Document:

Exhibit 10.125

 

	
Printed by BIMCO’s idea
    	
 
    	
Approved by
   the Documentary Committee of The Japan Shipping Exchange Inc., Tokyo
    	
 
    	
Approved by
   the International Ship Managers’ Association (ISMA)
    

 

	
THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)   STANDARD SHIP MANAGEMENT AGREEMENT
    	

    

 

CODE NAME: “SHIPMAN 98”

 

Part I

 

1.     Date of Agreement

 

17 December 2013

 

2.              Owners (name, place of registered office and law of registry) (CI. 1)

 

Name

Navig8 Crude Tankers 1 Inc,

Place of registered office

Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,

Marshall Islands, MH96960

Law of registry

Marshall Islands

 

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

 

Name

Navig8 Shipmanagement Pte Ltd

Place of registered office

3 Temasek Avenue #25-01 Centennial Tower, Singapore 039190

Law of registry

Singapore

 

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

 

2013

 

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

 

Yes

 

6.              Technical Management (state “yes” or “no” as agreed) (CI. 3.2)

 

Yes

 

7.              Commercial Management (state “yes” or “no” as agreed) (CI. 3.3)

 

No

 

8.              Insurance Arrangements (state “yes” or “no” as agreed) (CI. 3.4)

 

Yes

 

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

 

Yes

 

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

 

No

 

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

 

Yes

 

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

 

No

 

13.       Chartering Services Period (only to be filled in if “yes” slated in Box 7) (CI. 3.3(i))

 

 

14.       Owners’ Insurance (state alternative (i), (ii) or (iii) of CI. 6.3)

 

ii

 

15.       Annual Management Fee (state annual amount) (CI. 8.1)

 

USD182,500.00 (fee being payable at a daily rate of USD500.00 per day)

 

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

 

Three months management fee as per crew contracts.

 

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

 

This contract continues until terminated in accordance with this agreement.

 

18.       Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be staled) (CI. 19)

 

19.1

 

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

 

Navig8 Crude Tankers 1 Inc

c/o President, Navig8 Crude Tankers Inc

One Gorham Island Suite 101,

Westport, CT06880

USA

Fax:+1 203 975 4799

 

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

 

Navig8 Shipmanagement Pte Ltd

3 Temasek Avenue, #25-01 Centennial Tower,

Singapore, 039190

Fax:+65 66220077

Email:tanker@navig8shipmanagement.com

 

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

 

	
Signature(s) (Owners)
    	
 
    	
Signature(s) (Managers)
    
	
 
    	
 
    	
 
    
	
/s/ Philip A Stone
    	
 
    	
/s/ Peder J Moller
    
	
Philip A Stone
    	
 
    	
Peder J Moller
    
	
Director
    	
 
    	
Director
    
	
 
    	
 
    	
 
    
	
FOR AND ON BEHALF OF
    	
 
    	
FOR AND ON BEHALF OF
    

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

ANNEX “A” (DETAILS OF VESSEL OR VESSELS) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

	
Date of Agreement:
    	
AS per box 4
    
	
 
    	
 
    
	
Name of Vessel(s):
    	
Hull No: S768 at Hyundai Samho Heavy Industries Co., Ltd
    
	
 
    	
 
    
	
Particulars of Vessel(s):
    	
[TBC]
    

 

Type of Vessel

Port of Registry

IMO No

Gross Tonnage

Year Built

Off no

Call Sign

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

ANNEX “B” (DETAILS OF CREW) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

	
Date of Agreement:
    	
As Per Box 4
    
	
 
    	
 
    
	
Details of Crew:
    	
[TBC]
    

 

	
No.
    	
RANK
    	
NATIONALITY
    

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

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

 

Date of Agreement:

 

Managers’ Budget for the first year with effect from the Commencement Date of this Agreement:

 

[TBC]

 

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

ANNEX “D” (ASSOCIATED VESSELS) TO THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO) STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: “SHIPMAN 98”

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX “D” THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

 

Date of Agreement:

 

Details of Associated Vessels:

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

PART II

“SHIPMAN 98” Standard Ship Management Agreement

 

1.              Definitions

 

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

 

“Owners” means the party identified in Box 2.

 

“Managers” means the party identified in Box 3.

