Document:

Exhibit 4.4

	
  MEMORANDUM
  OF AGREEMENT

  
 Dated: 30th March 2005.

  	
  Norwegian Shipbrokers’ Association’s Memorandum of
  Agreement for sale and purchase of ships. Adopted by The Baltic and
  International Maritime Council (BIMCO)in 1956.

  
	
   

  	
  Code-name

  SALEFORM 1993

  
	
   

  	
  Revised 1966, 1983 and 1986/87.

  
	
   

  	
   

  

 

FIRST
ORIGINAL

Dermaga Shipping Co Ltd  
 hereinafter called the Sellers, have
agreed to sell, and  

Britannia
Bulk S.A., Panama, a company fully guaranteed by Britannia Bulk Plc, London

 hereinafter called the Buyers, have
agreed to buy

Name: M/V “ANTHEA Y”

Classification Society/Class: RINA

	
  Built:  1984

  	
  By:

  	
  STOCZNIA SZCZECINSKA IM A
  WARSKIEGO, SZCZECIN, POLAND

  
	
   

  	
   

  	
   

  
	
  Flag:  Cyprus

  	
   

  	
  Place of Registration:  Limassol, Cyprus

  
	
   

  	
   

  	
   

  
	
  Call Sign:  P3JW8

  	
   

  	
  Grt/Nrt: 21551/11066

  

 

Register Number: 166/1999

IMO No:  8107311

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

Definitions

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

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

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

1.                          Purchase Price

USD 11,500,000 (United States Dollars eleven million five hundred
thousand) less 1% (one per cent) Buyers’ address commission which to be deducted
from 90% (ninety per cent) balance Purchase Price.

2.                          Deposit

As security for the correct
fulfilment of this Agreement the Buyers shall pay a deposit of 10% (ten per
cent) of the Purchase Price within three (3) banking days after the MOA is signed by the
Sellers and the Buyers
by fax. MOA is to be signed latest 3 working days after agreeing main terms.
from the date of this Agreement.  This deposit shall be placed with Bank of Scotland, Corporate Banking
- Marine Finance, New Uberior House, 11 Earl Grey Street, Edinburgh EH39BN Swift
Code: BOFSGB2L - Favour: Dermaga Shipping / Britannia Bulk S.A., Panama -  A/c
89651USD15 Cover Via New York correspondent: Bank of New York, One Wall Street,
New York NY 10286 USA SWIFT Code : IRVTUS3N - Account Number: 8033307269 - For
account of Bank of Scotland  International Services UK

Details
of Sellers’ bank as follows : Stuart MacLachlan - Associate Director - Bank of
Scotland - Marine Corporate - Telephone: 0131 659 0325 - Fax: 0131 659 0387 - E-mail:
stuart_maclachlan@bankofscotland.co.uk - 1st Floor, New Uberior House, 11 Earl
Grey Street, Edinburgh EH3 9BN and held by them in a
joint interest bearing account for
the Sellers and the Buyers, to be released in accordance with joint written
instructions of the Sellers and the Buyers. Interest, if any, to be credited to
the Buyers. Any bank charges  fee charged
for holding the said deposit shall be borne equally by the Sellers 

and the Buyers. Any bank charges of the Sellers bank
to be for Sellers account. Any bank charges of the Buyers bank to be for Buyers
account. Bank closing fees to be equally shared by the Buyers and the Sellers.

3.                          Payment

The 10% (ten per cent) deposit and 90%
(ninety per cent) balance  said Purchase Price shall be released to the Sellers at the
time of delivery against presentation of delivery documents by the Sellers to
the Buyers. The 90% (ninety percent) balance Purchase Price shall be
paid by the Sellers to
the Buyers in full free of bank charges to Bank of Scotland, Corporate
Banking, Shipping Finance, 2nd Floor, 11 Earl Grey Street, Edinburgh EH39BN -
Branch ; Intl Division Edinburgh - Sort Code : 80-20-11 - Swift Address :
BOFSGB2SXXX - Account Number: 89651USD01 - IBAN Number: GB69BOFS80201389651101
- Favour : Dermaga Shipping Co Ltd - Corresponding Bank : Bank of New York, 1
Wall Str, New York 10286 - Swift Address: IRTVUS3N - Account n° 8033307269 on delivery of the Vessel, but not later than
3 banking days after the Vessel is in every respect physically ready for
delivery in accordance with the terms and conditions of this Agreement and
Notice of Readiness has been given in accordance with Clause 5.

4.                          Inspections

a)*                  The Buyers have inspected and accepted the
Vessel’s classification records. The Buyers have also inspected the Vessel at/
in Lagos, Nigeria on 10th December 2004 and have accepted the Vessel following this
inspection and the sale is outright and definite, subject only to the terms and
conditions of this Agreement.

b)*               The Buyers shall have the right to inspect the
Vessel’s classification records and declare whether same are accepted or not
within 

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

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

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

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

5.                        Notices, time and place of
delivery

a)                       The Sellers shall keep the Buyers well
informed of the Vessel’s itinerary and movements after signing MOA by fax, and shall provide the Buyers with 15,
10,  and days approximate notice and 7/5/3/1 day definite notice
of the estimated time of arrival at the intended place of drydocking/underwater
inspection/ delivery. Immediately
thereafter, When the Vessel is at the place of delivery and in
every respect physically ready for delivery in accordance with this Agreement,
the Sellers shall give the Buyers a written Notice of Readiness for delivery.

Should Buyers not
take delivery within the 3 banking days from the day of receipt of Sellers’
Notice of Readiness, the Buyers shall pay to the Sellers the sum of USD 4,000
(four thousand U.S. Dollars) per day as liquidated damages, but such detention
shall not exceed ten (10) days.

b)                        The
Vessel shall be delivered and taken over safely afloat at a safe and accessible
berth or anchorage at/ in China/Nanjing
in the Sellers’ option.

Expected time of
delivery:  upon
completion of her present Charter commitment, within April 1st/April 10th 2005
in Sellers option.

Date of cancelling (see
Clauses 5 c), 6 b) (iii) and 14): April 22nd, in Buyers option.

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

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

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

6.                          Drydocking/Divers
Inspection

a)**           The Sellers shall place the Vessel in
drydock at the port of delivery for inspection by the Classification Society of
the Vessel’s underwater parts below the deepest load line, the extent of the
inspection being in accordance with the Classification Society’s rules. If the
rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to affect the Vessel’s class, such
defects shall be made good at the Sellers’ expense to the satisfaction of the
Classification Society without condition/recommendation*.-

b)**          (i)
The Vessel is to be delivered without drydocking. However, the Buyers shall
have the right at their risk
and  expense to
arrange for an underwater inspection by a diver approved by the RINA  Classification Society prior to the
delivery of the Vessel, with
Class Surveyor, Buyers and Sellers’ representatives in attendance. The
Sellers shall at their cost make the Vessel available for such inspection. The
extent of the inspection and the conditions under which it is performed shall
be to the satisfaction of the Classification Society. If the conditions at the
port of delivery are unsuitable for such inspection, i.e. visibility not sufficient or
currents too strong to allow and underwater inspection, the Sellers at their expense are to arrange to
move  shall make
the Vessel available at  to  a
suitable alternative port/dock/anchorage  place near to the delivery port  to facilitate same
as soon as possible.

