Document:

Exhibit 10.7

 

 

 

 

COMMERCIAL MANAGEMENT AGREEMENT

 

 

CAVAN MARITIME LIMITED

 

- AND -

 

VOC BULK SHIPPING USA, INC.

 

[            ], 2005

 

 

 

 

COMMERCIAL MANAGEMENT AGREEMENT

 

THIS
AGREEMENT (this “Agreement”) is entered into on [              ], 2005 by and between:

 

(1)                                  CAVAN MARITIME LIMITED,, a corporation organized and
existing under the laws of the Republic of the Marshall Islands (the “Owner”);

 

and

 

(2)                                  VOC BULK SHIPPING USA, INC., a corporation incorporated
under the laws of the State of Delaware (the “Manager”).

 

WHEREAS, the Owner
controls or will control from time to time certain Vessels (as hereinafter
defined);

 

WHEREAS, the Owner
desires that the Manager act as exclusive commercial manager for the Vessels,
subject to the terms of this Agreement;

 

WHEREAS, the Owner
and the Manager desire to set forth their respective rights and obligations and
to provide for the commercial management of the Vessels.

 

NOW IT IS HEREBY
AGREED as follows:

 

1.                                      DEFINITIONS

 

1.01.                        Capitalized words or terms
within this Agreement shall have the meanings ascribed to them in Schedule 1
attached hereto and shall be applicable to all schedules and other related
agreements unless the context of this Agreement or other agreements otherwise
require.

 

2.                                      APPOINTMENT;
TERM

 

2.01.                        The Owner hereby appoints the
Manager to be the exclusive commercial manager of the Vessels commencing on the
Effective Date upon and subject to the terms and conditions of this Agreement.

 

2.02.                        The Manager hereby accepts such
appointment by the Owner upon and subject to the terms and conditions set forth
herein.

 

2.03.                        This Agreement shall remain in
force and effect until terminated pursuant to the terms of this Agreement.

 

2.04.                        The vessels subject to this
Agreement shall be those vessels owned or chartered-in from time to time by the
Owner or any of its Subsidiaries.  As of
the date hereof, such vessels are set forth in Schedule 2 hereto.  The Owner shall notify the Manager as soon as
reasonably practicable of the purchase or sale of any vessel by the Owner or
any of its Subsidiaries, and the parties shall amend Schedule 2 hereto to
add any vessel purchased and to delete any vessel sold, in either case as of
the date the Owner or its Subsidiaries acquires or transfers title to such
vessel, as the case may be;  provided,
however, if the Owner acquires title to a vessel while she is at sea and under
the commercial management of another company, such vessel shall not be added to
Schedule 2 until she completes her voyage and is in port.  The parties shall also amend Schedule 2
hereto to add any vessel chartered-in by the Owner or any of its Subsidiaries
as of the date of delivery of such vessel under charter and/or commencement of
the relevant voyage, and to delete such vessel upon termination of the charter
and/or completion of the relevant voyage.

 

 

3.                                      MANAGEMENT
SERVICES

 

3.01.                        Subject to the restrictions set
forth below and in Section 10, the Manager, acting as an agent for the
Owner and its Subsidiaries, shall have exclusive authority to perform and conduct
all aspects relative to the commercial management and operation of the Vessels
with the right, power and authority to do all things which, in its judgment,
are necessary, proper or desirable to perform its duties and obligations as
commercial manager of the Vessels under this Agreement, including but not
limited to the power and authority to:.

 

(a)                                  Enter
into contracts of affreightment, charters, subcharters and other employment
contracts with respect to the Vessels subject to the limitations and restrictions
of Section 10;

 

(b)                                 provide
freight management including, but not limited to, voyage estimates and
accounts, as well as calculation of hire and freight and/or demurrage/despatch
moneys due from the employment of the Vessels. 
The Manager undertakes regularly to inform the Owner about the future
employment fixed for the Vessels, to provide monthly reports of market trends
and periodic rate forecasts;

 

(c)                                  issue
voyage instructions to the Vessels, appoint agents and stevedores, arrange for
the surveying of the cargoes upon loading/discharge and the Vessels upon
delivery/redelivery, if necessary, and order and arrange for bunker supplies;

 

(d)                                 settle
on behalf of the Owner all accounts for Operating Costs;

 

(e)                                  maintain
in accordance with generally accepted accounting principles in the United
States of America, records and accounts for matters related to the Vessels,
supply monthly reports and other relevant financial information, including
financial reports for each calendar quarter within 15 days of the end of such
quarter and for each calendar year within 30 days of the end of such year, to
the Technical Manager and the Owner and otherwise cooperate with the Technical
Manager and the Owner so that they are able to comply with any public reporting
requirements;

 

(f)                                    follow
the Owner’s instructions with respect to any funds not immediately required for
the business of the Vessels or the Owner;

 

(g)                                 coordinate
with the Owner and the Technical Manager the scheduling of repair, maintenance
and dry-docking of the Vessels;

 

(h)                                 credit
to the Owner all discounts and commissions including address commission to the
Manager, if any, (excluding the remuneration under Section 6) obtained by
the Manager in the course of the performance of its duties and obligations under
this Agreement;

 

(i)                                     bring
and/or defend, settle, adjust and/or compromise any claim, arbitration or
litigation with a third party arising out of the commercial employment of the
Vessels under this Agreement and cooperate with the Owner in the handling of
such claims, arbitrations or litigation, and to obtain legal advice, in
accordance with the Owners FDD insurance as approved by the relevant P&I
Club and underwriters in respect to same; 
any settlement to be done only after having received the approval of the
Owner;

 

(j)                                     develop,
arrange and supervise other services that would be normally provided by a
prudent vessel manager for the safe and efficient commercial operation and
employment of the Vessels; and

 

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(k)                                  inform
the Owner without delay about all incidents which occur in connection with
subsections 3.1(g) and (i).

 

3.02.                        The Manager shall (without
prejudice to the generality of any of the obligations, duties, powers and
discretions vested in the Manager under or pursuant to this Agreement) be
entitled, and the Owner hereby authorizes and empowers the Manager, to:

 

(a)                                  employ
such agents as it deems necessary or expedient (with liberty to appoint any
Person associated with the Manager in any such capacity);

 

(b)                                 subject
to the provisions of subsection 5.01, open, continue and operate such
banking account or accounts as it deems necessary or expedient;  provided the Manager shall notify the Owner
of the opening of each such account, and each of the Manager and the Owner (or
their respective designees) shall have authority over each such accounts;

 

(c)                                  subcontract
any of its obligations, duties, powers, discretions or rights under this
Agreement;  provided, however, any such
subcontract shall not relieve the Manager from ensuring the due and proper
fulfillment of this Agreement; and further provided that Manager shall, with
respect to any material obligations, duties, powers, discretions or rights, and
to the extent practicable, notify and seek the approval of the Owner for such
proposed subcontract, which approval shall not be unreasonably withheld;

 

(d)                                 obtain
legal advice in relation to disputes or other matters affecting the interests
of the Owner or its Subsidiaries in relation to the Vessels;  provided that in the event such legal advice
shall likely require Manager to incur more than $5,000 in fees, the Manager
shall seek the prior approval of the Owner, which approval shall not be
unreasonably withheld; and

 

(e)                                  bring
and/or defend and/or (subject to the final approval of the Owner) settle on
behalf of the Owner or its Subsidiaries actions, claims, suits or proceedings
in connection with or any of the matters entrusted to the Manager under or
pursuant to this Agreement;  provided
that with respect to any material action or claim, Manager shall seek the prior
approval of Owner.

 

3.03.                        In concluding contracts of
affreightment, charters, subcharters and other employment contracts with
respect to the Vessels, the Manager shall ensure that the name of the Owner or
its Subsidiary, as the case may be, shall appear and be identified in such
documents as Owners/Disponent Owners/Carriers and the Manager shall sign in its
capacity as “Agent” for and on behalf of the Owner or its Subsidiary.

 

3.04.                        The Manager undertakes to
cooperate in all reasonable respects with the Owner in connection with the
Owner’s completion of the initial public offering of its common stock, and to
cooperate in all reasonable respects in assisting the Owner with any public
reporting or related requirements that the Owner may have under the securities
laws of the United States.  The Manager
undertakes also to cooperate with other reasonable requests for information and
assistance made by the Owner.

 

4.                                      STANDARD
OF PERFORMANCE

 

4.01.                        The Manager hereby undertakes
at all times during its appointment as the Owner’s commercial manager to use
its best endeavors to:

 

(a)                                  perform
its obligations hereunder in accordance with the same standard the Manager
employs for its own vessels; and

 

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(b)                                 protect
and promote the interests of the Owner in all matters directly or indirectly
relating to all commercial matters contemplated hereunder.

 

5.                                      AGENCY
ACCOUNT AND EXPENSES 

 

5.01.                        All freights, demurrage and any
other amounts earned by the Vessels and any proceeds of any derivative
contracts entered into on behalf of the Owner shall be sent directly to into an
account at a bank designated by Owner which shall be in the name of and
operated by the Owner; but the Owner shall, upon receipt of written
instructions from the Manager, promptly remit to an account to be opened at JP
Morgan Bank in the joint names of the Owner and Manager (the “Agency Account”),
all amounts above the Base Balance referred to in subsection 5.02, needed
by the Manager to pay (i) the Operating Costs of the Vessels, (ii) any
amounts payable by the Owner or any of its Subsidiaries under any contract of
affreightment, charter, subcharter or other employment contract with respect to
any Vessel entered into on behalf of the Owner and/or its Subsidiaries, (iii) any
amounts payable under derivative contracts entered into on behalf of the Owner
and/or its Subsidiaries, and (iv) fees and other payments due the Manager
under this Agreement.  The Manager shall
endeavor to deliver any such request for funds to the Owner by the 25th
day of the month and upon receipt of such timely notice, the Owner shall
arrange to fund the account by the first of the succeeding month.

 

5.02.                        On or before the Effective Date,
the Owner shall fund the Agency Account with a sum of money equal to Two
Hundred Thousand United States Dollars (USD 200,000) (the “Base Balance”).  Anything contained herein to the contrary
notwithstanding, if, and to the extent that, at any time the balance in the
Agency Account in total shall be reduced below the Base Balance, then (i) upon
written notice from the Manager to the Owner, the Owner shall cause to be
deposited in the Agency Account a sum of money sufficient to maintain a balance
at least equal to the Base Balance, and (ii) the Manager shall not be
required to disburse funds from the Agency Account to the Owner.

