Document:

Exhibit 10.1

SECOND
ORIGINAL

 

	
  MEMORANDUM OF AGREEMENT

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

  
	
   

  	
  Code-name

  
	
  Dated:
  26th April 2004

  	
  SALEFORM 1993

  
	
   

  	
  Revised
  1966, 1983 and 1986/87.

  

 

BUCKINGHAM TANKERS INC. of MONROVIA,
LIBERIA  hereinafter
called the Sellers, have agreed to sell, and PRIMAL TANKERS INC. of ATHENS, GREECE for a company to be nominated
hereinafter called the Buyers, have agreed to buy

 

Name:
‘TROMSO
CONFIDENCE’

 

Classification
Society/Class:    DNV +1A1 tanker for oil ESP PP3 ED-SBM

 

Built: 1991                                                                                                                           By:
Hyundai Heavy
Industries, Ulsan, Korea

 

Flag: Liberian                                                                   Place of Registration:  Monrovia, Liberia

 

Call Sign: ELNX4                                                                    Grt/Nrt: 79,718/46,569

 

Register Number: 9480/ID
No: 16916

 

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 36,400,000 (Thirty Six Million Four Hundred
Thousand) cash

 

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 3 (three)  banking days from the date the subject in Clause 17A is
lifted  of this  Agreement. 
This deposit shall be placed with a  bank to be advised by Sellers no later than the date
when the subject in clause 17A is lifted.  and held
by them in a joint 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 fee charged for holding the
said deposit shall be borne equally by the Sellers and the Buyers.

 

3.                                       Payment

 

The
said Purchase Price shall be paid in exchange for delivery documents reasonably required by
the Buyers  in  full free of bank charges to Sellers account with Sellers’ nominated
bank 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

 

b)*                              The
Buyers shall have the right to promptly  inspect
the Vessel’s classification records and declare whether same are accepted or
not within 17th May 2004

 

The Sellers shall provide for inspection of
the Vessel at a time and
place to be mutually agreed.

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
Vessels 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 5 working days after
completion of such inspection.

 

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

 

5.                                       Notices, time and place of delivery

 

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

 

b)                                     The
Vessel shall be delivered and taken over safely afloat at a safe and accessible
berth/buoy
or anchorage at (always within port limits) at one
safe port Worldwide in the Sellers’ option.

 

Expected time of delivery: to be mutually agreed (intention is to deliver at first
convenient port or place after all subjects lifted)

Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): within 60 days after declaration of
Buyers IPO

 

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 3 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 3  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 also Clause 18 herein.

 

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.

 

**                                  6a) and 6b) are
alternatives; delete whichever is not applicable.  In the absence of deletions, alternative 6a) 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 including spare tail-end shaft(s) and/or spare propeller(s)/propeller
blade(s), if any, belonging to the Vessel at the time of inspection used or
unused, whether on board or not shall become the Buyers’ property.  Forwarding charges, if any, shall be for the
Buyers’ account.  The Sellers are not
required to replace spare parts including spare tail-end shaft(s) and spare
propeller(s)/propeller blade(s) which are taken out of spare and used as
replacement prior to delivery, but the replaced items shall be the property of
the Buyers.  The radio installation and
navigational equipment shall be included in the sale without extra payment.  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 ash ore 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):

1.              Gas
bottles: Acetylene / Oxygen / Freon / Nitrogen

2.              Videotel
library

3.              Communication
equipment SIM cards

4.              Unicom SMS
Manuals and SMPEP

5.              Computer,
communication, PMP software licensed to Unicom.

 

The
Buyers shall take over the remaining bunkers and unused lubricating oils hydraulic fluids and greases  in storage tanks and unbroached  sealed drums and pay the Sellers last  net purchase  price
(excluding    barging expenses) including any discounts as evidenced
by invoices.

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: London

 

In
exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
with delivery documents, namely:  See Clause 20

 

 

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 Vesse1 shall also be handed over to the Buyers unless the Sellers are
required to retain same, in which case the Buyers to have the right to take
copies.  Other technical documentation
which may be in the Sellers’ possession shall be promptly forwarded to the
Buyers at their expense, if they so request. 
The Sellers may keep the Vessel’s log books but the Buyers to have the
right to take copies of same.