 

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

 

“Crew” means the Master, officers and ratings of the numbers, rank and nationality specified in Annex “B” attached hereto.

 

“Crew Support Costs” means all expenses of a general nature which are not particularly referable to any individual vessel for the time being managed by the Managers and which are incurred by the Managers for the purpose of providing an efficient and economic management service and, without prejudice to the generality of the foregoing, shall include the cost of crew standby pay, training schemes for officers and ratings, cadet training schemes, sick pay, study pay, recruitment and interviews. “Severance Costs” means the costs which the employers are legally obliged to pay to or in respect of the Crew as a result of the early termination of any employment contract for service on the Vessel.

 

“Crew Insurances” means insurances against crew risks which shall include but not be limited to death, sickness, repatriation, injury, shipwreck unemployment indemnity and loss of personal effects. 

 

“Management Services” means the services specified in sub-clauses 3.1 to 3.8 as indicated affirmatively in Boxes5 to 12. 

 

“ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organization (IMO) by resolution A.741(18) or any subsequent amendment thereto.

 

“STCW 95” means the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.

 

2.              Appointment of Managers

 

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

 

3.     Basis of Agreement

 

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

 

3.1 Crew Management

 

(only applicable if agreed according to Box 5)

 

The Managers shall provide suitably qualified Crew for the Vessel as required by the Owners in accordance with the STCW 95 requirements, provision of which includes but is not limited to the following functions:

 

(i)            selecting and engaging the Vessel’s Crew, including payroll arrangements, pension administration, and insurances for the Crew other than those mentioned in Clause 6;

(ii)        ensuring that the applicable requirements of the law of the flag of the Vessel are satisfied in respect of manning levels, rank, qualification and certification of the Crew and employment regulations including Crew’s tax, social insurance, discipline and other requirements;

(iii)    ensuring that all members of the Crew have passed a medical examination with a qualified doctor certifying that they are fit for the duties for which they are engaged and are in possession of valid medical certificates issued in accordance with appropriate flag State requirements. In the absence of applicable flag State requirements the medical certificate shall be dated not more than three months prior to the respective Crew members leaving their country of domicile and maintained for the duration of their service on board the Vessel;

(iv)     ensuring that the Crew shall have a command of the English language of a sufficient standard to enable them to perform their duties safely;

(v)         arranging transportation of the Crew, including repatriation;

(vi)     training of the Crew and supervising their efficiency;

(vii) conducting union negotiations;

(viii) operating the Managers’ drug and alcohol policy unless otherwise agreed.

 

3.2 Technical Management

 

(only applicable if agreed according to Box 6)

 

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

 

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

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

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

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

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

 

3.4 Insurance Arrangements

 

(only applicable if agreed according to Box 8)

 

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

 

 

insured values, deductibles and franchises.

 

3.5 Accounting Services

 

(only applicable if agreed according to Box 9)

 

The Managers shall:

 

(i)            establish an accounting system which meets the requirements of the Owners and provide regular accounting services, supply regular reports and records,

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

 

3.7 Provisions

 

(only applicable if agreed according to Box 11)

 

The Managers shall arrange for the supply of provisions.

 

4.      Managers’ Obligations

 

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

 

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

 

5.      Owners’ Obligations

 

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

 

5.2 Where the Managers are providing Technical Management in accordance with sub-clause 3.2, the Owners shall:

 

(i)             procure that all officers and ratings supplied by them or on their behalf comply with the requirements of STCW 95;

(ii)          instruct such officers and ratings to obey all reasonable orders of the Managers in connection with the operation of the Managers’ safety management system.

 

5.3 Where the Managers are not providing Technical Management in accordance with sub-clause 3.2, the Owners shall procure that the requirements of the law of the flag of the Vessel are satisfied and that they, or such other entity as may be appointed by them and identified to the Managers, shall be deemed to be the “Company” as defined by the ISM Code assuming the responsibility for the operation of the Vessel and taking over the duties and responsibilities imposed by the ISM Code when applicable.