It is understood that the costs of diver inspection and
class surveyor fee will be for Buyers account if no damages found affecting
class but otherwise the Sellers will have to pay such costs.

(ii) If the rudder,
propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, then
unless repairs can be carried out afloat to the satisfaction of the
Classification Society, the Sellers shall arrange for the Vessel to be
drydocked at their expense for inspection by the

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

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

Should divers inspection find damage to the Vessel’s
underwater parts which results in recommendation imposed by class requiring the
vessel to dry-dock immediately, then clause 6 to apply and the vessel to be
dry-docked in accordance with the terms and conditions of the said clause.
Further the cancelling date to be extended.

If in event present Class imposes a recommendation but the
Vessel is not required to drydock before her next scheduled drydock, then
Sellers shall pay to the Buyers the estimated cost to repair such damage in a
way which is acceptable to the class (which should be the direct cost of the repair
of such damage) and to be based on the average of the two quotations given by
two reputable independent repair yards at port of delivery/area, one appointed
by the Sellers and one appointed by the Buyers. The amount as agreed shall be
deducted from the balance of the purchase money at the time of delivery.

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

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

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

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

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

(v) the Buyers shall have
the right to attend the
vessel and  have
the underwater parts of the Vessel cleaned and painted etc  at their risk and expense without
interfering with the Sellers’ or the Classification surveyor’s work, if any,
and without affecting the Vessel’s timely delivery. Buyers’  work to be liaised
with Sellers’ attending superintendents. If,

however, the Buyers’ work in drydock is still in progress when the
Sellers have completed the work which the Sellers are required to do, the
additional docking time needed to complete the Buyers’ work shall be for the
Buyers’ risk and expense. In the event that the Buyers’ work requires such
additional time, the Sellers may upon completion of the Sellers’ work tender
Notice of Readiness for delivery whilst the Vessel is still in drydock, provided, of course, she is in all
respects ready for delivery in accordance with the terms of this MOA,  and the Buyers
shall be obliged to take delivery in accordance with Clause 3, whether the
Vessel is in drydock or not and irrespective of Clause 5 b).

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

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

7.                          Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers
with everything belonging to her on board, ashore and on order.  and on shore. All spare parts and spare
equipment (used or
unused)  including
spare tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel from
the moment when MOA will be  signed  at the time of inspection used or
unused, whether on board or not shall become the Buyers’ property. , but
spares on order are to be excluded. Forwarding charges, if any, shall be
for the Buyers’ account. The Sellers are not required to replace spare parts
including spare tail-end shaft(s) and spare propeller(s)/propeller blade(s)
which are taken out of spare and used as replacement prior to delivery, but the
replaced items shall be the property of the Buyers. All  The radio installation and navigational
equipment shall be included in the sale without extra payment. if they are the
property of the Sellers.  All broached/unbroached
Unused stores and provisions shall be included in the sale
and be taken over by the Buyers without extra payment.

The Sellers have the right to take ashore crockery,
plates, cutlery, linen and other articles bearing the Sellers’ flag or name,
provided they replace same with similar unmarked items. Library, forms, etc.,
exclusively for use in the Sellers’ vessel(s), except of technical etc library.  shall be excluded without compensation.
Captain’s, Officers’ and Crew’s personal belongings including the slop chest
are to be excluded from the sale, as well as the following additional items
(including items on hire): oxygen
/ acetylene / gas bottles which are on hire and “mini-m satellite phone which
is leased.

At the time of
closing and vessel’s delivery,  The Buyers shall take over the remaining bunkers and unused
lubricating oils (which
are defined as those lubricating oils which have not passed through the system
and which are stored in storage tanks and/or in sealed drums)  in storage tanks and sealed unbroached  drums and pay the Sellers’ net purchase price  current net market price (excluding
less any discounts
and  barging
expenses) with latest
supporting vouchers.  at
the port and date of delivery of the Vessel. Payment under this Clause
shall be made at the same time and place and in the same currency as the
Purchase Price.

8.                          Documentation

The place of closing: Sellers nominated place in Piraeus.

In exchange for payment of the Purchase Price the
Sellers shall furnish the Buyers with delivery documents to be mutually agreed. , namely:.

Agreement on list
of delivery documents to be reached during negotiations and same to be
incorporated in the MOA or in Addendum, in case of delay, so as not to delay
the lodging of the

deposit.

Drafts of the
delivery documents as appropriate to be faxed to Buyers in advance of delivery.
Any disagreement on the list of documents not to affect the validity of the
deal/agreement.

Sellers to assist
Buyers and provide them with all information and original and copies of
Certificates as may be reasonably required for Buyers registration purposes.

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

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

c)                         Confirmation of Class
issued within 72 hours prior to delivery.

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

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

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

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

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

The Vessel’s plan
drawings, instruction manuals, operating manuals, copies of the last log book
including machinery log book, manuals, equipment and machinery, as they are on
board to be delivered to the Buyers’ master. Similar technical documentation
existing into the managers office to be delivered to the Buyers’ office at
Svendborg, Denmark on Buyers expense after delivery.

9.                          Encumbrances

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

10.                    Taxes, etc.

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

11.                    Condition on delivery

The Vessel with everything belonging to her shall be
at the Sellers’ risk and expense until she is delivered to the Buyers, but
subject to the terms and conditions of this Agreement she shall be delivered
and taken over in
substantially the same condition
as she was at the time of inspection in Lagos, Nigeria,  fair wear and tear excepted.

However, the Vessel shall be delivered with her class fully  maintained without free from  condition/recommendations*, free
of average damage affecting the Vessel’s class, and with all  her classification certificates and
national and
international trading  certificates,
as well as all other certificates the Vessel had at the time of inspection, clean and  valid as required under her present flag, for a period of
minimum three (3) months,  and
unextended without condition/recommendation* by Class or the relevant
authorities at the time of delivery, and with all continuous survey cycles upto date at the time
of delivery.

Vessel to be
delivered charter free with swept clean holds and free from any contract
obligations, and free of stowaways.

