Document:

Exhibit 10.1

 

 

AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT

 

THIS AMENDMENT NO. 3 TO MANAGEMENT AGREEMENT is dated as of August 21, 2013 and is by and between Baltic Trading Limited, a Marshall Islands corporation (the “Company”), and Genco Shipping & Trading Limited, a Marshall Islands corporation (the “Manager”) and is entered into pursuant to Section 2.8 of the Management Agreement between the Company and the Manager dated as of March 15, 2010 (the “Agreement”) solely for purposes of updating Schedule A to the Agreement.

Schedule A to the Agreement is hereby amended and restated in its entirety as follows:

SCHEDULE A

VESSELS

(As of August 21, 2013)

                          This Schedule may be updated from time to time by the parties in accordance with Section 2.8.

	
 

Vessel

	
Capacity

(dwt)

	
 

 

 

Built

	
Current

Employment

	
Current

Charterer

	
Expiration

of Charter

	
Flag

	
Capesize

	
 

	
 

	
 

	
 

	
 

	
 

	
Baltic Bear

	
177,717

	
2010

	
Spot market-related time charter

	
Swissmarine Services S.A.

	
February 2015

	
Marshall Islands

	
Baltic Wolf

	
177,752

	
2010

	
Spot market-related time charter

	
Cargill International S.A.

	
May 2014

	
Marshall Islands

	
Supramax

	
 

	
 

	
 

	
 

	
 

	
 

	
Baltic Leopard

	
53,447

	
2009

	
Spot market-related time charter

	
Resource Marine PTE Ltd. (part of the Macquarie group of companies)

	
February 2014

	
Marshall Islands

	
Baltic Panther

	
53,351

	
2009

	
Spot pool

	
Bulkhandling Handymax A/S Pool

 

	
May 2014

	
Marshall Islands

	
Baltic Cougar

	
53,432

	
2009

	
Spot pool

	
Bulkhandling Handymax A/S Pool

 

	
May 2014

	
Marshall Islands

	
Baltic Jaguar

	
53,474

	
2009

	
Spot market-related time charter

	
Resource Marine PTE Ltd. (part of the Macquarie group of companies)

	
April 2014

	
Marshall Islands

	
Handysize

	
 

	
 

	
 

	
 

	
 

	
 

	
Baltic Wind

	
34,409

	
2009

	
Spot market-related time charter

	
Cargill International S.A.

	
September 2013

	
Marshall Islands

	
Baltic Cove

	
34,403

	
2010

	
Spot market-related time charter

	
Cargill International S.A.

	
February 2014

	
Marshall Islands

	
Baltic Breeze

	
34,386

	
2010

	
Spot market-related time charter

	
Cargill International S.A.

	
July 2014

	
Marshall Islands

	
Baltic Fox(1)

	
31,883

	
2010

	
Spot pool

	
Clipper Logger Pool(2)

	
September 2015

 

	
Marshall Islands

	
Baltic Hare(1)

	
31,887

	
2009

	
Spot pool

	
Clipper Logger Pool(2)

	
September 2015

	
Marshall Islands

	(1)	These vessels have not yet been delivered to the Company but will be subject to the engagement under the Agreement upon such delivery.

	(2)	These chartering arrangements are to commence following delivery of the vessel to the Company.

Except as amended hereby, the Agreement remains in full force and effect.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment to Management Agreement as of the date first set forth above.

 

	
BALTIC TRADING LIMITED

	
 

	
GENCO SHIPPING & TRADING LIMITED

	
	
 

	
 

	
 

	
 

	
 

	
	
By:

	
 /s/ John C. Wobensmith 

	
 

	
By:

	
/s/ John C. Wobensmith

	
	
Name:

	
John C. Wobensmith

	
 

	
Name:

	
John C. Wobensmith

	
	
Title:

	
President and Chief Financial Officer

	
 

	
Title:

	
Chief Financial OfficerEXHIBIT 10.2

 

	
 

	
Norwegian Shipbrokers’ Association’s Memo-

	
MEMORANDUM OF AGREEMENT

	
randum of Agreement for sale and purchase of

	
 

	
ships. Adopted by The Baltic and International

		
Maritime Council (BIMCO) in 1956.

	
Dated:     2 July 2013

	
Code-name

	
 

	
SALEFORM 1993

	
 

	
Revised 1966, 1983 and 1986/87.

