Document:

Exhibit 10.94

	
 

 

MEMORANDUM OF AGREEMENT

	
Norwegian Shipbrokers' Association's

Memorandum of Agreement for sale and

purchase of ships. Adopted by BIMCO in 1956

Code-name

SALEFORM 2012

Revised 1966, 1983 and 1986/87, 1993 and 2012

 

Dated: 20 September, 2018

Gladiator Shipping Co., with register address of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Republic of the Marshall Islands, hereinafter called the "Sellers", have agreed to sell, and

Xiang B8 HK International Ship Lease Co., Limited, with register address of 18/F., 20 Pedder Street, Central, Hong Kong hereinafter called the "Buyers", have agreed to buy:

Name of vessel: Gladiatorship

IMO Number: 9431513

Classification Society: Lloyd's Register

Class Notation: +100A1, BULK CARRIER, CSR, BC-A, GRAB [20], Hold Nos: 2, & 4 May Be Empty. ShipRight ACS (B), ESP, *IWS, LI, +LMC, UMS 

Year of Build: 2010      Builder/Yard: Jinling Shipyard, Nanjing, P.R. China

	
Flag: Bahamas

	
Place of Registration: Nassau

	
GT/NT: 33,044/19,231

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

Definitions

"Banking Days" are days on which banks are open in each of China, Hong Kong, Greece, Singapore, the United Kingdom, the Buyers' Nominated Flag State and the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8

(Documentation) and (add additional jurisdictions as appropriate).

"Buyers' Nominated Flag State" means the Bahamas.

"Class" means the class notation referred to above.

"Classification Society" means the Society referred to above.

"Deposit" shall have the meaning given in Clause 2 (Deposit).

"Deposit Holder" means

Ince & Co Hong Kong

Sellers' Bank, which shall hold and release the Deposit in accordance with this Agreement and the Escrow Agreement.

"Escrow Agreement" means the agreement executed or to be executed between the Sellers, the Buyers and the Deposit Holder.

"Existing Charterparty" means the charterparty dated 11 May 2018 as agreed and amended  between Gladiator Shipping Co. and Dampskibsselskabet Norden A/S (the "Charterers"), attached herewith at "Appendix A".

"Novation Agreement" means the novation agreement in respect of the Existing Charterparty between the Sellers, the Charterers and the Buyers.

"In writing" or "written" means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, e-mail or telefax.

"Parties" means the Sellers and the Buyers.

"Purchase Price" means the price for the Vessel as stated in Clause 1 (Purchase Price).

"Sellers' Account" means

Beneficiary name: GLADIATOR SHIPPING CO.

Account No.: 0497 16369613

IBAN: DE72200300000016369613

Swift code: HYVEDEMM

at the Sellers' Bank.

"Sellers' Bank" means Name of the Bank :  UNICREDIT BANK AG

Address of the Bank : Neuer Wall 64, D-20354 Hamburg, Germany

Corresponding Bank: Wells Fargo Bank, NA – New York

:or, if left blank, the bank

notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

1. Purchase Price

The Purchase Price is US$10,960,000 (United States Dollars Ten Million Ninety-Six Hundred Thousand only).

2. Deposit

As security for the correct fulfillment of this Agreement the Buyers shall lodge a deposit of 10% (ten per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the "Deposit") in an interest bearing account for the Parties with the Deposit Holder within three (3) Banking Days after the date that: (i) this Agreement has been signed by the Parties and exchanged in original or by e-mail or Telefax; and (ii) the Deposit Holder has confirmed in writing to the Parties that the joint/escrow account has been opened.

The Deposit shall be released in accordance with joint written instructions of the Parties as provided for under the Escrow Agreement against presentation of the Protocol of Delivery and Acceptance duly signed by Sellers and Buyers. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit, any Escrow Agent fee and any closing fee shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary  documentation to open and maintain the account without delay.