 

5.03.                        During the term of this
Agreement, on or before the 21st day of each calendar month that any Vessel is
subject to this Agreement, the Manager shall forward to the Owner a statement
of (a) the total amount on deposit in the Agency Account as of the opening
of business on the first day of the current calendar month, (b) the
estimated funds required to meet the amounts payable specified in Subsections (i) to
(iv) of Section 5.01 during the next calendar month, (c) an
estimate of Gross Revenues expected to be received from use of the Vessels in
the current calendar month, in addition to amounts already collected, and (d) the
Gross Revenues of the Vessels contemplated to be collected in the next calendar
month.

 

5.04.                        Should at any time during a
calendar month the amount on deposit in the Agency Account on the first day of
such month be in excess of the amount of the estimated funds specified in Section 5.03(b) for
said month by less than an amount equal to the Base Balance, the Owner shall
deposit promptly into the Agency Account whatever amount is necessary to bring
such balance to the Base Balance.

 

5.05.                        If, at any time, funds in
excess of the amount in the Agency Account (less the Base Balance) are required
to meet the payment obligations of the Owner and/or its Subsidiaries relating
to the Vessels, including but not limited to the obligations of the Owner or
any Subsidiary arising under any contract of affreightment, charter, subcharter
or other employment contract with respect to any Vessel, the Manager shall
advise the Owner of the amount so required, and the reasons therefor, and the
Owner shall forthwith deposit the funds necessary for such purpose in the
Agency Account.

 

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6.                                      REMUNERATION
OF MANAGER AND ADDRESS COMMISSION

 

6.01.                        Commencing on the Effective
Date and subject to the provisions of Section 2.04, the Owner shall pay to
the Manager for its services under this Agreement a management fee of
USD 8,500 per month/per Vessel on a pro rata basis, counting from the time
each respective Vessel becomes subject to this Agreement, and shall be payable
in arrears monthly on the last day of each calendar month.  In the event the Owner does not timely pay
the management fee to the Manager, the Manager shall have the right to make
payment to itself of the Management Fee directly from the Agency Account.

 

6.02.                        In the event of any Vessel
being lost, requisitioned or withdrawn pursuant to the provisions of this
Agreement, the management fee payable to the Manager shall continue to be
payable pro rata for a further period of thirty (30) days from the date of the
loss, requisition or withdrawal, as the case may be.

 

6.03.                        Any sum of money due to the
Manager from the Owner, not otherwise deducted by the Manager, shall be paid
within fifteen (15) days from the Manager’s invoice.

 

7.                                      OPERATING
COSTS

 

7.01.                        The management fee covers the
costs and expenses incurred by the Manager in connection with its personnel,
office space, postage/communication and advertising and promotional costs.  The Manager shall not be entitled to charge
to the Owner any costs and expenses which are referred to in the previous
sentence.

 

7.02.                        Save as provided in Section 7.01,
all other costs and expenses properly incurred by the Manager in the
performance of its obligations hereunder (including travel expenses) shall
constitute Operating Costs and shall be for the account of the Owner.  Any payment to be made by the Manager in
respect of the Vessels shall be made solely out of the funds on deposit in the
Agency Account, and the Manager shall have no responsibility to provide funds for
the Vessels by reason of this Agreement. 
In any case where a Vessel expense is due and payable but there are
insufficient funds in the Agency Account, the Manager may but shall not be
required to advance its own funds for such payment.  Interest shall accrue on any such advance by
the Manager at the rate of 10% per annum.

 

8.                                      LIABILITY
OF MANAGER AND INDEMNIFICATION FROM THE OWNER

 

8.01.                        Neither the Manager nor any of
its officers, directors, shareholders, employees or agents shall be liable,
responsible or accountable in law, admiralty or in equity to the Owner or any
Subsidiary of the Owner, or any officer, director, shareholder, employee or
agent of the Owner or such Subsidiary, or to any other third party, including
any master, officer or crew member employed by the Vessel or in connection
therewith, for any loss or damage arising directly or indirectly out of the
performance by the Manager of its obligations under this Agreement unless, and
only to the extent that, the Manager was grossly negligent or willfully
misconducted itself in the performance of its duties under this Agreement.

 

Subject to the foregoing
(and insurance recoveries, if any), the Owner shall indemnify and hold harmless
the Manager, its officers, directors, shareholder employees and agents from and
against any and all claims and demands (including costs and legal fees of
defending such claims or demands, whether or not the claim or demand be found
to be valid), of whatsoever kind or nature and by whomsoever asserted, for
injury to persons or property and any other losses or liabilities arising
directly or indirectly out of the performance or non-performance by the Manager
of any of its duties under this Agreement.

 

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9.                                      SURVIVAL

 

9.01.                        The provisions of Sections 6, 7
and 8 hereof shall survive the termination of this Agreement.

 

10.                               RESTRICTIONS
UPON THE MANAGER

 

10.01.                  The Manager shall not, without the
prior written approval of the Owner:

 

(a)                                  conclude
any contract of affreightment, charter, sub-charter or other employment contract
with respect to a Vessel other than a voyage or time charter of one laden leg,
or up to two laden legs, provided the estimated duration of any such voyage or
time charter does not exceed forty-five (45) days;

 

(b)                                 borrow
any money on behalf of the Owner;

 

(c)                                  except
as otherwise stipulated in this Agreement, sub-contract, assign or transfer any
of its obligations hereunder to any other Person;

 

(d)                                 commit
the Owner to guarantee the performance of any contract of affreightment,
charter, sub-charter or other employment contract with respect to the
Vessels;  or

 

(e)                                  conclude
any contract of affreightment, charter, sub-charter, or other employment
contract with respect to a Vessel for which either party has given a notice of
termination pursuant to Section 11.01(d), below.

 

11.                               DEFAULTS
AND REMEDIES

 

11.01.                  Events of Default.

 

(a)                                  Each
of the following events shall be an Event of Default of the Manager:

 

(i)                                     if
the Manager fails to meet the standard of performance stipulated in Section 4
hereof willfully or in bad faith;

 

(ii)                                  the
Manager commits an act or omission which is equivalent to bad faith or
constitutes willful misconduct and such act or omission causes a material
detriment to the Owner;

 

(iii)                               if
the Manager exceeds the limits of authority as set out in Section 10 and
such breach has material consequences for the Owner;

 

(iv)                              if
any moneys due from the Manager under this Agreement shall not have been
received by the Owner within five (5) calendar days after a written
request from the Owner; and

 

(v)                                 without
limiting the generality of the foregoing, where the Manager is in breach of a
material obligation of this Agreement and such breach, if remediable, remains
unremedied for a period of thirty (30) days from receipt of written notice of
the breach from the Owner;

 

(b)                                 Each
of the following events shall be an Event of Default of the Owner:

 

(i)                                     if
the Owner fails to pay or advance monies as required by this Agreement;

 

6

 

(ii)                                  if
the Owner commits a material breach of a contractual obligation entered into by
the Manager on behalf of the Owner in respect of a Vessel and such breach
continues unremedied for a period of thirty (30) days from the receipt of a
written notice of breach;

 

(iii)                               subject
to any provisions to the contrary herein, if the Owner shall be in breach of
any of its material obligations under this Agreement and such breach shall
continue unremedied for a period of thirty (30) days from the receipt of a
written notice of breach;

 

(iv)                              if the
Owner ceases to carry on business or a meeting has been summoned or convened
for the purpose of considering a resolution to wind up or liquidate the Owner
or a petition is filed for the winding-up or liquidation of the Owner and such
petition shall have remained in effect for a period of ten (10) days;

 

(v)                                 if
a receiver or receiver and manager is appointed in respect of the whole or any
part of the affairs or assets of the Owner or if the authority of the Owner
shall have been suspended by order of any tribunal or court, and if such order
shall have remained in effect for a period of ten (10) days;

 

(vi)                              if
any creditor shall lawfully take possession of all or any part of a Vessel or
if any of the Vessels shall be the subject of any seizure, arrest, levy or
attachment which shall not have been discharged or contested in good faith and
valid security is provided sufficient to prevent sale, realization and
foreclosure, as applicable, within thirty (30) days thereafter; or

 

(vii)                           if the
Owner is adjudged or declared bankrupt or insolvent or makes an assignment for
the benefit of creditors or resorts to any legislation relating to bankruptcy
or insolvency, or if any proceedings are commenced relating to the Owner under
any reorganization, arrangement, dissolution or liquidation law or statue of
any jurisdiction whether now or hereafter in effect, unless such proceedings
are contested in good faith.

 

(c)                                  Reinstatement
in Certain Circumstances.

 

If any Event of
Default (other than under Subsections 11.01(a)(i), (ii) or (iii)) is
rectified (with interest as required) within thirty (30) days following notice
from any party not in default (a “Non-Defaulting Party”) calling upon a party
in default (a “Defaulting Party”) to cure its default, the Defaulting Party, if
it is then not otherwise in default, shall be reinstated in its rights as of
the date of effective cure.

 

(d)                                 Termination
of Agreement.

 

Subject to the provisions of Section 11.01(c) and
11.01(f), at the option of the Non-Defaulting Party, this Agreement may be
terminated by written notice to the Defaulting Party within thirty (30) days
(unless such period is waived by the Defaulting Party) after the expiry of the
period for rectification provided for in Section 11.01(c) or, if
there is no such period for rectification, from the Event of Default.

 

(e)                                  Notwithstanding
any termination pursuant to Section 11.01(d), the Owner shall remain
responsible for the completion of the Voyage which the relevant Vessel was
performing at the time of termination. 
In such circumstances and not withstanding any provisions to the
contrary, the obligations of the Owner and the Manager shall continue until
conclusion of such Voyage.

 

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(f)                                    Certain
Defaults.

 

In the event of a Default of the Owner as described in
Subsection 11.01(b)(iv) to (vii) inclusive, or in the event of a
default of the Manager as described in Subsections 11.01(a)(i), (ii) and
(iii), this Agreement shall automatically terminate five (5) days from the
occurrence of such an Event of Default without any notice required.