 

9.                                       Encumbrances

 

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

 

10.                                 Taxes, etc.

 

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

 

11.                                 Condition on delivery (See also Clause 18)

 

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 as she
was at the time of inspection, fair wear and tear excepted.  However, the Vessel shall be
delivered with her class maintained without condition, however Sellers may deliver Vessel
with condition of class subject to mutual agreement of cost of rectifying
same.  If a repair is required.  Same to be settled in accordance with Clause
18  free of average
damage affecting the Vessel’s class, and with her classification certificates
and national certificates, as well as all other certificates the Vessel had at
the time of inspection, valid without condition* by Class or the relevant
authorities at the time of delivery.

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

 

*                                         Notes,
if any, in the surveyor’s report which are accepted by the Classification
Society

 

 

without condition/recommendation are not to
be taken into account.

 

12.                                 Name/markings

 

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

 

13.                                Buyers’ default

 

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

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

 

14.                                Sellers’ default

 

Should the Sellers fail to give Notice of Readiness in accordance with
Clause 5 a) or fail to be ready to validly complete a legal transfer by the
date stipulated in line 61 the Buyers shall have the option of canceling 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, the deposit
lodged and the final
subject cleared, the
Buyers have the right to place two representatives on board the Vessel at their
sole risk and expense upon arrival at to be agreed on or about  to be agreed  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.

 

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.

 

 

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

 

Clauses 17 to 19 inclusive shall
form an integral part of this Memorandum of Agreement.

 

 

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.

 

 

ADDITIONAL
CLAUSES TO M.T. ‘TROMSO CONFIDENCE’

MOA DATED
26TH APRIL 2004

 

CLAUSE
17.

 

A)                                  This sale is subject to Buyers Board of
Directors approval and is declarable to the sellers latest by 1800 New York
time on 15th July 2004.

 

B)                                    This sale is an ‘enbloc’ sale with 9 other
vessels.  The buyers have the option of
reducing the sale to 6 vessels if found necessary which is declarable by the 14th
June 2004.  The excluded ships are
all built in 1992.

 

CLAUSE
18.

 

Further to clauses 6 and 11 herein:

 

In respect to Clause 6 add at the end of paragraph (II):

 

“Should
damage(s) be found to the underwater parts which affects the vessel’s clean
certificate of class, but which in the opinion of the class surveyor present,
does not require drydocking prior to the next scheduled drydock of the vessel,
the sellers and buyers to apply to two reputable shiprepairers or shipyards
within the delivery area, one to be selected by the buyers and one to be
selected by the sellers, in order to obtain quotations for the direct cost of
repairs to the said damage only.  In the
event that the two quotations received are more than 10% different then the
London Salvage Association shall be requested to nominate one Shiprepairer or
Shipyard within the delivery area and their quotation shall be the one accepted
by both the Seller and the Buyer.

 

Such
quotations to cover the direct cost of repair to specified damage(s) only.  Thereafter it shall be in sellers option
whether to repair said damage prior to delivery, or to deliver the vessel with
the said damage, against a reduction in price of the cost of repairs, which to
be defined as the average of the two quotations obtained.”

 

In respect to Clause 11:

 

‘The
same format as above shall be followed in the event of a condition of class
relating to any other part of the vessel.’

 

 

CLAUSE
19.

 

If
a drydocking needs to be undertaken prior to delivery (and after the sellers
have attempted to obtain a maximum extension from the class) then the costs of
this said drydocking shall be credited to the price of the vessel.  Sellers will liaise in advance of any
drydocking with the buyers on the works necessary and costings.

 

CLAUSE
20

 

It
is hereby agreed that upon delivery of the Vessel under this MOA, the following
documents will be provided:-

 

1                                         The Seller shall furnish the Buyers with the
following delivery documents:

 

(a)                                  Three original legal Bills 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 apostilled.

