Document:

EX-4.2

 Exhibit 4.2 

Private and Confidential 
 DATED 24th August 2021 
 NAVIOS MARITIME ACQUISITION CORPORATION (1) 

as borrower 
 and

 NAVIOS MARITIME PARTNERS L.P. (2) 

as lender 
  

 
 LOAN
AGREEMENT 
 in respect of 

a loan of up to USD45,000,000 
  

 
  

 
 PIRAEUS 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	Purpose and definitions	  	 	3	 
			
	 2
	 	The Lender’s Commitment, Loan and Use of Proceeds	  	 	11	 
			
	 3
	 	Interest	  	 	12	 
			
	 4
	 	Repayment and prepayment	  	 	12	 
			
	 5
	 	Fees and expenses	  	 	13	 
			
	 6
	 	Payments and taxes; Accounts and calculations	  	 	14	 
			
	 9
	 	Conditions	  	 	26	 
			
	 10
	 	Events of Default	  	 	27	 
			
	 11
	 	Indemnities	  	 	30	 
			
	 12
	 	Unlawfulness and Increased Costs mitigation	  	 	31	 
			
	 13
	 	Security and miscellaneous	  	 	32	 
			
	 14
	 	Intentionally left blank	  	 	34	 
			
	 15
	 	Assignment, transfer and disclosure	  	 	35	 
			
	 16
	 	Notices	  	 	36	 
			
	 17
	 	Governing law	  	 	36	 
			
	 18
	 	Jurisdiction	  	 	36	 
		
	 Schedule 1 Form of Drawdown Notice
	  	 	42	 
		
	 Schedule 2 Conditions precedent
	  	 	43	 

  
 2 

 THIS AGREEMENT is dated 24th August 2021 and
made BETWEEN: 
  

	(1)	 NAVIOS MARITIME ACQUISITION CORPORATION as Borrower; and 

 

	(2)	 NAVIOS MARITIME PARTNERS L.P. as Lender. 

IT IS AGREED as follows: 
  

	1	 PURPOSE AND DEFINITIONS 

 

	1.1	 Purpose 

This Agreement sets out the terms and conditions upon which the Lender agrees to make available to the Borrower a loan facility of up to
USD45,000,000 for the purpose of funding working capital requirements of ongoing operations. 
  

	1.2	 Definitions 

In this Agreement, unless the context otherwise requires: 

“Advance” means the principal amount of each drawing to be made in respect of the Loan pursuant to Clause 2.2; 

“Banking Day” means a day on which dealings in deposits in USD are carried on in the London Interbank Eurocurrency Market and
a day (other than Saturday or Sunday) on which banks are open for general business in London, Piraeus and New York City; 
 “Borrowed
Money” means Indebtedness in respect of (i) money borrowed and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt instrument, (iii) acceptance or documentary credit facilities,
(iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) deferred payments for assets or services acquired, (vi) finance leases and hire purchase contracts, (vii) swaps,
forward exchange contracts, futures and other derivatives, (viii) any other transaction (including without limitation forward sale or purchase agreements) having the commercial effect of a borrowing or of any of (ii) to (vii) above and
(ix) guarantees in respect of Indebtedness of any person falling within any of (i) to (viii) above; 

  
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 “Borrower” means Navios Maritime Acquisition Corporation a company
incorporated in the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 

“Certified Copy” means in relation to any document delivered or issued by or on behalf of any company, a copy of such document
certified as a true, complete and up to date copy of the original by any of the directors or officers for the time being of such company or by such company’s attorneys or solicitors; 

“Closing Date” means the date on which the conditions precedent set out in Clause 8 have been satisfied or waived by the
Lender; 
 “Commitment” means, in relation to the Loan, the maximum amount which the Lender has agreed to lend to the
Borrower under clause 2.1 as reduced by any relevant term of this Agreement; 
 “Default” means any Event of Default or any
event or circumstance which with the giving of notice or lapse of time or the satisfaction of any other condition (or any combination thereof) would constitute an Event of Default; 

“Dollars” and “USD” mean the lawful currency of the USA and in respect of all payments to be made under this
Agreement means funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other US dollar funds as may at the relevant time be customary for the settlement of international banking transactions
denominated in US dollars); 
 “Drawdown Date” means, in respect of an Advance, any date being a Banking Day falling during
the Drawdown Period, on which that Advance is, or is to be, made available; 
 “Drawdown Notice” means a notice
substantially in the form of schedule 1; 
 “Drawdown Period” means the period commencing on the Closing Date and ending on
the earlier of (i) the date falling ninety (90) days after the Closing Date or such other date as the Lender and the Borrower may agree and (ii) any date on which the Commitment is finally cancelled or fully drawn under the terms of
this Agreement; 
 “Encumbrance” means any mortgage, charge, pledge, lien, hypothecation, assignment, title retention,
preferential right, option, trust arrangement or security interest or any other encumbrance, security or arrangement conferring howsoever a priority of payment in respect of any obligation of any person; 

  
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 “Event of Default” means any of the events or circumstances listed in
clause 10.1; 
 “Execution Date” means the date on which this Agreement has been executed by all the parties hereto; 

“Facility Period” means the period starting on the first Drawdown Date and ending on such date as the Lender determines that
all payment obligations whatsoever of the Borrower under or pursuant to this Agreement whensoever arising, actual or contingent, have been irrevocably paid; 

“FATCA” means: 
  

	 	(a)	 sections 1471 to 1474 of the Code or any associated regulations or other associated official guidance;

  

	 	(b)	 any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an
intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or 

  

	 	(c)	 any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue
Service, the US government or any governmental or taxation authority in any other jurisdiction; 

 “FATCA
Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates
to payments of interest and certain other payments from sources within the US), 1 July 2014; or 

  

	 	(b)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA; 

“FATCA Deduction” means a deduction or withholding from a payment under this Agreement required by FATCA; 

“FATCA Exempt Party” means a party that is entitled to receive payments free from any FATCA Deduction; 

  
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 “Group” means at any relevant time the Borrower and its subsidiaries ; 

“Group Member” means any member of the Group; 

“Indebtedness” means any obligation howsoever arising (whether present or future, actual or contingent, secured or unsecured
as principal, surety or otherwise) for the payment or repayment of money; 
 “Interest Payment Date” has the meaning given
thereto in Clause 3.1.1; 
 “Latest Accounts” means, in respect of any financial year of the Group, the latest financial
statements required to be prepared pursuant to clause 8.1.6; 
 “Legal Reservations” means: 

 

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court, the limitation of
enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  

	 	(b)	 the time barring of claims under applicable limitation laws, the possibility that an undertaking to assume
liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; 

 

	 	(c)	 any general principles, reservations or qualifications, in each case as to matters of law as set out in any
legal opinion; 

  

	 	(d)	 the principle that any additional interest imposed under any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void; 

  

	 	(e)	 the principle that, in certain circumstances, security granted by way of fixed charge may be characterised as a
floating charge or that security purported to be constituted by way of an assignment may be recharacterised as a charge; 

  

	 	(f)	 the principle that the courts of England may not give effect to an indemnity for legal costs incurred by an
unsuccessful litigant; and 

  

	 	(g)	 similar principles, rights and defences under the laws of any Pertinent Jurisdiction 

  
 6 

 “Lender” means Navios Maritime Partners L.P., a limited partnership formed
in the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 

“Loan” means the principal amount borrowed by the Borrower under this Agreement or (as the context may require) the principal
amount owing to the Lender under this Agreement at any relevant time (as the same shall be increased from time to time by the capitalisation of interest in accordance with clause 3.1); 

“Material Adverse Effect” means, a material adverse effect on: 

 

	 	(a)	 the business, assets or financial condition of the Borrower or any other Group Member; or

  

	 	(b)	 the ability of the Borrower to perform its obligations under this Agreement; 

“Permitted Encumbrance” means any Encumbrance created pursuant to or expressly permitted by this Agreement and permitted liens
or otherwise permitted by the Lender and any lien arising by the operation of law; 
 “Perfection Requirements” means the
making or procuring of appropriate registrations, filings, endorsements, notarisations, stampings and/or notifications of this Agreement determined by the legal advisers to the Lender to be necessary in any Pertinent Jurisdiction for the
enforceability or production in evidence of this Agreement to the extent such matters are complied with within any timeframe specified by law or this Agreement; 

“Pertinent Jurisdiction” means any jurisdiction in which or where the Borrower is incorporated, resident, domiciled or has a
permanent establishment or assets; 
 “Proceedings” means any litigation, arbitration, legal action or judicial,
quasi-judicial or administrative proceedings whatsoever arising or instigated by anyone in any court, tribunal, public office or other forum whatsoever and wheresoever (including, without limitation, any action for provisional or permanent
attachment of any thing or for injunctive remedies or interim relief and any action instigated on an ex parte basis); 
 “Prohibited
Person” means a person that is: 
  

	 	(a)	 listed on, or owned or controlled by a person listed on any Sanctions List; 

  
 7 

	 	(b)	 permanently located, organised or resident in, a country or territory that is the target of country-wide
Sanctions (in each case other than to the extent dealings with such person are licensed, approved, exempted or permitted pursuant to Sanctions); or 

  

	 	(c)	 otherwise a target of Sanctions (other than to the extent dealings with such person are licenced, approved,
exempted or permitted pursuant to Sanctions). 

 “Register” has the meaning specified in clause 15.3 

“Repayment Date” means the date which falls on the first anniversary of the first Drawdown Date; 

“Required Authorisation” means any authorisation, consent, declaration, licence, permit, exemption, approval or other
document, whether imposed by or arising in connection with any law, regulation, custom, contract, security or otherwise howsoever which must be obtained at any time from any person, government entity or central bank or other self-regulating or
supra-national authority in order to enable the Borrower lawfully to draw the Loan and/or to enable the Borrower lawfully and continuously to continue its corporate existence and/or perform all its obligations whatsoever whensoever arising under
this Agreement; 
 “Sanctions” means any economic or trade sanctions laws, regulations, embargoes or restrictive measures
administered, enacted or enforced by: 
  

	 	(a)	 the United States government; 

 

	 	(b)	 the United Nations; 

  

	 	(c)	 the European Union or any of its Member States; 

 

	 	(d)	 the United Kingdom; 

  

	 	(e)	 any country to which the Borrower is bound; or 

 

	 	(f)	 the respective governmental institutions and agencies of any of the foregoing, including without limitation,
the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States Department of State, and Her Majesty’s Treasury (“HMT”) (together “Sanctions Authorities”).

  
 8 

 “Sanctions List” means the “Specially Designated Nationals and Blocked
Persons” list issued by OFAC, the “Consolidated List of Financial Sanctions Targets and Investment Ban List” issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities; 

“Taxes” includes all present and future income, corporation, capital or value-added taxes and all stamp and other taxes and
levies, imposts, deductions, duties, charges and withholdings whatsoever together with interest thereon and penalties in respect thereto, if any, and charges, fees or other amounts made on or in respect thereof (and “Taxation” shall be
construed accordingly); and 
 “Unlawfulness” means any event or circumstance which either is or, as the case may be, might
in the reasonable opinion of the Lender become the subject of a notification by the Lender to the Borrower under clause 12.1. 
  

	1.3	 Construction 

In this Agreement, unless the context otherwise requires: 
  

	1.3.1	 clause headings and the index are inserted for convenience of reference only and shall be ignored in the
construction of this Agreement; 

  

	1.3.2	 references to clauses and schedules are to be construed as references to clauses of, and schedules to, this
Agreement and references to this Agreement include its schedules; 

  

	1.3.3	 references to (or to any specified provision of) this Agreement or any other document shall be construed as
references to this Agreement, that provision or that document as in force for the time being and as duly amended and/or supplemented and/or novated; 

  

	1.3.4	 references to a “regulation” include any present or future regulation, rule, directive, requirement,
request or guideline (whether or not having the force of law) of any Government Entity, central bank or any self-regulatory or other supra-national authority (including, without limitation, any regulation implementing or complying with (1) the
“International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004, in the form existing on the date of this Agreement (“Basel
II”) and/or (2) Basel III and/or (3) Basel IV and (4) any other law or regulation which, at any time and from time to time, implements and/or amends and/or supplements and/or re-enacts
and/or supersedes, whether in whole or in part, Basel II and/or Basel III and/or Basel IV (including CRD IV and CRR), and whether such implementation, application or compliance is by a Government Entity, a lender or any company affiliated to it);

  
 9 

	1.3.5	 references to any person in or party to this Agreement shall include reference to such person’s lawful
successors and assigns and references to the Lender shall also include a Transferee; 

  

	1.3.6	 words importing the plural shall include the singular and vice versa; 

 

	1.3.7	 references to a time of day are, unless otherwise stated, to London time; 

 

	1.3.8	 references to a person shall be construed as references to an individual, firm, company, corporation or
unincorporated body of persons or any Government Entity; 

  

	1.3.9	 references to a “guarantee” include references to an indemnity or any other kind of assurance
whatsoever (including, without limitation, any kind of negotiable instrument, bill or note) against financial loss or other liability including, without limitation, an obligation to purchase assets or services as a consequence of a default by any
other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; 

  

	1.3.10	 references to any statute or other legislative provision are to be construed as references to any such statute
or other legislative provision as the same may be re-enacted or modified or substituted by any subsequent statute or legislative provision (whether before or after the date hereof) and shall include any
regulations, orders, instruments or other subordinate legislation issued or made under such statute or legislative provision; 

  

	1.3.11	 a certificate by the Lender as to any amount due or calculation made or any matter whatsoever determined in
connection with this Agreement shall be conclusive and binding on the Borrower except for manifest error; 

  

	1.3.12	 if any document, term or other matter or thing is required to be approved, agreed or consented to by the Lender
such approval, agreement or consent must be obtained in writing unless the contrary is stated; and 

  

	1.3.13	 the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing
words where a wider construction is possible. 

  

	1.4	 Contracts (Rights of Third Parties Act) 1999 

Except for clause 17.6.4 no part of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who
is not a party to this Agreement. 

  
 10 

	2	 THE LENDER’S COMMITMENT, LOAN AND USE OF PROCEEDS 

 

	2.1	 The Commitment 

In reliance upon each of the representations and warranties in clause 7, the Lender agrees to make available by way of loan to the Borrower on
the terms of this Agreement the principal sum of up to USD45,000,000 for the purpose of funding working capital requirements of ongoing operations. 
  

	2.2	 Drawdown  

On the terms and subject to the conditions of this Agreement, the Loan shall be advanced in as many Advances as required by the Borrower up to
a maximum aggregate amount of USD45,000,000, each on a Drawdown Date following receipt by the Lender from the Borrower of a Drawdown Notice not later than 10 a.m. London time on the Banking Day before such proposed Drawdown Date. A Drawdown Notice
shall be effective on actual receipt by the Lender and, once given, shall be irrevocable. 
  

	2.3	 Amount 

The principal amount specified in a Drawdown Notice for borrowing on a Drawdown Date shall, subject to the terms of this Agreement,
(A) not exceed (i) USD45,000,000 less (ii) the aggregate of such amounts as may have been made available under this Agreement prior thereto and (B) be a whole multiple of USD1,000,000. 

 

	2.4	 Availability 

Upon receipt of a Drawdown Notice complying with the terms of this Agreement the Lender shall, subject to the provisions of clause 8, make an
Advance available to the Borrower on the relevant Drawdown Date in payment to such account as the Borrower shall specify in the relevant Drawdown Notice. No Advance may be made after the expiry of the Drawdown Period. 

 

	2.5	 Cancellation 

If any part of the Loan is not drawn down by the end of the Drawdown Period, the Commitment shall thereupon be automatically cancelled and the
Lender shall have no further obligation under this Agreement. 

  
 11 

	2.6	 Use of Proceeds 

The Lender shall have no responsibility for the Borrower’s use of the proceeds of the Loan and is not bound to monitor or verify the
application of any amount borrowed pursuant to the terms of this Agreement. 
  

	3	 INTEREST  

 

	3.1	 Interest rate 

 

	3.1.1	 Subject to Clause 3.1.2, the Loan shall bear interest at the rate of 11.50% per annum, payable on the day
falling three (3) months after the first Drawdown Date and at three-monthly intervals thereafter (each, an “Interest Payment Date”). 

  

	3.1.2	 Interest on the Loan shall be compounded on each Interest Payment Date and shall be payable by the Borrower on
the Repayment Date. Notwithstanding the foregoing, the Borrower may, at its option, pay all or any part of such compounded interest in cash at any time. 

  

	3.2	 Default interest 

If the Lender fails to receive any sum whatsoever on its due date for payment under this Agreement, the Borrower must pay interest on such sum
on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate of two (2.0) per cent per annum over the interest rate referred to in Clause 3.1. Such interest shall be due and payable on demand, shall
accrue daily and shall be compounded annually. 
  

	4	 REPAYMENT AND PREPAYMENT 

 

	4.1	 Repayment 

Subject as otherwise provided in this Agreement, the Borrower must repay the Loan on the Repayment Date. 

 

	4.2	 Voluntary prepayment 

The Borrower may prepay the Loan in whole or in part (being USD1,000,000 or any larger sum which is a whole multiple of USD1,000,000) at any
time. 

  
 12 

	4.3	 Amounts payable on prepayment 

Any prepayment of all or part of the Loan under this Agreement shall be made without any prepayment penalty but together with: 

 

	4.3.1	 accrued interest on the amount to be prepaid to the date of such prepayment; 

 

	4.3.2	 any additional amount payable under clause 6.6; and 

 

	4.3.3	 if of the whole Loan, all other sums payable by the Borrower to the Lender under this Agreement.