 

	
Clipper Bulk Shipinvest I Ltd., Pineapple Grove, Unit 3, Old Fort Bay, Nassau, Bahamas

	
1

	
 

	
 

	
hereinafter called the Sellers, have agreed to sell, and Baltic Fox Limited, Registered Address:

	
 

	
Trust Company Complex, Ajeltake Road , Ajeltake Island, Majuro, Marshall Islands, MH 96960. Mailing Address: c/o Baltic Trading Limited, 299 Park Avenue, 12th Floor, New York, NY 10171.

hereinafter called the Buyers, have agreed to buy     

	2
	Name: Clipper Hope	3
	Classification Society/Class: American Bureau of Shipping	4

 

	Built: 2010	By: Hakodate	5
	Flag: Bahamas	Place of Registration: Nassau	6
	Call Sign: C6YD6 	Grt/Nrt: 19831/10546	7
	Register IMO Number: 9397248 		8
	 	
	hereinafter called the Vessel, on the following terms and conditions:  	 9
	 	
	Definitions 	10
	 	
	
"Banking days" are days on which banks are open both in the country of the currency  11

stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8.

	12
	 	
	
"In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa,   

	13
	a registered letter, telex, telefax or other modern form of written communication.	14
	 	
	
Notwithstanding anything to the contrary in the Memorandum of Agreement, all communication will be primarily by email; facsimile will be an secondary means of communications. All communications will be addressed to John C. Wobensmith, email address JOHN.WOBENSMITH@GENCOSHIPPING.COM, and concurrently to Robert Gerald Buchanan, email address at GBUCHANAN@GENCOSHIPPING.COM. The Buyers facsimile number is +1 646 443 8527. The Sellers will not give any notice to Buyers by facsimile on any weekend from Friday as of close of business Copenhagen until opening hours of business in Copenhagen on the following Monday, or Tuesday (if Monday is a holiday).

	
	 	
	"Classification Society" or "Class" means the Society referred to in line 4.	15

 

	
1.

	
Purchase Price USD 21,000,000 (United States Dollars, Twenty One Million only)

	
16

	
 

	
 

	
 

	
2.

	
Deposit

	
17

	 		
	As security for the correct fulfilment of this Agreement the Buyers shall pay a deposit of 10 % 	18
	
(ten per cent) of the Purchase Price within 3 banking days from the date of this

	19
	
Agreement signed by e-mail (PDF copy) and joint account opened. This deposit shall be placed with Nordea Bank A/S, Copenhagen

	20
	and held by them in a joint account for the Sellers and the Buyers, to be released in accordance 	21
	 with joint written instructions of the Sellers and the Buyers. Interest, if any, to be credited to the 	22
	
Buyers. Any fee charged for holding, operating and closing the said deposit shall be borne

	23
	
equally by the Sellers and the Buyers

	24
	 		
	3. 	Payment	25
	 		
	The said Purchase Price shall be paid in full free of bank charges to Nordea Bank A/S, Copenhagen	26
	on delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect	27
	physically ready for delivery in accordance with the terms and conditions of this Agreement and	28

 

This document is a computer generated SALEFORM 1993 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.

	Notice of Readiness has been given in accordance with Clause 5.	29
	 	
	4. 	
Inspections

	29
	a)*	
The Buyers have inspected and accepted the Vessel's classification records. The Buyers

	31
	 	
have also inspected the Vessel at/in Longview on 31   May 2013

	32
	 	
and have accepted the Vessel following this inspection and the sale is outright and definite, 

	33
	 	
subject only to the terms and conditions of this Agreement.

	34
	 		
	b)*	The Buyers shall have the right to inspect the Vessel's classification records and declare 	35
	 	whether same are accepted or not within	36
	 	The Sellers shall provide for inspection of the Vessel at/in  	37
	 	The Buyers shall undertake the inspection without undue delay to the Vessel. Should the	38
		
Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

	39
	 	

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

	40
	 	
During the inspection, the Vessel's deck and engine log books shall be made available for

	41
	 	
examination by the Buyers. If the Vessel is accepted after such inspection, the sale shall

	42
	 	
become outright and definite, subject only to the terms and conditions of this Agreement,

	43
	 	
provided the Sellers receive written notice of acceptance from the Buyers within 72 hours

	44
	 	
after completion of such inspection.

	45
	 	
Should notice of acceptance of the Vessel's classification records and of the Vessel not be

	46
	 	
received by the Sellers as aforesaid, the deposit together with interest earned shall be

	47
	 	
released immediately to the Buyers, whereafter this Agreement shall be null and void.

	48
	
 

*

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

	49
	 	
alternative 4a) to apply.