 

11.02.                  No delay or omission in the exercise
of any remedy provided for in this Agreement and no extension of the time
allowed for the making of any payments due shall impair any such remedy or
shall be construed to be a waiver of any default or Event of Default or an
acquiescence.

 

12.                               TERMINATION

 

12.01.                  Event of Termination

 

(a)                                  The
Manager may, at any time after the first anniversary of the Effective Date,
terminate this Agreement by giving sixty (60) days notice to the Owner.

 

(b)                                 The
Owner may, at any time after the first anniversary of the Effective Date,
terminate this Agreement by giving sixty (60) days notice to the Manager;   provided, however, in the event of a Change
of Control of the Owner, the Owner may pay the Manager compensation at the rate
provided in Section 6 in lieu of notice.

 

For
purposes of this Section 12, “Change of Control” shall mean a sale of all
or substantially all of the Vessels owned by the Owner and its Subsidiaries to
Persons who are not Subsidiaries of the Owner.

 

12.02.                  In the event a Vessel is sold by the Owner or any of its
Subsidiaries to a Person other than the Owner or any of its Subsidiaries, this
Agreement shall terminate as to such Vessel on the date the Owner or the
relevant Subsidiary transfers title to such Vessel.  Notwithstanding a sale of a Vessel to a
Person other than the Owner or any of its Subsidiaries, this Agreement shall
remain in effect, subject to the terms and conditions hereof, with respect to each
of the other Vessels.

 

12.03.                  Except for Sections which survive the
termination of this Agreement, this Agreement shall, effective as at the date
of termination pursuant to the provisions of Sections 12.01 or 12.02 hereof,
cease to bind the Owner and the Manager.

 

13.                               AUDITS,
RECORDS

 

13.01.                  The Manager shall provide the Owner
with access to all the financial and operational data held by the Manager
concerning the Vessels and will allow the Owner to, at its own expense, at any
time conduct verification and audit on the premises of the Manager, including
verifying the performance of any of the Vessels.

 

13.02.                  As
soon as reasonably practicable following the termination of this Agreement, the
Manager shall deliver or cause to be delivered to the Owner all financial and
related statements provided to the Owner during the term of this Agreement
updated to include the results of any voyages performed prior to the last date
of this Agreement together with copies of all supporting documentation
including, without limitation, bank statements, cancelled checks, invoices and
income statements for all completed voyages.

 

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14.                               INSURANCE/INSURANCE
SERVICES 

 

14.01.                  The Owner covenants that so long as
this Agreement is in force it will effect and maintain in respect of the
Vessels, hull and machinery and war risks insurance with first class
underwriters, and protection and indemnity risks insurance with a first class
P&I Club (member of the International Group of P&I Clubs) and a Defense
Club, on such terms and for such values as the Manager shall agree, and procure
(if and to the extent that the Manager shall require) that the Manager shall be
named as co-assured under such P&I/FDD insurance and also under the H&M
insurance insofar as liability is concerned, in each case without recourse to
the Manager for the payment of premiums or calls.

 

14.02.                  The Manager shall provide cargo
claims handling services for the Owner for average (particular and general),
salvage and other claims covered by insurance or within the deductible or
franchise of any insurance.  The Manager
may appoint at its own discretion, average adjusters and other professional
advisors when such services are appropriate.

 

14.03.                  The Manager shall communicate to the
Owner any event, claim or occurrence that the Manager believes is likely to
exceed USD 25,000 in aggregate claims or any single claim.

 

15.                               ENTRY
INTO POOL

 

15.01.                  Anything contained in this Agreement
to the contrary notwithstanding, any vessel owned or chartered-in by the Owner
or any Subsidiary shall not be deemed to be a Vessel and shall be excluded from
Schedule 2 so long as such vessel is entered into the VOC Ultra Handymax
Pool.

 

16.                               REPRESENTATIONS
AND WARRANTIES

 

16.01.                  The Owner represents and warrants
that it has the authority to enter into this Agreement in relation to each of
the Vessels on behalf of the Registered Owner and Disponent Owner of each
Vessel as identified on Schedule 2, hereto, as such Schedule may be
amended by the parties from time to time.

 

16.02.                  Each of the Owner, on behalf of
itself and each Registered Owner and Disponent Owner, and the Manager, on
behalf of itself, represents and warrants to and for the benefit of the other
party that:

 

(a)                                  It
is a legal entity established, duly organized and in good standing under the
laws of its jurisdiction of formation;

 

(b)                                 The
execution, delivery and performance of this Agreement and any instrument or
agreement required to be executed, delivered or performed by it hereunder are
within its powers, have been duly authorized and are not in conflict with its
organizational documents or of any other instruments or agreements to which it
is bound, and the person or persons executing this Agreement or any such other
instrument or agreement on its behalf has been fully authorized to do so;

 

(c)                                  There
is no law, rule or regulation, nor is there any judgment, decree or order
of any court or governmental authority binding on it, nor is there any
agreement to which it is bound, which would be contravened by its executions,
delivery or performance of this Agreement;

 

(d)                                 This
Agreement is its legal, valid and binding obligation, enforceable against it in
accordance with its terms except as limited by bankruptcy, insolvency or other
similar laws; and

 

9

 

(e)                                  Any
necessary permits, licenses and approvals required under the laws of the place
of its formation and its principal place of business for the executions,
delivery and performance of this Agreement by it, have been properly obtained
and are presently in full force and effect.

 

17.                               LAW
AND JURISDICTION

 

17.01.                  This Agreement is governed by and
shall be construed in accordance with the laws of the State of New York without
regard to conflicts of laws principles.

 

17.02.                  Any controversy or claim arising out
of or relating to this Agreement between the parties hereto shall be settled
finally by arbitration in the City of New York New York, U.S.A. before one (1) mutually
appointed arbitrator or failing the parties to so agree within 10 days from the
date the notice of controversy or claim is given, then before three (3) arbitrators,
one to be appointed by the Owner, one by the Manager and the third arbitrator
to be appointed by the two chosen arbitrators. 
For purposes of commencement or enforcement of arbitration proceedings,
notice served by either party on the other, in accordance with Section 18.01
hereof, shall be deemed sufficient. 
Judgment upon any award rendered pursuant to such arbitration may be
entered in any court of competent jurisdiction. All arbitration proceedings
shall be conducted in English language and all documents concerning such
proceedings shall be in the English language.

 

18.                               MISCELLANEOUS

 

18.01.                  Notices

 

All
notices, demands and other communications to be given or delivered under or by
reason of the provisions of this Agreement shall be in writing and shall be
delivered by hand or sent by telecopy or sent, postage prepaid, by registered,
certified or express mail or reputable overnight courier service and shall be
deemed given when so delivered by hand or telecopied (together with
confirmation of transmission) or, if mailed, upon receipt (one business day
after mailing in the case of express mail or overnight courier service), as follows:

 

To Manager:

 

VOC
Bulk Shipping USA, Inc.

Five
Stamford Landing

78
Southfield Avenue

Stamford, Connecticut 06902

 

Attention: 
President

Telecopier: 203 965 7850

 

To Owner:

 

Caven
Maritime Limited

c/o
Wexford Capital LLC

411
West Putnam Avenue

Greenwich,
Connecticut 06830

 

Attention: 
Frederick Simon

Telecopier: 203 862 7311

Attention: 
Arthur Amron

Telecopier: 203 862 7312

 

10

 

	
   

  	
  All such notices shall be written in the English
  language.

   

  
	
   

  	
  Any party may change its address for service at any
  time by written notice to the other party in accordance with this provision.

   

  
	
  18.02.

  	
  Provisions Severable and Paramount

   

  
	
   

  	
  In the event that in any legal proceedings before a
  competent tribunal, board or commission, in any jurisdiction, it is
  determined that any section or part of this Agreement is invalid or
  unenforceable, such section or part thereof or part of this Agreement
  shall be deemed to be severed from the remainder of this Agreement for purposes
  only of the legal proceedings in question, and this Agreement shall otherwise
  remain in full force and effect.

   

  
	
   

  	
  In the event of any inconsistency or contradiction
  between this Agreement and any Schedule, this Agreement shall prevail.

   

  
	
  18.03.

  	
  Successors

   

  
	
   

  	
  This Agreement may not be assigned or transferred by
  any party, in whole or in part, without the prior written consent of the
  other party, which consent may be granted or withheld at the sole discretion
  of such party

   

  
	
   

  	
  This Agreement shall be binding upon and inure to be
  the benefit of each of the parties and its respective successors, executors,
  administrators and permitted assigns.

   

  
	
  18.04.

  	
  Waivers

   

  
	
   

  	
  Any waiver by any party of any breach of this
  Agreement by the other parties, shall only be effective if evidenced by an
  instrument in writing duly executed by such party and shall not be construed
  as a continuing waiver of or consent to any subsequent breach of this
  Agreement by any other party.

   

  
	
  18.05.

  	
  Amendment or Modification

   

  
	
   

  	
  This Agreement shall not be amended or modified
  except by written agreement signed by all of the parties to this Agreement.

   

  
	
  18.06.

  	
  Complete Agreement

   

  
	
   

  	
  This Agreement contains the complete agreement among
  the parties hereto and supersedes any prior understandings, agreements or
  representations by or among the parties, written or oral, which may have
  related to the subject matter hereof in any way.

   

  
	
  18.07.

  	
  Gender and Number

   

  
	
   

  	
  In this Agreement words importing the singular
  number only shall include the plural and vice versa, and words importing the
  masculine gender shall include the feminine gender and word importing persons
  shall include firms and corporations and vice versa.

   

  
	
  18.08.

  	
  Headings

   

  
	
   

  	
  Headings used throughout this Agreement are solely
  for convenience and are not to be used as an aid in the interpretation of
  this Agreement.

   

  

 

 

11

	
  18.09.

  	
  Employees of the Vessels

   

  
	
   

  	
  The master, crew members and any other persons
  employed on any of the Vessels owned by the Owner or any of its Subsidiaries,
  or in connection with the provision of services hereby contracted for, shall
  be and remain employees of the Owner or its Subsidiaries, and any and all
  contracts of employment entered into by such master(s), crew members and
  other persons shall be with the Owner or its Subsidiaries who shall be
  responsible as employer in all respects.

   

  
	
  18.10.

  	
  Confidentiality

   

  
	
   

  	
  Each party at all times shall maintain the
  confidentiality of financial and other information and data which it may
  obtain through this Agreement, the disclosure of which may adversely affect
  the interests of the other party, except to the extent that disclosure of all
  or any part thereof is required by law.

