Document:

Exhibit 10.54

 

	Harper
    Petersen & Co.	 
	ship
    brokers since 1943	1st
    ORIGINAL

 

Time
Charter

GOVERNMENT FORM

Approved by the New York Produce Exchange

November 6th, 1913—Amended October 20th, 1921; August 6th, 1931; October 3rd, 1946

 

This Charter Party, made and concluded in
Hamburg, 23th day of September 19 2015 Between Sechsundvierzlgste “Michel” Schiffarts
GmbH & Co.KG c/o E.R. Schiffahrt GmbH & Cie. KG, Hohe Bleichen 12, 20354 Hamburg Owners of the good Liberian Steamship/Motorship
“E.R. Bavaria” of          
of           tons gross register,
and           tons net register, having engines
of           indicated horse power and with hull, machinery and equipment in
a thoroughly efficient state, and classed         
at           of about          
cubic feet bale capacity, and about          tons of 2240 lbs. deadweight
capacity (cargo and bunkers, including fresh water and stores not exceeding one and one half percent of ship’s
deadweight capacity, allowing a minimum of fifty tons) on a draft of         
feet           inches on         
Summer freeboard, inclusive of permanent bunkers, which are of the capacity
of about          tons of fuel, and capable of steaming, fully laden, under
good weather conditions about          knots on a consumption of about
          tons of best Welsh coal best grade fuel oil best grade
Diesel oil, now trading and Messrs. Oldendorff Carriers GmbH & Co. KG Charterers of the City of Lübeck.

Witnesseth, That the said Owners agree to let, and the said Charterers agree to hire the said vessel, from the time of
delivery, for about (see Clause 34) within below mentioned trading limits.

Charterers to have liberty to sublet the vessel
for all or any part of the time covered by this Charter, but Charterers remaining responsible for the fulfillment of this
Charter Party.

Vessel to be placed at the disposal of the Charterers, at
(see Clause 33)

in such deck or at such wharf or place (where she
may safely lie, always afloat, at all times of tide, except as otherwise provided in clause No. 6), as the Charterers may
direct. If such deck, wharf or place be not available time to count as provided for in clause No. 5. Vessel on her
arrival at first loading port delivery to be ready to receive cargo with clean swept holds
and tight, staunch, strong and in every way fitted for the service, having water ballast, winches and donkey boiler
with sufficient steam power, or if not equipped with donkey boiler, then other power sufficient to run all the winches at one
and the same time (and with full complement of officers, seamen, engineers and fireman for a vessel
of her tonnage), to be employed, in carrying lawful merchandise, including petroleum or its products, in proper
containers, excluding             (see
Clause 35), vessel is not to be employed in the carriage of Live Stock, but Charterers are to have the privilege of
shipping a email number on deck at their risk, all necessary fittings and other requirements to be for account of
Charterers), in such lawful trades, between safe port and/or ports in British North America, and/or United States of America,
and/or West Indies, and/or Central America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or Mexico, and/or South
America              and/or Europe and/or Africa, and/or
Asia, and/or Australia, and/or Tasmania, and/or New Zealand, but excluding Magdalena River, River St. Lawrence between
October 31st and May 15th, Hudson Bay and all unsafe ports; also excluding, when out of season, White Sea, Black Sea and the
Baltic, trading always afloat via safe anchorage(s), safe berth(s), safe port(s) - see Clause 33A

 

as the Charterers or their Agents shall direct, on the following conditions:

1. That whilst on hire the Owners shall
provide and pay for all provisions, wages and consular shipping and discharging fees of the Crew; shall pay for the insurance
of the vessel, also for all the cabin, deck, engine-room and other necessary stores, including boiler water and domestic water,
lubricating oil, garbage removal ordered by the vessel and and maintain her class and seaworthiness and keep the vessel in a thoroughly
efficient state in hull, holds and hatchcovers, machinery and equipment with all certificates necessary to comply with current
requirements at all ports of calls and canals for and during the service and all times during the currency of
this Charter. See also rider clauses.

2. That whilst on hire the Charterers shall
provide and pay for all the fuel except as otherwise agreed, Port Charges, customary Pilotages including Canal / Skaw, Dardanelles,
Bosphorus, Great Barrier Reef and Torres Strait, Great Belt, Magellan, Agencies, launches on Charterers’ business for clearance
and cargo purpose only, Commissions, compulsory garbage removal, Consular Charges (except those pertaining to the Crew and flag),
and all other usual expenses except those before stated, but when the vessel puts into a port for causes for which Owners are
vessel is responsible, then all such charges incurred shall be paid by the Owners. Fumigations ordered because
of illness of the crew to be for Owners account. Fumigations ordered because of cargoes carried or ports visited while vessel
is employed under this charter to be for Charterers account. All other fumigation to be for Charteres account after vessel
has been on charter for a continuous period of six months or more. (See Clause 56).

Charterers are to provide necessary
dunnage and shifting boards, also any extra fittings requisite for a special trade or unusual cargo, but Owners to allow them
the use of any dunnage and shifting boards already aboard vessel. Charterers to have the privilege of using shifting boards for
dunnage, they making good any damage thereto.

3. That the Charterers, at the port of delivery, and
the Owners, at the port of re delivery, shall take over and pay for all fuel remaining on board the vessel at the current prices
in the respective ports, the vessel to be delivered with not less than             tons and not more than             tons and to be re delivered with
not less than             tons and not more than       tons.

4. That the Charterers shall pay for the
use and hire of the said Vessel at the rate of (see Clause 37)

             United
States Currency per ton on vessel’s total deadweight carrying capacity, including bunkers and stores, on              summer
freeboard, per Calender Month, commencing on and from the day of her delivery, as aforesaid, and at and after the same
rate for any part of a month; hire to continue until the hour of the day of her re-delivery in like good order and condition,
ordinary wear tear excepted, to the Owners (unless lost) at (See Clause 33)

unless otherwise mutually agreed. Charterers
are to give Owners not less than           days notice of vessels expected date of re-delivery, and probable port. (See Clause 33).

5. Payment of said hire to be made (see
Clause 37) in New York in cash in United Sates Currency, semi-monthly every 15 days in advance,
and for the last 15 days half month or part of same the approximate amount of hire, and should same not cover
the actual time, hire is to few paid for the balance day by day, as it becomes due, if so required by Owners, unless bank guarantee
or deposit is made by the Charterers, otherwise failing the punctual and regular payment of the hire, or bank guarantee, or on
any fundamental breach of this Charter Party, the Owners shall be at liberty to withdraw the vessel from the service of the Charterers,
without prejudice to any claim they (the Owners) may otherwise have on the Charterers. Time to count as from vessel’s delivery
7 a.m. on the working day following that on which written notice of readiness has been given to Charterers or their Agents
before 4p.m., but if required by Charterers, they to have the privilege of using vessel at once, such time used to count as hire.

 

This
document is a computer generated NYPE 46 form printed by BIMCO’s idea. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text
of the original printed NYPE 1946 document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused
as a result of discrepancies between the original printed NYPE 1946 document and this computer generate document.

 

 

     

     

    

 

1st
    ORIGINAL

 

Cash for vessel’s ordinary disbursements at any port may be advanced as required by the Captain and authorized by
the Owners, by the Charterers or their Agents, subject to 21⁄2% commission and such advances shall be deducted from the hire.
The Charterers, however, shall in no way be responsible for the application of such advances.

6. That the cargo or cargoes be laden and/or
discharged in any safe dock or at any safe wharf or safe place that Charterers or their Agents may direct, provided the vessel
can safely lie always afloat at any time of tide, except at such please where it is customary for similar size vessels
to safely lie aground.

7. That the whole reach of the Vessel’s
Hold, Desks, and usual places of loading (not more than she can reasonably stow and carry), also accommodations
for Supercargo, if carried, shall be at the Charterers’ disposal, reserving only proper and sufficient space for Ship’s
officers, crew, tackle, apparel, furniture, provisions, stores and fuel. Charterers have the privilege of passengers as
far as accommodations allow, Charterers payng Owners            per day per passenger for accommodations and meals. However, it is agreed
that in case any fines or extra expenses are incurred in the consequences of the carriage of passengers, Charterers are to bear
such risk and expense.

8. That the Captain shall prosecute his
voyages with the utmost despatch, and shall render all customary assistance with ship’s crew and boats. The Captain (although
appointed by the Owners), shall be under the orders and directions of the Charterers as regards employment and agency, and Charterers
are to load, stow, and trim, lash, secure, dunnage and discharge the cargo at their expense under the supervision and direction
of the Captain, who is to sign or is to authorize Chartereres to sign Bills Lading for cargo as presented, in conformity with
Mate’s or Tally Clerk’s receipts.

9. That if the Charterers shall have reason
to be dissatisfied with the conduct or performance of the Captain, Officers, or Engineers, the Owners shall on receiving particular
of the complaint, investigate the same, and, if necessary, Owners to investigate and make a change in the appointments if necessary.
(See Clause 47).

10. That the Charterers shall have
permission to appoint a Supercargo, who shall accompany the vessel at his own risk and Owners to be released from any
responsibility therefrom and see that voyages are prosecuted with the utmost dispatch. He is to be furnished with free
accommodation, and same fare as provided for Captain’s table. Charterers paying at the rate of $1.00
US$20.00 per day. Owners to victual Pilots and Customs Officers, and  also, when authorized by Charterers or their Agents,
to victual Tally Clerks, Stevedore’s Foreman, etc., Charterers paying at  the current rate per meal, for all
such viotualling See Clause 58.

11. That the Charterers shall furnish
the Captain from time to time with all requisite instructions and sailing directions, in writing, and/or telecommunication
but same to be always reconfirmed in writing, and the Captain shall keep a full and correct Log of the voyage or voyages,
which are to be patent to the Charterers or their Agents, and furnish the Charterers, their Agents or Supercargo, when
required, with a true copy of daily Logs in English, showing the course of the vessel and distance run the consumption of
fuel. The Captain shall be conversant with and use the English language. The Captain to properly fill in and return all forms
furnished by Charterers.

12. That the Captain shall use diligence in caring for the natural
ventilation of the cargo.

13. That the Charterers shall have
the option of continuing this charter for a further period of               on giving written notice thereof to the Owners or their Agents              days
previous to the expiration of the first named term, or any declared option.

14. That if required by Charterers,
:   Time not to commence before 0001 hours local time 27th September 2015 and should vessel not have
given written notice of readiness on or before 2359 hours local time 27th September 2015 but not later than
4 p.m. Charterers or their Agents to have the option of canceling this Charter at any time not late than the day of vessel’s
readiness. Owners to give Charterers daily notice of expected delivery.

15. That in the event of the loss of
time from deficiency and/or default of men including strike of Officers and/or crew or deficiency of men or stores, fire,
breakdown-or damages to hull, machinery or equipment, grounding, detention by average accidents to ship or cargo, drydocking for
the purpose of examination or painting bottom, or by any other cause preventing the full use and disposition working of
the vessel, the payment of hire shall cease for the time thereby actually lost; and if upon the voyage the speed by reduced
by defect in or breakdown of the part of her hull, machinery or equipment, the time so lost, and the cost of any extra fuel
consumed in consequence thereof, and all extra expensed shall be deducted from the hire. Same always to be properly
documented by proper evidence. See also Rider Clauses.

16. That should the Vessel be lost, money
paid in advance and not earned (reckoning from the date of loss or being last heard of) shall be returned to the Charterers at
once. The act of God, enemies, fire, restraint of Princes, Rulers and People, and all dangers and accidents of the Seas, Rivers,
Machinery, Boilers and Steam Navigation, and errors of Navigation throughout this Charter Party, always mutually
excepted.

The vessel shall have the liberty to sail with or without pilots, to tow and to be towed, to assist vessels in distress,
and to deviate for the purpose of saving life and property.

17. That should any dispute arise between
Owners and the Charterers, see Clause 69, 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 the purpose of enforcing any award, this agreement may be made a rule of the Court. The Arbitrators shall be
commercial men.

18. That the Owners shall have a lien upon all cargoes, and
all sub-freights/sub-hires for any amounts due under this Charter, including General Average contributions, and the Charterers to
have a lien on the Ship for all monies paid in advance and not earned, and any overpaid hire or excess deposit to be returned at
once. Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their agents, which might
have priority over the title and interest of the owners in the vessel.

19. That all derelicts and
salvage shall be for Owners’ and Charterers’ equal benefit after deducting Owners’ and Charterers’
expenses and Crew’s proportion. General Average shall be adjusted, stated and settled, according to Rules 1 to
15, inclusive, 17 to 22, inclusve and Rule F of York-Antwerp Rules 1994 and latest amendments at London 1924,
at such part or place in the United States as may be selected by the carrier, and as to matters not provided for by these
Rules, according to the laws and usage at the port of New York. In such adjustment disbursements in foreign currencies shall
be exchanged into United States money at the rate prevailing on the dates made and allowances for damage to cargo claimed in
foreign currency shall be converted at the rate prevailing on the last day of discharge at the port or place of final
discharge of such damaged cargo from the ship. Average agreement or  bond and such additional security, as may be required by
the carrier, must be furnished before delivery of the goods. Such cash deposit as the carrier or his agents may deem
sufficient as additional security for the contribution of the goods and for any salvage and special charges thereon, shall,
if required, be made by the goods, shippers, consignees or owners of the goods to the carrier before delivery. Such deposit
shall, at the option of the carrier, be payable in United Sates money and be remitted to the adjustor. When so remitted the
deposit shall be held in a special account at the place of adjustment in the name of adjuster pending settlement of the
General Average and refunds or credit balances, if any, shall be paid in United Sates money.

