Document:

Exhibit 4.40

      

      

      Time Charter

      GOVERNMENT FORM

      Approved by the New York Produce Exchange

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

      

      

      This Charter Party, made and concluded
          in Athens 20th day of June 2018
          Between Rightmove Owners Inc, Marshall Islands Owners of the good Malta Flag Steamship/Motorship M.V. "HUAHINE"
            – See Clause 29 for specification of of           
                           tons gross register, and ......................... tons net register, having engines of                         indicated hours power and with
              hull, machinery and equipment in a thoroughly efficient state, and classed........................................................... at......................... of about ........................ cubic feet bale capacity, and about ......................... tons of 2240 lbs. deadweight capacity (cargo and bunkers, including
              fresh water and stores not exceeding one and one half percent of ship's deadweight capacity, allowing a minimum of fifty tons) on a draft of ... feet .......... inches on ........... Summer freeboard, inclusive of permanent bunkers, which are of the
              capacity of about ......................................... tons of fuel, and capable of steaming, fully laden, under good weather conditions about ...knots on a consumption of about ............................ tons of best Welsh coal best grade fuel oil best grade Diesel oil now

          under construction ............................ 

        

      and TMS Dry Ltd. Charterers of the Marshall
            Islands.

      Witnesseth, That the said Owners agree
          to let, and the said Charterers agree to hire the said vessel, from the time of delivery, for about an open ended period exact period in Charterer's Option, Owners have option to convert t/c to 12 months fixed rate t/c by giving Charterers 90 days notice, trading always
            via safe anchorage(s), safe berth(s), safe port(s), always afloat and always within Institute Warranty Limits, with lawful harmless bulk cargoes which to be loaded, stowed, carried, discharged in accordance with IMO recommendations and/or any
            other local/national regulations  and always in conformity with Vessel's class certificate requirements.

      within below mentioned trading limits.

      Charterers to have liberty to sublet the vessel for all or any part of the time covered by this Charter, but Charterers remaining responsible
          for the fulfillment of this Charter Party.  Acceptance of delivery shall not constitute a waiver of Owners' obligations under this Charter.

      Vessel to be placed at the disposal of the Charterers, at

            on dropping last outward sea pilot ex dry dock Shanhaiguan, Zhoushan in

            Owners' Option at any time, day or night, Sunday and Holidays included in such dock or at such wharf or place (where she may safely lie, always afloat,
              at all times of tide, except as otherwise provided in clause No.6), as the Charterers may direct.  If such dock, wharf or place be not available time to count as provided for in clause No.5.  Vessel on her delivery to be ready
          to receive cargo with clean-swept, holds and tight, staunch, strong and in every way fitted for the service, having water ballast, winches and donkey boiler
              with sufficient steam power, or if not equipped with donkey boiler, then other power sufficient to run all the winches at one and the same time (and with full complement of officers, seamen, engineers and firemen for a vessel
          of her tonnage), to be employed, in carrying lawful merchandise, including petroleum or its products, in proper containers, excluding as per Rider Clauses................................................. (vessel

              is not to be employed in the carriage of Live Stock, but Charterers are to have the privilege of shipping a small number on deck at their risk, all necessary fittings and other requirements to be for account of Charterers), in such lawful
              trades, between safe port and/or ports in British North America, and/or United States of America, and/or West Indies, and/or Central America, and/or Caribbean Sea, and/or Gulf of Mexico, and/or Mexico, and/or South America ..............................
              and/or Europe and/or Africa, and/or Asia, and/or Australia, and/or Tasmania, and/or New Zealand, but excluding Magdalena River, River St. Lawrence between October 31st and May 15th, Hudson Bay and all unsafe ports; also excluding, when out of season, White Sea, Black Sea and the Baltic

      Trading Exclusions
            – As per Rider Clauses .................................................................................................................................................................. ..................................................................................................................................................................

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

      1. That the Owners shall provide and pay for all provisions, wages and consular shipping and discharging fees of the Crew, see Rider Clause; shall pay for the insurance of the vessel, also for
          the all the cabin, deck, engine-room and other necessary stores, including boiler water and maintain her class and keep the vessel in a thoroughly efficient state in hull and holds, machinery and equipment for and during the service.

      2. That the Charterers whilst the vessel is on hire
          shall provide and pay for all the fuel except as otherwise agreed, Port Charges canal tolls, Pilotages, Agencies, Commissions, Garbage Removal, Consular Charges (except those pertaining to the Crew and vessel's flag), and all other usual expenses except those before stated, but when the vessels puts into a port for causes for which vessel is responsible, then all such charges incurred shall be
          paid by the Owners.  Charterers to pay only for reasonably required tugboat assistance in port approaches, but always as it is
            customary for this type/size of the vessel regarding weather/tide conditions and place/port in question.  Fumigations ordered because of illness of the crew to be for Owners account.  Fumigations because of cargoes carried or ports visited while vessel employed under this charter to be
              for Charterers' account.  All other fumigations to be for Charterers' account after vessel has been on charter for a continuous period of six months or more.

      

      

      
        
          

      

      

      

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

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

      4. That the Charterers shall pay for the use and hire of the said Vessel at the rate of see Clause 44.

      No
            payment of Bunkers on delivery/redelivery.

      ................................. United States Currency per ton on vessel's
              total deadweight carrying capacity, including bunkers and stores, on ........................ summer freeboard, per Calendar Month,
          commencing on and from the day of her delivery, as aforesaid, and at and after the same rate for any part of a day month; hire to continue
          until the hour of the day of her re-delivery in like good order and condition, ordinary wear and tear excepted, to the Owners (unless lost) at on dropping last outward sea pilot one safe port passing Muscat outbound/ South Japan range including People's Republic of China/South
            Korea//Philippine Islands/Taiwan or  Charterers' Option Skaw/Passero range including United Kingdom Continent, port in Charterers' Option, at anytime day or night Sundays and holidays included ............................. unless otherwise mutually agreed.  Charterers are to give Owners not less than
              ..........................days notice of vessels expected date of re-delivery, and probable port.

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

      Cash for vessel's ordinary disbursements at any port may be advanced as required by the Captain, by the Charterers or their Agents, subject to
          21⁄2% commission and such advances shall be deducted from the hire. The Charterers, however, shall in no way be responsible for the application of such advances and in case Owners outlays are disputed, Owners are to settle disputed items with agents involved directly.

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

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

      8. That the Captain shall prosecute his voyages with the utmost despatch, and shall render all customary  assistance with ship's crew and boats, The Captain (although appointed
          by the Owners), shall be under the orders and directions of the Charterers as regards vessel's employment and agency; and
          Charterers are to load, stow, and trim, tally and discharge the cargo at their expense under the supervision of the
          Captain, who is to sign Bills of Lading, for cargo as presented, in conformity with Mate's or Tally Clerk's receipts without prejudice to this Charter Party.

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

      10. That the Charterers shall have permission to appoint a Supercargo, who shall accompany the vessel and see that voyages are prosecuted with the utmost despatch. He is to be
          furnished with free accommodation, and same fare as provided for Captain's table, Charterers paying at the rate of U.S. $10.00

          per day. Owners to victual Pilots and Customs Officers, and also, when authorized by Charterers or their Agents, to victual Tally Clerks, Stevedore's Foreman, etc., Charterers paying as per Rider Clauses. at the current rate per meal, for all such victualling.

      11. That the Charterers shall furnish the Captain from time to time with all requisite instructions and sailing directions, in writing and/or, and the Captain shall keep a full
          and correct Log of the voyage or voyages, which are to be patent to the Charterers or their Agents, and furnish the Charterers, their Agents or Supercargo, when required, with a true copy of daily Logs, showing the course of the vessel and
          distance run and the consumption of fuel.

      12. That the Capital shall use diligence in caring for the care and the ventilation of the cargo. The Vessel's holds are naturally ventilated only.

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

      14. That if required by Charterers, time not to commence before the 22nd June 2018 at 00:01 hrs and should vessel not have given written notice of readiness been delivered on or before the 30th June 2018 24:00 hrs, but not later than 2400 hours  4 p.m. Charterers or their Agents to have the option of
          canceling this Charter at any time not later than the day of vessel's readiness. See also Clause 82.

      15. That in the event of the loss of time from default and/or
          deficiency of men or stores, fire, breakdown or damages to hull, machinery or equipment, grounding, detention by average accidents to ship or cargo, drydocking for the purpose of examination or painting bottom, or by any other cause
          preventing the full working of the vessel, the payment of hire shall cease for the time thereby lost until the Vessel has
            returned to the

      
        
          

      

      

      

      same or equivalent
            position, and if upon the voyage the speed be reduced by defect in or breakdown of any part of her hull, machinery or equipment, the time so lost, and the cost of any extra fuel consumed in consequence thereof, and all extra expenses
          shall be deducted from the hire.

      16. That should the Vessel be lost, money paid in advance and not earned (reckoning from the date of loss or being last heard of) shall be returned to the Charterers at once. The
          act of God, enemies, fire, restraint of Princes, Rulers and People, and all dangers and accidents of the Seas, Rivers, Machinery, Boilers and Steam Navigation, and errors of Navigation throughout this Charter Party, always mutually excepted. The
          vessel shall have the liberty to sail with or without pilots, to tow and to be towed, to assist vessel in distress, and to deviate for the purpose of saving life and property.

      17. That should any dispute arise between Owners and the Charterers, the matter in dispute shall be referred to three persons at London New York, one to be appointed by each of the parties hereto,
          and the third by the two so chosen; their decision or that of any two of them, shall be final, and for the purpose of enforcing any award, this agreement may be made a rule of the Court. The Arbitrators shall be commercial shipping men. Said  three persons to be shipping men who are members of the London Maritime Arbitrators' Association. Notwithstanding anything
            contained in the Arbitration Clause to the contrary should neither the claim nor the counter-claim exceed US$ 100,000 (one hundred thousand United States dollars), exclusive of interest on the sum claimed, costs of the arbitration and legal
            fees, if any, it is hereby agreed the dispute is to be governed by the London Maritime Arbitrators Association Small Claims Procedure 2002.

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

      19. That all derelicts and salvage shall be for Owners' and Charterers' equal benefit after deducting Owners' and Charterers' expenses and Crew's proportion. General Average shall
          be adjusted, stated and settled, according to Rules 1 to 15, inclusive, 17 to 22, inclusive, and Rule F of York-Antwerp Rules 1992 1994 and any amendments
            thereto. 1924, at such port or place in the United States as may be selected  by the carrier, and as to matters not provided for by
          these Rules, according to the laws and usages at the port of London, New York.  In such adjustment disbursements in foreign currencies shall be exchanged into United States money at the rate prevailing on the dates made and allowances for damage to cargo claimed in foreign
              currency shall be converted at the rate prevailing on the last day of discharge at the port or place of final discharge of such damaged cargo from the ship. Average agreement or bond and such additional security, as may be required by the
              carrier, must be furnished before delivery of the goods.  Such cash deposit as the carrier or his agents may deem sufficient as additional security for the contribution of the goods and for any salvage and special charges thereon, shall, if
              required, be made by the goods, shippers, consignees or owners of the goods to the carrier before delivery. Such deposit shall, at the option of the carrier, be payable in United States money and be remitted to the adjuster. When so remitted
              the deposit shall be held in a special account at the  place of adjustment in the name of the adjuster pending settlement of the General Average and refunds or credit balances, if any, shall be paid in United States money. Hire not to contribute to General Average.

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

      Provisions as to General Average in accordance with the
              above are to be included in all bills of lading issued hereunder.

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

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

      In case of unforeseen circumstances it is Owners' privilege to dry dock and/or repair the vessel at any
          time during the currency of the Charter Party.

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

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

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

      

      

      U.S.A. Clause Paramount

      

      

      
        
          

      

      

      

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

      Both to Blame Collision Clause

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

      25. The vessel shall not be required to force ice or follow
            ice breakers or enter any ice-bound port, or any port where lights or light-ships have been or are about to be withdrawn by reason of ice, or where there is risk that in the ordinary course of things the vessel will not be able on
          account of ice to safely enter the port or to get out after having completed loading or discharging. See Clause 35.

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

      27. A commission of 1,25 per cent is payable by the Vessel and Owners to TMS DRY LTD.

      ...............................................................................................................................................................

      on hire earned and paid under this Charter, and also upon any continuation or extension of this Charter.

      28. An address commission of  3,75 per cent payable to the Charterers on the hire earned and paid under this Charter.

      

      

      Clause 29 to 121 both inclusive, as attached hereto, are deemed to be fully incorporated in this
          Charter Party.

      

      

      	
              THE OWNERS

            	 	
              THE CHARTERERS

            
	 	 	 
	 	 	 
	/s/ Dr. Adriano Cefai 

            	 	
              /s/Tony Skoulaxenos

            
	
               Dr. Adriano Cefai

              

              Director

              

              Mare Services Ltd.

              

              5/1 Merchants Street

              

              Valletta 1171

              

            	 	
              Tony Skoulaxenos

              TMS DRY LTD.

            
	 	 	 
	 	 	 
	 	 	 

      

      

      
        
          

      

      

      

      
        ADDITIONAL CLAUSES TO M/V "HUAHINE"

          CHARTER PARTY DATED 20TH JUNE 2018

        Clause 29 - Vessel’s
                Description:

        MV ‘HUAHINE’ - ALL DETAILS 'ABOUT'

          

        GEARLESS BULK CARRIER - MALTA FLAG

        BLT 2013

        CLASS BV
        SUMMER DWT 206.046 MT AT 18,490M SW 

          

        WINTER DWT 200.581 MT AT 18.105M SW 

          

        TROPICAL DWT 211.516 MT AT 18,875M SW 

          

        TPC FULL LOAD ABT 142 MT - FWA 0,416 M

        LOA/LBP/BEAM/DEPTH: 299.92/294.0/50.00/24,90M

        INTERNATIONAL GRT/NRT 106.847/68.557

        STRENGTHENED FOR HEAVY BULK CARGOES WITH HOLDS 2-4-6-8 MAY BE EMPTY

        9 HO/HA

        HOLD GRAIN CAP BSS 100 PCT ABT 224.546.6 CBM

          

        1) 15.68X19.60M, 2-8) 15.68X23.20M, 9) 15,68X21,40M

        HOLDWISE CAP CBM:

          

        1) 20111.3 - 2) 26149.5 - 3) 25953 - 4) 25953.3 - 5) 25936.1 - 6) 26776.5 - 7) 26793.7 - 8) 25527.1 - 9) 21346 - ALL ABT

        SIDE ROLLING HATCH COVERS

        HADIMS: 1+9: 16.32X19.20M, 2-8: 16:32X23.40M

        

        

        SPEED AND CONS AT SEA ALW UNDER GOOD WEATHER CONDITIONS, I.E. WINDS UPTO BEAUFORT SCALE FORCE 4 (MAX 16 KN) AND TOTAL
            COMBINED (SEA AND SWELL) SIGNIFICANT WAVE HEIGHT UPTO DOUGLAS SEA STATE 3 (0.5-l.25M) WITH NO ADVERSE CURRENTS OR NEGATIVE INFLUENCE OF SWELL. FAVOURABLE CURRENTS ARE NOT TO BE TAKEN INTO ACCOUNT.

        SERVICE SPEED/CONS:

        BALLAST: ABT 15KN AT ABT 55MT HSFO + ABT 0,2 MT MGO

        LADEN: ABT 13.5KN AT ABT 54MT HSFO + ABT 0,2 MT MGO

        

        

        DURING IDLE PERIODS AT ANCHORAGE OR AT PORTS:

        ABT 4,5 MT HSFO/DAY PLUS ABT 0,2 MT MGO/ DAY

        

        

        DURING LOADING/ DISCHARGING OPERATIONS:

        ABT 6MT HSFO/DAY PLUS ABT 0,2MT MGO/DAY

        

        

        ECO/SPEED CONS:

        BALLAST: ABT 13KN AT ABT 41MT HSFO + ABT 0,2 MT MGO

        LADEN: ABT 12KN AT ABT 41MT HSFO + ABT 0,2 MT MGO

        

        

        ULTRA ECO SPEED/CONS GIVEN ‘WITHOUT GTEE’, FOR REFERENCE ONLY, WHILE STEAMING AT ULTRA ECO SPEED WEATHER ROUTE ANALYSIS NOT TO APPLY:

        BALLAST: ABT 11KN AT ABT 32MT HSFO + ABT 0,2 MT MGO

        LADEN: ABT 10KN AT ABT 32MT HSFO + ABT 0,2 MT MGO

        

        

        QUALITY OF BUNKERS TO BE IN ACCORDANCE WITH ISO 8217:2010 RMG 380 FOR HEAVY FUEL OIL AND DMA FOR MGO.

