Document:

Exhibit 10.10

 

	
RIGHT OF FIRST REFUSAL AGREEMENT

	 	
EHLERMANN

	 	 	
RINDFLEISCH

	 	 	
GADOW

	SHIPMAN 	 	
RECHTSANWÄLTE

	
 

	 	
 

	 	
PARTNERSCHAFT MBB

	 	 	 
	 	 	
BALLINDAMM 26, 20095 HAMBURG

	 	 	 
	 	 	
TELEFON

	
+49 40 37 48 14 - 0

	 	 	
TELEFAX

	
+49 40 37 48 14 - 30

	 	 	
INTERNET

	
WWW.ERG-LEGAL.COM

 

 

 

 

HUNTER MARITIME ACQUISITION CORP.

as grantors

and

AMBRA SHIPMANAGEMENT LIMITED

as beneficiaries

THIS RIGHT OF FIRST REFUSAL AGREEMENT is entered into as a deed this _______________________ 2017 between HUNTER MARITIME ACQUISITION CORP., a corporation formed under the laws of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands, (the "Grantors") and AMBRA SHIPMANAGEMENT LIMITED, LIMASSOL, CYPRUS, a company formed under the laws of Cyprus with its registered office at 168, Ayias Phylaxoes Street TCI Tower, 2nd Floor, 3083 Limassol, Cyprus, (the "Ambra"). The Grantors and Ambra are sometimes referred to herein collectively as the "Parties," and individually, a "Party."

WHEREAS:

	I.	
Ambra is a management company with, amongst others, dry bulk vessels under its management.

	II.	
The Grantors plan to either acquire or bareboat charter dry bulk vessels.

	III.	
The Grantors desire to grant Ambra a right of first refusal to   be appointed technical and crew ship manager of additional dry bulk vessels to be acquired or bareboat chartered by the Grantors or any of its subsidiaries or affiliates in the future, all as more closely stipulated herein and separate from the five vessels to be managed under ship management agreements dated.

IT IS AGREED

	1	
DEFINITIONS AND INTERPRETATION

	1.1	
For purposes of this Agreement, the following terms shall have the following meanings:

"Master Agreement" means an agreement dated on or about the date of this Agreement and made between the Grantors and the Sellers.

"Offer Notice" means the notice described in Clause 4.2.

"Owners" means the Grantors or any affiliate, subsidiary, or entity under the control of the Grantors, or in common control with the Grantors, and each an "Owner".

"Response Notice" means the notice described in Clause 4.3.

"ROFR Eligible Vessel" or "ROFR Eligible Vessels" means one or more dry bulk vessels (other than the Vessels), purchased, bareboat chartered or to be purchased or bareboat chartered, by one or more Owners, during the ROFR Period.

"ROFR Period" means the period commencing on the Closing and ending on the date (i) that is the second anniversary of the Closing or (ii) the date on which the Grantors have offered ten (10) ROFR Eligible Vessels for technical and crew management by Ambra, whichever is the earlier.

"SHIPMAN" means the terms and conditions contained in the ship management agreement attached hereto as Annex "A".

	1.2	
Words and expressions defined in the Master Agreement and not defined in this Agreement shall have the same meaning when used in this Agreement.

1

	1.3	
In this Agreement:

	1.3.1	
words denoting the plural number include the singular and vice versa;

	1.3.2	
words denoting persons include corporations, limited liability companies, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental bodies or authorities and vice versa;

	1.3.3	
references to Recitals and Clauses are references to recitals and clauses of this Agreement;

	1.3.4	
references to this Agreement include the Recitals;

	1.3.5	
the headings are for the purposes of reference only, have no legal or other significance, and shall be ignored in the interpretation of this Agreement;

	1.3.6	
references to any document are, unless the context otherwise requires, references to that document as amended, supplemented, novated or replaced from time to time;

	1.3.7	
references to statutes or provisions of statutes are references to those statutes, or those provisions, as from time to time amended, replaced or re-enacted;

	1.3.8	
references to the Grantors include its successors, transferees and assignees.

	2	
CONDITIONS PRECEDENT

It shall be a condition precedent to the Parties obligations under this Agreement that the Master Agreement has been duly executed by the parties thereto.