 

This
document is a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as
a result of discrepancies between the original BIMCO approved document and this computer generated document. This document is
a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result
of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

     

     

    

 

1st
    ORIGINAL

 

In the event of accident, danger,
damage, or disaster, before or after commencement of the voyage resulting from any cause whatsoever whether due to negligence
or not, for which, or for the consequence of which, the carrier is not responsible, by statute, contract, or otherwise, the goods,
the shipper and the consignee, jointly and severally, shall contribute with the carrier in general average to the payment of any
sacrifices, losses, or expenses of a general average nature that may be made or incurred, and shall pay salvage and special charges
incurred in respect of the goods. If a salving ship owned or operated by the carrier, salvage shall be paid for as fully and in
the same manner as if such salving ship of ships belonged to strangers.

Provisions as to General Average in accordance with the above
are to be included in all bills of lading issued hereunder. Hire not to contribute to General Average.

20. Fuel used by the vessel while
off hire, also for cooking, condensing water, or for grates and stoves to be agreed to as to quantity, and the cost of replacing
same, to be allowed by Owners.

21. That as the vessel may be from
time to time employed in tropical waters during the term of this Charter, Vessel is to be docked at a convenient place, bottom
cleaned and painted whenever Charterers and Captain think necessary, at least once in every six months, reckoning from time of
last painting, and payment of the hire to be suspended until she is again in proper state for the service.

Owners
have no option to put the vessel to drydock except emergency cases during Charter period.

Owners
have the option to perform routine maintenance to machineries not on dry dock. (See further Clause 43)

22. Owners shall maintain the gear
of the ship as fitted, providing gear (for all derricks) capable of handling  lifts up to three tons, also providing ropes,
falls, slings and blocks. If vessel is fitted with derricks capable of handling heavier lifts, Owners are to provide necessary
gear for same, otherwise equipment and gear for heavier lifts shall be for Charterers’ account. Owners also to provide
on the vessel lights as on board sufficient for working all holds simultaneously lanterns and oil for night work,
free of expenses to Charterers and vessel to give use of electric light when so fitted, but any additional lights over
those on board to be at Charterers’ expense. The Charterers to have the use of any gear on board the vessel.

23. Vessel to work night and
day,  if required by Charterers, and all winches to be at Charterers’ disposal during loading and discharging;
steamer to provide one winchman per hatch to work winches day and night, as required, Charterers agreeing to pay officers,
engineers, winehmen, deek hands an donkeymen for overtime work done in accordance with the working hours and rates stated in
the ship’s articles. If the rules of the port, or labor unions, prevent crew from driving winches, share Winchmen to be
paid by Charterers. In the event of a disabled winch or winches, or insufficient power to operate winches, Owners to pay
for shore engine, or engines, in lieu thereof, if required, and pay any loss of time occasioned thereby.

24. See Clause 41 H. It is also
mutually agreed that this Charter is subject to all the terms and provisions of and all the exemptions from liability contained
in the Act of Congress of the United States approved on the 13th day of February, 1893, and entitled “An Act relating to
Navigation of Vessels; etc.,” in respect of all cargo shipped under this charter to or from the United States of America.
It is further subject to the following clauses, both of which are to be included in all bills of lading issued hereunder:

U.S.A. Clause Paramount

This bill of lading shall have effect subject
to the provisions of the Carriage of Goods by Sea Act of the United States, approved April 16, 1936, which shall be deemed to
be incorporated herein, and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities
or an increase of any of its responsibilities or liabilities under said Act. If any term of this bill lading be repugnant to said
Act to any extent, such term shall be void to that extent, but no further.

Both a Blame Collision Clause

If the ship comes into collision with
another ship as a result of the negligence of the other ship and any act, neglect or default of the Master, mariner, pilot or
the servants of the Carrier in the navigation or in the management of the ship, the owners of the goods carried
hereunder will identify the Carrier against all loss or liability to the other or non carrying ship or her owners in so far
as such loss or liability represents loss of, or damage to, or any claim whatsoever of the owners of said goods, paid or
payable by the other or non-carrying ship or her owners to the owners of said goods and set off, recouped or recovered by the
other or non carrying ship or her owners as part of their claim against the carrying ship or carrier.

25. The vessel shall not be required to enter any ice-bound
port, or any port where lights or light-ships have or are about to be withdrawn by reason of ice, or where there is risk that in
the ordinary course of things the vessel will not be able on account of ice to safely enter the port or to get out after having
completed loading or discharging. Vessel never to be ordered to force ice nor to follow ice breakers.

26. Nothing herein stated is to be construed as a demise of
the vessel to the Time Charterers. The owners to remain responsible for the navigation of the vessel, acts of pilots and tugboats,
insurance crew, and all other matters, same as when trading for their own account.

27. A commission of 1.25 21⁄2
per cent is payable by the Vessel and Owners to Harper Petersen & Co. Hamburg on hire earned and paid under
this Charter, and also upon any continuation or extension of this Charter.

28. An address commission of 3.75 21⁄2
per cent payable to Charterers on the hire earned and paid under this Charter.

 

Additional
Clauses nos. 29 to 108, as attached hereto, are deemed to be fully incorporated in this Charter Party.

 

	THE OWNERS:	THE CharterERS:
	 	 
	 	 

 

This
document is a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as
a result of discrepancies between the original BIMCO approved document and this computer generated document. This document is
a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result
of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

     

     

    

 

1st
    ORIGINAL

 

By cable
authority from

 

	The original Charter Party in our possession.	As             For Owners 

BROKERS.

 

This
document is a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly
visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text
of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as
a result of discrepancies between the original BIMCO approved document and this computer generated document. This document is
a computer generated NYPE 46 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible.
In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the
original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result
of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

     

     

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause 29 - Vessel’s description 

 

Main Particulars 

 

 

Main vessel details 

	 	 	 	 
	Vessels	E.R. BAVARIA
	Flag	Liberia
	IMO number	9519066
	 	 
	Built	2010
	Call sign	A8SZ3
	 	 
	Type	Gearless Capesize Bulk Carrier
	 	 
	Yard	Hyundai Heavy Industries, Gunsan

Hyundai Samho Heavy Industries
	 	 
	Deadweight	abt. 157,702 mt at 16.50 m  (design), TPC 123,8
	 	abt. 178,838 mt at 18.20 m (scantl,/summer), TPC 124,7
	 	 
	Tonnage	International GT/NT	93,186/59,500
	 	Suez GT/NT	93,368.28/86,751.00
	 	 
	Length over all	291.96 m	 	 
	Length b. perpendiculars	283.49 m	 	 
	Beam (moulded)	45.00 m	 	 
	Depth (moulded)	24.70 m	 	 
	Draft (scantling)	18.20 m	 	 
	Draft (design)	16.50 m	 	 

 

Class

 

Germanischer Lloyd 

+100 A5 CSR ESP IW BWM [30t] Bulk Carrier, BC-A {Hold 2,4,6
and 8 may be empty} 

+ MC AUT CM-PS

 

  

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1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Cargo Details 

 

 

Holds / Hatches

 

Holds / Hatches: 9 

	 	 	 	 
	Hatch size (L x B):	No. 1:                       14.56 m x 16.88 m
	 	No. 2-8: 15.60 m x 20.20 m
	 	No. 9:                      15,60 m x 16,88 m
	 	 	 	 
	Capacity:	 	Grain Space	 
	 	Hold No. 1	19,198.0 m3	 
	 	Hold No. 2	22,779.9 m3	 
	 	Hold No. 3	22,918.6 m3	 
	 	Hold No. 4	22,938.3 m3	 
	 	Hold No. 5	22,908.8 m3	 
	 	Hold No. 6	22,894.9 m3	 
	 	Hold No. 7	22,958.2 m3	 
	 	Hold No. 8	22,656.2 m3	 
	 	Hold No. 9	20,913.1 m3	 
	 	 	 	 
	 	Total	200,166.0 m3	 
	 	 	 	 	 

	 	 	 	 
	Tanktop strength:	Maximum allowable load
	 	Hold No. 1	:	38.1 mt/m2
	 	Hold No. 3/5/7	:	38.9 mt/m2
	 	Hold No. 2/4/6	:	23.8 mt/m2
	 	Hold No. 8	:	23.7 mt/m2
	 	Hold No. 9	:	39.6 mt/m2
	 	 	 	 
	Hatch cover type:	Weather tight, side rolling type, operated by hydraulic motor with chain mechanism. Manual quick acting cleat.
	 	Each hatch cover is divided into two panels with meeting joints at vessel’s centreline.
	 	The hatch cover for No.6 floodable hold is strengthened against water movement in fully filled condition.
	 	Helicopter landing area is marked on No.6 cargo hatch.
	 	Hatch cover is desiged as to be able to operate under vessel’s condition of upto 3 degrees heel and 2 degrees trim.
	 	 
	Cargo loading on hatch covers not to be considered.
	 
	Ballasting capacity
	 
	Ballasting / deballasting capacity:     2,500 m3/h at 30 mTH.

 

  

    	2 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Propulsion & Bunkers

 

 

Speed / Consumption

 

Based on a clean smooth bottom, even keel, deep sea, wind max
Beaufort 4, max Douglas sea state 3. Consumption is based on fuel with net calorific value of 40.600 kJ/kg 

	 	 
	Laden abt. 11.0 knots on about 41.4 mts HFO
	 	abt. 11.5 knots on about 42.1 mts HFO
	 	abt. 12.0 knots on about 45.1 mts HFO
	 	abt. 12.5 knots on about 48.1 mts HFO
	 	abt. 13.0 knots on about 50.7 mts HFO
	 	abt. 13.5 knots on about 52.9 mts HFO
	 	abt. 14.0 knots on about 57.2 mts HFO
	 	 
	In ballast	abt. 11.0 knots on about 29.0 mts HFO
	 	abt. 11.5 knots on about 31.6 mts HFO
	 	abt. 12.0 knots on about 34.4 mts HFO
	 	abt. 12.5 knots on about 37.4 mts HFO
	 	abt. 13.0 knots on about 40.1 mts HFO
	 	abt. 13.5 knots on about 41.4 mts HFO
	 	abt. 14.0 knots on about 44.9 mts HFO
	 	 
	
        The vessels may be operated at reduced NCR of minimum approximately
        20% subject to an increase of the engine load to a level above the cut-in point of the auxiliary blowers

        (about 50% NCR) every 3 days for about 2 hours.

         

	Slow steaming/eco-figures
	To be understood as guidance only and strictly without guarantee
	 	 
	Laden	abt.   8.5 knots on about 29.2 mts HFO
	 	abt.   9.0 knots on about 31.5 mts HFO
	 	abt.   9.5 knots on about 34.0 mts HFO
	 	abt. 10.0 knots on about 36.5 mts HFO
	 	abt. 10.5 knots on about 39.1 mts HFO
	 	 
	In ballast 	abt.   8.5 knots on about 18.9 mts HFO
	 	abt.   9.0 knots on about 20.7 mts HFO
	 	abt.   9.5 knots on about 22.6 mts HFO
	 	abt. 10.0 knots on about 24.8 mts HFO
	 	abt. 10.5 knots on about 27.0 mts HFO

	Port Consumption:	 	Idle:	abt. 3.1 mts HFO
	 	 	Working:	abt. 6.7 mts HFO

 

All consumption figures are based on maximum 2% sludge content.

 

Fuel oil specification

 

Charterers shall only supply suitable fuels as per following
specification to enable main propulsion and auxiliary

 

  

    	3 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

machinery to operate efficiently and without harmful effects.
Fuels to be mineral based products of stable and homogeneous nature, complying with current CIMAC recommendations and ISO standard
8217:2010(E) or any subsequent amendments thereof, and shall not contain waste lubricants, tar oil, inorganic acids, chemicals
or any other harmful substances.

 

	Heavy Fuel Oil:	RMH 380, with CCAI (calculated carbon aromaticity index)
	 	maximum 860 (ignition reality)
	 	 
	Marine Diesel Oil:	DMB*
	 	 
	 	*US west coast or EU:
	 	  ISO 8217:2010 Class DMA or DMB
	 	  Sulphur content ≤ 0,10 % (ISO 8754)
	 	  Viscosity ≥ 4 cSt @ 40oC (ISO 3104)
	 	 
	Sludge removal, to be effected during loading and/or discharging operations in Charterers’ time and expenses.
	 
	Charterers shall provide 50 mt of MDO during sea passages for operation of auxiliaries/generators in case of emergency.