 

6.              Insurance Policies

 

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

 

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

 

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

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

(iii)    war risks (including protection and indemnity and crew risks) in accordance with the best practice of prudent owners of vessels of a similar type to the Vessel, with first class insurance companies, underwriters or associations (“the Owners’ Insurances”); 

 

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

 

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

 

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

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

 

6.4 written evidence is provided, to the reasonable satisfaction of the Managers, of their compliance with their obligations under Clause 6 within a reasonable time of the commencement of the Agreement, and of each renewal date and, if specifically requested, of each payment date of the Owners’ Insurances.

 

7.              Income Collected and Expenses Paid on Behalf of Owners

 

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

 

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

 

8.              Management Fee

 

8.1 The Owners shall pay to the Managers for their services as Managers under this Agreement an annual management fee as stated in Box 15 which shall be payable by equal monthly instalments in advance, the first instalment being payable on the commencement of this Agreement (see Clause 2 and Box 4) and subsequent instalments being payable every month. 

 

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

 

8.3 The Managers shall, at no extra cost to the Owners, provide their own office accommodation, office staff, facilities and stationery. Without limiting the generality of Clause 7 the Owners shall reimburse the Managers for postage and communication expenses, travelling expenses, and other out of pocket expenses properly incurred by the Managers in pursuance of

 

 

the Management Services.

 

8.4 In the event of the appointment of the Managers being terminated by the Owners or the Managers in accordance with the provisions of Clauses 17 and 18 other than by reason of default by the Managers, or if the Vessel is lost, sold or otherwise disposed of, the “management fee” payable to the Managers according to the provisions of sub-clause 8.1, shall continue to be payable for a further period of three calendar months as from the termination date. In addition, provided that the Managers provide Crew for the Vessel in accordance with sub- clause 3.1:

 

(i)            the Owners shall continue to pay Crew Support Costs during the said further period of three calendar months and

(ii)        the Owners shall pay an equitable proportion of any Severance Costs which may materialize, not exceeding the amount stated in Box 16. 

 

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

 

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

 

9.     Budgets and Management of Funds

 

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

 

9.2 The Owners shall indicate to the Managers their acceptance and approval of the annual budget within one month of presentation and in the absence of any such indication the Managers shall be entitled to assume that the Owners have accepted the proposed budget.

 

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

 

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

 

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

 

10.       Managers’ Right to Sub-Contract

 

The Managers shall not have the right to sub-contract any of their obligations hereunder, including those mentioned in sub-clause 3.1, without the prior written consent of the Owners which shall not be unreasonably withheld. In the event of such a sub-contract the Managers shall remain fully liable for the due performance of their obligations under this Agreement.

 

11.       Responsibilities

 

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

 

11.2 Liability to Owners - (i) Without prejudice to sub-clause 11.1, the Managers shall be under no liability whatsoever to the Owners for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Management Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or wilful default of the Managers or their employees, or agents or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Managers’ personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Managers’ liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten times the annual management fee payable hereunder. 347 (ii) Notwithstanding anything that may appear to the contrary in this Agreement, the Managers shall not be liable for any of the actions of the Crew, even if such actions are negligent, grossly negligent or wilful, except only to the extent that they are shown to have resulted from a failure by the Managers to discharge their obligations under sub-clause 3.1, in which case their liability shall be limited in accordance with the terms of this Clause 11.

 

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

 

11.4 “Himalaya” - It is hereby expressly agreed that no employee or agent of the Managers (including every sub- contractor from time to time employed by the Managers) shall in any circumstances whatsoever be under any liability whatsoever to the Owners for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions in this Clause 11, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Managers or to which the Managers are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Managers acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 11 the Managers are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement. 388

 

12.       Documentation

 

Where the Managers are providing Technical Management in accordance with sub-clause 3.2 and/or Crew Management in accordance with sub-clause 3.1, they shall make available,

 

 

upon Owners’ request, all documentation and records related to the Safety Management System (SMS) and/or the Crew which the Owners need in order to demonstrate compliance with the ISM Code and STCW 95 or to defend a claim against a third party.

 

13.       General Administration

 

13.1 The Managers shall handle and settle all claims arising out of the Management Services hereunder and keep the Owners informed regarding any incident of which the Managers become aware which gives or may give rise to claims or disputes involving third parties.