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

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

12.                    Name/markings

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

13.                    Buyers’ default

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

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

14.                    Sellers’ default

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

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

15.                    Buyers’ representatives

After this Agreement has been signed by both parties by fax  and the deposit has been lodged, the
Buyers

have the right to place maximum three  two representatives
on board the Vessel at their sole risk and expense upto the time and place of
delivering the Vessel.  upon
arrival at on or about

These representatives are on board for the purpose of
familiarisation and in the capacity of observers only, and they shall not
interfere in any respect with the operation of the Vessel. The Buyers’
representatives shall sign the Sellers’ usual  letter
of indemnity on/prior
to their embarkation. Sellers
shall provide accommodation and provisions as usual for their own crew with
actual expenses.

16.                    Arbitration

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

b)*                 This Agreement shall be governed by
and construed in accordance with Title 9 of the United States Code and the Law
of the State of New York and should any dispute arise out of this Agreement,
the matter in dispute shall be referred to three persons at New York, one to be
appointed by each of the parties hereto, and the third by the two so chosen;
their decision or that of any two of them shall be final, and for purpose of
enforcing any award, this Agreement may be made a rule of the Court.

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

c)*                  Any
dispute arising out of this Agreement shall be referred to arbitration at                 ,
subject to the procedures applicable there.

The laws of                      shall
govern this Agreement.

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

Clause
17.

Any taxes, fees and
expenses connected with the closing of the Sellers register, Sellers crew
repatriation and all port charges on arrival and until delivery of the Vessel
shall be for the Sellers’ account.

Any taxes, fees and
expenses connected with the purchase and registration under Buyers’ flag shall
be for the Buyers’ account including all port charges following delivery.

Clause
18.

Sellers to provide
a letter stating that to the best of their knowledge, the Vessel is not
blacklisted by the Arab boycott league in Damascus or any other nation or
organisation.

Clause 19.

This
deal/negotiation to be kept strictly private and confidential by all parties
concerned.

	
  THE SELLERS

  	
   

  	
  THE BUYERS

  
	
   

  	
   

  	
   

  
	
   /s/ Theo
  Baltatais

  	
   

  	
   

  	
  /s/ C.J. Hanson

  	
   

  
	
  Theo Baltatais

  As per authority

  	
   

  	
   

  
					

 

This document is a  computer generated copy of “SALEFORM 1993”,
printed by authority of the Norwegian Shipbrokers’ Association, using software
which is the copyright of Strategic Software Ltd. Any insertion or deletion to
the form must be clearly visible. In the event of any modification made to the
preprinted text of this document, the original document shall apply. The
Norwegian Shipbrokers’ Association and Strategic Software Ltd. assume no
responsibility for any loss or damage caused as a result of discrepancies
between the original approved document and this document.

ADDENDUM NO.1

DATED 1st APRIL, 2005

TO

A MEMORANDUM OF AGREEMENT

DATED 30th March
2005 (THE “MOA”)

FOR MV “ANTHEA Y”

(THE “VESSEL”)

With reference to the aforementioned MOA made by and
between DERMAGA SHIPPING CO. LIMITED, of Nicosia, Cyprus (hereinafter called
the “Sellers”) and BRITANNIA BULK S.A., of Panama (hereinafter called the “Buyers”),
the Sellers and the Buyers hereby mutually agree as follows:

In exchange for payment of the purchase price, the
Sellers shall deliver to the Buyers on the delivery date the following
documents:

1) Two original Legal Bills of Sale in Body Corporate
form, evidencing the transfer of one hundred percent (100 per cent) shares in
the vessel and stating that the vessel is free from all mortgages,
encumbrances, maritime liens and other debts whatsoever legalised by the
Cypriot Embassy - Maritime Section in Piraeus or legalised by a Certifying
Officer in Cyprus and further legalised by Apostille.

2) Minutes of separate meetings of the Board of Directors
and of the Shareholders of the Sellers, resolving the sale and transfer of the
vessel to Buyers according to the terms of the MOA, appointing authorized
signatories for the execution of the various delivery documents, to conclude
the sale and perform the delivery of the vessel to the Buyers, duly legalized
by a Certifying Officer in Cyprus and legalised by Apostille.

3) Power of Attorney issued by the Sellers, in
accordance with the resolutions referred to under 2 above in favour of the authorised as above signatories of
the Sellers’ various delivery documents authorising the conclusion of the
delivery of vessel to the Buyers, legalized by a Certifying Officer in Cyprus
and legalised by Apostille.

4) Protocol of Delivery and Acceptance in duplicate.

5) Original commercial invoice in duplicate stamped on the face of the
invoice with the Sellers’ company seal and signed by an authorised signatory of
the Sellers, covering the purchase price of the Vessel.

6) An original Certificate of Ownership and Encumbrances of the Vessel
dated not more than 1 (one) banking day prior to Vessel’s delivery, evidencing
the Sellers’ ownership of the Vessel and certifying that the Vessel is free
from registered encumbrances, issued by the Cypriot Embassy - Maritime Section
in Piraeus.

7) A recent original Good Standing Certificate of the Sellers issued by
the Cypriot Embassy - Maritime Section in Piraeus.

8) Copy of the Memorandum and Articles of Association of the Sellers in
English, certified as a true copy by an attorney-at-law.

9) Letter from the Sellers undertaking to deliver the vessel physically
to the Buyers immediately after the purchase money is paid and certifying that
the Vessel is free from all mortgages, encumbrances, maritime liens and other
debts whatsoever at time of delivery.

10) Letter from the Sellers undertaking to provide the Buyers, within
30 days after delivery date of the Vessel, an Original Deletion Certificate,
issued by the Cypriot Embassy - Maritime Section in Piraeus, evidencing
deletion of the Vessel from the Cypriot register, naming the owners of the
Vessel at the time of the Vessel’s deletion, which must exactly match with the
Sellers’ name in the Bill of Sale, stating that the Vessel at time of delivery
was free from encumbrances.

11) Letter from the Sellers stating the Vessel is not blacklisted by
the Arab Boycott League in Damascus or any other nation or organisation.

12) Certificate issued by Vessel’s classification society dated not
more than two (2) business days prior to Vessel’s delivery date, confirming
that the Vessel is free from any recommendation as to class.

Buyers will deliver to the Sellers at the time of delivery the
following documents :

1) Original Resolutions of the Shareholders and Directors of the
Buyers, resolving purchase of the Vessel from the Sellers and appointing the
various signatories to sign Buyers’ delivery documents and accept delivery of
the vessel from the Sellers, duly notarised and apostilled or legalised by
Panamanian authorities.

2) Original Power of Attorney issued in the name of the various
signatories of the Buyers’ delivery documents, duly notarized and apostilled or
legalised by Panamanian authorities.

3) Copy of Articles of Incorporation of the Buyers certified as true by
a Notary Public.

All documents as stated above must be provided to Buyers in English
language.

	
  For the Sellers :

  	
  For the Buyers :

  
	
  Dermaga Shipping Co. Ltd

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Theo Baltatais

  	
   

  	
  /s/ Stephen
  Charles Edmondson

  	
   

  
	
  Theo Baltatais

  	
  Stephen Charles Edmondson

  
	
  As per authority.