                     

                    Engines

                     

	Main Engine:	Type:	Hyundai B&W Type 6S70MC-C7
	 	MCR:	18,660 kW x 91.0 RPM
	 	NCR: 	15,861 kW x 86.2 RPM

 

	Power Supply:	3 Diesel Generators 	730kW each
	 	1 Emergency Diesel 	130kW

	 	 	 
	Tank capacities
	 	 	 
	High Sulphur Fuel Oil:	3,993.5 – 4,010.1 m3	(100%, incl. settling and service tanks)
	Low Sulphur Fuel Oil:	1,321.7 m3	(100%, incl. settling and service tanks)
	Diesel oil:	533.8 m3	(100%, incl. service and low sulphur MDO

tanks)
	Fresh water:	445.4 m3	(100%)
	Ballast capacity:	76,237.8 m3	(100%, incl. heavy weather ballast hold No. 6)
	 	22,894.9 m3	(100%, excl. heavy weather ballast hold No. 6)

 

Others

 

	 	 	 	 
	Fittings	 	 	 
	 	 	 	 
	CO2 Fitted:	 	No	 
	WWF/Australian hold latter fitted:	Yes	 	 
	Cement Holes on hatch covers:	No	 	 
	Fitted for Suez Canal transit:	 	Yes	 
	Vessel is suitable for grab discharge:	 	Yes	 

 

 

 

  

    	4 

    	 

    

 

1st ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

All
details about.

 

A)
OWNERS GUARANTEE VSL IS AND WILL REMAIN TO BE RIGHTSHIP APPROVED THROUGHOUT THE CHARTER. 

*
Owners confirm vessel is and will remain Rightship rated throughout the charter.

(We understand our ships do currently have highest
rating) 

B)
OWNERS GUARANTEE VESSEL IS NOT BLACKLISTED IN AUSTRALIA TRADING WITH AHL/ITF/WWF IN GOOD ORDER. 

*
Owners confirm to the best of their knowledge that the vessels are not blacklisted in Australia trading with AHL/ITF/WWF in good
order. 

C)
OWNERS GUARANTEE VESSEL IS FREE OF GYPSY ASIAN MOTH AND ITS LARVAE ON DELIVERY. 

*OK 

D)
OWNERS CONFIRM VSL IS SINGLE DECK SELF TRIMMING BULK CARRIER WITH E-B AFT. 

*OK 

E)
OWNERS CONFIRM VESSEL’S SPEED AND CONSUMPTION IS APPLICABLE FOR THE ENTIRE DURATION OF THE CHARTER PARTY. 

*
OK SUBJECT TO CL 100 

F)
OWNERS CONFIRM VSLS HOLDS/HATCHES ARE CLEAR AND UNOBSTRUCTED WITHOUT CENTRELINE BULKHEAD, FREE OF FRAMES TO THE TANKTOP AND FULLY
SUITABLE FOR GRAB/MECHANICAL DISCHARGE. 

*OK 

G)
OWNERS CONFIRM THAT THE VESSEL WILL HAVE ON BOARD ALL CERTIFICATES AND WILL PROVIDE ALL DOCUMENTS REQUIRED BY PORT AUTHORITIES
AT ABU DHABI / AL JUBAIL / BAHRAIN, AND WILL COMPLY WITH ALL UPDATED PORT REGULATIONS TO THIS EFFECT REQUIRED BY LOCAL AGENTS AND
PORT AUTHORITIES. 

*OK 

H)
OWNERS CONFIRM VESSEL HAS A VALID CERTIFICATE OF FINANCIAL RESPONSIBILITY (WATER POLLUTION) ISSUED BY THE US COAST GUARD DURING
THIS CHARTER WHICH SHOULD APPLY THE OIL POLLUTION ACT OF 1990. 

*OK 

I)
OWNERS CONFIRM VESSEL HAS NOT BEEN DETAINED IN USA FOR THE PAST 12 MONTHS. 

*
OK 

J)
OWNERS CONFIRM VESSEL IS SUITABLE FOR ALTERNATE HOLD LOADING AND ORE-STRENGTHENED. 

*OK 

K)
OWNERS CONFIRM VESSEL IS SUITABLE FOR DISCHARGE AT DUNKIRK EAST TERMINAL, FRANCE AND TARANTO, ITALY.

 

 

 

    	5 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd
SEPTEMBER 2015

 

 

 

*
AS TO DUNKIRK EAST - PLS REFER TO ATTACHED CLAUSE OF A SISTER VSL (IS THAT WHAT YOU MEAN ?) 

AS
TO TARANTO - PLS LET US KNOW WHAT YOU MEAN WITH SUITABILITY ? 

FYG
THESE SHIPS RESPECTIVELY THEIR SISTER HAVE ALREADY BEEN TRADING TO BOTH DUNKIRK EAST AND TARANTO

L)
OWNERS CONFIRM VESSEL IS SUITABLE FOR LOADING AT PONTA DE MADEIRA, BRAZIL.

 *
OK

M)
OWNERS CONFIRM VESSEL HAS SEPERATE BUNKER TANK FOR LOW SULPHUR FUEL. 

*
OK 

N)
OWNERS TO PROVIDE ECO SPEED/CONSUMPTION WHICH TO FORM PART TO C/P TC DESCRIPTION. 

*
as per TCD 

O)
OWNERS TO PROVIDE FULL TC DESCRIPTION INCL TT STRENGTHS AND HOLD/HATCH DIMENSION WITH FIRST COUNTER. 

*
PLS SEE ATTACHED EXCEPT SPEED/CONSUMPTION, WHICH TO BE REPLACED WITH FOLLOWING FIGURES 

*see
TCD 

P)
OWNERS TO COMPLETE CHARTERERS STANDARD QNAIRE (AS ATTACHED) WHICH IS TO FORM PART OF C/P. 

*
OK

 

OWNERS
WARRANT THAT THE VESSEL IS COMPLIANT WITH LATEST APPLICABLE SOLAS REGULATIONS AND RECOMMENDATIONS, AND IF THE VESSEL’S KEEL
WAS LAID ON OR AFTER 1ST JANUARY 2009, OWNERS FURTHER WARRANT THAT THE VESSEL IS FULLY COMPLIANT WITH THE SOLAS 2009 REGULATIONS,
OR ANY LATER AMENDMENT THERETO - IN PARTICULAR BUT NOT LIMITED TO RESOLUTION MSC.216(82)- SO AS NOT TO CHANGE THE VESSEL’S
CHARTER PARTY DEADWEIGHT AND CARGO INTAKE.

*
OK 

OWNERS
FURTHER CONFIRM THAT THEY HAVE AN IACS COMPLIANT AND APPROVED STABILITY PROGRAMME/SOFTWARE ONBOARD AND WILL BE MAINTAINED THROUGHOUT
THE CHARTER PARTY DURATION. 

*
OK

 

+
+ +

 

Clause
30 - P. and I. Club Clause and Classification
Clause 

It
is a condition of this Charter that the vessel is and will remain during the currency of the Charter classed highest class with
a full member of the international association of Classification Societies (IACS).

 

 

 

    	6 

    	 

    

  

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY
 MV E.R. BAVARIA
 DATED
HAMBURG, 23rd
SEPTEMBER 2015

 

 

  

Furthermore,
it is a condition of this Charter that the vessel is and will remain insured with a P. and I. Club, which is a full member of
the international group of P. and I. Club.

 

Clause
31 - Certificates, Laws and Regulations

A. It
is a condition of this Charter that the vessel is and will remain in all respects eligible for trading to the ports, places or
countries specified or not excluded in this Charter and that at all necessary times vessel and/or Owners shall have all valid
certificates, records and other documents required for such trade. Furthermore, it is a condition of this charter that the vessel
complies and will continue to comply with all applicable laws and regulations of the ports, places and countries specified or
not excluded in this Charter.

B.
It is a condition of this Charter that the vessel
is and will remain during the currency of this Charter in possession of the necessary valid equipment and all certificates, records
and documents necessary to comply with safety and health regulations, international regulations and all current requirements at
all ports of call, Suez canal included.

 

C.
BIMCO I.S.M. Clause 

From
the date of coming into force of the International Safety Management (ISM) Code in relation to the vessel and thereafter during
the currency of this Charter Party, the Owners shall procure that both the vessel and “the Company” (as defined by
the ISM code) shall comply with the requirements of the ISM Code. Upon request the owners shall provide a copy of the relevant
Document of Compliance (DOC) and Safety Management Certificate (SMC) to the Charterers. Except as otherwise provided in this Charter
Party, loss, damage, expense or delay caused by failure on the part of the Owners or “the Company” to comply with
the ISM Code shall be for Owners’ account.

 

D.
Deleted.

 

E.
Deleted. 

Any
and all delays to the vessel resulting from such partial or full non-compliance with this Clause shall not count as on-hire time.

 

Clause
32 - West Coast India Transit/Trading Clause: 

Notwithstanding
the BIMCO Piracy Clause 2009 and the Conwartime 2004 Clause, Owners agree to transit and trade the West Coast of India within
the 12 miles zone and transit into the Persian Gulf Navigating via the Piracy zone off the coast of Pakistan and Iran when requested
to do so by Charterers, without employing unarmed or armed guards in ballast condition of the ship without any crew bonus for
Charterers’ account. If the master decides to navigate outside the 12 nautical miles zone against Charterers order or when
the vessel navigates inside the piracy zone off the coast of Pakistan and Iran, then any applicable insurances net of no claim
bonus are for Charterers’ account. In case the vessel will transit such zone in laden condition, Owners will employ armed
guards and insure the vessel which Charterers to reimburse accordingly against original vouchers.

 

Clause
33 - Delivery/ redelivery/ on-off-hire /bunkers /notices 

A.
Vessel to be delivered dropping last outward sea pilot Bayuqan, at any time, day/night, Sundays/holidays included.

Vessel
to be redelivered in Charterers’ option at any time, day and night, Sundays and holidays included, on dropping last
outward sea pilot one safe port Singapore / Japan range.

 

 

 

    	7 

    	 

    

  

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

B.
On / off hire bunker survey 

An
on / off hire bunker and conditions survey shall be performed on delivery or on arrival first load port and redelivery or prior
sailing from the last discharge port in the presence of the vessels Master and/or Chief Engineer by a mutually accepted independent
Surveyor. Cost of such survey shall be borne jointly by Charterers and Owners. 

Any
time lost in loading and discharging as a direct result of interference from either survey to be mutually shared between Owners
and Charterers.

 

C.
Charterers have the option of redelivering the vessel upon completion of discharging without cleaning and sweeping of holds, in
consideration of which Charterers are to pay Owners U.S.$ 6,000.00 lump sum excluding any dunnage / debris / lashing removal which
to be arranged by Charterers at their time, risk and expense.

 

D.
Bunker Clause

Vessel to be delivered with about:

715.431 mt hfo

59.629 mt Isgo

 

Bunkers
on redelivery to be about the same as actually on board on delivery, except for Isgo quantity on redelivery which to be as onboard.
In case the vessel is delivered with hsfo and Isfo (max. 1%) to charts, the quantity and price to be treated as if the ship is
being delivered with hsfo only. Charterers are to replenish fuel oil bunkers for redelivery purposes with hsfo only.

 

Owners
warrant that:

 

They
will free up/provide a dedicated tank for Isgo that has sufficient Isgo capacity for eca-zone trading (abt 10-12 days trading
at full speed), latest 7 days prior entering any imo/marpol defined eca zone at owners time, risk and expense

 

The
vessel is fully compliant with the imo/marpol eca zone regulations as applicable from time to time throughout this cp. Any deviation
and consequential costs due to Owners non compliance with this clause including consequential damages shall be for owners account

 

Prices
both ends to be based as per Platts prices from nearest main bunkering port on day of delivery and redelivery respectively. If
delivery and/or redelivery falls on a holiday or weekend then the prices from the preceding working day to apply

 

Charterers
to pay for bunkers on delivery together with first hire payment and charterers to deduct value of estimated redelivery bunkers
from last sufficient hire payment(s. Charterers to have the option of bunkering the vessel for their own account prior to delivery
provided same does not interfere with owners’ operations. Owners to have the option of bunkering the vessel for their own
account prior to redelivery provided same does not interfere with charterers’ operations.

 

Bunker
samples to be taken at barge unless local regulation determine otherwise.

 

 

 

    	8 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen
&
Co.

ship
brokers since 1943

 

RIDER
TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Charterers
are allowed to bunker rmf 180 in South Africa / South America where rme 180 or rmg 380 is not available. Owners/charterers option
to bunker prior delivery/redelivery if same does not interfer with ships operations.

 

E.   Redelivery
notices: Charterers to give Owners not less than 30/20/15/10/5 days approximate notice of vessel’s expected port and date
of redelivery and 3/2/1 days definite notice of port and date of redelivery.

 

F.    Deleted.

 

Clause
34 - Time-Charter Period

Period about 5 (five) months to about 8 (eight) months,
about meaning plus/minus 15 days, exact period in Charterers’ option.