 

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

 

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

 

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

 

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

 

14.       Auditing

 

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

 

15.       Inspection of Vessel

 

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

 

16.  Compliance with Laws and Regulations

 

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

 

17.  Duration of the Agreement

 

This Agreement shall come into effect on the day and year stated in Box 4 and shall continue until the date stated in Box 17. Thereafter it shall continue until terminated by either party giving to the other notice in writing, in which event the Agreement shall terminate upon the expiration of a period of two months from the date upon which such notice was given.

 

18.  Termination

 

18.1 Owners’ default

 

(i)    The Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing if any moneys payable by the Owners under this Agreement and/or the owners of any associated vessel, details of which are listed in Annex “D”, shall not have been received in the Managers’ nominated account within ten running days of receipt by the Owners of the Managers written request or if the Vessel is repossessed by the Mortgagees.

 

(ii) If the Owners:

 

(a)         fail to meet their obligations under sub-clauses 5.2 and 5.3 of this Agreement for any reason within their control, or

(b)         proceed with the employment of or continue to employ the Vessel in the carriage of contraband, blockade running, or in an unlawful trade, or on a voyage which in the reasonable opinion of the Managers is unduly hazardous or improper, the Managers may give notice of the default to the Owners, requiring them to remedy it as soon as practically possible. In the event that the Owners fail to remedy it within a reasonable time to the satisfaction of the Managers, the Managers shall be entitled to terminate the Agreement with immediate effect by notice in writing.

 

18.2 Managers’ Default

 

If the Managers fail to meet their obligations under Clauses 3 and 4 of this Agreement for any reason within the control of the Managers, the Owners may give notice to the Managers of the default, requiring them to remedy it as soon as practically possible. In the event that the Managers fail to remedy it within a reasonable time to the satisfaction of the Owners, the Owners shall be entitled to terminate the Agreement with immediate effect by notice in writing.

 

18.3 Extraordinary Termination

 

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

 

18.4 For the purpose of sub-clause 18.3 hereof

 

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

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

 

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

 

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

 

19.       Law and Arbitration

 

19.1 This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to 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. 508 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. 512 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 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 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 he had been appointed by agreement. 

 

Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

 

In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

 

19.2 This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the Maritime Law of the United States and any dispute arising out of or in connection with this Agreement shall be referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

 

In cases where neither the claim nor any counterclaim exceeds the sum of USD50,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.

 

19.3 This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the parties and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable There. 559 19.4 If Box 18 in Part I is not appropriately filled in, sub- clause 19.1 of this Clause shall apply.

 

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

 

20.       Notices

 

20.1 Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, registered or recorded mail or by personal service.

 

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

 

 

29 April 2014

 

Addendum No.1

 

Addendum No. 1 to Technical Management Agreement dated 17 December 2013 (the “Agreement”) between (1) NAVIG8 CRUDE TANKERS 1 INC as Owners and (2) NAVIG8 SHIPMANAGEMENT PTE LTD as Managers relating to Hull No. S768 at Hyundai Heavy Industries Co., Ltd.

 

IT IS HEREBY AGREED BETWEEN OWNERS AND MANAGERS THAT

 

1.             Part II, clause 3, Lines 44-45 of the Agreement shall be amended to read as follows:

 

“... Management Services in respect of the Vessel for the benefit of the Owners. The Managers shall have authority...”

 

2.                                      This Addendum No. 1 may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Addendum No. 1.

 

3.                                      Except as expressly waived or amended in accordance with this Addendum No. 1, the terms and conditions of the Agreement remain unaltered and shall continue in full force and effect.

 

4.                                      This Addendum No. 1 and any dispute or claim arising out of or in connection with it or its subject matter, existence, negotiation, validity, termination or enforceability (including any non-contractual disputes or claims) shall be governed by and construed in accordance with English law and the provisions of clause 19 of the Agreement shall apply with equal effect to this Addendum No. 1.