        CHARTERERS TO COMPLY WITH FUEL OIL/MGO SULPHUR CONTENTS WHEN VESSELS ENTERING AND TRADING IN SECA (SULPHUR EMMISSION CONTROL AREAS) 

        INCLUDING CHINA AS PER LATEST AMENDMENTS

          

         

          

        VSL TO HAVE LIBERTY TO USE ANY OVERPERFORMANCE AT ANY TIME DURING THE CURRENCY OF THIS 

        CP TO OFFSET ANY UNDRPERFORMANCE AND/OR STOPPAGES. VESSEL TO HAVE LIBERTY OF USING

          

        MGO AT START/STOP/SWITCH GENERATOR ENGINE AT SEA, WHEN ENTERING/LEAVING PORT,

        MANEUVERING IN SHALLOW/NARROW WATERS, CANALS, RIVERS AND AT OTHER LIMITED OCCASIONS. 

          

         

          

        S/Y SHANGHAI JIANGNAN CHANGXING SHIPBUILDING CO LTD SHANGHAI CHINA (SWS)

          

        
          
            

        

        
        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        

        

        

        FUEL OIL CAP: 6,070.6 CBM

        DIESEL OIL CAP : 457,3 CBM

          

         

          

      

      BALLAST CAP: 63.676.3 CBM EXCL CHOLD NR 6 - 90,452.8 CBM INCL CHOLD NR 6 (HEAVY BALLAST)
        PORT BALLAST HOLDS H2: 23,383.1 - H4: 23,174.2- H8: 22,748.1 AT MAX HEIGHT

         

              

        VESSEL'S CONTACT DETS:

          
        FBB500 Tel 870773169066

        FBB500 Fx 870783252711

        FBB250 Tel 870773169064

          

        huahine@gtships.com

        

        

        Clause 30 - Ocean
                Routes

        Charterers have the right to use weather routing service for monitoring vessel’s route and performance. Charterers
            to nominate the weather routing service but Owners to appoint them on Charterers’ request. Cost to be shared between Charterers and Owners. In case of discrepancy between the weather routing service data and Master’s deck logs then the weather
            reports of national shore weather stations to apply as to the weather and admiralty ocean pilot charts to apply as to the current factor. WNI always excluded.

        Clause 31 - Diesel
                Oil in Port

        The vessel is to have the liberty of using diesel oil when entering and leaving port and for manoeuvring in shallow
            narrow waters, provided such usage is determined to be essential for the safe manoeuvring of the vessel, always at the discretion of the Master.

        Clause 32 -
                Communication equipment

        The vessel shall, as a minimum, be equipped with wireless telegraph and VHF telephone to comply with International
            regulations and to allow vessel to communicate with land stations. Master, Senior Officers and Radio Officer to be fully conversant with the English language.

        Clause 33 -
                Re-measurement

        Charterers have the option to re-measure vessel's deadweight, subject to Owners’ classification society approval, at
            Charterers’ time and expense. Charterers to restore original deadweight before redelivery at their time and expense.

        
          Clause 34 -
                  Permitted Cargoes

          Sole cargoes allowed: Coal, Iron Ore, Iron Ore Concentrates, Iron Ore Pellets, Iron Ore Fines, Manganese Ore,
              always excluding: DRI / DRIP/ HBI / Petcoke / Sponge Iron / Pig Iron.

          In case of loading /discharging at Canadian port(s) then only homogeneous loading to take place (i.e. no alternate
              holds loading, no block stowage) always in accordance with Vessel’s class approved loading manual.

          Clause 35 -
                  Trading Exclusion

          Iceland, Sweden, Finland, Norway, Denmark, East Coast Canada between 15th December / 25th April, Jorf Lasfar,
              ‘Bulkwayuu’ in Maracaibo, Libya including Gulf of Sidra / Sirte, Lebanon, Syria, Israel, former Yugoslavia but Croatia and Slovenia allowed, Albania, Turkish occupied Cyprus, Azov sea, Gulf of Aqaba, Ethiopia, Iran, Iraq, Somalia, Eritrea,
              Angola including Cabinda, Namibia, CIS Pacific, Liberia, Nigeria, Sierra Leone, Cambodia, North Korea, Haiti, Cuba, Yemen, Sudan, Sri Lanka, Georgia including Abkhazia, 

            

           

        
          2

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        Hokaido, Orinoco River, Amazon River, Nicaragua, Democratic Republic of Congo (formerly Zaire), Murmansk, Alaska, any war risks and/or war like areas and zones, and
            any countries to which U.S.A./ U.N. sanctions from time to time are imposed.  

        

        No direct trading between Peoples’ Republic of China / Taiwan.

        

        Furthermore, subject to change by the war risks underwriters, excluded are also Indian Ocean / Arabian Sea/ Gulf of
            Aden/ Gulf of Oman/ Southern Red Sea, the waters enclosed by the following boundaries:

        - On the north-west, by the Red Sea, south of latitude 15n

        - On the west of the Gulf of Oman by longitude 58e

        - On the east, longitude 78e

        - And on the south, latitude 12s

        Except coastal waters of adjoining territories up to 12 nautical miles Offshore.

        

        

        Owners will transit and trade the west coast of India within the 12nm Zone but will allow vessel to navigate outside of the 12nm zone at the
            following areas which are subject to additional premium for Charterers’ account:

        

        

        A) Gulf of Khambhat - Malacca banks

        B) Oil field area off Mumbai (restricted area)

        C) Gulf of Kachchh & Delta of Indus, and

        D) Sonmiani Bay Pakistan

        

        

        Ship is not allowed to approach within 50 nautical miles of the north coast of Somalia, or within 100 nautical miles
            of the Socotra Archipelago, or within 200 nautical miles of the east coast of Somalia.

        Ice free ports/trading. Vessel not to force ice nor to be ordered to follow ice-breaker(s).

        Clause 36 - Deleted

        Clause 37 -
                Delivery/Redelivery Range and notices Itinerary

        Charterers undertake to inform the Owners, during the period of Charter, as regards to the itinerary of the vessel
            and the names and full styles of their Agents at ports of call whenever so required by the Owners.

        The Owners shall provide the Charterers with 3/2/1 day definite notice of the estimated time of delivery.

        The Charterers shall provide the Owners with a minimum of 30/20/15 days redelivery notice including country of
            redelivery and further 10 days approximate notice and 5/3/2/1 day definite notice of the estimated time of redelivery.

        
          Clause 38 -
                  Deleted 

          Clause 39 - Joint
                  Survey

          A joint on-hire bunker/condition survey to be conducted at delivery port in Owners time if survey is not available
              at delivery port then it will be conducted at first loading port in Owners’ time unless vessel is rendering service to Charterers. Expenses to be shared equally between Charterers and Owners. A joint off-hire survey for the purpose of
              determining the condition of the Vessel, her equipment and quantities of bunkers on board shall be held at last discharging port in Charterers’ time. The expenses of such survey shall be shared equally between Owners and Charterers.

          Clause 40 - Holds’
                  Condition and Cleaning

          All holds on arrival at Charterers 1st load port to be clean swept and dried up in every respect to load
              Charterers intended cargo and to pass relevant surveyors/authorities inspection. If holds fail to pass such 

           

         

          

        
          3

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        inspection, vessel to be put off hire until reinspection passed. It is however understood and agreed that should holds partially failed such inspection and loading
          operations take place in those holds passed then, in case there is loss of time for Charterers, the Vessel will be placed off-hire pro rata to the number of holds rejected only.

       

        

      
        In lieu of hold cleaning on redelivery: USD 6,500.- lump sum excluding removal of dunnage / debris / etc which
            Charterers confirm will remove from the ship prior redelivery.

        For intermediate holds cleaning between legs, crew shall clean cargo compartments in preparation for the next cargo
            if Charterers so require. Such cleaning work shall be done in the same efficient manner as if the Vessel was trading for Owners’ account. Charterers shall pay Owners USD 750.- per hold cleaned prior to the next loading. The Vessel shall remain
            on-hire during cleaning and Owners not to be responsible if the Vessel fails to pass any inspection after cleaning.

        Clause 41 - Bunkers

        Bunkers’ quantities and prices to be advised.

        Bunkers on redelivery to be same quantities as actually delivery.

        No payment of bunkers on delivery/redelivery.

        Owners to have the right to bunker the vessel prior redelivery under this charter provided same does not interfere
            with Charterers’ operations.

        During service Charterers always to arrange bunkering to take place inside port limits or at a safe usual bunker
            anchorage and Charterers never to attempt to place bunkers in the vessel outside port limits or in high seas.

        Clause 42 - Owners’
                Expenses

        Owners also to provide and pay for all other expenses of Officers and crew including immigration fees and also all
            consular fees necessitated because of vessel’s flag or nationality of Owners and lubricating oils. Vessel is to have on board all certificates necessary to comply with requirements at ports of call and canals for and during the service, failing
            which Owners are to be responsible for all time whilst

        Vessel is unable to perform the services immediately required and for substantiated expenses directly incurred
            thereby. Charterers are to pay for compulsory, customary and port pilots.

        
          Clause 43 -
                  Insurance/P and I cover

          
            
              	43.1	
                      Owners warrant that throughout the currency of this Charter Party the vessel shall be fully covered by leading insurance companies/international P and I
                          Clubs acceptable to the Charterers against Hull and Machinery, War and Protection and Indemnity Risk. Costs of such cover to be at the sole expense of Owners.

                    

            

          

          
            
              	43.2	
                      If required by the Charterer s, prior to commencement of the Charter or at any other time, the Owners shall procure that the Managers of the Hull and
                          Machinery insurance and the Protect ion and Indemnity Association shall give the Charterers proper evidence that the vessel is fully covered by the Owners.

                    

            

          

          
            
              	43.3	
                      Insurance full style and value (to be advised upon request):

                          Hull and Machinery: War risks:

                          Protection and Indemnity risks:

                    

            

          

           

        
          4

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        Clause 44 - Hire

       

            

      
        Hire: Index (CS4TC) plus 12, 5 pct to be settled at end of each month. First hire to be paid at Index of the day of
            delivery based on CS4TC plus 12,5 pct which to be adjusted at end of the month vessel delivers according to actual figures. Hire shall be paid in arrears at the first day of each month, based on average prices of preceding month. In case Owners
            declare their option to convert to 12 months t/c, rate will be as per forward curve taken by 2 independent FFA brokers to be agreed upon between Owners and Charterers.

        Bank

                details: 

          

        
          DVB BANK SE

           

          

          PLATZ DEL REPUBLIK 6

           

            

          60325 FRANKFURT GERMANY

           

            

          SWIFT : DVKBDEFF

           

            

          BENEFICIARY : RIGHTMOVE OWNERS INC

           

            

          IBAN NR : DE23501103002910064107

           

            

          (CORR. BANK : HSBC BANK NY USA

           

            

          SWIFT : MRMDUS33 with acc nr 000129879)

        

        Clause 45 -
                Withholdings

        Charterers are to have the right to withhold Owners’ item s and estimated amount for bunkers from the last hire
            payments, any balance for bunker value is to be settled in the final hire statement. Undisputed off hires and actual Owners’ disbursements may be deducted by Charterers from the Charter hire during the period of the Charter Party. Such
            deductions will be finalized when proper statements / vouchers are submitted which is to be as soon as possible.

        Clause 46 - Banking
                Delays

        Referring to Lines 60 and 61 of New York Produce Exchange printed form, where there is default of payment as
            specified, the Owners will notify the Charterers whereupon the Charterers shall make payment of the amount due without interest within three (3) working/banking days of notification from the Owners, failing which the Owners will have the right
            to withdraw the vessel from service of the Charterers, without prejudice to any claim the Owners may otherwise have on the Charterers under this Charter.

        Clause 47 - Taxes

        Charterers shall pay and keep Owners fully indemnified and hold them harmless in respect of all local, state,
            national taxes and/or dues assessed on the vessel and/or the Owners and/or cargo and/or in respect of hire, sub-hire, freight, sub-freight or any other income payable under this Charter Party or in respect of the vessel’s employment hereunder,
            including but no limited to Chinese Enterprise (Corporate) Income Tax, Chinese Business Tax and U.S.A. Gross Transportation Tax, whether assessed during or after the currency of this Charter Party. All taxes and/or dues levied by the country of
            the flag of the vessel or the Owners shall be for Owners’ account.
          

          

          Clause 48 - Breakdown or Accident

          

          Should the vessel be put back whilst on voyage by reason of an accident or breakdown, or in the event of loss of
              time either in port or at sea or deviation upon the course of the voyage caused by sickness or accidents to the crew or any person on board the vessel (other than supercargo and/or other persons travelling by request of the Charterers), the
              hire shall be suspended from the time of the inefficiency until 

        

         

          

        
          5

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        

        the vessel is efficient in the same or equivalent position and voyage resumed therefrom, and all substantiated extra expenses directly incurred thereby including bunkers
          consumed during period of suspended hire shall be for Owners’ account.

       

        

      
        Clause 49 -
                Stevedore Damage

        The stevedores although appointed and paid by Charterers/ shippers/ receivers and or their agents are to work under
            the supervision of the Master who is responsible for the safety of the Vessel. The Charterers shall be responsible for any and all damage to the Vessel, or loss or damage to her equipment caused by stevedores during the currency of this charter
            party provided the Master has reported to the Charterers or their agents within 24 hours from discovery of the damage(s) unless case of hidden damage. The Charterers shall have the liberty to redeliver the Vessel without repairing the damages
            as long as same do not affect the Vessel’s seaworthiness/class in which case Charterers undertake to reimburse Owners before redelivery the cost of repairs against production of repairs cost estimated by repairers or dockyard unless otherwise
            agreed. Should stevedores damage to the Vessel or her fittings/equipment affect Vessel’s seaworthiness/class, then Charterers to arrange for an immediate repair to class-surveyor’s satisfaction at their time/expense.

        Clause 50 - Grab
                Discharge

        Vessel is to be suitable for normal size grab discharge and no cargo to be loaded in places inaccessible to grab
            discharge. Charterers are to have the privilege of using bulldozers/ pay loaders with rubber types / tracks in vessel’s holds provided their weight not to exceed vessel’s tank-top, deck strength, whichever applicable in ports where stevedores
            can not supply bulldozers or payloaders with rubber wheels / belts then other equipment provided by stevedores for discharging will be allowed.

        Clause 51 - Mobile
                Cranes

        Charterers to have the option of placing mobile cranes on deck at their sole risk and expense, always at Master’s
            discretion and consistent with vessel’s deck strength / characteristics. Owners will appoint class surveyor at Charterers’ expense, to attend during placement of cranes to ensure safe/ proper installation. All works during installation /
            dismantling and restoration operations to be performed to master’s / class surveyor’s satisfaction.

        Cutting and/or welding of hatchcovers is not allowed. Any modification effected to Vessel’s deck and/or damage
            suffered during the above mentioned works is to be repaired and Vessel is to be restored to its original condition always to the satisfaction of the Master and class surveyor at the Charterers’ sole risk and expense.

        Furthermore any material required by the Master and class surveyor for the installation of the mobile cranes and the
            restoration as above mentioned, shall be for Charterers’ account.

        Clause 52

        Owners option break t/c, at any time, with 60 days notice.

        
          Clause 53 -
                  Boycott

          Should the vessel be boycotted, picketed, blacklisted or similar incident at any port or place by shore and/or
              port labour and/or tugboats and/or pilots, and/or competent authority, by the terms and conditions on which members of the officers, crew were employed, or by reason of vessel’s flag and or ownership, any substantiated extra expenses directly
              incurred thereby are to be for Owners’ account and Charterers are entitled to put the Vessel off-hire for any time during which Vessel is unable to perform the services immediately required.

           

        
          6

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 54 - I.T.F.