  	
  Attorney in fact

  
				

 

ADDENDUM NO. 2

DATED 5th APRIL, 2005

TO

A MEMORANDUM OF AGREEMENT

DATED 30th MARCH 2005 (THE “MOA”)

FOR MV “ANTHEA Y”

(THE “VESSEL”)

With reference to the aforementioned MOA made by and
between DERMAGA SHIPPING CO. LIMITED, of Nicosia, Cyprus (hereinafter called
the “Sellers”) and BRITANNIA BULK S.A., of Panama (hereinafter called the “Buyers”),
the Sellers and the Buyers hereby mutually agree as follows:

1) The vessel shall be
delivered and taken over safely afloat at a safe and accessible berth or
anchorage in Qingdao/China in Sellers’ option.

2) All other terms and conditions of the
aforementioned MOA remain unaltered and in force.

	
  For the Sellers :

  	
  For the Buyers :

  
	
  Dermaga Shipping Co Ltd

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Theo Baltatais

  	
   

  	
  /s/ Stephen Charles Edmondson

  	
   

  
	
  NAME + TITLE

  	
  NAME + TITLE

  
	
  Theo Baltatais

  	
  Stephen Charles Edmondson

  Attorney in Fact.

  
					

 

ADDENDUM
NO. 3

DATED 15th APRIL, 2005

TO

A MEMORANDUM OF AGREEMENT

DATED 30th MARCH 2005 (THE “MOA”)

FOR MV “ANTHEA Y”

(THE “VESSEL”)

With reference to the aforementioned MOA made by and
between DERMAGA SHIPPING CO. LIMITED, of Nicosia, Cyprus (hereinafter called
the “Sellers”) and BRITANNIA BULK S.A., of Panama (hereinafter called the “Buyers”),
the Sellers and the Buyers hereby mutually agree that in full and final
settlement of all disputes under the aforementioned MOA the Sellers will deduct
from the cost of the vessel’s bunkers and lubricants on delivery the amount of
USD 25,000.00 ( United States Dollars Twenty Five Thousand Only).

All other terms and conditions of the aforementioned
MOA remain unaltered and in force.

	
  For the Sellers :

  	
  For the Buyers :

  
	
  Dermaga Shipping Co. Ltd

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Theo Baltatais

  	
   

  	
  /s/ Stephen Charles Edmondson

  	
   

  
	
  NAME + TITLE

  	
  NAME + TITLE

  
	
  Theo Baltatais

  	
  Stephen Charles Edmondson

  Attorney in Fact.Exhibit 4.5

	
  MEMORANDUM OF AGREEMENT

  
 Dated: 30th August 2005

  	
   

  	
  Norwegian Shipbrokers’ Association’s Memo-randum of
  Agreement for sale and purchase of ships. Adopted by The Baltic and
  International Maritime Council (BIMCO) in 1956.

  
	
   

  	
   

  	
  Code-name

  SALEFORM 1993

  
	
   

  	
   

  	
  Revised 1966, 1983 and 1986/87.

  

 

Pan Shipping L.P., C/O Wallbrook Trustees (IOM) Limited,
Grosvenor House, 66/67 Athol Street,

Douglas, Isle of Man, IM99 2BJ 

hereinafter called the Sellers, have agreed to sell, and

Britannia Bulk Plc,
London, United Kingdom or their guaranteed nominee

hereinafter called the Buyers, have agreed to buy

Name:  M/V “FOREMOST”

Classification Society/Class:  American Bureau of Shipping

	
  Built: November 1998

  	
   

  	
  By: Eisa Estaleiro Ilha S.A., BrasiI

  
	
   

  	
   

  	
   

  
	
  Flag:  Panama

  	
   

  	
  Place of Registration: Panama

  
	
   

  	
   

  	
   

  
	
  Call Sign:  3FWF8

  	
   

  	
  Grt/Nrt: 37,978//23,259

  

 

Register  IMO Number:  9057458

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

Definitions

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

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

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

1.         Purchase Price US$
28,500,000.- (United States Dollars Twenty Eight Million Five Hundred Thousand)
less 4.73% commission deductable from the Purchase Price and payable by the
Buyers.

2.                          Deposit

As security for the correct fulfilment of this
Agreement the Buyers shall pay a deposit of 10 5% (ten,
five per cent) of the Purchase Price within Three (3) London /New York  banking days from the date a faxed copy  of this Agreement is signed by Buyers.  This deposit shall be placed with Sellers’ nominated bank in London
being Jyske Bank A/S, London Branch and held by them in a joint interest bearing  account for the Sellers and the Buyers,
to be released in accordance with joint written instructions of the Sellers and
the Buyers in exchange
for the transfer of title/closing documentation. Interest, if any, to be credited to the Buyers,
Any fee charged for holding the said deposit shall be borne equally by the
Sellers and the Buyers. If
the Vessel under the terms and condition of this Agreement is not delivered
within and expiry of Three (3) months of signing this agreement, the Buyer
shall increase the balance deposit up to 7.5% (seven and a half percent). The
deposit shall be increased to 10% (ten percent) when Charterers (Deiulemor)
provide Sellers with Twenty (20) days approximate notice of redelivery
notwithstanding when this happens.

3.                          Payment

The said Purchase Price less the 4.73% commission shall be paid in full free of
bank charges to Sellers’ nominated bank in London on delivery of
the Vessel in exchange
for the transfer of title/closing documentation, but not later than 3 banking days after
the Vessel is in every respect

physically ready for delivery in accordance with the terms and
conditions of this Agreement and Notice of Readiness has been given in
accordance with Clause 5.

4.                          Inspections

a)*                  The
Buyers have waived their
right to inspect  inspected
and accepted the Vessel’s classification records. The Buyers have also
inspected the Vessel at/in Kaokslung,
Taiwan  on 23rd/24th July 2006  and have accepted the Vessel following
this inspection, including
her speed performances,  and
the sale is outright and definite, subject only to the terms and conditions of
this Agreement.

b)*                 The Buyers shall have the right to  inspect the Vessel’s classification
records and declare whether same are accepted or not within

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

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

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

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

5.                          Notices,
time and place of delivery

a)                         The
Sellers shall keep the Buyers well informed of the position of the  Vessel and subsequent changes thereto known to the Sellers’s  ltinerary and shall provide
the Buyers with 20, 15, 10, 5 and 2 days notice of approximate date of
readiness for the estimated time of arrival at the intended place
of drydocking/underwater – inspection/delivery. If however, approximate redelivery notice is received by Sellers from
Charterers (Deiulemor) earlier than Twenty (20) days, then Sellers to advise
the Buyers of such notice accordingly. When
the Vessel is at the place of delivery and in every respect physically ready
for delivery in accordance with this Agreement the Sellers shall give the
Buyers a written Notice of Readiness for delivery.

b)                        The
Vessel shall be delivered charterfree
and taken over with  clean swept holds,
safety afloat at a safe and always accessible berth, or safe anchorage, at/in  a
place mutually agreeable
between Sellers and Buyers,

In
the Sellers’ option.

