Document:

ex10_3.htm

    
      

    

    
      	
              Exhibit
                10.3

               

              MEMORANDUM
                OF AGREEMENT

            	
              Norwegian
                Shipbrokers’ Association’s Memo-

              randum
                of Agreement for sale and purchase of

              ships
                adopted by The Baltic and International

              Maritime
                Council (BIMCO) in 1956

              Code-name

              SALEFORM
                1993

              Revised
                1966, 1983 and 1986/87

            
	
              Dated:
                 12th
                June
                2007

            	 

    

    

    Ullswater
      Shipping Pte Ltd of Singapore hereinafter called the Sellers, have
      agreed to sell, and MC Shipping Inc or it’s guaranteed
      nominee

    

    

    hereinafter
      called the Buyers, have agreed to buy

    

    Name:   ‘ULLSWATER’

    Classification
      Society/Class: Nippon Kaiji Kyokai
      (Class NK)

    
      	
              Built:  1996

            	
              By:
                Asakawa Shipbuilding Co.
                Ltd.

            

    

    
      	
              Flag:
                Singapore

            	
              Place
                of Registration:
Singapore

            

    

    
      	
              Call
                sign: S6EJ

            	
              GRT/NRT:
                5,945 tons / 2,007
                tons

            

    

    Register Official
      number: 387172

    

    

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

    

    Definitions

    

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

    

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

    

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

    

    
      	
              1.

            	
              Purchase
                Price

            

    

    US$
      13,900,000 (United States Dollars Thirteen Million Nine Hundred
      Thousand).  1 (one) percent sale commission to be paid by Seller to
      E.A Gibson Shipbrokers Ltd.

    

    
      	
              2.

            	
              Deposit

            

    

    

    As
      a
      security for the correct fulfillment of this Agreement the Buyers shall pay
      a
      deposit of 10%  (ten per cent) of the Purchase Price within
3(three) London banking days from the
date time of
      this Agreement
has been signed by both parties and exchanged by
      fax.  This deposit shall be placed
      with the Sellers nominated
      bank 

    and
      held
      by them in a an interest
      bearing joint account for the Sellers
      and the Buyers, to be released in accordance with joint written instructions
      of
      the Sellers and Buyers. Interest, if any, to be credited to the
      Buyers, Any fee charged for holding said deposit shall
      be borne equally by the Sellers and the Buyers. Bank charge for
      remitting the deposit from the joint account to the Sellers account to be borne
      by the Buyers.

    

    
      	
              3.

            	
              Payment

            

    

    

    The
      said
      Purchase Price shall be paid in full free of bank charges to the Sellers
      nominated bank:- The Iyo Bank Ltd, Hashihama Branch, 1-1-4 Hashiama, Imabari,
      Ehime Pref., Japan.  Telephone: +81 898 419023.  Facsimile:
      +81 898 416150. PIC: Mr Yoshimasa Ohkuma.  Account name:
Ullswater Shipping Pte Ltd. Account No:
      8100980
      (US$) 

    In
      cash on delivery of the vessel,  but not later than 3
(three) London banking days after the vessel is in every
      respect physically ready for delivery in accordance with the terms and
      conditions of this Agreement and Notice of Readiness has been given in
      accordance with Clause 5.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.           
       Inspections

    
      	
              a)*

            	
              The
                Buyers have inspected and
                accepted the Vessel's classification records. The Buyers have also
                inspected the Vessel at/in Manaus on
06th
                June
                2007

            	
               

            

    

    
      and
        have accepted the Vessel following
        this,
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 

              The
                Sellers shall provide for inspection of the Vessel
                at/in  

              The
                Buyers shall undertake the inspection without undue delay to the
                Vessel.
                Should the Buyers cause undue delay they shall compensate the Sellers
                for
                the losses thereby incurred. The Buyers shall inspect the Vessel
                without
                opening up and without cost to the Sellers. During the inspection,
                the
                Vessel's deck and engine log books shall be made available for examination
                by the Buyers. If the Vessel is accepted after such inspection, the
                sale
                shall become outright and definite, subject only to the terms and
                conditions of this Agreement, provided the Sellers receive written
                notice
                of acceptance from the Buyers within 72 hours after completion of
                such
                inspection. 