        Owners guarantee that the vessel is, and will remain during the whole period of this Charter fully acceptable to the
            I.T.F. or equivalent fitted as far as conditions of crew, employment contracts, wages, etc. are concerned.

        In the event that the vessel is delayed by reason of boycotts, strikes, labour stoppages or other actions by the
            I.T.F. against the vessel due to employment conditions, time so lost shall be considered as off-hire, and proven costs directly resulting therefrom are to remain for Owners’ account.

        Clause 55 - Arrest

        Should the vessel be arrested during the currency of the Charter Party at the suit of any person having or
            purporting to have a claim against or any interest in the vessel, hire under this Charter Party shall not be payable in respect of any period whilst the vessel remains under arrest or remains unemployed as a result of such arrest. The clause
            shall be inoperative should the arrest be caused through any act or omission of the Charterers.

        Clause 56 - Lack of
                Crew Members

        Any time lost by the vessel by reason of none or more required crew members not being on board when the vessel is
            ready to sail, or by reason of a strike, stoppage or refusal to work by any crew is to be for Owners’ account and expenses for keeping waiting or cancelling tugs, pilot or mooring boat are to be for Owners’ account

        Clause 57 -
                Blacklisting

        Owners warrant that at the commencement of this Charter Party, the vessel is not blacklisted by the United States of
            America and/or Canadian authorities and/or longshoremen associations nor by Scandinavian, Australian, South African and/or ARAB countries.

        Clause 58 - Bills of
                Lading

        In case original Bills of Lading are not available prior to Vessel’s arrival at discharging port Owners to allow
            discharge/delivery of the cargo against Charterers’ LO.I. in Owners’ P+I club standard wording issued on the Charterers’ letter head and stamped/signed by a designated official of the Charterers only, without bank counter signature.

        The Charterers will fax the LO.I. together with copy of the Bills of Lading which will be issued to Owners managers’
            office in Greece (fax number 210-3441655) for their approval. Thereafter the Charterers will immediately send by courier mail the original L.0.1., faxing also the courier airway bill to Owners managers. This procedure to take place promptly
            enough prior to Vessel’s arrival at destination, being understood that the Owners will instruct the Master to release the cargo only after having found all in order and after having received Charterers’ fax with the courier airway bill.

        Furthermore Charterers hereby undertake the obligation to mail the original accomplished bills of lading to Owners
            managers when same available but latest within two months after discharge in which case Owners/managers will courier back to Charterers the LO.I.

        Seawaybills permitted only for Japan discharge provided they are marked “subject to Hague-Visby rules”.

         

        
          7

          
            

        

        

        

        

        

        
          ADDITIONAL CLAUSES TO M/V "HUAHINE"

              CHARTER PARTY DATED 20TH JUNE 2018

        

        

        

        Clause 59 -
                Certificates

        The Owners warrant that throughout the currency of this Charter Party, the vessel shall to be in possession of any
            necessary valid certificates enabling the vessel to perform the Charter Party and to comply with all applicable requirements, regulations and recommendations, including but not limited to:

        
          
            	-	
                    Tonnage and measurement certificates

                  

          

        

        
          
            	-	
                    Classification and Trading certificates

                  

          

        

        

        

        
          
            	-	
                    Certificates issued pursuant to the Civil Liability Convention 1969 (C.L.C.) which is applicable to OBOS and tankers

                  

          

        

        
          
            	-	
                    Certificates issued pursuant to Section 311 (P) of the U.S. Federal Water Pollution Control Act, as amended (title 33 U.S. Code, Section 1321 (P)

                  

          

        

        
          
            	-	
                    Certificates of Financial Responsibility to trade to U.S. waters or to the waters of any other country relevant under this Charter Party

                  

          

        

        
          
            	-	
                    ISM certificates

                  

          

        

        
          
            	-	
                    Brazilian Authorities’ DPC approval to be in order

                  

          

        

        
          
            	-	
                    Certificates pertaining to the Crew

                  

          

        

        

        

        Any time lost or other consequence of any failure to comply with this warrant shall be for Owners’ account

        Clause 60 - SUEZ
                Certificates:

        As from first passage of SUEZ CANAL under this Charter, vessel will have onboard current valid Suez Canal
            Certificates, and will so comply with all applicable requirements, regulations and recommendations as to avoid any delay in transit of canal, failing which time expenses to be for Owners’ account.

        Clause 61 -
                Vaccination Certificates

        Owners shall be responsible for and arrange at their own expense that the Master, officers and crew of the vessel to
            be vaccinated and to be in possession of valid vaccination certificates on delivery of the vessel and throughout the period of this Charter Party. Any time lost and or additional expenses incurred due to failure to provide such certificates
            shall be for Owners’ account

        Clause 62 -
                Quarantine

        Normal quarantine time and expenses to enter port are to be for Charterers’ account. Any extra time or detention and
            expenses for quarantine due to pestilence and illness of the vessel’s Master, Officers and crew are to be for Owners’ account, but if quarantine detention is on account of the vessel having been sent by Charterers to any infected port, such
            detention time and expenses are to be for Charterers’ account

        Clause 63 -
                Fumigation

        Owners are to supply valid deratisation certificate on vessel’s delivery and if same does not cover whole period of
            this Charter Party, cost of fumigation (in case fumigation is needed) shall be for Owners’ account and time so required is not to count unless fumigation is required on account of cargo carried or ports visited while vessel is employed under
            this Charter Party in which case, cost and time are to be for Charterers’ account.

        
          Clause 64 -
                  Compliance with U.S. Safety and Health Regulations

          If the vessel calls at any U.S. port for the purpose of loading or discharging cargo, the vessel’s equipment shall
              comply with regulations established under U.S. Public Law 85-742 part 9 (Safety and Health Regulations for Longshoring) or any subsequent amendments.

           

        
          8

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        If longshoremen are not permitted to work due to the failure of master and or Owners to comply with the
            aforementioned regulations, any delays to the vessel resulting shall be for Owners’ account

        Clause 65 -
                Compliance with International Conventions

        
          
            	65.1	
                    In the event of the vessel being prevented from performing, or being unable to perform the service immediately required hereunder, by reason of:

                  

          

        

        
          
            	

                  	(A)	
                    Action on the part of relevant authorities resulting from non-compliance with any compulsory applicable enactment enforcing all or part of any of the
                        following international conventions:

                  

          

        

        
          
            	

                  	-	
                    International Conventions for the Safety of Life at Sea, either SOLAS 1960, or SOLAS 19 74, or SOLAS 1974 in conjunction with its 1978 protocol.

                  

          

        

        
          
            	

                  	-	
                    International Convention Load Lines 1969

                  

          

        

        
          
            	

                  	-	
                    International Convention for the Prevention of Pollution from Ships 1973, in conjunction with its 1978 protocol.

                  

          

        

        
          
            	

                  	-	
                    ILO Merchant Shipping (minimum standards) Convention 1976 (nr. 147). International - Convention on Standards of Training, Certification and Watch Keeping
                        for Seafarers 1978

                  

          

        

        
          
            	

                  	(B)	
                    Labour stoppages or shortage, boycott, secondary boycott, manifestation of any kind in services essential to the operation of the vessel owing to its flag
                        or registry or ownership or management or to the conditions of employment on board. Provided always that the event(A) and/or (B) is not directed
                        against the Charterers or brought about any act, instruction or omission on the part of the Charterers, then any loss of time shall result in the vessel being off-hire and shall be dealt with in accordance with the off-hire clause.

                  

          

        

        
          
            	65.2	
                    It is understood that, if necessary, vessel will comply with any safety regulations and/or requirements in effect at ports of loading and/or discharging.
                        A particular reference is the United States Department of Labour Safety and Health Regulations set forth in part III of the Federal Register.

                  

          

        

        
          
            	65.3	
                    Although other provisions of this Charter make it the responsibility of the Owners, it is agreed that should the vessel not meet safety rules and
                        regulations Owners will make immediate corrective measures and any stevedore standby time upto next shift and other substantiated / directly incurred expenses involved, including off-hire, will be for Owners’ account

                  

          

        

        Clause 66 -
                Smuggling

        Any delay, expenses and/ or time incurred on account of smuggling are to be for Charterers’ account if caused by
            Charterers and/or persons appointed by Charterers and are to be for Owners’ account, if caused by Owners, Officers and/ or Crew and/ or persons appointed by Owners.

        Clause 67 - Sea
                Carrier Initiative Agreement

        The Owners certify that they have entered into, and signed with the US customs, the S.C.I.A. (U.S. Sea Carrier
            Initiative Agreement) on an individual basis or through an association such as BI MCO, otherwise they warrant to take all necessary steps before delivery, and to hold Charterers harmless through the whole duration of the Charter Party, against
            any claim from US customs in respect of drugs which may be found on board.

        
          Clause 68 - CUBA
                  Calls

          Owners warrant that the vessel is in full compliance with U.S.A. regulations pertaining to port calls to/from
              CUBA, specifically in compliance with the ‘U.S. Cuban Democracy Act’ and can trade without restraint into U.S. ports

           

        
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        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 69 - Pratigue

        Vessel shall prepare radio pratique, when instructed by Charterers and be in possession of necessary certificates
            including Japanese sanitary certificates. Charterers’ Agent(s) will assist, as trading pattern allows and properly direct Master regarding the Port Authority’s requirements well in advance, prior to vessel’s arrival at subject port, however,
            should any time and or expenses be incurred, same to be for Owners’ account.

        Clause 70 - Plan /
                Draft survey

        
          
            	70.1	
                    Prior to delivery, Owners are to supply General Arrangement plans, load scale and capacity plan to Charterers.

                  

          

        

        
          
            	70.2	
                    Owners warrant that the vessel will throughout the duration of the Charter Party have on board capacity plan, hydrostatic curves and tables of
                        displacement, tank calibration and trimming correction tables all sounding tubes to be in good maintenance conditions and free from impediments and vessel to have ballast tanks either empty or pressed full and trim to be deducted to
                        minimum and not to exceed trim table corrections. If vessel does not comply with above requirements she will be put off-hire until able to perform such survey. Master to keep written record of drainage moisture pumped out/in. If
                        required, Master to forward to Charterers upon arrival at unloading port and before start of discharging a certificate indicating all ballast remains.

                  

          

        

        Clause 71 -
                Suspension in Case of War

        In the event of war or warlike operations involving two or more of the following nations:

        United States of America, E.C.C. Countries, Japan, Australia, Commonwealth Of IndependentStates and People’s
            Republic of China and/or the nation under the flag which vessel is performing under this Charter is registered, which seriously affects Charterers’ or Owners’ ability to perform their obligations under this Charter Party, both Charterers and
            Owners shall have the right to suspend this Charter Party with three (3) weeks written notice without liability to the other party. If the Charter Party is suspended, such suspension shall take place at port of destination after discharge of
            any cargo on board, subject to the provisions of attached Conwartime 2004 clause.

        Clause 72 - Vessel’s
                Inspection

        Charterers have the benefit of holding vessel’s inspection at any time at their expense on giving reasonable notice
            to Owners. Owners or Master is to give facility and assistance to carry out this inspection.

        Clause 73 -
                Rejection of the Vessel

        The Charterers shall have the option of rejecting the vessel and cancelling this Charter Party in following events:

        
          
            	(a)	
                    the vessel being off-hire as a result of technical reasons attributed to the Owners for a period in excess of 60 (sixty) consecutive days except for
                        drydock in any period of 12 (twelve) months,

                  

          

        

        
          
            	(b)	
                    Owners having failed to remedy/restore Vessels deficiencies which result in restriction to vessel’s immediate trading within 60 (sixty) days after Owners’
                        receipt of Charterers’ notice requiring to remedy/restore.

                  

          

        

        
          Clause 74 -
                  Off-Hire Bunker Consumption

          Bunkers consumed during any period during which the vessel is off-hire for whatever cause, shall be calculated at
              the latest bunkering price actually paid by the Charterers.

        

        
          10

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 75 - Vessel’s
                Gear

        Vessel is to work day and night and to provide lights for night working, if required by Charterers. Any overtime
            charges for officers and crew are to be for Owners’ account. If the vessel’s gear for opening and closing hatches becomes inoperative, the vessel is to be off-hire. Such off-hire is to be calculated pro-rata to the number of inoperative hatches
            and is only to count if ship’s loading or discharging is actually delayed.

        Clause 76 - Hatches

        Crews are to open and close hatches before, during and alter stevedore work when and where required and when
            permitted by shore regulations.

        Clause 77 - Fresh
                Water

        Fresh water consumed under this Charter for the purpose of drinking, washing of Master, officers and crew on board
            is to be for Owners’ account. When trading limits the vessel’s ability to provide fresh water through it’s desalination plant, then extra expense for replenishment of fresh water for Charterers’ account.

        Clause 78 - Sublet

        Charterers may sublet vessel, but shall always remain responsible to Owners for due fulfilment of this Charter
            Party.

        Clause 79 - Watchmen

        Watchmen are to be for Owners’ account if so ordered/requested by Owners and/ or Master.

        If security guards/gangway watchmen during ship’s stay in United States of America port as required by the
            Immigration Department or United States Coast Guard due to nationality(ies) of ship’s crew members then same to be for Owners’ account. Watchmen are to be for Charterers’ account if compulsory or ordered by Charterers / shippers / receivers /
            their agents.

        Clause 80 - Owner’s
                Agents

        Owners may appoint Charterers’ Agents to deal with Owners’ matters.

        Charterers agree to have their Agents attend to minor matters of Owners without Agents charging extra agency fee.
            All expenses pertaining to Owners to be settled directly between Owners and Agents at cost.

        Clause 81 -
                Additional Expenses

        Charterers are to pay a lumpsum of USD 1,500.- (one thousand five hundred United States dollars) per month or pro
            rata to cover entertainment expenses and radio telegrams/ telephone charges for Charterers’ account disbursed by Owners.

        Clause 82 - Laydays

        Deleted

        
          Clause 83 -
                  Excessive Days in Port

          Where the Vessel remains at anchorage, in port or idle for an extended period more than 30 days in compliance with
              Charterers’ orders/instructions, and this causes fouling of the hull or underwater parts, Owners shall not be responsible for such fouling or any vessel under performance caused by such fouling. The cost of cleaning and painting the hull or
              underwater parts, and the time spent doing so, shall be for Charterers’ account.

           

        
          11

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 84 - BIMCO
                Double Banking Clause

        
          
            	(a)	
                    The Charterers shall have the right, where and when it is customary and safe for vessels of similar size and type to do so, to order the Vessel to go, lie
                        or remain alongside another vessel or vessels of any size or description whatsoever or to order such vessels to come and remain alongside at such safe dock, wharf, anchorage or other place for transhipment, loading or discharging of
                        cargo and/ or bunkering.

                  

          

        

        
          
            	(b)	
                    The Charterers shall pay for and provide such assistance and equipment as may be required to enable any of the operations mentioned in this clause safely
                        to be completed shall give the Owners such advance notice as they reasonably can of the details of any such operations.

                  

          

        

        
          
            	(c)	
                    Without prejudice to the generality of the Charterers’ right s under (a) and (b), it is expressly agreed that the Master shall have the right to refuse to
                        allow the Vessel to perform as provided in (a) and (b) if in his reasonable opinion it is not safe so to do.

                  

          

        

        
          
            	(d)	
                    The Owners shall be entitled to insure any deductible under the Vessel’s hull policy and the Charterers shall reimburse the Owners any additional
                        premium(s) required by the Vessel’s Underwriters and/ or the cost of insuring any deductible under the Vessel’s hull policy.

                  

          

        

        
          
            	(e)	
                    The Charterers shall further indemnify the Owners for any costs, damage and liabilities resulting from such operation. The Vessel shall remain on hire for
                        any time lost including periods for repairs as a result of such operation.

                  

          

        

        Clause 85 - GMT Time

        For delivery, redelivery, ETA, ETS, ETC, time to be advised in local time. For calculation purposes, hire is to be
            computed in GMT time.

        Clause 86 - Change
                of Flag

        Owners shall have the right to change the vessel’s flag and/ or crew, subject to Charterers' prior consent which is
            not to be unreasonably withheld. Such change(s) are not, in any way, to hinder, prevent or detract from Charterers' rights and ability to use the vessel according to present Charter Party terms.

