Document:

Exhibit 10.9

SECOND ORIGINAL

 

	
  MEMORANDUM OF AGREEMENT

  	
   

  	
  Norwegian Shipbrokers’ Association’s Memorandum of Agreement for sale
  and purchase of ships. Adopted by The Baltic and International Maritime
  Council (BIMCO) in 1956. 

  
	
   

  	
   

  	
  Code-name

  
	
  Dated: 26th
  April 2004

  	
   

  	
  SALEFORM 1993

  
	
   

  	
   

  	
  Revised 1966, 1983 and 1986/87.

  

 

PLUTOREX MARINE CO.
LTD. of CYPRUS hereinafter called the Sellers,
have agreed to sell, and PRIMAL
TANKERS INC. of ATHENS, GREECE for a company to be nominated  hereinafter called the Buyers, have agreed
to buy

 

Name: ‘POLYANKA’

 

Classification Society/Class: DNV +1A1 Ice-C tanker for oil ESP EO Nauticus

 

	
  Built: July 1992

  	
   

  	
  By: Halla
  Engineering, Korea

  
	
   

  	
   

  	
   

  
	
  Flag: Cyprus

  	
   

  	
   

  	
  Place of Registration: Limassol, Cyprus

  
	
   

  	
   

  	
   

  
	
  Call Sign: P3SB4

  	
   

  	
   

  	
  Grt/Nrt: 28,223/13,568

  

 

ID No: 16716

 

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

 

Definitions

 

“Banking days” are days on which banks are open both in the country of
the currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

 

“In writing” or “written” means a letter handed over from the Sellers
to the Buyers or vice versa, a registered letter, telex, telefax or other
modern form of written communication.

 

“Classification Society” or “Class” means the Society referred to in
line 4.

 

1.                                       Purchase
Price USD 22,800,000 (Twenty Two Million
Eight Hundred Thousand) cash

 

2.                                       Deposit

 

As security for the correct fulfilment of this Agreement the Buyers
shall pay a deposit of 10% (ten per cent) of the Purchase Price within 3 (three) banking
days from the date the
subject in Clause 17A is lifted of this Agreement. This deposit
shall be placed with a
bank to be advised by Sellers no later than the date when the subject in clause
17A is lifted.  and
held by them in a joint account for the Sellers and the Buyers, to be released
in accordance with joint written instructions of the Sellers and the Buyers.
Interest, if any, to be credited to the Buyers. Any fee charged for holding the
said deposit shall be borne equally by the Sellers and the Buyers.

 

3.                                       Payment

 

The said Purchase Price shall be paid in exchange for delivery documents
reasonably required by  the Buyers
in full free of bank charges to Sellers account with Sellers’ nominated bank on delivery
of the Vessel, but not later than 3 banking days after the Vessel is in every
respect physically ready for delivery in accordance with the terms and
conditions of this Agreement and Notice of Readiness has been given in
accordance with Clause 5.

 

 

4.                                       Inspections

 

b)*                              The Buyers shall have the
right to promptly  inspect the Vessel’s classification
records and declare whether same are accepted or not within 17th May 2004

 

The Sellers shall provide for inspection of
the Vessel at a time and
place to be mutually agreed.

The Buyers shall undertake the inspection
without undue delay to the Vessel. Should the Buyers cause undue delay they
shall compensate the Sellers for the losses thereby incurred. The Buyers shall
inspect the Vessel without opening up and without cost to the Sellers. During
the inspection, the Vessel’s deck and engine log books shall be made available
for examination by the Buyers. If the Vessel is accepted after such inspection,
the sale shall become outright and definite, subject only to the terms and conditions
of this Agreement, provided the Sellers receive written notice of acceptance
from the Buyers within 5
working days  after
completion of such inspection.

 

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

 

5.                                      Notices, time and place of delivery

 

a)                                      The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall
provide the Buyers with 15,7,5,  and 3  days
notice of the estimated time of arrival at the intended place of underwater
inspection/delivery. When the Vessel is at the place of delivery and in every
respect physically ready for delivery in accordance with this Agreement, the
Sellers shall give the Buyers a written Notice of Readiness for delivery.

 

b)                                     The
Vessel shall be delivered and taken over safely afloat at a safe and accessible
berth/buoy
or anchorage at (always
within port limits) at one safe port Worldwide  in the Sellers’ option.

 

Expected time of delivery: to be mutually agreed (intention is
to deliver at first convenient port or place after all subjects lifted).