              Should
                notice of acceptance of the Vessel's classification records and of
                the
                Vessel not be received by the Sellers as aforesaid, the deposit together
                with interest earned shall be released immediately to the
                Buyers, whereafter this Agreement shall be null and
                void.

            

    

    

    
      	
              *

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

            

    

    

    
      	
              5.

            	
              Notices,
                time and place of delivery

            

    

    

    
      	
              a)

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

            

    

    

    
      	
              b)

            	
              The
                Vessel shall be delivered and taken over safely
                afloat at a safe and
                accessible berth or anchorage
                at/in port to be mutually agreed within Vessel’s
                trading area safely afloat at a safe berth 

              in
                the Sellers' option.

            

    

    

    
      	
               

            	
              Expected
                time of delivery: Between 15th
                July 2007 and 15th
                August 2007

            

    

    

    
      	
               

            	
              Date
                of cancelling (see Clauses 5 c), 6b)
                (iii) and 14):15th
                August 2007

            

    

    

    
      	
              c)

            	
              If
                the Sellers anticipate that, notwithstanding the exercise of due
                diligence
                by them, the Vessel will not be ready for delivery by the cancelling
                date they may notify the Buyers in writing stating the date when
                they
                anticipate that the Vessel will be ready for delivery and propose
                a new
                cancelling date. Upon receipt of such notification the Buyers shall
                have
                the option of either cancelling this Agreement in accordance with
                Clause 14 within 7 running days of receipt of the notice or of
                accepting the new date as the new cancelling date. If the Buyers
                have not
                declared their option within 7 running days of receipt of the Sellers'
                notification or if the Buyers accept the new date, the date proposed
                in
                the Sellers' notification shall be deemed to be the new cancelling
                date
                and shall be substituted for the cancelling date stipulated in line
                61.

            

    

    

    
      	
               

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

            

    

    

    
      	
              d)

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.            
      Drydocking/Divers Inspection

    

    
      	
              a)**

            	
              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' expense to
                the
                satisfaction of the Classification Society without
                condition/recommendation
                *.

            

    

    

    
      	
              b)**

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

            

    

    

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

    

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

    

    
      	
              c)

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

            

    

    

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

    

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      	
              *

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

            

    

    

    
      	
              **

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

            

    

    

    7.           
      Spares/bunkers, etc.

     

    The
      Sellers shall deliver the Vessel to the Buyers with everything belonging to
      her
      on board and on Shore. All spare parts and spare equipment including spare
      tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
      belonging to the Vessel at the time of inspection used or unused, whether on
      board or not shall become the Buyers' property, but spares on order are to
      be included 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. The radio installation
      and
      navigational equipment shall be included in the sale without extra payment
      if they are the property of the Sellers.  Unused
      stores and provisions, shall be included in the sale
      and be taken over by the Buyers without extra payment.

    

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

    

    -
      Crew Training Systems

    

    -
      Logbooks (but Buyers to have right to take copies)

    

    The
      Buyers shall take over the remaining bunkers and unused
      lubricating oils in storage tanks and sealed drums and
      pay the Sellers’ last purchased price supported with
      vouchers.  Bunkers and the property of the Charterers and no payment
      shall be made for these between Buyers and
      Sellers. current net market price (excluding barging
      expenses) at the port 

    and
      date of  delivery of the Vessel. 

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.           
      Documentation

    

    The
      place
      of closing: Imabari,
Japan

    

    In
      exchange for purchase money payment of the
      Purchase Price the Sellers are to provide
shall furnish the Buyers
      with those documents that Buyers require to transfer title and
      register vessel under her new flag.