        Clause 87 -
                Periodical Survey/Dry Dock

        Charterers to position vessel in Far East zone for scheduled dry dock following Owners’ three (3) months notice.
            Vessel to be placed off-hire from the time she is withdrawn from Charterers’ service for dry dock until she is again in the same or equidistant position.

        Clause 88 -
                Deviation / Put Back

        In the event of loss of time either in port or at sea, deviation from the course of the voyage or putting back
            whilst on voyage, caused by sickness of or an accident to or misconduct by Master/ Officers/ crew, stowaway, refugee or any person on board vessel other than persons travelling by request of Charterers or by reason of the refusal of Master or
            Officer(s) or crew to perform their duties or an accident or breakdown to vessel or dry docking or periodical survey, the hire shall be suspended from the time of inefficiency in port or at sea, deviation or putting back until vessel is again
            efficient in the same or equivalent position in respect to the port where Vessel is originally destined for and voyage resumed therefrom and bunkers consumed during such period of suspension shall be for Owners’ account.

        
          Clause 89 - Cargo
                  Claims

          Cargo claims as between the Owners and the Charterers shall be settled in accordance with the Inter-Club New York
              Produce Exchange Agreement of February 1970 as amended September 1996 as attached.

           

        
          12

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 90 - English
                Law

        In this Charter Party English Law to apply.

        Clause 91 -
                Protective Clauses

        The New Both-to-Blame Collision Clause, New Jason Clause and General Clause Paramount or U.S.A. Clause Paramount or
            Canadian Clause paramount whichever applicable, P+I Bunkering clause and Voywar 2004 Clause, are deemed to be incorporated in all Bills of Lading issued under this Charter Party and all sub-Charter Parties. Conwartime 2004 as attached, is
            deemed to be incorporated in this Charter Party and to apply.

        Clause 92 - Deleted
              

        Clause 93

        Basic war risk insurance to be for Owners’ account, however, in the event of any increase in war risk insurance
            premia (H+M/P+I ), including loss of hire and crew war risk bonus as well as blocking and trapping, due to the trade in which vessel is engaged, same to be for Charterers’ account until additional war risk premia no longer apply. The Charterers
            to place Owners in funds in lieu of such premia as provided by Owners insurance brokers prior vessel entering the war zone/place. In case vessel’s stay in the war zone/place prolonged and the amount already paid by the Charterers is not
            sufficient then Charterers to place Owners again in funds promptly for any further amounts required to cover vessel’s prolonged stay in the war zone/place.Owners will submit to Charterers the relevant debit notes immediately upon receipt of
            same from the insurance brokers and if there will be any difference plus or minus then same to be settled together with the next scheduled payment as per charter party. Such additional premium is not to exceed London underwriters’ scale. Owners
            will credit no claim bonus to Charterers.

        Clause 94

        The Owners guarantee that the construction of the vessel with fittings and other equipment shall comply with the
            requirements and/or recommendations of Australian Shore Labourers and Pilots.

        Clause 95

        Charterers have the right to instruct the Master to utilize the vessel’s maximum water ballast capacity and
            eventually to flood one or more holds in port, in order to bring down vessel’s height to get into position under loading and/or discharging appliances, however , the hold/holds to be utilized for ballasting should be only the designated ballast
            holds, always in conformity to free board and/or safety requirements.

        Clause 96

        Notwithstanding anything to the contrary in this Charter, Owners guarantee that throughout the currency of this
            Charter Owners will comply with all federal, state and/ or local government requirements (including but not limited to the obtaining of Certificate of Financial
            Responsibility under OPA 90) to enable vessel to lawfully trade to the United States of America and any countries permitted under this Charter.

        
          Clause 97

          Charterers to have the privilege of ordering the vessel to be laid up at any time during the period of this
              Charter Party. In such event, Time charter hire shall be paid in accordance with Clause 4, less all operating costs which Owners may be able to save by reason of the Vessel having been laid up, if any. A joint condition survey of the Vessel
              to be carried out in the beginning and at the end of a layup period. Also,

        

         

          

        
          13

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        Owners to have the right to arrange for an underwater inspection. Any and all expenses to be incurred including, but
            not limited to, cleaning and painting the hull or underwater parts, restoring the Vessel and her machinery / equipment for service, class and P+I fees and expenses to be for Charterers’ account. These provisions apply in any case and fully
            whether layup may terminate during the currency of or, at the end of this charter party.

        Charterers to have the benefit of any return insurance premium if and when granted and paid to Owners from the
            underwriters by reason of the vessel being in port for a minimum of 30 (thirty) days.

        Clause 98

        Charterers guarantee that they are fully covered with a first class P+I club including cargo claims, F / D+D
            (Freight / Demurrage + Defence) and full Charterers liability and will remain so for the total duration of the present charter.

        Clause 99

        In case Vessel’s last voyage exceeds the maximum period and the market rate rises above the c/p rate in the
            meantime, it is hereby agreed that the charter hire will be adjusted to the prevailing market level from DLOSP of the last discharging port prior commencement of the last voyage until actual redelivery of the Vessel to the Owners, whether
            Vessel fixed for next employment or not, whether Vessel sold or not. Such adjusted rate to be calculated as follows:

        
          
            	-	
                    If Vessel redelivered east of Suez including Red Sea/Indian Ocean/Pacific Ocean then the average rate of route C10_03 for the whole applicable period as
                        defined above to apply.

                  

          

        

        
          
            	-	
                    If Vessel redelivered west of Suez including Mediterranean sea/ Black sea/Baltic sea / Atlantic ocean then the average rate of route C8_03 for the whole
                        applicable period as defined above to apply. This clause is null and void in case of force majeure

                  

          

        

        Clause 100 - Hamburg
                Rules Charter Party Clause

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

        Clause 101 - P &
                I Bunker Clause

        “The vessel shall have the liberty as part of the contract voyage to proceed to any port or ports at which bunker
            oil is available for the purpose of bunkering at any stage of the voyage whatsoever and whether such ports are on or off the direct and/or customary rout e or routes between any of the ports of loading or discharge named in this Charter Party
            and may there take oil bunkers in any quantity in the discretion of Owners even to the full capacity of fuel tanks and deep tanks and any other compartment in which oil can be carried, whether such amount is or is not required for the chartered
            voyage.”

        
          Clause 102 -
                  Deviation Clause

          The vessel has liberty to call at any port or ports in any order, for any purpose, to sail without pilots, to tow
              and/or assist vessels in all situations, and also to deviate for the purpose of saving life and/or property. Eventual costs and benefits to be equally shared by Charterers and Owners.

          Clause 103 -
                  Clause Paramount

          This bill of lading shall have effect subject to the provisions of the Carriage of Goods by Sea Act of the United
              States, provisions of Water Carriage of Goods Act 1936 enacted by the Parliament of the Dominion 

           

         

          

        
          14

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        of Canada, the Hague Rules, or the Hague-Visby Rules, as applicable, or such other similar national legislation as may mandatorily apply by virtue of origin or destination
          of the bills of lading, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the carrier of any of its rights or immunities or an increase of any of its responsibilities or liabilities under
          said applicable If any term of this bill of lading be repugnant to said applicable Act to any extent, such term shall be void to that extent, but no further.

       

        

      
        Clause 104 - General
                Clause Paramount

        The International Convention for the Unification of Certain Rules of Law relating to Bills of Lading signed at
            Brussels on 25 August 1924 (“the Hague Rules”) as amended by the Protocol signed at Brussels on 23 February 1968 (“the Hague-Visby Rules”) and as enacted in the country of shipment shall apply to this Contract. When the Hague Visby Rules are
            not enacted in the country of shipment, the corresponding legislation of the country of destination shall apply, irrespective of whether such legislation may only regulate outbound shipments.

        When there is no enactment of the Hague-Visby Rules in either the country of shipment or in the country of
            destination, the Hague Visby Rules shall apply to this Contract save where the Hague Rules as enacted in the country of shipment or if no such enactment is in place, the Hague Rules as enacted in the country of destination apply compulsorily to
            this Contract.

        The Protocol signed at Brussels on 21 December 1979 (“The SDR Protocol 1979”) shall apply where the Hague Visby
            Rules apply, whether mandatorily or by this Contract. The Carrier shall in no case be responsible for loss of or damage to cargo arising prior to loading, after discharging, or while the cargo is in the charge of another carrier or with respect
            to deck cargo and live animals.

        Clause 105 -
                Canadian Clause Paramount

        This Bill of Lading, so far as it relates to the Carriage of Goods by Water, shall have effect, subject to the
            provisions of the Water Carriage of Goods Act 1936, enacted by the Parliament of the Dominion of Canada, which shall be deemed to be incorporated herein and nothing herein contained shall be deemed a surrender by the Carrier of any of its
            rights or immunities or an increase of any of its responsibilities or liabilities under said Act. If any term of this Bill of Lading be repugnant to said Act to any extent such terms shall be void to that extent but no further.

        Clause 106 - U.S.A.
                Paramount Clause

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

        
          Clause 107 - New
                  Jason Clause

          In the event of accident, danger, damage or disaster before or after commencement of the voyage, resulting from
              any cause whatsoever, whether due to negligence or not, for which, or for the consequences of which, the carrier is not responsible, by statute, contract or otherwise, the goods, shippers, consignees, or Owners of the goods shall contribute
              with the carrier in general average to the payment of any sacrifices, losses, or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the goods.

           

        
          15

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully as if such salving ship or
            ships belonged to strangers. Such deposit as the carrier or his agents may deem sufficient to cover the estimated contribution of the goods and any salvage and special charges thereon shall, if required, be made by the goods, shippers,
            consignees or Owners of the goods to the carrier before delivery.

        Clause 108 - New
                Both to Blame Collision Clause

        If the liability for any collision in which the vessel is involved while performing this Bill of Lading fails to be
            determined in accordance with the laws of the United States of America, the following clause shall apply:

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

        The foregoing provision shall also apply where the Owners, Operators or those in charge of any ship or ships or
            objects other than, or in addition to, the colliding ships or objects are at fault in respect to a collision or contact.

        Clause 109  - Drug
                And Alcohol Policy

        Owners warrant that there is a policy on Drug and Alcohol Abuse (Policy) applicable to the vessel which meets or
            exceeds that standard in the International Marine Forum Guidelines for the control of Drugs and Alcohol on board the Ship. Under the Policy, alcohol impairment shall be defined as a blood alcohol content of 40mg/100ml or greater; the
            appropriate seafarers to be tested shall be the full Vessel’s complement and the drug/alcohol testing and screening shall include unannounced testing in addition to route medical examinations.

        An objective of the Policy should be that the frequency of the unannounced testing be adequate to act as an
            effective abuse deterrent, and that all officers be tested at least once a year through a combined program of unannounced testing and routine medical examinations.

        Owners further warrant that the Policy will remain in effect during the term of this Charter and that Owners shall
            exercise due diligence to ensure that the Policy is complied with. It is understood that an actual impairment of any test finding of impairment shall not in and of itself mean the Owners have failed to exercise due diligence.

        Owners undertake, unless they have already done it, to sign the US Customs “Sea Carrier Initiative Agreement” in
            consideration with the US Anti-Drug Abuse Act 1986.

        Remark: In case of discrepancies between Printed Form and Rider Clauses, Rider Clauses will prevail.

        
          Clause 110 - War
                  Risks Clauses for Time Charter, 2004 (Code Name: CONWARTIME 2004)

          
            
              	(a)	
                      For the purpose of this Clause, the words:

                    

            

          

          
            
              	

                    	(i)	
                      “Owners” shall include the shipowners, bareboat charterers, disponent owners, managers or other operators who are charged with the management of the
                          Vessel, and the Master; and

                    

            

          

          
            
              	

                    	(ii)	
                      ‘War Risks” shall include any actual, threatened or reported:

                    

            

          

           

           

        
          16

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        

        

        war; act of war; civil war; hostilities; revolution; rebellion; civil commotion; warlike
            operations; laying of mines; acts of piracy; acts of terrorists; acts of hostility or malicious damage; blockades (whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or against certain
            cargoes or crews or otherwise howsoever); by any person, body, terrorist or political group, or the Government of any state whatsoever, which, in the reasonable judgement of the Master and/or the Owners, may be dangerous or are likely to be or
            to become dangerous to the Vessel, her cargo, crew or other persons onboard the Vessel.

        
          
            	(b)	
                    The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place,
                        area or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Master and/or the Owners, may be, or are
                        likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                  

          

        

        
          
            	(c)	
                    The Vessel shall not be required to load contraband cargo, or to pass through any blockade, whether such blockade be imposed on all vessels, or is imposed
                        selectively in any way whatsoever against vessels of certain flags or ownership, or against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, or is likely to be subject to a
                        belligerent’s right of search and/or confiscation.

                  

          

        

        
          
            	(d) 	(i) 	The Owners may effect war risks insurance in respect of the Hull and Machinery of the Vessel
                      and their other interests (including, but not limited to, loss of earnings and detention, the crew and their protection and Indemnity Risks), and the premiums and/or calls therefore shall be for their account.

          

        

        
          
            	

                  	(ii)	
                    If the Underwriters of such insurance should require payment of premiums and/or calls because, pursuant to the Charterers’ orders, the Vessel is
                      within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of War Risks, then the actual premiums and/or calls paid shall be
                      reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                  

          

        

        
          
            	(e)	
                    If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                        dangerous in the manner defined by the said terms, then the actual bonus or additional wages paid shall be reimbursed to the Owners by the Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever
                        occurs first.

                  

          

        

        
          
            	(f)	
                    The Vessel shall have liberty:-

                  

          

        

        
          
            	

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

                  

          

        

        
          
            
              	

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

                    

            

          

        

        
          
            
              	

                    	(iii)	
                      to comply with the terms of any resolution of the Security Council of the United Nations, the effective orders of any other Supranational body which has
                          the right to issue and give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey the orders and directions of those who are charged with their enforcement;

                    

            

          

        

        
          
            
              	

                    	(iv)	
                      to discharge at any other port any cargo or part thereof which may render the Vessel liable to confiscation as a contraband carrier;

                    

            

          

        

        

        

        
          17

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        
          
            	

                  	(v)	
                    to call at any other port to change the crew or any part thereof or other persons on board the Vessel when there is reason to believe that they may be
                        subject to internment, imprisonment or other sanctions.

                  

          

        

        
          
            	(g)	
                    If in accordance with their rights under the foregoing provisions of this Clause, the Owners shall refuse to proceed to the loading or discharging ports,
                        or any one or more of them, they shall immediately inform the Charterers. No cargo shall be discharged at any alternative port without first giving the Charterers notice of the Owners’ intention to do so and requesting them to
                        nominate a safe port for such discharge. Failing such nomination by the Charterers within 48 hours of the receipt of such notice and request, the Owners may discharge the cargo at any safe port of their own choice.

                  

          

        

        
          
            	(h)	
                    If in compliance with any of the provisions of sub-clauses (b) to (g) of this Clause anything is done or not done, such shall not be deemed a deviation,
                        but shall be considered as due fulfilment of this Charter Party.

                  

          

        

        Clause 111 - BIMCO
                Bunker Fuel Sulphur Content Clause For Time Charter Parties 2005

        
          
            	(a)	
                    Without prejudice to anything else contained in this Charter Party, the Charterers shall supply fuels of such specifications and grades to permit the
                        vessel, at all times, to comply with the maximum sulphur content requirements of any emission control zone when the vessel is ordered to trade within that zone.

                  

          

        

        The Charterers also warrant that any bunker suppliers, bunker craft operators and bunker
            surveyors used by the Charterers to supply such fuels shall comply with Regulations 14 and 18 of MARPOL Annex VI, including the Guidelines in respect of sampling and the provision of bunker delivery notes. The Charterers shall indemnify, defend
            and hold harmless the Owners in respect of any loss, liability, delay, fines, costs or expenses arising or resulting from the Charterers’ failure to comply with this Sub-Clause (a).

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

                  

          

        

        
          
            	

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

                  

          

        

        
          
            	

                  	(ii)	
                    The vessel shall be able to consume fuels of the required sulphur content when ordered by the Charterers to trade within any such zone.

