be no payment for the Bunkers as they are the property of the Time Charterers. 

Clause 20. Subjects 
 This agreement is subject to Buyers Board of Directors approval declarable no later than 30th April 2011. 
  

					
	The Buyers	 		  	The Sellers
			
	 /s/ Tony Smith
	 		  	 /s/ Maria Stefanou

	Name: Tony Smith	 		  	Name: Maria Stefanou
	Date: 19 April 2011	 		  	Date: 19 April 2011

 Copyright: Norwegian Shipbrokers’ Association, Oslo, Norway. 

Printed and sold by S-Gruppen A/S, Halvorsen & Larsen, Oslo, Norway. 
 Fax: 47-22-25 28 69. Phone: 47-22-25 81 90.

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