	3	
VESSEL ACQUISITION, CHARTER, AND SHIP MANAGEMENT RESTRICTION

The Grantors hereby covenant and undertake with Ambra that, from the date hereof and for the duration of the ROFR Period, they will not and they will ensure that no Owner will appoint a technical and crew ship manager for any ROFR Eligible Vessel unless it has (i) delivered an Offer Notice to Ambra and (ii) Ambra has declined (or is deemed to have declined) to agree to act as the technical and crew managers of the ROFR Eligible Vessel referred to in the Offer Notice.

	4	
RIGHT OF FIRST REFUSAL

	4.1	
During the ROFR Period, the Grantors grant Ambra the right, but not the obligation, to provide technical and crew ship management services for up to ten (10) ROFR Eligible Vessels in terms of the SHIPMAN.

	4.2	
In the event that an Owner intends to purchase or bareboat charter a ROFR Eligible Vessel, then as soon as practicable or in any event not later than seven (7) calendar days after the Owner agreed to purchase or bareboat charter such ROFR Eligible Vessel, the Grantors shall notify Ambra in writing and offer to appoint Ambra to act as the technical and crew ship managers of the relevant ROFR Eligible Vessel in terms of the SHIPMAN, such notice to include -

	4.2.1	
full details of the Owner for purposes of Box 3 and Box 22 of the SHIPMAN;

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	4.2.2	
full details and specifications of the ROFR Eligible Vessel for the purpose of Annex "A" to the SHIPMAN;

	4.2.3	
full details of crew required for the ROFR Eligible Vessel for the purpose of Annex "B" of the SHIPMAN.

	4.3	
As soon as practicable, but in any event, within 20 days after receipt of the Offer Notice, Ambra shall notify the Grantors in writing that either:

	4.3.1	
it has elected to decline to act as the technical and crew ship managers of the ROFR Eligible Vessel, in which event, the Owner shall forever be free to manage the relevant ROFR Eligible Vessel as it desires; or

	4.3.2	
it has elected to agree to act as the technical and crew ship managers of the ROFR Eligible Vessel, in which event the notice shall include a budget for the purpose Annex "C" of the SHIPMAN.

	4.4	
In the event that Ambra has delivered a Response Notice in terms of Clause 4.3.2, the Grantors shall forthwith produce and deliver an original SHIPMAN, duly populated in Boxes 3 and 22, supplemented by Annexes "A", "B", and "C", and duly executed by the Owner to Ambra with a PDF copy by e-mail in advance.  Upon receipt of the PDF copy by e-mail, Ambra shall execute the SHIPMAN and return a PDF copy of the fully signed SHIPMAN by e-mail to the Owner.

	4.5	
In the event that Ambra fails to deliver a Response Notice in terms of Clause 4.3, Ambra shall be deemed to have declined to act as the technical and crew managers of the ROFR Eligible Vessel and Clause 4.3.1 shall be deemed applicable.

	4.6	
If the Owners purchase or bareboat charter one or more ROFR Eligible Vessel(s), a condition of such purchase or bareboat charter being the retention of technical and crew management services by the seller or an affiliated company of the seller, the Grantors will not be obliged to offer to appoint Ambra to act as the technical and crew ship managers of such ROFR Eligible Vessel(s).  However, in the aforesaid event that the Owners purchase or bareboat charter one or more ROFR Eligible Vessel(s) for which the Grantors will not be obliged to offer to appoint Ambra to act as the technical and crew ship managers in terms of this Clause 4.6, then, notwithstanding anything to the contrary herein and unless the Grantors have offered ten (10) ROFR Eligible Vessels for technical and crew management by Ambra, the right of first refusal in favour of Ambra contained in this Agreement will not expire on the second anniversary of the Closing, but will continue after the second anniversary of the Closing until the earlier of (i) the date on which Grantors have offered to appoint Ambra to act as the technical and crew ship managers of one ROFR Eligible Vessel in terms of the SHIPMAN for each ROFR Eligible Vessel(s) for which the Grantors were not obliged to offer to appoint Ambra to act as the technical and crew ship managers in terms of this Clause 4.6, and (ii) the date on which the Grantors have offered ten (10) ROFR Eligible Vessels owned or bareboat chartered by Owners for technical and crew management by Ambra.

	5	
DEEMED APPOINTMENT

	5.1	
With effect from the date of the Response Notice in terms of Clause 4.3.2, the Grantors shall be deemed to have appointed Ambra to act as the technical and crew ship managers of the ROFR Eligible Vessel in respect of the technical and crew management services described in and subject to the SHIPMAN.  For the purpose of the deemed appointment, the Grantors shall be deemed to have full authority to appoint Ambra as technical and crew ship managers of the ROFR Eligible Vessel on behalf of the Owner of such ROFR Eligible Vessel.