    

    Documentation
      to be mutually agreed and Incorporated into the Memorandum of Agreement by
      way
      of addendum.

     delivery
      documents, namely:

    

    
      	
              a)

            	
              Legal
                Bill of Sale in a form recordable
                in  ___________   (the
                country in which the Buyers are to register the Vessel), warranting
                that
                the Vessel is free from all encumbrances, mortgages and maritime
                liens or
                any other debts or claims whatsoever, duly notarially attested and
                legalized by the consul of such country or other competent
                authority.

            

    

    

    
      	
              b)

            	
              Current
                Certificate of Ownership issued
                by the competent
                authorities of the flag state of the
                Vessel.

            

    

    

    
      	
              c)

            	
              Confirmation
                of Class issued within 72 hours prior to
                delivery.

            

    

    

    
      	
              d)

            	
              Current
                Certificate issued by the competent authorities stating that the
                Vessel is
                free from registered
                encumbrances.

            

    

    

    
      	
              e)

            	
              Certificate
                of Deletion of the Vessel from the Vessel's registry or other official
                evidence of deletion appropriate to the Vessel's registry at the
                time of
                delivery, or, in the event that the registry does not as a matter
                of
                practice issue such documentation immediately, a written undertaking
                by the Sellers
                to
                effect deletion from the Vessel's registry forthwith and furnish
                a
                Certificate or other official evidence of deletion to the Buyers
                promptly
                and latest within 4 (four) weeks after the Purchase Price has been
                paid
                and the Vessel has been
                delivered.

            

    

    

    
      	
              f)

            	
              Any
                such additional documents as may reasonably be required by the competent
                authorities for the purpose of registering the Vessel, provided the
                Buyers
                notify the Sellers of any such documents as soon as possible after
                the
                date of this Agreement.

            

    

    

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

    

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

    

    9.           
      Encumbrances

    

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

    

    10.          Taxes,
      etc.

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11.           Condition
      on delivery

    

    The
      Vessel with everything belonging to her shall be at the Sellers' risk and
      expense until she is delivered to the Buyers, but subject to the terms and
      conditions of this Agreement she shall be delivered and taken
      over substantially in the same condition as when
      inspected as she was at
      the time of inspection, fair
      wear and tear excepted with the cargo tanks under inert gas or last
      cargo vapours in the Sellers’ option and with any equipments and spare parts as
      when inspected and complying with the minimum class
      requirements.  Spare parts which are taken out of and used as
      replacement prior delivery shall not be replaced as long as the Vessel meets
      minimum class

    requirement.

    

    However,
      the Vessel shall be delivered with her present class
(Class NK) maintained without condition/recommendation*      

     free
      of average damage affecting the Vessel's class, and with her classification
      certificates and national trading certificates, hull and machinery
      continuous survey cycles to be clean and up to date at the time of
      delivery as well as all other certificates the Vessel had at the time
      of inspection, valid
      and

    unextended
      without condition/recommendation* by Class or the relevant authorities
for a minimum of 6 (six) months from delivery.  All equipment
      included in Class item to be in working order on delivery.

    

    Vessel
      is to be delivered to the Buyers simultaneously with delivery into present
      time-charter. at the time of
      delivery. 

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

    

    
      	
              *

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

            

    

    

    12.           Name/markings

    

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

    

    13.           Buyers'
      default

    

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

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

    

    14           Sellers'
      default

    

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

    Should
      the Sellers fail to give Notice of Readiness by the date stipulated in line
      61 or fail to be ready to validly complete a legal transfer as aforesaid
      they shall make due compensation to the Buyers for their loss and for all
      expenses together with interest if their failure is due to proven negligence
      and
      whether or not the Buyers cancel this Agreement. 254

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.           Buyers'
      representatives

    

    After
      this Agreement has been signed by both parties and the deposit has been lodged,
      the Buyers  have the right to place
one two representatives on board the
      Vessel at their sole risk and expense for a period to the Vessel’s
      delivery. upon arrival
      at on or about  

    These This
      representatives is are on board for the
      purpose of familiarisation and in the capacity of  observers only, and
      they shall not interfere in any respect with the operation of the
      Vessel.   