  

	4.4	 Notice of prepayment;  

 

	4.4.1	 No prepayment may be effected under clause 4.2 unless the Borrower shall have given the Lender at least three
(3) Banking Day’s prior written notice of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Lender, shall be irrevocable, shall specify the amount to be prepaid and shall
oblige the Borrower to make such prepayment on the date specified. 

  

	4.4.2	 Amounts prepaid may not be re-borrowed. 

 

	5	 FEES AND EXPENSES 

 

	5.1	 Fees 

The Borrower agrees to pay to the Lender on the first Drawdown Date a non-refundable upfront fee of
USD450,000.  
  

	5.2	 Expenses 

The Borrower agrees to reimburse the Lender on a full indemnity basis on demand for all expenses and/or disbursements whatsoever: 

 

	5.2.1	 in respect of, legal fees certified by the Lender as having been incurred by it from time to time and at any
time and all other expenses and/or disbursements certified by the Lender as having been incurred by it in relation to the negotiation, consideration, approval and structuring of this Agreement and the arrangements contemplated hereby:

  

	5.2.2	 in connection howsoever with the negotiation, preparation, execution and, where relevant, registration of this
Agreement and of any contemplated or actual amendment, indulgence or the granting of any waiver or consent howsoever in connection with this Agreement; and 

  
 13 

	5.2.3	 in contemplation or furtherance of, or otherwise howsoever in connection with, the exercise or enforcement of,
or preservation of any rights, powers, remedies or discretion under this Agreement or any amendment thereto or consideration of the Lender’s rights thereunder or any action proposed or taken with interest at the rate referred to in clause 3.3
from the date on which such expenses and/or disbursements were demanded by the Lender to the date of payment (as well after as before judgment). 

  

	5.3	 Value Added Tax 

All fees and expenses payable under to this clause 5 must be paid with value added tax or any similar tax (if any) properly chargeable thereon.
Any value added tax chargeable in respect of any services supplied by the Lender under this Agreement must, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder. 

 

	5.4	 Stamp and other duties 

The Borrower must pay all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the Lender)
imposed on or in connection with this Agreement or the Loan and agree to indemnify the Lender against any liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes other than to the extent such duties or taxes
arise as a result of the Lender transferring its Loan or Commitments under this Agreement. 
  

	6	 PAYMENTS AND TAXES; ACCOUNTS AND CALCULATIONS 

 

	6.1	 No set-off or counterclaim 

All payments to be made by the Borrower under this Agreement must be made in full, without any set-off
or counterclaim whatsoever and, subject to clause 6.6, free and clear of any deductions or withholdings, in USD not later than 11 a.m. London time on the due date to such account of the Lender as the Lender may from time to time notify to the
Borrower. 
  

	6.2	 Payment by the Lender 

The proceeds of the Loan to be advanced by the Lender to the Borrower under this Agreement must be remitted by in USD on the relevant Drawdown
Date to the account or accounts specified in the relevant Drawdown Notice. 

  
 14 

	6.3	 Non-Banking Days 

When any payment under this Agreement would otherwise be due on a day which is not a Banking Day, the due date for payment shall be extended to
the next following Banking Day. 
  

	6.4	 Calculations 

All interest and other payments of an annual nature under this Agreement shall accrue from day to day and be calculated on the basis of actual
days elapsed and a 360 day year. 
  

	6.5	 Currency of account 

If any sum due from the Borrower under this Agreement, or under any order or judgment given or made in relation thereto or for any other reason
whatsoever, must be converted from the currency (“the first currency”) in which the same is payable thereunder into another currency (“the second currency”) for the purpose of (i) making or filing a claim or proof against
the Borrower, (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation thereto, the Borrower undertakes to indemnify and hold harmless the Lender from and against
any loss suffered as a result of any discrepancy between (a) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the
Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from the Borrower
under this clause 6.5 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Agreement and the term “rate of exchange” includes any premium and costs of
exchange payable in connection with the purchase of the first currency with the second currency. 
  

	6.6	 Grossing-up for Taxes 

If at any time the Borrower must make any deduction or withholding in respect of Taxes from any payment due under this Agreement, the sum due
from the Borrower in respect of such payment must then be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Lender receives on the due date for such payment (and retains, free from any liability
in respect of such deduction or withholding), a net sum equal to the sum which it would have received had no such deduction or withholding been made 

  
 15 

 
and the Borrower agrees to indemnify the Lender on demand against any losses or costs certified by the Lender to have been incurred by it by reason of any failure of the Borrower to make any such
deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Borrower must promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid or
payable in respect of any deduction or withholding as aforesaid. . The Lender shall use commercially reasonable efforts (including the delivery of properly completed and executed Tax forms or documentation prescribed by applicable law) to reduce or
eliminate any deduction or withholding for Taxes from any payment due under this Agreement and to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to this clause 6.6. 

 

	6.7	 Loan account 

The Lender agrees to maintain a control account showing the Loan and other sums owing by the Borrower under this Agreement and all payments in
respect thereof being made from time to time. The control account shall, in the absence of manifest error, absent prompt objection by the Borrower, be conclusive as to the amount from time to time owing by the Borrower under this Agreement. 

 

	6.8	 Partial payments 

If, on any date on which a payment is due to be made by the Borrower under this Agreement, the amount received by the Lender from the Borrower
falls short of the total amount of the payment due to be made by the Borrower on such date then, without prejudice to any rights or remedies available to the Lender under this Agreement, the Lender must apply the amount actually received from the
Borrower in or towards discharge of the obligations of the Borrower under this Agreement in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrower: 

 

	6.8.1	 first, in or towards payment, on a pro-rata basis, of any unpaid costs
and expenses of the Lender under this Agreement; 

  

	6.8.2	 secondly, in or towards payment of any fees payable to the Lender under, or in relation to, this Agreement
which remain unpaid; 

  
 16 

	6.8.3	 thirdly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall
have become due under this Agreement but remains unpaid; 

  

	6.8.4	 fourthly, in or towards payment to the Lender of any principal in respect of the Loan which shall have become
due but remains unpaid; 

  

	6.8.5	 fifthly, in or towards payment to the Lender of any other sum which shall have become due under this Agreement
but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). 

 The order of application set
out in clauses 5.8.1 to 5.8.5 may be varied by the Lender without any reference to, or consent or approval from, the Borrower. 
  

	6.9	 FATCA  

  

	6.9.1	 Subject to Clause 5.9.3 below, each party shall, within ten (10) Banking Days of a reasonable request by
another party: 

  

	 	(a)	 confirm to that other party whether it is: 

 

	 	(i)	 a FATCA Exempt Party; or 

 

	 	(ii)	 not a FATCA Exempt Party; and 

 

	 	(b)	 supply to that other party such forms, documentation and other information relating to its status under FATCA
(including its applicable passthru percentage or other information required under the Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably requests for the purposes of that other
party’s compliance with FATCA. 

  

	6.9.2	 If a party confirms to another party pursuant to Clause 5.9.1(a) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly. 

  

	6.9.3	 Clause 5.9.1(a) above shall not oblige the Lender to do anything which would or might in its reasonable opinion
constitute a breach of: 

  

	 	(a)	 any law or regulation; 

 

	 	(b)	 any policy of the Lender; 

  
 17 

	 	(c)	 any fiduciary duty; or 

 

	 	(d)	 any duty of confidentiality. 

 

	6.9.4	 If the Borrower is required to make a FATCA Deduction, the Borrower shall make that FATCA Deduction and any
payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA; 

  

	6.9.5	 The Borrower shall promptly upon becoming aware that it must make a FATCA Deduction (or that there is any
change in the rate or the basis of a FATCA Deduction) notify the Lender accordingly; and 

  

	6.9.6	 Within thirty days of making either a FATCA Deduction or any payment required in connection with that FATCA
Deduction, the Borrower shall deliver to the Lender evidence satisfactory to the Lender that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	7	 REPRESENTATIONS AND WARRANTIES 

 

	7.1	 Continuing representations and warranties 

The Borrower represents and warrants to the Lender that: 
  

	7.1.1	 Due incorporation 

it is duly incorporated and validly existing in good standing, under the laws of the Marshall Islands as a corporation and has power to carry
on its respective business as it is now being conducted and to own its property and other assets to which it has unencumbered legal and beneficial title except as disclosed to the Lender in writing; 

 

	7.1.2	 Corporate power 

it has power to execute, deliver and perform its obligations and, as the case may be, to exercise its rights under this Agreement; all
necessary corporate, shareholder or member and other action has been taken to authorise the execution, delivery and on the execution of this Agreement performance of the same and no limitation on the powers of the Borrower to borrow or to howsoever
incur liability will be exceeded as a result of borrowing any part of the Loan; 

  
 18 

	7.1.3	 Binding obligations 

subject to the Legal Reservations and the Perfection Requirements, this Agreement, when executed, will constitute valid and legally binding
obligations of the Borrower enforceable in accordance with its terms and admissible in evidence; 
  

	7.1.4	 No conflict with other obligations 

the execution and delivery of, the performance of its obligations under, and compliance with the provisions of, this Agreement by the Borrower
will not (i) contravene in any material respect any existing applicable law, statute, rule or regulation or any judgment, decree or permit of any Pertinent Jurisdiction to which the Borrower or other member of the Group is subject,
(ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which the Borrower or any other member of the Group is a party or is subject or by which it or any of its
property is bound which is likely to have a Material Adverse Effect or (iii) contravene or conflict with any provision of the constitutional documents of the Borrower; 
  

	7.1.5	 No default 

no Default has occurred which is continuing; 
  

	7.1.6	 No litigation or judgments 

no Proceedings are current, pending or threatened against the Borrower or any other Group Members or their assets which could have a Material
Adverse Effect and there exist no judgments, orders, injunctions which would materially affect the obligations of the Borrower under this Agreement other than have been publicly disclosed by the Borrower prior to the Execution Date; 

 

	7.1.7	 No filings required 

it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement that they or any other
instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation
to this Agreement is in proper form for its enforcement in the courts of each Pertinent Jurisdiction; 

  
 19 

	7.1.8	 Required Authorisations and legal compliance 

all Required Authorisations have been obtained or effected and are in full force and effect and the Borrower has not in any way contravened any
applicable law, statute, rule or regulation (including all such as relate to money laundering); 
  

	7.1.9	 Choice of law 

the choice of English law to govern this Agreement and the submissions by the Borrower to the jurisdiction of the English courts and the
obligations of the Borrower associated therewith, are valid and binding; 
  

	7.1.10	 No immunity 

neither the Borrower or any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any Proceedings whatsoever;

  

	7.1.11	 Financial statements correct and complete 

the Latest Accounts of the Borrower in respect of the relevant financial year as delivered to the Lender present fairly and accurately the
financial position of the Borrower for the financial year, ended on such date and, as at such date, the Borrower had no material liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved
against or provided for in, such financial statements or notes thereto; 
  

	7.1.12	 Pari passu 

the obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari
passu with all present and future unsubordinated Indebtedness of the Borrower except for obligations which are mandatorily preferred by operation of law and not by contract; 
  

	7.1.13	 Information/ Material Adverse Effect 

all written factual information, whatsoever provided by the Borrower to the Lender in connection with the negotiation and preparation of this
Agreement or otherwise provided hereafter in relation to, or pursuant to this Agreement is true and accurate in all material respects and not misleading and the Borrower’s public filings do or will not omit material facts and all reasonable
enquiries have been made to verify the facts and statements contained therein as of such date and there has not occurred a Material Adverse Effect on the Borrower since such information was provided to the Lender; 

  
 20 

	7.1.14	 Copies true and complete 

the copies of the constitutional documents of the Borrower delivered or to be delivered to the Lender pursuant to clause 8.1 are, or will when
delivered be, true and complete copies; and there have been no amendments or variations thereof; 
  

	7.1.15	 Indebtedness 

the Borrower has not incurred any Indebtedness other than as disclosed to the Lender in writing or as disclosed in the Group’s public
filings; 
  

	7.1.16	 Use of proceeds 

the Borrower shall apply the Loan only for the purposes specified in clauses 1.1. and 2.1; 

 

	7.1.17	 Filings 

subject to any permissible extensions, the Borrower has filed all material tax and other fiscal returns required to be filed with any tax
authority to which it is subject; 
  

	7.1.18	 Office 

the Borrower does not have an office in England or in the United States of America; 

 

	7.1.19	 Prohibited Persons, unlawful activity 

none of the Group Members are a Prohibited Person; and 
  

	7.1.20	 Insolvency 

the Borrower is not unable or has admitted inability to pay its debts as they fall due, has not suspended making payments on any of its debts
nor it has announced an intention to do so nor has become insolvent; or, save as disclosed to the Lender prior to the Execution Date, the Borrower has not suffered the declaration of a moratorium in respect of any of its Indebtedness; 

 

	7.1.21	 Sanctions 

neither the Borrower nor any director, officer, agent, employee of the Borrower or any person acting on behalf of the Borrower, is a Prohibited
Person nor acts directly or indirectly on behalf of a Prohibited Person; and 

  
 21 

	7.2	 Repetition of representations and warranties 

On the Execution Date, each Drawdown Date and on each Interest Payment Date, the Borrower shall be deemed to repeat the representations and
warranties in clause 7.1 updated mutatis mutandis as if made with reference to the facts and circumstances existing on such day. 
  

	8	 UNDERTAKINGS 

  

	8.1	 General 

The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will: 

 

	8.1.1	 Notice of Default and Proceedings 

promptly inform (and any public filing of the Borrower containing the relevant information about the matters hereafter described shall
constitute compliance with this covenant to inform) the Lender, in writing, of the details of any Proceedings involving the Borrower or member of the Group which could have a Material Adverse Effect as soon as the same is instituted or formally
threatened and will, from time to time, if so reasonably requested by the Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Default has occurred and is continuing and no such Proceedings are on foot or
have been formally threatened in writing; 
  

	8.1.2	 Authorisation 

obtain or cause to be obtained, maintain in full force and effect and comply fully with all Required Authorisations, provide the Lender, upon
request, with Certified Copies of the same and do, or cause to be done, all other acts and things which may from time to time be necessary under any applicable law for the continued due performance of all the obligations of the Borrower under this
Agreement; 
  

	8.1.3	 Corporate Existence/Ownership 

ensure that it maintains its corporate existence as a body corporate duly organised and validly existing and in good standing under the laws of
the Pertinent Jurisdiction and ensure that the Borrower is owned and controlled, directly or through other companies, by the persons disclosed to the Lender prior to the date hereof; 

  
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	8.1.4	 Use of proceeds 

use the Loan exclusively for the purposes specified in clauses 1.1 and 2.1; 

 

	8.1.5	 Pari passu 

ensure that its obligations under this Agreement shall at all times rank at least pari passu with all its present and future unsecured and
unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract; 
  

	8.1.6	 Financial statements 

provide the Lender (or procure that is provided): 
  

	 	(a)	 as soon as possible, but in no event later than 120 days after the end of each of its financial years, annual
audited (prepared in accordance with US GAAP by a firm of accountants acceptable to the Lender) consolidated balance sheet and profit and loss accounts of the Borrower (commencing with the financial year ending 31 December 2021) and public
filing in respect of the Borrower shall constitute delivery; 

  

	 	(b)	 as soon as possible, but in no event later than 90 days after the end of each of its first three financial
quarters, commencing with the second financial quarter of 2021, the Borrower’s unaudited consolidated balance sheet and profit and loss accounts for that 3 month period certified as to their correctness by its chief financial officer;

  

	 	(c)	 prior to the start of each of its financial years, an annual forecast in respect of the Borrower;

  

	 	(d)	 details of any litigation, arbitration, administrative proceedings, Default and any other events or
circumstances which are likely to have a Material Adverse Effect on the Borrower; 

  

	8.1.7	 Provision of further information 

provide the Lender with such financial or other information concerning the Borrower, all vessels (including those under construction) owned,
acquired, sold or managed by any Group Member, or any of its subsidiaries, including, commitments, financial standing, operations and in relation to Borrowed Moneys, repayment of Borrowed Money, as the Lender may from time to time reasonably
require; 

  
 23 

	8.1.8	 Compliance with Laws and payment of taxes 

comply in all material respects with all relevant applicable laws, statutes, directives, decrees, rulings and analogous rules (including, but
not limited to, those relating to Sanctions) and regulations (other than in the case of Sanctions) where failure to do so would be reasonably likely to have a Material Adverse Effect and pay all taxes for which it is liable as they fall due unless
disputed in good faith; 
  

	8.1.9	 Sanctions 

will not and will use reasonable endeavours to ensure that no Group Member does, conduct or undertake any business: 

 

	 	(a)	 in breach of any Sanctions of: 

 

	 	(i)	 the United Nations Security Council; 

 

	 	(ii)	 the European Union; 

  

	 	(iii)	 the United Kingdom; 

  

	 	(iv)	 the United States of America 

 

	 	(v)	 the Marshall Islands 

as they apply to their members or nationals; or 
  

	 	(b)	 in any trade, carriage of goods or business which is forbidden by the laws of the United Kingdom or the United
States of America as they apply to their members or nationals, or any law applicable to the Borrower; or 

  

	 	(c)	 in carrying illicit or prohibited goods; or 

 

	 	(d)	 in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or

  
 24 

	 	(e)	 to the knowledge of the Borrower, by or for the benefit of a Prohibited Person; 

 

	8.1.10	 Delivery of reports 

deliver to the Lender upon request a copy of each report, circular, notice or like document issued by the Borrower to its shareholders or
creditors generally; 
  

	8.1.11	 If, in the opinion of the Lender, any member of the Group agrees with any lender in the context of a financing
made or to be made available to that member of the Group, financial covenants with respect to the Borrower (including without limitation any dividend restrictions on the Guarantor, the “Covenants”) which place such lender or lenders
in a more favourable position than that applicable to the Lender pursuant to this Agreement, the Borrower shall give the Lender the benefit of such Covenants which, in the opinion of the Lender, would place them in an equivalent position as that
applicable to the other lender or lenders at the relevant time. The Borrower shall also enter, if required by the Lender, into a supplemental agreement to this Agreement to amend the same accordingly (with such supplemental agreement or agreements
being entered into on or immediately after the date on which the Covenants are granted). 