3. Payment

On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices): (For the avoidance of doubt the date of tendering such Notice of Readiness shall not be counted)

(i) the Deposit shall be released to the Sellers in accordance with the Escrow Agreement; and

		(ii)	
the balance of the Purchase Price and all other sums payable on delivery by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers' Account against presentation of the Protocol of Delivery and Acceptance duly signed by Sellers and Buyers. Same shall be transferred by the Buyers to the Sellers' Bank via an irrevocable SWIFT MT103 and SWIFT MT199 prepositioned one (1) Banking Day prior to the scheduled delivery of the Vessel to be held on suspense account with Sellers' Bank to be released against the Protocol of Delivery and Acceptance duly signed by Sellers and Buyers.

4. Inspection

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

also inspected the Vessel at/in Sohar, Oman on 8th May 2018 and have accepted the Vessel following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement.

		(b)*	
The Buyers shall have the right to inspect the Vessel's classification records and declare whether same are accepted or not within (state date/period).

The Sellers shall make the Vessel available for inspection at/in   (state place/range) within (state date/period).

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.

The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel's classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.

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

5. Time and place of delivery and notices

(a) The Vessel shall be delivered free of any cargo and with all cargo holds swept clean and dry and taken over safely afloat at a safe and accessible berth or anchorage within harbor limits at/in MED/CONTINENT RANGE INCLUDING BLACK SEA.

Notice of Readiness shall not be tendered before: 27 September 2018.

Cancelling Date (see Clauses 5(c), 6(a)(i), 6(a) (iii) and 14): 15 October 2018

b) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with Thirty (30), twenty (20)fifteen (15), ten (10), seven (7) and five (5) days' approximate notice and Seven (7), three (3), two (2) and one (1) days' definite notice of the date the Sellers intend to tender Notice of Readiness and of the place of delivery. The Notice of Readiness for delivery shall be tendered on Banking Days only (day or night) once the vessel is ready for delivery, but not before the underwater inspection under Clause 6 below.

When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

(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 proposing 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 (Sellers' Default) within two (2) Banking 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 two (2) Banking 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 96.

If this Agreement is maintained with the new Cancelling Date all other terms and conditions

hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.

(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers' Default) for the Vessel not being ready by the original Cancelling Date.

(e) Should the Vessel become an actual, constructive or compromised total loss before delivery this Agreement shall be null and void.

6. Divers Inspection / Drydocking

(a) *

		(i)	
The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel. Such option shall be declared latest five (5) days prior to the Vessel's intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement The Sellers shall at their cost and expense make the Vessel available for  such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The Buyers' representative(s) shall have the right to be present at the diver's inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 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 place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers shall not tender Notice of Readiness prior to completion of the underwater inspection.

		(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 (1) unless repairs can be carried out afloat to the satisfaction of the ClassificationSociety, 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 (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society's attendance.

Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) excluding any general services and dry-docking costs, of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the  stipulated time then the quote duly obtained by the other Party shall be the sole basis for  the estimate of the direct repair costs. The Sellers may not tender Notice of Readiness prior to such estimate having been established.

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

facilities are available at the port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, within the delivery range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) days.

(b)  *The Sellers shall place the Vessel in drydock at the port of delivery 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 at the Sellers' cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock dues and the Classification Society's fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel's class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

		(c)	
If the Vessel is drydocked pursuant to Clause 6(a) (ii) 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 Society surveyor. If such survey is  not required by the Classification Society, the Buyers shall have the option 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' cost and expense to the satisfaction of the Classification Society without condition/recommendation**.

		(ii)	
The costs and 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 or if parts of the system are condemned or found defective or broken so as to affect the Vessel's class, in which case the Sellers shall pay these costs and expenses.

		(iii)	
The Buyers' representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society surveyor.

		(iv)	
The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers' or the Classification Society 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, cost 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, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

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

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

7. Spares, bunkers and other items

The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board and on shore. 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 the Vessel or not shall become the Buyers' property, but spares on order are excluded. 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. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment.. The Sellers shall provide the Buyers with an inventory list of main spares onboard at the time of inspection (at least main/aux/generators/deck machinery) within three (3) days after the date of the Agreement. The Vessel will be delivered with GMDSS system suitable for world trading.