Expected time of delivery: between 22nd October 2006 and 22nd
February 2007

Data of cancelling (see Clauses 5 c), 6 b) (iii) and
14): 23rd February 2007
in Buyers’ option.

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

notification or if the Buyers accept the new date, the
date proposed in the Sellers’ notification shall be deemed to be the new
cancelling date and shall be substituted for the cancelling date stipulated in
line 61.

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

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

6.                          Drydocking/Divers Inspection  (see clause 17)

a)**           The Sellers shall place the Vessel in
drydock at the port of delivery for inspection by the Classification Society of
the Vessel’s underwater parts below the deepest load line, the extent of the
inspection being in accordance with the Classification Society’s rules. If the
rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to affect the Vessel’s class, such
defects shall be made good at the Sellers’ expense to the satisfaction of the
Classification Society without condition/recommendation*.

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

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

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

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

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

condition/recommendation*.

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

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

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

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

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

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

7.                         Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers
with everything belonging to her on board, and on shore  and
on order. All spare parts and
spare equipment which shall be at least to
the minimum requirements of the classification society and including other
spare parts on board the Vessel at Buyers’ inspection,  Including
spare tail and shaft/(s) and/or spare  propellers(s)/propeller
blade(s), if any, belonging to the Vessel  at
the time of inspection used or unused, whether on board or not shall become the
Buyers’ property. but spares on order are to be excluded. Forwarding
charges, if any, shall be for the Buyers’ account. The Sellers are not required
to replace spare parts including spare tail-end shaft(s) and spare
propeller(s)/propeller blade(s) which are taken out of spare and used as
replacement prior to delivery, but the replaced items shall be the property of
the Buyers. The radio installation All
wireless and  navigational aids  equipment which were
onboard the Vessel at the time of inspection except equipment hired or owned by
the charterers and the technical managers shall be included in the
sale without extra payment if they are the property of the Sellers. All Unused broached / unbroached stores
and provisions shall be included in the sale and be taken over by the Buyers
without extra payment.

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

·       Unliors Bottles

·       Videotel and Walport training videos

·       ECDIS software

·       TESMA SQEMS (electronic & hard copy)

·       SEP manual

·       (SOPEP) ship security plan and TESMA licensed software

The Buyers shall take
over the remaining bunkers and unused lubricating oils in storage tanks and sealed
umbroached drums, greases and hydraulics and pay the current Sellers’ net
cost (purchase) market price (excluding barging expenses). All prices to be evidenced
by original invoices, at
the port and date of delivery of the Vessel.

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

8.                          Documentation (see
also clause 18)

The place of closing: London.  The cost of meeting room for closing including
communication and any incidental costs to be borne equally by Seller and Buyers.

In exchange for payment of the Purchase Price the Sellers shall furnish
the Buyers with delivery documents, namely:

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

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

c)                         Confirmation of Class
issued within 72 hours prior to delivery.

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

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

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

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

At the time of delivery the Sellers shall hand to the
Buyers the classification certificate(s) as well as all plans/manuals/drawings/charts and instruction books etc., which are on board the Vessel and in Sellers’ possession for the main engine / all
auxiliaries / deck machinery/ radio and navigational equipment. Any such items
held in Owners office to be released to the Buyers at the time of delivery.

Other certificates which are on board the Vessel shall also be handed
over to the Buyers unless the Sellers are required to retain same, in which
case the Buyers to have the right to take copies. Other technical documentation
which may be in the Sellers’ possession shall be promptly forwarded to the
Buyers at their expense, if they so request. The Sellers may keep the Vessel’s
log books but the Buyers to have the right to take copies of same.

9.                          Encumbrances

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

10.                    Taxes; etc.

Any taxes, fees and expenses
connected with the closing of the Sellers’ register, Sellers’ crew repatriation
and all port charges on arrival and until delivery of the Vessel shall be for
the Sellers’ account. Any taxes, fees and expenses in
connection with the purchase and registration under the Buyers’ flag shall be
for the Buyers’ account including all port
charges following delivery., whereas similar charges in
connection with the closing of the Sellers’ register shall be for the Sellers’
account.

11.                    Condition on delivery (see
also Clauses 17)

The Vessel with
everything belonging to her shall be at the Sellers’ risk and expense until she
is delivered to the Buyers, but subject to the terms and conditions of this
Agreement she shall be delivered and taken over in substantially the same condition as when inspected  as
she was at the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her present  class
maintained free of  without
conditional recommendation*, free of average damage affecting the Vessel’s
class and with all continuous survey cycles
completely upto date with no outstanding items, and with her. All class
and trading classification certificates and national certificates, as required under present flag to be as
well as all other certificates the Vessel had at the time of inspection, clean and valid for a minimum of Three (3) months and
from the date of unextended without condition/recommendation* by
Class or the relevant authorities at the time of delivery without extensions or notation. At the time of delivery the
Sellers to provide a certificate from the Vessel’s class confirming the present
class is maintained without recommendations or notations.

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

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

12.                    Name/markings

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

13.                    Buyers’
default

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

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

14.                    Sellers’ default

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

immediately.

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

15.       Buyers’ representatives

After this Agreement has been signed by both parties via fax and the initial 5% (five per cent) deposit has been lodged, the Buyers have
the right to place two representatives on board the Vessel at their sole risk
and expense upto the time and place of
delivery, upon arrival at on or about

These representatives are
on board for the purpose of familiarisation and in the capacity of observers
only, and they shall not interfere in any respect with the operation of the
Vessel. The Buyers’ representatives shall sign the Sellers’ letter of indemnity
prior to their embarkation.

Upon Sellers
tendering the Two (2) days approximate notice of Vessel’s expected readiness to
tender the actual notice of readiness for delivery, the Buyers shall be allowed
to place a further representative on board and up to Two (2) other crew members
to be allowed onboard during  daylight
hours when Sellers crew shall demonstrate and familiarise Buyers’
representatives/crew on the operation of the Vessels’ equipment, machinery and
systems.

16.       Arbitration

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

b)*                   This
Agreement shall be governed by and construed in accordance with Title 9 of the
United States Code and the Law of the State of New York and should any dispute
arise out of this Agreement, the matter in dispute shall be referred to three
persons at New York, one to be appointed by each of the parties hereto, and the
third by the two so chosen; their decision or that of any two of them shall be
final, and for purpose of enforcing any award, this Agreement may be made a
rule of the Court.

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

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

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

Additional Clause
17 to 20 herewith attached form an integral part of this Agreement.