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	5.2	
With effect from the date of the Response Notice in terms of Clause 4.3.2 Ambra shall be deemed to have agreed to act as the technical and crew managers of the ROFR Eligible Vessel for the Owner of such ROFR Eligible Vessel in respect of the technical and crew management services described in and subject to the terms of the SHIPMAN.

	6	
TERMINATION

	6.1	
In the event that the Master Agreement terminates ‐

	6.1.1	
the right of first refusal contained herein shall immediately cease to be exercisable;

	6.1.2	
any Offer Notice that may have been served under Clause 4.2 shall be deemed revoked and considered void.

	6.2	
In the event that the ROFR Period has expired, the right of first refusal contained herein shall lapse, always subject, however, to Clause 4.6.

	7	
COMMUNICATION

All notices, requests, consents and other communications under this Agreement shall be in writing and shall be deemed delivered (i) upon delivery when delivered personally, (ii) upon receipt if by facsimile transmission (with confirmation of receipt thereof), (iii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below, or (iv) upon receipt of an e-mail to the addresses mentioned below:

If to the Grantors:

Hunter Maritime Acquisition Corp.

 [INSERT ADDRESS]

Email: [  ]

 Attention:  [  ]

With a copy (which shall not constitute notice) to:

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

Email:  wolfe@sewkis.com

Attention:  Gary J. Wolfe, Esq.

If to Ambra:

168, Ayias Phylaxoes Street

TCI Tower, 2nd Floor

(P.O. Box 56668)

3083 Limassol, Cyprus

Tel:  00 357 25750469

Fax:  00 357 2572937

E-mail:  management@ambrashipmanagement.com

Any Party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other Parties notice in the manner set forth in this Section.

 

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	8	
RIGHTS OF THIRD PARTIES

No person other than a party to this Agreement shall have any right by virtue of the Contracts (Right of Third Parties) Act 1999 to enforce any term (whether express or implied) of this Agreement.

	9	
COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute a duplicate original, but all the counterparts shall together constitute the Agreement.

	10	
GOVERNING LAW

	10.1	
This Agreement shall be governed by and construed in accordance with English law and any dispute out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

	10.2	
The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators.  A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoints its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified.  If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly.  The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement.

	10.3	
In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

(signatures on next page)

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THIS AGREEMENT has been entered into as a deed on the date above stated.

EXECUTED and DELIVERED as a DEED

by _____________________________          ______________________________

for and on behalf of

HUNTER MARITIME ACQUISITION CORP

in the presence of

_______________________________          ______________________________

EXECUTED and DELIVERED as a DEED

by _____________________________          ______________________________

for and on behalf of

AMBRA SHIPMANAGEMENT LTD.

in the presence of

_______________________________          ______________________________

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ANNEX "A"

SHIPMANExhibit 10.11

Dated                                

BETWEEN

BOCIMAR INTERNATIONAL N.V.

AND

[...]

	 	 	 
	 	 	 
	 	
FORM OF

	 
	 	 	 
	 	
COMMERCIAL MANAGEMENT AGREEMENT

	 
	 	 	 
	 	 	 

THIS AGREEMENT is made on the        day of               

BETWEEN :

(l)          BOCIMAR INTERNATIONAL N.V., a company incorporated under the laws of Belgium with its registered office at 20 De Gerlachekaai, 2000 Antwerp, Belgium (the "Manager"); and

(2)          [...], a company incorporated under the laws of [...] with its registered office at [...] (the "Owner").

WHEREAS the Owner is or will become the (indirect) owner of the vessels listed in Exhibit A to this Agreement (hereinafter collectively the "Vessels" and individually the "Vessel") through its subsidiaries listed in Exhibit B to this Agreement (hereinafter collectively the "Subsidiaries" and individually a "Subsidiary").

WHEREAS the Owner is desirous to appoint the Manager as the commercial manager of the Vessels and the Manager is willing to act in such capacity pursuant to the terms and conditions set forth herein below.

IT IS HEREBY AGREED as follows:-

1.          APPOINTMENT

1.1          The Owner hereby appoints the Manager to be the commercial manager of the Vessels upon and subject to the terms and conditions of this Agreement.