  

	8.2	 Negative undertakings 

The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will not, without the prior
written consent of the Lender: 
  

	8.2.1	 Negative pledge 

permit any Encumbrance (other than a Permitted Encumbrance or as otherwise disclosed in writing by the Borrower to the Lender on or prior to
the date of this Agreement) to subsist, arise or be created or extended over any shares or equivalent rights of ownership owned by the Borrower to secure or prefer any present or future Indebtedness or other liability or obligation of any Group
Member or any other person; 
  

	8.2.2	 Transactions 

enter into any transactions with or involving such a person or company on terms which are, in any respect, less favourable to the Borrower than
those which it could obtain at arm’s length; or 

  
 25 

	8.2.3	 Prohibited Persons 

and shall use reasonable endeavours to procure that no Group Member will, have any course of dealings, directly or indirectly, with any
Prohibited Person. 
  

	9	 CONDITIONS 

  

	9.1	 Documents and evidence 

The Lender’s obligation to make available the Loan and any Advance is subject to the following conditions precedent: 

 

	9.1.1	 that on or before the relevant Drawdown Date, the Lender has received the documents described in Schedule 2 in
form and substance satisfactory to the Lender; 

  

	9.1.2	 the representations and warranties contained in clause 7.1 being then true and correct as if each was made with
respect to the facts and circumstances existing at such time; and 

  

	9.1.3	 no Default shall have occurred and be continuing and no Default would result from the making of the Loan.

  

	9.2	 Waiver of conditions precedent 

The conditions specified in this clause 9 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part
and with or without conditions. 
  

	9.3	 English language 

All documents required to be delivered under and/or supplied in connection with this Agreement must either be in the English language or
accompanied by an English translation certified by a notary, lawyer or consulate acceptable to the Lender.                 

 

	9.4	 Further conditions precedent 

Not later than two (2) Banking Days prior to the Drawdown Date of an Advance and not later than five (5) Banking Days prior to any
Interest Payment Date, the Lender may request and the Borrower must, prior to such date, deliver to the Lender (at the Borrowers’ expense) on such request further favorable certificates and/or opinions and/or other evidence satisfactory to the
Lender (acting reasonably) as to any or all of the matters which are referred to in clauses 6, 7, 8, and 9. 

  
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	10	 EVENTS OF DEFAULT 

 

	10.1	 Events 

Each of the following events shall constitute an Event of Default (whether such event shall occur voluntarily or involuntarily or by operation
of law or regulation or in connection with any judgment, decree or order of any court or other authority or otherwise, howsoever): 
  

	10.1.1	 Non-payment: the Borrower fails to pay any sum payable by it
under this Agreement at the time, in the currency and in the manner stipulated in this Agreement (and so that, for this purpose, sums payable (i) under clause 4.1 shall be treated as having been paid at the stipulated time if (a) received
by the Lender within five (5) days of the dates therein referred to and (b) such delay in receipt is caused by administrative or other delays or errors within the banking system and (ii) on demand shall be treated as having been paid
at the stipulated time if paid within five (5) Banking Days of demand); or 

  

	10.1.2	 Breach of other obligations: the Borrower commits any breach of or omits to observe any of its
obligations or undertakings expressed to be assumed by it under any this Agreement (other than those referred to in clause 9.1.1 above) unless such breach or omission, in the reasonable opinion of the Lender is capable of remedy, in which case the
same shall constitute an Event of Default if it has not been remedied within thirty (30) Business Days of the Lender giving written notice to the Borrower of, or the Borrower becoming aware of the occurrence thereof; or 

 

	10.1.3	 Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect
of the Borrower in or pursuant to this Agreement or in any notice, certificate or statement referred to in or delivered under this Agreement is or proves to have been incorrect or misleading in any material respect unless the circumstances giving
rise to the misrepresentation are in the reasonable opinion of the Lender capable of remedy and are remedied within thirty 30 Business Day of the Lender giving written notice to the Borrower of, or the Borrower becoming aware of, the occurrence
thereof; or 

  

	10.1.4	 Cross-default: any Indebtedness of the Borrower or any other Group Member (which is not intra group or
subordinated debt) in excess of USD25,000,000 is not paid when due (subject to applicable grace periods) or any Indebtedness of the Borrower or any other Group Member becomes (whether by declaration or automatically in accordance with the relevant
agreement or instrument constituting the same) due and payable prior to the date when it would 

  
 27 

	 	
otherwise have become due (unless as a result of the exercise by the Borrower or by the relevant Group Member of a voluntary right of prepayment), or any creditor of the Borrower or of any other
Group Member becomes entitled to declare any such Indebtedness due and payable or any facility or commitment available to the Borrower or any other Group Member relating to Indebtedness is withdrawn, suspended or cancelled by reason of any default
(however described) of the person concerned (unless the relevant creditor has granted to the Borrower a waiver in respect thereof) ; or 

  

	10.1.5	 Execution: any uninsured judgment or order made against the Borrower or any other Group Member in an
amount in excess of USD25,000,000 is not stayed, appealed against or complied with within twenty (20) days or a creditor attaches or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or
sued out against, any of the undertakings, assets, rights or revenues of the Borrower or any other Group Member and is not discharged within thirty (30) days; or 

 

	10.1.6	 Insolvency: the Borrower is unable or admits inability to pay its debts as they fall due; suspends
making payments on all or substantially all of its debts or announces an intention to do so; becomes insolvent; or suffers the declaration of a moratorium in respect of all or substantially all of its Indebtedness; or 

 

	10.1.7	 Dissolution: any corporate action, Proceedings or other steps are taken to dissolve or wind-up the Borrower or an order is made or resolution passed for the dissolution or winding up of the Borrower; or 

  

	10.1.8	 Administration: any petition is presented, notice given or other steps are taken anywhere to appoint an
administrator of the Borrower or an administration order is made in relation to the Borrower ; or 

  

	10.1.9	 Appointment of receivers and managers: any administrative or other receiver is appointed anywhere of the
Borrower or any part of its assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any part of the assets of the Borrower; or 

 

	10.1.10	 Compositions: any corporate action, legal proceedings or other procedures are taken, by the Borrower or
by any of its creditors with a view to the general readjustment or rescheduling of all or substantially all of its Indebtedness, or to proposing any kind of composition, compromise or arrangement involving such company and all or substantially all
of its creditors; or 

  
 28 

	10.1.11	 Analogous proceedings: there occurs, in relation to the Borrower, in any country or territory in which
it carries on business or to the jurisdiction of whose courts any part of its assets is subject, any event which, in the reasonable opinion of the Lender, appears in that country or territory to correspond with, or have an effect equivalent or
similar to, any of those mentioned in clauses 9.1.6 to 9.1.10 (inclusive) or the Borrower otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or

  

	10.1.12	 Cessation of business: the Borrower suspends or ceases to carry on its business; or

  

	10.1.13	 Seizure: all or a material part of the undertaking, assets, rights or revenues of, or shares or other
ownership interests in, the Borrower are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government entity; or 

  

	10.1.14	 Invalidity: this Agreement or any of its provisions, other than as a result of any act or omission of
the Lender, at any time and for any reason are or shall become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of this Agreement or any of its provisions or the exercise of any
right of the Lender hereunder, shall at any time and for any reason be contested by the Borrower or by any creditor of the Borrower (other than the Lender), or if the Borrower shall deny that it has any, or any further, liability thereunder; or

  

	10.1.15	 Unlawfulness: any Unlawfulness occurs or it becomes impossible or unlawful at any time for the Borrower,
to fulfil any of the covenants and obligations expressed to be assumed by it in this Agreement or for the Lender to exercise the rights or any of them vested in it under this Agreement or otherwise; or 

 

	10.1.16	 Material events: any other event occurs or circumstance arises which, in the reasonable opinion of the
Lender, is likely to have a Material Adverse Effect or, if such event or circumstance is capable of remedy it is not remedied within 15 Business Days of the earlier of (i) the Lender notifying the Borrower of such event or (ii) the
Borrower becoming aware of the same; or 

  

	10.1.17	 Litigation: any Proceedings are current, pending or threatened against the Borrower or any other Group
Member which are reasonably likely to have a Material Adverse Effect; 

  
 29 

	10.1.18	 Required Authorisations: any Required Authorisation is revoked or withheld or modified or is otherwise
not granted or fails to remain in full force and effect or if any exchange control or other law or regulation shall exist which would make any transaction under this Agreement or the continuation thereof, unlawful or would prevent the performance by
the Borrower of any term of this Agreement; 

  

	10.1.19	 Money Laundering: the Borrower is in breach of or fails to observe any law, requirement, measure or
procedure implemented to combat “money laundering” as defined in Article 1 of the Directive (91/308 EEC) of the Council of the European Communities. 

 

	10.2	 Acceleration 

The Lender may, without prejudice to any other rights of the Lender, at any time after the happening of an Event of Default so long as the same
is continuing, by notice to the Borrower: 
  

	10.2.1	 declare that the obligation of the Lender to make the Commitment available shall be terminated, whereupon the
Commitment shall immediately be cancelled; and/or 

  

	10.2.2	 declare that the Loan and all interest accrued and all other sums payable whensoever under this Agreement have
become due and payable, whereupon the same shall, immediately or in otherwise accordance with the terms of such notice, become due and payable; and/or 

  

	10.2.3	 exercise any or all of its rights, remedies, powers or discretions under this Agreement. 

 

	10.3	 Demand basis 

If, under clause 9.2.2, the Lender has declared the Loan to be due and payable on demand, at any time thereafter the Lender may by further
notice to the Borrower demand repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable accordingly with all interest accrued and all other sums payable under this Agreement. 

 

	11	 INDEMNITIES 

  

	11.1	 General indemnity 

The Borrower agrees to indemnify the Lender on demand, without prejudice to any of the Lender’s other rights under this Agreement, against
any loss (including loss of interest), cost or expense which the Lender shall certify as sustained at any time by it in connection with this Agreement, including (without limitation) any such loss, cost or expense arising from any action, claim,
suit or proceeding directly or indirectly related to this Agreement or the Loan (excluding any default by the Lender determined by a court of competent jurisdiction to have resulted from (i) the gross negligence, bad faith or willful misconduct
of the Lender or (ii) a material breach of this Agreement by the Lender). 

  
 30 

	12	 UNLAWFULNESS AND INCREASED COSTS MITIGATION 

 

	12.1	 Unlawfulness 

Regardless of any other provision of this Agreement, in the event that the Lender notifies the Borrower that by reason of: 

 

	 	(a)	 the introduction of or any change in any applicable law or regulation or any change in the interpretation or
application thereof; or 

  

	 	(b)	 compliance by the Lender with any directive, request or requirement (whether or not having the force of law) of
any central bank or Government Entity 

 it becomes unlawful or it is prohibited by or contrary to such directive request
or requirement for the Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrower shall be obliged to prepay the Loan
either immediately or on a future date (specified in the Lender’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the
date of prepayment and all other sums payable whensoever by the Borrower under this Agreement. 
  

	12.2	 Increased costs 

If the Lender certifies to the Borrower that at any time the effect of any applicable law, regulation or regulatory requirements or the
interpretation or application thereof or any change therein is to: 
  

	12.2.1	 subject the Lender to Taxes or change the basis of Taxation of the Lender relating to any payment under this
Agreement (other than Taxes or Taxation on the overall net income of the Lender imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or 

  
 31 

	12.2.2	 increase the cost to, or impose an additional cost on, the Lender in making or keeping the Commitment available
or maintaining or funding all or part of the Loan; and/or 

  

	12.2.3	 reduce the amount payable or the effective return to the Lender under this Agreement; and/or

  

	12.2.4	 require the Lender to make a payment or forgo a return on or calculated by reference to any amount received or
receivable by the Lender under this Agreement; and/or 

 then and in each such case (subject to clause 11.3) the Borrower
must on demand either: 
  

	 	(a)	 pay to the Lender the amount which the Lender certifies (in a certificate setting forth the basis of the
computation of such amount but not including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender for such liability to Taxes, cost, reduction, payment, forgone return or loss; or

  

	 	(b)	 prepay the Loan, in respect of which prepayment the terms of clause 4.2 shall apply. 

 

	12.3	 Exception 

Nothing in clause 11.2 shall entitle the Lender to receive any amount relating to compensation for any such liability to Taxes, increased or
additional cost, reduction, payment, foregone return or loss to the extent that the same is the subject of an additional payment under clause 5.3, 5.4 or 6.6. 
  

	13	 SECURITY AND MISCELLANEOUS 

 

	13.1	 Application of moneys 

All moneys received by the Lender under or pursuant to this Agreement and expressed to be applicable in accordance with the provisions of this
clause 13.1 shall be applied by the Lender as follows: 
  

	13.1.1	 first in or toward payment of all unpaid fees, sums which have been demanded by way of indemnity and expenses
which may be owing to the Lender under this Agreement; 

  

	13.1.2	 secondly in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;

  

	13.1.3	 thirdly in or towards repayment of the Loan (whether the same is due and payable or not);

  
 32 

	13.1.4	 fourthly in or towards payment to the Lender of any other sums which the Lender certifies are owing to it under
this Agreement; and 

  

	13.1.5	 fifthly the surplus (if any) shall be paid to the Borrower. 

 

	13.2	 No implied waivers, remedies cumulative 

No failure or delay on the part of the Lender to exercise any power, right or remedy under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this Agreement are cumulative and are
not exclusive of any remedies provided by law. No waiver by the Lender shall be effective unless it is in writing. 
  

	13.3	 Severability 

If any provision of this Agreement is prohibited, invalid, illegal or unenforceable in any jurisdiction, such prohibition, invalidity,
illegality or unenforceability shall not affect or impair howsoever the remaining provisions thereof or affect the validity, legality or enforceability of such provision in any other jurisdiction. 

 

	13.4	 Force Majeure 

Regardless of any other provision of this Agreement the Lender shall not be liable for any failure to perform the whole or any part of this
Agreement resulting directly or indirectly from (i) the action or inaction or purported action of any governmental or local authority (ii) any strike, lockout, boycott or blockade (including any strike, lockout, boycott or blockade
effected by or upon the Lender or any of its representatives or employees) (iii) any act of God (iv) any act of war (whether declared or not) or terrorism (v) any failure of any information technology or other operational systems or
equipment affecting the Lender or (vi) any other circumstances whatsoever outside the Lender’s control. 
  

	13.5	 Amendments 

This Agreement may be amended or varied only by an instrument in writing executed by both parties hereto who irrevocably agree that the
provisions of this clause 13.8 may not be waived or modified except by an instrument in writing to that effect signed by both of them. 

  
 33 

	13.6	 Counterparts 

This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the
same agreement which may be sufficiently evidenced by one counterpart. 
  

	13.7	 English language  

All documents required to be delivered under and/or supplied whensoever in connection howsoever with this Agreement and all notices,
communications, information and other written material whatsoever given or provided in connection howsoever therewith must either be in the English language or accompanied by an English translation certified by a notary, lawyer or consulate
acceptable to the Lender. 
  

	14	 INTENTIONALLY LEFT BLANK 

 

	15	 ASSIGNMENT, TRANSFER AND DISCLOSURE 

 

	15.1	 Benefit and burden 

This Agreement shall be binding upon, and ensure for the benefit of, the Lender and the Borrower and their respective successors. 

 

	15.2	 No assignment by Borrower 

The Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Lender.
Neither the Borrower nor any affiliate of the Borrower may become a Lender or a sub-participant. 
  

	15.3	 Assignment by Lender 

The Lender may not assign, sell, sub-participate all or any part of its rights under this Agreement to
another branch, subsidiary or affiliate of the Lender, another bank or financial institution, a member of the European System of Central Banks, an insurance company, a trust corporation or a capital investment company (including any credit fund),
without the prior written consent of the Borrower. The Lender, acting solely for this purpose as an agent of the Borrower, shall maintain a register for the recordation of the names and addresses of any such assignee or participant of the Lender,
and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each such assignee or participant pursuant to the terms 

  
 34 

 
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lender, and any such assignee or
participant of Lender shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Lender
and any such assignee or participant of the Lender, at any reasonable time and from time to time upon reasonable prior notice. It is the intention that this Loan Agreement be treated as a registered obligation and in “registered form”
within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended, and the United States Treasury Regulations thereunder. 
  

	15.4	 Disclosure of information 

The Lender may disclose to a prospective assignee, transferee or to any other person who may propose entering into contractual relations with
the Lender in relation to this Agreement such information about or in connection with the Borrower and this Agreement as the Lender considers appropriate, provided that the Lender shall consult with the Borrower prior to disclosing (i) any such
information which is not public or contained in this Agreement and/or (ii) any documentation other that a copy of this Agreement. 
  

	16	 NOTICES 

  

	16.1	 General 

  

	16.1.1	 unless otherwise specifically provided herein, every notice under or in connection with this Agreement shall be
given in English by letter delivered personally and/or sent by post and/or transmitted by electronic mail; 

  

	16.1.2	 in this clause “notice” includes any demand, consent, authorisation, approval, instruction,
certificate, request, waiver or other communication. 