Appendix
to Memorandum of Agreement code-name SALEFORM 1993 – dated 30th August 2006

M/V “FOREMOST”

Clause
17.

The vessel is to be delivered without drydocking but
Buyers shall have the right to request and carry out a divers inspection of
Vessel’s underwater parts by Vessel’s class approved divers with video
equipment. Such underwater inspection to be attended by class surveyor, Buyers’
representative and Sellers’ representative. Cost of divers and class surveyor
fee for Buyers account. If the condition at the port of delivery are unsuitable
for such inspection, the Sellers shall make the Vessel available at a suitable
alternative place in Sellers’ option in or near to such delivery port at their
own cost and expense.

If any damage is found affecting class which in the
opinion of class surveyor present at inspection would constitute a
recommendation requiring the Vessel to drydock immediately, then clause 6  of NSF 93 to apply and the Vessel to be
drydocked in accordance with the terms and conditions of said clause. Further,
the cancelling date to be extended without any compensation and damages imposed
on the Sellers for the period corresponding to that of the Sellers finding a
proper drydock, transporting the Vessel from the port of underwater inspection
up to the drydock, and making and completing the required repair at the
drydock.

If any damage is found which in the opinion of class
surveyor present at inspection would constitute a recommendation not requiring
the Vessel to drydock until the next scheduled drydocking, then Sellers and
Buyers to apply to two shipyards mutually agreed in the delivery area for
quotations for repairs of said damage the cost to be the direct cost to repair
such damage (ie no drydock fees, no offhire etc.).

Thereafter it shall be in the Sellers’ option whether
to repair said damages prior to delivery or to deliver the Vessel with said
damage the buyers to take delivery with such class recommendation, against a
reduction in price of the cost of repairs, which to be defined as the average
of the two quotations obtained.

If no damage found by class surveyor to affect class
then the Vessel to be delivered without pre-delivery drydocking.

Clause
18.

Sellers to assist Buyers and provide them with all
information and original and copies of certificates as may be required for
Buyers’ registration purposes. Agreement on list of delivery documents to be
incorporated in this Agreement in a form of an Addendum. Photocopies of all
executed delivery documents to be faxed to Buyers well in advance of delivery.

Clause
19.

Sellers to provide a letter stating that to the best
of their knowledge the Vessel is not blacklisted by the Arab Boycott League in
Damascus or any other nation or organisation.

Clause
20.

All details of this Agreement to be kept private and
confidential by both parties and is not to be discussed with any unrelated
third parties.

	
  On behalf of the SELLERS

  	
   

  	
  On behalf of the BUYERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Marcus Choleva

  	
   

  	
   

  	
   

  	
   

  	
  /s/ C. J. Hanson

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
  Name:

  	
  C. J. Hanson

  
	
  Title:

  	
   

  	
   

  	
   

  	
  Title:

  	
  Director

  Britannia Bulk Plc

  31/08/2006

  
								

 

Addendum No. 1.

To the Memorandum of Agreement

Dated the 30th August 2006

It is Agreed on this 22nd day of January 2007 the following documents in
English (or if not in English, translated into English and certified, signed
and stamped, by a lawyer that the translation is true and accurate) will be
provided by the Seller to the Buyer and the Buyer to the Seller respectively at
the time of Closing in exchange for the Purchase Price. Except as otherwise
provided or agreed copies of all documents will be sent by fax or e-mail to the
Buyer and Seller respectively at least four (4) days prior to the date of the
Closing.

Documents to be provided by the Sellers

1.                          LEGAL
BILL OF SALE in two originals, transferring the title of the whole of the
vessel, “FREE FROM ALL ENCUMBRANCES, MORTGAGES AND MARITIME LIENS, OR ANY OTHER
DEBTS OR CLAIMS WHATSOEVER”, duly notarised and apostilled.

2.                          OWNERSHIP
AND FREE OF ENCUMBRANCES CERTIFICATE, issued on the day of delivery by the
proper authorities (Panama Register), confirming that the Sellers are the
current owners and the Vessel is free of all encumbrances.

3.                          CLASS
MAINTENANCE CERTIFICATE, by the vessel’s class association, stating that “the
vessel is free of any conditions, recommendations and notations”, as per
M.O.A., issued up to two (2) business days before closing.

4.                          MINUTES
OF A MEETING OF THE BOARD OF DIRECTORS AND OFFICERS OF THE SELLERS, RESOLVING
THE SALE OF THE VESSEL AND AUTHORISING THE SIGNATORY OF THE BILL OF SALE TO
EFFECT THE TRANSFER OF THE VESSEL TO THE BUYERS.

5.                          POWER
OF ATTORNEY, in favour of the person who will sign the Bill of Sale and effect
the transfer of ownership of the vessel to the contracted Buyers notarised and
apostilled.

6.                          CERTIFIED
TRUE COPY OF THE CERTIFICATE OF INCORPORATION, ARTICLES OF INCORPORATION AND BY
LAWS OF THE SELLERS TO BE NOTARISED AND APOSTILLED.

7.                          Commercial
Invoices, on the Sellers’ Letterhead paper, for the Vessel’s price and
remaining bunkers and lubricants in triplicate.

8.                          Letter
of Undertaking from the Sellers, on the Sellers’ Letterhead paper, to confirm
that the Vessel has not been blacklisted by any nation and organisation
including but not limited to the Arab Boycott League in Damascus.

9.                          Letter
of Undertaking from the Sellers stating, Vessel is to be delivered free of Port
State Control deficiencies and detentions, at the time of, and at the port of,
delivery.

10.                    Original
Good Standing Certificate issued by Isle of Man authorities showing Directors.

11.                    The
following certificates/documents to be delivered on board the Vessel (and faxed
to Buyers earliest possible but not later than five days prior to  delivery):

1)                         Copy of
Vessel’s Certificate of Registry

2)                         Original
Certificate of Classification

3)                         Original
International Tonnage Certificate

4)                         Original
International Load Line Certificate

5)                         Original
Safety Radio Telegraphy Certificate

6)                         Original
Safety Equipment Certificate (Safety items certificates i.e. for Life Rafts,
Fire extinguishers, Breathing Apparatus, E.B.B.D. Co2 in
engine room)

7)                         Original
International Oil Pollution Prevention Certificate (IOPP-MARPOL)

8)                         a.         Original of the latest Continuous
Synopsis Record (attached by form II and form III, if any)

b.         Original of previous Continuous
Synopsis Record Number, if any (attached by form II and form III)

9)                         Copy of
Radio Licence

10)                   Copy of Minimum
Safe Manning Certificate

11)                   GMDSS equipment
list + amendments including approved drawings of GMDSS station and AIS

12)                   Copy of Last
ss/drydocking Survey report and all Class Survey report as found on board
including up-dated Class survey Status

13)                   Original Safety
Construction Certificate

14)                   Original
Deratting Exemption Certificate

15)                   Original Suez & Panama Canal Tonnage Certificates

16)                   Ship’s security
certificate

17)                   Trim and
stability booklet with class endorsement

18)                   BC Code
Certificate

19)                   Complete ESP
file up to date including all thickness measurement reports.