Library and forms exclusively for use in the Sellers' vessel(s) and captain's, officers' and crew's personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:

- Liferafts

- Oxygen, acetylene and nitrogen cylinders

- Med Ox

- Portable gas detectors

- High speed internet and telecommunication system

- MAC performance monitoring system and Coriolis flow meter

Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation.

NIL

Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.

The Buyers shall purchase all bunkers and unused lubricating oils remaining on board at the time of delivery (the latter in unbroached/unopened drums or in storage tanks always without having passed through the Vessel's system). The Buyers shall pay the Sellers as follows: (a) with respect to the bunkers in accordance with the Novation Agreement (as defined in this Agreement) as agreed and signed by the Buyers; and (b) with respect to the unused lubricating oils remaining on board at the time of delivery at the Vessel's actual net price (excluding any port charges and barging expense) as evidenced by the latest supplied invoices/vouchers to be provided to the Buyers.

(a)*the Vessel's actual net price (excluding barging expenses) as evidenced by her last supplied invoices or vouchers; or

(b)*the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port,

The final quantities of any unused lubricating oils (in unbroached/unopened drums or in storage tanks always without having passed through the Vessel's system) remaining on board at the time of delivery shall be established by a joint survey by the Sellers and the Buyers' representatives on board the Vessel not earlier than 1 (one) day prior to the expected date of delivery.

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

"inspection" in this Clause 7, shall mean the Buyers' inspection according to Clause 4(a) or 4(b)  (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

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

8. Documentation

The place of closing: Ince & Co. Hong Kong or as otherwise agreed by the Parties.

Documents to be mutually agreed between Buyers and Sellers and to be incorporated as an Addendum to this Agreement, but in any case failure to agree documentation shall not be a reason to invalidate the this Agreement.

9. Encumbrances

The Sellers warrant that the Vessel, at the time of delivery, is free from any charters other than the Existing Charterparty, encumbrances, mortgages and maritime liens or any other debts whatsoever, and is not subject to Port State of other administrative detentions. 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, fees and expenses

Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' Nominated Flag State 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

The Vessel with everything belonging to her shall be at the Seller's 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 free of cargo, bottom clean, all cargo holds cleaned in accordance with the Novation Agreement and free of stowaways with her Class maintained without condition/recommendation*, free of average damage affecting the Vessel's class, and with her classification certificates and national certificates, as well as all other certificates the Vessel had at the time of inspection, valid and unextended without condition/recommendation* by the Classification Society or the relevant authorities and which to be valid for a minimum period of at least six (6) months at the time of delivery . All hull and machinery continuous survey cycles shall be up to date at the time of delivery with no items due for six (6) months following the date of delivery.

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

*Notes and memoranda, 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

Buyers' option to keep the vessel name without change for a maximum period ending on the earlier of: (a) 180 days from the time of delivery to the Buyers or (b) by the end of the Existing Charterparty.

13. Buyers' default

Should the Deposit not be lodged in accordance with Clause 2 (Deposit), 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 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, 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(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement. 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 by the Cancelling Date 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, if any, shall be released to them immediately.

Should the Sellers fail to give Notice of Readiness by the Cancelling Date 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 whether or not the Buyers cancel this Agreement.

15. Buyers' representatives

After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right, if possible, to place up to maximum two (2) representatives on board the Vessel at their sole risk and expense until the time of delivery.

These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and always under master's discretion, and they shall not interfere in any respect with the operation of the crew and/or the Vessel, The Buyers and the Buyers representatives shall sign the Sellers' letter of indemnity in the form of the Sellers' P&I Club's standard letter of indemnity prior to their embarkation.

16. Law and Arbitration

(a) *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.

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 appoint 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.

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.

(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) 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, judgment 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 US$ 100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

(c) This Agreement shall be governed by and construed in accordance with the laws of English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at  Hong Kong, subject to the procedures applicable there.

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

17. Notices

All notices to be provided under this Agreement shall be in writing.