                  

          

        

        Subject to having supplied the vessel with fuels in accordance with Sub-clause (a), the
            Charterers shall not otherwise be liable for any loss, delay, fines, costs or expenses arising or resulting from the vessel’s failure to comply with Regulations 14 and 18 of MARPOL Annex VI.

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

                  

          

        

        
          Clause 112 - BIMCO
                  Standard ISM Clause for Voyage and Time Charter Parties

          From the date of coming into force of the International Safety Management (I SM) Code in relation to the Vessel
              and thereafter during the currency of this Charter Party, the Owners shall procure that both the Vessel and “the Company” (as defined by the ISM Code) shall comply with the requirements of the ISM Code. Upon request the Owners shall provide a
              copy of the relevant Document of Compliance (DOC) and Safety Management Certificate (SMC) to the Charterers.

          Except as otherwise provided in this Charter Party, loss, damage, expense or delay caused by failure on the part
              of the Owners or “the Company” to comply with the ISM Code shall be for the Owners’ account.

        

        

        

        

        

        
          18

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        Clause 113 - BIMCO
                ISPS / MTSA Clause for Time Charter Parties 2005

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

          

        

        
          
            	

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

                  

          

        

        
          
            	

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

                  

          

        

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

          

        

        "The Charterers shall provide the Owners with their full style contact details and where
            sub-letting is permitted under the terms of the Charter Party shall ensure that the contact details of all sub-Charterers are likewise provided to the Owners.”

        
          
            
              	

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

            

          

        

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

                  

          

        

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

                  

          

        

        
          Clause 114 - U.S.
                  Customs Advance Notification / AMS Clause for Voyage Charter Parties

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

                    

            

          

          
            
              	

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

                    

            

          

          
            
              	

                    	ii)	
                      Have in place an ICB (International Carrier Bond); and

                    

            

          

          
            
              	

                    	iii)	
                      Submit a cargo declaration by AMS (Automated Manifest System) to the US Customs.

                    

            

          

          The Charterers shall provide all necessary information to the Owners and/or their agent to enable the Owners to
              submit a timely and accurate cargo declaration. The Charterers shall assume liability for and 

           

        

        

        

        

        

        
          19

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        shall indemnify, defend and hold harmless the Owners against any loss and/or damage whatsoever (including consequential loss and/or damage) and/or any expenses, fines,
          penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Charterers’ failure to comply with any of the provisions of this sub-clause. Should such failure result in any delay then,
          notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall count as laytime or, if the Vessel is already on demurrage, time on demurrage.

       

        

      
        
          
            	(c)	
                    The Owners shall assume liability for and shall indemnify, defend and hold harmless the Charterers against any loss and/or damage whatsoever (including
                        consequential loss and/ or damage) and any expenses, fines, penalties and all other claims of whatsoever nature, including but not limited to legal costs, arising from the Owners’ failure to comply with any of the pprovisions of
                        sub-clause (a). Should such failure result in any delay then, notwithstanding any provision in this Charter Party to the contrary, all time used or lost shall not count as laytime or, if the Vessel is already on demurrage, time on
                        demurrage.

                  

          

        

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

                  

          

        

        Clause 115 - BIMCO
                Bulk Carrier Safety Clause

        
          
            	(a)	
                    The Charterers shall instruct the Terminal Operators or their representatives to cooperate with the Master in completing the IMO SHIP/SHORE SAFETY
                        CHECKLIST and shall arrange all cargo operations strictly in accordance with the guidelines set out therein.

                  

          

        

        
          
            	(b)	
                    In addition to the above and notwithstanding any provision in this Charter Party in respect of loading/ discharging rates, the Charterers shall instruct
                        the Terminal Operators to load/ discharge the Vessel in accordance with the loading/ discharging plan, which shall be approved by the Master with due regard to the Vessel’s draught, trim, stability, stress or any other factor which
                        may affect the safety of the Vessel.

                  

          

        

        
          
            	(c)	
                    At any time during cargo operations the Master may, if he deems it necessary for reasons of safety of the Vessel, instruct the Terminal Operators or their
                        representatives to slow down or stop the loading or discharging.

                  

          

        

        
          
            	(d)	
                    Compliance with the provisions of this Clause shall not affect the counting of laytime.

                  

          

        

        Clause 116

        The Owners to have the right to sell the vessel at any time during the period of this Charter Party having promptly
            informed the Charterers in this respect and to provide them with the name of the new owners, subject to Charterers approval which not to be unreasonably withheld.

        
          Clause 117

          Deleted.

          Clause 118

          Negotiations and fixture are to be kept strictly private and confidential except in case of statutory requirements
              or those of Stock listed companies.

          Clause 119 - BIMCO
                  Piracy Clause for Time Charter Parties

          
            
              	(a)	
                      The Vessel, unless the written consent of the Owners be first obtained, shall not be ordered to or required to continue to or through, any port, place,
                          area or zone (whether of land or sea), or any waterway or canal, where it appears that the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgment of the Master and/or the Owners, may be, or are
                          likely to be,

                    

            

          

           

        
          20

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        
          
            	

                  	
                    exposed to any actual, threatened or reported acts of piracy, whether such risk of piracy existed at the time of entering into this charter party or
                        occurred thereafter. Should the Vessel be within any such place as aforesaid, which only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, she shall be at liberty to leave it.

                  

          

        

        
          
            	(b)	
                    If the Owners do not give their consent they shall immediately inform the Charterers and the Charterers shall be obliged to issue alternative voyage
                        orders and any time lost due to compliance with such orders shall not be considered off-hire. The Charterers shall indemnify the Owners for any claims from holders of Bills of Lading or third parties caused by such orders.

                  

          

        

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

                  

          

        

        
          
            	

                  	(i)	
                    to take reasonable preventive measures to protect the vessel, her crew and cargo including but not limited to taking a reasonable alternative route,
                        proceeding in convoy, using escorts, avoiding day or night navigation, adjusting speed or course, or engaging security personnel or equipment on or about the vessel,

                  

          

        

        
          
            	

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

                  

          

        

        
          
            	

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

                  

          

        

        
          
            	

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

                  

          

        

        
          
            	(d)	
                    Costs

                  

          

        

        
          
            	

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

                  

          

        

        
          
            	

                  	(ii)	
                    If the Owners become liable under the terms of employment to pay to the crew any bonus or additional wages in respect of sailing into an area which is
                        dangerous in the manner defined by the said  terms, then the actual bonus  or additional wages paid shall be  reimbursed to the Owners by the
                        Charterers at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first;

                  

          

        

        
          
            
              	

                    	(iii)	
                      If the underwriters of the Owners’ insurances should require payment of additional premiums and/or calls because, pursuant to the Charterers’ orders,
                          the Vessel is within, or is due to enter and remain within, or pass through any area or areas which are specified by such Underwriters as being subject to additional premiums because of piracy risks, then the actual additional
                          premiums and/or calls paid shall be reimbursed by the Charterers to the Owners at the same time as the next payment of hire is due, or upon redelivery, whichever occurs first.

                    

            

          

        

        
          
            
              	(e)	
                      If the Vessel is attacked or seized by pirates any time lost shall be for the account of the Charterers and the Vessel shall remain on hire. If the
                          Vessel is seized the Owners shall keep the Charterers closely informed of the efforts made to have the Vessel released.

                    

            

          

        

        

        

        
          21

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        

        
          
            	(f)	
                     If in compliance with this Clause anything is done or not done, such shall not be deemed a deviation, but shall be considered as due fulfillment of this
                        Charter Party.

                  

          

        

        Clause 120 -
                Radioactivity Risk Clause for Time Charter Parties

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

                  

          

        

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

                  

          

        

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

                  

          

        

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

                  

          

        

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

                  

          

        

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

                  

          

        

        
          Clause 121 -
                  Loading Iron Ore in India

          The Charterers are to provide certificate(s) of testing from a laboratory which must be approved in advance by the
              Owners and such certificate(s) of testing must state the TML (Transportable Moisture Limit) and FMP (Flow Moisture Point) and Moisture Content. Such certificate(s) are to be presented to the Owners and the Master prior to, and as a condition
              of, the commencement of loading.

          Notwithstanding above, should the Owners so require, the Charterers are to allow the Owners or their
              representatives to take samples of cargoes prior to, and as a condition of, loading and the Owners shall be entitled to test such samples and/or appoint surveyors and/or experts to act on their behalf always at the Owners’ discretion, but
              only one of the following companies to be used:

          Either, M/S ERICSON & RICHARDS (GOA) or M/S J.B. BODA PVT LTD (GOA).

        

        

        

        
          22

          
            

        

        

        

        ADDITIONAL CLAUSES TO M/V "HUAHINE"

            CHARTER PARTY DATED 20TH JUNE 2018

        

        The master shall have the right to refuse to accept cargo on board.

        Such refusal shall not be a breach of charter, vessel shall remain on-hire, and the Charterers shall be responsible,
            at their sole time and expense for all steps required to provide a safe cargo to the satisfaction of the master.

        The Charterers agree to pay and indemnify the Owners for all costs / fees, liabilities and all time taken in connection with the matters
            provided for in this clause shall be for the Charterers’ account. Cargo loaded in vessel’s holds after having been tested and accepted by Owners/Master cannot be rejected.

        

        

        -END-

        
          23

          
            

        

        

        

        

        

        SIDE LETTER

        TO

        M/V “HUAHINE”

        CHARTER PARTY
                DATED 20TH JUNE 2018

        It is mutually agreed between RIGHTMOVE OWNERS INC., Marshall Islands as Owners and TMS DRY LTD., Marshall Islands
            as Charterers that notwithstanding anything else in this Charterparty:

        
          
            	

                  	-	
                    Israel trading is allowed provided no subsequent voyage to Arabian country.

                  

          

        

        
          
            	

                  	-	
                    Sierra Leone: to be discussed/considered on a case by case basis.

                  

          

        

        
          
            	

                  	-	
                    Indian Ocean /Gulf of Aden/Red Sea Passage: to be discussed/considered on a case by case basis against Charterers paying for all extra insurance, crew war
                        bonus and for sufficient armed guards and safety/protection equipment.

                  

          

        

        	
                THE OWNERS:

              	 	
                THE CHARTERERS:

              
	 	 	 
	 /s/ Dr. Adriano Cefai	 	 /s/Tony Skoulaxenos
	
                 Dr. Adriano Cefai

                

                Director

                

                Mare Services Ltd

                

                5/1 Merchants Street

                

                Valletta 1171

                

              	 	
                Tony Skoulaxenos

                TMS DRY LTD.Exhibit 4.41

    Dated 1 June 2018

    DRYSHIPS INC.

        as Corporate Guarantor

    and

    DVB BANK SE

        as Security Trustee

    CORPORATE GUARANTEE

    relating to a loan agreement dated 11 October 2013

        (as amended and restated by an amending and restating agreement dated 1 June 2018 and

        as the same may be further amended, supplemented and/or restated from time to time)

        relating to a facility of (originally) up to US$30,000,000 to part-finance

        the acquisition cost of the m.v. “HUAHINE”

    W A T S O N  F A R L E Y

        &

        W I L L I A M S

    
      
        

    

    

    

    Index

    

    

    	 Clause

            	 	
            Page

          
	
            1

          	
            Interpretation

          	
             1

          
	
            2

          	
            Guarantee

          	
            2

          
	
            3

          	
            Liability as Principal and Independent Debtor

          	
            3

          
	
            4

          	
            Expenses

          	
            3

          
	
            5

          	
            Adjustment of Transactions

          	
            4

          
	
            6

          	
            Payments

          	
            4

          
	
            7

          	
            Interest

          	
            5

          
	
            8

          	
            Subordination

          	
            5

          
	
            9

          	
            Enforcement

          	
            5

          
	
            10

          	
            Representations and Warranties

          	
            6

          
	
            11

          	
            Undertakings

          	
            10

          
	
            12

          	
            Judgments and Currency Indemnity

          	
            16

          
	
            13

          	
            Set off

          	
            16

          
	
            14

          	
            Supplemental

          	
            17

          
	
            15

          	
            Assignment

          	
            18

          
	
            16

          	
            Notices

          	
             19

          
	
            17

          	
            Invalidity of Loan Agreement

          	
            19

          
	
            18

          	
            Governing Law and Jurisdiction

          	
            20

          
	
            19

          	
            Bail-In

          	
             21

          

    

    

    Schedules

    	
            Schedule 1 Form of Compliance Certificate

          	
             23

          

    

    

    Execution

    	
            Execution Page

          	
             22

          

    

    

    
      
        

    

    

    

    THIS DEED is
        made on 1 June 2018

    PARTIES

    
      
        	(1)	
                DRYSHIPS INC., a corporation incorporated in the Republic of the Marshall Islands whose principal office is at Trust Company Complex, Ajeltake Road, Ajeltake Island
                    MH96960, Majuro, Marshall Islands as corporate guarantor (the “Corporate Guarantor”)

              

      

    

    
      
        	(2)	
                DVB BANK SE, acting through its office
                    at Platz der Republik 6, D-60325, Frankfurt Am-Main, Germany as security trustee (the “Security Trustee”, which expression includes its successors and assigns)

              

      

    

    BACKGROUND

    
      
        	(A)	
                By a loan agreement dated 11 October 2013 (as amended and restated by an amending and restating agreement dated 1 June 2018 and as the same
                    may be further amended, supplemented and/or restated from time to time, the “Loan Agreement”) and made between (i) Rightmove Owners Inc. as borrower (the “Borrower”), (ii) the banks and financial institutions named in Schedule 1 thereto as lenders (the “Lenders”), (iii) DVB BANK SE as arranger (in such capacity the “Arranger”), (iv) DVB BANK SE as agent (in such capacity the “Agent”) and (v) the Security Trustee as security trustee, it was agreed that the Lenders would make available to the Borrower a secured term loan facility not exceeding (originally) US$30,000,000 (the “Loan”).  As at the date of this Corporate Guarantee, the current principal amount outstanding under the Loan Agreement by way of
                    principal is US$16,500,000.

              

      

    

    
      
        	(B)	
                By an agency and trust agreement (the “Agency
                      and Trust Agreement”) dated the same date as, and entered into pursuant to, the Loan Agreement, it was agreed that the
                    Security Trustee would hold the Trust Property (as defined therein) on trust for the Lenders.

              

      

    

    
      
        	(C)	
                It is a condition precedent to the continuing availability of the Loan under the Loan Agreement that the Corporate Guarantor shall execute and
                    deliver to the Security Trustee this Corporate Guarantee in favour of the Security Trustee as envisaged by the Loan Agreement and the Agency and Trust Agreement referred to in Recital (B) above.

              

      

    

    OPERATIVE PROVISIONS

    IT IS AGREED as
        follows:

    
      
        	1	
                INTERPRETATION

              

      

    

    
      
        	1.1	
                Defined expressions

              

      

    

    Words and expressions defined in the Loan Agreement shall have the same meanings when used in this
        Corporate Guarantee unless the context otherwise requires or unless otherwise defined herein.

    
      
        	1.2	
                Construction of certain terms

              

      

    

    In this Corporate Guarantee:

    “bankruptcy”

        includes a liquidation, receivership, administration or judicial management and any form of suspension of payments, arrangement with creditors or reorganisation under any corporate or insolvency law of any country;

    
      
        

    

    
    

    

    “Compliance

          Certificate” means a certificate in the form set out in Schedule 1 or any other form agreed between the Corporate Guarantor and the Security Trustee.

    “Corporate

          Guarantor’s Documents” means, together, this Corporate Guarantee and any other Finance Document to which the Corporate Guarantor is or, as the case may be, may become a party and, in the singular, means any of them; and

    “Loan
          Agreement” means the loan agreement referred to in Recital (A) above and includes any existing or future amendments or supplements, whether made with the Corporate Guarantor’s consent or otherwise.

    
      
        	1.3	
                Application of construction and interpretation provisions of Loan Agreement

              

      

    

    Clauses 1.2 to 1.6 inclusive of the Loan Agreement apply, with any necessary modifications, to this
        Corporate Guarantee.