 

(b)                                 Original Certificate of Ownership/Transcript
of Register, issued by competent authorities of the flag state of the Vessel to
be dated no earlier than 3 banking days prior to expected delivery of the
Vessel.

 

(c)                                  Original Confirmation of Class dated no
earlier than 3 banking days prior to expected delivery of the Vessel, issued by
the Vessel’s Classification Society confirming that the Vessel fully maintains
her Class as per Clause 11.

 

(d)                                 Original/fax Freedom of Encumbrances
Certificate/Transcript of Register, issued by the competent authorities of the
flag state, dated on the date of delivery of the Vessel, stating that the
Vessel at time of delivery is free from registered encumbrances.

 

(e)                                  Certificate of Deletion of the Vessel from
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 of Deletion to the Buyers promptly
and latest within 21 days after the Purchase Price has been paid and the Vessel
has been delivered.

 

(f)                                    Certified transcript of Company Registry
confirming that the Seller is in goodstanding, (and listing the Directors) and
issued not more than 3 banking days prior to delivery.

 

 

(g)                                 In case Shareholders and Directors are not
named in the Transcript of Registry mentioned under (f) above, a Secretary’s
Certificate issued by Sellers naming its Shareholders and Directors, signature
to be authenticated by Cyprus Certifying Officer and apostilled.

 

(h)                                 Recently issued, (original) Shareholders’
resolution confirming and authorizing sale to Buyers (incl. Issuance of Power
of Attorney) authenticated by Cyprus Certifying Officer and apostilled.

 

(i)                                     Recently issued, (original) Director’s
resolution confirming and authorizing sale to Buyers (incl. Issuance of Power
of Attorney) authenticated by Cyprus Certifying Officer and apostilled.

 

(j)                                     One original Power of Attorney in favour of
person(s) authorized to execute the Bill of Sale for Sellers and any other
document required for the completion of the sale and the delivery of the Vessel
to the Buyers authenticated by Cyprus Certifying Officer and apostilled.

 

(k)                                  Certified copy of Memorandum and Articles of
Association of the Sellers together with amendments thereto if any.

 

(I)                                    Original undertaking on Sellers’ letterhead
and dated on the date of delivery, stating that the Vessel is not blacklisted
by any international organisation nor is subject to any boycott by such
organisations.

 

(m)                               Two original Commercial invoices on Sellers’
letterhead, showing the main particulars of the Vessel and the purchase price.

 

(n)                                 Two original Commercial invoices on Sellers
letterhead showing the bunkers and luboil quantities and prices.

 

(o)                                 Copies of all available
trading/class/national and international certificates (incl SOLAS).  The originals of same as well as
plans/drawings, manuals, instruction books and related documentation to be
handed at time of delivery to Buyers representative on board.

 

(p)                                 Sellers to provide two draft Protocol of
Delivery and Acceptance which will be signed by Sellers and Buyers
attorney-in-fact at the closing meeting.

 

Documents to be provided by the Buyers:-

 

2                                         The Buyer shall furnish the Sellers with the
following delivery documents:

 

(a)                                  Written Resolutions of the Board of Directors
of the Buyers authorising the purchase of the Vessel, approving and ratifying
this MOA, appointing one or more Attorney(s) (original, duly signed notarially
attested and Notary’s signature legalised);

 

 

(b)                                 Articles of Incorporation of the Buyers
(certified true copy);

 

(c)                                  Power of Attorney authorising person(s) as
Buyers’ representative(s) to execute all required documents at the closing as
well as on the Board the Vessel (original, duly signed, notarially attested and
Notary’s signature legalised).

 

(d)                                 Certificate of Goodstanding (or equivalent
certificate) issued by competent authorities of the Buyer’s country of
incorporation.

 

All the drafts of the documents will be faxed to the Buyer or Seller,
as the case may be, for approval at least three days before the closing date.

 

 

	
  THE
  SELLERS

  	
  THE
  BUYERS

  
	
   

  	
   

  
	
  /s/ A.H. Wettern

  	
   

  	
  /s/ Evangelos Pistiolis

  	
   

  
	
  A.H. Wettern Attorney-in-Fact

  	
   

  
	
  FOR
  AND ON BEHALF OF

  	
  FOR
  AND ON BEHALF OF

  
	
  BUCKINGHAM TANKERS INC. OF MONROVIA,

  	
   

  	
  PRIMAL
  TANKERS INC.