Date of cancelling (see Clauses 5 c), 6 b)
(iii) and 14): within 60
days after declaration of Buyers IPO

 

c)                                      If
the Sellers anticipate that, notwithstanding the exercise of due diligence by them,
the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date. Upon
receipt of such notification the Buyers shall have the option of either
cancelling this Agreement in accordance with Clause 14 within 3  running days of receipt of the notice or
of accepting the new date as the new cancelling date. If the Buyers have not
declared their option within 3  running
days of receipt of the Sellers’ notification or if the Buyers accept the new
date, the date proposed in the Sellers’ notification shall be deemed to be the
new cancelling date and shall be substituted for the cancelling date stipulated
in line 61.

 

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

 

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

 

 

6.                                       Drydocking/Divers Inspection - See also Clause 18 herein.

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) the expenses in connection with putting
the Vessel in and taking her out of drydock, including the drydock dues and the
Classification Society’s fees shall be paid by the Sellers if the
Classification Society issues any condition/recommendation* as a result of the
survey or if it requires survey of the tailshaft system. In all other cases the
Buyers shall pay the aforesaid expenses, dues and fees.

 

 

(iv) the Buyers’ representative shall have
the right to be present in the drydock, but without interfering with the work
or decisions of the Classification surveyor.

 

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

 

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

 

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

 

7.                                       Spares/bunkers, etc.

 

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

 

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

1.              Gas
bottles: Acetylene / Oxygen / Freon / Nitrogen

2.              Videotel
library

3.              Communication
equipment SIM cards

4.              Unicom
SMS Manuals and SMPEP

5.              Computer,
communication, PMP software licensed to Unicom.

 

The Buyers shall take over the remaining bunkers and unused lubricating
oils hydraulic fluids and
greases  in storage
tanks and unbroached  sea led drums and pay the Sellers last  net purchase price (excluding barging expenses) including any discounts as evidenced
by invoices.

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

 

8.                                       Documentation

 

The place of closing: London

 

In exchange for payment of the Purchase Price the Sellers shall furnish
the Buyers with delivery documents, namely: 
See Clause 20

 

 

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

 

At the time of delivery the Sellers shall hand to the Buyers the
classification certificate(s) as well as all plans etc., which are on board the
Vessel. Other certificates which are on board the Vesse1 shall also be handed
over to the Buyers unless the Sellers are required to retain same, in which
case the Buyers to have the right to take copies. Other technical documentation
which may be in the Sellers’ possession shall be promptly forwarded to the
Buyers at their expense, if they so request. The Sellers may keep the Vessel’s
log books but the Buyers to have the right to take copies of same.

 

9.                                       Encumbrances

 

The Sellers warrant that the Vessel, at the time of delivery, is free
from all charters, encumbrances, mortgages and maritime liens or any other
debts whatsoever.  The Sellers hereby
undertake to indemnify the Buyers against all consequences of claims made
against the Vessel which have been incurred prior to the time of delivery.

 

10.                                 Taxes, etc.

 

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

 

11.                                 Condition on delivery (See
also Clause 18)

 

The Vessel with everything belonging to her shall be at the Sellers’
risk and expense until she is delivered to the Buyers, but subject to the terms
and conditions of this Agreement she shall be delivered and taken over as she
was at the time of inspection, fair wear and tear excepted.  However, the Vessel shall be delivered with
her class maintained without condition, however Sellers may deliver Vessel with condition of class
subject to mutual agreement of cost of rectifying same.  If a repair is required.  Same to be settled in accordance with Clause
18  free of average
damage affecting the Vessel’s class, and with her classification certificates
and national certificates, as well as all other certifcates the Vessel had at
the time of inspection, valid without condition * by Class or the relevant
authorities at the time of delivery.

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

 

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

 

 

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

 

12.                                 Name/markings

 

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

 

13.                                 Buyers’ default

 

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

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

 

14.                                 Sellers’ default

 

Should the Sellers fail to give Notice of Readiness in accordance with
Clause 5 a) or fail to be ready to validly complete a legal transfer by the
date stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3
banking days after Notice of Readiness has been given to make arrangements for
the documentation set out in Clause 8. 
If after Notice of Readiness has been given but before the Buyers have
taken delivery, the Vessel ceases to be physically ready for delivery and is
not made physically ready again in every respect by the date stipulated in line
61 and new Notice of Readiness given, the Buyers shall retain their option to
cancel.  In the event that the Buyers
elect to cancel this Agreement the deposit together with interest earned shall
be released to them immediately.