   

  
	
  18.11.

  	
  Condition Precedent

   

  
	
   

  	
  This Agreement remains subject to and shall enter into
  full force and effect upon signing by each party.

  

 

IN WITNESS
whereof this Agreement has been duly executed on the date first above written.

 

 

	
   

  	
  VOC
  BULK SHIPPING USA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  CAVAN
  MARITIME LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

12

 

SCHEDULE 1-
DEFINITIONS

 

In this Agreement,
the following terms shall have the following meanings:

 

a)                   “Agency
Account” shall have the meaning provided for in Section 5.01

 

b)                  this “Agreement”
means this agreement, as amended, modified or supplemented from time to time by
written agreements amongst the parties.

 

c)                   “Base
Balance” shall have the meaning provided for in Section 5.02

 

d)                  “Defaulting
Party”‘ shall have the meaning provided for in Section 11.01(c).

 

e)                   “Disponent
Owner” means, with respect to any particular Vessel, the party identified as
the disponent owner of such Vessel on Schedule 2 hereto.

 

f)                     “Dollar”, “USD”
or “$” means lawful money of the United States of America.

 

g)                  “Effective
Date” means the date on which an initial public offering registered under the
Securities Act of 1933, as amended, of the common stock of the Owner shall have
been consummated in accordance with applicable law.

 

h)                  “Gross
Revenues” mean all revenues generated from the commercial employment of the
Vessels which are properly receivable in accordance with generally accepted
accounting principles, including without limitation, freight revenue, charter
hire, deadfreight, demurrage, bonuses and any other freight adjustments,
address commission and interest

 

i)                      “Manager”
means VOC Bulk Shipping USA, Inc., a Delaware corporation.

 

j)                      “Non-Defaulting
Party “ shall have the meaning provided for in Section 11.01(c).

 

k)                   “Operating
Costs” mean:

 

i)            all
costs and expenses incurred by the Manager in the performance of its
obligations and properly chargeable as operating expenses in accordance with
generally accepted accounting principles.

 

ii)         voyage
related costs incurred in the commercial operation and employment of the
Vessels, commissions, bunkering charges and port/trade costs, including but not
limited to port charges, canal dues, stevedoring costs, dispatch accounts,
operating expenses, including in relation to cargo operations, e.g. lime
washing, agency fees, etc.

 

l)                      “Owner”
means Cavan Maritime Limited, a Marshall Islands corporation.

 

m)                “Person”
means an individual, corporation, limited liability company, limited
partnership, general partnership, syndicate, joint venture, association, trust,
unincorporated organization, trustee or other legal representative.

 

n)                  “Registered
Owner” means, with respect to any particular Vessel, the party identified as
the registered owner of such Vessel on Schedule 2 hereto.

 

1

 

o)                  “Subsidiary”
means any corporation, limited liability company, partnership, joint venture,
trust or estate or other entity of which (or in which) more than 50% of (a) the
voting stock or membership interests of such corporation or company, (b) the
interest in the capital or profits of such partnership or joint venture or (c) the
beneficial interest in such trust or estate, is at the time directly or
indirectly owned or controlled by the Owner.

 

p)                  “Technical
Manager” means, in respect of any Vessel owned by the Owner or any of its
Subsidiaries, any of Franco Compania Naviera S.A., a Panamanian company,
Dockendale Shipping Company Limited, a Bahamian company, or any other company
designated by the Owner from time to time as technical manager of such Vessel.

 

q)                  “Vessels”
means at any relevant time the vessels described in Section 2.04 owned or
chartered-in by the Owner or any of its Subsidiaries, and “Vessel” means any of
them as the context may require.

 

r)                     “Voyage”
refers to the time period commencing on the dropping of outbound pilots at the
last discharge port of the previous voyage and ending at the dropping of
outbound pilots at the last discharge port of the current voyage.

 

2

 

SCHEDULE 2
-   VESSELS

 

Owned

 

	
  Registered Owner

  	
   

  	
  Name

  	
   

  	
  Flag

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

Chartered-In

 

	
  Disponent Owner

  	
   

  	
  Name

  	
   

  	
  Flag

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  [       ]Exhibit
10.8

 

	
  1. Date of Agreement

  

  18 July 2005

  	
   

  	
  THE BALTIC AND INTERNATIONAL MARITIME COUNCIL
  (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT CODE NAME: “SHIPMAN 98”

  
	
   

  	
   

  	
   

  
	
  2. Owners (name, place or registered and law of registry) (Cl. 1)

  	
   

  	
  3. Managers (name, place of registered office and law of registry)
  (Cl. 1)

  
	
   

  	
   

  	
   

  
	
  Cavan Maritime Limited

  	
   

  	
  Atlantic Marine Limited Partnership

  
	
  Name

  	
   

  	
  Name

  
	
  C/O Wexford Capital LLC, 411 West Putnam Avenue,

  	
   

  	
   

  
	
  Greenwich CT 06839

  	
   

  	
  Richmond House, 12 Par-la-Ville Road, Hamilton

  
	
  Place of registered office

  	
   

  	
  Place of registered office

  
	
   

  	
   

  	
   

  
	
  United State of America

  	
   

  	
  Bermuda

  
	
  Law of Registry

  	
   

  	
  Law of registry

  
	
   

  	
   

  	
   

  
	
  4. Day and year of commencement of Agreement (Cl. 2)

  
	
   

  
	
  xx August 2005 [insert date of the Owners’ Initial Public
  Offering, but in case of any Vessel (listed in Annex A hereto) that is at sea
  on the date of the Initial Public Offering, the Agreement shall commence on
  the date such Vessel completes her voyage and is in port]

  
	
   

  
	
  5. Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)

  

  Yes (see Crew Management
  Agreement)

  	
   

  	
  6. Technical Management (state “yes” or “no” as agreed)

  (Cl. 3.2)  

  

  Yes

  
	
   

  	
   

  	
   

  
	
  7. Commercial Management (state “yes” or “no” as agreed)

  Cl. 3.3)

  

  No

  	
   

  	
  8. Insurance Arrangements (state “yes” or “no” as agreed)

  (Cl. 3.4)

  

  Yes

  
	
   

  	
   

  	
   

  
	
  9. Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)

  

  Yes

  	
   

  	
  10. Sale or purchase of the Vessel (state “yes” or “no” as agreed)
  (Cl. 3.6)

  

  No

  
	
   

  	
   

  	
   

  
	
  11. Provisions (state “yes” or “no” as agreed) (Cl. 3.7)

  

  Yes (see Crew
  Management Agreement)

  	
   

  	
  12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)

  

  No

  
	
   

  	
   

  	
   

  
	
  13. Charterering Services Period (only to be filled in if “yes” state
  in Box 7) (Cl. 3.3(l))

  

  No

  	
   

  	
  14. Owner’s Insurance (state alternative (i),
  (ii) OR (iii) OF Cl.6.3)

  

  6.3.       (ii) and (iii)

  
	
   

  	
   

  	
   

  
	
  15. Annual Management fee (state annual amount) (Cl. 8.1)

  

  see Addendum No. 1

  	
   

  	
  16. Severance Costs (state maximum amount) (Cl. 8.4(ii))

  

  (as per Crew Management
  Agreement)

  
	
   

  	
   

  	
   

  
	
  17. Day and year of termination of Agreement (Cl. 17)

  

  31st December 2005

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  18. Law and arbitration (state 19.1, 19.2, or 19.3 place of
  arbitration must be stated) (Cl. 19)

  
	
   

  
	
  19.1. English Law – Arbitration New York (Society of Maritime
  Arbitrators, Inc.)

  
	
   

  
	
  19. Notices (state postal and cable address, telex and telefax number
  for serving notice and communications to the Owners) (Cl. 20)

  

  Cavan Maritime Limited

  c/o Wexford Capital LLC

  411 West Putnam Avenue

  Greenwich CT 06839

  United States of America

  
Tel:     +1
  203 8627011

  Fax:    +1 203 8627311

  	
   

  	
  20. Notices (state postal and cable address, telex and telefax number
  for serving notice and communication to the Managers) (Cl. 20)

  

  Atlantic Marine Limited
  Partnership

  Richmond House

  12 Par-la-Ville Road

  P.O. Box HM 2089

  Hamilton, Bermuda HM HX

  
Tel:     +1
  441 2950614

  Fax:    +1 441 2921549

  
	
   

  	
   

  	
   

  
	
  It is mutually agreed between the party stated in Box 2 and the party
  stated in Box 3 that this Agreement consisting of PART I and
  PART II as well as Annexes “A” (Details of Vessel), “B” (Details of
  Crew), “C” (Budget) and “D” (Associated vessels) attached hereto, shall be
  performed subject to the conditions contained herein. In the event of a
  conflict of conditions, the provisions of PART I and Annexes “A”, “B”.
  “C” and “D” shall prevail over those of PART II to the extent of such
  conflict but no further.

  
	
   

  
	
  Signature(s) (Owners)

  	
   

  	
  Signature(s) (Managers)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director of Cavan Maritime Limited

  	
   

  	
  Director of Wellbridge Maritime Limited, General

  Partner of Atlantic Marine Limited Partnership

  

 

 

PART II

“Shipman 98” Standard Ship Management Agreement”

 

 

1.                                      Definitions

 

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

 

“Owners”
mean the party identified in Box 2.

 

“Managers”
means the party identified in Box 3.

 

“Vessel”
means the vessel or vessels details of which are set out in Annex “A” attached
hereto.

 

“Management
Services” means the services specified in subclauses 3.1 to 3.8 as indicated
affirmatively in Boxes 5 to 12. “ISM Code” means the International Management
Code for the Safe Operation of Ships and for Pollution Prevention as adopted by
the International Maritime Organisation (IMO) by resolution A.741 (18) or any
subsequent amendment thereto. “STCW 95” means the International Convention on
Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as
amended in 1995 or any subsequent amendment thereto.

 

2.                                      Appointment of
Managers

 

With
effect from the day and year started in Box 4 and continuing unless and until
terminated as provided herein, the Owners hereby appoint the Managers and the
Managers hereby agree to act as the Managers of the Vessel.