  
	
  LIBERIA

  	
  OF
  ATHENS, GREECEExhibit 10.2

SECOND ORGINAL

 

	
  MEMORANDUM OF AGREEMENT

  	
  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.

  

 

MARSHALL TRANSPORTATION CORP. of
MONROVIA, LIBERIA hereinafter
called the Sellers, have agreed to sell, and PRIMAL TANKERS INC. of ATHENS, GREECE for a company to
be nominated hereinafter
called the Buyers, have agreed to buy

 

Name:
‘TROMSO FIDELITY’

 

Classification Society/Class: DNV +1A1  tanker for oil ESP PP3 ED-SBM

 

Built: 1991                                                                                                                           By: Hyundai Heavy Industries, Ulsan, Korea

 

Flag: Liberian                                                                   Place
of Registration: Monrovia,
Liberia

 

Call Sign: ELNX9                                                                    Grt/Nrt:
79,718/46,569

 

Register Number: 9480

 

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 36,400,000 (Thirty Six Million
Four Hundred Thousand) cash

 

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 3 (three)  banking days from the date the subject in Clause 17A is
lifted of this
Agreement. This deposit shall be placed with a bank to be advised by Sellers no later than the date
when the subject in Clause 17A is lifted. and held by them in a joint 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 fee charged for holding the said deposit shall be borne equally
by the Sellers and the Buyers.

 

3.                                       Payment

 

The
said Purchase Price shall be paid in exchange for delivery documents reasonably required by
the Buyers in full free of bank charges to Sellers account with Sellers’
nominated bank 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

 

b)*                              The
Buyers shall have the right to  promptly  inspect the Vessel’s
classification records and declare whether same are accepted or not within 17th May 2004

 

The Sellers shall provide for inspection of
the Vessel at a time and
place to be mutually agreed.

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 5 working days  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,

 

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

 

5.                                       Notices, time and place of delivery

 

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

 

b)                                     The
Vessel shall be delivered and taken over safely afloat at a safe and accessible
berth/buoy
or anchorage at (always
within port limits) at one safe port Worldwide  in the Sellers’ option. 

 

Expected time of delivery: to be mutually agreed (intention is to deliver at first
convenient port or place after all subjects lifted)

Date of cancelling (see Clauses 5 c), 6 b)
(iii) and 14): within 60
days after declaration of Buyers IPO

 

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 3  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 3  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 also Clause 18 herein.

 

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.

 

**                                  6a) and 6b) are alternatives; delete whichever is not
applicable. In the absence of deletions, alternative 6a) 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 including spare tail-end shaft(s) and/or spare
propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of
inspection used or unused, whether on board or not shall become the Buyers’
property. Forwarding charges, if any, shall be for the Buyers’ account. The
Sellers are not required to replace spare parts including spare tail-end
shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare
and used as replacement prior to delivery, but the replaced items shall be the
property of the Buyers. The radio installation and navigational equipment shall
be included in the sale without extra payment. 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 ash ore 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):

1.              Gas
bottles: Acetylene / Oxygen / Freon / Nitrogen

2.              Videotel
library

3.              Communication
equipment SIM cards

4.              Unicom SMS
Manuals and SMPEP

5.              Computer,
communication, PMP software licensed to Unicom.

 

The
Buyers shal1 take over the remaining bunkers and unused lubricating oils hydraulic fluids and greases  in storage tanks and

unbroached  sealed drums and pay the Sellers net purchase price (excluding barging
expenses) as evidenced by invoices.  

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: London

 

In
exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
with delivery documents, namely:  See Clause 20.

 

 

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 Vesse1 shall also be handed over to the
Buyers unless the Sellers are required to retain same, in which case the Buyers
to have the right to take copies. Other technical documentation which may be in
the Sellers’ possession shall be promptly forwarded to the Buyers at their
expense, if they so request. The Sellers may keep the Vessel’s log books but
the Buyers to have the right to take copies of same.

