Document:

Exhibit 4.17

  STEAMSHIP SHIPBROKING
          ENTERPRISES INC.

  THIS
        AGREEMENT dated this 2nd day of April 2018 by and between Diana Containerships Inc., a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960 (the “Company”) and Steamship Shipbroking Enterprises Inc., a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the “Broker”).

  BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties hereto
      agree as follows:

  1. The

        Company.  Diana Containerships Inc. is a leading global provider of shipping transportation services through its ownership of containerships.  The Company’s vessels are employed primarily on time charters with leading liner companies
      carrying containerized cargo along worldwide shipping routes.

  2. Engagement. 

      The Company hereby engages the Broker to act as broker for the Company and for any of its affiliates as directed by the Company to assist the Company in the provision of the Services by providing to the Company or to an entity designated by
      the Company from time to time, brokerage services relating to the purchase, sale or chartering of vessels, brokerage services relating to the repairs and other maintenance of vessels, and any relevant consulting services permitted by Greek laws or
      the Broker’s Law 27/1975 license (collectively the “Brokerage Services”), and the Broker hereby accepts such appointment.

  3. Duration. 

      The duration of the engagement shall be for a term of twelve (12) months commencing on the 1st day of April 2018 and ending (unless terminated earlier on the basis of any other provision of this Agreement) on the 31st day
      of March 2019 (the said period being hereinafter referred to as the “Term”).

  4. Representations

        of Broker.  The Broker represents that it has personnel fully qualified, without the benefit of any further training or experience and has obtained all necessary permits and licenses, to perform the Brokerage Services.  The duties of the
      Broker shall be offered on a worldwide basis.  Broker’s duties and responsibilities hereunder shall always be subject to the policies and directives of the board of directors of the Company as communicated from time to time to the Broker.  Subject to
      the above, the precise duties, responsibilities and authority of the Broker may be expanded, limited or modified, from time to time, at the discretion of the board of directors of the Company.

  5. Commission. 

      The Company shall pay the Broker a lump sum commission in

  
    
      

  

  

  

  the amount of US$140,000 per month, payable at the beginning of every quarter, starting on the 1st day of April 2018,
      subject to required deductions and withholdings.  Commissions on a percentage basis for specific deals may be agreed by separate agreements in writing.

  6. Expenses. 

      The Company shall not pay or reimburse the Broker for any out-of pocket expenses as such expenses are included in the commission paid to the Broker.

  7. Termination. 

      This Agreement, unless otherwise agreed in writing between the parties, shall be terminated as follows:

  (a)  At the end of the Term, unless extended by mutual agreement in writing.

  (b)  The

      parties, by mutual agreement, may terminate this Agreement at any time.

  (c)  Either

      party may terminate this Agreement for any material breach by the other party of their respective obligations under this Agreement.

  
    
      	

            	8.	
              Change of Control.

            

    

  

  (a)  In the event of a “Change in Control” (as defined herein) within the duration of this agreement,
      the Broker has the option to terminate this Agreement within six (6) months following such Change in Control, and shall be eligible to receive the payment specified in sub-paragraph (c), below, provided that the conditions of said paragraph are
      satisfied.

  (b)  For purposes of this Agreement, the term “Change of Control” shall mean the:

  (i) acquisition by any individual, entity or group of beneficial ownership of thirty-five percent (35%) or more of either (A)
      the then-outstanding shares of common stock of the Company (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that this Clause 8(b)(i)
      shall not apply to an individual, entity or group that beneficially owns twenty-five percent (25%) or more as of the date the Company’s common shares are approved for listing on the NASDAQ.

  (ii) consummation of a reorganization, merger or consolidation of the Company or the sale or other disposition of all or
      substantially all of the assets of the Company and/or of the Affiliates; or

  (iii) approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

  (c) If the Broker terminates this Agreement within six (6) months following

  
    
      

  

  

  

  a Change of Control, the Broker shall receive a payment equal to five (5) years’ annual commission. 
      Receipt of the foregoing shall be contingent upon the Broker’s execution and non-revocation of a Release of Claims in favor of the Company and the Affiliates in a form that is reasonably satisfactory to the Company and its counsel.

  9. Notices.  Every notice,
      request, demand or other communication under this Agreement shall:

  (a) be in writing delivered personally or by courier or by fax or shall be served through a process server;

  (b) be deemed to have been received, subject as otherwise provided in this Agreement in the case of fax upon receipt of a successful transmission
      report (or if sent after business hours  the following business day) and in the case of a letter when delivered personally or through courier or served at the address below; and

  
    
      	

            	(c)	
              be sent:

            

    

  

  
    
      	

            	(i)	
              If to the Company, to:

            

    

  

  c/o Unitized Ocean Transport Limited

      Pendelis 18, Palaio Faliro, 175 64

      Athens, Greece

      Telephone: +30 216 6002400

      Telefax: +30 216 6002599

      Attn: Director and President

  
    
      	

            	(ii)	
              If to the Broker, to:

            

    

  

  c/o Steamship Shipbroking Enterprises Inc.