Should the Sellers fail to give Notice of Readiness by the date
stipulated in line 61 or fail to be ready to validly complete a legal transfer
as aforesaid they shall make due compensation to the Buyers for their loss and
for all expenses together with interest if their failure is due to proven
negligence and whether or not the Buyers cancel this Agreement.

 

15.                                 Buyers’ representatives

 

After this Agreement has been signed by both parties, the deposit
lodged and the final
subject cleared,  the
Buyers have the right to place two representatives on board the Vessel at their
sole risk and expense upon arrival at to be agreed on or about to be agreed These
representatives are on board for the purpose of familiarisation and in the
capacity of observers only, and they shall not interfere in any respect with
the operation of the Vessel.  The
Buyers’ representatives shall sign the Sellers’ letter of indemnity prior to
their embarkation.

 

16.                                 Arbitration

 

a)*                               This
Agreement shall be governed by and construed in accordance with English law and
any dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. 
On the receipt by one party of the nomination in writing of the other
party’s arbitrator, that party shall appoint their arbitrator within fourteen
days, failing which the decision of the single arbitrator appointed shall
apply.  If two arbitrators properly
appointed shall not agree they shall appoint an umpire whose decision shall be
final.

 

 

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

 

Clauses 17 to 19
inclusive shall form an integral part of this Memorandum of Agreement.

 

 

This document is a computer generated copy of “SALEFORM 1993”, printed
by authority of the Norwegian Shipbrokers’ Association, using software which is
the copyright of Strategic Software Ltd. Any insertion or deletion to the form
must be clearly visible. In the event of any modification made to the
preprinted text of this document, the original document shall apply. The
Norwegian Shipbrokers’Association and Strategic Software Ltd. assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original approved document and this document.

 

 

ADDITIONAL CLAUSES TO M.T. ‘POLYANKA’

MOA DATED 26TH APRIL 2004

 

CLAUSE 17.

 

A)                                This
sale is subject to Buyers Board of Directors approval and is declarable to the
sellers latest by 1800 New York time on 15th July 2004.

 

B)                                  This
sale is an ‘enbloc’ sale with 9 other vessels. The buyers have the option of
reducing the sale to 6 vessels if found necessary which is declarable by the 14th
June 2004. The excluded ships are all built in 1992.

 

CLAUSE 18.

 

Further to clauses 6 and 11 herein:

 

In respect to Clause 6 add at the end of paragraph (II):

 

“Should damage(s) be found to the underwater parts which affects the
vessel’s clean certificate of class, but which in the opinion of the class
surveyor present, does not require drydocking prior to the next scheduled
drydock of the vessel, the sellers and buyers to apply to two reputable
shiprepairers or shipyards within the delivery area, one to be selected by the
buyers and one to be selected by the sellers, in order to obtain quotations for
the direct cost of repairs to the said damage only.  In the event that the two quotations received are more than 10%
different then the London Salvage Association shall be requested to nominate
one Shiprepairer or Shipyard within the delivery area and their quotation shall
be the one accepted by both the Seller and the Buyer.

 

Such quotations to cover the direct cost of repair to specified
damage(s) only.  Thereafter it shall be
in sellers option whether to repair said damage prior to delivery, or to
deliver the vessel with the said damage, against a reduction in price of the
cost of repairs, which to be defined as the average of the two quotations
obtained.”

 

In respect to Clause 11:

 

‘The same format as above shall be followed in the event of a condition
of class relating to any other part of the vessel.’

 

 

CLAUSE 19.

 

If a drydocking needs to be undertaken prior to delivery (and after the
sellers have attempted to obtain a maximum extension from the class) then the
costs of this said drydocking shall be credited to the price of the vessel.
Sellers will liaise in advance of any drydocking with the buyers on the works
necessary and costings.

 

CLAUSE 20

 

It is hereby agreed that upon delivery of the Vessel under this MOA,
the following documents will be provided:-

 

1                                         The
Seller shall furnish the Buyers with the following delivery documents:

 

(a)                                  Three
original legal Bills of Sale in a form recordable in the country in which the
Buyers are to register the Vessel, warranting that the Vessel is free from all
encumbrances, mortgages and maritime liens or any other debts or claims
whatsoever, duly notarially attested and apostilled.

 

(b)                                 Original
Certificate of Ownership/Transcript of Register, issued by competent
authorities of the flag state of the Vessel to be dated no earlier than 3
banking days prior to expected delivery of the Vessel.