 

Clause
35 - Lawful Trades, Non-Lawful Merchandise and NAABSA

a) Trading Exclusions

 

“The
vessel shall be employed in lawful trades via good safe ports, safe berths and safe anchorages, always afloat, always accessible,
always within INL/IWL, always within War Risk Trading Warranties. Excluding all war and warlike zones which to be determined by
owners’ war risk underwriters, as well as any other place which the vessel is from time to time prohibited to call at by
the national authorities under which vessel is registered, and any countries/areas/ ports/places prohibited to call at from time
to time due to boycott and/or being banned and/or being sanctioned by the U.S., UN and/or NATO and/or EU and/or the country under
whose flag the vessel is sailing.

 

And
excluding: Cuba, Democratic Republic of Congo, Eritrea, Great Lakes, Gulf of Aqaba excluding Aqaba Port, Iraq, Iran, Israel, Nigeria,
North Korea, Somalia, Syria, Turkish occupied Cyprus, People’s Republic of Yemen (North and South Yemen).

Charterers
may trade the vessel to Israel, which may result in the vessel to be blacklisted/ sanctioned, under the condition that:

 

1.    Charterers
undertake to Indemnify the Owners for any direct duly proven damages they actually suffered as a result of any action resulting
from being blacklisted / sanctioned by the Arab League Inter alia preventing the trading of the vessel to Arab ports, in consequence
of following the Charterers orders to call at Israeli ports during the course of the Charter Party, subject to Owners obligation
to mitigate same, as the case may be.

 

2.    In
case of vessel being blacklisted, Charterers shall have the option to either take all necessary measures and incur related costs
in order to lift any sanctions and delete vessel from blacklist, or to obtain confirmation that vessel is not blacklisted.

 

In
both cases Charterers undertake to submit clear written statements, issued by the Arab league that the vessel is not listed on
the Arab league “black-list”, within 4 weeks after redelivery of the vessel to Owners’ satisfaction.

 

Alternatively,
in Charterers option or in case Charterers fail to provide Owners with written declarations, as outlined in paragraph 2, above,
paragraph 3. to apply.

 

 

    	9 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen
&
Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

3. In case Owners are to carry out “whitewashing”
procedure themselves, as described in paragraph 2. above, Charterers are to reimburse Owners for any reasonable expenses that Owners
may incur in respect of lifting of sanctions or deletion from blacklist or obtaining confirmation that vessel is not listed on
the Arab league -black-list. Said expenses are to be paid to Owners subject to them providing charterers with details of actions
carried out and providing vouchers evidencing actual payments for the deletion of the vessel from blacklist. In the event that
no vouchers are available Owners to provide Charterers with a copy of remittance slip instead to Charterers satisfaction, to be
considered as base tor Charterers reimbursement.

 

CONWARTIME 2004 to be included in this
agreement.

 

Should the political or social situation
in the world change so as to accept as regular trade areas in the shipping industry any countries or places listed in the trade
exclusions under this agreement, then such areas or places or countries may be excepted from the trade exclusions subject to the
owners’ prior consent, which shall not be unreasonably withheld and approval to be undertaken by the owners’ underwriters
of hull and machinery as well as war risk insurance.

 

On the other hand, if a country or countries
or a port or ports other than listed in the trade exclusions under this agreement must be included into those trade exclusions
due to change in the political or social situation of such ports or countries during the currency of this agreement, the owners
have the right to include such areas or ports or countries into the trade exclusions under this agreement subject to the charterers’
prior consent, which shall not be unreasonably withheld.

The vessel shall not be ordered to trade
directly between Taiwan and mainland China, unless such direct trade between Taiwan and mainland China be legally allowed under
governing laws. The vessel shall not be employed in cabotage trades.”

b) Cargo Inclusions

Permitted cargoes are coal in bulk, bauxite
in bulk, manganese ore in bulk, iron ore in bulk and/ or lumps and/or pellets and/or concentrates and/or fines, always within vessel’s
natural segregation and always loaded, stowed, carried and discharged in accordance with IMO recommendations. Direct redeuced iron/direct
reduced iron products/hot briquetted iron/sponge iron are always excluded. The vessel is to load and sail with a full cargo evenly
spread either in all holds or in alternate holds in Charterers’ option.

 

Indian Iron Ore Fines Clause

Charterers to provide shippers’ certificate of moisture + TML/FMP to the Master prior to loading. Basis aforementioned Owners
to permit loading, unless Owners / Master can justify that the cargo is off specs. Owners P. and 1. Club are to appoint a qualified
surveyor at Owners cost to supervise loading and keeping the Charterers well informed about such appointment. In the event that
Charterers / shippers are unable to provide the moisture content certificate in time, then the time lost as a consequence to be
for Charterers account. Master / Surveyors to have the right to reject the cargo found not to meet the safe transportable moisture
content limits of IMO, and Charterers to replace with cargo meeting IMO criteria. The time lost relating to cargo quality issues,
and related expenses, shall be for Charterers’ account, the Owners / Master will extend their best co-operation to the Charterers
/ shippers to see that cargo is not rejected by any parties involved without valid reason / cause related to TML. However if cargo
is at all rejected by Master / Surveyor then the rejected cargo to be jointly tested at mutually agreed test laboratory and report
of which to be binding on both parties. Any time losses and expenses caused by Owners / Master’s reject of cargo and conducting
survey/waiting for the result of same to be for Charterers’ account and vessel should fully remain on-hire during the currency
of aforementioned period in any case should the Master / Owners reject the presented cargo and the joint survey test results declare
the cargo to be within safe IMO limits, then the vessel is to be off-hire from the time of rejection and any time losses and expenses
caused thereby, to be for Owners’ account. All sampling of cargo to be duly witnessed by Charterers and/or shippers and jointly
surveyed as necessary (any sampling by Owners P. and I, Club without Charterers / shippers knowledge shall be treated null and
void).

 

 

    	10 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen
&
Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
36 - Crew Assistance

Time-Charter hire to include rendering all customary assistance by the crew also (see Clause 26) and provided local port regulations
permit, following works:

 

a)   Deleted;

 

b)   Opening and closing
of hatches;

 

c)   Shifting operations,
docking and warping;

 

d)   Bunkering;

 

e)   Deleted;

 

f)   Supervision of loading,
stowing, handing, lashing and/or discharging;

 

g)   Deleted;

 

h)   Preparing vessel’s
hatches / holds prior arrival to ports or commencement of operations provided weather permits and provided such work can be safely
done en route. See also below m);

 

i)   Deleted;

 

j)   Cargo officer to produce
general cargo stowage plan immediately according to cargo description given or if stowage plan is presented from ashore to check
and immediately advise omissions / errors etc. Making re-stowage or other measures necessary, failing which vessel to be responsible
for any extra expenses occurred and to be deducted from hire;

 

k)   Officers and crew to
work day and night, Saturdays, Sundays and holidays included. Above port services to be rendered provided local port regulations
permit;

 

1)   Cleaning of holds /cargo
spaces.

Cleanliness of vessel on arrival at first loading port under this Charter-Party Vessel’s holds condition upon delivery to
be clean, dry, free of lose paint, rust and/or rust scale as well as free of residues of her previous cargoes, and in all respect
ready to load intended cargo to surveyor’s / authorities satisfaction. In case one or more vessel’s holds should not
be ready as required, the vessel will be placed off-hire, from the moment of rejection until all holds are fully passed.

 

Intermediate Hold cleaning

Upon completion of discharge of each cargo if required by Charterers, vessel’s crew shall render assistance in cleaning the
holds, provided local labour regulations permit and weather permitting, against Charterers paying Owners a net lump sum of U.S.$
550.00 per hold used for each intermediate cleaning if only sweeping has been required by the Charterers and U.S.$ 650.00 per hold
if sweeping and washing has been required by the Charterers. In any case such cleaning is at Charterers’ time and risk. Owners
not to be responsible for any delays. Such cleaning work shall be performed while vessel is en route to next loading port, provided
that this can be safely done and that the duration of the voyage is sufficient. Crew will endeavour to effect such cleaning as
best as possible but without guarantee that the cargo holds will be sufficiently cleaned and accepted on arrival at loading port
and Owners shall not be responsible for any consequences arising from the fact that vessel’s crew has been employed in cleaning.
All fuel, chemical fresh water and consumable material used to be for Charterers’ account.

 

 

    	11 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen
&
Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Master / crew have to perform cleaning
as if the vessel would be trading for Owners’ account.

Owners not to be responsible for intermediate
hold cleaning and any expenses resulting thereof/incurred thereby and any detention through any of the above causes and vessel
to remain always on hire, Charterers to supply all necessary chemicals required to perform intermediate hold cleaning, also to
be responsible for washing waters disposal inside ports (if cannot pump out due to local regulations). Iron ore, pig iron, sulphur
and all cargoes require limewashing not to be last.

 

Clause
37 - Hire

All amounts payable by telegraphic transfer to Owners’ banking details as follows:

 

Beneficiary: Sechsundvierzigste “MICHEL”
Schiffahrts GmbH & Co.KG

Account Type: Opex

Account No: 1000455829

Bank: HSH Nordbank AG

Bank Code: 21050000

SWIFT: HSHNDEHHXXX

IBAN No: DE48210500001000455829

 

Account No USD: 1100361011

IBAN No USD: DE57210500001100361011

 

Hire payable every 15 (fifteen) days in
advance including overtime. The gross daily hire to be calculated basis the average of the 4 Baltic Cape Size Time Charter Routes
published by the Baltic Exchange over the previous 15 days in turn plus 6 per cent for size adjustment. The BCI rate is calculated
on the basis of the average of the 4 routes C8_03, C9_03, C10_03, C11_03 of the old BCI index.

 

First hire payable latest 3 banking days
after delivery. Charterers have the right to deduct value of bunkers on redelivery against last sufficient hire payments.

 

Owners have the option as from today to
convert the balance period of this Charter Party to a fixed rate for the remaining period corresponding to the 4TC Cape Size FFA
value plus 6 per cent for adjustment in turn discounted by 3.75 per cent address commission.

 

When Owners convert any period to a fixed
rate then that period is to always be a minimum of 3 months to maximum 12 months.

 

 

    	12 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co. 

ship
brokers since 1943

 

Rider
to charter party

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

It is specifically agreed that Owners retain multiple
option declaration rights subject to the above paragraph. Owners can declare such option on London working days only. When declaring
Owners shall have direct telephonic contact with Charterers to inquire about the current FFA level for the period they wish to
convert, which Owners may or may not accept. If Owners do accept then Charterers may either agree to same on a clean basis right
away or ask for a subject For FFA market liquidity and then try to execute the trade in the FFA market at the agreed level. In
case Charterers cannot execute the trade in the FFA market at the agreed level. In case Charterers cannot execute the trade due
to market liquidity then Owners’ declaration is to be considered null and void, but Owners maintain their option in full and may
declare at a later stage under same terms and conditions stipulated in this clause.

 

The agreed level, whether agreed clean or re-confirmed after Charterers subject
to FFA market liquidity, is to be applicable as fixed gross rate for the converted period always less 3.75 per cent address commission.

 

In case of disagreement between the Owners and the Charterers about current
FFA market level for the balance period which the Owners wish to fix, then the rate shall stay floating.

 

Should the BCI type be recalibrated in the future then the size adjustment
premium is to be adjusted up or down according to the official conversion factor as advised by the Baltic Exchange.

 

Clause 38 - Stevedore Damage Clause 

Any damage caused by stevedores during the currency of
this Charter-Party shall be reported by the Master to the Charterers or their Agents, in writing, within 24 hours of the occurrence
or as soon as possible thereafter but latest when the damage could have been discovered by the exercise of due diligence.

 

The Master shall use his best efforts to obtain written
acknowledgement by responsible parties causing damage unless damage should have been made good in the meantime. Stevedore damage
affecting seaworthiness or the proper working of the vessel and/or her equipment, shall be repaired without delay to the vessel
after each occurrence to vessel’s Class satisfaction in the Charterers’ time and shall be paid for by the Charterers and vessel
to remain on full hire. Other repairs shall be done at the same time, but if this is not possible, same shall be repaired whilst
vessel is in dry-dock in the Owners’ time, provided this does not interfere with the Owners’ repair work, or by vessel’s crew at
the owners’ convenience. All costs of such repairs shall be for the Charterers’ account. Any time spent in repairing stevedore
damage shall be for the Charterers’ account provided same not done in dry-dock as described above.

 

Owners shall endeavour to first recover stevedore damages
from stevedores directly, but Charterers to remain ultimately responsible.

 

Clause 39 - Insurance (premium) 

a) Vessel has a valid P. and I.
Club insurance with a full member of the international group of P. and I. Clubs and a collision insurance and a Hull and Machinery
insurance.

b) Any additional extra
war risk insurance premium, over and above basic war risk insurance, to be reimbursed by Charterers to Owners against original
underwriters’ and/or Brokers’ invoice / vouchers provided same does no exceed the quotes Charterers would obtain from their Lloyds
of London Underwriters.

 

 

 

    	13 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

 ship
brokers since 1943

 

Rider
to charter party 

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

c) Any rebates
/ discounts obtainable by Owners on extra war risk insurance premium to be reimbursed to Charterers.

 

d) Deleted.