20)                   Cargo Securing
Manual

21)                   Copy of latest
entries in the Garbage Manual

22)                   Cargo Gear
Equipment Certificates

23)                   Approved
Loading Manual and Grain Loading

24)                   Class approved
Loading Program including a approved manuals and test conditions

25)                   Original
Continuous Synopsis Record (CSR) fully up to date Certificate

26)                   Class
assessment and approvals of all URS requirements

27)                   Class approved
drawings of water ingress detection system

28)                   Original
crew accommodation certificate including all records and reports

12.                    Letter
from the Sellers confirming that all crew wages and dues are fully paid up to
and including the date of delivery and those costs covering the repatriation of
the crew.

13.                    Letter
of Undertaking from the Sellers to indemnify the Buyers against all
consequences of claims made against the vessel which have been incurred prior
to the time of delivery.

Documents to be provided by the Buyers

A.      Corporate resolution and
Minutes of a Meeting of the directors of Navigator Bulk Services S.A.,
resolving the purchase and taking delivery of the Vessel and authorizing the
signatory of the relevant documents, hereunder the MOA and the Protocol of Delivery
and Acceptance.

B.        Power of Attorney granting
the necessary authority for completion of the transfer of the Vessel to
representatives of Buyers, which are not mentioned as having the necessary
authority in the legal opinion to be provided by the Buyers such Power of
Attorney to be duly notarized and legalized/apostilled.

C.        Certified copy of the
Articles of Association of Navigator Bulk Services S.A.

D.       Legal opinion that the
Buyer is acting within the Articles of Association, and that representatives who
do not have a Power of Attorney can act on behalf of and with binding effect on
the Buyers, such opinion to be issued by an attorney who is certified to
practice in the country of incorporation of the Buyer such Legal Opinion to be
duly notarized and legalized/apostilled.

E.         Letter from the
Panamanian Consulate showing that the Panama Government has no objection that
the Vessel be sold to Navigator Bulk Services S.A.

F.         Undertaking on Buyers’
letterhead with the following wording: “We refer to a memorandum of agreement
dated 30 August (the “MOA”). Britannia Bulk PLC hereby informs that it has made
use of its right to nominate a different buyer. The nominated buyer is
Navigator Bulk Services S.A. and Britannia Bulk PLC hereby undertakes to
guarantee for the correct fulfilment of the MOA by Navigator Bulk Services S.A.”

Documents to be
provided jointly by Buyers and Sellers

I.         Letter of Undertaking concerning the payment of the Bunkers

II.        Letter concerning the dual execution of
the memorandum of Agreement

III.                    At the time of
delivery of the Vessel safely afloat, free from all encumbrances, mortgages,
and maritime liens, in accordance with the Memorandum of Agreement dated August
30, 2006 the Buyers, Messrs, Navigator Bulk Services S.A. and Sellers, Messrs,
Pan Shipping L.P., of Isle of Man shall sign and deliver to each other a
Protocol of Delivery and Acceptance confirming the date and time of delivery of
the Vessel from the Sellers to the Buyers. The Protocol of Delivery and
Acceptance shall be executed and signed by the both the Buyers and the Sellers.

To which the Parties have
set their hand on the day and date first above written

	
  /s/ C.J. Hanson

  	
   

  	
   

  	
  /s/ Marcus Choleva

  	
   

  
	
  Navigator Bulk
  Services S.A.

  	
   

  	
  Pan Shipping L.P

  
	
   

  	
   

  	
  (Marcus Choleva
  on behalf of

  
	
   

  	
   

  	
  Pan Shipping LP)

  

EXHIBIT B

RESOLUTIONS OF BRITANNIA BULK PLC

AND

NAVIGATOR BULK SERVICES S.A.

BRITANNIA BULK PLC

(Registered Number 03842976)

(the “Company”)

MINUTES of a meeting of the Board of
Directors of the Company on 14 February 2007 at 9:30 am.

	
  PRESENT:

  	
  Arvid Tage

  	
  Chairman

  
	
   

  	
  Clifford Hanson

  	
   

  
	
   

  	
  David Znak

  	
   

  
	
   

  	
  Serguei Zoudov

  	
   

  
	
   

  	
  Fariyal Khanbabi

  	
   

  
	
   

  	
   

  	
   

  
	
  NOT PRESENT:

  	
  Rex Harrington

  	
   

  

 

1.                         CHAIRMAN,
NOTICE AND QUORUM

1.1                    Arvid
Tage took the chair (the “Chairman”) for
the meeting.

1.2                    The
Chairman noted that a quorum was present and that due notice of the meeting had
been given to all Directors. Accordingly, the Chairman declared the meeting
open.

2.                         NOTIFICATION
OF INTERESTS

In accordance with
section 317 of the Companies Act 1985, each of the Directors present declared
his interest as a Director in the business to be transacted at the meeting.

3.                         BUSINESS
OF THE MEETING

3.1                    The
Chairman noted that the Company, as debtor, had entered into a Vessel
Acquisition Account and Security Agreement dated  16 November 2006 with Wilmington Trust
Company, as trustee, (the “VAASA”)
and that pursuant to clause 6.2(b) of the VAASA, the Company was entitled to
withdraw funds from the Vessel Acquisition Account (as defined in the VAASA) to
acquire marine vessels flagged under certain jurisdictions.

3.2                    The
Chairman noted that the Company, as buyer, had entered into a Memorandum of
Agreement dated 30 August 2006 with Pan Shipping L.P. c/o Wallbrook
Trustees (IOM) Limited, as seller, in respect of the sale and purchase of a
Panamanian flagged vessel built in November 1998 and known as “Foremost”.

3.3                    The
Chairman also noted that pursuant to clause 6.2(b)(vii) of the VAASA, the
Company, or a Restricted Subsidiary (as defined in the VAASA), was under an

obligation to enter into
a binding Time Charter with a third party, that is not an affiliate of the
Company or a Restricted Subsidiary, with respect to Foremost for a minimum term
of 2 years and on terms reasonably believed by the Board of Directors of the
Company to be commercially reasonable and consistent with industry practice.

3.4                    The
Chairman further noted that Navigator Bulk Services S.A., a Restricted
Subsidiary incorporated in Panama, had entered into a Time Charter dated 22
December 2006 with Glory Wealth Shipping 
Service Ltd., as charterer,  (the “Charter”) for a minimum period of 24
months and a maximum period of 26 months in respect of Foremost.

3.5                    It
was reported that the purpose of the meeting was to consider and, if thought
fit, to resolve to ratify and approve the entry by Navigator Bulk Services S.A.
into the Charter.