 

(c)                                  Original
Confirmation of Class dated no earlier than 3 banking days prior to expected
delivery of the Vessel, issued by the Vessel’s Classification Society
confirming that the Vessel fully maintains her Class as per Clause 11.

 

(d)                                 Original/fax
Freedom of Encumbrances Certificate/Transcript of Register, issued by the
competent authorities of the flag state, dated on the date of delivery of the
Vessel, stating that the Vessel at time of delivery is free from registered
encumbrances.

 

(e)                                  Certificate
of Deletion of the Vessel from the Vessel’s registry at the time of delivery,
or, in the event that the registry does not as a matter of practice issue such
documentation immediately, a written undertaking by the Sellers to effect
deletion from the Vessel’s registry forthwith and furnish a Certificate of
Deletion to the Buyers promptly and latest within 21 days after the Purchase
Price has been paid and the Vessel has been delivered.

 

(f)                                    Certified
transcript of Company Registry confirming that the Seller is in goodstanding,
(and listing the Directors) and issued not more than 3 banking days prior to
delivery.

 

 

(g)                                 In
case Shareholders and Directors are not named in the Transcript of Registry
mentioned under (f) above, a Secretary’s Certificate issued by Sellers naming
its Shareholders and Directors, signature to be authenticated by Cyprus
Certifying Officer and apostilled.

 

(h)                                 Recently
issued, (original) Shareholders’ resolution confirming and authorizing sale to
Buyers (incl. Issuance of Power of Attorney) authenticated by Cyprus Certifying
Officer and apostilled.

 

(i)                                     Recently
issued, (original) Director’s resolution confirming and authorizing sale to
Buyers (incl. Issuance of Power of Attorney) authenticated by Cyprus Certifying
Officer and apostilled.

 

(j)                                     One
original Power of Attorney in favour of person(s) authorized to execute the
Bill of Sale for Sellers and any other document required for the completion of
the sale and the delivery of the Vessel to the Buyers authenticated by Cyprus
Certifying Officer and apostilled.

 

(k)                                  Certified
copy of Memorandum and Articles of Association of the Sellers together with
amendments thereto if any.

 

(I)                                    Original
undertaking on Sellers’ letterhead and dated on the date of delivery, stating
that the Vessel is not blacklisted by any international organisation nor is
subject to any boycott by such organisations.

 

(m)                               Two
original Commercial invoices on Sellers’ letterhead, showing the main
particulars of the Vessel and the purchase price.

 

(n)                                 Two
original Commercial invoices on Sellers letterhead showing the bunkers and
luboil quantities and prices.

 

(o)                                 Copies
of all available trading/class/national and international certificates (incl
SOLAS). The originals of same as well as plans/drawings, manuals, instruction
books and related documentation to be handed at time of delivery to Buyers
representative on board.

 

(p)                                 Sellers
to provide two draft Protocol of Delivery and Acceptance which will be signed
by Sellers and Buyers attorney-in-fact at the closing meeting.

 

Documents to be provided by the Buyers:-

 

2                                         The
Buyer shall furnish the Sellers with the following delivery documents:

 

(a)                                  Written
Resolutions of the Board of Directors of the Buyers authorising the purchase of
the Vessel, approving and ratifying this MOA, appointing one or more
Attorney(s) (original, duly signed notarially attested and Notary’s signature
legalised);

 

 

(b)                                 Articles
of Incorporation of the Buyers (certified true copy);

 

(c)                                  Power
of Attorney authorising person(s) as Buyers’ representative(s) to execute all
required documents at the closing as well as on the Board the Vessel (original,
duly signed, notarially attested and Notary’s signature legalised).

 

(d)                                 Certificate
of Goodstanding (or equivalent certificate) issued by competent authorities of
the Buyer’s country of incorporation.

 

All the drafts of the documents will be faxed to the Buyer or Seller,
as the case may be, for approval at least three days before the closing date.

 

	
  THE SELLERS

  	
  THE BUYERS

  
	
   

  	
   

  
	
  /s/ A. H. Wettern

  	
   

  	
  /s/ Evangelos Pistiolis

  	
   

  
	
  A. H. Wettern

  	
  Attorney-in-Fact

  	
   

  
	
  FOR AND ON BEHALF OF

  	
  FOR AND ON BEHALF OF

  
	
  PLUTOREX MARINE Co. LTD. of CYPRUS

  	
   

  	
  PRIMAL TANKERS INC.