	50
	 		
	5.	
Notices, time and place of delivery

	51
	a)	
The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall

	52
	 	
provide the Buyers with 20, 15, and 10/5/2 approximate days notice of the estimated time of arrival at the

	53
	 	
intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place

	54
	 	
of delivery and in every respect physically ready for delivery in accordance with this

	55
	 	
Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

	56
	 		
	b)	
The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or

	57
	 	
anchorage at/in Worldwide

	58
	 	
in the Sellers' option.

	59
	 		
	 	
Expected time of delivery: 01 July 2013 - 30 September 2013

	60
	 	Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 30 September 2013	61
	 		
	c)	
If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the

	62
	 	
Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in

	63
	 	
writing stating the date when they anticipate that the Vessel will be ready for delivery and

	64
	 	
propose a new cancelling date. Upon receipt of such notification the Buyers shall have the

	65
	 	
option of either cancelling this Agreement in accordance with Clause 14 within Banking running

	66
	 	
days of receipt of the notice or of accepting the new date as the new cancelling date. If the

	67
	 	
Buyers have not declared their option within 7 3 Banking running days of receipt of the Sellers'

	68
	 	
notification or if the Buyers accept the new date, the date proposed in the Sellers' notification 

	69
	 	
shall be deemed to be the new cancelling date and shall be substituted for the cancelling 

	70
	 	
date stipulated in line 61.

	71
	 	
If this Agreement is maintained with the new cancelling date all other terms and conditions

	72
	 	
hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full

	73
	 	
force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any

	74
	 	
claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by

	75
	 	the original cancelling date. 	
	 		
	d)	
Should the Vessel become an actual, constructive or compromised total loss before delivery

	77
	 	
the deposit together with interest earned shall be released immediately to the Buyers

	78

 

This document is a computer generated SALEFORM 1993 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.

	 	
whereafter this Agreement shall be null and void.

	
79

	 		
	 	
e) For the avoidance of doubt, the day on which any notice is given by either one party to the other party will be excluded from the total number of days required for such notice, or reply.

	
	 		
	 	
f) Notwithstanding the Sellers option to deliver the Vessel WORLDWIDE the Sellers agree that the Vessels place of delivery will not include any area, or port within the jurisdiction of any nation that is prohibited under the laws of the United States of America, the United Nations or the European Union.

	
	 		
	
6.

	
Drydocking/Divers Inspection

	
80

	
 

	
 

	
 

	
a)**

	
The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the

	
81

	
 

	
Classification Society of the Vessel's underwater parts below the deepest load line, the

	
82

	
 

	
extent of the inspection being in accordance with the Classification Society's rules. If the

	
83

	
 

	
rudder, propeller, bottom or other underwater parts below the deepest load line are found

	
84

	
 

	
broken, damaged or defective so as to affect the Vessel's class, such defects shall be made

	
85

	
 

	
good at the Sellers' expense to the satisfaction of the Classification Society without

	86
	
 

	
condition/recommendation*.

	
87

	 		
	
b)**

	
(i)      The Vessel is to be delivered without drydocking. However, the Buyers shall

	
88

	
 

	
have the right at their expense to arrange for an underwater inspection by a diver approved

	
89

	
 

	
by the Classification Society prior to the delivery of the Vessel. The Sellers shall at their

	
 90

	
 

	
cost make the Vessel available for such inspection. Buyers will arrange for underwater

	
91

	
 

	
inspection unless the Buyer gives the Seller notice that it waives the Underwater inspections prior to the vessels arrival at the delivery port. The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification

	
92

	
 

	
Society. If the conditions at the port of delivery are unsuitable for such inspection, the

	
93

	
 

	
Sellers shall make the Vessel available at a suitable alternative place near to the delivery

	
94

	
 

	
port.

	
95

	 		
	
 

	
(ii)      If the rudder, propeller, bottom or other underwater parts below the deepest load line

	
96

	
 

	
are found broken, damaged or defective so as to affect the Vessel's class, then unless

	
97

	
 

	
repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers

	
98

	
 

	
shall arrange for the Vessel to be drydocked at their expense for inspection by the

	
99

	
 

	
Classification Society of the Vessel's underwater parts below the deepest load line, the

	
100

	
 

	
extent of the inspection being in accordance with the Classification Society's rules. If the

	
101

	
 

	
rudder, propeller, bottom or other underwater parts below the deepest load line are found

	
102

	
 

	
broken, damaged or defective so as to affect the Vessel's class, such defects shall be made

	
103

	
 

	
good by the Sellers at their expense to the satisfaction of the Classification Society

	
104

	
 

	
without condition/recommendation*. In such event the Sellers are to pay also for the cost of

	
105

	
 

	
the underwater inspection and the Classification Society's attendance.