 

IN WITNESS WHEREOF, the parties hereto have executed this Addendum No. 1 by their authorized representatives on the day and year first above written

 

	
Signed by
    	
)
    	
 
    
	
For and on behalf of
    	
)
    	
 
    
	
NAVIG8 CRUDE TANKERS 1 INC
    	
)
    	
 
    
	
 
    	
 
    	
/s/ Philip A Stone
    
	
 
    	
 
    	
Philip A   Stone
    
	
 
    	
 
    	
Director
    
	
 
    	
 
    	
 
    
	
Signed by
    	
)
    	
 
    
	
For and on behalf of
    	
)
    	
 
    
	
NAVIG8 SHIPMANAGEMENT PTE LTD
    	
)
    	
 
    
	
 
    	
 
    	
/s/ Peder J Moller
    
	
 
    	
 
    	
Peder J   Moller
    
	
 
    	
 
    	
Director
    
	
 
    	
 
    	
 
    

 

 

Schedule of Substantially Identical Issuer Contracts Omitted

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 2 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. S769, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 3 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. S770, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 4 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. S771, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 5 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1355, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 6 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1356, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 7 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1357, as amended

 

BIMCO Standard Ship Management Agreement, dated as of December 17, 2013, by and between Navig8 Crude Tankers 8 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1358, as amended

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 9 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1384

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 10 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. H1385

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 11 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. NTP0137

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 12 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. NTP0138

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 13 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. 2794

 

BIMCO Standard Ship Management Agreement, dated as of March 25, 2014, by and between Navig8 Crude Tankers 14 Inc and Navig8 Shipmanagement Pte Ltd with respect to Hull No. 2795Exhibit 10.126

 

Disclosure Letter

 

	
From:
    	
General Maritime   Corporation (“Genmar”)
    
	
 
    	
299 Park Avenue 2nd Floor
    
	
 
    	
New York, NY 10171
    
	
 
    	
Fax No: +1 212 763   5603
    
	
 
    	
Attention:   Leonidas J. Vrondissis, CFO
    
	
 
    	
 
    
	
To:
    	
Navig8 Crude Tankers Inc. (“Navig8”)
    
	
 
    	
VL8 Pool Inc. (“VL8 Pool”)
    
	
 
    	
VL8 Management Inc. (“VL8 Management”)
    
	
 
    	
Trust Company Complex
    
	
 
    	
Ajeltake Road
    
	
 
    	
Ajeltake Island
    
	
 
    	
Majuro
    
	
 
    	
Marshall Islands. Attention: Daniel Chu, Secretary
    
	
 
    	
 
    
	
and:
    	
Navig8 Shipmanagement Pte Ltd (“Navig8   Shipmanagement”)
    
	
 
    	
Three Temasek Avenue
    
	
 
    	
#25-01 Centennial Tower
    
	
 
    	
Singapore 039190
    

 

April 13, 2015

 

Dear Sirs

 

Agreement and Plan of Merger and related agreements

 

We refer to the Agreement and Plan of Merger dated February 24, 2015 (the “Merger Agreement”) between (i) Genmar (ii) Gener8 Maritime Acquisition, Inc. (“Gener8”) (iii) Navig8 and (iv) Each of the equityholders’ representatives named therein whereby, subject to certain terms and conditions, it was agreed that Gener8 would be merged into and with Navig8 with Navig8 continuing as the surviving corporation and as a wholly owned subsidiary of Genmar.

 

Navig8 has contracted 14 VLCC newbuildings which are intended to be delivered into 14 special purpose subsidiaries of Navig8 (together the “Subsidiaries”). The construction of the 14 VLCC newbuildings is to be supervised by Navig8 Shipmanagement pursuant to certain Supervision Agreements entered into by Navig8 with Navig8 Shipmanagement and dated 17 December 2013 and 25 March 2014 (the “Supervision Agreements”). Each of the Subsidiaries has entered into a Pool Agreement and associated Time Charterparty, dated March 25 2014 or 17 December 2013 (as the case may be), with VL8 Pool in respect of each of the VLCC newbuildings and which on delivery will be commercially managed by VL8 Management under a Commercial Management Agreement dated 1 September 2010 between VL8 Pool and VL8 Management (such Pool Agreements, Time Charterparties and Commercial Management Agreement being together with the Supervision Agreements referred to in this Letter as the “Commercial Documents”).

 

In this Letter, “Group Company” means in relation to a Disclosure Party to this Letter any entity that directly or indirectly controls that party, or is controlled by that party, or is another entity controlled directly or indirectly by the entity which controls that party.

 

For the purposes of this Letter references to “Genmar” shall be references to Genmar and its Group Companies and references to “Navig8” shall be to Navig8 and its Subsidiaries and together these companies shall be referred to in this Letter as the “Disclosure Parties”.