  
	
   

  	
  OF ATHENS, GREECEExhibit 10.10

SECOND ORIGINAL

 

	
  MEMORANDUM OF AGREEMENT

  	
  Norwegian
  Shipbrokers’ Association’s Memorandum of Agreement for sale and
  purchase of ships. Adopted by The Baltic and International Maritime Council (BIMCO) in 1956.

  
	
   

  	
  Code-name

  
	
  Dated:
  26th April 2004

  	
  SALEFORM
  1993

  
	
   

  	
  Revised
  1966, 1983 and 1986/87.

  

 

SOCOSEAS MARINE CO. LTD. of CYPRUS hereinafter called the Sellers, have agreed
to sell, and PRIMAL
TANKERS INC. of ATHENS, GREECE for a company to be nominated hereinafter called the Buyers, have agreed to
buy

 

Name: ‘SOKOLNIKI’

 

Classification Society/Class: DNV +1A1 Ice-C tanker for oil ESP EO
Nauticus

 

Built: September 1992  By: Halla
Engineering, Korea

 

Flag: Cyprus                                                                                   Place of Registration: Limassol, Cyprus

 

Call Sign: P3UE4                                                          Grt/Nrt: 28,223/13,568

 

ID No: 16718

 

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

 

Definitions

 

“Banking days” are days on which banks are
open both in the country of the currency stipulated for the Purchase Price in
Clause 1 and in the place of closing stipulated in Clause 8.

 

“In writing” or “written” means a letter
handed over from the Sellers to the Buyers or vice versa, a registered letter,
telex, telefax or other modern form of written communication.

 

“Classification Society” or “Class” means the
Society referred to in line 4.

 

1.                                      Purchase Price USD 22,800,000 (Twenty Two Million Eight Hundred
Thousand) cash

 

2.                                      Deposit

 

As security for the correct fulfilment of this
Agreement the Buyers shall pay a deposit of 10% (ten per cent) of the Purchase Price within 3 (three)  banking days from the date the subject in Clause  17A is lifted  of this Agreement.  This deposit shall be placed with a bank to be advised by Sellers no later than the date  when the subject in clause 17A is is
lifted. and held by them
in a joint account for the Sellers and the Buyers, to be released in accordancewith joint written instructions of the
Sellers and the Buyers. 
Interest, if any, to be credited to the Buyers.  Any fee charged for holding the said deposit
shall be borne equally by the Sellers and the Buyers.

 

3.                                      Payment

 

The said Purchase Price shall be paid in exchange for delivery documents reasonably required
by the Buyers in full free of bank charges to Sellers account with Sellers’
nominsted bank  on delivery of the Vessel, but not later than
3 banking days after the Vessel is in every respect physically
ready for delivery in accordance with the terms and conditions of this
Agreement and Notice of Readiness has been given in
accordance with Clause 5.

 

 

 

4.                                      Inspections

 

b)*                           The
Buyers shall have the right to promptly inspect the Vessel’s classification records and
declare whether same are accepted or not within 17th May 2004

 

The Sellers shall provide for
inspection of the Vessel at a time and place to be mutually agreed.

The Buyers shall undertake the
inspection without undue delay to the Vessel. 
Should the Buyers cause undue delay they shall compensate the Sellers
for the losses thereby incurred.  The
Buyers shall inspect the Vessel without opening up and without cost to the Sellers.  During the inspection, the Vessel’s deck and
engine log books shall be made available for examination by the Buyers.  If the Vessel is accepted after such
inspection, the sale shall become
outright and definite, subject only to the terms and conditions of this
Agreement, provided the Sellers receive written notice of acceptance from the
Buyers within 5 working
days after
completion of such inspection. 

 

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

 

5.                                       Notices, time and place of delivery

 

a)                                      The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall
provide the Buyers with 15,
7, 5, and 3  days notice of the estimated time of
arrival at the intended place of underwater inspection/delivery.  When the Vessel is at the place of delivery
and in every respect physically ready for delivery in accordance with this
Agreement, the Sellers shall give the Buyers a written Notice of Readiness for
delivery.

 

b)                                     The
Vessel shall be delivered and taken over safely afloat at a safe and accessible
berth/buoy
or anchorage at (always within port limits) at one safe port Worldwide  in the Sellers’ option.

 

Expected time of delivery: to be mutually agreed (intention is
to deliver at first convenient port or place after all subjects lifted).