  

	16.2	 Addresses for communications, effective date of notices 

 

	16.2.1	 Subject to clause 15.2.2 notices to the Borrower shall be deemed to have been given and shall take effect when
received in full legible form by the Borrower at the address and/or the email address appearing below (or at such other address or email address as the Borrower may hereafter specify for such purpose to the Lender by notice in writing);

  
 35 

 Address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH 96960, 

Marshall Islands 
 email:
     
 notwithstanding the provisions of clause 16.2.1, a notice of Default and/or a notice given pursuant to clause
10.2 or clause 10.3 shall be deemed to have been given and shall take effect when delivered, sent or transmitted by the Lender to the Borrower to the address or fax number referred to in clause 16.2.1; 

 

	16.2.2	 notices to the Lender shall be deemed to be given, and shall take effect, when received in full legible form by
the Lender at the address and/or the email address appearing below (or at any such other address or email address as the Lender may hereafter specify for such purpose to the Borrower by notice in writing); 

Address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH 96960, Marshall Islands 

email:     legal_corp@navios.com 

if under clause 16.2.1 or clause 16.2.2 a notice would be deemed to have been given and effective on a day which is not a working day in the
place of receipt or is outside the normal business hours in the place of receipt, the notice shall be deemed to have been given and to have taken effect at the opening of business on the next working day in such place. 

 

	17	 GOVERNING LAW  

 

	17.1	 Law 

This Agreement and any non-contractual obligations arising out of or in connection with it is governed
by and shall be construed in accordance with English law. 
  

	18	 JURISDICTION 

  

	18.1	 Exclusive jurisdiction 

Subject to clause 17.4 below, the Borrower and the Lender hereby irrevocably agree that the courts of England shall have exclusive
jurisdiction: 

  
 36 

	18.1.1	 to settle any disputes or other matters whatsoever arising under or in connection with this Agreement (or any non-contractual obligation arising out of or in connection with this Agreement) and any disputes or other such matters arising in connection with the negotiation, validity or enforceability of this Agreement or any
part thereof, whether the alleged liability shall arise under the laws of England or under the laws of some other country and regardless of whether a particular cause of action may successfully be brought in the English courts; and

  

	18.1.2	 to grant interim remedies or other provisional or protective relief. 

 

	18.2	 Submission and service of process 

Subject to clause 17.4 below, the Borrower and the Lender accordingly irrevocably and unconditionally submit to the jurisdiction of the English
courts. Without prejudice to any other mode of service the Borrower: 
  

	18.2.1	 irrevocably empowers and appoints Messrs Hill Dickinson Services (London) Ltd at present of The Broadgate
Tower, 20 Primrose Street, London, EC2A 2EW, England as its agent to receive and accept on its behalf any process or other document relating to any proceedings before the English courts in connection with this Agreement; 

 

	18.2.2	 agrees to maintain such an agent for service of process in England from the date hereof until the end of the
Facility Period; 

  

	18.2.3	 agrees that failure by a process agent to notify the Borrower of service of process will not invalidate the
proceedings concerned; 

  

	18.2.4	 without prejudice to the effectiveness of service of process on its agent under clause 17.2.1 above but as an
alternative method, consents to the service of process relating to any such proceedings by mailing or delivering a copy of the process to its address for the time being applying under clause 15.2; 

 

	18.2.5	 agrees that if the appointment of any person mentioned in clause 17.2.1 ceases to be effective, the Borrower
shall immediately appoint a further person in England to accept service of process on its behalf in England and, failing such appointment with in seven (7) days the Lender shall thereupon be entitled and is hereby irrevocably authorised by the
Borrower in those circumstances to appoint such person by notice to the Borrower. 

  
 37 

	18.3	 Forum non conveniens and enforcement abroad 

The Borrower and the Lender: 
  

	18.3.1	 waive any right and agree not to apply to the English court or other court in any jurisdiction whatsoever to
stay or strike out any proceedings commenced in England on the ground that England is an inappropriate forum and/or that proceedings have been or will be started in any other jurisdiction in connection with any dispute or related matter falling
within clause 16.1; and 

  

	18.3.2	 agree that a final non-appealable judgment or order of an English court
in a dispute or other matter falling within clause 17.1 shall be conclusive and binding on the Borrower and the Lender and may be enforced against them in the courts of any other jurisdiction. 

 

	18.4	 Right of Lender, but not Borrower, to bring proceedings in any other jurisdiction 

 

	18.4.1	 nothing in this clause 18 limits the right of the Lender to bring proceedings in connection with the
enforcement of its security, or the enforcement or recovery of any judgment debt or judicial award or order made (i) in each case, in the courts of England and (ii) under or in relation to this Agreement, including third party proceedings,
against the Borrower, or to apply for interim remedies, in any other court and/or concurrently in more than one jurisdiction; and 

  

	18.4.2	 the obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or
continuing proceedings in any other jurisdiction proceedings in connection with the enforcement of its security, or the enforcement or recovery of any judgment debt or judicial award or order made (i) in each case, in the courts of England and
(ii) under or in relation to this Agreement, whether or not these shall be founded on the same cause of action. 

 IN WITNESS
whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written. 

  
 38 

 EXECUTION PAGE 

BORROWER 
  

					
	SIGNED by Leonidas Korres	  	)	  	
	as attorney-in-fact	  	)	  	
	for and on behalf of	  	)	  	/s/Leonidas Korres
	NAVIOS MARITIME ACQUISITION	  	)	  	
	CORPORATION	  	)	  	
			
	LENDER	  		  	
			
	SIGNED by Efstratios Desypris	  	)	  	
	as attorney-in-fact	  	)	  	
	for and on behalf of	  	)	  	/s/ Efstratios Desypris
	NAVIOS MARITIME PARTNERS L.P.	  	)	  	

  
 39EX-4.3

 Exhibit 4.3 
  

					
	                	 	‘BARECON 2001” STANDARD BAREBOAT CHARTER	  	PART1

  

					
	1. Shipbroker	  	BIMCO STANDARD BAREBOAT CHARTER CODE NAME : “BARECON 2001”
	 ITOCHU CORPORATION

TOKBR Section, 5-1, Kita-Aoyama 2-chome,

Minato-ku, Tokyo, 107-8077, Japan
	  	PART I
	  	2. Place and date
	  	In New York, U.S.
		
		  	16th August, 2021
		
	3. Owners / Place of business (Cl. 1)	  	4. Bareboat Charterers / Place of business (Cl. 1)
		
	 Batanagar Shipping Corporation
 Edif.
Cemento Panama, Manuel Espinosa
 Panama 5, Republic of Panama
	  	 Surf Maritime Co.
 Trust
Company Complex, Ajeltake Road, Ajeltake Island,
 Majuro, MH96960, Marshall Islands

		
	5. Vessel’s name, call sign, flag and IMO number (Cl. 1 and 3)	  	
	
	    M/V NAVIOS POLLUX, 3FPO2, Panama, 9460033
		
	6. Type of Vessel	  	7. GT / NT
		
	    Bulk Carrier	  	94,817/58,778
		
	8. When / Where built	  	9. Total DWT (abt.) in metric tons on summer freeboard 
		
	    2009, STX Offshore & Shipbuilding Co., Ltd.	  	180,727 MT
		
	10. Classification Society (Cl. 3)	  	11. Date of last special survey by the Vessel’s classification society
		
	    American Bureau of Shipping (ABS)	  	August 7th, 2019
	
	12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3)
	    Cargoes to be carried; All lawful cargoes within the Vessel’s capabilities/Class, IMO, flag, her insurance
			
	 13. Port or Place of delivery (Cl.3)
  

  As per Clause 5 of the MOA (as defined in Clause 1 hereof)
	  	 14. Time for delivery (Cl.4)
  

As per Clause 5 of the MOA
	  	 15. Cancelling date (Cl.5)
  

As per Clause 5 of the MOA

		  	See Also Clause 32.	  	
		
	16. Port or Place of redelivery (Cl. 3)	  	17. No. of months’ validity of trading and class certificates upon redelivery (Cl. 15)
	 At one safe berth or one safe port worldwide in the Charterers’ option
	  	Minimum 3 months
		
	18. Running days’ notice if other than stated in Cl.4	  	19. Frequency of dry-docking Cl. 10(g)
		
	  N/A	  	As per Classification Society and flag state requirements
		
	20. Trading Limits (Cl.6)	  	
	 Trading Limits: always safely afloat world-wide within International Navigation Conditions with the Charterer’s option to
break same paying extra insurance, but always in accordance with Clause 13 and 40.
 Any other country designated pursuant to any international
including U.N. / U.S. / EU or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (which may be amended from time to time during the Charter Period) to be excluded.

		
	21. Charter Period (Cl. 2)	  	22. Charter hire (Cl. 11)
		
	 Six (6) years with up to [3 months] more or less in Charterers’ option
	  	See Clause 35
	 (See Clause 34)
	  	
		
	23. New class and other statutory requirements (state percentage of Vessel’s insurance value acc. to Box 29 (Cl. 10(a)(ii))	  	
		
	N/A	  	
		
	24. Rate of interest payable acc. to Cl.11(f) and, if applicable, acc. to PART IV	  	25. Currency and method of payment (Cl.11)
		
	N/A	  	United States Dollars payable calendar monthly in advance
		
	26. Place of payment; also state beneficiary and bank account (Cl. 11)	  	27. Bank guarantee / bond (sum and place) (Cl. 24 (optional)
		
	To be advised	  	N/A
		
	28. Mortgage(s), if any (state whether Cl. 12(a) or (b) applies; if 12(b) applies, state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)	  	29. Insurance (hull and machinery and war risks) (state value acc. to Cl.13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl.14 applies)
		
	See Clause 44	  	See Clause 40

					
	                	 	‘BARECON 2001” STANDARD BAREBOAT CHARTER	  	PART1

  

			
	30. Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))	  	31. Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))
		
	N/A	  	See Clause 40 (c)
		
	32. Latent defects (only to be filled in if period other than stated in Cl.3)	  	33. Brokerage commission and to whom payable (Cl.27)
		
	N/A	  	N/A
		
	34. Grace period (state number of clear banking days) (Cl. 28)	  	35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed, Place of Arbitration must be stated (Cl. 30)
	See Clause 41	  	London
		
	36. War cancellation (indicate countries agreed) (Cl. 26(f))	  	
	
	N/A
		
	37. Newbuilding Vessel (indicate with ‘yes’ or ‘no’ whether PART III applies) (optional)	  	38. Name and place of Builders (only to be filled in if PART III applies)
	  
 No
	  	N/A
		
	39. Vessel’s Yard Building No. (only to be filled in if PART III applies)	  	40. Date of Building Shipbuilding Contract (only to be filled in if PART III applies)
		  	N/A
	No	  	
		
	41. Liquidated damages and costs shall accrue to (state party acc. to Cl. 1) 	  	
	 a)  N/A
	  	
	 b)  N/A
	  	
	 c)  N/A
	  	
		
	42. Hire/Purchase agreement (indicate with ‘yes’ or ‘no’ whether PART IV applies) (optional)	  	43. Bareboat Charter Registry (indicate with ‘yes’ or ‘no’ whether PART IV applies) (optional)
	N/A	  	Yes in Charterers’ option
		
	44. Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies)	  	45. Country of the Underlying Registry (only to be filled in if PART V applies)
	See Clause 37	  	Republic of Panama
		
	46. Number of additional clauses covering special provisions, if agreed	  	
	  Clause 32 to 56 inclusive
	
	PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions
of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and shall only form part of this Charter if expressly agreed and
stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V
to the extent of such conflict but no further.
		
	Signature (Owners)	  	Signature (Charterers)
	  Batanagar Shipping Corporation	  	  Surf Maritime Co
		
	   /s/ Keisuke
Okouchi                                        
        
   By: Keisuke Okouchi

  Title: Attorney-in-fact
	  	   /s/ Shunji
Sasada                                        
        
   By: Shunji Sasada

  Title: Attorney-in-fact

 PART II 

“BARECON 2001” Standard Bareboat Charter 

 

	1.	 Definitions 

In this Charter, the following terms shall have the meanings hereby assigned to them: 

“The Owners” shall mean the party identified in Box 3; 

“The Charterers” shall mean the party identified in Box 4; 

“The Vessel” shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12; 

“Financial Instrument” means the mortgage, deed of covenant or other such financial security instrument as annexed to this
Charter and stated in Box 28. 
 “MOA” means the Memorandum of Agreement entered into between the Owners as buyers and
the Charterers as Sellers dated 16th August 2021 in respect of the Vessel. 

“Banking Days” shall mean the days identified in Cl.36 (b) 

“Total Loss” shall mean the situation identified in Cl.40 (a) 

 

	2.	 Charter Period 

In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to hire the Vessel for
the period stated in Box 21 (the “Charter Period”). 
  

	3.	 Delivery Also See Clause 32 

The Vessel shall be delivered and taken over by the Charterers as per Clause 32. 

(not applicable when PART III applies, as indicated in Box 37) 

(a) The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in every respect
ready in hull, machinery and equipment for service under this Charter. 
 The Vessel shall be delivered by the Owners and taken
over by the Charterers at the port or place indicated in Box 13 in such ready safe berth as the Charterers may direct. 

(b) The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in Box 5 and the
requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box 12. 

(c) The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a full performance
by the Owners of all the Owners’ obligations under this Clause 3, and thereafter the Charterers shall not be entitled to make or assert any claim against the Owners on account of any conditions, representations or warranties
expressed or implied with respect to the Vessel but the Owners shall be liable for the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or appurtenances, existing at the time of delivery
under this Charter, provided such defects have manifested themselves within twelve (12) months after delivery unless otherwise provided in Box 32. 
  

	4.	 Time for Delivery See Clause 32 

(not applicable when PART III applies, as indicated in Box 37) 

The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers’ consent and the Owners shall
exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. 
 Unless otherwise agreed in
Box 18, the Owners shall give the Charterers not less than thirty (30) running days’ preliminary and not less than fourteen (14) running days’ definite notice of the date on which the Vessel is expected to be ready for
delivery. 
 The Owners shall keep the Charterers closely advised of possible changes in the Vessel’s
position. 
  

	5.	 Cancelling 

(not applicable when PART III applies, as indicated in Box 37) 

(a) Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the option of
cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running

 
hours after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. 

(b) If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in position to
state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared within one hundred and sixty-eight
(168) running hours of the receipt by the Charterers of such notice or within thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then exercise their option of cancelling, the seventh
day after the readiness date stated in the Owners’ notice shall be substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. 

(c) Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on the Owners under
this Charter. 
  

	6.	 Trading Restrictions 

The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading limits indicated in Box
20. 
 The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in conformity with the
terms of the contracts of insurance (including any warranties expressed or implied therein) without first obtaining the consent of the insurers to such employment and complying with such requirements as to extra premium or otherwise as the insurers
may prescribe. 
 The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which is
forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, seizure or confiscation. 

Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive products or waste are
specifically excluded from the cargo permitted to be loaded or carried under this Charter. This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, agricultural, medical or scientific
purposes provided the Owners’ prior approval has been obtained to loading thereof. 
  

	7.	 Surveys on Delivery and Redelivery 

(not applicable when PART III applies, as indicated in Box 37) 

The Owners and Charterers have the right of shall each appointing surveyors for the purpose of determining and
agreeing in writing the condition of the Vessel at the time of delivery.redelivery hereunder. The Owners shall bear all expenses of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the
Off-hire Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. 
  

	8.	 Inspection 

The Owners shall have the right maximum twice per yearat any time after giving reasonable notice to the
Charterers to inspect or survey the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:- provided it does not interfere with the operation of the Vessel and/or crew 

(a) to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained. The costs and
fees for such inspection or survey shall be paid by the Owners. unless the Vessel is found to require repairs or maintenance in order to achieve the condition so provided; 

(b) in dry-dock if the Charterers have not dry-docked her in accordance with Clause 10(g). The costs and fees for such inspection or
survey shall be paid by the Charterers; and  

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 
 (c) for any other commercial reason they consider necessary (provided it does not
unduly interferer with the commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the Owners. 

All time used in respect of inspection, survey or repairs shall be for the Charterers’ account and form part of the Charter
Period. 
 The Charterers shall also permit the Owners to inspect the Vessel’s log books maximum twice per
year whenever reasonably requested and shall whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel. 

 

	9.	 Inventories, Oil and Stores SEE CLAUSE 53 

A complete inventory of the Vessel’s entire equipment, outfit including spare parts, appliances and of all consumable stores on
board the Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of delivery and
redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the ports of delivery and redelivery,
respectively. The Charterers shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. SEE ALSO CLAUSE
32, AND CLAUSE 46 
  

	10.	 Maintenance and Operation 

 

	 	(a)	 (i) Maintenance and Repairs - During the Charter period the Vessel shall be in the full possession and
at the absolute disposal for all purposes of the Charterers and under their complete control in every respect. The Charterers shall exercise due diligence to maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good
state of repair, in efficient operating condition and in accordance with good commercial maintenance practice and, except as provided for in Clause 14(l), if applicable, at their own expense, they shall at all times keep the
Vessel’s Class unexpired fully up to date with the Classification Society indicated in Box 10 maintain all other necessary certificates in force at all times. 

 

	 	(ii)	 New Class and Other Safety Requirements  

In the event of any improvement, structural changes or new equipment becoming necessary for the continued operation of the Vessel by
reason of new class requirements or by compulsory legislation costing (excluding the Charterers’ loss of time) more than the percentage stated in Box 23, or if Box 23 is left blank, 5 per cent. of the Vessel’s
insurance value as stated in Box 29, then the extent, if any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall be shared between the parties concerned in order to achieve a reasonable distribution thereof
as between the Owners and the Charterers having regard, inter alia, to the length of the period remaining under this Charter, shall in the absence of agreement, be referred to the dispute resolution method agreed in Clause 30. SEE
CLAUSE 38 
  

	 	(iii)	 Financial Security - The Charterers shall maintain financial security or responsibility in respect of
third party liabilities as required by any government, including federal, state or municipal or other division or authority thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place, territorial
or contiguous waters of any country, state or municipality in performance of this Charter without any delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such government or division or authority thereof.