    The
      Buyers shall pay upon the vessel’s delivery for meals and lodging for the
      representative at a rate of US$ 10 (ten) per person per
      day.

    

    16.           Arbitration

    

    
      	
              a)*

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

            

    

    

    
      	
              b)*

            	
              This
                Agreement shall be governed by and construed in accordance with Title
                9 of
                the United States Code and the Law of the State of New York and should
                any
                dispute arise out of this Agreement, the matter in dispute 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 purpose of enforcing any
                award,
                this Agreement may be made a rule of the Court. 

              The
                proceedings shall be conducted in accordance with the rules of the
                Society
                of Maritime Arbitrators, Inc.  New
                York.

            

    

    

    
      	
              c)*

            	
              Any
                dispute arising out of this Agreement shall be referred to arbitration
                at  

                                                   
                , subject to the rules and procedures applicable
                there. The
                laws
                of                                    shall
                govern this
                Agreement.

            

    

    
 

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

     

    

    
      	    
              	 	  
              
	
              SELLERS:

            	 	
              BUYERS:

            
	
              NAME:

            	 	
              NAME:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    London,
      18th June
      2007

    

    ‘ULLSWATER’

    

    ADDENDUM
      NO. 1 to Memorandum of Agreement  dated 12th
      June 2007 between
      Ullswater Shipping Pte Ltd of Singapore (Sellers) and MC Shipping Inc (The
      Buyers)

    

    

    IT
      HAS THIS DAY BEEN MUTUALLY AGREED between Sellers and Buyers
      that:

    

    The
      Buyers nominated company will be:

    

    Ullswater
      Maritime Limited

    

    Otherwise
      all other terms, conditions and exceptions of the present Memorandum of
      Agreement  to remain unaltered.

    

    

    
      	
              SELLERS

            	 	
              BUYERSex10_4.htm

    
      

    

    
      	
              Exhibit
                10.4

               

              MEMORANDUM
                OF AGREEMENT

            	
              Norwegian
                Shipbrokers’ Association’s Memo-

              randum
                of Agreement for sale and purchase of

              ships
                adopted by The Baltic and International

              Maritime
                Council (BIMCO) in 1956

              Code-name

              SALEFORM
                1993

              Revised
                1966, 1983 and 1986/87

            
	
              Dated:
                 12th
                June
                2007

            	 
	 

    

    

    Windermere
      Shipping Pte Ltd of Singapore hereinafter called the Sellers, have
      agreed to sell, and MC Shipping Inc or it’s guaranteed
      nominee

    

    

    hereinafter
      called the Buyers, have agreed to buy

    

    Name:   ‘WINDERMERE’

    Classification
      Society/Class: Nippon Kaiji Kyokai
      (Class NK)

    
      	
              Built:  1995

            	
              By:
                Asakawa Shipbuilding Co.
                Ltd.

            

    

    
      	
              Flag:
                Singapore

            	
              Place
                of Registration:
Singapore

            

    

    
      	
              Call
                sign: 9VRE

            	
              GRT/NRT:
                5,752 tons / 1,763
                tons

            

    

    Register Official
      number: 386200

    

    

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

    

    Definitions

    

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

    

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

    

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

    

    
      	
              1.

            	
              Purchase
                Price

            

    

    US$
      ,12,400,000 (United States Dollars Twelve Million Four Hundred
      Thousand).  1 (one) percent sale commission to be paid by Seller to
      E.A Gibson Shipbrokers Ltd.

    

    
      	
              2.