Date of cancelling (see Clauses
5 c), 6 b) (iii) and 14): within
60 days after declaration of Buyers IPO

 

c)                                      If
the Sellers anticipate that, notwithstanding the exercise of due diligence by
them, the Vessel will not be ready for delivery by the cancelling date they may
notify the Buyers in writing stating the date when they anticipate that the
Vessel will be ready for delivery and propose a new cancelling date.  Upon receipt of such notification the Buyers
shall have the option of either cancelling this Agreement in accordance with
Clause 14 within 3  running days of receipt of the notice or
of accepting the new date as the new cancelling date.  If the Buyers have not declared their option within 3  running days of receipt of the Sellers’
notification or if the Buyers accept the new date, the date proposed in the
Sellers’ notification shall be deemed to be the new cancelling date and shall
be substituted for the cancelling date stipulated in line 61.

 

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

 

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

 

 

 

6.                                       Drydocking/Divers Inspection - See also Clause 18 herein.

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii) the expenses in
connection with putting the Vessel in and taking her out of drydock, including
the drydock dues and the Classification Society’s fees shall be paid by the
Sellers if the Classification Society issues any condition/recommendation* as a
result of the survey or if it requires survey of the tailshaft system.  In all other cases the Buyers shall pay the
aforesaid expenses, dues and fees.

 

 

 

(iv) the Buyers’ representative shall have the
right to be present in the drydock, but without interfering with the work or
decisions of the Classification surveyor.

 

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

 

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

 

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

 

7.                                       Spares/bunkers, etc.

 

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

 

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

1.              Gas bottles:
Acetylene / Oxygen / Freon / Nitrogen

2.              Videotel
library

3.              Communication
equipment SIM cards

4.              Unicom SMS
Manuals and SMPEP

5.              Computer,
communication, PMP software licensed to Unicom.

 

The Buyers shall take over the remaining
bunkers and unused lubricating oils hydraulic fluids and greases  in storage tanks and unbroached sealed
drums and pay the Sellers
last  net purchase  price (excluding barging expenses) including any discounts as evidenced
by invoices.

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

 

8.                                       Documentation

 

The place of closing: London

 

In exchange for payment of the Purchase Price
the Sellers shall furnish the Buyers with delivery documents, namely:  See Clause 20

 

 

 

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

 

At the time of delivery the
Sellers shall hand to the Buyers the classification certificate(s) as well as
all plans etc., which are on board the Vessel. 
Other certificates which are on board the Vessel shall also be handed over to the Buyers unless
the Sellers are required to retain same, in which case the Buyers to have the right to take
copies.  Other technical documentation
which may be in the Sellers’
possession shall be promptly forwarded to the Buyers at their expense, if they
so request.  The Sellers may keep the
Vessel’s log books but the Buyers to have the right to take copies of same.

 

9.                                       Encumbrances

 

The Sellers warrant that the
Vessel, at the time of delivery, is free from all charters, encumbrances,
mortgages and maritime liens or any other debts whatsoever.  The Sellers hereby undertake to indemnify the Buyers against all
consequences of claims made against the Vessel which have been incurred prior to the time of
delivery.

 

10.                                 Taxes, etc.

 

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

 

11.                                 Condition on delivery (See
also Clause 18)

 

The Vessel with everything
belonging to her shall be at the Sellers’ risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this
Agreement she shall be delivered and taken over as she was at the time of
inspection, fair wear and tear excepted. 
However,
the Vessel shall be delivered with her class maintained without condition, however Sellers may deliver Vessel
with condition of class subject to mutual agreement of cost of rectifying
same.  If a repair is required.  Same to be settled in accordance with Clause
18 free of average damage affecting the Vessel ‘s class,
and with her classification certificates and national certificates, as well as
all other certifcates the Vessel had
at the time of inspection, valid without condition* by Class or the relevant
authorities at the time of delivery.

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

 

 

 

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

 

12.                                 Name/markings

 

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

 

13.                                 Buyers’ default

 

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

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

 

14.                                 Sellers’ default

 

Should the Sellers fail to give Notice of Readiness in accordance with
Clause 5 a) or fail to be ready to validly complete a legal transfer by the
date stipulated in line 61 the Buyers shall have the option of cancelling this
Agreement provided always that the Sellers shall be granted a maximum of 3 banking days after Notice
of Readiness has been given to make arrangements for the documentation set out in Clause 8.  If after Notice of Readiness has been given
but before the Buyers have taken
delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again in every
respect by the date stipulated in line 61 and new Notice of Readiness given, the Buyers shall
retain their option to cancel.  In the
event that the Buyers elect to
cancel this Agreement the deposit together with interest earned shall be
released to them immediately. 