 

Clause 40 - Safety 

A) It is understood that if necessary the vessel will
comply with any safety regulations and/or requirements applying during the currency of this charter in effect at port of loading
and/or discharging, a particular reference is the United States Department of Labour Safety and Health Regulations Set Forth in
part III of the Federal Register. It is agreed that should the vessel not meet safety rules and regulations applying at the time
of fixing and during the currency of the Charter, Owners will take immediate corrective steps and any stevedores standby time and
any other direct proven expenses involved including off-hire to be for Owners’ account.

 

B) Deleted.

 

Clause 41 - Bills of Lading

A) Clean Bills of Lading 

The vessel will only load cargo for which clean Bill(s)
of Lading can be issued. Where the Master takes legitimate exception to any cargo presented for loading, he shall immediately notify
shippers / Charterers or their Agents in order they may provide alternative cargo to Master’s satisfaction.

 

B) The Owners undertake to instruct the Master to authorize
Charterers or Charterers’ agent to issue and sign Bill(s) of Lading on Owners’ and Master’s behalf for cargo as presented in conformity
with mate’s receipts. All Bills of Lading shall be without prejudice to this Charter Party and the Charterers shall indemnify the
Owners against all consequences or liabilities which may arise from any inconsistency between this Charter and any Bills of Lading
or Sea Waybills signed by the Charterers or their agents or by the Captain at their request.

 

C) The Charterers warrant that each transport document
accompanying a shipment of cargo to a port of place in the USA. Shall be endorsed with a unique Bill(s) of Lading identifier, as
required by the U.S. Customs regulations (19 CRF Part 4 Section 42 a) including subsequent changes, amendments or modifications
thereto, not later than the first port of call non-compliance with the provisions of this Clause shall amount to a breach of warranty
for the consequences of which the Charterers shall be liable and shall hold the Owners harmless and shall keep them indemnified
against all claims whatsoever which may arise and be made against them.

 

D) Where the vessel loads from elevators,
Bills of Lading weight to be identical with elevator weight. 

E) Owners allow Charterers to discharge cargo without presentation
of original Bills of Lading against Charterers Letter of Indemnity. The said Letter of Indemnity to be in accordance with Owners’
P. and I. Club wording, printed on Charterers company paper, signed by a person who legally binds Charterers company and a faxed
copy of same being in Owners’ hands prior to vessel’s arrival at destination. In case of change of discharge port in Bills of
Lading, Owners to allow Charterers to discharge cargoes at new discharge port(s) and Charterers to provide Owners with Letter
of Indemnity as per Owners’ P. and 1. Club wording signed by Charterers only.

See also Clause No 67.

 

 

 

    	14 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since 1943

 

Rider
to charter party

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

F) Deleted.

 

G) Deleted. 

H) The USA Clause Paramount (where applicable), the New
Jason Clause, the New Both to Blame Collision Clause, the CONWARTIME 2004, the General Paramount Clause (where applicable), the
P. and I. Bunker Deviation Clause are deemed to be fully incorporated in this Charter Party and shall be included in all Bills
of Lading signed under this Charter Party.

 

1) No liner Bill(s) of Lading, no liner waybills, no
through and no combined transport Bill(s) of Lading to be issued under this Charter-Party.

 

No Hamburg Rules or other legislation imposing liability
more or above Hague-Visby Rules will be incorporated in the Bill(s) of Lading.

 

Clause
42 - Suez Canal Transit

Charterers’ right to sail vessel via Suez. Vessel to
provide a valid Suez Canal Tonnage Measurement Certificate. All other necessary documents, if required, to be valid at any time.

 

Clause 43
- Dry-Dock Clause 

No drydocking under this Charter Party is allowed unless
in case of emergency.

 

Clause 44 

Owners have the option of selling this vessel at any
time during the course of this Charter Party subject to Charterers approval of the buyers which not to be unreasonably withheld
and Owners will give Charterers at least 45 days prior notice of expected time and place which will not interfere Charterers’ normal
operation of the ship. All time lost and all directly related expenses including additional bunker consumed in related to such
sail to be for Owners’ account.

 

The buyers undertake to perform the balance of this Charter
Party at the same terms and conditions which to be stated in the sale contract.

 

Clause
45 - Arrest, Requisition, Seizure

A) Arrest Clause 

Should the vessel be arrested / ceased / detained during
the currency of this Charter at the suit of any person having or purporting to have a claim against or any interest in the vessel,
hire under this Charter shall not be payable. Any direct proven expenses related to the vessel shall be for Owners’ account unless
such arrest is due to the default of Charterers or their Agents.

B) Requisition Clause

Should the vessel be requisitioned by any
government or governmental authority during the period of this Charter, the vessel shall be off-hire during the period of such
requisition and any hire or other compensation paid in respect of such requisition shall be for Owners’ account. If the vessel
is requisitioned for a continuous period exceeding one month then Charterers to have the option of cancelling this Charter.

 

C) Seizure / Detention due
ownership and /or flag and /or registry Should the vessel be seized or detained or embargoed due to her flag, registry or
ownership during the currency of this Charter, the vessel is off-hire immediately from the time of her seizure or detention
or embargo always provided it interferes with cargo operations or sailing. All direct proven claims, losses, damages,
liabilities, cost (including legal fees) and fines arising therefrom to be for owners’ /vessel’s account until
the  time she resumes full service, unless seizure or detention or embargo is occasioned by any personal act or omission or
default of the Charterers or their Agents.

 

 

 

    	15 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since 1943

 

Rider to charter
party

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

  

Clause
46 - Eligibility

A) It is a condition of this Charter that vessel is not
and will not be during the currency of this Charter in any way directly or indirectly owned, controlled by or related to any Cuban,
North Korean or Iraqi interests. If the goods are to be loaded in or destined to the united states, then (1) Iran, Libya and Sudan,
Yugoslavia including Montenegro shall be added to this list, and (2) Owners guarantee that the vessel has not called at Cuban port
within 180 days of the vessel’s estimated arrival at a U.S. Port.

B) Without prejudice to the paragraph above, in
the event the country under whose flag or ownership the vessel sails becomes subject to economic sanctions which are imposed or
supported by the United Nations and/or the European Union and/or the United States of America, Charterers shall have the option
to cancel this Charter without penalty to either party, unless Owners will change the vessel’s registry/flag.

 

Clause 47 - Conduct
Master 

The provision of Clause No 9 does not affect the Charterers’ right to advance
any claim or require arbitration under Clauses No 17 / 69 of any
dispute regarding the conduct of the Master in prosecution of the voyages and in carrying out the orders and directions of the
Charterers.

 

Clause 48 

Deleted.

 

Clause 49 - War
Clauses 

A) in the event of outbreak of war between any of the
following countries : United States of America, Commonwealth of independent States, People’s Republic of China, United Kingdom,
Japan, France, Germany, Charterers and Owners have the option of cancelling this Charter. It is understood that war means direct
war between these nations and does not include local hostilities or civil war where any of the above countries support opposing
sides and does not include war against terrorism.

 

B) Deleted.

 

Clause 50 - Asian
Gypsy Moth Clause 

If the vessel is ordered to a port or country where
it may be exposed to infestation by Asian Gypsy Moth, Charterers guarantee to arrange and pay for Asia Gypsy Moth inspection and
issuance of Gypsy moth sanitary certificate by a recognized third party inspection body approved by owners on the day of departure
from each port or country or if same not possible in the next suitable port at Charterers expense and time and issuance of Gypsy
sanitary certificate to be for Charterers’ account. Charterers shall at all times ensure compliance with any regulations or requirements,
or shall indemnify Owners for so doing, issued or imposed by the Canadian, US or any other authorities in relation to vessels
which have traded to ports regarded at risk by those authorities and to be responsible that the vessel is eligible for future
trade to the USA, Canada, Australia, New Zealand or any other country that may ban the vessel from trading to it having called
CIS/Russian pacific ports.

 

 

 

    	16 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Charterers to arrange for fumigation and reissuance of certificate
at their cost and expense, including hotel accommodation for officers and crew should an infestation occur, while Owners, Master
and crew shall render all reasonable assistance to help Charterers eliminate any infestation.

 

Any time lost and expenses incurred at any port (including but
not limited to US ports, Australian ports, Canadian ports, New Zealand ports) as a consequence of the vessel’s calling at
a port or country where it may be exposed to infestation by Asian Gypsy Moth shall be for Charterers’ account and Charterers
to indemnify Owners for any and all consequences following from such calls at CIS Pacific ports including any claims in respect
of cargo allegedly affected either at the time or subsequently by the infestation.”

 

Clause 51

Deleted.

 

Clause 52

Hire shall not be due for any time lost by reason of any boycott
or any blacklisting or any threat to boycott or blacklisted the vessel on account of the flag, nationality of her registry, her
ownership or management, the nationality of any member of her crew or the terms on which the crew are engaged and owners shall
remain responsible for all direct related costs.

 

Provided vessel is empty, Charterers have the option of cancelling
this Charter Party if vessel is detained or boycotted for more than 30 days due to the flag, nationality of her registry, her ownership
or management, the nationality of any member of her crew or the terms on which the crew are engaged.

 

Clause 53
- Taxes / Dues

All taxes on cargo or voyage freight to be for Charterers’
account, except income taxes and taxes on Time-Charter hire levied in the country of the vessel’s and/or her Owners’
domicile. All dues, duties and/or taxes on crew and/or stores to be for Owners’ account.

 

Clause 54
- BIMCO Ship to Ship Transfer Clause for Time Charter Parties

(a) The Charterers shall have the right to order the Vessel
to conduct ship to ship cargo operations, including the use of floating cranes and barges. All such ship to ship transfers shall
be at the Charterers’ risk, cost, expense and time.

 

(b) The Charterers shall direct the Vessel to a safe area for
the conduct of such ship to ship operations where the Vessel can safety proceed to, lie and depart from, always afloat, but always
subject to the Master’s approval. The Charterers shall provide adequate fendering, securing and mooring equipment, and hoses
and/or other equipment, as necessary for these operations, to the satisfaction of the Master.

 

(c) The Charterers shall obtain any and all relevant permissions
from proper authorities to perform ship to ship operations and such operations shall be carried out in conformity with best industry
practice.

 

(d) If, at any time, the Master considers that the operations
are, or may become, unsafe, he may order them to be suspended or discontinued. In either event the Master shall have the right
to order the other vessel away from the Vessel or to remove the Vessel.

 

 

    	17 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

(e) If the Owners are required to extend their existing insurance
policies to cover ship to ship operations or incur any other additional cost/expense, the Charterers shall reimburse the Owners
for any additional premium or cost/expense incurred.

 

(f) The Charterers shall indemnify the
Owners against any and all consequences arising out of the ship to ship operations including but not limited to damage to the Vessel
and other costs and expenses incurred as a result of such damage, including any loss of hire; damage to or claims arising from
other alongside vessels, equipment, floating cranes or barges; loss of or damage to cargo; and pollution.

 

Clause 55

Charterers at liberty to place mobile cranes
on deck to facilitate discharge, all costs and time and risk to be for Charterers account and sufficient dunnage (if required by
class or Master) to be placed underneath the cranes to spread the weight, which in any case not to exceed permissible deck strength.
Should any cutting or welding or reinforcement be necessary on railings or other deck fittings to accommodate the placement of
such cranes on deck, then risk, expenses and time of such works to be for Charterers account.

 

Charterers will be fully responsible for
any and all damages, times, expenses and costs (including but not limited to all burnt paint on deck and underneath, normal wear
and tear excepted) and that all works to be under Master / Officer’s supervision and to Classification Societies and Master’s
satisfaction, Cutting or welding of hatch covers is strictly prohibited.

 

Clause 56

Deleted.

 

Clause 57 - Deratization

Owners to provide valid deratization certificate
on vessel’s delivery. The cost of renewal of deratization certificate and detention thereof, if any, shall be for Owners’
account.

 

Clause 58
- Representation Expenses

Representation costs such as meals, victualling,
accommodation, radio messages, telephone calls and Master’s representation expenses to be for Charterers’ account who
will pay a lump sum of U.S.$1,500.00 per month or pro rata, payable every 15 days in advance together with hire payment.

 

Clause 59 - Deviation
/Put Back

Should the vessel put back whilst on voyage
by reason of an accident or breakdown or in the event of loss of time either in port or at sea or deviation upon the course of
the voyage for owners’ matters, or caused by sickness or accident to the crew or any person on board the vessel or by reason
of the refusal of the Master or crew to perform duties, the hire shall be suspended from the time of such event, until the vessel
is again at Charterers’ full use and disposition at a point equidistant to the vessel’s next destination and voyage
resumed therefrom provided always that due allowance shall be given for any distance made good towards the vessel’s destination
and any bunker saved. All direct expenses incurred including bunkers consumed during the period for suspended hire shall be for
Owners’ account. However, should the vessel be driven into port or anchorage by stress or weather or by any cause for which
the Charterers are responsible under this Charter-Party, the vessel shall remain on hire and all costs thereby incurred shall be
for the Charterers’ account.

 

 

    	18 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
60 - Stowaways and Smuggling

A)  any
direct related delays, expenses, damages, losses, fines, consequences whatsoever and however arising on account of stowaways to
be for Owners’ account.