4.        PRODUCTION
AND CONSIDERATION OF DOCUMENTS

4.1                    A
copy of the Charter was produced to the meeting.

4.2                    The
Charter was carefully considered by the Board and IT WAS RESOLVED THAT:

(a)                    the terms and
conditions of the Charter were commercially reasonable and consistent with
industry practice;

(b)                   it was bona
fide in the best commercial interests of the Company and its wholly-owned
subsidiary, Navigator Bulk Services S.A., to enter into the Charter; and

(c)                    all acts taken
and transactions or agreements made prior to the adoption of these resolutions
by any of the Directors in the name of the Company or Navigator Bulk Services
S.A. in connection with the foregoing matters, are hereby ratified, confirmed
and adopted by the Company.

5.        CLOSE

There being no further business, the Chairman brought
the meeting to a close.

 

	
  

  	
   

  
	
   /s/ Arvid Tage

  	
   

  	
   

  
	
  Chairman

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:
           February 2007

  	
   

  
			

 

NAVIGATOR
BULK SERVICES S.A. (THE “COMPANY”)

MINUTES
OF A MEETING OF

THE
BOARD OF DIRECTORS

HELD ON
14 FEBRUARY, 2007 AT 10:45 A.M. IN THE CITY OF LONDON

Present in person or by
proxy: Messrs: Arvid Tage, David Myron Znak, Sergei Zoudov, Clifford John
Hanson and Ms. Fariyal Khanbabi, being all the members of the Board of
Directors.

Notice to the meeting was waived by all present.

Mr. Arvid Tage President of the Company declared
the meeting opened and Ms. Fariyal Khanbabi, the Secretary took the
minutes thereof.

The President brought up for discussion the following
considerations, which were unanimously approved:

The Company, organized
under the laws of the Republic of Panama, hereby consents to the adoption of
the following resolutions and to the taking of the actions contemplated
thereby, in each case with the same force and effect as if presented to and
adopted at a meeting of said Board of Directors (the “Board”):

WHEREAS, Britannia Bulk
Plc (“Britannia Bulk”) intends to
request the withdrawal of funds, in connection with the acquisition of a
vessel, from a vessel acquisition account established by that certain Vessel
Acquisition Account and Security Agreement (the “VAASA”) dated November 16, 2006 by and between Britannia Bulk
and Wilmington Trust Company, as trustee (the “Trustee”).

WHEREAS, Britannia Bulk, as buyer, has entered into a  Memorandum of Agreement dated August 30,
2006 with Pan Shipping L.P. c/o Wallbrook Trustees (IOM) Limited, as seller, in
respect of the sale and purchase of the “Foremost” a Panamanian flagged vessel
built in November 1995.

WHEREAS, under the
provisions of the VAASA, it is a condition precedent to the withdrawal of funds
from the vessel acquisition account for the Company to (i) enter into a binding
Time Charter with a third party, that is not an affiliate of the Company or
Britannia Bulk, with respect to Foremost for a minimum term of 2 years and on
terms reasonably believed by the board of Britannia Bulk to be commercially
reasonable and consistent with industry practice and (ii) deliver to the
Trustee a ship mortgage in a form reasonably satisfactory to the Trustee
granting to the Trustee a first priority lien over Foremost subject to
Permitted Collateral Liens (as defined in the VAASA) (the “Ship Mortgage”).

WHEREAS, the Company has entered into a Time Charter
dated 22 December 2006 with Glory Wealth Shipping Service Ltd., as charterer,
(the “Charter”) for a minimum
period of 24 months and a maximum period of 26 months in respect of Foremost.

WHEREAS, the Board has determined that the Company
will derive economic and other benefits from the entering into the Charter.:

After
considerations were duly made by the Board members,

IT WAS RESOLVED:

FIRST: that the
terms and conditions of the Charter were commercially reasonable and consistent
with industry practice.

SECOND: that it was
bona fide and in the best commercial interests of the Company to enter into the
Charter.

THIRD: to approve
the form, terms and provisions of the Ship Mortgage in the form presented to
this meeting and to approve the entry by the Company, as mortgagor, into the
Ship Mortgage for the benefit of the Trustee, as mortgagee.

FOURTH: to
authorize any officer or director of the Company, as attorneys in fact of the
Company, each of them acting individually, to act on behalf of the Company and
sign the Ship Mortgage as well as any other document related or necessary to
complete the validity of same (including, but not limited to, the Acceptance of
Sale of the Foremost for the registration of 
ownership title in the Republic of Panama).

FIFTH: that
any of said officers or  directors
is hereby authorized in the name of and on behalf of the Company to take such
further action and to do all things that may appear in his or her discretion to
be necessary in connection with renewals, extensions for any period, increases,
amendments, modifications, rearrangements, restatements, retirements and/or
compromises of the Ship Mortgage or other documents executed in connection with
the resolutions described above.

SIXTH: that
any of said officers or directors is authorized and empowered to do or cause to
be done all such acts or things and to sign and deliver, or cause to be signed
and delivered, all such documents, agreements, contracts, instruments, certificates
and other written obligations (including, without limitation, the Ship Mortgage
and any and all notices and certificates required or permitted to be given or
made to the Trustee under the terms of any of the instruments executed on
behalf of the Company in connection with the resolutions described above), in
the name and on behalf of the Company or otherwise, as any of said officers or
directors, in his or her discretion, may deem necessary, advisable or
appropriate to effectuate or carry out the purposes and intent of the foregoing
resolutions and to perform the obligations of the Company under all documents,
agreements, contracts, certificates, instruments or other written obligations
executed on behalf of the Company in connection with the foregoing resolutions;

SEVENTH:
that the execution by any of said officers or directors of
any document authorized by the foregoing resolutions or any document executed
in the accomplishment of any action or actions so authorized, is (or shall
become upon delivery) the enforceable and binding act and obligation of the
Company, without the necessity of the signature or attestation of any other
officer or director of the Company or the affixing of the corporate seal; and

EIGHTH: that
all acts, transactions, or agreements undertaken prior to the adoption of these
resolutions by any of the officers, directors or representatives of the Company
in its name and for its account with the Trustee in connection with the
foregoing matters are hereby ratified, confirmed and adopted by the Company.

There being no further business brought up for
discussion, the meeting was closed.

	
  (Original signed) Arvid Tage

  	
  (Original signed) Ms. Fariyal Khanbabi

  

 

 

	
  President / Director

  	
  Secretary / Director

  

 

The undersigned Ms. Fariyal Khanbabi, Secretary of the Company, hereby
confirm that the above is a true extract of the minutes of the Meeting of the
Board of Directors of the Company held on 14 February, 2007.

London,

	
  

  	
   

  
	
  /s/ Fariyal
  Khanbabi

  	
   

  	
   

  
	
  Ms. Fariyal
  Khanbabi

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