    
      
        	2	
                GUARANTEE

              

      

    

    
      
        	2.1	
                Guarantee and indemnity

              

      

    

    The Corporate Guarantor unconditionally and irrevocably:

    
      
        	(a)	
                guarantees the due payment of all amounts payable by the Borrower under or in connection with the Loan Agreement and every other Finance
                    Document;

              

      

    

    
      
        	(b)	
                undertakes to pay to the Security Trustee, on the Security Trustee’s first demand, any such amount which is not paid by the Borrower when
                    payable;

              

      

    

    
      
        	(c)	
                undertakes to procure that the Borrower shall perform all its other obligations under the Loan Agreement and every other Finance Document; and

              

      

    

    
      
        	(d)	
                shall fully indemnify the Security Trustee and each other Creditor Party on the Security Trustee’s first demand in respect of all claims,
                    expenses, liabilities and losses which are made or brought against or incurred by the Security Trustee or any other Creditor Party concerned as a result of or in connection with any obligation or liability of the Borrower guaranteed by
                    the Corporate Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Security Trustee or any other Creditor Party would otherwise have
                    been entitled to recover.

              

      

    

    
      
        	2.2	
                No limit on number of demands

              

      

    

    The Security Trustee may serve any number of demands under Clause 2.1.

    
      
        	2.3	
                Release of Guarantee

              

      

    

    If a Permitted Ultimate Beneficial Ownership Change is effected (subject to the terms of clause
        19.1(k) of the Loan Agreement), the Security Trustee (acting on the instructions of all the Lenders) will, at the cost of the Corporate Guarantor, release the Corporate Guarantor from its obligations under this Corporate Guarantee subject to:

    
      
        	(a)	
                a person in all respects acceptable to the Agent (acting with the authorisation of all the Lenders in their sole and absolute discretion) (the
                    “New Corporate Guarantor”) providing, in substitution of this Corporate Guarantee, a guarantee of all the obligations of the Borrower

              

      

    

    
      2

      
        

    

    

    

    under the Loan Agreement and the other Finance Documents in such form and by no later than such date
        as the Agent (acting on the instructions of all the Lenders in their sole discretion) may require; and

    
      
        	(b)	
                the Agent receiving any other documents as it or any other Creditor Party may require in connection with the New Corporate Guarantor and the
                    release of the Corporate Guarantor (including, but not limited to, those referred to at paragraphs 2, 3, 4, 5, 9 and 10 of Part A of Schedule 3 of the Loan Agreement) in form and substance satisfactory to the Agent.

              

      

    

    
      
        	3	
                LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR

              

      

    

    
      
        	3.1	
                Principal and independent debtor

              

      

    

    The Corporate Guarantor shall be liable under this Corporate Guarantee as a principal and independent
        debtor and accordingly it shall not have, as regards this Corporate Guarantee, any of the rights or defences of a surety.

    
      
        	3.2	
                Waiver of rights and defences

              

      

    

    Without limiting the generality of Clause 3.1, the Corporate Guarantor shall neither be discharged
        by, nor have any claim against any Creditor Party in respect of:

    
      
        	(a)	
                any amendment or supplement being made to the Finance Documents (or any of them);

              

      

    

    
      
        	(b)	
                any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Finance Documents
                    (or any of them);

              

      

    

    
      
        	(c)	
                any release or loss of any right or Security Interest created by the Finance Documents (or any of them);

              

      

    

    
      
        	(d)	
                any failure promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full
                    market value an asset covered by such a Security Interest; or

              

      

    

    
      
        	(e)	
                any other Finance Document or any Security Interest now being or later becoming void, unenforceable, illegal or invalid or otherwise defective
                    for any reason, including a neglect to register it.

              

      

    

    
      
        	4	
                EXPENSES

              

      

    

    
      
        	4.1	
                Costs of preservation of rights, enforcement etc.

              

      

    

    The Corporate Guarantor shall pay to the Security Trustee on its first demand the amount of all
        expenses incurred by the Security Trustee or any other Creditor Party in connection with any matter arising out of this Corporate Guarantee or any Security Interest connected with it, including any advice, claim or proceedings relating to this
        Corporate Guarantee or such a Security Interest.

    
      
        	4.2	
                Fees and expenses payable under Loan Agreement

              

      

    

    Clause 4.1 is without prejudice to the Corporate Guarantor’s liabilities in respect of the Borrower’s
        obligations under clause 20 of the Loan Agreement (Fees and Expenses) and under similar provisions of the other Finance Documents.

    
      3

      
        

    

    

    

    
      
        	5	
                ADJUSTMENT OF TRANSACTIONS

              

      

    

    
      
        	5.1	
                Reinstatement of obligation to pay

              

      

    

    The Corporate Guarantor shall pay to the Security Trustee on its first demand any amount which any
        Creditor Party is required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of the Borrower of another Security Party (or similar person) on the ground that the Loan Agreement or any other Finance Document or
        a payment by the Borrower or of another Security Party, was invalid or on any similar ground.

    
      
        	6	
                PAYMENTS

              

      

    

    
      
        	6.1	
                Method of payments

              

      

    

    Any amount due under this Corporate Guarantee shall be paid:

    
      
        	(a)	
                in immediately available funds;

              

      

    

    
      
        	(b)	
                to such account as the Security Trustee may from time to time notify to the Corporate Guarantor;

              

      

    

    
      
        	(c)	
                without any form of set-off, cross-claim or condition; and

              

      

    

    
      
        	(d)	
                free and clear of any tax deduction except a tax deduction which the Corporate Guarantor is required by law to make.

              

      

    

    
      
        	6.2	
                Grossing-up for taxes

              

      

    

    If the Corporate Guarantor is required by law to make a tax deduction, the amount due to the Security
        Trustee shall be increased by the amount necessary to ensure that the Security Trustee and (if any payment is not due to the Security Trustee for its own account) the Creditor Party beneficially interested in the payment, receives and retains a net
        amount which, after tax deduction, is equal to the full amount that it would otherwise have received.

    
      
        	6.3	
                Indemnity and evidence of payment of taxes

              

      

    

    The Corporate Guarantor shall fully indemnify each Creditor Party on the Security Trustee’s demand in
        respect of all claims, expenses, liabilities and losses incurred by any Creditor Party by reason of any failure of the Corporate Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such
        payment in accordance with Clause 6.2.  Within 30 days after making any tax deduction, that Corporate Guarantor shall deliver to the Security Trustee any receipts, certificates or other documentary evidence satisfactory to the Security Trustee that
        the tax had been paid to the appropriate taxation authority.

    
      
        	6.4	
                Security Trustee memorandum account

              

      

    

    The Security Trustee shall maintain a memorandum account showing the amounts advanced by the Lenders
        and all other sums owing to the Agent, the Security Trustee and each Lender from the Borrower and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrower and any Security Party.

    
      4

      
        

    

    

    

    
      
        	7	
                INTEREST

              

      

    

    
      
        	7.1	
                Accrual of interest

              

      

    

    Any amount due under this Corporate Guarantee shall carry interest after the date on which the
        Security Trustee demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Loan Agreement.

    
      
        	7.2	
                Calculation of interest

              

      

    

    Interest under this Corporate Guarantee shall be calculated and accrue in the same way as interest is
        calculated under clause 7 of the Loan Agreement.

    
      
        	7.3	
                Corporate Guarantee extends to interest payable under Loan Agreement

              

      

    

    For the avoidance of doubt, it is confirmed that this Corporate Guarantee covers all interest payable
        under the Loan Agreement, including that payable under clause 7 thereof.

    
      
        	8	
                SUBORDINATION

              

      

    

    
      
        	8.1	
                Subordination of rights of Corporate Guarantor

              

      

    

    All rights which the Corporate Guarantor at any time has (whether in respect of this Corporate
        Guarantee or any other transaction) against the Borrower, any other Security Party or any of their respective assets shall be fully subordinated to the rights of the Creditor Parties under the Finance Documents; and in particular, the Corporate
        Guarantor shall not during the Security Period:

    
      
        	(a)	
                claim, or in a bankruptcy of the Borrower or any other Security Party prove for, any amount payable to the Corporate Guarantor by the Borrower
                    or any other Security Party, whether in respect of this Corporate Guarantee or any other transaction;

              

      

    

    
      
        	(b)	
                take or enforce any Security Interest for any such amount;

              

      

    

    
      
        	(c)	
                claim to set off any such amount against any amount payable by the Corporate Guarantor to the Borrower or any other Security Party; or

              

      

    

    
      
        	(d)	
                claim any subrogation or other right in respect of any Finance Document or any sum received or recovered by any Creditor Party under any
                    Finance Document.

              

      

    

    
      
        	9	
                ENFORCEMENT

              

      

    

    
      
        	9.1	
                No requirement to commence proceedings against the Borrower or any Security Party

              

      

    

    Neither the Security Trustee nor any other Creditor Party will need to commence any proceedings
        under, or enforce any Security Interest created by, the Loan Agreement or any other Finance Document before claiming or commencing proceedings under this Corporate Guarantee.

    
      
        	9.2	
                Conclusive evidence of certain matters

              

      

    

    However, as against the Corporate Guarantor:

    
      5

      
        

    

    

    

    
      
        	(a)	
                any judgement or order of a court in England or any other Pertinent Jurisdiction in connection with the Loan Agreement or any other Finance
                    Document; and

              

      

    

    
      
        	(b)	
                any statement or admission in writing of the Borrower in connection with the Loan Agreement or any other Finance Document, 

                 

                  

                shall be binding and conclusive as to all matters of fact and law to which it relates.

              

      

    

    
      
        	9.3	
                Suspense account

              

      

    

    The Security Trustee and any Creditor Party may, for the purpose of claiming or proving in a
        bankruptcy of the Borrower or any other Security Party, place any sum received or recovered under or by virtue of this Corporate Guarantee or any Security Interest connected with it on a separate suspense or other nominal account without applying
        it in satisfaction of the Borrower’s obligations under the Loan Agreement or any other Finance Document.

    
      
        	10	
                REPRESENTATIONS AND WARRANTIES

              

      

    

    
      
        	10.1	
                General

              

      

    

    The Corporate Guarantor represents and warrants to the Security Trustee as follows.

    
      
        	10.2	
                Status

              

      

    

    The Corporate Guarantor is duly incorporated and validly existing and in good standing under the laws
        of the Republic of the Marshall Islands.

    
      
        	10.3	
                Share capital and ownership

              

      

    

    
      
        	(a)	
                The Corporate Guarantor is authorised to issue 1,000,000,000 registered shares of common stock with a par value of $0.01 each and 500,000,000
                    registered preferred shares with a par value of $0.01 each, of which 100,131,092 registered shares of common stock have been issued and are outstanding as at the date of this Corporate Guarantee.

              

      

    

    
      
        	(b)	
                The legal title to and beneficial interest in the shares in the Borrower is held free of any Security Interest (other than those created by
                    the Shares Pledge) or any other claim by the Shareholder.

              

      

    

    
      
        	(c)	
                The Borrower is 100 per cent. owned directly or indirectly (but, if indirectly, only through the Shareholder), by the Corporate Guarantor
                    (unless a Permitted Ultimate Beneficial Ownership Change has been effected in accordance with, and subject to, the terms of clause 19.1(k) of the Loan Agreement).

              

      

    

    
      
        	(d)	
                The ultimate beneficial ownership and control of at least 50.1 per cent. of the issued and outstanding common stock of the Corporate Guarantor
                    (and the voting rights attaching to those shares) is held, directly or indirectly, by the Ultimate Beneficial Owner.

              

      

    

    
      
        	10.4	
                Corporate power

              

      

    

    The Corporate Guarantor has the corporate capacity, and has taken all corporate action and obtained
        all consents necessary for it:

    
      
        	(a)	
                to execute the Corporate Guarantor’s Documents; and

              

      

    

    
      6

      
        

    

    

    

    
      
        	(b)	
                to make all the payments contemplated by, and to comply with, any Corporate Guarantor’s Document.

              

      

    

    
      
        	10.5	
                Consents in force

              

      

    

    All the consents referred to in Clause 10.3 remain in force and nothing has occurred which makes any
        of them liable to revocation.

    
      
        	10.6	
                Legal validity and effective Security Interests

              

      

    

    The Corporate Guarantor’s Documents do now or, as the case may be, will upon execution and delivery
        (and, where necessary, pursuant to the Finance Documents):

    
      
        	(a)	
                constitute the Corporate Guarantor’s legal, valid and binding obligations enforceable against the Corporate Guarantor in accordance with their
                    respective terms and such obligations will rank pari passu with all its other present and future unsecured and unsubordinated
                    obligations subject to any relevant insolvency laws affecting creditors’ rights generally; and

              

      

    

    
      
        	(b)	
                (if applicable) create legal, valid and binding Security Interests enforceable in accordance with their respective terms over all the assets
                    to which they, by their terms, relate.

              

      

    

    
      
        	10.7	
                No third party Security Interests

              

      

    

    Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each
        Corporate Guarantor’s Document:

    
      
        	(a)	
                the Corporate Guarantor will have the right to create all the Security Interests which that Finance Document purports to create; and

              

      

    

    
      
        	(b)	
                no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim over, in or in
                    relation to any asset to which any such Security Interest, by its terms, relates.

              

      

    

    
      
        	10.8	
                No conflicts

              

      

    

    The execution by the Corporate Guarantor of the Corporate Guarantor’s Documents and its compliance
        therewith will not involve or lead to a contravention of:

    
      
        	(a)	
                any law or regulation; or

              

      

    

    
      
        	(b)	
                the constitutional documents of the Corporate Guarantor; or

              

      

    

    
      
        	(c)	
                any contractual or other obligation or restriction which is binding on the Corporate Guarantor or any of its assets.

              

      

    

    
      
        	10.9	
                No withholding taxes

              

      

    

    All payments which the Corporate Guarantor is liable to make under the Corporate Guarantor’s
        Documents may be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction.

    
      7

      
        

    

    

    

    
      
        	10.10	
                No default

              

      

    

    To the knowledge of the Corporate Guarantor, no Event of Default or Potential Event of Default has
        occurred and is continuing and no such default or Event of Default or Potential Event of Default will result from the entry by the Corporate Guarantor into any Corporate Guarantor’s Document.

    
      
        	10.11	
                Information

              

      

    

    All information which has been provided in writing by or on behalf of the Corporate Guarantor to the
        Security Trustee or any other Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.3; all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.5; and there has
        been no material adverse change in the financial position or state of affairs of the Group from that disclosed in the latest of those accounts.

    
      
        	10.12	
                No litigation

              

      

    

    No legal or administrative action (including action relating to any alleged or actual breach of the
        ISM Code or the ISPS Code) involving the Corporate Guarantor (other than as disclosed to the Security Trustee and the public filings of the Corporate Guarantor with the US Securities and Exchange Commission), the Borrower or any other Security
        Party (in the case of the Approved Manager, in connection with the Ship or the Borrower) has been commenced or taken or, to the Corporate Guarantor’s knowledge, is likely to be commenced or taken which, in either case, would be considered material
        in the context of any Finance Document.

    
      
        	10.13	
                Provisions of Loan Agreement and other Finance Documents

              

      

    

    The Corporate Guarantor is fully familiar with and agrees with all provisions of the Loan Agreement
        and the other Finance Documents to which the Borrower is a party.

    
      
        	10.14	
                No Waiver

              

      

    

    No oral or written statement has been made to the Corporate Guarantor by or on behalf of the Security
        Trustee, any other Creditor Party or any other person which could be construed as a waiver of any provisions of this Corporate Guarantee or a statement of intention not to enforce this Corporate Guarantee in accordance with its terms.

    
      
        	10.15	
                Taxes paid

              

      

    

    The Corporate Guarantor has paid all taxes applicable to, or imposed on or in relation to the
        Corporate Guarantor, its business, the Borrower, the Shareholder and the Ship.

    
      
        	10.16	
                ISM Code, ISPS Code and Environmental Law compliance

              

      

    

    All requirements of the ISM Code, the ISPS Code and any Environmental Law as they relate to the
        Corporate Guarantor, the Borrower, the Approved Manager and the Ship have been complied with.

    
      
        	10.17	
                No money laundering

              

      

    

    In relation to the borrowing by the Borrower of the Loan, the performance and discharge of its
        obligations and liabilities under the Corporate Guarantor’s Documents, and the transactions

    
      8

      
        

    

    

    

    and other arrangements effected or contemplated by the Finance Documents to which the Borrower or the
        Corporate Guarantor is a party, the Corporate Guarantor confirms (i) that it is acting for its own account; (ii) that the Borrower will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes
        specified in the Loan Agreement; and (iii) that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of
        Directive 2015/849/EC of the European Parliament and of the Council).