 

9.                                       Encumbrances

 

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

 

10.                                 Taxes, etc.

 

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

 

11.                                 Condition on delivery (See also Clause 18)

 

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 as she was
at the time of inspection, fair wear and tear excepted. However, the
Vessel shall be delivered with her class maintained without condition, however Sellers may deliver Vessel
with condition of class subject to mutual agreement of cost of rectifying same.
If a repair is required. Same to be settled in accordance with Clause 18, free of average damage affecting the Vessel’s
class, and with her classification certificates and national certificates, as
well as all other certificates the Vessel had at the time of inspection, valid
without condition * by Class or the relevant authorities at the time of
delivery.

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

 

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

 

 

12.                                 Name/markings

 

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

 

13.                                 Buyers’ default

 

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

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

 

14.                                 Sellers’ default

 

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

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

 

15.                                 Buyers’ representatives

 

After this Agreement has been signed by both parties, the deposit
lodged and the final
subject cleared,  the
Buyers have the right to place two representatives on board the Vessel at their
sole risk and expense upon arrival at to be agreedon or about to
be agreed

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.

 

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.

 

 

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

 

Clauses 17 to 19 inclusive shall
form an integral part of this Memorandum of Agreement.

 

 

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.

 

 

ADDITIONAL
CLAUSES TO M.T. ‘TROMSO FIDELITY’

MOA DATED 26TH APRIL 2004

 

CLAUSE
17.

 

A)                                  This sale is subject to Buyers Board of
Directors approval and is declarable to the sellers latest by 1800 New York
time on 15th July 2004.

 

B)                                    This sale is an ‘enbloc’ sale with 9 other
vessels. The buyers have the option of reducing the sale to 6 vessels if found
necessary which is declarable by the 14th June 2004. The
excluded ships are all built in 1992.

 

CLAUSE
18.

 

Further
to clauses 6 and 11 herein:

 

In
respect to Clause 6 add at the end of paragraph (II):

 

“Should
damage(s) be found to the underwater parts which affects the vessel’s clean
certificate of class, but which in the opinion of the class surveyor present,
does not require drydocking prior to the next scheduled drydock of the vessel,
the sellers and buyers to apply to two reputable shiprepairers or shipyards
within the delivery area, one to be selected by the buyers and one to be
selected by the sellers, in order to obtain quotations for the direct cost of
repairs to the said damage only. In the event that the two quotations received
are more than 10% different then the London Salvage Association shall be
requested to nominate one Shiprepairer or Shipyard within the delivery area and
their quotation shall be the one accepted by both the Seller and the Buyer.

 

Such
quotations to cover the direct cost of repair to specified damage(s) only.
Thereafter it shall be in sellers option whether to repair said damage prior to
delivery, or to deliver the vessel with the said damage, against a reduction in
price of the cost of repairs, which to be defined as the average of the two
quotations obtained.”

 

In
respect to Clause 11:

 

‘The
same format as above shall be followed in the event of a condition of class
relating to any other part of the vessel.’

 

 

CLAUSE
19.

 

If
a drydocking needs to be undertaken prior to delivery (and after the sellers
have attempted to obtain a maximum extension from the class) then the costs of
this said drydocking shall be credited to the price of the vessel. Sellers will
liaise in advance of any drydocking with the buyers on the works necessary and
costings.

 

CLAUSE
20

 

It
is hereby agreed that upon delivery of the Vessel under this MOA, the following
documents will be provided:-

 

1                                         The Seller shall furnish the Buyers with the
following delivery documents:

 

(a)                                  Three original legal Bills 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 apostilled.

 

(b)                                 Original Certificate of Ownership/Transcript
of Register, issued by competent authorities of the flag state of the Vessel to
be dated no earlier than 3 banking days prior to expected delivery of the
Vessel.

 

(c)                                  Original Confirmation of Class dated no
earlier than 3 banking days prior to expected delivery of the Vessel, issued by
the Vessel’s Classification Society confirming that the Vessel fully maintains
her Class as per Clause 11.