1.2          The Manager hereby accepts such appointment by the Owner and hereby agrees to act as the commercial manager of the Vessels upon and subject to the terms and conditions of this Agreement.

2          MANAGEMENT SERVICES

2.1          As from the date specified in Clause 5.1, the Manager shall be responsible to perform and/or provide, or cause to be performed and/or provided, the services set out below and shall have power, in the name of the Owner or otherwise on behalf of the Owner, to do and perform all acts, matters and things which may be reasonably necessary or expedient for the performance or provision of all or any of such services or ancillary thereto or otherwise in relation to the proper and efficient commercial management, operation, trading and sale of the Vessels subject to the provisions of this Agreement;

-1-

2.2       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 instructs and empowers the Manager, to:-

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

(b)          delegate, subject to the prior written approval of the Owner, any of its obligations, duties, powers, discretions or rights under this Agreement;

(c)          obtain legal advice in relation to disputes or other matters affecting the interests of the Owner in respect of the commercial operation of the Vessels or in connection with the insurances arranged by the Manager pursuant to this Agreement; and

(d)          bring and/or defend (after consultation of the Owner) and/or (subject to the final approval of the Owner) settle on behalf of the Owner any actions, claims, suits or proceedings in connection with the commercial operation of the Vessels or in connection with the insurances arranged by the Manager pursuant to this Agreement or any other matter entrusted to the Manager under or pursuant to this Agreement.

2.3        The Manager shall also perform or provide, or cause to be performed or provided, any or all of the following ancillary services:-

specific work studies or other projects in connection with the Vessels or otherwise in connection with the Owner's business or activities or any contemplated development of its business or activities.

2.4        Notwithstanding anything provided for elsewhere in this Agreement, the Manager shall not charter out the Ship on demise or bareboat basis or for a period exceeding six (6) months (including options) without prior consent from the Owner.

3          MANAGER'S BASIC OBLIGATIONS

3.1          The Manager hereby undertakes at all times during its appointment as the Vessels' commercial manager to use, subject to Clause 3.2, its best endeavours to:-

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(a)         manage all commercial matters relating to the Vessels efficiently for the Owner so far as reasonably practicable but always in accordance with the Owner's instructions as advised to the Manager from time to time;

(b)         protect and promote the interests of the Owner in all matters directly or indirectly relating to all commercial matters pertaining to the Vessels and the operation, trading and, if and when authorized by the Company, sale of any Vessel; and

(c)         manage all matters relating to the commercial operation of the Vessels:

 

	 	
(i)

	
day-to-day commercial operation of the Vessels;

	 	
(ii)

	
calculation of freight/hire and providing the Owner with all required information to allow the latter to invoice freight/hire and other charter related items;

	 	
(iii)

	
handling of chartering disputes and follow-up on discrepancies and overdue items reported by the Owner;

	 	
(iv)

	
market evaluations and short-term chartering of the Vessels;

	 	
(v)

	
recommendations to the Owner with respect to possible long-term chartering opportunities for the Vessels;

	 	
(vi)

	
recommendations to the Owner with respect to possible sale opportunities for the Vessels;

	 	
(vii)

	
provide forecasting reports concerning the Vessels' income and future expectations;

	 	
(viii)

	
reporting to the Company's board of directors and managing director;

	 	
(ix)

	
arrange for insurance cover for the Vessels; and

	 	
(x)

	
perform such other duties and discharge such other functions as the Owner shall from time to time prescribe.

 

3.2          Notwithstanding Clause 3.1, it is hereby agreed and declared that the Manager shall not be:-

(a)        required to perform or exercise any of its obligations, duties, powers or discretions under or pursuant to this Agreement so as to give any special preference to the Owner, it being understood and agreed that the Owner is one of several companies in respect of which the Manager is likewise appointed manager and that the Manager has other vessels for which it is responsible; or

(b)        restricted (whether as manager, agent, owner, operator, charterer or otherwise) from carrying on or being concerned or interested in any 

-3-

business or activity which is or may be similar to or competitive with the business or activities now or at any time hereafter carried on by the Owner; this does not in any way relieve the Manager of its obligations under Clause 3.1 herein above; or

(c)        liable or answerable for the consequences of any decision or judgement taken or made honestly and in good faith, lawfully and without gross negligence or wilful default by the Manager or any of its employees, by the Manager in or about the performance or exercise of any of its obligations, duties, powers or discretions under or pursuant to this Agreement.