	
106

	 		
	
 

	
(iii)      If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-

	
107

	
 

	
docking facilities are available at the port of delivery, the Sellers shall take the Vessel

	
108

	
 

	
to a port where suitable drydocking facilities are available, whether within or outside the

	
109

	
 

	
delivery range as per Clause 5 b). Once drydocking has taken place the Sellers shall deliver

	
110

	
 

	
the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the

	
 111

	
 

	
purpose of this Clause, become the new port of delivery. In such event the cancelling date

	
112

	
 

	
provided for in Clause 5 b)) shall be extended by the additional time required for the

	
113

	
 

	
drydocking and extra steaming, but limited to a maximum of 14 28 running days.

	
114

	
 

	
 

	
 

	
 

	
If the Divers’s inspection reveals damage to the underwater parts which would effect the Class but the Class surveyor approves the repair to be deferred until Vessel’s next scheduled drydocking, the Sellers and the Buyers shall mutually agree on a monetary compensation in lieu of the actual repair. In the event that an agreement cannot be reached the compensation applicable shall be calculated as the average of 2 (two) quotations from 2(two) Chinese Shipyards, 1(one) obtained by the Sellers and 1 (one) obtained by the Buyers.

	
 

	
 

	
 

	
 

	
c)

	
If the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above

	
115

	
 

	
 

	
 

	
 

	
(i)      the Classification Society may require survey of the tailshaft system, the extent of

	
116

	
 

	
the survey being to the satisfaction of the Classification surveyor. If such survey is not

	
117

	
 

	
required by the Classification Society, the Buyers shall have the right to require the tailshaft

	
118

 

This document is a computer generated SALEFORM 1993 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.

	
 

	
to be drawn and surveyed by the Classification Society, the extent of the survey being in

	
119

	
 

	
accordance with the Classification Society's rules for tailshaft survey and consistent with

	
120

	
 

	
the current stage of the Vessel's survey cycle. The Buyers shall declare whether they

	
121

	
 

	
require the tailshaft to be drawn and surveyed not later than by the completion of the

	
122

	
 

	
inspection by the Classification Society. The drawing and refitting of the tailshaft shall be

	
123

	
 

	
arranged by the Sellers. Should any parts of the tailshaft system be condemned or found

	
124

	
 

	
defective so as to affect the Vessel's class, those parts shall be renewed or made good at

	
125

	
 

	
the  Sellers'  expense  to  the  satisfaction  of  the  Classification Society  without

	
126

	
 

	
condition/recommendation*.

	
127

		
(ii)      the  expenses relating to the survey of the tailshaft system shall be borne

	
128

	
 

	
by the Buyers unless the Classification Society requires such survey to be carried out, in

	
129

	
 

	
which case the Sellers shall pay these expenses. The Sellers shall also pay the expenses

	
130

	
 

	
if the Buyers require the survey and parts of the system are condemned or found defective

	
131

	
 

	
or broken so as to affect the Vessel's class*.

	
132

		
(iii)      the expenses in connection with putting the Vessel in and taking her out of

	
133

	
 

	
drydock, including the drydock dues and the Classification Society's fees shall be paid by

	
134

	
 

	
the Sellers if the Classification Society issues any condition/recommendation* as a result

	
135

	
 

	
of the survey or if it requires survey of the tailshaft system. In all other cases the Buyers

	
136

	
 

	
shall pay the aforesaid expenses, dues and fees.

	
137

		
(iv)      the Buyers' representative shall have the right to be present in the drydock, but

	
138

	
 

	
without interfering with the work or decisions of the Classification surveyor.

	
 139

		
(v)      the Buyers shall have the right to have the underwater parts of the Vessel

	
140

	
 

	
cleaned and painted at their risk and expense without interfering with the Sellers' or the

	
141

	
 

	
Classification surveyor's work, if any, and without affecting the Vessel's timely delivery. If,

	
142

	
 

	
however, the Buyers' work in drydock is still in progress when the Sellers have

	
143

	
 

	
completed the work which the Sellers are required to do, the additional docking time

	
144

	
 

	
needed to complete the Buyers' work shall be for the Buyers' risk and expense. In the event

	
145

	
 

	
that the Buyers' work requires such additional time, the Sellers may upon completion of the

	
146

	
 

	
Sellers' work tender Notice of Readiness for delivery whilst the Vessel is still in drydock

	
147

	
 

	
and the Buyers shall be obliged to take delivery in accordance with Clause 3, whether

	
148

	
 

	
the Vessel is in drydock or not and irrespective of Clause 5 b).

