Document:

Exhibit 10.14

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (the
“Agreement”) is made on June 18th, 2013 between:

 

ASO 2020 Maritime S.A.
a company duly established and validly existing under the laws of Marshall Islands, under registration no. 60690 having its registered
office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Lender”)

 

Nordic Bulk Holding Company
Ltd., of 3rd Floor, Par La Ville Place, 14 Par La Ville Road, Hamilton, Bermuda (the “Borrower”).

 

(the Lender and the Borrower
being from time to time, hereinafter referred to as the “Parties”).

 

WHEREAS the Lender has
made available to the Borrower a loan of $ 12,683,333.33 on 10.1.2013;

 

WHEREAS the Lender has
made available to the Borrower a loan of $ 2,173,333.33 on 18.3.2013;

 

WHEREAS the Lender shall
make available to the Borrower a further amount of $ 2,173,334 upon and subject to the terms of this Agreement.

 

		1.	DEFINITIONS

 

Terms Defined In this Agreement:

 

	“Business Day”	means a day (other than a Saturday or a Sunday) on which banks are open for business in London, New York and Panama;
	 	 
	 “Loan”	means the principal amount of the borrowing by the Borrower hereunder or (as the context requires) the principal amount thereof from time to time outstanding;
	 	 
	“Repayment Day”	means January 9th 2023 or any prior date in accordance with Clause 4.1.
	 	 
	“Taxes”	includes all present and future taxes, levies, duties, deductions, charges, fees and withholdings of any nature impose, levied, collected, withheld or assessed by any country or any political sub-division taxing authority thereof: “Taxation” shall be construed accordingly.

 

		2.	THE LOAN

 

		2.1.	Loan

 

Subject to
the terms of this Agreement and in reliance on the representations and warranties of the Borrower set out in Clause 7, the Lender
has granted to the Borrower a further loan of Two Million One Hundred Seventy Three Thousand Three Hundred Thirty Four US Dollars
($ 2,173,334) (the “Loan”).

 

		2.2.	Purpose of the Loan

 

The purpose of the Loan is to
provide financing for the Borrower’s activities and investments.

 

		3.	DRAWDOWN

 

The Loan shall
be paid within one Business Day from the execution of this Agreement.

 

    	1

    	 

    

 

		4.	REPAYMENT

 

		4.1.	Repayment

 

The Borrower
shall repay the Loan in full on the Repayment Date.

 

		4.2.	Voluntary early payments

 

The Borrower
may prepay all or part of the Loan without penalty prior to the Repayment Day, however not in amounts or increments with respect
to prepayment of less than all of the Loan which are less than Fifty Thousand US Dollars ($ 50,000).

 

		5.	INTEREST AND SUBORDINATION

 

		5.1.	Interest 

 

The Loan is
interest free.

 

		5.2.	Subordination

 

The Loan is
fully subordinated to a certain loan agreement concluded on 25.07.2012 between Bulk Nordic Odyssey LTD, Bulk Nordic Orion LTD and
DVB Bank SE.

 

		6.	PAYMENTS

 

		6.1.	Funds and Place

 

All payments
to be made by Borrower hereunder shall be made to the Lender in US Dollars in same day funds on the due date to such account of
the Lender as the Lender may specify for this purpose.

 

		6.2.	Taxes

 

All payments
to be made by the Borrower hereunder shall be made without set-off or counterclaim, or deduction due to any taxation, fees or penalties,
including but not limited to any withholding tax or Value Added Tax.

 

		7.	REPRESENTATION AND WARRANTIES

 

		7.1.	The Borrower makes the following representations and warranties to and for the benefit of the Lender:

 

		(i)	Status: It is a limited liability company, duly incorporated and validly existing under the laws
of Bermuda;

		(ii)	Powers and authority: It has the power to enter into and perform, and has taken all necessary action
to authorize the entry into, performance and delivery of this Agreement and the transactions contemplated hereby;

		(iii)	Legal validity: This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with the terms hereof;

		(iv)	Non – conflict: The entry into and performance by it of, and the transactions contemplated
by, this Agreement do not and will not:

		·	conflict with any law or regulation or
judicial or official order; or

		·	conflict with the articles of association
of the Borrower; or

		·	conflict with any mortgage, agreement
or other undertaking or instrument which is binding upon the Borrower or of its assets.