Contact details for recipients of notices are as follows:

For the Buyers:

Attn: Mr. Fang Xiuzhi / Ms. Catherine Gao

Email: fang_xz@bankcomm.com / gao_xue@bankcomm.com

For the Sellers:

154 Vouliagmenis Avenue,

16674 Glyfada, Athens, Greece

Tel: +30 210 89 13 507

Fax: +30 210 96 38 404

Attention: Mr. Stamatios Tsantanis

Email: snt@seanergy.gr or such other address as the Sellers may notify the Buyers

18. Entire Agreement

The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

19. COMPLIANCE AND SANCTIONS

At the time of delivery, the Sellers warrant that neither they nor the Vessel has breached or is in violation of any sanctions regime imposed by the UN and/or the US and/or the EU and/or the U.K. In addition to and not withstanding the above, should the Vessel and/or Sellers appear on the OFAC/SDN list of the US Department of Treasury before delivery of the Vessel to the Buyers, then the Sellers will be in default and the present Agreement will automatically and without further action be terminated. In such circumstances, the Deposit together with interest earned (if any), shall be released to the Buyers immediately. The Sellers hereby also agree to indemnify Buyers against any and all claims, losses, damage, costs and fines whatsoever suffered by the Buyers resulting from

any breach of the aforesaid warranty.

At the time of delivery, the Buyers warrant that they have not breached or are in violation of any sanctions regime imposed by the UN and/or the US and/or the EU and/or the U.K. In addition to the aforesaid, should the Buyers breach this undertaking and/or appear on the OFAC/SDN list of the US Department of Treasury before delivery of the Vessel under this Agreement, then the Buyers will be in default and Sellers shall have the option to cancel this Agreement and claim against the Buyers for any losses, damage and costs suffered by the Sellers resulting from any breach of the aforesaid warranty.

20. On delivery, the Sellers shall hand to Buyers a letter of undertaking that to the best of their knowledge (i) the Vessel under present Ownership is not blacklisted by any nation or international organization and (ii) that she has not been infested by Gypsy Moth.

21. Private & Confidential

All details of these negotiations and any eventual sale shall be kept strictly private and confidential among all parties concerned, except as otherwise may be required to be disclosed to the Parties' auditors, third parties, external counsel or accountants or by the laws or regulations applicable to either the Sellers or the Buyers respectively including but not limited to any stock exchange and/or Securities and Exchange Commission laws and regulations. Any report or publication of the sale or details of this Agreement shall not be grounds for either the Sellers or the Buyers to withdraw from this agreement.

22. Novation of the Existing Charterparty

The Buyers undertake to perform the balance of the Existing Charterparty on the terms to be agreed in the Novation Agreement.

23. This Agreement shall come into effect after both this Agreement and the Novation Agreement are duly executed by all parties thereto.

 

	
For and on behalf of the Sellers

	
For and on behalf of the Buyers

	 	 
	
/s/ Stamatios Tsantanis

	
/s/ Gao Xue

	
Name: Stamatios Tsantanis

	
Name: Gao Xue

	
Title: Director

	
Title: Attorney-In-Fact

Appendix "A"

Existing CharterpartyExhibit 10.95

ADDENDUM No 1

Dated 27 SEPTEMBER 2018

TO THE MEMORANDUM OF AGREEMENT DATED 20 SEPTEMBER 2018

(the "MOA'', expression of which shall include all addenda, supplements

 and variations in relation thereto)

IN RESPECT OF MN "Gladiatorship"

 (IMO NO. 9431513)

(hereinafter called the "Vessel")

BETWEEN:

		(1)	
Gladiator Shipping Co., (the "Sellers");and

		(2)	
Xiang B8 HK International Ship Lease Co., Limited (the ''Buyers").