	
149

	
*

	
Notes, if any, in the surveyor's report which are accepted by the Classification Society

	
150

	
 

	
without condition/recommendation are not to be taken into account.

	
 151

	
**

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

	
152

	
 

	
alternative 6 a) to apply.

	
 153

	
 

	
 

	
 

	
7.

	
Spares/bunkers, etc.

	
154

	
The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on

	
155

	
shore. All spare parts and spare equipment onboard including spare tail-end shaft(s)

	
156

	
and/or spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspection used or

	
157

	
unused, whether on board or not shall become the Buyers' property, but spares on order are to

	
158

	
be excluded. Forwarding charges, if any, shall be for the Buyers' account. The Sellers are not required to

	
159

	
replace spare parts including spare tail - end shaft(s) and spare propeller(s)/propeller blade(s)

	
160

	
which are taken out of spare and used as replacement prior to delivery, but the replaced items shall be the

	
 161

	
property of the Buyers. The radio installation and navigational equipment shall be included in the sale

	
162

	
without extra payment if they are the property of the Sellers. Unused stores and provisions shall be

	
163

	
included in the sale and be taken over by the Buyers without extra payment.

	
164

	
The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles bearing the

	
165

	
Sellers' flag or name, provided they replace same with similar unmarked items. Library, forms, etc.,

	
166

	
exclusively for use in the Sellers' vessel(s), shall be excluded without compensation. Captain's,

	
167

	
Officers' and Crew's personal belongings including the slop chest are to be excluded from the sale,

	
168

	
as well as the following additional items (including items on hire):

	
169

	 	
	Items excluded from sale:	
	 	
	
Captains, Officers and Crews personal belonging including slop chest, ISM manual and original certificates which need to be returned to the issuing authorities are to be excluded from sale

	

 

This document is a computer generated SALEFORM 1993 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.

as well as the flowing additional items:

 

	
1

	
Certificate of Registry;

	
 

	
 

	
2

	
Radio Station Licence

	
 

	
 

	
3

	
Minimum safe Manning certificate

	
 

	
 

	
4

	
Bunker CLC

	
 

	
 

	
5

	
ISM - Safety Management Certificate;

	
 

	
 

	
6

	
ISM - Document of Compliance;

	
 

	
 

	
7

	
ISPS - International Ship Security Certificate;

	
 

	
 

	
8

	
P&I Certificate of Entry

	
 

	
 

	
9

	
H&M cover note

	
 

	
 

	
10

	
ITF Green cards

	
 

	
 

	
11

	
Crew CRA ( to be handed over to the seafarers)

	
 

	
 

	
12

	
Other Crew related documents

	
 

	
 

	
13

	
Ship Security Plan (SSP) and equipment

	
 

	
 

	
14

	
SOPEP Manual (only pages with Owners details).

	
 

	
 

	
15

	
Clipper & Wallem Property Documents and Manuals

	
 

	
 

	
16

	
Deck log books and Engine log books

	
 

	
 

	
17

	
Planned Maintenance System software

	
 

	
 

	
18

	
PC software packages covered by Clippers General Licences

	
 

	
 

	
19

	
GOA Security Package incl. night Vision Binocular and irridium phone for citadel

	
 

	
 

	
20

	
Leased Oxygen, Acetylen, Freon, Nitrogen bottles and similar.

	
 

	
 

	
21

	
Clipper & Wallem Stationary

	
 

	
 

	
22

	
High pressure washer machine incl. accessories

	
 

	
 

	
23

	
Chartco Equipment

	
 

	
 

	
24

	
NTVRP, Shore Based Maintenance Agreement, NOI and other US documents

	
 

	
 

	
25

	
Uniforms and working clothes stocked on board.

	
 

	
 

	
26

	
Videotel on demand

	
 

	
 

	
27

	
Premet Lemag main engine performance indicator

 

	
Buyers to have the option to continue, where possible with the supplier, with hired or leased items.

	
 

	
The Buyers shall take over the remaining bunkers and unused lubricating oils in storage tanks and

	170
	
sealed drums and pay the current Sellers last net contract market price (excluding barging

	171
	
expenses) (actual invoices may not be available, but Sellers shall provide whatever documentation available) If original invoices not available, Platts price quoted, at port of delivery, 2 days before delivery to apply.at the port and date. Buyers and Sellers to conduct a joint survey of Bunker and lub oil quantities onboard at the time of delivery. of delivery of the Vessel.

	172

 

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

	173
	
the Purchase Price.