 The Charterers shall make and maintain all arrangements by bond or otherwise as may be
necessary to satisfy such requirements at the Charterers’ sole expense and the Charterers shall indemnify the Owners against all consequences whatsoever (including loss of time) for any failure or inability to do so. 

(b) Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, navigate, operate,
supply, fuel and, whenever required, repair the Vessel during the Charter Period and they shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of the Vessel under this Charter, including annual
flag state fees and any foreign general municipality and/or state taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes whatsoever, even if for any reason appointed by the
Owners. 
 Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel’s
flag or any other applicable law. 
 (c) The Charterers shall keep the Owners and the mortgagee(s) advised of the intended
employment, planned dry-docking and major repairs of the Vessel, as reasonably required. 
 (d) Flag and Name of Vessel  

During the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours, install and display their
funnel insignia and fly their own house flag. The Charterers shall also have the liberty, with the Owners’ consent, which shall not be unreasonably withheld, to change the flag and/or the name of the Vessel during the Charter Period. Painting
and re-painting, instalment and re-instalment, registration and de-registration, if required by the Owners, shall be at the Charterers’ expense and time. SEE CLAUSE 37 & 43 

(e) Changes to the Vessel—Subject to Clause 10(a)(ii), the Charterers shall make no structural changes
in the Vessel or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first securing the Owners’ approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the
Vessel to its former condition before the termination of this Charter. SEE CLAUSE 38 
 (f) Use of the Vessel’s
Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment, and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent shall be returned to the Owners on
redelivery in substantially the same good order and condition as when received, ordinary wear and tear excepted. The Charterers shall from time to time during the Charter period replace such items of equipment as shall be so
damaged or worn as to be unfit for use. The Charterers are to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards workmanship and quality of materials) as not to
diminish the value of the Vessel. The Charterers have the right to fit additional equipment at their expense and risk but the Charterers shall remove such equipment at the end of the period unless agreed otherwise by the Owners and the
Charterers. if requested by the Owners. Any equipment including radio equipment on hire on the Vessel at time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the
obligations and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners for all expenses incurred in connection therewith, also for any new equipment required in order to comply with radio
regulations. 
 (g) Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts
whenever the same may be necessary, but not 

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 less than once during the period stated in Box 19 or, if Box 19 has been left
blank, every sixty (60) calendar months after delivery or such other period as may be required by the Classification Society or flag state. 
  

	11.	 Hire SEE CLAUSE 35 

(a) The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect of which time
shall be of the essence.  
 (b) The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the
amount indicated in Box 22 which shall be payable not later than every thirty running days in advance, the first lump sum being payable on the date and hour of the Vessel’s delivery to the Charterers. Hire shall be paid continuously throughout
the Charter Period. 
 (c) Payment of hire shall be made in cash without discount in the currency and in the manner indicated in
Box 25 and at the place mentioned in Box 26. 
 (d) Final payment of hire, if for a period of less than thirty
(30) running days, shall be calculated proportionally according to the number of days remaining before redelivery and advance payment to be effected accordingly. 

(e) Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. The date upon
which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last reported or when the Vessel is posted as missing by Lloyd’s, whichever occurs first. Any hire paid in advance to be adjusted accordingly.
 
 (f) Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If
Box 24 has not been filled in, the three months interbank offered rate in London (LIBOR or its successor) of the currency stated in Box 25, as quoted by the British Bankers’ Association (BBA) on the date when the hire fell due, increased by
2 per cent, shall apply. 
 (g) Payment of interest due under sub-clause 11(f) shall be made within seven
(7) running days of the date of the Owners’ invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire payment date. 

 

	12.	 Mortgage SEE CLAUSE 44 

(only to apply if Box 28 has been appropriately filled in) 

 

	*)	 (a) The Owners warrant that they have not effected any mortgage(s) of the Vessel and
that they shall not effect any mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. 

  

	*)	 (b) The Vessel chartered under this Charter is financed by a mortgage according to the Financial
Instrument. The Charterers undertake to comply, and provide such information and documents to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the
Vessel as laid down in the Financial Instrument or as may be directed from time to time during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The Charterers confirm that, for this purpose, they have
acquainted themselves with all relevant terms, conditions and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be required by the mortgagee(s). The Owners warrant that they have not effected any
mortgage(s) other than stated in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably
withheld. 

  

	*)	 (Optional, Clauses 12 (a) and 12 (b) are alternatives; indicate alternative agreed
in Box 28). 

  

	13.	 Insurance and Repairs SEE CLAUSE 40 

(a) During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against hull

 and machinery, war and Protection and Indemnity risks (and any risks against which it is
compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with sub-clause 10(a)(iii)) in underwriter’s standard form as the Owners have received, reviewed and
shall in writingapproved, which approval shall not be unreasonably withheld.in such form as the Owners shall in writing approve, which approval shall not be unreasonably withheld.
Such insurances shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the mortgagees (if any), and the Charterers shall be at liberty to protect under such insurances the interests of any managers
they may appoint. Insurance policies shall cover the Owners and the Charterers according to their respective interests. Subject to the provisions of the Financial Instrument, if any, and the approval of the Owners and the insurers, the
Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the extent of coverage under the
insurances herein provided for. 
 The Charterers also to remain responsible for and to effect repairs and settlement of costs and
expenses incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances. 

All time used for repairs under the provisions of sub-clause 13(a) and for repairs of latent defects according to Clause 3(c)
above, including any deviation, shall be for the Charterers’ account. 
 (b) If the conditions of the above insurances permit
additional insurance to be placed by the parties, such cover shall be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be
shall immediately furnish the other party with particulars of any additional insurance effected, including copies of any cover notes or policies and the written consent of the insurers of any such required insurance
in any case where the consent of such insurers is necessary. 
 (c) The Charterers shall upon the request of the Owners provide
information and promptly execute such documents as may be reasonably required to enable the Owners to comply with the insurance provisions of the Financial Instrument. 

(d) Subject to the provisions of the Financial Instrument, if any, should the Vessel become an actual, constructive, compromised or
agreed total loss under the insurances required under sub-clause 13(a), all insurance payments for such loss shall be paid to the Owners who shall distribute the moneys between the Owners and the Charterers according to their respective interests.
The Charterers undertake to notify the Owners and the mortgagee(s), if any, of any occurrences in consequence of which the Vessel is likely to become a total loss as defined in this clause. SEE CLAUSE 40 

(e) The Owners shall, upon the request of the Charterers, promptly execute such documents as may be required to enable the Charterers to
abandon the Vessel to insurers and claim a constructive total loss. 
 (f) For the purpose of insurance coverage against hull and
machinery and war risks under the provisions of sub-clause 13(a), the value of the Vessel is the sum indicated in Box 29. SEE CLAUSE 40 
  

	14.	 Insurance, Repairs and Classification N/A 

(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered
deleted). 
 (a) During the Charter Period the Vessel shall be kept insured by the Owners at their expenses against hull and
machinery and war risks under the form of policy or 

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 policies attached hereto. The Owners and/or insurers shall not have any right of
recovery or subrogation against the Charterers on account of loss of or any damage to the Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to discharge claims against or liabilities of the Vessel or
the Owners covered by such insurance. Insurance policies shall cover the Owners and the Charterers according to their respective interests. 

(b) During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection and Indemnity
risks (and any risks against which it is compulsory to insure for the operation of the Vessel, including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall in writing approve which approval
shall not be unreasonably withheld.  
 (c) In the event that any act or negligence of the Charterers shall vitiate any of
the insurance herein provided, the Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which would otherwise have been covered by such insurance. 

(d) The Charterers shall, subject to the approval of the Owners or Owners’ Underwriters, effect all insured repairs, and the
Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for under the provisions of
sub-clause 14(a). 
 The Charterers to be secured reimbursement through the Owners’ Underwriters for such
expenditures upon presentation of accounts.  
 (e) The Charterers to remain responsible
for and to effect repairs and settlement of costs and expenses incurred thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible franchise(s) or deductibles provided for in the insurances. 

 (f) All time used for repairs under the provisions of sub-clause 14(d) and 14(e) and for repairs of latent defects according to
Clause 3 above, including any deviation, shall be for the Charterers’ account and shall form part of the Charter Period. 

The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for such time as may be
required to make such repairs. 
 (g) If the conditions of the above insurances permit additional insurance to be placed
by the parties such cover shall be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers as the case may be shall immediately furnish the other party with particulars of any
additional insurance effected, including copies of any cover notes or policies and the written consent of the insurers of any such required insurance in any case where the consent of such insurers is necessary. 

(h) Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances required under sub-clause
14 (a), all insurance payments for such loss shall be paid to the Owners, who shall distribute the moneys between themselves and the Charterers according to their respective interests. 

(i) If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged by the Owners in
accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. 
 (j) The Charterers shall
upon the request of the Owners, promptly execute such documents as may be required to enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. 

(k) For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-clause 14(a), the
value of the Vessel is the sum indicated in Box 29.

 (l) Notwithstanding anything contained in sub-clause 10(a), it is agreed that under
the provisions of Clause 14, if applicable, the Owners shall keep the Vessel’s Class fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary certificates in force at all times. 

 

	15.	 Redelivery ALSO SEE CLAUSE 46 

At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe berth or anchorage at a
safe and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The Charterers shall give the Owners not less than thirty
(30) running days’ preliminary notice of expected date, range of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days’ definite notice of expected date and port or place of redelivery.
Any changes thereafter in Vessel’s position shall be notified immediately to the Owners. 
 The Charterers warrant that they will not
permit the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within the Charter Period. Notwithstanding the above, should the Charterers
fail to redeliver the Vessel within the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 5 per cent or to the market rate, whichever is the higher, for the number of days by which
the Charter Period is exceeded. All other terms, conditions and provisions of the Charter shall continue to apply. 
 Subject to the
provisions of Clause 10, the Vessel shall be redelivered to the Owners in substantially the same or as good structure, state, condition and class as that in which she was delivered, fair wear and tear
not affecting class excepted. 
 The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates
valid for at least the number of months agreed in Box 17. 
  

	16.	 Non-Lien ALSO SEE CLAUSE 47 

The 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. The Charterers further agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice reading as follows: 

‘This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of the Charter
Party neither the Charterers nor the Master have any right, power or authority to create, incur or permit to be imposed on the Vessel any lien whatsoever.’ 
  

	17.	 Indemnity ALSO SEE CLAUSE 54 

(a) The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising out of or in relation to the
operation of the Vessel by the Charterers, and against any lien of whatsoever nature arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by reason of claims or liens arising out of her
operation hereunder by the Charterers, the Charterers shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including the provision of bail. 

Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all consequences or liabilities
arising from the Master, officers or agents signing Bills of Lading or other documents. 

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 

 (b) If the Vessel be arrested or otherwise detained by reason of a claims or claims against
the Owners, the Owners shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including the provision of bail. 

In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred by the Charterers (including
hire paid under this Charter) as a direct consequence of such arrest or detention. 
  

	18.	 Lien 

The Owners to have a lien upon all cargoes, sub-hires and sub-freights belonging or due to the Charterers or any sub-charterers and any Bill
of Lading freight for all claims under this Charter, and the Charterers to have a lien on the Vessel for all moneys paid in advance and not earned. 
  

	19.	 Salvage 

All salvage and towage performed by the Vessel shall be for the Charterers’ benefit and the cost of repairing damage occasioned thereby
shall be borne by the Charterers. 
  

	20.	 Wreck Removal 

In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the Owners against any sums
whatsoever which the Owners shall become liable to pay and shall pay in consequence of the Vessel becoming a wreck or obstruction to navigation. 
  

	21.	 General Average 

The Owners shall not contribute to General Average. 
  

	22.	 Assignment, Sub-Charter and Sale 

(a) The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior consent in writing of
the Owners, which shall not be unreasonably withheld, and subject to such terms and conditions as the Owners shall approve. 
 (b)
The Owners shall not sell the Vessel during he currency of this Charter except with the prior written consent of the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of this Charter.
SEE CLAUSE48 
  

	23.	 Contracts of Carriage 

 

	*)	 (a) The Charterers are to procure that all documents issued during the Charter Period evidencing the terms
and conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation relating to carrier’s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the documents
shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and the Both-to-Blame Collision Clause. 

  

	*)	 (b) The Charterers are to procure that all passenger tickets issued during the Charter Period for
the carriage of passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation relating to carrier’s liability for passengers and their luggage compulsorily applicable in the trade; if no such
legislation exists, the passenger tickets shall incorporate the Athens Convention Relating the Carriage of Passengers and their Luggage by Sea, 1974, and any protocol thereto. 

 

	*)	 Delete as applicable. 

 

	24.	 Bank Guarantee 

(Optional, only to apply if Box 27 filled in) 

The Charterers undertake to furnish, before delivery of the Vessel, a first class bank guarantee or bond in the sum and at the place
as indicated in Box 27 as guarantee for full performance of their obligations under this Charter.

	25.	 Requisition/Acquisition ALSO SEE CLAUSE 40 (a)/(b) 

(a) In the event of the requisition for Hire of the Vessel by any governmental or other competent authority (hereinafter referred to a
“Requisition for Hire”) irrespective of the date during the Charter Period when “Requisition for Hire” may occur and irrespective of the length thereof and whether or not it be for an indefinite or a limited period of time, and
irrespective of whether it may or will remain in force for the remainder of the Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated and the Charterers shall continue to pay the stipulated
hire in the manner provided by this Charter until the time when the Charter would have terminated pursuant to any of the provisions hereof always provided however that in the event of “Requisition for Hire” any Requisition Hire or
compensation received or receivable by the Owners shall be payable to the Charterers during the remainder of the Charter Period or the period of the ‘Requisition for Hire’ whichever be the shorter. 

(b) Notwithstanding the provisions of clause 25 (a), in the event of the Owners being deprived of their ownership in the Vessel by any
Compulsory Acquisition of the Vessel or requisition for title by any governmental or other competent authority, which for the avoidance of any doubt, shall exclude requisition for use or hire not involving requisition of title (hereinafter
referred to as ‘Compulsory Acquisition’), then, irrespective of the date during the Charter Period when “Compulsory Acquisition” may occur, this Charter shall be deemed terminated as of the date of such
“Compulsory Acquisition”. In such event charter hire to be considered as earned and to be paid up to the date and time of such “Compulsory Acquisition”, but not thenafter. 

 

	26.	 War 

(a) For the purpose of this Clause, the words ‘War Risks’ shall include any war (whether actual or threatened), act of war, civil
war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines (whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades (whether imposed against all vessels
or imposed selectively against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or the Government of any state whatsoever, which may be dangerous
or are likely to be or to become dangerous to the Vessel, her cargo, crew or other persons on board the Vessel. 
 (b) The Vessel, unless
the written consent of the Owners be first obtained, shall not continue to or go through any port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that the Vessel, her cargo, crew or other persons
on board the Vessel, in the reasonable judgement of the Owners, may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous or is likely to be or to become dangerous, after
the entry into it, the Owners shall have the right to require the Vessel to leave such area. 
 (c) The Vessel shall not load contraband
cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever, or to
proceed to an area where she shall be subject, or is likely to be subject to a belligerent’s right of search and/or confiscation. 

(d) If the insurers of the war risk insurance, when Clause 14 is applicable, should require payment of premiums and/or calls because,
pursuant to the Charterers’ orders, the Vessel is within, or is due to enter and remain within, any area or areas which are specified by such insurers as being subject to additional premiums because of War Risks, then such premiums and/or
calls 

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 
 shall be reimbursed by the Charterers to the Owners at the same time
as the next payment of hire is due. 
 (e) The Charterers shall have the liberty: 

 

	 	(i)	 to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in
convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever which are given by the government of the nation under whose flag the vessel sails, or any other government, body or group whatsoever acting
with the power to compel compliance with their orders or directions’ 

  

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

  

	 	(iii)	 to comply with the terms of any resolution of the Security Council of the United Nations, any directives of the
European Community, 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. 

 (f) In the event of outbreak of war (whether there be a
declaration of war or not ) (i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; France; and the People’s Republic of China, (ii) between any two or
more of the countries stated in Box 36, both the Owners and the Charterers shall have the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance with Clause 15, if the Vessel
has cargo on board after discharge thereof at destination, or if debarred under this Clause from reaching and entering it at a near open and safe port as directed by the Owners, or if the Vessel has no cargo
on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by the Owners. In all cases hire shall continue to be paid in accordance with Clause 11 and except as aforesaid all other
provisions of this Charter shall apply until redelivery. 
  

	27.	 Commission 

The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box
33 on any hire paid under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the actual expenses of the Brokers and a reasonable fee for their work. 

If the full hire is not paid owing to breach of the Charter by either of the parties, the party liable therefore shall indemnify the
Brokers against their loss of commission. Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of commission but in such case the commission shall not exceed the brokerage on one
year’s hire. 
  

	28.	 Termination 

(a) Charterer’s Default 

The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter with immediate
effect by written notice to the Charterers if: 
  

	 	(i)	 the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make
punctual payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as recognised at the
agreed place of payment) in which to rectify the failure, and when so rectified within such

	 	
number of days following the Owners’ notice, the payment shall stand as regular and punctual. Failure by the Charterers to pay hire within the number of days stated
in Box 34 of their receiving the Owners’ notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and terminate the Charter without further notice; 

(ii) the Charterers fail to comply with the requirements of: 

 

	 	(1)	 Clause 6 (Trading Restrictions) 

 

	 	(2)	 Clause 13(a) (Insurance and Repairs) provided that the Owners shall have the option,
by written notice to the Charterers, to give the Charterers a specified number of days grace within which to rectify the failure without prejudice to the Owners’ right to withdraw and terminate under this Clause if the Charterers fail to comply
with such notice; 

  

	 	(iii)	 the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i)
(Maintenance and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any event so that the Vessel’s insurance cover is not prejudiced.  