Pursuant to this addendum (the "Addendum No. 1") and Clause 8 of the MOA, now it is hereby mutually agreed between the Buyers and the Sellers that the following documents shall be exchanged at the time of delivery of the Vessel against payment of the Purchase Price and all other moneys payable under the MOA (all terms used herein shall have the same meaning as in the MOA), such payment being effected in accordance with the terms of the MOA and the Escrow Agreement:

	A.	
The Sellers shall provide the Buyers with the following original (unless otherwise specified below) documents, all at the place of the documentary closing (unless otherwise provided or agreed):

		1.	
Bill of Sale

Two (2) Original Bills of Sale in Form R209 (Bahamas Bill of Sale) of the Bahamas Maritime Authority (the "BMA"), for the Vessel in favor of the Buyers duly executed, signed and stamped by the Sellers, transferring 64/64 shares in the Vessel and in its boats and appurtenances from the Sellers to the Buyers free from encumbrances, both duly notarized/legalized or attested by other means acceptable to the BMA.

		2.	
Transcript of Register

A copy of the Transcript of Register to be issued by the BMA showing that on the issuing date the Vessel is owned by the Sellers and that there is no mortgage registered against the Vessel except a mortgage (the "Mortgage") registered in favour of UniCredit Bank AG (the "Mortgagee"). This Transcript should be dated not more than three (3) Banking days prior to the date of

1

delivery of the Vessel.

		3.	
New Transcript of Register

A new transcript of register to be issued by the BMA on the closing date certifying on the issuing date there is no mortgage registered over the Vessel (the "New Transcript").

The original New Certificate shall be provided to the Buyer's Representative at the BMA in Hong Kong at the time of the closing.

		4.	
Seller's Corporate Documents

		(i)	
Certificate of Incorporation and Constitutional Documents of the Seller - one (1) Copy Certified as true by the Sellers' legal counsel.

		(ii)	
Certificate of Good Standing- one (1) Original - legalized by Apostille by the Special Agent of the Republic of the Marshall Islands Certificate of Good Standing of the Sellers certifying the good standing of the Sellers issued by the Marshall Islands Registrar of Corporations dated not more than five (5) Banking Days prior to the delivery of the Vessel, duly legalized by Apostille by the Special Agent of the Marshall Islands.

		(iii)	
Certificate of Incumbency - one (1) Original - legalized by Apostille by the Special Agent of the Republic of the Marshall Islands Certificate of Incumbency of the Sellers issued by the Marshall Islands company registry authority certifying on the date of the certificate all the directors/officers of the Sellers. Such certificate shall be dated no more than seven (7) days prior to the closing date.

		(iv)	
Resolutions of the Board of Directors- one (1) copy certified as true by the Sellers' legal counsel

Resolutions of the Board of Directors, duly legalized by Apostille by the Special Agent of the Republic of the Marshall Islands, all Directors attending in person the said Meeting, inter alia unanimously confinning, approving and ratifying the execution of the MOA, the Novation Agreement, the Escrow Agreement between Sellers, Buyers and the Escrow Agent and all and any addenda thereto and/or amendments thereof, and authorizing, approving and resolving the sale of the Vessel to the Buyers pursuant to the terms of the MOA and the Vessel's deletion from the BMA (if required), and authorizing persons who will represent the Sellers and act in connection therewith (including, without limitation, the authority to execute any and all addenda to the MOA and the Escrow Agreement, the Bill of Sale, any and all Letters of Undertaking, the Protocol of Delivery and Acceptance and any other sale documentation, to accept payment of the purchase price, to release (if required) of the Deposit held by the Escrow Agent, to transfer the Vessel to the Buyers, to effect physical delivery of the Vessel to the Buyers, to delete her from

2

the BMA, if required and generally to take all necessary or desirable steps in connection with these matters.

		(v)	
Seller's Shareholder Resolutions - one (1) Copy Certified as true by the Sellers' legal counsel Seller's Shareholder Resolutions ratifying the Director's Resolutions above.

		(vi)	
Power of Attorney - one (1) Original - notarized and legalized or apostilled

Power of Attorney duly notarized and legalized or apostilled, issued pursuant to and in accordance with the aforementioned directors' board resolutions, authorizing the Attorney(s)-in-Fact to represent the Sellers and act in connection therewith (including, without limitation, the authority to execute any and all addenda to the MOA, the Novation Agreement, the Escrow Agreement, the Bill of Sale, any and all Letters of Undertaking, the Protocol of Delivery and Acceptance and any other sale documentation, acceptance of payment of the purchase price, release of the Deposit held by the Escrow Agent, transfer the Vessel to the Buyers and delete same from the BMA, if required. The notarial certificate shall certify (i) the title of the signatory and the genuingness of the signature appearing to the POA; and (ii) that the signatory has the authority to sign the POA on behalf of the Sellers pursuant to the Minutes under Item 4. (iv) above.