 

3.                                      Basis of
Agreement

 

Subject
to the terms and conditions herein provided, during the period of this Agreement,
the Managers shall carry out Management Services in respect of the Vessel as
agents for and on behalf of the Owners. 
The Managers shall have authority to take such actions as they may from
time to time in their absolute discretion consider to be necessary to enable
them to perform this Agreement in accordance with sound ship management
practice.

 

This
Agreement remains subject to Owners’ successful. Initial Public Offering and
therefore only enters into force upon the listing of Owners at NASDAQ.

 

3.2          Technical Management

 

(only
applicable if agreed according to Box 6)

 

The
Managers shall provide technical management, which includes, but is not limited
to, the following functions:

 

(i)                                     provision
of competent personnel to supervise the maintenance and general efficiency of
the Vessel;

 

 

(ii)                                  arrangement
and supervision of dry dockings, repairs, alterations and the upkeep of the
Vessel to the standards required by the Owners provided that the Managers shall
be entitled to incur the necessary expenditure to ensure that the Vessel will
comply with the law of the flag of the Vessel and of the places where she
trades, and all requirements and recommendations of the classification society;

 

(iii)                               arrangement of the
supply of necessary stores, spares and lubricating oil;

 

(iv)                              appointment
of surveyors and technical consultants as the Managers may consider from time
to time to be necessary;

 

(v)                                 development,
implementation and maintenance of a Safety Management System (SMS) in
accordance with the ISM Code (see sub-clauses 4.2 and 5.3)

 

3.4          Insurance
Arrangements

 

(only
applicable if agreed according to Box 8)

 

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

 

3.5                               Accounting
Services

 

(only
applicable if agreed according to Box 9)

 

The
Managers shall:

 

(i)                                     establish
an accounting system for the Vessel and supply monthly reports and records no
later than the 15th day after each quarter end and the 30th
day after financial year end in accordance with the requirements of US GAAP,

 

(ii)                                  maintain
the records of all costs and expenditure incurred as well as data necessary or
proper for the settlement of accounts between the parties.

 

3.6

 

3.7                               Provisions
(only applicable if agreed according to Box 11)

 

The Managers
shall arrange for the supply of provisions.

 

3.8

 

2

 

4.                                      Managers’
Obligations

 

4.1                               The
Managers undertake to use their best endeavours to provide the agreed
Management Services as agents for and on behalf of the Owners in accordance
with sound ship management practice and to protect and promote the interests of
the Owners in all matters relating to the provision of services hereunder.
Provided, however, that the Managers in the performance of their management
responsibilities under this Agreement shall be entitled to have regard to their
overall responsibility in relation to all vessels as. may from time to time be
entrusted to their management and in particular, but without prejudice to the
generality of the foregoing, the Managers shall be entitled to allocate
available supplies, manpower and services in such manner as in the prevailing
circumstances the Managers in their absolute discretion consider to be fair and
reasonable.

 

4.2                               Where
the Managers are providing Technical Management’ in accordance with sub-clause
3.2, they shall procure that the requirements of the law of the flag of the
Vessel are satisfied and they shall in particular be deemed to be the “Company”
as defined by the ISM Code, assuming the responsibility for the operation of
the Vessel and taking over duties and responsibilities imposed by the ISM Code
when applicable.

 

4.3                               Without
prejudice to the authority granted to the Managers in accordance with the
foregoing provision, the Managers will report to the Owners about all such
actions as required, but no less than on a monthly basis so that Owners are
fully informed about all such actions taken by the Managers.

 

5.                                      Owners’
Obligations

 

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

 

6.                                      Insurance
Policies

 

The
Owners shall procure, whether by instructing the Managers under sub-clause 3.4
or otherwise, that throughout the period of this Agreement:

 

6.1                               at
the Owners’ expenses, the vessel is insured for not less than her sound market
value or entered for her full gross tonnage, as the case may be for:

 

(i)            usual
hull and machinery marine risks (including crew negligence) and excess
liabilities:

 

(ii)           protection
and indemnity risks (including pollution risks and Crew Insurances); and

 

(iii)          war
risks (including protection and indemnity and crew risks) in accordance with
the best practice of prudent owners of vessels of a

 

3

 

similar type to the Vessel, with first class insurance companies,
underwriters or associations (“ the Owners’ Insurances”);

 

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

 

6.3                               the
Owners’ Insurance name the Managers and, subject to underwriters’ agreement,
any third party designated by the Managers as a joint assured, with full cover,
with the Owners obtaining cover in respect of each of the insurances specified
in sub-clause 6.1:

 

(ii)                                  if obtainable, on terms such
that neither the Managers nor any such third party shall be under any liability
in respect of premiums or calls arising in connection with the Owners’ Insurances;
or

 

(iii)                               on such other items as
may be agreed in writing. Indicate alternative (i), (ii) or
(iii) in Box 14. If Box 14 is left blank then (i) applies.

 

6.4                               Written
evidence is provided, to the reasonable satisfaction with their obligations
under Clause 6 within a reasonable time of the commencement of the Agreement,
and of each renewal date.

 

7.                                      Income Collected
and Expenses Paid on Behalf of Owners

 

7.1                               All
moneys collected by the Managers under the terms of this Agreement (other than
moneys payable by the Owners to the Managers) and any interest thereon shall be
held to the credit of the owners in a separate bank account.

 

7.2                               All
expenses incurred by the Managers under the terms of this Agreement on behalf
of the Owners (including expenses as provided in Clause 8) may be debited
against the Owners in the account referred to under sub-clause 7.1 but shall in
any event remain payable by the Owners to the Managers on demand.

 

8.                                      Management Fee

 

8.1                               The
Owners, shall pay to the Managers of their services as Managers under this
Agreement an annual management fee as stated in Addendum No. 1 to this
Agreement which shall be payable by equal monthly installments in advance, the
first installment being payable on the commencement of this Agreement (see Clause
2 and Box 4) and subsequent installments being payable every month.

 

8.2                               The
management fee shall be subject to an annual review on the anniversary date of
the Agreement and the proposed fee shall be presented in the annual budget
referred to in sub-clause 9.1.

 

8.3                               The
Managers shall, at no extra cost to the Owners, provide their own office
accommodation, office staff, facilities and stationery. Without limiting the

 

4

 

generality of Clause 7 the Owners shall reimburse the Managers for
postage and communication expenses, traveling, and other out of pocket expenses
properly incurred by the Managers in pursuance of the Management Services.

 

8.5                               If
the Owners decide to lay-up the Vessel whilst this Agreement remains in force
and such lay-up lasts for more than three months, an appropriate reduction of
the management fee for the period exceeding three months until one month before
the Vessel is again put into service shall be mutually agreed between the
parties.

 

8.6                               Unless
otherwise agreed in writing all discounts and commissions obtained by the
Managers in the course of the management of the Vessel shall be credited to the
Owners.

 

9.                                      Budgets and
Management of Funds

 

9.1                               The
Managers shall present to the Owners annually a budget for the following twelve
months in such form as the Owners require. Subsequent annual budgets shall be
prepared by the Managers and submitted to the Owners not less than three months
before the anniversary date of the commencement of this Agreement (see Clause 2
and Box 4).

 

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

 

9.3                               Following
the agreement of the budget, the Managers shall prepare and present to the
Owners their estimate of the working capital requirement of the Vessel and the
Managers shall each month up-date this estimate. Based thereon, the Managers
shall each month request the Owners in writing for the funds required to run
the Vessel for the ensuing month, including the payment of any occasional or
extraordinary item of expenditure, such as emergency repair costs, additional
insurance premiums, bunkers or provisions. Such funds shall be received by the
Managers within ten running days after the receipt by the Owners of the
Managers’ written request and shall be held to the credit of the Owners in a
separate bank account.

 

9.4                               The
Managers shall produce a comparison between budgeted and actual income and
expenditure of the Vessel in such form as required by the Owners monthly or at
such other intervals as mutually agreed.

 

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

 

5

 

10.                               Managers’ Right to
Sub-Contract

 

The
Managers shall have the right to sub-contract any of their obligations
hereunder to another division of the Schulte Group with the prior written
consent of the Owners which shall not be unreasonably withheld. In event of
such a sub-contract the Managers shall remain fully liable for the due
performance of their obligations under this Agreement.

 

11.                               Responsibilities

 

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

 

11.2                        Liability to Owners - (i) Without prejudice to sub
clause 11.1, the Managers shall be under no liability whatsoever to the Owners
for any loss, damage, delay or expense of whatsoever nature, whether direct or
indirect, and howsoever arising in the course of performance of the Management
Services UNLESS same is proved to have resulted
from the negligence, gross negligence or willful default of the Managers or
their employees, or agents or sub-contractors employed by them in connection
with the Vessel, in which case (save where loss, damage, delay or expense has
resulted from the Managers’ personal act or omission committed with the intent
to cause same or recklessly and with knowledge that such loss, damage, delay or
expense would probably result) the Managers’ liability for each incident or
series of incidents giving rise to a claim or claims shall never exceed a total
of ten times the annual management fee payable hereunder.

 

11.3                        Indemnify - Except to the extent and solely for the
amount therein set out that the Managers would be liable under subclause 11.2,
the Owners hereby undertake to keep the Managers and their employees, agents
and sub-contractors indemnified and to hold them harmless against all actions,
proceedings, claims, demands or liabilities whatsoever or howsoever arising
which may be brought against them or incurred or suffered by them arising out
of or in connection with the performance of the Agreement, and against and in
respect of all costs, losses, damages and expenses which the Managers may
suffer or incur in the course of the performance of this Agreement.

 

11.4                        “Himalaya” - It is hereby agreed that no employee or
agent of the Managers (including every sub-contractor from time to time
employed by the Managers) shall in any circumstances whatsoever be under any
liability whatsoever to the Owners for any loss, damage or delay of whatsoever
kind arising or resulting directly or indirectly from acting in the course of
or in connection with his employment and, without prejudice to the generality
of the foregoing provision in this Clause 11, every exemption, limitation,
condition and liberty herein contained and every right, exemption from liability,
defence and immunity of whatsoever nature applicable to the Managers or to
which the Managers are entitled hereunder shall also be available and shall
extend to protect every such employee or agent of the Managers acting as
aforesaid and for the purpose of all the foregoing

 

6

 

provisions of this Clause 11 the Managers are or shall be deemed to be
acting as agent or trustee on behalf of and for the benefit of all persons who
are or might be their servants or agents from time to time.