SEE CLAUSE 41 & 42 
  

	 	(b)	 Owners’ Default  

If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that the Charterers are
deprived of the use of the Vessel and such breach continues for a period of fourteen (14) running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall be entitled to terminate this Charter with
immediate effect by written notice to the Owners. 
  

	 	(c)	 Loss of Vessel  

This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive or compromised or
arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be lost unless she has either become an actual total loss or agreement has been reached with her underwriters in respect of her constructive, compromised or
arranged total loss or if such agreement with her underwriters is not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. SEE CLAUSE 40 (d)/(e) 

(d) Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party in the event of an
order being made or resolution passed for the winding up, dissolution, liquidation or bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver is appointed, or if it suspends payment,
ceases to carry on business or makes any special arrangements or composition with its creditors.  
 (e) The termination of
this Charter shall be without prejudice to all rights accrued due between the parties prior to the date of termination and to any claim that either party might have. 
  

	29.	 Repossession 

In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, the Owners shall have the
right to repossess the Vessel from the Charterers at her current or next port of call, or at a port or place convenient to them without hindrance or interference by the Charterers, courts or local authorities. Pending physical repossession of the
Vessel in accordance with this Clause 29, the Charterers shall 

 

 PART II 

“BARECON 2001” Standard Bareboat Charter 
  

 

 hold the Vessel as gratuitous bailee only to the Owners. The Owners shall arrange for an
authorised represent-ative to board the Vessel as soon as reasonably practicable following the termination of the Charter. The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the Vessel by the
Owners’ representative. All arrangements and expenses relating to the settling of wages, disembarkation and repatriation of the Charterers’ Master, officers and crew shall be the sole responsibility of the Charterers. 

 

	30.	 Dispute Resolution 

 

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

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

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

 In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the
arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced. 
  

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

 In cases where neither the
claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the parties may agree) the arbitration shall be conduced in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators,
Inc. current at the time when the arbitration proceedings are commenced. 
  

	*)	 (c) This Contract shall be governed by and construed in accordance with the laws of the place
mutually agreed by the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. 

 (d) Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to
mediation any difference and/or dispute arising out of or in connection with this Contract.  

 

 In the case of a dispute in respect of which arbitration has been commenced under (a),
(b) or (c) above, the following shall apply:- 
 (i) Either party may at any time and from time to time elect to
refer the dispute or part of the dispute to mediation by service on the other party of a written notice (the “Mediation Notice”) (calling on the other party to agree to mediation. 

 

	 	(ii)	 The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that
they agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal (the
“Tribunal”) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event of disagreement, as
may be set by the mediator. 

  

	 	(iii)	 If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal
and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. 

  

	 	(iv)	 The mediation shall not affect the right of either party to seek such relief or take such steps as it
considers necessary to protect its interest. 

	 	(v)	 Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedures
shall continue during the conduct of the mediation by the Tribunal may take the mediation timetable into account when settling the timetable for steps in the arbitration. 

 

	 	(vi)	 Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs
incurred in the mediation and the parties shall share equally the mediator’s costs and expenses. 

  

	 	(vii)	 The mediation process shall be without prejudice and confidential and no information or documents
disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration. 

(Note: the parries should be aware that the mediation process may not necessarily interrupt time limits.) 

(e) If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall apply in
all cases. 
  

	*)	 Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in
Box 35. 

  

	31.	 Notices SEE CLAUSE 51 

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

	 	(b)	 The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4
respectively. 

 

					
	                    	  	“BARECON 2001” Standard Bareboat Charter	  	OPTIONAL PART
		  	  
 PART III

PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY

		  	(Optional, only to apply if expressly agreed and stated in Box 37)	  	

 

	1.	 Specifications and Shipbuilding Contract  

(a) The Vessel shall be constructed in accordance with the Building Shipbuilding Contract (hereafter called “the
‘Shipbuilding Building Contract’) as annexed to this Charter, made between the Builders and the Sellers Owners and in accordance with the specifications and plans annexed thereto, such Building Contract, specifications and plans having
been countersigned as approved by the Charterers. 
 (b) No change shall be made in the Shipbuilding Building Contract or
in the specifications or plans of the Vessel as approved by the Charterers as aforesaid without the Charterers’ consent. 

(c) The Charterers shall have the right to send their representative to the Builders’ Yard to inspect the Vessel during the
course of her construction to satisfy themselves that construction is in accordance with such approved specifications and plans as referred to under sub-clause (a) of this Clause.  

(d) The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. Subject to
the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the Builders. The Charterers
undertake that having accepted the Vessel they will not thereafter raise any claims against the Owners in respect of the Vessel’s performance or specification or defects, if any. Nevertheless, in respect of any repairs, replacements or defects
which appear within the first 12 months from delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any defects or to recover from the Builders any expenditure incurred in carrying out such repairs,
replacements or remedies. However, the Owners’ liability to the Charterers shall be limited to the extent the Owners have a valid claim against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied
to the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so recovered and the actual
expenditure on repairs, replacement or remedying defects or for any loss of time incurred.  
 Any liquidated damages for
physical defects or deficiencies shall accrue to the account of the party stated in Box 41(a) or if not filled in shall be shared equally between the parties. The costs of pursuing a claim or claims against the Builders under this Clause (including
any liability to the Builders) shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties. 
  

	2.	 Time and Place of Delivery – SEE CLAUSE 33 

(a) Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance with the Building
Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the Builders’ Yard or some other safe and
readily accessible dock, wharf or place as may be agreed between the parties hereto and the Builders. Under the Building Contract, the Builders have estimated that the Vessel will be ready for delivery to the Owners as therein provided but the
delivery date for the purpose of the Charter shall be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that be before or after as indicated in the Building Contract. The Charterers shall not
be entitled to refuse acceptance of delivery of the Vessel

 and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not
be entitled to make any claim against the Owners in respect of any conditions, representations or warranties, whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. 

(b) If for any reason other than a default by the Sellers Owners under the Shipbuilding Contract, the Builders become entitled
under that Contract not to deliver the Vessel to the Sellers, the Owners shall upon giving to the Charterers written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers and upon receipt of such
notice by the Charterers this Charter shall cease to have effect. 
 (c) If for any reason the Owners become entitled
under the Building Contract to reject the Vessel the Owners shall, before exercising such right of rejection, consult the Charterers and thereupon  

(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) running days by
notice in writing and upon receipt by the Owners of such notice this Charter shall cease to have effect; or 
 (ii) if the
Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) running days require the Owners to negotiate with the Builders as to the terms on which delivery should be taken and/or refrain from exercising their
right of rejection and upon receipt of such notice the Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and deliver her to the Charterers; 

(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to reject the Vessel from
the Builders; SEE CLAUSE 33 
 (iv) if this Charter terminates under sub-clause (b) of this Clause, the Owners
shall thereafter not be liable to the Charterers for any claim under or arising out of this Charter or its termination. 

(d) Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a claim therefor
shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared equally between the parties.  
  

	3.	 Guarantee Works —SEE CLAUSE 32 

If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be performed in accordance with
the Shipbuilding building Contract terms, and hire to continue during the period of guarantee works. The Charterers have to advise the Owners about the performance to the extent the Owners may request.  

 

	4.	 Name of Vessel – SEE CLAUSE 44 

The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be painted in the colours,
display the funnel insignia and fly the house flag as required by the Charterers.  
  

	5.	 Survey on Redelivery —SEE CLAUSE 46 

The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing the condition of the
Vessel at the time of redelivery. 
 Without prejudice to Clause 15 (PART II), the Charterers shall bear all survey
expenses and all other costs, if any, including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall also bear all loss of time spent in connection with any docking and undocking as well as
repairs, which shall be paid at the rate of hire per day or pro rata. 

 

					
	                    	  	“BARECON 2001” Standard Bareboat Charter	  	OPTIONAL PART
		  	  
 PART IV

HIRE/PURCHASE AGREEMENT

		  	(Optional, only to apply if expressly agreed and stated in Box 42)	  	

 

 On expiration of this Charter and provided the Charterers have fulfilled their
obligations according to PART I and II as well as PART III, if applicable, it is agreed that on payment of the final payment of hire as per Clause 11 the Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully
paid for. 
 In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the
Buyers. 
 The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the
Charter. 
 The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime
liens or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to the time of
delivery, be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any taxes, notarial, consular and
other charges and expense connected with the purchase and registration under Buyers’ flag shall be for Buyers’ account. Any taxes, consular and other charges and expenses connected with closing of the Sellers’ register shall be for
Sellers’ account. 

 

 In exchange for payment of the last month’s hire instalment the Sellers shall
furnish the Buyers with a Bill of Sale duly attested and legalised, together with a certificate setting out the registered encumbrances, if any. On delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship’s
Register and deliver a certificate of deletion to the Buyers. 
 The Sellers shall, at the time of delivery, hand to the
Buyers all classification certificates (for hull, engines, anchors, chains, etc) as well as all plans which may be in Sellers’ possession. 

The wireless installation and nautical instruments, unless on hire, shall be included in the sale without any extra payment.

 The Vessel with everything belonging to her shall be at Sellers’ risk and expense until she is delivered to the Buyers,
subject to the conditions of this Contract, and the Vessel with everything belonging to her shall be delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for possible faults or deficiencies
of any description. 
 The Buyers undertake to pay for the repatriation of the Maser, officers, and other personnel if
appointed by the Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (PART II) or to pay the equivalent cost of their journey to any other place.

 

					
	            	  	“BARECON 2001” Standard Bareboat Charter	  	OPTIONAL PART
		  	  
 PART V

PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY

		  	(Optional, only to apply if expressly agreed and stated in Box 43)	  	

 

	1.	 Definitions 

For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: 

“The Bareboat Charter Registry” shall mean the registry of the state whose flag the Vessel will fly
and in which the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. 

“The Underlying Registry” shall mean the registry of the state in which the Owners of the Vessel
are registered as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat Charter Registration. 
  

	2.	 Mortgage – See Clause 44 

The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (PART
II) shall apply. 

	3.	 Termination of Charter by Default 

If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if the Owners shall
default in the payment of any amounts due under the mortgage(s) specified in Box 28, the Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying Registry as shown in Box 45. 

In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a
default by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners under this
Charter. 

 

 Additional Clauses 

to 
 the Bareboat Charter Party
dated 16th August, 2021 (this “Charter”) by 
 Batanagar Shipping Corporation
as owner (the “Owners”) and 
 Surf Maritime Co.as charterer (the “Charterers”) 

in respect of MV “Navios Pollux” (the “Vessel”) 
  

	32.	 DELIVERY 

(a) The Charterers shall take delivery of the Vessel under this Charter simultaneously with delivery by Charterers as sellers to the Owners as
buyers under the MOA, and the Owners shall be obliged to deliver the Vessel to the Charterers hereunder in the same moment as the Owners is taking delivery of the Vessel under the MOA. 

(b) The Owners warrant that the Vessel, at time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other
debts whatsoever, other than (i) those incurred prior to the delivery of the Vessel hereunder, (ii) this Charter and (iii) the mortgage over the Vessel, assignment of insurance in respect of the Vessel and the assignment of the
charter hires in respect hereof in favour of the Mortgagee. 
 (c) The Vessel shall be delivered under this Charter in the same condition and
with the same equipment, inventory and spare parts as she is delivered to the Owners under the MOA. The Charterers know the Vessel’s condition at the time of delivery, and expressly agree that the Vessel’s condition as delivered under the
MOA is acceptable and in accordance with the provisions of this Charter. The Vessel shall be delivered to the Charterers under this Charter strictly “as is/where is”, and the Charterers shall waive any and all claims against the Owners
under this Charter on account of any conditions, seaworthiness, representations, warranties expressed or implied in respect of the Vessel (including but not limited to any bunkers, oils, spare parts and other items whatsoever) on delivery. 

  
 1 

	33.	 ISM CODE 

During the currency of this Charter the Charterers shall procure at the costs and expenses and time of the Charterers that the Vessel and the
“company” (as defined by the ISM code) shall comply with the requirements of the ISM code. Upon request the Charterers shall provide a copy of relevant documents of compliance (DOC) and safety management certificate (SMC) to the Owners.
For the avoidance of any doubt any loss, damage, expense or delay caused by the failure on the part of the “Company” to comply with the ISM code shall be for the Charterers’ account. 

 

	34.	 CHARTER PERIOD 

 

	(a)	 The Owners shall let to the Charterers and the Charterers shall take the Vessel on charter for the period and
upon the terms and conditions contained herein. 

  

	(b)	 Subject always to the provisions hereto, the period of the chartering of the Vessel hereunder (hereinafter
referred to as the “Charter Period”) shall comprise (unless terminated at an earlier date in accordance with the terms hereof) a charter period of Six (6) years from the date of the delivery of the Vessel by the Owners to the
Charterers under this Charter (the “Delivery Date”) with up to three (3) months more or less in the Charterers’ option, provided always that the chartering of the Vessel hereunder may be terminated by the Owners pursuant to
Clause 41 or shall terminate in the event of the Total Loss or Compulsory Acquisition of the Vessel subject to, and in accordance with provisions of Clause 40. 

 

	35.	 CHARTER HIRE 

The Charterers shall, throughout the Charter Period, pay charter hire (“Charter Hire”) to the Owners monthly in advance at the
agreed following rate by telegraphic transfer for each successive period of a month commencing with the Delivery Date and with subsequent installments at monthly intervals after the date of payment of such first installment by and until the
redelivery of the Vessel. Time is of the essence for payment of the Charter Hire under this Charter. 
  

					
	 1st – 36th Month
	  	 	USD 6,450 / day	 
	 37th – 72nd Month
	  	 	USD 6,150 / day	 

 No address commission. 
  

	36.	 PAYMENTS 

  

	(a)	 Notwithstanding anything to the contrary contained in this Charter, all payments by the Charterers hereunder
(whether by way of hire or otherwise) shall be made as follows:- 

  
 2 

	 	(i)	 not later than 11:00 a.m. (New York time) on one Banking Day prior to the date on which the relevant payment is
due under the terms of this Charter: and 

  

	 	(ii)	 in United States Dollars to THE SAN-IN GODO BANK, LTD. (or such other
bank or banks as may from time to time be notified by the Owners to the Charterers by not less than fourteen (14) days’ prior written notice) for the account of the Owners . 

 

	(b)	 If any day for the making of any payment hereunder shall not be a Banking Day (being, for all purposes of this
Charter, a day on which banks are open for transaction of business of the nature required by this Charter in Japan, Piraeus/Greece, London and New York) the due date for payment of the same shall be the next following Banking Day.

  

	(c)	 Subject to the terms of this Charter, the Charterers’ obligation to pay hire in accordance with the
requirements of Clause 35 and this Clause 36 and to pay certain amount of insurance benefit pursuant to Clause 40 (e) and to pay the Termination Compensation pursuant to Clause 42 shall be absolute irrespective of any contingency whatsoever,
including (but not limited to) (i) any failure or delay on the part of any party hereto or thereto, whether with or without fault on its part, other than the Owners, in performing or complying with any of the terms or covenants hereunder,
(ii) any insolvency, bankruptcy, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceedings by or against the Owners or the Charterers or any change in the constitution of the Owners or the Charterers or
any other person, (iii) any invalidity or unenforceability or lack of due authorization of or other defect in this Charter, or (iv) any other cause which would or might but for this provision have the effect of terminating or in any way
affecting any obligation of the Charterers under this Charter. 

  

	(d)	 In the event of failure by the Charterers to pay within ten (10) Banking Days after the due date for
payment thereof, or in the case of a sum payable on demand, the date of demand therefor, any hire or other amount payable by them under this Charter, the Charterers will pay to the Owners on demand interest on such hire or other amount from the date
of such failure to the date of actual payment (both before and after any relevant judgment or winding up of the Charterers) at the rate determined by the Owners and certified by them to the Charterers (such certification to be conclusive in the
absence of manifest error) to be the aggregate of (i) two 

  
 3 

	 	
& one-half per centum (21⁄2 %) and (ii) the London Interbank
Offered Rate for US Dollar deposits of not more than one month’s duration (as selected by the Owners or their funders in the light of the likely duration of the default in question) (as such rate is from time to time quoted by leading
banks in the London Interbank Market). Interest payable by the Charterers as aforesaid shall be compounded at such intervals as the Owners shall determine and shall be payable on demand. 

 

	(e)	 Any interest payable under this Charter shall accrue from day to day and shall be calculated on the actual
number of days elapsed and a three hundred and sixty (360) day year. 

  

	(f)	 In this Charter, unless the context otherwise requires, “month” means a period beginning in one
calendar month (and, in the case of the first month, on the date of delivery hereunder) and ending in the succeeding calendar month on the day numerically corresponding to the day of the calendar month in which such period started provided that if
there is no such numerically corresponding day, such period shall end on the last day in the relevant calendar month and “monthly” shall be construed accordingly. 

 

	37.	 FLAG AND CLASS 

 

	(a)	 The Vessel shall upon the Delivery Date be registered in the name of the Owners under the Panamanian flag.

  

	(b)	 The Owners shall have no right either to transfer the flag of Vessel from Panama to any other registry or to
require the Charterers to transfer the Vessel’s classification society. The Charterers shall, at any time after the Delivery Date and at the Charterers’ expense, have the right to transfer the Vessel’s classification society from
American Bureau of Shipping (ABS) to any other classification society at least equivalent to ABS. 