		5.	
Class Maintenance Certificate - one (1) copy with original to follow

Class Maintenance certificate dated no more than three (3) Banking Days prior the delivery date of the Vessel certifying that on the issuing date the Vessel's Class is maintained without condition/recommendation (in its standard format).

If the orginal certificate is not available on the closing day, the Sellers shall provide the Buyers with a letter of underting to undertake to send the original Declaration of Class to the Buyers within three (3) Banking Days after the delivery of the Vessel.

		6.	
Commercial Invoices

		(i)	
Three (3) Original Commercial Invoices duly signed by the Sellers stating the main particulars and the Purchase Price for the Vessel marked "FULLY PAID" and signed on behalf of the Sellers under the Power of Attorney, dated the date of delivery.

		(ii)	
Three (3) Original Commercial Invoices duly signed by the Sellers stating the quantities remaining on board on delivery of the bunkers in accordance with the Novation Agreement dated 21 September 2018 and lubricating oils with respective prices, marked "FULLY PAID" and signed on behalf of the Sellers under the Power of Attorney, dated the date of

3

delivery.

		7.	
Evidence of discontinued server of satellite communication

A copy of the Sellers' letter to their satellite communication provider cancelling the Vessel's communications contract which to be sent immediately after delivery of the Vessel. A copy of a written confirmation from the Sellers confinning that any outstanding radio accounts shall be settled by the Sellers as soon as practically possible after the Vessel's delivery to the Buyers with no liability regarding the same to be incurred against the Buyers.

		8.	
Undertaking Letters from the Sellers

		(i)	
A letter of undertaking from the Sellers to the Buyers confirming to the best of their knowledge that, as at the time of delivery, the Vessel has not suffered any grounding and underwater damage since its latest dry- docking/bottom survey.

		(ii)	
A letter of undertaking from the Sellers to the Buyers that to the best of their knowledge (a) the Vessel under present Ownership is not blacklisted by any nation or international organization and (b) that she has not been infested by Gypsy Moth.

		(iii)	
A letter of undertaking duly executed by the Sellers and addressed to Buyers confirming that the Vessel, at the time of delivery is free from all charters other than the Existing Charterparty, encumbrances, mortgages and maritime liens or any other debts whatsoever and is not subject to Port State or other administrative detentions; also, undertaking to indemnify the Buyers against all consequences of claims made against the Vessel which have been incurred prior to the time of delivery of the Vessel to the Buyers.

		9.	
Additional Documents

Any additional documents as may reasonably be required by the competent authorities of the Buyers' Nominated Flag State for the purpose of registering the Vessel, but the Buyers shall notify the Sellers of such request at latest 10 days prior to the closing date. Sellers shall provide originals of such additional documents where available. Otherwise, where originals of any such additional documents are not available, copies shall be provided with original documents to follow by courier within three (3) Banking Days of the date of delivery.

	B.	
The Buyers shall provide the Sellers with the following documents:

		10.	
Business  Registration Certificate, Certificate  of Incorporation  and Articles of Association - one (1) certified copy

A certified true copy of the Buyer's Business Registration Certificate, Certificate of Incorporation, A1iicles of Association, company's particulars

4

and Incorporation Fonn NNCl certified by a director of the Buyers or an English solicitor.

		11.	
Certificate of Incumbency - one (1) Original

An original of the Certificate of Incumbency of the Buyers issued by the company secretary, confirming the name of all the directors, officers and shareholders of the Buyers date the same date of the Written Resolutions of below Item 13 hereof.

		12.	
Certificate of Continuing Registration- one (1) Original

Original of a Certificate of Continuing Registration of the Buyers issued by the company registration authorities no earlier than five (5) Banking Days before the date of delivery of the Vessel confirming that the Buyers' company is in good standing.