 

B)   any
delays, expenses, damages, losses, fines, consequences whatsoever and howsoever arising on account of smuggling to be for vessel’s
/ Owners’ account provided caused by vessel’s crew, Charterers to remain responsible for detention of vessel due to
smuggling committed by Charterers’ employees.

 

C)   Whenever
under the terms of this Clause Owners could be responsible for any extra expenses or consequences, same are strictly limited to
proven direct resulting extra expenses/ consequences. Any loss of profit, commercial losses and consequences and storage/ transshipment
expenses to be strictly excluded from Owners’ responsibility.

 

Clause
61 - Quarantine and Health

A)  Normal
quarantine time and expenses for entering ports shall be for Charterers’ account.

 

B)  The
Owners shall be liable for any delay, expenses, losses, damages, fines, consequences in quarantine arising from the Master or any
of the deck or engine. Officers or crew having communication with the shore at any infected area without the written consent or
instructions of Charterers or their agents, also for any loss of time through detention by customs or other authorities caused
by smuggling or their infraction of local law on the part of the Master or any crew.

C)  The
Owners shall arrange at their expense that Master, Officers and crew of vessel hold valid vaccination certificates and necessary
health certificates during the Charter.

 

Clause
62

Deleted.

 

Clause
63 - Deck Cargo

Charterers have no option to load cargo
on deck.

 

Clause
64 - Deduction Clause

Without prejudice to Charterers’
other rights under this Charter, it is expressly agreed that the Charterers have the liberty to deduct from hire damages suffered
by Charterers for reason of Owners / disponent Owners / vessel not complying with any warranty / condition given in this charter
(including addendum).

 

Clause
65 - Time bar for claims

Charterers shall be discharged and released
from all liability in respect of any claims Owners may have under this Charter unless a claim has been presented to Charterers
in writing with all available supporting documents within 24 (twenty-four) months from the date of redelivery.

 

Clause
66 - Australian Port Call Clause

If the vessel proceeds to Australian ports,
Owners guarantee that the vessel and her equipment comply with current Australian navigation regulations and without prejudice
to Charterers’ other rights Owners to indemnify Charterers for any consequences arising from partial or full non-compliance
with this stipulation. Owners guarantee that the vessel is fitted with valid Australian hold and pilot ladders in accordance with
WWF requirements or any amendments thereto, and will remain so throughout the currency of this Charter. The Owners hereby
confirm that the Owners duly acknowledge the voluntary guidelines for controls of the discharging of ballast water and sediments
for entering Australia from overseas stipulated by Australian quarantine and inspection service.

 

 

    	19 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER PARTY 

MV E.R. BAVARIA 

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
67 - L.O.I Return Clause

The Letter(s) of Indemnity will automatically
expire upon return to and receipt by Owners of the original Bills of Lading whatever earlier.

 

Clause
68 - Early Termination of Charter

Without prejudice to Charterers’
other rights under this Charter which may entitle Charterers to terminate this Charter, the following is to apply :

If the vessel is placed off-hire more than
30 consecutive days, Charterers have the option to cancel the balance period of this Charter without penalty whatsoever.

 

Clause
69 - Arbitration

A) this
contract is governed by and construed in accordance with English Law. Any dispute arising out of or in connection with this Charter-Party
shall be referred to arbitration in London.

 

B)  all
disputes arising out of or relating to this contract where the total amount claimed (excluding interest and costs) by either party
does not exceed U.S. $l00’000.- Shall be conducted in accordance with the LMAA Small Claim Arbitration Procedure.

 

C)  all
other disputes, failing amicable settlement, shall be settled as follows :

1.  Unless
the parties agree upon a sole arbitrator, one arbitrator shall be appointed in writing by each of the parties. The arbitrators
so appointed shall appoint a third arbitrator and the reference shall be to the three-man tribunal thus constituted.

2.  In
case one of the parties fail to appoint an arbitrator in the course of the 14 calendar days following the first appointment, the
decision of the sole arbitrator firstly appointed to be final and binding.

3.  The
arbitrators shall be commercial shipping men conversant with shipping matters and members of the LMAA.

4.  Otherwise
the parties shall refer to the LMAA Arbitration Procedure for any other unspecified event / item.

 

Clause 70

Deleted.

 

Clause
71

Fixture to be kept absolutely Private and
Confidential.

 

Clause 72

Deleted.

 

Clause
73 - Bunker Quantity Control Clause

(1) The Charterers shall supply bunkers
of a quality suitable for burning in the vessel’s engines and auxiliaries without harmful effects and which conform to the
specifications mutually agreed in this Charter.

 

 

    	20 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

  

(2) Charterers are to provide the vessel
with bunkers in accordance with ISO standard 8217:2005(e) RMG380 grade for IFO and DMB grade for MDO, but if Charterers cannot
supply bunkers within said specifications Charterers shall have the option to supply RMF180 and DMA, respectively, in South Africa
only. 

(3)
At the time of delivery of the Vessel and if requested, the Owners shall place at the disposal of the Charterers, the bunker delivery
note(s) and any samples relating to the fuel existing on board.

 

(4)
During the currency of the Charter the Charterers shall ensure that bunker delivery notes are presented to the Vessel on the delivery
of fuel(s) and that during bunkering representative samples of the fuel(s) supplied shall be taken at the Vessel’s bunkering
manifold and scaled in the presence of competent representatives of the Charterers and the Vessel.

 

(5) The fuel samples shall be retained
by the vessel for 60 (sixty) days after the date of delivery or for whatever period necessary in the case of a prior dispute and
any dispute as to whether the bunker fuel conform to the agreed specification(s) shall be settled by analysis of the sample(s)
by FOBAS or by another mutually agreed fuel analyst whose findings shall be conclusive evidence as to conformity or otherwise with
the bunkers fuels specification(s).

 

(6) The Owners reserve their right to make
a claim against the Charterers for any damage to the main engines or the auxiliaries caused by the use of unsuitable fuels or fuel
not complying with the agreed specification(s).
Additionally, if bunker fuels supplied do not conform with the mutually agreed specification(s) or otherwise prove unsuitable for
burming in the ship’s engines or auxiliaries the Owners shall not be held responsible for any reduction in the vessel’s
speed performance and/or increased bunker consumption nor for any time lost and any other consequences.

 

(7) With reference to paragraph (2) above,
in case of non-availability of RMG 380 in South Africa Charterers shall have the option to supply RMF 180 instead thereof. Quantity
of RMF 180 shall be limited to the estimated consumption including safety margin of the vessel to reach the next bunkering port
where RMG 380 is available. The RMF 180 shall be stored by the vessel in separate bunker tanks. 

(a) Before burning the fuel quality shall
be analyzed by FOBAS at Charterers expense. If it turns out that the fuel quality supplied is unsuitable for burning in the vessels
engines, Charterers shall be responsible for the removal of those bunkers from the vessel.

 

(b) In order to improve the efficiency
of the burning, Owners may apply Unitor “dual purpose plus” or equivalent into the bunker fuel at Charterers costs.
Notwithstanding the above, Owners agreement to exceptionally burn RMF 180 may not be regarded as a waiver of Owners’ rights
for recourse against Charterers in respect of their failure to supply fuel oil of a quality suitable for burning in the vessel’s
engines and auxiliaries without harmful effects. Charterers shall remain fully and ultimately responsible for all and whatsoever
damages, losses, delays, deviation and all other losses incurred by Owners thereby. No mixing of bunkers.

 

Clause
74 - Hamburg Rules Charter-Party Clause 

Neither the Charterers nor their Agents
shall permit the issue of any Bill of Lading, waybill or other document evidencing a contract of carriage (whether or not signed
on behalf of the Owners or on the Charterers’ behalf or on behalf of any sub-Charterers) incorporating, where not compulsorily
applicable, the Hamburg Rules or any other legislation giving effect to the Hamburg Rules or any other legislation imposing liabilities
in excess of Hague or Hague / Visby Rules. Charterers shall indemnify the Owners against any liability, loss or damage which may
result from any breach of the foregoing provisions of this Clause.

 

 

    	21 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

  

Clause
75 - Bulk Carrier Safety Clause 

A) the Charterers shall instruct the terminal
operators or their representatives to cooperate with the master in completing the IMO ship /shore safety checklist and shall arrange
all cargo operations strictly in accordance with the guidelines set out therein.

 

B) in additional to the above and notwithstanding
any provision in this Charter-Party in respect of loading / discharging rates, the Charterers shall instruct the terminal operators
to load / discharge the vessel in accordance with the loading / discharging plan which shall be approved by the Master with due
regard to the vessel’s draught, trim, stability, stress or any other factor which may affect the safety of the vessel.

 

C) at any time during cargo operations
the Master may, if he deems it is necessary for reason of safety of the vessel, instruct the terminal operators or their representative
to slow down or stop the loading or discharging.

 

Clause
76 - Oil Pollution 

Group of P. and I. has adjusted the liability
clause to the present legal position regarding oil pollution through ships (no tankers): 

 

(1) Owners warrant that throughout the
currency of this charter they will provide the vessel with the following certificates : 

Certificates issued pursuant to section
1016 (a) of the oil pollution act 1990, and section 108 (a) of the comprehensive environmental response, compensation and liability
act 1980, as amended in accordance with Part 138 of Coast Guard Regulations 33 CFR, from (indicate the earliest date upon which
the Owners may be required to deliver the vessel into the charter or, if later, the date inserted in sub- paragraph (a) above,
so long as these can be obtained by the Owners from or by (identify the applicable scheme or schemes).

 

(2) Notwithstanding anything whether printed
or typed herein to the contrary: 

A) save as required for compliance with
paragraph (1) hereof, Owners shall not be required to establish or maintain financial security or responsibility in respect of
oil or other pollution damage to enable the vessel lawfully to enter, remain in or leave any port, place, territorial or contiguous
waters of any country, state or territory in performance of this Charter.

 

B) Charterers shall indemnify owners and
hold them harmless in respect of any loss, damage, liability or expense (including but not limited to the costs of any delay incurred
by the vessel as a result of any failure by the Charterers promptly to give alternative voyage orders) whatsoever and howsoever
arising which owners may sustain by reason of any requirement to establish or maintain financial security or responsibility in
order to enter, remain in or leave any port, place or waters, other than to the extent provided in paragraph (1) hereof. 

C) Owners shall not be liable for any
loss, damage, liability or expense whatsoever and howsoever arising which Charterers and/or the holders of any Bill of Lading
issued pursuant to this Charter may sustain by reason of any requirement to establish or maintain financial security or
responsibility in order to enter, remain in or leave any part, place or waters, other than to the extent provided in
paragraph (1) hereof.

 

 

    	22 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

(3) Charterers warrant  that the
terms of this Clause will be incorporated effectively into any Bill of Lading issued pursuant to this Charter.

 

Clause
77 - Ballast Clause 

Any special treatment of ballast water
as may be required by any government or other official sources such as chlorination, has to be arranged and paid for by the Time
Charterers. In no event shall the vessel be placed off-hire should Charterers fail to supply the necessary chemicals / substances
to the master of the vessel well in time.

 

Clause
78 - Agents 

Charterers agree that their Agents will
undertake without charge normal minor husbandry matters as Owners’ Agents. In case of cash advances to Master, Owners will
put Agents in funds prior vessel’s arrival and for repairs / hospitalization / crew changes etc. Owners will either appoint
their own Agent or will pay Agents an additional handling fee.

 

Clause
79 - BIMCO Non-Lien Provision Clause 

Charterers will not suffer, nor
permit to be continued any lien / encumbrance incurred by them or their Agents which might have priority over the title and interest
of the Owners in the vessel. In no event shall Charterers procure or permit to be procured, for the vessel, any supplies, necessaries
or services without previously obtaining a statement signed by an authorized representative of the furnisher thereof, acknowledging
that such supplies, necessaries or services are being furnished on the credit of the Charterers and not on the credit of the vessel
or of her owners and that the furnisher claims no maritime lien on the vessel therefore.

 

Clause
80 - Charterers’ Equipment 

All equipment put on board by Charterers
for vessel’s use during the currency of this Charter shall be in good working condition and duly certified and class approved.
Charterers shall indemnify the Owners in respect of any liability for loss and/or damage to vessel, cargo, crew, stevedores and
all other servants and people they may sustain by reason of failure or inadequacy of any equipment supplied to the vessel by Charterers,
their servants or stevedores.

 

Clause
81 - Ex-Import Permit 

Export and/ or import permits for
Charterers’ cargo to be at Charterers’ risk and expense. Charterers to obtain and be responsible for all
necessary permits to enter and/or trade in and out of all ports during the currency of this Charter at their own risk and
expense. Taxation or levies whatsoever for these purposes to be for Charterers’ account and to be paid by Charterers.
Charterers to remain responsible to arrange for Standard Carrier Alpha Code (SCAC).