 

    	2

    	 

    

 

		8.	NOTICES

 

Except as otherwise
stated herein, all notices, requests, demands and other communications to, upon or by any party hereto shall be given or made in
writing or by registered post or facsimile transmission or e-mail and shall be duly given or made if dispatched in writing by registered
post or facsimile transmission or e-mail to the party to which such notice, request, demand or other communication is required
or permitted to be given or made under this Agreement, addressed as follows:

 

if to the Borrower
at 

 

Third Floor,
Par La Ville Place

 

14 Par La Ville
Road

 

Hamilton, HM08

 

Bermuda

 

Tel: +1(0) 441-295-8313

 

Fax: +1(0) 441-292-1373

 

Email: sdurrant@consolidated.bm

 

if to the
Lender at:

 

To the attention
of: Mr. John P. Ioannidis

ASO 2020 Maritime
S.A.

c/o Olympic
Shipping and Management S.A.

8, Zephyrou
St. P. Phaleron

GR 175 64 Athens
Greece

Tel: +30 210
9498 353

Fax: +30 210
9498 364

Email: john.ioannidis@olyship.com

 

With a copy
to:

ASO Holdings
S.A.

Städtle
27

Vaduz, FL 9490
Lichtenstein

Attention:
Anthony S. Papadmitriou

Facsimile:
+00423 23 50 220

Email: asp@onassis.gr

 

Or at such
other addresses or facsimile number as may have been notified by the intended addressee to the other party by not less than five
(5) Business Days’ prior notice. Any notice or other communication hereunder required to be given in writing shall be duly
given by registered post or facsimile to be effective version for the purposes hereof. All such notices, requests, demands or other
communications, if duly given or made, shall be effective upon receipt.

 

		9.	ASSIGNMENT

 

The Lender
may at any time assign or transfer all or part of its right or obligations hereunder to any of its Affiliates, however he remains
responsible for the terms of such assignment to be identical to those of this Agreement.

 

		10.	ENTIRE AGREEMENT

 

This Agreement
constitutes, together with the Subscription Agreement, the whole agreement of the Parties in relation to its subject matter and
supersedes any previous agreement, representations, warranties or arrangements, allegations or promises (whether in writing or
oral) between them in relation to that matter (with the exception of the Restructuring Agreement). No modification of this Agreement
shall be effective unless it is made in writing and signed by both Parties.

 

    	3

    	 

    

 

		11.	CONFIDENTIALITY

 

This Agreement
is private and confidential and each Party undertakes that it shall not at any time disclose to any person or entity any information
or details in relation to this Agreement except as provided in next paragraph of this clause.

 

Each Party
may disclose information regarding this Agreement:

 

		(i)	to its employees, officers, contracted representatives or contracted advisers who need to know
such information for the purposes of carrying out the Party’s obligations under this agreement. Each Party shall ensure that
its employees, officers, contracted representatives or contracted advisers to whom it discloses the other Party’s confidential
information comply with this clause 11; and

 

		(ii)	as it may be obliged to do by operation of law, by court order or by any governmental or regulatory
authority.

 

		12.	GOVERNING LAW

 

This Agreement
and any dispute or claim (whether contractual or otherwise) arising out of or in connection with it or its subject matter shall
be governed by and construed solely in accordance with English law.

 

		13.	DISPUTE RESOLUTION

 

The Parties
irrevocably agree that the High Court of London located in London is to have exclusive jurisdiction to settle any dispute which
may arise out of or in connection with this Agreement and the documents to be entered into pursuant to it. The Parties irrevocably
submit to the jurisdiction of such courts and waive any objection to proceedings in any such court on the ground of venue or on
the ground that the proceedings have been brought in an inconvenient forum.

 

		14.	COSTS AND CHARGES

 

All banking
costs and charges related to the disbursement and repayment of the Loan shall be borne by the Borrower.

 

		15.	LANGUAGE

 

This Agreement
is made in English in two originals – one the Lender and one for the Borrower.

 

AS WITNESSED
WHEREOF, the parties hereto have caused this Agreement to be signed in two copies on date first above written.

 

	Signed by (Name
    & Signature)	 
	 	 
	for and on behalf of the Lender	 
	 	 
	Signed by (Name
    & Signature)	 
	 	 
	for and on behalf of the Borrower	 

 

    	4Exhibit 10.15

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT (the
“Agreement”) is made on January 10th, 2013 between:

 

ST Shipping and Transport
Pte. Ltd., of 1 Temasek Avenue, #34-01 Millenia Tower, Singapore 039192 (the “Lender”)

 

Nordic Bulk Holding Company
Ltd., of 3rd Floor, Par La Ville Place, 14 Par La Ville Road, Hamilton, Bermuda (the “Borrower”).