Should the Sellers fail to give Notice of Readiness by the date
stipulated in line 61 or fail to be ready to validly complete a legal transfer
as aforesaid they shall make due compensation to the Buyers for their loss and for all expenses
together with interest if their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 

 

15.                                 Buyers’ representatives

 

After this Agreement has been signed by both
parties, the deposit lodged and the final subject cleared,  the Buyers have the right to place two representatives on
board the Vessel at their sole risk and expense upon arrival at to be agreed  on or about to be agreed

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

 

16.                                 Arbitration

 

a)*                               This
Agreement shall be governed by and construed in accordance with English law and
any dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. 
On the receipt by one party of the nomination in writing of the other
party’s arbitrator, that party shall appoint their arbitrator within fourteen
days, failing which the decision of the single arbitrator appointed shall
apply.  If two arbitrators properly
appointed shall not agree they shall appoint an umpire whose decision shall be
final.

 

 

 

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

 

Clauses 17 to 19 inclusive shall
form an integral part of this Memorandum of Agreement.

 

 

This
document is a computer generated copy of “SALEFORM 1993”, printed by authority
of the Norwegian Shipbrokers’ Association, using software which is the
copyright of Strategic Software Ltd. 
Any insertion or deletion to the form must be clearly visible.  In the event of any modification made to the
preprinted text of this document, the original document shall apply.  The Norwegian Shipbrokers’Association and
Strategic Software Ltd.  assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original approved document and this document.

 

 

 

ADDITIONAL
CLAUSES TO M.T. ‘SOKOLNIKI’

MOA DATED 26TH APRIL 2004

 

CLAUSE
17.

 

A)                                  This sale is subject to Buyers Board of
Directors approval and is declarable to the sellers latest by 1800 New York
time on 15th July 2004.

 

B)                                    This sale is an ‘enbloc’ sale with 9 other
vessels.  The buyers have the option of
reducing the sale to 6 vessels if found necessary which is declarable by the 14th
June 2004.  The excluded ships are
all built in 1992.

 

CLAUSE
18.

 

Further
to clauses 6 and 11 herein:

 

In
respect to Clause 6 add at the end of paragraph (II):

 

“Should damage(s) be found to the underwater parts which affects the
vessel’s clean certificate of class, but which in the opinion of the class
surveyor present, does not require drydocking prior to the next scheduled
drydock of the vessel, the sellers and buyers to apply to two reputable
shiprepairers or shipyards within the delivery area, one to be selected by the
buyers and one to be selected by the sellers, in order to obtain quotations for
the direct cost of repairs to the said damage only.  In the event that the two quotations received are more than 10%
different then the London Salvage Association shall be requested to nominate
one Shiprepairer or Shipyard within the delivery area and their quotation shall
be the one accepted by both the Seller and the Buyer.

 

Such quotations to cover the direct cost of repair to specified
damage(s) only.  Thereafter it shall be
in sellers option whether to repair said damage prior to delivery, or to
deliver the vessel with the said damage, against a reduction in price of the
cost of repairs, which to be defined as the average of the two quotations
obtained.”

 

In respect to Clause 11:

 

‘The same format as above shall be followed in the event of a condition
of class relating to any other part of the vessel.’

 

 

 

CLAUSE
19.

 

If
a drydocking needs to be undertaken prior to delivery (and after the sellers
have attempted to obtain a maximum extension from the class) then the costs of
this said drydocking shall be credited to the price of the vessel.  Sellers will liaise in advance of any
drydocking with the buyers on the works necessary and costings.

 

CLAUSE
20

 

It
is hereby agreed that upon delivery of the Vessel under this MOA, the following
documents will be provided:-

 

1                                         The Seller shall furnish the Buyers with the
following delivery documents:

 

(a)                                  Three original legal Bills of Sale in a form
recordable in the country in which the Buyers are to register the Vessel,
warranting that the Vessel is free from all encumbrances, mortgages and
maritime liens or any other debts or claims whatsoever, duly notarially
attested and apostilled.

 

(b)                                 Original Certificate of Ownership/Transcript
of Register, issued by competent authorities of the flag state of the Vessel to
be dated no earlier than 3 banking days prior to expected delivery of the
Vessel.