	174
	 		
	8.	Documentation	175
	 	
The place of closing: Copenhagen

	176
	 		
	
SCHEDULE OF DOCUMENTS REQUIRED BY THE BUYERS.

	
	 	
	1. Original set of Resolutions of the Board of Directors of the Sellers duly notarized and apostilled approving and ratifying the sale of the Vessel to the Buyers and authorizing the Sellers' attorneys-in-fact to sign the MOA and any addenda thereto, to execute and deliver the	

 

This document is a computer generated SALEFORM 1993 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.

Bill of Sale, to release any deposit, to sign the Protocol of Delivery and Acceptance and all other documents, including Power(s) of Attorney, which are relating to the sale and delivery of the Vessel to Buyers.

2. Original Power of Attorney of the Sellers duly notarized and apostilled, authorizing a person or persons as attorney(s)-in-fact of the Sellers to execute the Bill of Sale, the Protocol of Delivery and Acceptance and all other sale documents on behalf of the Sellers, to sign a receipt of funds received at Sellers' Bank, to release the 10% deposit, to transfer title to the Vessel to the Buyers and to delete same from the Registry of the Bahamas.

3. Secretarys Certificate confirming the current directors of the company.

4. Copy of the Articles of Incorporation of the Sellers duly certified as true copy by notary or a lawyer.

5. Certificate of Good Standing of the Sellers dated not earlier than twenty (20) banking days prior to the delivery of the Vessel.

6. Transcript of Register issued at closing evidencing the Sellers' ownership of the Vessel and stating that there are no registered encumbrances and mortgages over the Vessel.

7. Four (4) Original Bill of Sale (Buyers to advise type of Form) transferring the title to the Vessel to the Buyers and stating that the Vessel is free from any encumbrances, mortgages, maritime liens and any other debts or claims whatsoever, duly executed, notarized and apostilled.

8. Class Maintenance Certificate issued by the Classification Society of the Vessel stating that the Vessel's class is fully maintained without any condition/recommendation. Such certificate to be dated not earlier than three (3) banking days prior to Vessels delivery.

9. Copies of all Certificates of Class for the Vessel, issued by the Classification Society of the Vessel will be delivered to Buyers representative on board the Vessel.

10. Letter of undertaking to provide the original Certificate of Deletion or closed Transcript of Register issued by the Registry of the Bahamas within 15 days after delivery of the Vessel, if requested by the Buyers.

11. Original Continuous Synopsis Record document evidencing the sale of the Vessel to the Buyers or failing the availability of such CSR document at the time of closing a letter or undertaking to deliver such original CSR document within 15 running days of the date of delivery.

12. Letter of Undertaking signed by a duly authorized attorney-in-fact of the Sellers, dated on the date of closing, stating that to the best of Sellers' knowledge the Vessel under present ownership is not blacklisted by any nation, organization or trade body.

13. Letter of Undertaking signed by a duly authorized attorney-in-fact of the Sellers, dated on the date of closing, confirming that to the best of Sellers knowledge the Vessel has not touched bottom nor had any collision since the last diving survey / underwater inspection done on the Vessel initiated by the Buyers.

14. Commercial Invoice for the Vessel (In triplicate).

16. Commercial Invoice for remaining bunkers and unused luboils as per clause 7 of the MOA (in duplicate) as well as further documentation of as stipulated in clause 7 of the MOA.

17. Protocol of Delivery and Acceptance (in triplicate) to be signed at the documentary closing meeting on the day of delivery.

18. A copy of the Sellers letter to their communication provider cancelling the Vessels communications contract which is to be sent to such communications provider immediately after the delivery of the Vessel.

19. Any additional documents as may be reasonably be required by the Marshall Islands ship registry, or other ship registry nominated by the Buyers for the purpose of registering the Vessel provided that the Buyers notify the Sellers of any such documents before the 15 days notice provided for in Clause 5 (a) of NSF 1993.

 

This document is a computer generated SALEFORM 1993 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.

20. All of the Vessels technical documents not excluded in Clause 7 (Lines 160 through 170) including but not limited to plans, drawings, manuals on board the Vessel.

21. If the Vessel is drydocked pursuant to Clause 6 (a) (ii) the Seller will deliver a statement, letter, or declaration from the Drydock at the time of the delivery of the Vessel, that the Drydock will not hold the Vessel responsible for any of Sellers work performed by the Drydock, and the Drydock waives any and all maritime liens against the Vessel for services performed for the account and the benefit of the Seller.

II. Buyers' Documents:

1. Original set of Resolutions of the Board of Directors of the Buyers duly notarized including as to capacity and authority of the signatories and apostilled in which the Buyers resolve to purchase the Vessel from the Sellers for the Purchase Price.