 

12.                               Documentation

 

Where
the Managers are providing Technical Management in accordance with sub-clause
3.2 they shall make available, upon Owners’ request, all documentation and
records related to the Safety Management System (SMS) which the Owners need in
order to demonstrate compliance with the ISM Codeor to defend a claim against a
third party.

 

13.                               General Administration

 

13.1                        The
Managers shall handle and settle all claims arising out of the Management
Services hereunder and keep the Owners informed regarding any incident of which
the Managers become aware, which gives or may give rise to claims or disputes
involving third parties. Managers shall obtain Owners’ approval for any claim
settlement amount exceeding US$ 10,000 prior to the actual confirmation of
settlement with a third party.

 

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

 

13.3                        The
Managers shall also have power to obtain legal or technical or other outside
expert advice in relation to the handling and settlement of claims and disputes
or all other matters affecting the interests of the Owners in respect of the
Vessel.

 

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

 

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

 

14.                               Auditing

 

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

 

15.                               Inspection of Vessel

 

The
Owners shall have the right at any time after giving reasonable notice to the
Managers to inspect the Vessel for any reason they consider necessary.

 

7

 

16.                               Compliance with Law and
Regulations

 

The
Managers will not do or permit to be done anything which might cause any breach
or infringement of the laws and regulations of the Vessel’s flag, or of the
places where she trades.

 

17.                               Duration of the
Agreement

 

The
Agreement shall come into effect on the day and year stated in Box 4 and shall
continue until the date stated in Box 17, except that if the Vessel is on a
voyage on the latter date, the Agreement shall continue until terminated by
either party giving to the other notice in writing, in which event the
Agreement shall terminate upon the later of the expiration of a period of two
months from the date upon which such notice was given or when the Vessel is
safely in port. If the Vessel arrives safely in port at any time after Owners
sent a proper notice in writing terminating the Agreement, Owners shall have
the right to replace the Managers at that time provided that Owners pay
Managers all fees and other amounts due through the end of the two months
notice period.

 

18.                               Termination

 

18.1                        Owners’ default

 

(i)                                     The
Managers shall be entitled to terminate the Agreement with immediate effect by
notice in writing if any moneys payable by the Owners under this Agreement
shall not have been received in the Managers’ nominated account within ten
running days of receipt by the Owners of the Managers’ written request or if
the Vessel is repossessed by the Mortgagees.

 

(ii)                                  If
the Owners:

 

(a)                                  Fail
to meet their obligations under sub-clauses 5.2 of this Agreement for any
reason within their control, or

 

(b)                                 Proceed
with the employment of or continue to employ the Vessel in the contraband,
blockade running, or in an unlawful trade, or on a voyage which in the
reasonable opinion of the Managers is unduly hazardous or improper,

 

the
Managers may give notice of the default to the Owners, requiring them to remedy
it as soon as practically possible. In event that the Owners fail to remedy it
within a reasonable time to the satisfaction of the Managers, the Managers
shall be entitled to terminate the Agreement with immediate effect by notice in
writing.

 

8

 

18.2                        Managers’ Default

 

If
the Managers engage in fraud or deceit or fulfill their obligations under this
agreement in a crossly negligent manner or engage in willful misconduct that is
detrimental to the Owners’ interest, this Agreement may be terminated
immediately upon the issuance of a notice by the Owners. If the Managers fail
to meet their obligations under Clauses 3 and 4 of this Agreement for any
reason within the control of the Managers, the Owners may give notice to the
Managers of the default, requiring them to remedy it within 15 days after being
notified by Owners. In the event that the Managers fail to remedy it within
reasonable time to the satisfaction of the Owners, the Owners shall be entitled
to terminate the Agreement with immediate effect by notice in writing.

 

18.3                        Extraordinary Termination

 

This
agreement shall be deemed to be terminated in the case of the sale of the
Vessel or if the Vessel becomes a total loss or is declared as a constructive
or compromised or arranged total loss or is requisitioned.

 

18.4                        For the purpose of sub-clause 18.3 hereof

 

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

 

(ii)                                  the
Vessel shall not be deemed to be lost unless either she has become an actual
total loss or agreement has been reached with her underwriters in respect of
her constructive, compromised total loss or if such agreement with her
underwriters is not reached it is adjudged by a competent tribunal that a
constructive loss of the Vessel has occurred.

 

18.5                        This
Agreement shall terminate forthwith in the event of an order being made or
resolution passed for the winding up, dissolution, liquidation or bankruptcy of
either party (otherwise than for the purpose of reconstruction or amalgamation)
or if a receiver is appointed, or if it suspends payment, ceases to carry on
business or make any special arrangement or composition with its creditors.

 

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

 

19.                               Law and Arbitration

 

19.1        This agreement shall be governed by and
construed in accordance with English Law and any dispute arising out of or in
connection with this Agreement shall be referred to 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 the
purposes of enforcing any award, judgement may be entered on award by any court
of competent jurisdiction. The proceedings shall be conducted in accordance
with the rules of the Society of Maritime Arbitrators, Inc. In cases
where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or
such other sum as the parties may

 

9

 

agree)
the arbitration shall be conducted in accordance with the Shortened Arbitration
Procedure of the Society of Maritime Arbitrators, Inc. current at the time
when the arbitration proceedings are commenced.

 

19.2

 

19.3        If Box 18 in Part 1 is not appropriately filled in,
sub-clause 19. 1 of this Clause shall apply

 

Note:  19.1, 19.2 and 19.3 are alternatives;
indicated alternative agreed in Box 18.

 

20.                               Notices

 

20.1                        Any
notice to be given by either party to the other party shall be in writing and
may be sent by fax, telex, registered, recorded or overnight mail (with notice
to be deemed received on the date recorded on the delivery receipt) or by
personal service.

 

20.2                        The
address of the parties for service of such communication shall be as stated in
Boxes 19 and 20, respectively.

 

21.                               “Entire Agreement”

 

This
Agreement represents the entire agreement and understanding between the parties
and there are no other oral or written understandings with respect to the
subject of this Agreement. For the purposes of this provision, the term “subject”
in the preceding sentence shall have the broadest possible interpretation that
can be ascribed to it. The parties to this Agreement expressly disclaim
reliance on any other understandings, terms or conditions and all such
extraneous matters are deemed superseded and merged into the terms of this
Agreement. This Agreement cannot be amended or modified except in a written
agreement signed by both parties and expressly reciting that it is an amendment
to this Agreement.

 

10

 

ANNEX
“A” TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN”

 

	
  Date
  of Agreement:

  	
  18
  July 2005

  
	
   

  	
   

  
	
  Name
  of Vessel(s):

  	
  PAIGE
  (TBR) - IMO 9088732 - FLAG: MALTA

  
	
   

  	
  KOBY
  (TBR) - IMO 9184914 - FLAG: MALTA

  
	
   

  	
  ANITA
  (TBR) - IMO 9176711 - FLAG: MALTA

  
	
   

  	
  VOC
  ENTERPRISE (TBR) - IMO 9278870 - FLAG: BAHAMAS

  
	
   

  	
  VOC
  ORCHID (TBR) - IMO 9113575 - FLAG: BAHAMAS

  
	
   

  	
  CLIPPER
  GLORY (TBR) - IMO 8800107 - FLAG: LIBERIA

  
	
   

  	
  CLIPPER
  GEM (TBR) - IMO 8800119 - FLAG: LIBERIA

  

 

 

ADDENDUM
NO. I TO

 

THE
BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) 

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN”

 

Date of Agreement:                                                                                      18 July 2005

 

The
Annual Management Fee is calculated in accordance with the following schedule:

 

Owners
appoint Managers to act as Managers for up to three vessels:

US$ 80,000 (eighty thousand) per Vessel per annum (pro-rata)

 

Owners
appoint Managers to act as Managers for more than three and up to six vessels:

US$ 75,000 (seventy five thousand) per Vessel per annum (pro-rata)

 

Owners
appoint Managers to act as Managers for more than six vessels: 

US$ 70,000 (seventy thousand) per Vessel per annum (pro-rata)

 

In
addition to the Annual Management Fee Owners agree to remunerate the Managers
for the provision of Corporate Accounting Services by paying a fee of US$
35,000 per vessel per annum (pro-rata).

 

Corporate
Accounting Services are defined as all Accounting Services described under
clause 3.5 of this Agreement and the provision of certain other services for
Special Purpose Companies (“SPC”) described as follows:

 

Production
of full financial statements for each Special Purpose Company (“SPC”) on a
quarterly and annual basis

 

Production
of full consolidated financial statements incorporating the financial
statements of the individual SPC’s on a quarterly and annual basis

 

Preparation
for and support of a review of quarterly SPC financial statements by Owners’
appointed financial auditors

 

Preparation
for and support of the audit of SPC annual financial statements by Owners’
appointed financial auditors

 

Opening
and administration of SPC bank accounts and management of funds in these
accounts as per Owners’ instructions

 

Loan
facility administration including the preparation of covenant compliance
certifications required in connection with the Owners’ loan facility

 

Managers
to assist Owners in connection with required regulatory filings and follow on
registration statement requirements

 

Managers
to assist Owners with tax filings

 

 

DATED 18 JULY 2005

CAVAN MARITIME LIMITED

AND

ATLANTIC MARINE LIMITED PARTNERSHIP

 

CREW MANAGEMENT AGREEMENT

 

 

THIS AGREEMENT
is made the 18th day of July 2005

 

BETWEEN:

 

(1)                                  CAVAN
MARITIME LIMITED c/o Wexford Capital LLC, 411 West Putnam Avenue, Greenwich CT
06839, United States of America (“Owners”) and

 

(2)                                  ATLANTIC
MARINE LIMITED PARTNERSHIP of Richmond House, 12 Par-laVille Road, Hamilton,
Bermuda (“AMLP”).

 

WHEREAS Owners
of the motor vessel(s) shown in the Schedules to this Agreement (the “Vessel”)
are desirous of entrusting the management of the Vessel’s crewing to AMLP.

 

IT IS AGREED
as follows:

 

1.                                       APPOINTMENT AND TERM

 

1.1                                 Owners
appoint AMLP as Crew Manager of the Vessel with effect from the Commencement
Date stipulated in the Schedules to this Agreement.

 

1.2                                 The
period of the management of the Vessel (the “Relevant Period”) shall continue
until terminated in accordance with Clause 9.