    
      
        	10.18	
                Title and ownership

              

      

    

    The Corporate Guarantor has good title to each of the assets owned or purported to be owned by it.

    
      
        	10.19	
                Submission to jurisdiction and choice of laws

              

      

    

    Each submission to jurisdiction, and choice of law, by the Corporate Guarantor contained in any
        Corporate Guarantor’s Document is effective.

    
      
        	10.20	
                No adverse consequences in jurisdiction of incorporation

              

      

    

    The Lenders, nor any of them, will not be deemed to be resident, domiciled, carrying on business or
        subject to taxation, in the Marshall Islands by reason only of the negotiation, preparation, execution, performance, enforcement of, and/or receipt of any payment due from the Borrower or the Corporate Guarantor under any Finance Document.

    
      
        	10.21	
                Accounting reference date

              

      

    

    The accounting reference date for the Corporate Guarantor is 31 December.

    
      
        	10.22	
                Sanctions

              

      

    

    
      
        	(a)	
                None of the Corporate Guarantor, the Borrower or any other Security Party:

              

      

    

    
      
        	

              	(i)	
                and no director or officer, or to the best of its knowledge employee, of the Corporate Guarantor, the Borrower or any other Security Party, is
                    a Prohibited Person;

              

      

    

    
      
        	

              	(ii)	
                is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person; or

              

      

    

    
      
        	

              	(iii)	
                owns or controls a Prohibited Person.

              

      

    

    
      
        	(b)	
                No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person nor shall they be
                    otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

              

      

    

    
      
        	10.23	
                US Tax Obligor

              

      

    

    None of the Corporate Guarantor, the Borrower or any other Security Party is a US Tax Obligor.

    
      
        	10.24	
                Repetition of representations and warranties

              

      

    

    The representations and warranties set out in this Clause 10 would be true and not misleading if
        repeated on the first day of each Interest Period.

    
      9

      
        

    

    

    

    
      
        	11	
                UNDERTAKINGS

              

      

    

    
      
        	11.1	
                General

              

      

    

    The Corporate Guarantor undertakes with the Security Trustee to comply with the following provisions
        of this Clause 11 at all times during the Security Period, except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing.

    
      
        	11.2	
                Maintenance of status

              

      

    

    The Corporate Guarantor will maintain its separate corporate existence and remain in good standing
        under the laws of the Republic of the Marshall Islands.

    
      
        	11.3	
                Information provided to be accurate

              

      

    

    All financial and other information, including but not limited to factual information, exhibits and
        reports, which is provided in writing by or on behalf of the Corporate Guarantor under or in connection with this Corporate Guarantee will be true and not misleading and will not omit any material fact or consideration.

    
      
        	11.4	
                Provision of financial statements

              

      

    

    The Corporate Guarantor will send to the Security Trustee:

    
      
        	(a)	
                as soon as possible, but in no event later than 180 days after the end of each financial year of the Corporate Guarantor (commencing with the
                    financial year ended on 31 December 2017), the annual audited consolidated accounts of the Corporate Guarantor for that financial year; and

              

      

    

    
      
        	(b)	
                as soon as possible, but in no event later than 90 days after the end of each three-month period during each financial year of the Corporate
                    Guarantor (commencing with the financial quarter ended on 31 March 2018), the unaudited consolidated accounts for that three-month period of the Corporate Guarantor.

              

      

    

    The accounts required to be provided by the Corporate Guarantor under this Clause 11.4 shall include,
        or shall be supplemented by, updated details of all off balance sheets and time charter hire commitments.

    To the extent that the financial statements and other information required to be provided by the
        Borrower of the Corporate Guarantor to the Security Trustee under this Clause 11.4 are published on the internet by, or on behalf of the Corporate Guarantor, such statements and information must be made immediately available to the Security Trustee
        and in any event within 5 Business Days of such publication.

    
      
        	11.5	
                Form of financial statements

              

      

    

    All accounts (audited and unaudited) delivered under Clause 11.4 will:

    
      
        	(a)	
                be prepared in accordance with all applicable laws and GAAP consistently applied;

              

      

    

    
      
        	(b)	
                give a true and fair view of the state of affairs of the Group at the date of those accounts and of its profit for the period to which those
                    accounts relate; and

              

      

    

    
      10

      
        

    

    

    

    
      
        	(c)	
                fully disclose or provide for all significant liabilities of the Group.

              

      

    

    
      
        	11.6	
                Shareholder and creditor notices

              

      

    

    The Corporate Guarantor will send the Security Trustee, upon the Security Trustee’s request, copies
        of all communications which are despatched to the Corporate Guarantor’s shareholders or creditors or any class of them unless it is clear that such communications cannot be considered material in the context of any Finance Document.

    
      
        	11.7	
                Consents

              

      

    

    The Corporate Guarantor will maintain in force and promptly obtain or renew, and will promptly send
        certified copies to the Security Trustee of, all consents required:

    
      
        	(a)	
                for the Corporate Guarantor to perform its obligations under each Corporate Guarantor’s Document; or

              

      

    

    
      
        	(b)	
                for the validity or enforceability of the Corporate Guarantor’s Documents,

              

      

    

    and the Corporate Guarantor will comply with the terms of all such consents.

    
      
        	11.8	
                Notification of litigation

              

      

    

    The Corporate Guarantor will provide the Security Trustee with details of any legal or administrative
        action involving the Corporate Guarantor, the Borrower, any other Security Party, any other member of the Group, the Ship, the Earnings or the Insurances as soon as such action is instituted or it becomes apparent to the Corporate Guarantor that it
        is likely to be instituted, which might have a Material Adverse Effect.

    
      
        	11.9	
                Principal place of business

              

      

    

    The Corporate Guarantor has no place of business in the United Kingdom or the United States of
        America.

    
      
        	11.10	
                Confirmation of no default

              

      

    

    The Corporate Guarantor will, within 2 Business Days after service by the Security Trustee of a
        written request, serve on the Security Trustee a notice which is signed by an authorised signatory of the Corporate Guarantor and which:

    
      
        	(a)	
                states that no Event of Default or Potential Event of Default has occurred; or

              

      

    

    
      
        	(b)	
                states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material
                    details are given.

              

      

    

    
      
        	11.11	
                Notification of default

              

      

    

    The Corporate Guarantor will notify the Security Trustee as soon as the Corporate Guarantor becomes
        aware of:

    
      
        	(a)	
                the occurrence of an Event of Default or a Potential Event of Default; or

              

      

    

    
      
        	(b)	
                any matter which indicates that an Event of Default or a Potential Event of Default may have occurred,

              

      

    

    
      11

      
        

    

    

    

    and will thereafter keep the Security Trustee fully up to date with all developments.

    
      
        	11.12	
                Provision of further information

              

      

    

    The Corporate Guarantor will, as soon as practicable after receiving the request, provide the
        Security Trustee with any additional financial or other information relating to:

    
      
        	(a)	
                the Corporate Guarantor, the Borrower, any other Security Party, the Group, the Ship, the Earnings and the Insurances (including, without
                    limitation, balance sheets and details of charter-hire commitments); or

              

      

    

    
      
        	(b)	
                any other matter relevant to, or to any provision of, a Corporate Guarantor’s Document,

              

      

    

    which may reasonably be requested by the Agent, the Security Trustee or any Lender at any time.

    
      
        	11.13	
                ISM Code, ISPS Code compliance and Environmental Laws

              

      

    

    The Corporate Guarantor shall ensure that all requirements of the ISM Code, the ISPS Code and any
        Environmental Laws as they relate to the Corporate Guarantor, the Borrower, the Approved Manager and the Ship shall at all time be complied with.

    
      
        	11.14	
                Provision of copies and translation of documents

              

      

    

    The Corporate Guarantor will supply the Security Trustee with a sufficient number of copies of the
        documents referred to above to provide 1 copy for each Creditor Party; and if the Security Trustee so requires in respect of any of those documents, the Corporate Guarantor will provide a certified English translation prepared by a translator
        approved by the Security Trustee.

    
      
        	11.15	
                “Know your customer” checks

              

      

    

    If:

    
      
        	(a)	
                the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of
                    this Corporate Guarantee;

              

      

    

    
      
        	(b)	
                any change in the status of the Corporate Guarantor, the Borrower or any other Security Party after the date of this Corporate Guarantee; or

              

      

    

    
      
        	(c)	
                a proposed assignment or transfer by a Lender of any of its rights and obligations under the Loan Agreement or any other Finance Document to a
                    party that is not a Lender prior to such assignment or transfer, obliges the Agent or any Lender (or, in the case of paragraph (c), any prospective new Lender) to comply with “know your customer” or similar identification procedures in
                    circumstances where the necessary information is not already available to it, the Corporate Guarantor shall promptly upon the request of the Agent or the Lender concerned supply, or procure the supply of, such documentation and other
                    evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph (c), on behalf of any prospective new Lender) in order for
                    the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your

              

      

    

    
      12

      
        

    

    

    

    customer” or other similar checks under all applicable laws and regulations pursuant to the
        transactions contemplated in the Finance Documents.

    
      
        	11.16	
                Environmental compliance

              

      

    

    The Corporate Guarantor shall, and shall procure that the Borrower and each other Security Party
        will:

    
      
        	(a)	
                comply with all Environmental Laws;

              

      

    

    
      
        	(b)	
                obtain, maintain and ensure compliance with all requisite Environmental Approvals;

              

      

    

    
      
        	(c)	
                implement procedures to monitor compliance with and to prevent liability under any Environmental Law, 

                 

                  

                where failure to do so has or is reasonably likely to have a Material Adverse Effect.

              

      

    

    
      
        	11.17	
                Environmental claims

              

      

    

    The Corporate Guarantor shall, and shall procure that the Borrower and each other Security Party
        will, promptly upon becoming aware of the same, inform the Security Trustee in writing of:

    
      
        	(a)	
                any Environmental Claim against any member of the Group which is current, pending or threatened; and

              

      

    

    
      
        	(b)	
                any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member
                    of the Group,

              

      

    

    where the claim, if determined against that member of the Group, has or is reasonably likely to have
        a Material Adverse Effect.

    
      
        	11.18	
                Financial covenants

              

      

    

    The Corporate Guarantor shall ensure that at all times during the Security Period the following
        covenants shall be complied with:

    
      
        	(a)	
                the Working Capital shall be greater than zero;

              

      

    

    
      
        	(b)	
                it has Cash and Cash Equivalents of the Corporate Guarantor (on a consolidated basis) of at least $15,000,000; and

              

      

    

    
      
        	(c)	
                the ratio of Total Net Liabilities to Net Market Value Adjusted Total Assets shall be less than 50 per cent.

              

      

    

    In this Clause 11.16:

    “Cash
          and Cash Equivalents” means, at any relevant time, the aggregate of:

    
      
        	

              	(a)	
                cash in hand or on deposit with any bank;

              

      

    

    
      
        	

              	(b)	
                Marketable Securities valued at their then published market value rates owned by the members of the Group at that date; and

              

      

    

    
      13

      
        

    

    

    

    
      
        	

              	(c)	
                any other instrument, security or investment approved by the Majority Lenders,

              

      

    

    
      
        	

              	(d)	
                which are free from any Security Interest and/or restrictions and to which any member of the Group is beneficially entitled at that time and
                    which are readily available to the members of the Group and capable of being applied against Financial Indebtedness, but also including any cash deposit which is blocked and/or otherwise restricted and/or subject to a Security Interest
                    if the sole purpose of such deposit and/or restriction and/or Security Interest is the maintenance of a minimum liquidity covenant under borrowing arrangements of any member of the Group, as demonstrated by the Latest Financial
                    Statements;

              

      

    

    “Current

          Assets” means, in respect of any Relevant Period, the amount of the current assets of the Corporate Guarantor and the members of the Group (on a consolidated basis) as shown in the Latest Financial Statements;

    “Current

          Liabilities” means, in respect of any Relevant Period, the amount of the current liabilities of the Corporate Guarantor and the members of the Group (on a consolidated basis) (as shown in the Latest Financial Statements) less the current
        liabilities maturing after six (6) months of the relevant Testing Date, as shown in the Latest Financial Statements;

    “Fleet

          Vessels” means all vessels (including the Ship) from time to time directly or indirectly owned by the Corporate Guarantor (each, a “Fleet
          Vessel”);

    “Latest

          Financial Statements” means the financial statements of the Corporate Guarantor which are required to be delivered pursuant to Clause 11.4 relating to a period ending on a Testing Date;

    “Market

          Value” means, in relation to each Fleet Vessel, the market value thereof calculated in accordance with clause 15.3 of the Loan Agreement;

    “Market

          Value Adjusted Total Assets” means, in respect of any Relevant Period, Total Assets adjusted to reflect the difference between the book values of all Fleet Vessels and the aggregate Market Value of all Fleet Vessels;

    “Marketable

          Securities” means any bonds, stocks, notes or bills payable in a freely convertible and transferable currency and which are listed on a stock exchange acceptable to the Agent;

    “Net
          Market Value Adjusted Total Assets” means, in respect of any Relevant Period, Market Value Adjusted Total Assets less Cash and Cash Equivalents, each as shown in the Latest Financial Statements;

    “Relevant

          Period” means each period of three months ending on 31 March, 30 June, 30 September and 31 December in each financial year of the Corporate Guarantor;

    “Testing

          Date” means the last date of any quarterly period at the end of which the financial statements of the Corporate Guarantor that are required to be delivered pursuant to Clause 11.4 are prepared;

    “Total

          Assets” means, in respect of any Relevant Period, the aggregate book value of all current assets, fixed assets, and other assets and restricted cash of the Corporate Guarantor on a consolidated basis as shown in the Latest Financial
        Statements but excluding any assets held on trust;

    
      14

      
        

    

    

    

    “Total

          Liabilities” means, in respect of any Relevant Period, the aggregate book value of all liabilities of the Corporate Guarantor at any time on a consolidated basis as shown in the Latest Financial Statements;

    “Total

          Net Liabilities” means, in respect of any Relevant Period, Total Liabilities less Cash and Cash Equivalents, each as shown in the Latest Financial Statements; and

    “Working

          Capital” means, in respect of any Relevant Period, Current Assets less Current Liabilities.

    
      
        	11.19	
                Testing

              

      

    

    The financial covenants set out in Clause 11.16 shall be calculated as per each Testing Date in
        accordance with GAAP and tested by reference to each of the financial statements of the Corporate Guarantor delivered pursuant to Clause 11.4 and/or each Compliance Certificate delivered pursuant to Clause 11.20.

    
      
        	11.20	
                Compliance Certificate

              

      

    

    
      
        	(a)	
                The Corporate Guarantor shall supply to the Security Trustee, with each set of financial statements delivered pursuant to Clause 11.4, a
                    Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 11.18 as at the date as at which those financial statements were drawn up and including, without limitation, valuations (at the cost of
                    the Corporate Guarantor) in a form acceptable to the Agent evidencing the Market Value of each Fleet Vessel.

              

      

    

    
      
        	(b)	
                Each Compliance Certificate shall be signed by an officer or any other authorised signatory of the Corporate Guarantor.

              

      

    

    
      
        	11.21	
                No disposal of assets

              

      

    

    The Corporate Guarantor shall procure that neither the Borrower nor the Shareholder will enter into a
        single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation the Ship, the Earnings or the Insurances) which
        is, in the case of the Shareholder, the subject of the Security Interest created or intended to be created by the Finance Documents.

    
      
        	11.22	
                Change of business

              

      

    

    The Corporate Guarantor shall not, and shall procure that neither the Borrower nor any other Security
        Party nor any other member of the Group will, make any substantial change to the nature of its business from that existing at the date of this Corporate Guarantee.

    
      
        	11.23	
                Merger

              

      

    

    The Corporate Guarantor shall not, and shall procure that neither the Borrower nor any other Security
        Party will, enter into any form of merger, or demerger, amalgamation or any form of reconstruction or reorganisation (except in the case of a reorganisation of the Borrower arising in connection with a Permitted Ultimate Beneficial Ownership Change
        and subject to clause 19.1(k) of the Loan Agreement).