		13.	
Written Resolutions or Meeting Minutes of Board of Directors of the Buyers- one (1) certified copy

Written Resolutions or Meeting Minutes of Board of Direcorts of the Buyers approving the MOA, the Novation Agreement, the Escrow Agreement, resolving and ratifying purchase of the Vessel from the Sellers and the issuance of the Power of Attorney mentioned in Item 14 below and appointing Attorneys-in-Fact to authorizing them to execute the Protocol of Delivery and Acceptance, the release of the Deposit held by the Escrow Agent, to effect payment and/or release of the balance of the purchase price, and take delivery of the Vessel and deal with all matters relating to completion of the purchase and taking delivery of the Vessel from the Sellers, including physical delivery of the Vessel.

		14.	
Power of Attorney - one (1) Original

Power of Attorney of the Buyers executed pursuant to the above Director's Resolutions or Meeting Minutes, authorizing certain persons to act on behalf of the Buyers and represent them in all matters relating to the purchase of the Vessel, including but not limited to, execution of the MOA, the Novation Agreement and the Escrow Agreement, the release instruction in respect of the Deposit held by the Escrow Agent, effecting payment and/or release of the balance price, of purchase monies, signing of the Protocol of Delivery and Acceptance and attending all relevant matters, duly notarially attested. The notary public to confirm the genuineness of the signature.

The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in paragraph A and B above for review and comment by the other Party no later than seven (7) days prior to the Vessel's intended date of readiness for delivery as notified by the Seller pursuant to Clause 5(b) of the MOA.

5

If any of the documents listed in paragraph A and B above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer.

	C.	
Protocol of Delivery and Acceptance

		14.	
Protocols of Delivery and Acceptance duly signed, dated and timed in TWO (2) ORIGINALS by Sellers' and Buyers' duly authorized  representatives attending at the place of the documentary closing

	D.	
Documents to be provided by the Seller to the Buyer - on board the Vessel

		15.	
Continuous Synopsis Record Documents - original

Continuous Synopsis Record Documents to be delivered to the Buyer's representative on board the Vessel upon delivery.

		16.	
Master's Declaration - one (1) Original

The Master of the Vessel shall issue a declaration on the date of the delivery, that all crew wages and dues are fully paid up to the date of delivery the Vessel and all repatriation expenses have or will be paid by the Sellers. Such original declaration to be delivered on board the Vessel to the Buyers' representatives or managers attending the physical delivery.

		17.	
Technical Documents, Certificates and Other Documents of the Vessel

Concurrent with the exchange of documents in paragraph A and B above, upon delivery of the Vessel, the Seller shall hand to the Buyer's representative(s) on board the Vessel all technical documents, certificates and other documents of the Vessel, including all of the Vessel's national and international trading and classification certificates, full set of all plans/instructions manuals, including list of spare parts, stores and equipment ashore and on board, belonging to the Vessel, unless the Seller is required to retain same, in which case the Buyer has the right to take copies.

		18.	
Log Books

The Seller may keep the Vessel's log books but a copy of the same for the 6 months period prior to the delivery of the Vessel under the MOA shall be delivered to the Buyer's representatives on board the Vessel upon delivery of the Vessel to the Buyer.

		19.	
Other Technical Documentation

Other technical documentation which are not on board the Vessel but are in the Seller's possession shall promptly after delivery be forwarded to the Buyer at the Buyers' expense.

6

Save as amended by this Addendum No. 1, all other terms and conditions in the MOA shall remain unchanged and in full force and effect.

This Addendum No. 1 may be entered into in any number of counterparts which when taken together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have caused this Addendum No. to the MOA to be executed on the date 27 September 2018.

	
/s/ Christos Sigalas

	 	
/s/ Gao Xue

	
Name: Christos Sigalas

	 	
Name: Gao Xue

	
Title: Director

	 	
Title: Attorney in fact

	
For and on behalf of the Sellers

	 	
For and on behalf of the Buyers

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