 

Clause 82 

Owners are signatories to the Sea Carrier
Initiative Agreement and will remain so for the duration of the Charter-Party. Owners agree to rigorously apply the obligations
incumbent upon them as required by the said sea initiative agreement. Charterers undertake to hold Owners, Master and crew harmless
and keep each of them indemnified against all claims which may be made upon them or each of them as a result of the breach of
the U.S. Anti Drug Abuse Act 86 by Charterers. Any time lost or expenses, including fines and all damages resulting from a possible
arrest of the vessel, incurred due to Charterers’ breach of the before mentioned warranty are for Charterers’ account.

 

 

    	23 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
83 - U.S. Tax Reform 1986 Clause 

Any U.S. Gross Transportation Tax as
enacted by the United State Public Law 99-154, (also referred to as the  U.S. Tax Reform Act of 1986), including later
changes or amendments, levied on income attributable to transportation under this Charter-Party which begins or ends in the
United States is treated as U.S. Source Transportation Gross lncome, shall be reimbursed by the Charterers.

 

Clause 84 

Charterers have the option of adding any
time during which the vessel is off hire for longer than 48 hours per occasion for any reasons valid under present Charter-Party
within 7 days after completion of each 6 (six) months period under this Charter-Party, Charterers to declare in writing their option
to add off-hire time incurred during said period.

 

Clause 85 

Deleted.

 

Clause
86 - BIMCO U.S. Customs Advance Notification/AMS Clause for Time Charter Parties 

(a) if the vessel loads or carries cargo
destined for the us or passing through US ports in transit, the Charterers shall comply with the current us customs regulations
(19 CFR 4.7) or any subsequent amendments thereto and shall undertake the role of carrier for the purposes of such regulations
and shall, in their own name, time and expense: 

i) have in place a SCAC (Standard Carrier
Alpha Code); 

ii) have in place an ICB (International
Carrier Bond); 

iii) provide the owners with a timely
confirmation of i) and ii) above; and 

iv) submit a cargo declaration by AMS (Automated
Manifest System) to the US Customs and provide the Owners at the same time with a copy thereof.

 

(b) the Charterers assume liability for
and shall indemnify, defend and hold harmless the owners against any loss and/or damage whatsoever (including consequential
loss and/or damage) and/or any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited
to legal costs, arising from the Charterers’ failure to comply with any of the provisions of sub-clause (a). Should such failure
result in any delay then, notwithstanding any provision in this charter party to the contrary, the vessel shall remain on hire.

 

(c) if the Charterers’ ICB is used to meet
any penalties, duties, taxes or other charges which are solely the responsibility of the Owners, the Owners shall promptly reimburse
the Charterers for those amounts.

 

(d) the assumption of the role of carrier
by the Charterers pursuant to this Clause and for the purpose of the US Customs Regulations (19 CFR 4.7) shall be without prejudice
to the identity of carrier under any Bill of Lading, other contract, law or regulation. 

It is understood Clause applied only to
the inbound cargoes to U.S.A. But never for cargoes exported from U.S.A. Charterers’ Agents to arrange for submission of E-NOA
at the U.S. ports of call.

 

 

    	24 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

  

Clause 87 

Deleted.

 

Clause
88 - ISPS/MTSA Clause For Time Charter Parties 2005 

(a) (i) The Owners shall comply with the
requirements of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter
XI of SOLAS (ISPS Code) relating to the Vessel and “the Company” (as defined by the ISPS Code). If trading to or from
the United States or passing through United States waters, the Owners shall also comply with the requirements of the US Maritime
Transportation Security Act 2002 (MTSA) relating to the Vessel and the “Owner” (as defined by the MTSA). 

(ii) Upon request the Owners shall provide
the Charterers with a copy of the relevant International Ship Security Certificate (or the interim International Ship Security
Certificate) and the full style contact details of the Company Security Officer (CSO). 

(iii) Loss, damages, expense or delay
(excluding consequential loss, damages, expense or delay) caused by failure on the part of the Owners or “the Company”
/ “Owner” to comply with the requirements of the ISPS Code / MTSA or this Clause shall be for the Owners’ account,
except as otherwise provided in this Charter Party.

 

(b) (i) The Charterers shall provide the
Owners and the Master with their full style contact details and, upon request, any other information the Owners require to comply
with the ISPS Code / MTSA. Where sub-letting is permitted under the terms of this Charter Party, the Charterers shall ensure that
the contact details of all sub-Charterers are likewise provided to the Owners and the Master. Furthermore, the Charterers shall
ensure that all sub-Charter Parties they enter into during the period of this Charter Party contain the following provision: 

“The Charterers shall provide the
Owners with their full style contact details and, where sub-letting is permitted under the terms of the charter party, shall ensure
that the contact details of all sub-Chartercrs are likewise provided to the Owners”. 

(ii) Loss, damages, expense or delay (excluding
consequential loss, damages, expense or delay) caused by failure on the part of the Charterers to comply with this Clause shall
be for the Charterers’ account, except as otherwise provided in this Charter Party. 

(c) Notwithstanding anything else contained
in this Charter Party all delay, coste or expenses whatsoever arising out of or related to security regulations or measures required
by the port facility or any relevant authority in accordance with the ISPS Code/MTSA including, but not limited to, security guards,
launch services, vessel escorts, security fees or taxes and inspections, shall be for the Charterers’ account, unless such
costs or expenses result solely from the negligence of the Owners, Master or crew. All measures required by the Owners to comply
with the Ship Security Plan shall be for the Owners’ account.

 

(d) If either party makes any payment which
is for the other party’s account according to this Clause, the other party shall indemnify the paying party.

 

Footnote: This Clause replaces previously
published ISPS Clause for Time Charter Parties AND the US Security Clause for Time Charter Parties, both of which are now officially
withdrawn.

 

Clause 89

Deleted.

 

 

    	25 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER
PARTY 

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause 90

Deleted.

 

Clause 91

Deleted.

 

Clause 92

Deleted.

 

Clause 93
- Ocean Routing Clause

The vessel shall be capable at all times during the currency
of this Charter of steaming as per description.

 

The Charterers may in their option and their cost engage Ocean
Routes or similar service to monitor the vessel’s course, position, speed, in order to maximize the vessel’s performance.

 

Master is to follow Ocean Routes or similar service’s
suggestions concerning navigation but Master, at his reasonable discretion may not follow suggested route in which case he has
to detail in log book the reasons for departing from them. Any deviation to be advised as soon as possible both Ocean Routes or
similar service and to the Charterers stating reason. In the event of any discrepancy or dispute between deck log and ocean routes
or similar service, an independent and mutually agreed weather routing company shall be appointed for verification.

 

Clause 94

It is understood and agreed that the current (at time of fixing)
list of countries under the joint war committee hull war strikes, terrorism and related perils (JWC list) has been reviewed and
accepted as allowed trading places for which Charterers are to pay the extra war risk premium (subject to Clause 35), such premium
not exceed what is quoted by Lloyds London Underwriters and unless the vessel is not specifically excluded from trading such area(s)
by Owners Trading Exclusions. Any new area(s) being added to the list (JWC list) after the vessel’s fixture has been concluded
to be reviewed immediately and Owners to provide Charterers full co-operation unless vessel’s leading hull Underwriter specifically
have excluded the specific area from trading even against any additional war risk premium. Owners’ war risk insurance is
with Lloyds.

 

Clause 95

Owners agree to transit GoA/Suez and JWC area in Indian Ocean
on most safe direct routing basis present prevailing conditions. Below BIMCO Piracy Clause to apply.

 

The Charterers will reimburse the Owners
for the costs of security firm, extra crew bonus, insurances (such as extra WRI, LoH and K&R insurance) and hardening of the
vessel against original invoices up to the amount of USD 35,000. However it is understood that the security of the vessel and
responsibility for the security team remains at all times that of the Owners and Master. If during the charter period the actual
costs of insurances, crew bonuses or guards in total exceed the lump sum amount payable by Charterers by more than 5%,
Owners and Charterers shall agree to a reasonable increase of the lump sum payment in good faith. Same shall apply
if due to new rules / regulations or union crew employment terms with regard to trading in piracy areas the actual costs should
increase by more than 5%. 

BIMCO Piracy Clause for Time Charter Parties 2009

 

 

    	26 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER
PARTY 

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

(a)  The Vessel shall
not be obliged to proceed or required to continue to or through, any port, place, area or zone, or any waterway or canal (hereinafter
“Area”) which, in the reasonable judgement of the Master and/or the Owners, is dangerous to the Vessel, her cargo,
crew or other persons on board the Vessel due to any actual, threatened or reported acts of piracy and/or violent robbery and/or
capture/seizure (hereinafter “Piracy”), whether such risk existed at the time of entering into this charter party or
occurred thereafter. Should the Vessel be within any such place as aforesaid which only becomes dangerous, or is likely to be or
to become dangerous, after her entry into it, she shall be at liberty to leave it.

 

(b)  If in accordance with sub-clause
(a) the Owners decide that the Vessel shall not proceed or continue to or through the Area they must immediately inform the Charterers.
The Charterers shall be obliged to issue alternative voyage orders and shall indemnify the Owners for any claims from holders
of the Bills of Lading caused by waiting for such orders and/or the performance of an alternative voyage. Any time lost as a result
of complying with such orders shall not be considered off-hire.

 

(c)  If the Owners consent
or if the Vessel proceeds to or through an Area exposed to the risk of Piracy the Owners shall have the liberty:

(i)   to take reasonable
preventative measures to protect the Vessel, her crew and cargo including but not limited to re-routeing within the Area, proceeding
in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment
on or about the Vessel;

(ii)  to comply with
the orders, directions or recommendations of any underwriters who have the authority to give the same under the terms of the insurance;

(iii) to comply with
all orders, directions, recommendations or advice given by the Government of the Nation under whose flag the Vessel sails, or other
Government to whose laws the Owners are subject, or any other Government, body or group, including military authorities, whatsoever
acting with the power to compel compliance with their orders or directions; and

 

(iv) to comply with
the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body
which has the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject,
and to obey the orders and directions of those who are charged with their enforcement; and the Charterers shall indemnify the Owners
for any claims from holders of Bills of Lading or third parties caused by the Vessel proceeding as aforesaid, save to the extent
that such claims are covered by additional insurance as provided in subclause (d)(iii).

 

(d)  Costs

(i)   If the Vessel proceeds
to or through an Area where due to risk of Piracy additional costs will be incurred including but not limited to additional personnel
and preventative measures to avoid Piracy, such reasonable costs shall be for the Charterers’ account. Any time lost waiting
for convoys, following recommended routeing, timing, or reducing speed or taking measures to minimize risk, shall be for the Charterers’
account and the Vessel shall remain on hire;

(ii)  If the Owners
become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area
which is dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed
to the Owners by the Charterers;

 

 

    	27 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER
PARTY 

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

(iii) If the underwriters
of the Owners’ insurances require additional premiums or additional insurance cover is necessary because the Vessel proceeds
to or through an Area exposed to risk of Piracy, then such additional insurance costs shall be reimbursed by the Charterers to
the Owners;

(iv) All payments arising
under Sub-clause (d) shall be settled within fifteen (15) days of receipt of Owners’ supported invoices or on redelivery,
whichever occurs first.

 

(e)  If the Vessel is
attacked by pirates any time lost shall be for the account of the Charterers and the Vessel shall remain on hire.

 

(f)   If the Vessel is
seized by pirates the Owners shall keep the Charterers closely informed of the efforts made to have the Vessel released. The Vessel
shall remain on hire throughout the seizure and the Charterers’ obligations shall remain unaffected, except that hire payments
shall cease as of the ninety-first (91st) day after the seizure and shall resume once the Vessel is released. The Charterers shall
not be liable for late redelivery under this Charter Party resulting from seizure of the Vessel by pirates.

 

(g)  If in compliance
with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment
of this Charter Party. In the event of a conflict between the provisions of this Clause and any implied or express provision of
the Charter

 

Clause 96

Deleted.

 

Clause 97
- Breaking I.N.L. Clause

The Charterers have the right to break International Navigation
Limits with the Charterers giving due notice well in advance to the Owners. The Charterers to reimburse extra insurance thereby,
which not exceeding Lloyds scale and are entitled to have the benefit of any discounts received by the Owners for such extra insurance,
provided the Underwriters agree to hold the vessel covered.

 

Clause 98
- lce Clause

Deleted.

 

Clause 99
- Inspection Clause

The Charterers and/or their supercargo(es) and/or their representative(s)
shall have free and unlimited access to the whole vessel including but not limited to bridge, holds, engine room, all vessels tanks
including bunker, lubricating oil, sludge, ballast, water, freshwater tanks, except crew cabins, during the Charter period. Whenever
required the Master must bring the vessel to an even trim to ensure correct bunker soundings. The Charterers and/or their supercargo(es)
and/or their representative(s) to have free and unlimited access to the vessels deck and engine log books, radio logs, tank plans,
calibration scales and/or other plans as requested and are allowed to make copies of same.

 

Clause 100

Should bottom cleaning become necessary at any time during the
Charter as part of the vessels maintenance then the vessel shall be off-hire for any time thereby lost and all costs to be for
Owners’ account.