  

	(c)	 Further, in the event that the Charterers need to change the flag of the Vessel, the Charterers can change the
flag with the Owner’s consent, which should not be unreasonably withheld, provided however that any expenses and time (including but not limited to legal charges for finance documents for the Mortgagee) shall be for the Charterers‘account.

  

	(d)	 Subject to the Charterers’ supplying the standard de-registration
agreement reasonably satisfactory to the Mortgagee the Charterers are entitled to establish the standard bareboat registration on the Vessel at the costs, expense and time of the Charterers. 

  
 4 

	(e)	 If during the Charter Period there are modifications made to the Vessel which are compulsory for the Vessel to
comply with change to rules and regulations to which operation of the Vessel is required to conform, the cost relating to such modifications shall be for the account of the Charterers. 

 

	(f)	 All operational cost including required cost in relation to Vessel’s flag (such as tonnage tax, insurance
and crew certs etc) would be for Charterers account. However, all other cost (such as financing cost /cost for registration and discharge of their mortgage etc) would be for Owners account, and Owners and Charterers shall equally bear initial
registration cost to Vessel’s flag under Buyers’ name. For the bareboat charter and the sale of the vessel, each party should bear its own costs. 

  

	38.	 IMPROVEMENT AND ADDITIONS 

The Charterers shall have the right to fit additional equipment and to make severable improvements and additions at their expense and risk.
Such additional equipment, improvements and additions shall be removed from the Vessel without causing any material damage to the Vessel (any such damage being made good by the Charterers at their time and expense) provided however that the
Charterers shall redeliver the Vessel without removing such additional equipment, improvements and additions if the Owners consent to such non-removal before the redelivery. 

The Charterers shall also have the right to make structural or non-severable improvements and additions
to the Vessel at their own time, costs and expense and risk provided that such improvements and additions do not diminish the market value of the Vessel and are not likely to diminish the market value of the Vessel during or at the end of the
Charter Period and do not in any way affect or prejudice the marketability or the useful life of the Vessel and are not likely to affect or prejudice the marketability or the useful life of the Vessel during or at the end of the Charter Period. 

 

	39.	 UNDERTAKING 

The Charterers undertake and agree that throughout the Charter period they will:- 

 

	 	•	 	 notify the Owners in writing of any Termination Event (or event of which they are aware which, with the giving of
notice and/or lapse of time or other applicable condition, would constitute a Termination Event); 

  
 5 

	40.	 INSURANCE, TOTAL LOSS AND COMPULSORY ACQUISITION 

 

	 	(a)	 For the purposes of this Charter, the term “Total Loss” shall include actual or constructive or
compromised or agreed or arranged total loss of the Vessel including any such total loss as may arise during a requisition for hire. “Compulsory Acquisition” shall have the meaning assigned thereto in Clause 25(b) hereof.

  

	 	(b)	 The Charterers undertake with the Owners that throughout the Charter Period:- 

 

	 	(i)	 they will keep the Vessel insured in underwriter’s standard form as the Owners shall in writing approve,
which approval shall not be unreasonably withheld, with such insurers (including P&I and war risks associations) as shall be reasonably acceptable to the Owners with deductibles reasonably acceptable to the Owners (it being agreed and understood
by the Charterers that there shall be no element of self- insurance or insurance through captive insurance companies without the prior written consent of the Owners); 

 

	 	(ii)	 they will be properly entered in and keep entry of the Vessel with P&I Club that is a member of the
International Group of Protection and Indemnity Association for the full commercial value and tonnage of the Vessel and against all prudent P&I Risks in accordance with the rules of such association or club including, in case of oil pollution
liability risks equal to the highest level of cover from time to time available under the basic entry with such P&I (but always a minimum of USD1,000,000,000.); 

 

	 	(iii)	 The policies in respect of the insurances against fire and usual marine risks and policies or entries in
respect of the insurances against war risks shall, in each case, include the following loss payable provisions:- 

  

	 	(a)	 For so long as the Vessel is mortgaged and in accordance with the Deed of Assignment of insurances entered or
to be entered into between the Charterers and any mortgagee (the “Assignee”): 

  
 6 

 Until such time as the Assignee shall have notified the insurers to the contrary: 

 

	 	(i)	 All recoveries hereunder in respect of an actual, constructive or compromised or arranged total loss shall be
paid in full to the Assignee without any deduction or deductions whatsoever and applied in accordance with clause 40 (e); 

	 	(ii)	 All other recoveries not exceeding United States Dollars One million (US$1,000,000.00) shall be paid in full to
the Charterers or to their order without any deduction or deductions whatsoever; and 

	 	(iii)	 All other recoveries exceeding United States Dollars One million (US$1,000,000.00) shall, subject to the prior
written consent of the Assignee be paid in full to the Charterers or their order without any deduction whatsoever. 

  

	 	(b)	 During any periods when the Vessel is not mortgaged: 

 

	 	(i)	 All recoveries hereunder in respect of an actual, constructive or compromised or arranged total loss shall be
paid in full to the Owners without any deduction or deductions whatsoever and applied in accordance with clause 40 (e); 

	 	(ii)	 All other recoveries not exceeding United States Dollars Two million (US$2,000,000.00) shall be paid in full to
the Charterers or to their order without any deduction or deductions whatsoever; and 

	 	(iii)	 All other recoveries exceeding United States Dollars Two million (US$2,000,000.00) shall, subject to the prior
written consent of the Owners be paid in full to the Charterers or their order without any deduction whatsoever, subject to the fulfillment of the provisions of Clause 44; 

and the Owners and Charterers agree to be bound by the above provisions. 

 

	 	(iv)	 the Charterers shall procure that duplicates of all cover notes, policies and certificates of entry shall be
furnished to the Owners for their custody ; 

  
 7 

	 	(v)	 the Charterers shall procure that the insurers and the war risk and protection and indemnity associations with
which the Vessel is entered shall 

  

	 	(A)	 furnish the Owners with a letter or letters of undertaking in relevant underwriter’s standard form and in
accordance with the underwriters’ rules. 

  

	 	(B)	 supply to the Owners such information in relation to the insurances effected, or to be effected, with them as
the Owners may from time to time reasonably require: and 

  

	 	(vi)	 the Charterers shall use all reasonable efforts to procure that the policies, entries or other instruments
evidencing the insurances are endorsed to the effect that the insurers shall give to the Owners prior written notification of any amendment, suspension, cancellation or termination of the insurances in accordance with the underwriters’ guidance
and rules. 

  

	 	(c)	 Notwithstanding anything to the contrary contained in Clauses 13 and any other provisions hereof, the Vessel
shall be kept insured during the Charter Period in respect of marine and war risks on hull and machinery basis (The Charterers shall have the option, to take out on a full hull and machinery basis increased value or total loss cover in an amount not
exceeding thirty per centum (30%) of the total amount insured from time to time) for not less than the amounts specified in column (b) in the table set out below in respect of the one-yearly period during
the Charter Period specified in column (a) (on the assumption that the first such period commences on the Delivery Date) against such amount (hereinafter referred to as the “Minimum Insured Value”): 

 

					
	 (a)
 Year
	  	 (b)

Minimum Insured Value
	 
	 1
	  	US$	16,500,000.-	 
	 2
	  	US$	14,685,000.-	 
	 3
	  	US$	12,870,000.-	 
	 4
	  	US$	11,055,000.-	 
	 5
	  	US$	9,240,000.-	 
	 6
	  	US$	7,425,000.-	 

  
 8 

	 	(d)	 (i) If the Vessel shall become a Total Loss or be subject to Compulsory Acquisition the Chartering of the
Vessel to the Charterers hereunder shall cease and the Charterers shall:- 

  

	 	(A)	 immediately pay to the Owners all hire, and any other amounts, which have fallen due for payment under this
Charter and have not been paid as at and up to the date on which the Total Loss or Compulsory Acquisition occurred (the “Date of Loss”) together with interest thereon at a rate reflecting the Owners’ reasonable cost of funds at such
intervals, which amount to be agreed between the Owners and the Charterers and shall cease to be under any liability to pay any hire, but not any other amounts, thereafter becoming due and payable under this Charter, Provided that all hire and any
other amounts prepaid by the Charterers subsequent to the Date of Loss shall be forthwith refunded by the Owners: 

  

	 	(B)	 for the purposes of this sub-clause, the expression “relevant
Minimum Insured Value” shall mean the Minimum Insured Value applying to the one-year period in which the Date of Loss occurs. 

 

	 	(ii)	 For the purpose of ascertaining the Date of Loss:- 

 

	 	(A)	 an actual total loss of the Vessel shall be deemed to have occurred at noon (London time) on the actual date
the Vessel was lost but in the event of the date of the loss being unknown the actual total loss shall be deemed to have occurred at noon (London time) on the date on which it is acknowledged by the insurers to have occurred: 

 

	 	(B)	 a constructive, compromised, agreed, or arranged total loss of the Vessel shall be deemed to have occurred at
noon (London time) on the date that notice claiming such a total loss of the Vessel is given to the insurers, or, if the insurers do not admit such a claim, at the date and time at which a total loss is subsequently admitted by the insurers or
adjudged by a competent court of law or arbitration tribunal to have occurred. Either the Owners or, with the prior written 

  
 9 

	 	
consent of the Owners (such consent not to be unreasonably withheld), the Charterers shall be entitled to give notice claiming a constructive total loss but prior to the giving of such notice
there shall be consultation between the Charterers and the Owners and the party proposing to give such notice shall be supplied with all such information as such party may request; and 

 

	 	(C)	 Compulsory Acquisition shall be deemed to have occurred at the time of occurrence of the relevant circumstances
described in Clause25 (b) hereof. 

  

	 	(e)	 All moneys payable under the insurance effected by the Charterers pursuant to Clauses 13 and 40, or other
compensation, in respect of a Total Loss or pursuant to Compulsory Acquisition of the Vessel shall be received in full by the Owners (or the Mortgagees as assignees thereof) and applied by the Owners (or, as the case may be, the Mortgagees):-

 FIRST, in payment of all the Owners’ costs incidental to the collection thereof, 

SECONDLY, in or towards payment to the Owners (to the extent that the Owners have not already received the same in full) of a sum equal to the
aggregate of (i) unpaid but due hire under this Charter and unpaid interest thereon up to and including the Date of Loss and (ii) the amount of purchase option price payable under clause 49 as at the Date of Loss, and 

THIRDLY, in payment of any surplus to the Charterers by way of compensation for early termination. 

 

	 	(f)	 The Charterers and the Mortgagee shall execute the “Assignment of Insurances” of which contents and
wording shall be mutually agreed between the Owners and the Charterers. 

  
 10 

	41.	 TERMINATION EVENTS 

 

	(a)	 Each of the following events shall be a “Termination Event” for purposes of this Charter:-

  

	 	(i)	 if any installment of hire or any other sum payable by the Charterers under this Charter (including any sum
expressed to be payable by the Charterers on demand) shall not be paid at its due date or within ten (10) Banking Days following the due date of payment and such failure to pay is not remedied within ten (10) Banking Days of receipt by the
Charterers of written notice from the Owners notifying the Charterers of such failure and requesting that payment is made; or 

  

	 	(ii)	 Save in circumstances where requisition for hire or compulsory requisition result in termination of insurances
for the Vessel, if either (A) the Charterers shall fail at any time to effect or maintain any insurances required to be effected and maintained under this Charter, or any insurer shall avoid or cancel any such insurances (other than where the
relevant avoidance or cancellation results from an event or circumstance outside the reasonable control of the Charterers and the relevant insurances are reinstated or re-constituted in a manner meeting the
requirements of this Charter within seven (7) days of such avoidance or cancellation) or the Charterers shall commit any breach of or make any misrepresentation in respect of any such insurances the result of which the relevant insurer avoids
the policy or otherwise excuses or releases itself from all or any of its liability thereunder, or (B) any of the said insurances shall cease for any reason whatsoever to be in full force and effect (other than where the reason in question is
outside the reasonable control of the Charterer and the relevant insurances are reinstated or re-constituted in a manner meeting the requirements of this Charter within seven (7) days of such cease); or

  

	 	(iii)	 if the Charterers shall at any time fail to observe or perform any of their material obligations under this
Charter, other than those obligations referred to in sub-clause (i) or sub-clause (ii) of this Clause 41(a), and such failure to observe or perform any such
obligation is either not remediable or is remediable but is not remedied within thirty (30) days of receipt by the Charterers of a written notice from the Owners requesting remedial action; or 

  
 11 

	 	(iv)	 if any material representation or warranty by the Charterers in connection with this Charter or in any document
or certificate furnished to the Owners by the Charterers in connection herewith or therewith shall prove to have been untrue, inaccurate or misleading in any material respect when made (and such occurrence continues unremedied for a period of thirty
(30) days after receipt by the Charterers of written notice from the Owners requesting remedial action): or 

  

	 	(v)	 if a petition shall be presented (and not withdrawn or stayed within sixty (60) days) or an order shall be
made or an effective resolution shall be passed for the administration or winding-up of the Charterers (other than for the purpose of a reconstruction or amalgamation during and after which the Charterers
remain solvent and the terms of which have been previously approved in writing by the Owners which approval shall not be unreasonably withheld) or if an encumbrancer shall take possession or an administrative or other receiver shall be appointed of
the whole or any substantial part of the property, undertaking or assets of the Charterers or if an administrator of the Charterers shall be appointed (and, in any such case, such possession is not given up or such appointment is not withdrawn
within sixty (60) days) or if anything analogous to any of the foregoing shall occur under the laws of the place of the Charterers’ incorporation, or 

 

	 	(vi)	 if the Charterers shall stop payments to all of its creditors or shall cease to carry on or suspend all or a
substantial part of their business or shall be unable to pay their debts, or shall admit in writing their inability to pay their debts, as they become due or shall otherwise become or be adjudicated insolvent; or 

 

	 	(vii)	 if the Charterers shall apply to any court or other tribunal for, a moratorium or suspension of payments with
respect to all or a substantial part of their debts or liabilities, or 

  

	 	(viii)	 (A) if the Vessel is arrested or detained (other than for reasons solely attributable to the Owners or to those
for whom, for the purposes of this provision, the Owners shall be deemed responsible, including without limitation, any legal person who, at the date hereof or at any time in the future is affiliated with the Owners) and such arrest or detention is
not lifted within forty-five (45) days (or such longer period as the Owners shall reasonably agree in the light of all the circumstances) ; or 

  
 12 

	 	(B)	 if a distress or execution shall be levied or enforced upon or sued out against all or any substantial part of
the property or assets of the Charterers and shall not be discharged or stayed within thirty (30) days; or 

  

	 	(ix)	 if any consent, authorization, license or approval necessary for this Charter to be or remain the valid legally
binding obligations of the Charterers, or to the Charterers to perform their obligations hereunder or thereunder, shall be materially adversely modified or is not granted or is revoked, suspended, withdrawn or terminated or expires and is not
renewed (provided that the occurrence of such circumstances shall not give rise to a Termination Event if the same are remedied within thirty (30) days of the date of their occurrence); or 

 

	 	(x)	 if (a) any legal proceeding for the purpose of the reconstruction or rehabilitation of the Charterers
is commenced and continuing in any jurisdiction and (b) the Owners receive a termination notice from the receiver, trustee or others of the Charterers which informs the termination/rejection of the Charter pursuant to the relevant laws, codes
and regulations applicable to such proceeding. 

  

	(b)	 A Termination Event shall constitute (as the case may be) either a repudiatory breach of, or breach of
condition by the Charterers under, this Charter or an agreed terminating event the occurrence of which will (in any such case) entitle the Owners by notice to the Charterers to terminate the chartering of the Vessel under this Charter and recover
the amounts provided for in Clause 42(c) either as liquidated damages or as an agreed sum payable on the occurrence of such event. 

  

	42.	 OWNERS’ RIGHTS ON TERMINATION 

 

	(a)	 At any time after a Termination Event shall have occurred and be continuing, the Owners may, by notice to the
Charterers immediately, or on such date as the Owners shall specify, terminate the chartering by the Charterers of the Vessel under this Charter, whereupon the Vessel shall no longer be in the possession of the Charterers with the consent of the
Owners, and the Charterers shall redeliver the Vessel to the Owners. For the avoidance of doubt, in case of the termination of the Charter in accordance with 41 (a) (x) hereof, the Charter shall be deemed to be terminated upon receipt by the
Owners of the termination notice set forth in Clause 41 (a) (x) hereof. 

  
 13 

	(b)	 On or at any time after termination of the chartering by the Charterers of the Vessel pursuant to Clause 42(a)
hereof the Owners shall be entitled to retake possession of the Vessel, the Charterers hereby agreeing that the Owners, for that purpose, may put into force and exercise all their rights and entitlements at law and may enter upon any premises
belonging to or in the occupation or under the control of the Charterers where the Vessel may be located. 