 

2.                                       CREW STRUCTURE

 

The
complement of Crew Members on the Vessel (the “Crew Structure”) shall consist
of the number and nationality of persons specified in respect of the Vessel in
the Schedules attached hereto subject to the provisions of Clause 3.1(c).

 

3.                                       RESPONSIBILITIES OF AMLP

 

3.1                                 In
consideration of the Crew Lumpsum, AMLP undertakes to Owners during the
Relevant Period in respect of the Vessel:

 

(a)                                  to
provide Crew Members who are competent, certified and medically fit in
accordance with the requirements of ILO convention 147, STCW 95 and IMO
resolution A.481 (XII).  Crew Members
will be selected on a basis of experience and familiarity with the type of
vessel they are required to serve;

 

(b)                                 to
supply, as part of such Crew Structure, only officers who are fully licensed in
accordance with the requirements of the country of registry of the Vessel and
who have a satisfactory command of the English language both spoken and
written;

 

(c)                                  to
ensure that the number of Crew Members on board and their ranks and
qualifications are at all times in compliance with the regulations of the
country of registry of the Vessel. 
Should the regulations of the country of

 

 

registry be altered during the course of this
Agreement, AMLP and Owners shall agree on a new Crew Structure and on a
respective adjustment to the Crew Lumpsum. 
In the event of failure to agree, AMLP may give two (2) months’
notice terminating this Agreement and Owners shall indemnify AMLP for any
increased costs incurred by AMLP during that period;

 

(d)                                 to
supply replacement Crew Members wherever required and, when appropriate, to
assist in the repatriation of Crew Members;

 

(e)                                  to
screen, recruit and replace the Crew Members in compliance with the Schedule;

 

(f)                                    save
as provided by Clauses 4 and 6, to provision the Vessel;

 

(g)                                 to
pay wages, overtime, leave pay, sick pay, and all other employment payment
obligations in respect of the Crew Members;

 

(h)                                 save
as provided by Clauses 4 and 6, to arrange payment for the Crew Members’
embarkation and disembarkation to and from the Vessel;

 

(i)                                     to
pay all crew communication costs and all port expenses reasonably incurred in
relation to the Crew Members but excluding any vessel agency fees that may be
incurred at the port in question and furthermore, excluding the costs incurred
by motor launches for crew transportation purposes from anchorages to shore and
back to the Vessel;

 

(j)                                     to
arrange and pay for working clothing for the Crew Members upon embarkation;

 

(k)                                  to
arrange and pay for the Vessel’s slopchest;

 

(l)                                     to
arrange for the supply to the Vessel of all cash requirements in respect of the
Crew Members; and

 

(m)                               to
maintain records of certification, training and experience of all Crew Members
and make same available to Owners as and when required.

 

3.2                                 The
Crew Members provided by AMLP shall be employees of AMLP and AMLP shall enter
into shipboard employment contracts with each of the Crew Members.

 

3.3                                 Subject
to Clause 3.2, AMLP may sub-contract all or any of its obligations under this
Agreement.

 

4.                                       RESPONSIBILITIES OF OWNERS

 

Owners
shall at all times

 

2

 

(a)                                  ensure
that the Vessel is maintained and operated in accordance with best practice, in
lawful trades and in conformity with the requirements of its insurers and all
applicable laws;

 

(b)                                 keep
AMLP advised of the Vessel’s schedule in a timely fashion and so as to
enable AMLP to perform its obligations hereunder in an economic manner;

 

(c)                                  provide
for the Crew Members on board the Vessel suitable accommodation, storage space,
power and fresh water.

 

5.                                       LIABILITY AND ‘INSURANCES’

 

5.1                                 None
of AMLP, their sub-contractors and their respective officers, employees
(including Crew Members) and agents shall have any liability to Owners in
relation to any liability, loss, cost, damage or expense whatsoever or
howsoever incurred by Owners resulting from or arising in connection with any
act, neglect or default of any of them in the performance of their duties
hereunder or pursuant hereto or otherwise in connection with the Vessel or its
crewing PROVIDED ONLY THAT where any such liability, loss, cost, damage or
expense is shown to have resulted directly from the negligence or willful
default of AMLP or their sub-contractors or their respective officers,
employees or agents (but always excluding the Crew Members) AMLP’s liability
shall be limited as follows:

 

(a)                                  any
such liability in relation to all liabilities, losses, costs, damages and
expenses arising from any one event or series of events shall be limited to an
amount equal to the average Monthly Crew Lumpsum per Vessel, and

 

(b)                                 any
such liability in relation to all liabilities, losses, costs, damages and
expenses arising from all events or series of events occurring in any twelve
month period shall be limited to an amount equal to three times the average
Monthly Crew Lumpsum per Vessel.

 

5.2                                 Owners
shall indemnify AMLP, their subcontractors and their respective officers,
employees (including Crew Members) and agents in respect of any liability,
loss, cost, damage or expense whatsoever or howsoever incurred by any of them
resulting from or arising in connection with any act, neglect or default of any
of them in the performance of their duties hereunder or pursuant hereto or
otherwise in connection with the Vessel or its crewing PROVIDED ONLY THAT the
aforementioned indemnity shall not apply to the extent that AMLP may have any
liability to Owners pursuant to the provisions of Clause 5.1.

 

5.3                                 For
the purpose of the foregoing provisions of this Clause 5, AMLP shall be deemed
to be contracting not only for itself but also as agent on behalf of and as
trustee for the benefit of any subcontractors of AMLP and all persons who are
or are deemed to be officers, employees (including Crew Members) or agents from
time to time, of AMLP or their subcontractors and all such persons shall to
this extent be or be deemed to be parties of this Agreement.

 

3

 

5.4                                 The
Owners shall ensure that throughout the Relevant Period the Vessel is kept
insured at their cost for hull and machinery, war and protection and indemnity
risks with first class underwriters in accordance with best market practice and
to the reasonable satisfaction of AMLP and that

 

(a)                                  all
such insurances shall be for such amounts as shall be approved by AMLP,
provided that the protection and indemnity risks shall be covered for the
maximum amount generally available from first class protection and indemnity
associations;

 

(b)                                 AMLP
and any subcontractors nominated by AMLP are named as co-assured on all such
insurances;

 

(c)                                  all
such insurances contain provisions (where the same are reasonably available in
the insurance market) exempting AMLP and any sub-contractors from liability for
premiums and calls waiving any rights the insurers may have to make subrogated
claims against AMLP, their sub-contractors and their respective officers,
employees and agents;

 

(d)                                 evidence
of such insurances and of the prompt payment of premiums and calls is given to
AMLP promptly on request made from time to time; and

 

(e)                                  the
insurer of protection and indemnity risks (including crew risks) approves the
terms of this Agreement and of the employment contracts entered into between
AMLP and the Crew Members and that evidence of such approval is given to AMLP
on request.

 

5.5                               In the event of any
inconsistency between the terms of this Clause S and the BIMCO “Shipman 98”
Agreement, the terms of the BIMCO Agreement shall prevail.

 

6.                                       EXPENSES

 

6.1                                 It
is agreed that the Crew Lumpsum does not include and Owners shall pay or
reimburse AMLP within 15 days of submission of invoices in respect of any
payment made by AMLP for:

 

(a)                                  freshwater;

 

(b)                                 any
victualling whatsoever supplied to Non-Crew Members on board the Vessel
including (but not limited to) pilots, stevedores, supercargoes,
superintendents, agents, or any other persons dealing with the Vessel’s
business.  Any meals supplied to such
persons will be debited to Owners by separate account at the following rates:

 

	
  Breakfast

  	
   

  	
  US$

  	
  2.00

  
	
  Lunch

  	
   

  	
  US$

  	
  2.50

  
	
  Dinner

  	
   

  	
  US$

  	
  2.50

  

 

4

 

(c)                                  the
Vessel’s cabin and kitchen inventory, including (but not limited to) cutlery,
crockery, galley equipment, linen, accommodation and cleaning equipment;

 

(d)                                 the
Vessel’s laundry expenses;

 

(e)                                  The
Vessel’s medical chest;

 

(f)                                    traveling
expenses of AMLP staff to and from the Vessel, if such traveling is arranged
specifically at the request of Owners;

 

(g)                                 initial
crew joining expenses upon delivery of the Vessel (crew mobilisation) including
airfares, shore-based accommodation prior to joining the Vessel and wages
accrued prior to the Commencement Date as stipulated in the Schedules to this
Agreement

 

(h)                                 the
cost of transferring one or more Crew Members from the Vessel to another Vessel
at the request of Owners;

 

(i)            any
costs (including increased payment due to Crew Members) arising from the Vessel
entering a war zone;

 

(j)                                     crew
P&I premiums and expenses.

 

7.                                       PAYMENT OBLIGATION

 

7.1                                 In
consideration for the services hereby undertaken to be provided by AMLP, Owners
shall pay to AMLP the monthly lumpsum specified in the Schedule (the “Crew
Lumpsum”).

 

7.2                                 Save
as otherwise provided there shall be included each month in the Crew Lumpsum
provision for 85 hours overtime.  Any
overtime in excess of 85 hours is to be paid for separately by the Owners upon
receipt of invoices supported by appropriate documentation
providing evidence of actual overtime worked onboard the Vessel on a monthly
basis.

 

7.3                                 Any
“Hold Washing Bonus” payable to the Crew Members (ratings only) under the
provisions of their contracts of employment and/or collective bargaining
agreement is excluded from the Crew Lumpsum and shall be paid for separately by
the Owners upon receipt of invoices.

 

8.                                       PAYMENT MECHANISM

 

Payment
of the Crew Lumpsum shall be made by Owners monthly in advance to a bank
account to be advised by AMLP and shall be credited to such bank account free
of all expenses and bank charges during the course of the first 7 days of every
calendar month.  In the event that the
Relevant Period commences on a day other than the first day of a calendar
month, then the Crew Lumpsum in respect of the

 

5

 

calendar
month during which the Relevant Period commences shall be adjusted pro rata for
the number of remaining days in such calendar month.

 

9.                                       TERMINATION

 

9.1                                 (a)                                  Either
party may terminate this Agreement without reason by giving two (2) months
notice in writing to the other party.