 

(d)                                 Original/fax Freedom of Encumbrances
Certificate/Transcript of Register, issued by the competent authorities of the
flag state, dated on the date of delivery of the Vessel, stating that the
Vessel at time of delivery is free from registered encumbrances.

 

(e)                                  Certificate of Deletion of the Vessel from
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 of Deletion to the Buyers promptly
and latest within 21 days after the Purchase Price has been paid and the Vessel
has been delivered.

 

(f)                                    Certified transcript of Company Registry
confirming that the Seller is in goodstanding, (and listing the Directors) and
issued not more than 3 banking days prior to delivery.

 

 

(g)                                 In case Shareholders and Directors are not
named in the Transcript of Registry mentioned under (f) above, a Secretary’s
Certificate issued by Sellers naming its Shareholders and Directors, signature
to be authenticated by Cyprus Certifying Officer and apostilled.

 

(h)                                 Recently issued, (original) Shareholders’
resolution confirming and authorizing sale to Buyers (incl. Issuance of Power
of Attorney) authenticated by Cyprus Certifying Officer and apostilled.

 

(i)                                     Recently issued, (original) Director’s
resolution confirming and authorizing sale to Buyers (incl. Issuance of Power
of Attorney) authenticated by Cyprus Certifying Officer and apostilled.

 

(j)                                     One original Power of Attorney in favour of
person(s) authorized to execute the Bill of Sale for Sellers and any other
document required for the completion of the sale and the delivery of the Vessel
to the Buyers authenticated by Cyprus Certifying Officer and apostiled.

 

(k)                                  Certified copy of Memorandum and Articles of
Association of the Sellers together with amendments thereto if any.

 

(l)                                     Original undertaking on Sellers’ letterhead
and dated on the date of delivery, stating that the Vessel is not blacklisted
by any international organisation nor is subject to any boycott by such
organisations.

 

(m)                               Two original Commercial invoices on Sellers’
letterhead, showing the main particulars of the Vessel and the purchase price.

 

(n)                                 Two original Commercial invoices on Sellers
letterhead showing the bunkers and luboil quantities and prices.

 

(o)                                 Copies of all available
trading/class/national and international certificates (incl SOLAS). The
originals of same as well as plans/drawings, manuals, instruction books and
related documentation to be handed at time of delivery to Buyers representative
on board.

 

(p)                                 Sellers to provide two draft Protocol of Delivery
and Acceptance which will be signed by Sellers and Buyers attorney-in-fact at
the closing meeting.

 

Documents to be provided by the Buyers:-

 

2                                         The Buyer shall furnish the Sellers with the
following delivery documents:

 

(a)                                  Written Resolutions of the Board of Directors
of the Buyers authorising the purchase of the Vessel, approving and ratifying
this MOA, appointing one or more Attorney(s) (original, duly signed notarially
attested and Notary’s signature legalised);

 

 

(b)                                 Articles of Incorporation of the Buyers
(certified true copy);

 

(c)                                  Power of Attorney authorising person(s) as
Buyers’ representative(s) to execute all required documents at the closing as
well as on the Board the Vessel (original, duly signed, notarially attested and
Notary’s signature legalised).

 

(d)                                 Certificate of Goodstanding (or equivalent
certificate) issued by competent authorities of the Buyer’s country of
incorporation.

 

All
the drafts of the documents will be faxed to the Buyer or Seller, as the case
may be, for approval at least three days before the closing date.

 

 

	
  THE
  SELLERS

  	
  THE
  BUYERS

  
	
   

  	
   

  
	
  /s/ A.H. Wettern

  	
   

  	
  /s/ Evangelos Pistiolis

  	
   

  
	
  A.H. Wettern Attorney-in-Fact

  	
   

  
	
  FOR
  AND ON BEHALF OF

  	
  FOR
  AND ON BEHALF OF

  
	
  MARSHALL
  TRANSPORTATION CORP

  	
  PRIMAL TANKERS INC. OF

  
	
  OF
  MONROVIA, LIBERIA

  	
  ATHENS,
  GREECE

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