  

	(c)	 If the Owners pursuant to Clause 42(a) hereof give notice to terminate the chartering by the Charterers of the
Vessel, the Charterers shall pay to the Owners on the date of termination (the “Termination Date”), the aggregate of (A) all hire due and payable, but unpaid, under this Charter to (and including) the Termination Date together
with interest accrued thereon pursuant to Clause 36(d) hereof from the due date for payment thereof to the Termination Date, (B) any sums, other than hire, due and payable by the Charterers, but unpaid, under this Charter together with interest
accrued thereon pursuant to Clause 36(d) to the Termination Date and (C) any actual direct financial loss suffered by the Owners which direct loss shall be determined as the shortfall, if any, between (a) the current market value of the
Vessel (average value as estimated by two independent valuers such as major London brokers i.e. Arrow Valuations Ltd, Barry Rogliano Salles, Braemar ACM Shipbroking, H Clarkson & Co. Ltd., E.A. Gibsons Shipbrokers, Fearnleys, Galbraith,
Simpson Spencer & Young, Howe Robinson & Co Ltd London and Maersk Broker K.S. (to include, in each case, their successors or assigns and such subsidiary or other company in the same corporate group through which valuations are
commonly issued by each of these brokers), or such other first-class independent broker as the Owners and Charterers may agree in writing from time to time) and (b) the Remaining Purchase Option Price (as defined in Clause 49.2 hereof) at any
given time always taking into account any charterhire paid during the year to which the specified Remaining Purchase Option Price relates PROVIDED ALWAYS that if the said market value exceeds the aggregate of (A) and (B) and the
Remaining Purchase Option Price, then the Owners shall pay the amount of such excess to the Charterers forthwith. The aggregate of (A), (B) and (C) above shall hereinafter be referred to as the “Termination Compensation”).

  

	(d)	 If the Charter is terminated in accordance with this Clause 42 the Charterers shall immediately redeliver the
Vessel at a safe and ice-free port or place as indicated by the Owners. The Vessel shall be redelivered to the Owners in substantially the same condition and class as that in which she was delivered, fair wear
and tear not affecting class excepted. 

  
 14 

	(e)	 The Owners agree that if following termination of the Charter under this Clause, the Owners sell or otherwise
transfer the Vessel to a third party, or enter into any other arrangement with a third party with an option to purchase the Vessel, then the Owners shall pay to the Charterers after that sale (i) the amount of the greater of (a) the sale
price and (b) the market value of the Vessel at such sale/transfer/arrangement date less (ii) the aggregate of the unpaid Termination Compensation and the Remaining Purchase Option Price (as defined in Clause 49.2) which would be payable
by the Charterers as set out in Clause 49 as at the date of such sale. 

  

	43.	 NAME 

The Charterers shall, subject only to prior notification to the relevant authorities of the jurisdiction in which for the time being the
Vessel is registered, be entitled from time to time to change the name of the Vessel. During the Charter Period, the Charterers shall have the liberty to paint the Vessel in their own colours, install and display their funnel insignia and fly
their own house flag. Painting and installment shall be at Charterers’ expense and time. The Charterer shall also have the liberty to change the name of the Vessel during the Charter Period at the expense and time of the Charterers (including
the legal charge for finance documents for the Mortgagee, if any). 
 The Owners shall have no right to change the name of the Vessel during
the Charter Period. 
  

	44.	 MORTGAGE and ASSIGNMENT 

The Owners confirm that they are familiar with the terms of the assignment of insurances made or to be made by the Charterers in favour or the
Mortgagee, and they agree to the terms thereof and will do nothing that conflicts therewith, excepting that the Owners shall be entitled to assign its rights, title and interest in and to this Charter to the Mortgagee or its assignee. Neither party
shall assign its right or obligations or part of thereof to any third party without the written consent of the other. 
 In respect of the
Vessel the Owners undertake not to borrow more than the respective purchase option prices as set out at the relevant milestone in Clause 49 hereof. 

  
 15 

 The Owners have the right to register a first preferred mortgage on the Vessel in favour of
the Mortgagee (THE SAN-IN GODO BANK, LTD.) securing a loan under the Loan Agreement under standard mortgages and security documentation. In which case, the Owners undertake to procure from the Mortgagee a
Letter of Quiet Enjoyment in a form and substance acceptable to the Charterers. 
 The Charterers agree to sign an acknowledgement of the
Owners’ charterhire assignment or any other comparable document reasonably required by the Mortgagee, in favour of the Mortgagee. During the course of the Charter the Owners have the right to register a substitute mortgage in favour of another
bank provided such registration is effected in a similar amount to the loan amount outstanding with the Mortgagee at that time and only if such substitute mortgagee executes a Letter of Quiet Enjoyment in favour of the Charterers in the same form as
that provided by the Mortgagee or the form acceptable for the Charterers. The Charterers will then agree to sign a charterhire assignment in favour of the substitute mortgage in a form as shall be agreed by the Charterers, which agreement not be
unreasonably withheld. Any cost incurred by the Charterers shall be for Owners’ account. 
 Subject to the term and conditions of this
Charter, the Charterers also agree that the Owners have the right to assign its rights, title and interest in and to the insurances by way of assignment of insurance in respect of the Vessel to and in favour of the Assignee in a form and substance
acceptable to Charterers and the Assignee. 
 Owners shall procure that any mortgage and charterhire assignment shall be subject to this
Charter and to the rights of the Charterers hereunder, in accordance with, and subject to, a Letter of Quiet Enjoyment. 
 In the event that
the Owners execute security of any nature (including but not limited to any mortgage, assignment of insurances) over the Vessel then the Owners hereby undertake and agree as a condition of this Charter to procure that the beneficiary of such
security executes in favour of the Charterers a letter of quiet enjoyment in such form and content as is reasonably acceptable to the Charterers, and the effectiveness of this assignment clause is subject to the agreement of a letter of Quiet
Enjoyment before delivery of the Vessel. 

  
 16 

	45.	 REDELIVERY INSPECTION 

Prior to redelivery and without interference to the operation of the Vessel, the Owners, at their risk and expense, shall have the right
provided that such right is declared at least 20 days prior to the expected redelivery date to carry out an underwater inspection of the Vessel by Class approved diver and in the presence of Class surveyor and Owners’ and
Charterers’ representatives. Should any damages in the Vessel’s underwater parts be found that will impose a condition or recommendation of Vessel’s class then: 
  

	a)	 In case Class imposes a condition or recommendation of class that does not require drydocking before next
scheduled drydocking. Charterers shall pay to Owners the estimated cost to repair such damage in way which is acceptable to Class, which to be direct cost to repair such damage only, as per average quotation for the repair work obtained from two
reputable independent shipyards at or in the vicinity of the redelivery port, one to be obtained by Owners and one by Charterers within 2 banking days from the date of imposition of the condition/recommendation unless the parties agree otherwise.

  

	b)	 In case Class require Vessel to be drydocked before the next scheduled drydocking the Charterers shall
drydock the Vessel at their expense prior to redelivry of the Vessel to the Owners and repair same to Class satisfaction. 

In such event the Vessel shall be redelivered at the port of the dockyard. 

 

	46.	 REDELIVERY 

The Charterers shall redeliver to the Owners the Vessel with everything belonging to her at the time of redelivery including spare parts on
board, used or unused subject to the Clause 38 hereof. The Owners shall take over and pay the Charterers for remaining bunkers and unused lubricating oils including hydraulic oils, and greases, unbroached provisions, paints, ropes and other
consumable stores as per Clause 53 at the Charterers’ purchased prices with supporting vouchers. For the purpose of this clause, the Charterers shall withhold the Hire two last hire payments (the “Withheld Hire”) and shall offset the
cost of bunkers, unused lubricating oils and unbroached provisions etc., remaining on board at the time of redelivery from the Withheld Hire. If the Withheld Hire is not sufficient to cover the cost of bunkers, unused lubricating oils, and
unbroached provisions etc. the Owners shall settle the outstanding amount within 3 Singapore banking days after redelivery of the Vessel. 

  
 17 

 Personal effects of the Master, officers and crew including slop chest, hired equipment, if
any and the following listed items are excluded and shall be removed by the Charterers prior to or at the time of redelivery of the Vessel: 
  

	 	•	 	 E-mail equipment not part of GMDSS 

 

	 	•	 	 Gas bottles 

  

	 	•	 	 Electric deck air compressor 

 

	 	•	 	 Blasting and painting equipment 

 

	 	•	 	 Videotel (or similar) film library 

 

	47.	 MORTGAGE NOTICE 

The Charterers keep prominently displayed in the chart room and in the master’s cabin of the Vessel a framed printed notice (the print on
which shall measure at least six inches by nine inches) reading as follows:- 
 NOTICE OF MORTGAGE 

This Vessel is owned by Batanagar Shipping Corporation and is subject to a first preferred mortgage in favour of THE SAN-IN GODO BANK, LTD. Under the terms of the said Mortgage neither the Owner, nor the master, nor any charterer of the Vessel nor any other person has the right or authority to create, incur or permit any lien,
charge or encumbrance to be placed on the Vessel other than sums for crews’ wages and salvage. 

  
 18 

	48.	 SALE OF VESSEL BY OWNERS 

 

	 	1.	 The Owners have the right to sell the Vessel to a reputable third party (“Purchaser”) at any
time during the Charter Period with the prior written consent of the Charterers and provided that (i) the Purchaser agrees to take over the benefit and burden of this Charter, (ii) such ownership change does not result in any reflagging of
the Vessel, (iii) such ownership change does not result in the Charterers being obliged to increase any payment under this Charter, (iv) such ownership change does not increase the actual or contingent obligations of the Charterers under
this Charter, and (v) the Charterers shall not be liable for the costs and expenses (including legal fees) incurred in the sale of the Vessel by the Owners under this Clause 48. 

 

	 	2.	 The Owners shall give the Charterers at least one month’s prior written notice of any sale.

  

	 	3.	 Subject to 48.1, the Charterers and Owners undertake with each other to execute one or more novation agreements
(or other documents required under applicable law) to novate the rights and obligations of the Owners under this Charter to the Purchaser such novation agreement(s) or other documents to be in such form and substance acceptable to the Charterers and
such novation will be effective upon delivery of the Vessel from the Owners to the Purchaser.” 

  

	49.	 CHARTERERS’ OPTION TO PURCHASE VESSEL 

 

	1.	 Charterers to have purchase option at the end of 72nd months of the Charter Period at a price of USD5, 000,000.
- (the “Final Purchase Option Price”); however, Charterers to have purchase option to purchase the Vessel at the end of 3rd year anniversary date of the Delivery Date at USD10,700,000 net (the “First Purchase Option
Price”) subject to Charterers declaration 3 months before such date. 

  

	2.	 Charterers further have an option to purchase, such purchase being declared at any time through the remaining
period at the following price or pro-rata de-escalation until the maturity of the Charter Period (the “Subsequent Purchase Option Price”).

  
 19 

					
	 At end of 3rd year
	  	:	  	USD 10,700,000
	 At end of 4th year
	  	:	  	USD 8,800,000
	 At end of 5th year
	  	:	  	USD 6,900,000
	 At end of 6th year
	  	:	  	USD 5,000,000

 (The purchase option price of the Vessel to be calculated in accordance with Clause 49.1 and 49.2 hereof,
whether the Final Purchase Option Price or the First Option Price or the Subsequent Purchase Option Price, hereinafter called the “Remaining Purchase Option Price”). 

 

	3.	 Immediately prior to delivery of the Vessel by the Owners to the Charterers under the PO MOA (as defined in
Clause 49.4) the Parties shall execute a Protocol of Redelivery and Acceptance under this Charter (the “Redelivery Protocol”) and save in respect of any claims accrued under this Charter prior to the date and time of the Redelivery
Protocol, this Charter shall terminate forthwith. 

  

	4.	 Upon the date of any written notification by the Charterers to the Owners of their intention to purchase the
Vessel, the Owners and the Charterers shall be deemed to have unconditionally entered into a contract to sell and purchase the Vessel for the Remaining Purchase Option Price on and in strict conformity with the terms and conditions contained in the
Memorandum of Agreement attached to this Charter as Exhibit A (the “PO MOA”). 

  

	50.	 MISCELLANEOUS 

 

	(a)	 The terms and conditions of this Charter and the respective rights of the Owners and the Charterers shall not
be waived or varied otherwise than by an instrument in writing of the same date as or subsequent to this Charter executed by both parties or by their duly authorized representatives. 

 

	(b)	 Unless otherwise provided in this Charter whether expressly or by implication, time shall be of the essence in
relation to the performance by the Charterers of each and every one of their obligations hereunder. 

  
 20 

	(c)	 No failure or delay on the part of the Owners or the Charterers in exercising any power, right or remedy
hereunder or in relation to the Vessel shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise of any such right or power or the exercise of any other
right, power or remedy. 

  

	(d)	 If any terms or condition of this Charter shall to any extent be illegal invalid or unenforceable the remainder
of this Charter shall not be affected thereby and all other terms and condition shall be legal valid and enforceable to the fullest extent permitted by law. 

  

	(e)	 The respective rights and remedies conferred on the Owners and the Charterers by this Charter are cumulative,
may be exercised as often as the Owners or the Charterers (as the case may be) think fit and are in addition to, and are not exclusive of, any rights and remedies provided by law. 

 

	51.	 COMMUNICATIONS 

Except as otherwise provided for in this Charter, all notices or other communications under or in respect of this Charter to either party
hereto shall be in writing and shall be made or given to such party at the address, facsimile number or e-mail address appearing below (or at such other address, facsimile number or e-mail address as such party may hereafter specify for such purposes to the other by notice in writing):- 
  

			
	 (i) in the case of the Owners c/o Okouchi Kaiun Co., Ltd.

	 Address
	  	: 2264-35, Namikata, Namikata-cho, Imabari City,
		  	 Ehime Prefecture 799-2101, Japan

	 Telephone
	  	: +81-898-41-9318
	 Telefax
	  	: +81-898-43-0674
	 E-mail
	  	: okouchi@lime.ocn.ne.jp
	
	 (ii)  in the case of the Charterers c/o Navios Shipmanagement
Inc.

	 Address
	  	: 85 Akti Miaouli Street, 18538, Piraeus, Greece
	 Telephone
	  	: 30-210-4595000
	 E-mail
	  	: ops@navios.com, legal@navios.com
		  	 tech@navios.com, legal_corp@navios.com

	
	 (iii)  in the case of the Brokers c/o ITOCHU Corporation

	 Address
	  	: TOKBR Section, 5-1, Kiya-Aoyama 2-chome,
		  	 Minato-ku, Tokyo, 107-8077
Japan

	 Telephone
	  	: 81-3-3497-2999
	 Telefax
	  	: 81-3-3497-7111
	 E-mail
	  	: tokbr@itochu.co.jp

  
 21 

 A written notice includes a notice by facsimile or
e-mail. A notice or other communication received on a non-working day or after business hours in the place of receipt shall be deemed to be served on the next following
working day in such place. 
 Subject always to the foregoing sentence, any communication by personal delivery or letter shall be deemed to
be received on delivery, any communication by e-mail shall be deemed to be received upon transmission of the automatic answerback of the addresses and any communication by facsimile shall be deemed to be
received upon appropriate acknowledgment by the addressee’s receiving equipment. 
 All communications and documents delivered pursuant
to or otherwise relating to this Charter shall either be in English or accompanied by a certified English translation. 
  

	52.	 TRADING IN WAR RISK AREA 

The Charterers shall be permitted to order the Vessel into an area subject to War Risks as defined in Clause 26 without consent of the Owners
provided that all Marine, War and P&I Insurance are maintained with full force and effect and the Charterers shall pay any and all additional premiums to maintain such insurance. 

 

	53.	 INVENTORIES, OIL AND STORES 

A complete inventory of the Vessel’s entire equipment, outfit including spare parts, appliances and of all consumable stores on board the
Vessel shall be made by the Charterers in conjunction with the Owners on delivery and again on redelivery of the Vessel. 
 The Owners shall
at the time of redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes and other consumable stores (excluding spare parts) in the said Vessel at the Charterers’ purchased prices with supporting
vouchers. However, the Charterers shall not pay to the Owners at time of delivery for any bunkers, lubricating oil, provisions, paints, ropes and consumable stores which the Charterers have supplied to the Vessel at the Charterers’ expense
prior to delivery. The Charterers shall ensure that all spare parts listed in the inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. 

  
 22 

	54.	 INDEMNITY FOR POLLUTION RISKS 

The Charterers shall indemnify the Owners against the following Pollution Risks:- 

 

	 	(a)	 liability for damages or compensation payable to any person arising from pollution; 

 

	 	(b)	 the costs of any measures reasonably taken for the purpose of preventing, minimizing or cleaning up any
pollution together with any liability for losses or damages arising from any measures so taken; 

  

	 	(c)	 liability which the Owners and/or the Charterers may incur, together with costs and expenses incidental
thereto, as the result of escape or discharge or threatened escape discharge of oil or any other substance; 

  

	 	(d)	 the costs or liabilities incurred as a result of compliance with any order or direction given by any government
or authority for the purpose of preventing or reducing pollution or the risk of pollution; provided always that such costs or liabilities are not recoverable under the Hull and Machinery Insurance Policies on the Vessel; 

 

	 	(e)	 liability which the Owners and/or the Charterers may incur to salvors under the exception to the principal of
“no cure-no pay” in Article 1 (b) of Lloyds Standard Form of Salvage Agreement (LOF 1990); and 

  

	 	(f)	 liability which the Charterers may incur for the payment of fines in respect of pollution in so far as such
liability may be covered under the rules of the P&I Club. 

  

	55.	 TRADE AND COMPLIANCE CLAUSE 

The Charterers and the Owners hereby agree that no person/s or entity/ies under this Charter will be individual(s) or entity(ies) designated under any
applicable national or international law imposing trade and economic sanctions. 

  
 23 

 Further, the Charterers and the Owners agree that the performance of this Charter will not require any
action prohibited by sanctions or restrictions under any applicable national or international law or regulation imposing trade or economic sanctions. 
  

	56.	 ANTI-BRIBERY AND ANTI-CORRUPTION 

The Charterers and the Owners hereby agree that in connection with this Contract and/or any other business transactions related to it, they as well as their sub-contractors and each of their affiliates, directors, officers, employees, agents, and every other person acting on its and its sub-contactors’ behalf, shall perform
all required duties, transactions and dealings in compliance with all applicable laws, rules, regulations relating to anti-bribery and anti-money laundering. 

(end) 

  
 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]