2. Original Powers of Attorney of the Buyers duly notarized and apostilled granting power of attorney to the directors of the Buyers and any other signatory covering the transaction contemplated herein and executed pursuant to the above.

3. Articles of incorporation duly certified by the Secretary of the Buyers.

4. Certificate of Good Standing of the Buyers, dated not later than seven (7) working days prior to the delivery of the Vessel.

The Sellers and Buyers shall provide each other with a draft and/or sample of each of the requested documents latest nineteen (19) days prior to the intended date of Vessels delivery, for approval.

 

	
In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with delivery

	177
	
documents, namely:

	178
	
 

	
 

	
 

	a)	Legal Bill of Sale in a form recordable in(the country in which the Buyers are	179
	
 

	to register the Vessel), warranting that the Vessel is free from all encumbrances, mortgages	180
	
 

	
and maritime liens or any other debts or claims whatsoever, duly notarially attested and

	181
	 	legalized by the consul of such country or other competent authority.	182
	 		
	b)	Current Certificate of Ownership issued by the competent authorities of the flag state of	183
	 	the Vessel.	184
	 		
	c)	Confirmation of Class issued within 72 hours prior to delivery.	185
	 		
	d)	Current Certificate issued by the competent authorities stating that the Vessel is free from	186
	 	registered encumbrances.	187
	 		
	e)	Certificate of Deletion of the Vessel from the Vessel's registry or other official evidence of	188
	 	deletion appropriate to the Vessel's registry at the time of delivery, or, in the event that the	189
	 	registry does not as a matter of practice issue such documentation immediately, a written	190
	 	undertaking by the Sellers to effect deletion from the Vessel's registry forthwith and furnish a	191
	 	Certificate or other official evidence of deletion to the Buyers promptly and latest within 4	192
	 	(four) weeks after the Purchase Price has been paid and the Vessel has been delivered.	193
	 		
	f)	Any such additional documents as may reasonably be required by the competent authorities	194
	 	for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such	195
	 	documents as soon as possible after the date of this Agreement.	196
	At the time of delivery the Buyers and Sellers shall sign and deliver to each other a Protocol of	197
	Delivery and Acceptance confirming the date and time of delivery of the Vessel from the Sellers to the	198
	Buyers.	199
	At the time of delivery the Sellers shall hand to the Buyers the classification certificate(s) as well as all	200
	plans etc., which are on board the Vessel. Other certificates which are on board the Vessel shall also	201
	be handed over to the Buyers unless the Sellers are required to retain same, in which case the	202
	Buyers              tohavetherighttotakecopies.Other technical documentation which may	203
	be in the Sellers' possession shall be promptly forwarded to the Buyers at their expense, if they so	204
	request. The Sellers may keep the Vessel's log books but the Buyers to have the right to take	205
	copies of same.	206
	 		
	9.	Encumbrances	207
	The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances,	208

 

This document is a computer generated SALEFORM 1993 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.

	
mortgages and maritime liens or any other debts whatsoever. The Sellers hereby undertake

	209
	
to indemnify the Buyers against all consequences of claims made against the Vessel which have

	
210

	
been incurred prior to the time of delivery.

	211
	
 

	
 

	
 

	10.	Taxes, etc.	212
	Any taxes, fees and expenses in connection with the purchase and registration under the Buyers' flag	213
	shall be for the Buyers' account, whereas similar charges in connection with the closing of the Sellers'	214
	register shall be for the Sellers' account.	215
	 		
	11.	Condition on delivery	
216

	
The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is

	217
	delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be	218
	delivered and taken over as she was at the time of inspection, fair wear and tear excepted.	219
	However, the Vessel shall be delivered with her class maintained without condition/recommendation*,	220
	free of average damage affecting the Vessel's class, and with her classification certificates and	221
	national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and	222
	unextended without condition/recommendation* by Class or the relevant authorities at the time of	223
	delivery.	224
	"Inspection" in this Clause 11, shall mean the Buyers' inspection according to Clause 4 a) or 4 b), if	225
	applicable, or the Buyers' inspection prior to the signing of this Agreement. If the Vessel is taken over	226
	without inspection, the date of this Agreement shall be the relevant date.	227
	 		
	*	Notes, if any, in the surveyor's report which are accepted by the Classification Society	228
	 	without condition/recommendation are not to be taken into account.	229
	 		