 

 

    	28 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship
brokers since 1943

 

RIDER TO CHARTER
PARTY 

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

If the vessel is encountering prolonged stay, minimum twenty
five (25) days in a port and/or at anchorage, and there is strong reason to believe that the vessels hull has acquired excessive
marine growth affecting vessel’s speed/cons due to the stay at this specific port and/or anchorage, Owners are to arrange
for a diver inspection in Charterers’ time and at Charterers’ expense. Should the result of this diver inspection indicate
there is excessive marine growth on the hull, which is directly related to this specific port/anchorage stay, Owners to arrange
underwater scrubbing of the hull in Charterers time and at Charterers’ expense, prior to vessels departure from the port
or anchorage, if same can be done without unreasonable delay. If the underwater scrubbing is not available or cannot be carried
out at the port in question, same to be carried out in Charterers time/expense in the next convenient port. Charterers agree not
to claim for under performance of the vessel for the passage from the port/anchorage in question until underwater scrubbing is
carried out, provided the under performance is directly related to the above specific port/anchorage stay.

 

Clause 101

BIMCO Bunker Fuel Sulphur Content Clause for Time Charter Parties
2005

 

(a) Without prejudice to anything else contained in this
Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the Vessel, at all times, to
comply with the maximum sulphur content requirements of any emission control zone when the Vessel is ordered to trade within
that zone. The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker surveyors used by the
Charterers to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI, including the Guidelines in
respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend and hold harmless the
Owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers’
failure to comply with this Sub-clause (a).

 

(b)  Provided always
that the Charterers have fulfilled their obligations in respect of the supply of fuels in accordance with Sub-clause (a), the Owners
warrant that:

(i)   the Vessel shall
comply with Regulations 14 and 18 of MARPOL Annex VI and with the requirements of any emission control zone; and

 

(ii)  the Vessel shall
be able to consume fuels of the required sulphur content when ordered by the Charterers to trade within any such zone. Subject
to having supplied the Vessel with fuels in accordance with Sub-clause (a), the Charterers shall not otherwise be liable for any
loss, delay, fines, costs or expenses arising or resulting from the Vessel’s failure to comply with Regulations 14 and 18
of MARPOL Annex VI.

 

(c)  For the purpose
of this Clause, “emission control zone” shall mean zones as stipulated in MARPOL Annex VI and/or zones regulated by
regional and/or national authorities such as, but not limited to, the EU and the US Environmental Protection Agency.

 

Clause 102 - OFAC Clause

1.0 The Owners warrant and undertake that throughout the currency
of this Charter Party:

 

 

    	29 

    	 

    

 

1st
ORIGINAL

 

 

Harper
Petersen & Co.

ship brokers since 1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

1.1
The vessel shall not be named on the list of
special designated nationals and blocked persons (the “SDN List”) as published and amended from time to time by the
U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”); and

 

1.2
The vessel’s registered Owner shall not be named
on the SDN List; and

 

1.3
The vessel shall not be owned, chartered, operated
or controlled by any person or entity named on the SDN List; and

 

1.4
The vessel shall not be flagged or registered by a country that is subject to the U.S. Sanctions Laws administered by OFAC from
time to time (The “U.S. SANCTIONS”) and acceptance of the vessel by Charterers shall not constitute a violation of
US sanctions; and

 

1.5
The vessel shall not be owned or chartered by
a person or entity that is registered, constituted or organized in, or that is a citizen or resident of or located in, a country
that is subject to the U.S. sanctions and acceptance or trading of the vessel by Charterers would constitute a violation of US
sanctions; and

 

1.6
Acceptance and trading of the vessel by the Charterers
throughout the Charter Party duration shall not constitute a violation of any sanctions laws of the United Nations, the United
Kingdom, the European Union, the United States of America, by the Charterers as if it were subject to such sanctions laws, all
as amended from time to time.

 

2.0
Should at any time during this Charter Party
Owners be in breach of any of the provisions and/or warranties contained in this clause, then;

 

2.1
Owners shall indemnify the Charterers against
any Josses or damages whatsoever resulting, and

 

2.2
Charterers shall have the right to immediately
cancel the Charter Party.

 

3.0
The Charterers warrant and undertake that throughout
the currency of this Charter Party;

 

3.1
The Charterers shall not be named on the list
of special designated nationals and blocked persons (the “SDN List”) as published and amended from time to time by
the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”); and

 

3.2
The vessel shall not be chartered, operated or
controlled by any person named on the SDN List; and

 

3.3
The vessel shall not be chartered by a person
or entity that is registered, constituted or organised in, or that is a citizen or resident of or located in, a country that is
subject to the US sanctions.

 

4.0
Should at any time during this Charter Party
Charterers be in breach of any of the provisions and/or warranties contained in this clause, then:

 

4.1
Charterers shall indemnify the Owners against
any losses or damages whatsoever resulting, and

 

4.2
Owners shall have the right to immediately cancel
the Charter Party.

 

 

 

    	30 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
103 - Slow Steaming Clause

Notwithstanding
anything else in this Charter Party is the following clause only applicable when the vessel is ordered by Charterers to operate
at 50% MCR or lower.

 

The
Charterers may at their discretion provide, in writing to the Master, instructions to reduce speed or RPM (main engine Revolutions
Per Minute) and/or instructions to adjust the Vessel’s speed to meet a specified time of arrival at a particular destination.

 

		(i)	Where
the Charterers give instructions to the Master to adjust the speed or RPM, regardless of whether this results in the engine(s)
operating above or below the cut-in point of the Vessel’s engine(s) auxiliary blower(s), the Master shall, subject always to the
Master’s obligations in respect of the safety of the Vessel, crew and cargo and the protection of the marine environment, comply
with such written instructions, provided that such instructions will not result in the Vessel’s engine(s) and/or equipment operating
outside the manufacturers’/designers’ recommendations as published from time to time. If the manufacturers’/designers’ recommendations
issued subsequent to the date of this Charter Party require additional physical modifications to the engine or related equipment
or require the purchase of additional spares or equipment, the Master shall not be obliged to comply with these instructions.

 

		(ii)	It
is recognized that low load engine operation shall result in savings on cylinder as well as system lubrication oils. It is however
also acknowledged by Charterers that low load engine operation may necessitate more frequent cleaning of turbo chargers, the vessels
exhaust system as well as the economizer and will result in more wear and tear of auxiliary blowers necessitating that Owners
keep an extra piece of auxiliary blower incl. impeller, gasket and electronic motor onboard. Charterers shall reimburse owners
directly related and documented extra cost and time incurred due to additional maintenance and/or excessive wear and tear resulting
from low load operation, provided that the recommendations and procedures of the engine manufacturers have been followed at all
times.

 

		(iii)	In
case any of the auxiliary blower spares have been used as replacement low load operation might have to be suspended until the
used spare part is replenished. The costs of replacement of spare parts supplied by Owners, including costs of transport and installation/fitting
to be borne by Charterers.

 

		(iv)	After
a maximum of 3 consecutive days of slow steaming the engine is to be operated at a load of min 50% MCR or as deemed necessary
to achieve a suitable cleaning of the ancillary equipment for a minimum of 2 hours.

 

Clause
104 

Deleted.

 

Clause
105 

Owners
confirm that the vessel will have on board all certificates and will provide all documents required by port authorities at Abu
Dhabi / AI Jubail / Bahrain, and will comply with all updated port regulations to this effect required by local agents and port
authorities.

 

 

 

    	31 

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co.

ship brokers since
1943

 

RIDER
TO CHARTER PARTY

MV E.R. BAVARIA

DATED HAMBURG, 23rd SEPTEMBER 2015

 

 

 

Clause
106 - BIMCO Radioactivity Clause 

(a)
the vessel shall not be obliged to proceed or
required to continue to or through or remain at, any port, place, area or zone, or any waterway or canal (hereinafter “area”)
which may expose the vessel, her cargo, crew or other persons on board the vessel to danger from levels of ionizing radiations
from or contamination by radioactivity from any nuclear fuel, nuclear waste or from the combustion of nuclear fuel, or the radioactive,
toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly
or component thereof (hereinafter “radioactivity”) determined by a competent local, national or international authority
(including but not limited to the International Atomic Energy Authority and the world health organization) to be harmful to human
health.

 

(b)
If in accordance with sub-clause (a) the Owners
decide that the vessel shall not proceed or continue to or through or remain in the area they must immediately inform the Charterers.
The Charterers shall be obliged to issue alternative voyage orders and shall indemnify the Owners for any claims from holders
of the Bills of Lading caused by waiting for such orders and/or the performance of an alternative voyage. Any time lost as a result
of waiting for or complying with such orders shall not be considered off-hire.

 

(c)
The vessel shall have liberty to comply with
all orders, directions, recommendations or advice of competent authorities and/or the flag state of the vessel in respect of arrival,
routes, ports of call, destinations, discharge of cargo, delivery, or in any other way whatsoever.

(d)
The Charterers warrant that they shall not load
cargoes and/or empty containers and/or supply bunkers that have levels of radioactivity in excess of normal background radiation
levels for the area. The Owners, at their discretion, may arrange for a radioactive survey by an independent qualified Surveyor,
at the Charterers’ cost, expense and time. If the level of radioactivity in the cargoes, empty containers and/or bunkers is determined
by the Surveyor to exceed normal background levels, the Owners shall have the right to refuse to load such cargoes, empty containers
and/or bunkers.

 

(e)
Any delays arising out of measures taken by port
authorities to screen the vessel for radiation either in the countries affected by radioactivity or at subsequent ports of call
shall be for the Charterers’ account. Any time lost as a result of complying with such screening shall not be considered off-hire.

(f)
If in compliance with this Clause anything is
done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this Charter Party. In the
event of a conflict between the provisions of this Clause and any implied or express provision of the Charter Party, this Clause
shall prevail to the extent of such conflict, but no further.

 

Clause
107

To
offset general errors / omissions, Owners to give Charterers minimum 3 (three) banking days written notice, in case of delayed
hire payment, before exercising their right under this contract. When so rectified within those 3 (three) banking days following
Owners’ notice, the payment shall stand as regular and punctual and Owners will not withdraw the vessel.

 

Clause
108 

Deleted.

 

+     +     +

 

 

 

    	32Exhibit
10.55

 

1st
ORIGINAL

 

Harper
Petersen & Co. 

london•hamburg

ship
brokers since 1943

 

Addendum
No. 1

to
Charter Party MV “E.R. BAVARIA”

dated
Hamburg, 23rd September 2015

 

 

 

It
has today been mutually agreed between

 

Messrs. 

Sechsundvierzigste
“Michel” Schiffahrts GmbH & Co. KG

c/o
E.R. Schiffahrt GmbH & Cie. KG

Hohe
Bleichen 12

20354 Hamburg 

-
as Owners -

 

and

 

Messrs. 

Oldendorff
Carriers GmbH & Co. KG, Lübeck 

- 
as Charterers -

 

That

 

		•	The
charter is extended in direct continuation with new period and hire to start as from 01st June 2016 00:01 hours local
time

 

		•	Period:
minimum 11 months / maximum 13 months, exact period in Charterers’ option

 

Otherwise
as per governing CP MV E.R. Bavaria / Oldendorff - dd 23.09.2016 except logically amended and with the following agreed alterations:-

 

Clause
32 to delete and replace with:

- 
Transit Clause: 

notwithstanding
the BIMCO Piracy Clause 2009 and the Conwartime 2004 clause captioned in this charter party, if requested by charterers, 

Owners
agree to transit from West Coast India via Pakistan and Iran into the Persian Gulf or vice versa, if/when the vessel navigates
inside the piracy zone then any applicable insurances net of no claim bonus are for charterers’ account but charterers
will not be required to pay for crew bonus and/or armed/unarmed guards.

 

Clause33
to add: 

Owners
warrant that no bunkers have been purchased from or supplied to the vessel by any OW bunkers related entity within the last 18
months preceding the day of delivery.

If the vessel should get arrested due to any previous bunkers purchased from or supplied
to the vessel by any OW bunkers related entity, the owners shall provide security to get the vessel released as soon as possible,
latest within 48 hours from the time of such arrest being effected.

 

 

 

     1

    	 

    

 

1st
ORIGINAL

 

Harper
Petersen & Co. 

london•hamburg

ship
brokers since 1943

 

Addendum
No. 1

to
Charter Party MV “E.R. BAVARIA”

dated
Hamburg, 23rd September 2015

 

 

 
 

The
owners shall indemnify the charterers for all resulting damages and/or losses if the charterers should lose their current or next
employment due to delays resulting from such arrest related to bunkers purchased from or supplied by any OW bunkers related entity,
as well as for any additional costs, damages and/or losses resulting from such arrest under the current voyage employment at the
time of the arrest being effected.

 

Clause
95 

paragraph
(a): insert at the beginning “except as otherwise specifically agreed.”

 

Hamburg, 21th April 2016

 

	The Owners:	 	The Charterers:
	 	 	 	 	 
	Signatory	:	 	 	Signatory	:	 
	 	 	 	 	 	 	 
	Title/Position	:	 	 	Title/Position	:	 
	 	 	 	 	 	 	Oldendorff Carriers GmbH & Co.
    KG

    Mr. Jens Jacobsen

    Executive Director

 

 

 

     2

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