4          REIMBURSEMENT

4.1       The Manager shall, at its own cost and expense, provide all office accommodation, equipment, stationery and staff required for the performance or provision of its services as the commercial manager of the Vessels.

4.2       The Owner shall (in addition to the payment to the Manager of remuneration as provided in Clause 6) reimburse and indemnify the Manager for and in respect of all duly documented and supported disbursements, costs and expenses of whatsoever kind properly and necessarily or reasonably paid, sustained or incurred by the Manager in or about the performance or provision of any of its services under this Agreement and, without prejudice to the generality of the foregoing, the Owner shall so reimburse and indemnify the Manager for and in respect of the following:-

(a)          all agency and sub-agency fees (if any);

(b)          provided such expenses are agreed in advance by the Owner, all  extraordinary travelling, accommodation and other costs and expenses or allowances paid or incurred in respect of or paid to any employees or servants of the Manager, in connection with the performance or provision of any of the services under this Agreement;

(c)          all costs and expenses of communications by whatever means other than those directly associated with the day to day employment of the Vessels; 

(d)          all disbursements, costs and expenses of whatever kind paid or incurred in connection with the insurances of the Vessels.

-4-

All such expenses to be duly and properly documented and supported with official receipts if applicable;

5          DURATION OF APPOINTMENT

5.1       The appointment of the Manager to be the commercial manager of the Vessels under this Agreement shall commence on the date first mentioned above and such appointment shall continue unless and until terminated in accordance with Clause 5.2 hereof.

5.2       Without prejudice to all other legal rights and remedies of either party hereto under or pursuant to this Agreement:-

(a)          the Manager's appointment hereunder shall terminate with immediate effect without further notice if any of the following events occurs:-

(i)          the Owner does not own the Vessels any longer; or

(ii)          all of the Vessels become, or the Owner's last remaining Vessel becomes an actual or constructive or compromised or arranged total loss; or

(iii)          all of the Vessels are, or the Owner's last remaining Vessel is requisitioned for title or become respectively becomes the subject of any compulsory acquisition of the Vessel other than by requisition for hire,

PROVIDED that such termination shall not take place until the date upon which all matters pertaining to the operations, sale, total loss or requisition of the Vessel(s) have been settled and all distributions made to the Owner and in the event of termination provided for in this Clause 5.2(a) the Manager shall be entitled to commission earned up to the date of sale, total loss or requisition as appropriate.

(b)          the Owner shall be entitled to terminate the Manager's appointment as the commercial manager of the Vessels by notice with immediate effect to the Manager if any moneys payable by the Manager to the Owner or for or in respect of which the Manager is accountable to the Owner under this Agreement, are not paid or accounted for in full by the Manager to the Owner within a period of ten (10) days from the date of any demand by the Owner for the payment or for an account thereof;

-5-

(c)          either party shall be entitled to terminate the Manager's appointment as the Manager of the Vessels by notice in writing with immediate effect to the other if any of the following events occurs;

(i)          the other party makes default under any term or provision of this Agreement (other than in respect of the payment or accounting for of any moneys), which is not remedied to the entire satisfaction of the party giving notice within ten (10) days from the date of notice by such party requesting action to remedy the same; or

(ii)          any licence or permit required to enable either party to perform any of its obligations under or pursuant to this Agreement is wholly or partially revoked, withdrawn, sustained or terminated or expires and is not renewed or otherwise fails to remain in full force, validity and effect and such circumstances are considered by the party giving notice to be material; or

(iii)          an order is made by any competent court or other appropriate authority or a resolution is passed by either party for bankruptcy, dissolution or winding-up or for the appointment of a liquidator, receiver or trustee of either party or of all or a substantial part of its assets, save for the purposes of amalgamation or reorganisation (not involving or arising out of insolvency) the terms of which have received the prior written approval of the other party;

(iv)          either party stops payment to creditors generally, or is unable or admits inability to pay its debts as they fall due, or enters into any composition or other arrangement with its creditors generally, or is adjudicated or found bankrupt or insolvent; or

(v)          either party ceases to carry on business, or a substantial part of the business, properties or assets of either party are seized or appropriated.

6          REMUNERATION OF MANAGER

6.1       The Manager will receive from the Owner as remuneration for its services as the commercial manager of the Vessels under this Agreement a commission of 1.25% on all gross hire, freight, deadfreight, demurrage earned by any Vessels. 