    
      15

      
        

    

    

    

    
      
        	11.24	
                Dividends

              

      

    

    The Corporate Guarantor shall not make or pay any dividend or other distribution (in cash or in kind)
        in respect of its share capital following the occurrence of an Event of Default which is continuing or where the making or payment of such dividend or distribution would result in the occurrence of an Event of Default.

    
      
        	11.25	
                Pari passu ranking

              

      

    

    The Corporate Guarantor shall ensure that at all times any unsecured and unsubordinated claims of a
        Creditor Party against it under the Corporate Guarantor’s Documents rank at least pari passu with the claims of all its other unsecured and
        unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

    
      
        	11.26	
                Accounting reference date

              

      

    

    The Corporate Guarantor shall not change its year end accounting reference date.

    
      
        	11.27	
                Securitisation

              

      

    

    The Corporate Guarantor shall, and shall procure that the Borrower and each other Security Party
        (other than an Approved Manager) will, assist the Agent and/or any Lender in achieving a successful securitisation (or similar transaction) in respect of the Loan and the Finance Documents and the Corporate Guarantor’s, the Borrower’s or that
        Security Party’s reasonable costs for providing such assistance shall be met by the relevant Lender.

    
      
        	11.28	
                Constitutional documents

              

      

    

    The Corporate Guarantor shall not allow any amendment or variation to its constitutional documents
        unless such amendment or variation would clearly be immaterial to this Corporate Guarantee and the other Finance Documents.

    
      
        	12	
                JUDGMENTS AND CURRENCY INDEMNITY

              

      

    

    
      
        	12.1	
                Judgments relating to Loan Agreement

              

      

    

    This Corporate Guarantee shall cover any amount payable by the Borrower under or in connection with
        any judgment relating to the Loan Agreement or any other Finance Document.

    
      
        	12.2	
                Currency indemnity

              

      

    

    In addition, clause 21.4 (currency indemnity) of the Loan Agreement shall apply, with any necessary
        adaptations, in relation to this Corporate Guarantee.

    
      
        	13	
                SET OFF

              

      

    

    
      
        	13.1	
                Application of credit balances

              

      

    

    Each Creditor Party may without prior notice:

    
      
        	(a)	
                apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Corporate Guarantor at
                    any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Corporate Guarantor to that

              

      

    

    
      16

      
        

    

    

    

    Creditor Party under this Corporate Guarantee or any other Corporate Guarantor’s Document; and

    
      
        	(b)	
                for that purpose:

              

      

    

    
      
        	

              	(i)	
                break, or alter the maturity of, all or any part of a deposit of the Corporate Guarantor;

              

      

    

    
      
        	

              	(ii)	
                convert or translate all or any part of a deposit or other credit balance into Dollars; and

              

      

    

    
      
        	

              	(iii)	
                enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate.

              

      

    

    
      
        	13.2	
                Existing rights unaffected

              

      

    

    No Creditor Party shall be obliged to exercise any of its rights under Clause 13.1; and those rights
        shall be without prejudice and in addition to any right of set off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document).

    
      
        	13.3	
                Sums deemed due to a Creditor Party

              

      

    

    For the purposes of this Clause 13, a sum payable by the Corporate Guarantor to the Security Trustee
        for distribution to, or for the account of, a Creditor Party shall be treated as a sum due to that Creditor Party; and each Creditor Party’s proportion of a sum so payable for distribution to, or for the account of, the Creditor Parties shall be
        treated as a sum due to that Creditor Party.

    
      
        	14	
                SUPPLEMENTAL

              

      

    

    
      
        	14.1	
                Continuing guarantee

              

      

    

    This Corporate Guarantee shall remain in force as a continuing security at all times during the
        Security Period.

    
      
        	14.2	
                Rights cumulative, non-exclusive

              

      

    

    The Security Trustee’s rights under and in connection with this Corporate Guarantee are cumulative,
        may be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.

    
      
        	14.3	
                No impairment of rights under Corporate Guarantee

              

      

    

    If the Security Trustee omits to exercise, delays in exercising or invalidly exercises any of its
        rights under this Corporate Guarantee, that shall not impair that or any other right of the Security Trustee under this Corporate Guarantee.

    
      
        	14.4	
                Severability of provisions

              

      

    

    If any provision of this Corporate Guarantee is or subsequently becomes void, illegal, unenforceable
        or otherwise invalid, that shall not affect the validity, legality or enforceability of its other provisions.

    
      17

      
        

    

    

    

    
      
        	14.5	
                Corporate Guarantee not affected by other security

              

      

    

    This Corporate Guarantee shall not impair, nor be impaired by, any other guarantee, any Security
        Interest or any right of set off or netting or to combine accounts which the Security Trustee or any other Creditor Party may now or later hold in connection with any Finance Document.

    
      
        	14.6	
                Corporate Guarantor bound by Loan Agreement and the other Finance Documents

              

      

    

    The Corporate Guarantor agrees with the Security Trustee to be bound by all provisions of the Loan
        Agreement and the other Finance Documents in the same way as if those provisions had been set out (with any necessary modifications) in this Corporate Guarantee.

    
      
        	14.7	
                Applicability of provisions of Corporate Guarantee to other Security Interests

              

      

    

    Any Security Interest which the Corporate Guarantor creates (whether at the time at which it signs
        this Corporate Guarantee or at any later time) to secure any liability under this Corporate Guarantee shall be a principal and independent security, and Clauses 3 and 17 shall, with any necessary modifications, apply to it, notwithstanding that the
        document creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses 3 and 17.

    
      
        	14.8	
                Applicability of provisions of Corporate Guarantee to other rights

              

      

    

    Clauses 3 and 17 shall also apply to any right of set off or netting or to combine accounts which the
        Corporate Guarantor creates by an agreement entered into at the time of this Corporate Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses 3 and 17), being an agreement referring to this
        Corporate Guarantee.

    
      
        	14.9	
                Corporate Guarantor’s approval of Loan Agreement and the other Finance Documents

              

      

    

    The Corporate Guarantor has read the Loan Agreement and each of the other Finance Documents and
        understands and approves all the terms and conditions of the Loan Agreement and each of the other Finance Documents.

    
      
        	14.10	
                Third Party Rights

              

      

    

    A person (other than a Creditor Party) who is not a party to this Corporate Guarantee has no right
        under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Corporate Guarantee.

    
      
        	15	
                ASSIGNMENT

              

      

    

    
      
        	15.1	
                Assignment by Security Trustee

              

      

    

    The Security Trustee may transfer or assign its rights under and in connection with this Corporate
        Guarantee to the same extent as it may transfer or assign its rights under the Loan Agreement and/or the Agency and Trust Agreement.

    
      18

      
        

    

    

    

    
      
        	16	
                NOTICES

              

      

    

    
      
        	16.1	
                Notices to Corporate Guarantor

              

      

    

    Any notice or demand to the Corporate Guarantor under or in connection with this Corporate Guarantee
        shall be given by letter or fax at:

    c/o TMS Dry Ltd.

        Athens Licenced Shipping Office

        11 Fragkokklisias Street

        15125, Maroussi

        Attiki, Greece

    Fax: +30 210 8090205

        Email: finance@tms-management.org

        Attn: Mr. Dimitrios Glynos

    or to such other address which the Corporate Guarantor may notify to the Security Trustee.

    
      
        	16.2	
                Application of certain provisions of Loan Agreement

              

      

    

    Clauses 28.3, 28.4, 28.5, 28.6, 28.7 and 28.8 of the Loan Agreement apply to any notice or demand
        under or in connection with this Corporate Guarantee.

    
      
        	16.3	
                Validity of demands

              

      

    

    A demand under this Corporate Guarantee shall be valid notwithstanding that it is served:

    
      
        	(a)	
                on the date immediately following the date on which the amount to which it relates is payable by the Borrower under the Loan Agreement or any
                    other Finance Document; or

              

      

    

    
      
        	(b)	
                at the same time as the service of a notice under clause 19.2 of the Loan Agreement, 

                 

                  

                and a demand under this Corporate Guarantee may refer to all amounts payable under or in connection with the Loan Agreement or any other
                    Finance Document without specifying a particular sum or aggregate sum.

              

      

    

    
      
        	16.4	
                Notices to Security Trustee

              

      

    

    Any notice to the Security Trustee under or in connection with this Corporate Guarantee shall be sent
        to the same address and in the same manner as notices to the Security Trustee under the Loan Agreement.

    
      
        	17	
                INVALIDITY OF LOAN AGREEMENT

              

      

    

    
      
        	17.1	
                Invalidity of Loan Agreement

              

      

    

    In the event of:

    
      
        	(a)	
                the Loan Agreement now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for
                    any other reason whatsoever, whether of a similar kind or not; or

              

      

    

    
      19

      
        

    

    

    

    
      
        	(b)	
                without limiting the scope of paragraph (a), a bankruptcy of the Borrower, the introduction of any law or any other matter resulting in the
                    Borrower being discharged from liability under the Loan Agreement, or the Loan Agreement ceasing to operate (for example, by interest ceasing to accrue),

              

      

    

    this Corporate Guarantee shall cover any amount which would have been or become payable under or in
        connection with the Loan Agreement if the Loan Agreement had been and remained entirely valid, legal and enforceable, or the Borrower had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the
        Borrower had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Corporate Guarantee to amounts payable by the Borrower under or in
        connection with the Loan Agreement shall include references to any amount which would have so been or become payable as aforesaid.

    
      
        	17.2	
                Invalidity of other Finance Documents

              

      

    

    Clause 17.1 also applies to each of the other Finance Documents to which the Borrower is or, as the
        case may be, may become a party.

    
      
        	18	
                GOVERNING LAW AND JURISDICTION

              

      

    

    
      
        	18.1	
                English law

              

      

    

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

    
      
        	18.2	
                Exclusive English jurisdiction

              

      

    

    Subject to Clause 18.3, the courts of England shall have exclusive jurisdiction to settle any
        Dispute.

    
      
        	18.3	
                Choice of forum for the exclusive benefit of the Security Trustee

              

      

    

    Clause 18.2 is for the exclusive benefit of the Security Trustee, which reserves the rights:

    
      
        	(a)	
                to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to
                    that Dispute; and

              

      

    

    
      
        	(b)	
                to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or
                    without commencing proceedings in England.

              

      

    

    The Corporate Guarantor shall not commence any proceedings in any country other than England in
        relation to a Dispute.

    
      
        	18.4	
                Process agent

              

      

    

    The Corporate Guarantor irrevocably appoints Ince Process Agents Limited at its registered office for
        the time being, presently at Aldgate Tower, 2 Leman Street, London E18QN, England, to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a
        Dispute.

    
      20

      
        

    

    

    

    
      
        	18.5	
                Creditor Party rights unaffected

              

      

    

    Nothing in this Clause 18 shall exclude or limit any right which any Creditor Party may have (whether
        under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

    
      
        	18.6	
                Meaning of “proceedings” and “Dispute”

              

      

    

    In this Clause 18, “proceedings” means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute”

        means any dispute arising out of or in connection with this Corporate Guarantee (including a dispute relating to the existence, validity or termination of this Corporate Guarantee) or any non-contractual obligation out of or in connection
        with this Corporate Guarantee.

    
      
        	19	
                BAIL-IN

              

      

    

    
      
        	19.1	
                Contractual recognition of bail-in

              

      

    

    
      
        	(a)	
                Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance
                    Document, each party to this Corporate Guarantee acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant
                    Resolution Authority and acknowledges and accepts to be bound by the effect of:

              

      

    

    
      
        	

              	(i)	
                any Bail-In Action in relation to any such liability, including (without limitation):

              

      

    

    
      
        	

              	(A)	
                a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of
                    any such liability;

              

      

    

    
      
        	

              	(B)	
                a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it;
                    and

              

      

    

    
      
        	

              	(C)	
                a cancellation of any such liability; and

              

      

    

    
      
        	

              	(ii)	
                a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such
                    liability.

              

      

    

    
      
        	(b)	
                Each Creditor Party may enforce and enjoy the benefit of this Clause 19 subject to the provisions of the Contracts (Rights of Third Parties)
                    Act 1999.

              

      

    

    IN WITNESS whereof

        this Corporate Guarantee has been executed by or on behalf of the parties as a deed and has, on the date stated at the beginning of this Corporate Guarantee, been delivered as a deed.

    
      21

      
        

    

    

    

    EXECUTION PAGE

    CORPORATE GUARANTOR

    	
            EXECUTED AND DELIVERED
                  AS A DEED

                by DRYSHIPS INC.

            acting by Dimitrios Glynos

            expressly authorised in accordance with the

            laws of the Marshall Islands

            in the presence of

             

            ILIAS VASSILIOS TSIGOS

            ATTORNEY-AT-LAW

            WATSON FARLEY & WILLIAMS

                348 SYNGROU AVENUE

                176 74 KALLITHEA

                ATHENS – GREECE

          	
            )

            )

            )

            )

            )

            )

            )

          	
             

            /s/ Dimitrios Glynos

             

             

            /s/ Ilias Vassilios Tsigos

          

    

    

    

    

    SECURITY TRUSTEE

    	
            EXECUTED AND DELIVERED
                  AS A DEED

                by DVB BANK SE

            acting by Erica LaCombe

            in the presence of

             

            ILIAS VASSILIOS TSIGOS

            ATTORNEY-AT-LAW

            WATSON FARLEY & WILLIAMS

                348 SYNGROU AVENUE

                176 74 KALLITHEA

                ATHENS – GREECE

          	
            )

            )

            )

            )

            )

            )

            )

          	
             

            /s/ Erica LaCombe

             

            /s/ Ilias Vassilios Tsigos

          

    

    

    
      22

      
        

    

    

    

    SCHEDULE 1

    FORM OF COMPLIANCE CERTIFICATE

    
      
        	To:	
                DVB Bank SE

                    Platz der Republik 6

                    D-60325, Frankfurt Am-Main

                    Germany

              

      

    

    
      
        	From:	
                Dryships Inc.

                    Trust Company Complex Ajeltake Road

                    Ajeltake Island

                    MH96960, Majuro

                    Marshall Islands

              

      

    

    Dated: [●]

    Dear Sirs

    Rightmove Owners Inc. - $30,000,000 Loan Agreement dated 11 October 2013 (as amended and restated by
        an amending and restating agreement dated 1 June 2018 and further amended, supplemented and/or restated from time to time (the “Loan Agreement”) and a corporate guarantee dated 1 June 2018 (as amended, supplemented and/or restated from time to
        time, the “Corporate Guarantee”)

    
      
        	1	
                We refer to the Loan Agreement and the Corporate Guarantee.  This is a Compliance Certificate.  Terms defined in the Loan Agreement and the
                    Corporate Guarantee have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

              

      

    

    
      
        	2	
                We confirm that:

              

      

    

    
      
        	(a)	
                an amount of not less than $500,000 remains credited to the Earnings Account;

              

      

    

    
      
        	(b)	
                as at the 3-month period ending on [e] to which the financial statements referred to below were prepared, the Corporate Guarantor is in
                    compliance with the following covenants under Clause [●] (financial covenants) of the Corporate Guarantee:

              

      

    

    
      
        	

              	(i)	
                the Working Capital is [●];

              

      

    

    
      
        	

              	(ii)	
                the Cash and Cash Equivalents are $[●];

              

      

    

    
      
        	

              	(iii)	
                the ratio of Total Net Liabilities to Net Market Value Adjusted Total Assets is [●]; and

              

      

    

    
      
        	

              	(iv)	
                To evidence such compliance, we attach a copy of the latest [annual][quarterly] consolidated financial statements of the Group together with
                    calculations and evidence setting out in reasonable detail the data and calculations made above (including valuations in a form acceptable to the Agent evidencing the Market Value of each Fleet Vessel which were used to calculate the
                    Market Value Adjusted Total Assets of the Group as at [●]).

              

      

    

    
      23

      
        

    

    

    

    
      
        	3	
                We confirm that no Event of Default or Potential Event of Default is continuing. *

              

      

    

    

    

    Signed: _____________________

        [Authorised Signatory]

        of

        DRYSHIPS INC.

    

    

    *If this statement cannot be made, the Compliance Certificate should identify any Event of Default or Potential Event of
        Default that is continuing and the steps, if any, being taken to remedy it.

    

    

    24

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