 

(b)                                 Either
party may terminate this Agreement forthwith by notice in writing, if the other
party (or any company holding a majority of the voting shares in the other
party or its ultimate holding company) becomes bankrupt or insolvent or ceases
or threatens to cease carrying on its business.

 

9.2                                 If AMLP engage in fraud or deceit or fulfill their
obligations under this agreement in a grossly negligent manner or engage in willful
misconduct that is detrimental to the Owners’ interest, then this Agreement may
be terminated immediately upon the issuance of a notice by the Owners.  If AMLP is in breach of any material
obligation or material term of this Agreement, Owners may forthwith terminate
this Agreement by notice in writing if the breach is not capable of
remedy.  If the breach is capable of
remedy Owners may send AMLP a written notice requiring remedy of the breach
within 14 days of AMLP’s receipt of such notice.  If AMLP fails to remedy the breach within
such 14 day period or at latest leaving the next port after the 14 day period,
Owners may thereupon forthwith terminate the Agreement by notice in writing.

 

9.3                                 (a)                                  If

 

(i)                                     Owners
fail to pay any sum due under this Agreement on its due date, or

 

(ii)                                  Owners
are in breach of any other material term of this Agreement, which is not
capable of remedy,

 

AMLP
may forthwith terminate this Agreement by notice in writing.

 

(b)                                 If
Owners are in breach of a material obligation or material term of this
Agreement and the breach is capable of remedy, AMLP may send Owners a written
notice requiring remedy of the breach within 14 days of Owners’ receipt of such
notice.  If Owners fail to remedy the
breach within such 14 day period, AMLP may thereupon forthwith terminate the
Agreement by notice in writing.

 

(c)                                  Without
prejudice to the foregoing provisions of this Clause 9, if Owners are in breach
of Clause 4 (a) and (in the sole determination of AMLP) the consequence of
such breach is that it would be imprudent for the Vessel to put to sea or to
continue in operation, AMLP may, for, the period of such breach, suspend
performance of its obligations hereunder.

 

6

 

9.4                                 This
Agreement shall terminate automatically

 

(a)                                  in
the event of the actual or constructive or compromised or arranged total loss
of the Vessel, after the same is agreed with underwriters and underwriters have
notified their agreement in writing to Owners (which notification shall be
promptly communicated by Owners to AMLP);

 

(b)                                 in
the event of requisition for title or forcible or compulsory acquisition by any
governmental authority of the Vessel, on the date the crew has been withdrawn
from the vessel;

 

(c)                                  in
the event that the Vessel is sold, on the date of delivery of the Vessel to the
buyer;

 

(d)                                 in
the event that the Vessel does not trade (whether for technical and/or
commercial reasons) for 60 consecutive days, 30 days after the elapse of such
60 day period.

 

9.5                                 Upon
the termination of this Agreement for any reason whatsoever (including
termination by notice given by AMLP under Clause 9.1 but excluding notice given
by Owners under Clause 9.2 or any termination resulting from any act or default
of AMLP), Owners shall indemnify AMLP against and/or in respect of any and all
costs and expenses incurred in connection with the termination of the
employment of the Crew Members and their repatriation and including severance
pay.

 

9.6                                 Termination
of this Agreement in any circumstances shall be without prejudice to any
outstanding claims hereunder which either Owners or AMLP may have against the
other, including claims for contingent liabilities which AMLP shall have
incurred prior to the date of termination.

 

10.                                 TRADE UNIONS

 

10.1                           AMLP
shall endeavour to protect Owner’s interests, relating to the crewing of the
Vessel, in connection with any demands made or influence exerted by the
International Transport Workers’ Federation, any of its affiliates or any other
national or international labour organisations (“Unions”).

 

10.2                           If AMLP
increase the wages or otherwise change the employment conditions of any Crew
Member as a result of demands made or influence exerted by the Unions, then

 

(a)                                  Owners
shall indemnify AMLP against any losses or expenses AMLP may suffer or incur as
a result; and

 

(b)                                 Owners
and AMLP shall re-negotiate the Crew Lumpsum to take full account of any
increased cost to AMLP.  In the event of
failure to agree, AMLP may give two (2) months notice terminating this
Agreement and

 

7

 

Owners shall indemnify AMLP for any increased costs
incurred by AMLP during that period.

 

11.                                 NOTICES

 

11.1                           Every
notice or demand hereunder shall be in writing and may be given or made by
telefax or overnight mail.

 

11.2                           (a)           Every notice or demand to be given to
AMLP hereunder shall be sent to AMLP at:

 

Richmond House

12 Par-la-Ville Road Hamilton

Bermuda

Facsimile:       +1 441-292-1549

 

(b)                                 Every
notice or demand to be given to Owners hereunder shall be sent to Cavan
Maritime Limited at:

 

c/o Wexford Capital LLC

411 West Putnam Avenue 

Greenwich CT 06839 

United States of America 

Facsimile:       +1203-862-7311

 

11.3                           If
either AMLP or Owners changes its address for communication, the one shall give
to the other not less than 7 business days notice in writing of the change
desired.

 

11.4                           Every
notice or demand shall, except so far as otherwise expressly provided by this
Agreement, be deemed to have been received, in the case of a telex or
facsimile, at the time of despatch thereof (provided that, if the date of
despatch is not a business day in the country of the addressee, it shall be
deemed to have been received on the next following business day in the country
of the addressee) and, in the case of a letter, upon actual receipt by the
addressee.  In
case of overnight mail, the notice shall be deemed to have been received on the
date recorded on the delivery receipt.

 

12.                                 LAW, ARBITRATION AND JURISDICTION

 

12.1                           This
Agreement shall be governed by and construed in accordance with English law.

 

12.2                           Should
any dispute or difference arise between the parties hereto arising out of or in
connection with this Agreement, the same 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 of two of them shall be final,
and for the purposes of enforcing any award, judgement may be entered on award
by any

 

8

 

court of competent jurisdiction.  The proceedings shall be conducted in
accordance with the rules of the Society of Maritime Arbitrators, Inc.  In cases where neither the claim nor any
counterclaim exceeds the sum of US$ 50,000 (or such other sum as the parties
may agree) the arbitration shall be conducted in accordance with the Shortened
Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current
at the time when the arbitration proceedings are commenced.

 

13.                                 DEFINITIONS

 

13.1                           In this
Agreement

 

(a)                                  Agreed
Currency is defined as United States Dollars;

(b)                                 Crew
Lumpsum is defined in Clause 7.1;

(c)                                  Crew
Members is defined in Clause 3.1 (a);

(d)                                 Crew
Structure is defined in Clause 2;

(e)                                  Relevant
Period is defined in Clause 1.2;

(f)                                    Unions
is defined in Clause 10.1;

 

13.2                           Headings,
sub-headings and side headings are for convenience of reference only and do not
govern or affect the construction or intent of the Clauses or sub-Clauses to
which they relate.

 

13.3                           BIMCO “SHIPMAN
98” AGREEMENT

 

This
Agreement forms and integral and binding part of the BIMCO “Shipman 98”
Standard Ship Management Agreement between Owners and AMLP for the Vessel dated
XX July 2005.

 

IN WITNESS
whereof the parties hereto have caused this Agreement to be executed by their
duly authorised representatives the day and year first above written,

 

	
  /s/
  Frederick Simon

  	
   

  	
  /s/ Jens
  Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN
  MARITIME LIMITED

  	
  PARTNERSHIP -
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME

  
	
   

  	
  LIMITED AS
  GENERAL PARTNER

  

 

9

 

SCHEDULE 1

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
PAIGE

CREW STRUCTURE

 

Commencement Date: XX August 2005

 

	
  RANK

  	
   

  	
  NATIONALITY

  	
   

  	
  NUMBER

  
	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Total Crew Complement: 22

 

MONTHLY
CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

10

 

SCHEDULE 2

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
KOBY

CREW STRUCTURE

 

Commencement Date: XX August 2005

 

	
  RANK

  	
   

  	
  NATIONALITY

  	
   

  	
  NUMBER

  
	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Total Crew Complement: 22

 

MONTHLY
CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

11

 

SCHEDULE 3

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
ANITA

CREW STRUCTURE

 

	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Commencement Date:  XX August 2005

 

Total Crew Complement:  22

 

MONTHLY
CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

12

 

SCHEDULE 4

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
VOC ENTERPRISE (TBR)

CREW STRUCTURE

 

	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Commencement Date:  XX August 2005

 

Total Crew Complement:  21

 

MONTHLY
CREW LUMPSUM 2005

 

	
  USD   55,400

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

13

 

SCHEDULE 5

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
VOC ORCHID (TBR)

CREW STRUCTURE

 

Commencement Date: XX August 2005

 

	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Total Crew Complement: 22

 

MONTHLY CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

14

 

SCHEDULE 6

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
CLIPPER GLORY (TBR)

CREW STRUCTURE

 

Commencement Date: XX August 2005

 

	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Total Crew Complement: 22

 

MONTHLY CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON BEHALF
  OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

15

 

SCHEDULE 7

 

To Crew Management
Agreement dated 18 July 2005 between Cavan Maritime Limited and Atlantic
Marine Limited Partnership.

 

M.V.
CLIPPER GEM (TBR)

CREW STRUCTURE

 

Commencement Date: XX August 2005

 

	
  Master

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Chief Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Second Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Officer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Chief Engineer

  	
   

  	
  Eastern European

  	
   

  	
  1

  
	
  Second Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Third Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Fourth Engineer

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Electrician

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Bosun

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  AB

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  OS

  	
   

  	
  Filipino

  	
   

  	
  2

  
	
  Fitter

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Motorman

  	
   

  	
  Filipino

  	
   

  	
  3

  
	
  Chief Cook

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Deck Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  
	
  Engine Cadet

  	
   

  	
  Filipino

  	
   

  	
  1

  

 

Total Crew Complement: 22

 

MONTHLY CREW LUMPSUM 2005

 

	
  USD   56,670

  

 

	
  /s/ Frederick
  Simon

  	
   

  	
  /s/ Jens Alers

  	
   

  
	
  FOR AND ON
  BEHALF OF

  	
  FOR ATLANTIC
  MARINE LIMITED

  
	
  CAVAN MARITIME
  LIMITED

  	
  PARTNERSHIP –
  DIRECTOR OF

  
	
   

  	
  WELLBRIDGE
  MARITIME LIMITED AS

  
	
   

  	
  GENERAL PARTNER

  

 

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]