            	
              Deposit

            

    

    

    As
      a
      security for the correct fulfillment of this Agreement the Buyers shall pay
      a
      deposit of 10%  (ten per cent) of the Purchase Price within
3(three) London banking days from the
date time of
      this Agreement
has been signed by both parties and exchanged by
      fax.  This deposit shall be placed
      with the Sellers nominated
      bank 

    and
      held
      by them in a an interest
      bearing joint account for the Sellers
      and the Buyers, to be released in accordance with joint written instructions
      of
      the Sellers and Buyers. Interest, if any, to be credited to the
      Buyers, Any fee charged for holding said deposit shall
      be borne equally by the Sellers and the Buyers. Bank charge for
      remitting the deposit from the joint account to the Sellers account to be borne
      by the Buyers.

    

    3.            
      Payment

    

    The
      said
      Purchase Price shall be paid in full free of bank charges to the Sellers
      nominated bank:- The Iyo Bank Ltd, Hashihama Branch, 1-1-4 Hashiama, Imabari,
      Ehime Pref., Japan.  Telephone: +81 898 419023.  Facsimile:
      +81 898 416150. PIC: Mr Yoshimasa Ohkuma.  Account name: Windermere
      Shipping Pte Ltd. Account No: 8101034
      (US$) 

    In
      cash on delivery of the vessel,  but not later than 3
(three) London banking days after the vessel is in every
      respect physically ready for delivery in accordance with the terms and
      conditions of this Agreement and Notice of Readiness has been given in
      accordance with Clause 5.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.           
       Inspections

    
      	
              a)*

            	
              The
                Buyers have inspected and accepted the Vessel's classification records.
                The Buyers have also inspected the Vessel
                at/in Belem on 29th
                May 2007 

              and
                have accepted the Vessel following this, 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 

              The
                Sellers shall provide for inspection of the Vessel
                at/in  

              The
                Buyers shall undertake the inspection without undue delay to the
                Vessel.
                Should the Buyers cause undue delay they shall compensate the Sellers
                for
                the losses thereby incurred. The Buyers shall inspect the Vessel
                without
                opening up and without cost to the Sellers. During the inspection,
                the
                Vessel's deck and engine log books shall be made available for examination
                by the Buyers. If the Vessel is accepted after such inspection, the
                sale
                shall become outright and definite, subject only to the terms and
                conditions of this Agreement, provided the Sellers receive written
                notice
                of acceptance from the Buyers within 72 hours after completion of
                such
                inspection. 

              Should
                notice of acceptance of the Vessel's classification records and of
                the
                Vessel not be received by the Sellers as aforesaid, the deposit together
                with interest earned shall be released immediately to the
                Buyers, whereafter this Agreement shall be null and
                void.

            

    

    

    
      	
              *

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

            

    

    

    
      	
              5.

            	
              Notices,
                time and place of delivery

            

    

    

    
      	
              a)

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

            

    

    

    
      	
              b)

            	
              The
                Vessel shall be delivered and taken over safely
                afloat at a safe and
                accessible berth or anchorage
                at/in port to be mutually agreed within Vessel’s
                trading area safely afloat at a safe berth

              in
                the Sellers' option.

            

    

    

    Expected
      time of delivery: Between 15th
      July 2007 and 15th
      August 2007

    

    Date
      of
      cancelling (see Clauses 5 c), 6b) (iii) and
14):15th
      August 2007

    

    
      	
              c)

            	
              If
                the Sellers anticipate that, notwithstanding the exercise of due
                diligence
                by them, the Vessel will not be ready for delivery by the cancelling
                date they may notify the Buyers in writing stating the date when
                they
                anticipate that the Vessel will be ready for delivery and propose
                a new
                cancelling date. Upon receipt of such notification the Buyers shall
                have
                the option of either cancelling this Agreement in accordance with
                Clause 14 within 7 running days of receipt of the notice or of
                accepting the new date as the new cancelling date. If the Buyers
                have not
                declared their option within 7 running days of receipt of the Sellers'
                notification or if the Buyers accept the new date, the date proposed
                in
                the Sellers' notification shall be deemed to be the new cancelling
                date
                and shall be substituted for the cancelling date stipulated in line
                61.