 

(the Lender and the Borrower
being from time to time, hereinafter referred to as the “Parties”).

 

WHEREAS the Lender has
made available to the Borrower a loan of $ 12,500,000 upon and subject to the terms of this Agreement, a Subscription Agreement,
concluded as of the date hereof between the Lender, ASO Maritime S.A., and Bulk Fleet Bermuda Holding Company Limited ("BFB")
(the "Subscription Agreement"), as well as, a certain transfer restructuring agreement concluded as of the date
hereof between (the “Restructuring Agreement”);

 

WHEREAS the Lender shall
make available to the Borrower a further amount of $ 4,350,000 upon and subject to the terms of this Agreement and the Subscription
Agreement;

 

WHEREAS the Parties wish
to document such transaction;

 

		1.	DEFINITIONS

 

Terms Defined In this Agreement:

 

	“Business Day”	means a day (other than a Saturday or a Sunday) on which banks are open for business in London, New York and Panama;
	 	 
	“Loan”	means the principal amount of the borrowing by the Borrower hereunder or (as the context requires) the principal amount thereof from time to time outstanding;
	 	 
	“Repayment Day”	means January 9th 2023 or any prior date in accordance with Clause 4.1.
	 	 
	“Taxes”	includes all present and future taxes, levies, duties, deductions, charges, fees and withholdings of any nature impose, levied, collected, withheld or assessed by any country or any political sub-division taxing authority thereof: “Taxation” shall be construed accordingly.

 

		2.	THE LOAN

 

		2.1.	Loan

 

Subject to
the terms of this Agreement, as well as, the Restructuring Agreement and the Subscription Agreement and in reliance on the representations
and warranties of the Borrower set out in Clause 7, the Lender has granted to the Borrower a loan of twelve million five hundred
thousand US Dollars ($ 12,500,000) and shall grant to the Borrower a further loan of four million three hundred fifty thousand
US Dollars ($ 4,350,000) resulting to a total loan of sixteen million eight hundred fifty thousand ($ 16,850,000) (the “Loan”).

 

		2.2.	Purpose of the Loan

 

The purpose of the Loan is to
provide financing for the Borrower’s activities and investments.

 

    	1

    	 

    

 

		3.	DRAWDOWN

 

An amount of
$ 12,500,000 out of the Loan has already been drawn down. A further amount of $ 4,350,000 shall be made available to the Borrower
and shall be drawn down within one Business Day from the execution of this Agreement, provided that the Borrower has repaid to
the Lender an amount of $ 4,166,166 from the amount already drawn down (such repayment to be applied against the Lender’s
obligation to make available and pay the $ 4,350,000 amount).

 

		4.	REPAYMENT

 

		4.1.	Repayment

 

The Borrower
shall repay the Loan in full on the Repayment Date.

 

		4.2.	Voluntary early payments

 

The Borrower
may prepay all or part of the Loan, however not in amounts or increments which less than $ 50,000 USD Fifty Thousand.

 

		5.	INTEREST AND SUBORDINATION

 

		5.1.	Interest 

 

The Loan is
interest free.

 

		5.2.	Subordination

 

The Loan is
fully subordinated to a certain loan agreement concluded on 25.07.2012 between Bulk Nordic Odyssey LTD, Bulk Nordic Orion LTD and
DVB Bank SE.

 

		6.	PAYMENTS

 

		6.1.	Funds and Place

 

All payments
to be made by Borrower hereunder shall be made to the Lender in US Dollars in same day funds on the due date to such account of
the Lender as the Lender may specify for this purpose.

 

		6.2.	Taxes

 

All payments
to be made by the Borrower hereunder shall be made without set-off or counterclaim, or deduction due to any taxation, fees or penalties,
including but not limited to any withholding tax or Value Added Tax.

 

		7.	REPRESENTATION AND WARRANTIES

 

		7.1.	The Borrower makes the following representations and warranties to and for the benefit of the Lender:

 

		(i)	Status: It is a limited liability company, duly incorporated and validly existing under the laws
of Bermuda;

		(ii)	Powers and authority: It has the power to enter into and perform, and has taken all necessary action
to authorize the entry into, performance and delivery of this Agreement and the transactions contemplated hereby;

		(iii)	Legal validity: This Agreement constitutes its legal, valid and binding obligations enforceable
in accordance with the terms hereof.