 

Each of the Commercial Documents contains confidentiality restrictions which the parties to this Letter wish to deal with in the manner hereinafter appearing.

 

 

Permitted Disclosures

 

The confidentiality and non-disclosure provisions set out in each of the Commercial Documents shall not apply, and a Disclosure Party may disclose information which would otherwise be confidential and/or where it would otherwise be precluded from disclosing the same by the relevant Commercial Document (and, where so required, copies of the Commercial Documents themselves) to the extent:

 

(a)                                 required to allow a Disclosure Party to comply with any contractual obligations existing at the date of the relevant Commercial Document;

 

(b)                                 required to allow a Disclosure Party to report its financial performance to its shareholders and/or (for the purposes of assessing the assets and income of such persons) to any present investors or, on a confidential basis, any prospective investors or lenders to any of such persons;

 

(c)                                  required to allow a Disclosure Party to make disclosures on a confidential basis to present or prospective investors in or lenders to any such entity (or their respective advisers) or in connection with any merger, acquisition, disposal or divestment or the financing of any of the same or any holding in any such entity;

 

(d)                                 required to allow or in contemplation of the initial public offering or any private placement or any further issue or offering of securities (including for the avoidance of doubt in connection with any merger, acquisition, disposal or divestment and whether or not the same are to be publicly traded) in a Disclosure Party, including for the avoidance of doubt, filing any registration statements or other documentation with the Securities and Exchange Commission or any other regulatory authorities for such purposes;

 

(e)                                  information is disclosed to the directors, board observers, employees, officers, agents, professional advisers, insurers, auditors or bankers of any party to the extent necessary or reasonable for such persons to obtain the same for the purpose of discharging their responsibilities and provided, in relation to board observers, agents, insurers, bankers or professional advisers which are not covered by professional duties of confidentiality, such persons are obliged to keep the applicable information confidential and Genmar shall be responsible for, and liable to, Navig8 for any breach of the confidentiality restrictions in this letter by such persons;

 

(f)                                  information is disclosed to vest the full benefit of or to enforce any rights conferred by any of the Commercial Documents on any party to the same or in connection with any legal proceedings arising out of or in connection with any of the Commercial Documents; and

 

(g)                                  information is required to be disclosed (whether or not such requirement has the force of law) to a court or other authority of competent jurisdiction or taxation authority, governmental, official or regulatory or supervisory body or authority or to inspectors or others authorised by such a body or authority or as otherwise required by the law of any relevant jurisdiction or to any relevant securities exchange or as otherwise required by the law of any relevant jurisdiction;

 

This letter shall have retroactive effect and shall apply equally to any disclosures made by a Disclosure Party prior to the date hereof which would otherwise fall within the terms of this Letter and accordingly each party waives any rights in respect of such disclosures.

 

This Letter and any dispute or claim arising out of or in connection with it or its subject matter or the agreement recorded in it (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales. The parties agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Letter or its subject matter (including non-contractual disputes or claims).

 

Please acknowledge receipt and acceptance of the terms of this Letter by signing a copy where indicated below, dating and returning it to us.

 

 

Yours faithfully,

 

General Maritime Corporation

 

	
By:
    	
/s/ Leonidas Vrondissis
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Name:   Leonidas   Vrondissis
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Title:   Executive   Vice President and Chief Financial Officer
    

 

 

We hereby acknowledge receipt and accept the terms contained in this Letter

 

 

	
Signed 
    	
/s/ Daniel Chu
    	
 
    	
Date April 13, 2015
    
	
 
    	
 
    	
 
    
	
Navig8 Crude Tankers Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed 
    	
/s/ Daniel Chu
    	
 
    	
Date April 13, 2015
    
	
 
    	
 
    	
 
    
	
VL8 Pool Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed 
    	
/s/ Daniel Chu
    	
 
    	
Date April 13, 2015
    
	
 
    	
 
    	
 
    
	
VL8 Management Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Signed 
    	
/s/ Daniel Chu
    	
 
    	
Date April 13, 2015
    
	
 
    	
 
    	
 
    
	
Navig8 Shipmanagement Pte Ltd

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