            

    

    

    
      	
               

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

            

    

    

    
      	
              d)

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

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.            
      Drydocking/Divers Inspection

    

    
      	
              a)**

            	
              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' expense to
                the
                satisfaction of the Classification Society without
                condition/recommendation
                *.

            

    

    

    
      	
              b)**

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

            

    

    

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

    

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

    

    
      	
              c)

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

            

    

    

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

    

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

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      	
              *

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

            

    

    

    
      	
              **

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

            

    

    

    7.            
      Spares/bunkers, etc.

    

    The
      Sellers shall deliver the Vessel to the Buyers with everything belonging to
      her
      on board and on Shore. All spare parts and spare equipment including spare
      tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
      belonging to the Vessel at the time of inspection used or unused, whether on
      board or not shall become the Buyers' property, but spares on order are to
      be Included 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. The radio installation
      and
      navigational equipment shall be included in the sale without extra payment
      if they are the property of the Sellers.  Unused
      stores and provisions, shall be included in the sale
      and be taken over by the Buyers without extra payment.

    

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

    

    -
      Crew Training Systems

    

    -
      Logbooks (but Buyers to have right to take copies)

    

    The
      Buyers shall take over the remaining bunkers and unused
      lubricating oils in storage tanks and sealed drums and
      pay the Sellers’ last purchased price supported with
      vouchers.  Bunkers and the property of the Charterers and no payment
      shall be made for these between Buyers and
      Sellers. current net market price (excluding barging
      expenses) at the port  

    and
      date of  delivery of the Vessel. 

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8.            
      Documentation

    

    The
      place
      of closing: Imabari,
Japan

    

    In
      exchange for purchase money payment of the
      Purchase Price the Sellers are to provide
shall furnish the Buyers
      with those documents that Buyers require to transfer title and
      register vessel under her new flag.

    

    Documentation
      to be mutually agreed and Incorporated into the Memorandum of Agreement by
      way
      of addendum.

     delivery
      documents, namely:

    

    
      	
              a)

            	
              Legal
                Bill of Sale in a form recordable
                in  ___________   (the
                country in which the Buyers are to register the Vessel), warranting
                that
                the Vessel is free from all encumbrances, mortgages and maritime
                liens or
                any other debts or claims whatsoever, duly notarially attested and
                legalized by the consul of such country or other competent
                authority.

            

    

    

    
      	
              b)

            	
              Current
                Certificate of Ownership issued
                by the competent
                authorities of the flag state of the
                Vessel.

            

    

    

    
      	
              c)

            	
              Confirmation
                of Class issued within 72 hours prior to
                delivery.

            

    

    

    
      	
              d)

            	
              Current
                Certificate issued by the competent authorities stating that the
                Vessel is
                free from registered
                encumbrances.

            

    

    

    
      	
              e)

            	
              Certificate
                of Deletion of the Vessel from the Vessel's registry or other official
                evidence of deletion appropriate to the Vessel's registry at the
                time of
                delivery, or, in the event that the registry does not as a matter
                of
                practice issue such documentation immediately, a written undertaking
                by the Sellers
                to
                effect deletion from the Vessel's registry forthwith and furnish
                a
                Certificate or other official evidence of deletion to the Buyers
                promptly
                and latest within 4 (four) weeks after the Purchase Price has been
                paid
                and the Vessel has been
                delivered.

            

    

    

    
      	
              f)

            	
              Any
                such additional documents as may reasonably be required by the competent
                authorities for the purpose of registering the Vessel, provided the
                Buyers
                notify the Sellers of any such documents as soon as possible after
                the
                date of this Agreement.