	12.	Name/markings	230
	Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel markings.	231
	 		
	13.	Buyers' default	232
	Should the deposit not be paid in accordance with Clause 2, the Sellers have the right to cancel this	233
	Agreement, and they shall be entitled to claim compensation for their losses and for all expenses	234
	incurred together with interest.	235
	Should the Purchase Price not be paid in accordance with Clause 3, the Sellers have the right to	236
	cancel the Agreement, in which case the deposit together with interest earned shall be released to the	237
	Sellers. If the deposit does not cover their loss, the Sellers shall be entitled to claim further	238
	compensation for their losses and for all expenses incurred together with interest.	239
	 		
	14.	Sellers' default	240
	Should the Sellers fail to give Notice of Readiness in accordance with Clause 5 a) or fail to be ready	241
	to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have	242
	the option of cancelling this Agreement provided always that the Sellers shall be granted a	243
	maximum of 3 banking days after Notice of Readiness has been given to make arrangements	244
	for the documentation set out in Clause 8. If after Notice of Readiness has been given but before	245
	the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not	246
	made physically ready again in every respect by the date stipulated in line 61 and new Notice of	247
	Readiness given, the Buyers shall retain their option to cancel. In the event that the Buyers elect	248
	to cancel this Agreement the deposit together with interest earned shall be released to them	249
	immediately.	250
	Should the Sellers fail to give Notice of Readiness by the date stipulated in line 61 or fail to be ready	251
	to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers for	252
	their          lossand for all expenses together with interest if their failure is due to proven	253
	negligence and whether or not the Buyers cancel this Agreement.	254
	 		
	15.	Buyers' representatives	255
	After this Agreement has been signed by both parties and the deposit has been lodged, the Buyers	256
	have the right to place two representatives on board the Vessel at their sole risk and expense upon	257
	arrival at                          on or about	258

 

This document is a computer generated SALEFORM 1993 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.

	
These representatives are on board for the purpose of familiarisation and in the capacity of  

	259
	observers only, and they shall not interfere in any respect with the operation of the Vessel. The  	260
	
Buyers' representatives shall sign the Sellers' letter of indemnity prior to their embarkation.  

	261
	 		
	16.	Arbitration	262
	 		
	a)*	
This Agreement shall be governed by and construed in accordance with English law and

	263
	 	
any dispute arising out of this Agreement shall be referred to arbitration in London in  

	264
	 	
accordance with the Arbitration Acts 1950 and 1979 1996 or any statutory modification or

	265
	
 

	
re-enactment thereof for the time being in force, one arbitrator being appointed by each

	266
	
 

	
party. On the receipt by one party of the nomination in writing of the other party's arbitrator,

	267
	
 

	
that party shall appoint their arbitrator within fourteen days, failing which the decision of the

	268
	
 

	
single arbitrator appointed shall apply. If two arbitrators properly appointed shall not agree

	269
	
 

	
they shall appoint an umpire whose decision shall be final.

	270
	 		
	b)*	This Agreement shall be governed by and construed in accordance with Title 9 of the  	271
	 	United States Code and the Law of the State of New York and should any dispute arise out of 	272
	 	
this Agreement, the matter in dispute shall be referred to three persons at New York, one to

	
273

	 	
be appointed by each of the parties hereto, and the third by the two so chosen; their  

	274
	 	
decision or that of any two of them shall be final, and for purpose of enforcing any award, this  

	275
	 	
Agreement may be made a rule of the Court. 

	276
	 	
The proceedings shall be conducted in accordance with the rules of the Society of Maritime  

	277
	 	
Arbitrators, Inc. New York. 

	278
	 		
	c)*	Any dispute arising out of this Agreement shall be referred to arbitration at	279
	 	, subject to the procedures applicable there. 	280
	 	The laws of                              shall govern this Agreement.	281
	 		
	*	16 a), 16 b) and 16 c) are alternatives; delete whichever is not applicable. In the absence of  	282
	 	deletions, alternative 16 a) to apply.	283

 

17. If the Vessel is delivered at a port or place where there are no bunkers or lubs available, or at sea, the Sellers agree that at the time of delivery the Vessel will have sufficient bunkers and lubs on board to enable the Vessel to sail to the next available port, that is not restricted by United States of America, European Union or United Nations prohibitions.

This Memorandum of Agreement has been drawn up and executed in 2 (two) originals, 1 (one) of which is to be retained by the Sellers and 1 (one) of which to be retained by the Buyers.

 

	
THE SELLERS

	
THE BUYERS

	
 

	
 

	
/s/ Gary Vogel

	
/s/ John C. Wobensmith

	
Attorney-in-Fact

	
President

 

This document is a computer generated SALEFORM 1993 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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