-6-

6.2       All payments by the Owner to the Manager under or pursuant to Clause 6.1 shall be without set-off, counterclaim, condition or qualification and free and clear of and without any deduction or withholding whatsoever, and shall be made in United States Dollars against presentation of monthly invoices by the Manager to the Owner. The Owner shall settle the Manager's invoices not later than 7 days from receipt.

6.3        If extraordinary circumstances should require services beyond what is customarily rendered by a vessel's commercial manager, the Commercial Manager may, subject to the Company's prior approval, contract such services from third parties for the Company's account and/or ask for additional remuneration for the provision of such services.

7          RATIFICATION AND INDEMNITY

7.1       The Owner hereby ratifies and confirms and agrees to ratify and confirm whatsoever the Manager shall do or purport to do properly, lawfully and without gross negligence or wilful default by the Manager or any of its employees under or pursuant to this Agreement.

7.2       The Owner hereby undertakes and agrees that it will indemnify and hold harmless the Manager, if necessary by payment in cash on demand, from and against all actions, claims, demands, suits, proceedings, losses, liabilities, damages, costs, charges and expenses whatsoever, legal or otherwise, taken, made by or against the Manager or sustained, suffered or reasonably incurred by the Manager directly or indirectly arising out of or caused or occasioned howsoever by this Agreement or by the performance or provision of any of the services referred to in this Agreement provided the same do not arise directly or indirectly as a result of gross negligence or wilful default by the Manager or any of its employees hereunder.

8          FORCE MAJEURE

8.1        Notwithstanding anything to the contrary contained in this Agreement, if either party shall be rendered unable to carry out the whole or any part of its obligations under this Agreement by reason of force majeure, including, but not limited to, acts of God, acts of governmental authorities, strikes, war, riot and any other causes of such nature, then the performance of the obligations under this Agreement of such party as they are affected by such cause shall be excused during the continuance of any inability so caused, but such inability shall so far as possible be 

-7-

remedied with all reasonable despatch.

8.2        Either party suffering any such inability shall promptly notify the other party of the nature of such inability, the action (if any) being taken by such party to remedy such inability and the date (if any) when such party ceases to be under such inability.

9          NOTICES AND MISCELLANEOUS

9.1        All notices, requests, demands, consents and other communications under this Agreement or in connection herewith shall be given or made to or upon the parties in writing, delivered personally or by prepaid letter, telegram, facsimile or cable (provided that all facsimile transmissions shall be confirmed by e-mail or letter at the time sent) and shall be addressed to the appropriate party at the address set forth below or at such other address or place as such party may designate in writing:-

 

	 	
To the Manager :

	
Bocimar International N.V.

De Gerlachekaai 20

2000 Antwerp

Belgium 

Fax: +32 32 47 59 87

Tel:  +32 32 47 51 24

e-mail: bocimar.operations@cmb.be

	 	 	 
	 	
To the Owner :

	
[...]

[...]

[...]

[...]

[...]

Fax: +[...]

Tel:  +[...] 

e-mail: [...]

Any notice, request, demand or other communication so given or made shall be deemed to have been received, in the case of a telegram, facsimile transmission or cable at the time of despatch thereof (provided that if the date of despatch is not a business day in the country of the addressed it shall be deemed to have been received at the opening of business on the next such business day) and in the case of a letter when delivered personally or 7 days after it has been put into the post.

9.2        This Agreement is personal to the parties and is not susceptible of being assigned in whole or in part by either party, unless with the prior written agreement of the other party, which agreement shall not be unreasonably 

-8-

withheld. 

9.3        None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties for any purpose.

10          LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with Belgian law and any dispute arising out of or in connection with this Agreement shall be referred to the exclusive jurisdiction of the courts of Antwerp.

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

	
SIGNED by

	
)

	 
	 	
)

	 
	
for and on behalf of

	
)

	 
	
BOCIMAR INTERNATIONAL N.V.

	
)

	
(director)

	 	 	 
	 	 	 
	
SIGNED by

	
)

	 
	 	
)

	 
	
for and on behalf of

	
)

	 
	
[...]

	
)

	
(director)

	 	
)

	 

-9-

EXHIBIT A – LIST OF VESSELS

1. [...]

-10-

EXHIBIT B – LIST OF SUBSIDIARIES

1. [...]

-11-

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