            

    

    

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

    

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

    

    9.            
      Encumbrances

    

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

    

    10.           Taxes,
      etc.

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    11.           Condition
      on delivery

    

    The
      Vessel with everything belonging to her shall be at the Sellers' risk and
      expense until she is delivered to the Buyers, but subject to the terms and
      conditions of this Agreement she shall be delivered and taken
      over substantially in the same condition as when
      inspected as she was at
      the time of inspection, fair
      wear and tear excepted with the cargo tanks under inert gas or last
      cargo vapours in the Sellers’ option and with any equipments and spare parts as
      when inspected and complying with the minimum class
      requirements.  Spare parts which are taken out of and used as
      replacement prior delivery shall not be replaced as long as the Vessel meets
      minimum
      class requirement.

    

    However,
      the Vessel shall be delivered with her present class
(Class NK) maintained without
      condition/recommendation*      

     free
      of average damage affecting the Vessel's class, and with her classification
      certificates and national trading certificates, hull and machinery
      continuous survey cycles to be clean and up to date at the time of
      delivery as well as all other certificates the Vessel had at the time
      of inspection, valid and  

    unextended
      without condition/recommendation* by Class or the relevant authorities
for a minimum of 6 (six) months from delivery.  All equipment
      included in Class item to be in working order on delivery.

    

    Vessel
      is to be delivered to the Buyers simultaneously with delivery into present
      time-charter. at the time of
      delivery. 

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

    

    
      	
              *

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

            

    

    

    12.           Name/markings

    

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

    

    13.           Buyers'
      default

    

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

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

    

    14           Sellers'
      default

    

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

    Should
      the Sellers fail to give Notice of Readiness by the date stipulated in line
      61 or fail to be ready to validly complete a legal transfer as aforesaid
      they shall make due compensation to the Buyers for their loss and for all
      expenses together with interest if their failure is due to proven negligence
      and
      whether or not the Buyers cancel this Agreement. 254

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    15.           Buyers'
      representatives

    

    After
      this Agreement has been signed by both parties and the deposit has been lodged,
      the Buyers  have the right to place
one two representatives on board the
      Vessel at their sole risk and expense for a period to the Vessel’s
      delivery. upon arrival
      at on or about  

    These This
      representatives is are on board for the
      purpose of familiarisation and in the capacity of  observers only, and
      they shall not interfere in any respect with the operation of the
      Vessel.   The Buyers shall pay upon the vessel’s delivery
      for meals and lodging for the representative at a rate of US$ 10 (ten) per
      person per day.

    

    16.           Arbitration

    

    
      	
              a)*

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

            

    

    

    
      	
              b)*

            	
              This
                Agreement shall be governed by and construed in accordance with Title
                9 of
                the United States Code and the Law of the State of New York and should
                any
                dispute arise out of this Agreement, the matter in dispute 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 purpose of enforcing any
                award,
                this Agreement may be made a rule of the Court. The proceedings shall
                be
                conducted in accordance with the rules of the Society of Maritime
                Arbitrators, Inc.  New
                York.

            

    

    

    
      	
              c)*

            	
              Any
                dispute arising out of this Agreement shall be referred to arbitration
                at        subject to the
                rules and procedures applicable there.
                The laws
                of                                    shall
                govern this Agreement.

            

    

    

    

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

    

    

    
      	  
              	 	  
              
	
              SELLERS:

            	 	
               BUYERS:

            
	
              NAME:

            	 	
              NAME:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    London,
      18th June
      2007

    

    ‘WINDERMERE’

    

    ADDENDUM
      NO. 1 to Memorandum of Agreement  dated 12th
      June 2007 between
      Windermere Shipping Pte Ltd of Singapore (Sellers) and MC Shipping Inc (The
      Buyers)

    

    

    IT
      HAS THIS DAY BEEN MUTUALLY AGREED between Sellers and Buyers
      that:

    

    The
      Buyers nominated company will be:

    

    Windermere
      Maritime Limited

    

    Otherwise
      all other terms, conditions and exceptions of the present Memorandum of
      Agreement  to remain unaltered.

    

    

    
      	
              SELLERS

            	 	
              BUYERS

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