 

(c)                                  Original Confirmation of Class dated no
earlier than 3 banking days prior to expected delivery of the Vessel, issued by
the Vessel’s Classification Society confirming that the Vessel fully maintains
her Class as per Clause 11.

 

(d)                                 Original/fax Freedom of Encumbrances
Certificate/Transcript of Register, issued by the competent authorities of the
flag state, dated on the date of delivery of the Vessel, stating that the
Vessel at time of delivery is free from registered encumbrances.

 

(e)                                  Certificate of Deletion of the Vessel from
the Vessel’s registry at the time of delivery, or, in the event that the
registry does not as a matter of practice issue such documentation immediately,
a written undertaking by the Sellers to effect deletion from the Vessel’s
registry forthwith and furnish a Certificate of Deletion to the Buyers promptly
and latest within 21 days after the Purchase Price has been paid and the Vessel
has been delivered.

 

(f)                                    Certified transcript of Company Registry
confirming that the Seller is in goodstanding, (and listing the Directors) and
issued not more than 3 banking days prior to delivery.

 

 

 

(g)                                 In case Shareholders and Directors are not
named in the Transcript of Registry mentioned under (f) above, a Secretary’s
Certificate issued by Sellers naming its Shareholders and Directors, signature
to be authenticated by Cyprus Certifying Officer and apostilled.

 

(h)                                 Recently issued, (original) Shareholders’
resolution confirming and authorizing sale to Buyers (incl.  Issuance of Power of Attorney) authenticated
by Cyprus Certifying Officer and apostilled.

 

(i)                                     Recently issued, (original) Director’s
resolution confirming and authorizing sale to Buyers (incl.  Issuance of Power of Attorney) authenticated
by Cyprus Certifying Officer and apostilled.

 

(j)                                     One original Power of Attorney in favour of
person(s) authorized to execute the Bill of Sale for Sellers and any other
document required for the completion of the sale and the delivery of the Vessel
to the Buyers authenticated by Cyprus Certifying Officer and apostilled.

 

(k)                                  Certified copy of Memorandum and Articles of
Association of the Sellers together with amendments thereto if any.

 

(I)                                    Original undertaking on Sellers’ letterhead
and dated on the date of delivery, stating that the Vessel is not blacklisted
by any international organisation nor is subject to any boycott by such
organisations.

 

(m)                               Two original Commercial invoices on Sellers’
letterhead, showing the main particulars of the Vessel and the purchase price.

 

(n)                                 Two original Commercial invoices on Sellers
letterhead showing the bunkers and luboil quantities and prices.

 

(o)                                 Copies of all available
trading/class/national and international certificates (incl SOLAS).  The originals of same as well as
plans/drawings, manuals, instruction books and related documentation to be
handed at time of delivery to Buyers representative on board.

 

(p)                                 Sellers to provide two draft Protocol of
Delivery and Acceptance which will be signed by Sellers and Buyers
attorney-in-fact at the closing meeting.

 

Documents to be provided by the Buyers:-

 

2                                         The Buyer shall furnish the Sellers with the
following delivery documents:

 

(a)                                  Written Resolutions of the Board of Directors
of the Buyers authorising the purchase of the Vessel, approving and ratifying
this MOA, appointing one or more Attorney(s) (original, duly signed notarially
attested and Notary’s signature legalised);

 

 

 

(b)                               Articles of Incorporation of the Buyers
(certified true copy);

 

(c)                                Power of Attorney authorising person(s) as
Buyers’ representative(s) to execute all required documents at the closing as
well as on the Board the Vessel (original, duly signed, notarially attested and
Notary’s signature legalised).

 

(d)                               Certificate of Goodstanding (or equivalent
certificate) issued by competent authorities of the Buyer’s country of
incorporation.

 

All
the drafts of the documents will be faxed to the Buyer or Seller, as the case
may be, for approval at least three days before the closing date.

 

	
  THE
  SELLERS

  	
  THE
  BUYERS

  
	
   

  	
   

  
	
  /s/
  A. H. Wettern

  	
   

  	
  /s/
  Evangelos Pistiolis

  	
   

  
	
  A.
  H. Wettern
  Attorney-in-Fact

  	
   

  
	
  FOR
  AND ON BEHALF OF

  	
  FOR
  AND ON BEHALF OF

  
	
  SOCOSEAS
  MARINE CO.  LTD

  	
  PRIMAL TANKERS INC.

  
	
  OF
  CYPRUS

  	
  OF
  ATHENS, GREECE

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