 

    	2

    	 

    

 

		8.	NOTICES

 

Except as otherwise
stated herein, all notices, requests, demands and other communications to, upon or by any party hereto shall be given or made in
writing or by registered post or facsimile transmission or e-mail and shall be duly given or made if dispatched in writing by registered
post or facsimile transmission or e-mail to the party to which such notice, request, demand or other communication is required
or permitted to be given or made under this Agreement, addressed as follows:

 

if to the Borrower
at

To the attention
of: Coal Freight Department

ST Shipping and
Transport Pte. Ltd

Millenia Tower
#34-01

1 Temasek Avenue

Singapore 39192

Tel: +65 6415
7700

Fax: +65 6235
7219

Email: tommy.lund@stshipping.com

 

With a copy
to:

Glencore International
AG

Baaremattstrasse
3

CH-6341 Baar

Switzerland

Attention: Coal
Department

Telephone: +41
41 709 2000

Fax: +41 41 709
3000

Email: baar.coalnotices@glencore.com;
richard.marshall@glencore.com;

matthew.weber@glencore.com

 

if to the Lender at

 

Third Floor,
Par La Ville Place

 

14 Par La Ville
Road

 

Hamilton, HM08

 

Bermuda

 

Tel: +1(0) 441-295-8313

 

Fax: +1(0) 441-292-1373

 

Email: sdurrant@consolidated.bm

 

Or at such
other addresses or facsimile number as may have been notified by the intended addressee to the other party by not less than five
(5) Business Days’ prior notice. Any notice or other communication hereunder required to be given in writing shall be duly
given by registered post or facsimile to be effective version for the purposes hereof. All such notices, requests, demands or other
communications, if duly given or made, shall be effective upon receipt.

 

		9.	ASSIGNMENT

 

The Lender
may at any time assign or transfer all or part of its right or obligations hereunder to any of its Affiliates, however he remains
responsible for the terms of such assignment to be identical to those of this Agreement.

 

    	3

    	 

    

 

		10.	ENTIRE AGREEMENT

 

This Agreement
constitutes, together with the Restructuring Agreement and the Subscription Agreement, the whole agreement of the Parties in relation
to its subject matter and supersedes any previous agreement, representations, warranties or arrangements, allegations or promises
(whether in writing or oral) between them in relation to that matter (with the exception of the Restructuring Agreement and the
Subscription Agreement). No modification of this Agreement shall be effective unless it is made in writing and signed by both Parties.

 

		11.	CONFIDENTIALITY

 

This Agreement
is private and confidential and each Party undertakes that it shall not at any time disclose to any person or entity any information
or details in relation to this Agreement except as provided in next paragraph of this clause.

 

Each Party
may disclose information regarding this Agreement:

 

		(i)	to its employees, officers, contracted representatives or contracted advisers who need to know
such information for the purposes of carrying out the Party’s obligations under this agreement. Each Party shall ensure that
its employees, officers, contracted representatives or contracted advisers to whom it discloses the other Party’s confidential
information comply with this clause 11; and

 

		(ii)	as it may be obliged to do by operation of law, by court order or by any governmental or regulatory
authority.

 

		12.	GOVERNING LAW

 

This Agreement
and any dispute or claim (whether contractual or otherwise) arising out of or in connection with it or its subject matter shall
be governed by and construed solely in accordance with English law.

 

		13.	DISPUTE RESOLUTION

 

The Parties
irrevocably agree that the High Court of London located in London is to have exclusive jurisdiction to settle any dispute which
may arise out of or in connection with this Agreement and the documents to be entered into pursuant to it. The Parties irrevocably
submit to the jurisdiction of such courts and waive any objection to proceedings in any such court on the ground of venue or on
the ground that the proceedings have been brought in an inconvenient forum.

 

		14.	COSTS AND CHARGES

 

All banking
costs and charges related to the disbursement and repayment of the Loan shall be borne by the Borrower.

 

		15.	LANGUAGE

 

This Agreement
is made in English in two originals – one the Lender and one for the Borrower.

 

AS WITNESSED
WHEREOF, the parties hereto have caused this Agreement to be signed in two copies on date first above written.

 

	Signed by (Name & Signature)	 
	 	 
	for and on behalf of the Lender	 
	 	 
	Signed by (Name & Signature)	 
	 	 
	for and on behalf of the Borrower	 

 

    	4

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