      Ymittou 6, Palaio Faliro, 175 64

      Athens, Greece

      Telephone: +30 210 9485360

      Telefax: +30 210 9401810

      Attn: Director and President

  or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this Agreement and
      such notification shall not become effective until notice of such change is actually received by the other Party.  Until such change of person or address is notified, any notification to the above addresses and fax numbers are agreed to be validly
      effected for the purposes of this Agreement.

  10. Entire Agreement.  This
      Agreement supersedes all prior agreements written or oral, with respect thereto.

  
    
      

  

  

  

  11. Amendments.  This
      Agreement may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by the parties.

  12. Independent Contractor.  All

      services provided hereunder shall be provided by the Broker as an independent contractor.  No employment contract, partnership or joint venture between the Broker and the Company has been created in or by this Agreement or as a result of services
      provided hereunder.

  13. Assignment.  This
      Agreement, and the Broker’s rights and obligations hereunder, may not be assigned by the Broker; any purported assignment in violation hereof shall be null and void.  This Agreement, and the Company’s rights and obligations hereunder, may not be
      assigned by the Company; provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the Company’s assets and business, whether by merger, consolidation or otherwise, the Company shall assign this
      Agreement and its rights hereunder to the successor to its assets and business.

  14. Binding Effect.  This
      Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representative.

  15. Counterparts.  This
      Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument.  Each counterpart may consist
      of two copies hereof each signed by one of the parties hereto.

  16. Headings.  The headings in
      this Agreement are for reference only and shall not affect the interpretation of this Agreement.

  17. Governing Law and Jurisdiction.

  (a) This Agreement shall be governed by and construed in accordance with English Law.

  (b) Any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration
      Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this clause.

  IN WITNESS WHEREOF, the parties hereto have signed their names as of the day

  
    
      

  

  

  

  and year first above written.

  	
          DIANA CONTAINERSHIPS INC.

        	 	 	 
	 	 	 	 
	 	 	 	 
	
          /s/ Anastasios C. Margaronis

        	 	 	 
	
          By:

        	
          Anastasios C. Margaronis

        	 	 	 	 
	
          Title:

        	
          Director and President

        	 	 	 	 

  

  

  

  

  	
          STEAMSHIP SHIPBROKING ENTERPRISES INC.

        	 
	 	 	 	 
	 	 	 	 
	
          /s/ Andreas Nikolaos Michalopoulos

        	 	 	 
	
          By:

        	
          Andreas Nikolaos Michalopoulos

        	 	 	 	 
	
          Title:

        	
          Director and SecretaryExhibit 4.18

    

    MEMORANDUM OF AGREEMENT

    	
             

          	
            Norwegian Shipbrokers’ Association’s

          
	
             

          	
            Memorandum of Agreement  for sale and

          
	
             

          	
            purchase of ships. Adopted by BIMCO in 1956.

          
	
             

          	
            Code-name

          
	
             

          	
            SALEFORM 2012

          
	
             

          	
            Revised 1966, 1983 and 1986/87, 1993 and 2012

          

     

    Dated 16th May 2018

    

    

    LANGOR SHIPPING COMPANY INC. of Trust Company
          Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

    FBM Hylle 3 (Name of buyers), hereinafter called the “Buyers”, have agreed to buy:

    

    

    Name of vessel:  M/V Hamburg

    

    

    IMO Number:  9332860

     

    Classification Society:  DNV GL

     

    Class Notation:  1A1 BIS Container E0 TMON

    

    

    	
            Year of Build:  3/2009

          	
            Builder/Yard:  Koyo Dockyard Co., Ltd.
                  /Mihara, Hiroshima, Japan 

          
	
             

          	
             

          	
             

          
	
            Flag:  Marshall Islands

          	
            Place of Registration:  MAJURO

          	
            GT/NT:  71786/26914

          

     

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

    Definitions

    

    

    “Banking Days” are days on which banks are open both in the country of the currency stipulated for the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8
        (Documentation) and Greece, London, Hamburg (add

          additional jurisdictions as appropriate).

    “Buyers’ Nominated Flag State” means TBA (state flag state).

    “Class” means the class notation referred to above.

    “Classification Society” means the Society referred to above.

    “Deposit” shall have the meaning given in Clause

            2 (Deposit)

    “Deposit Holder” means INCE

          & CO LLP, of Aldgate Tower, 2 Leman Street, London, E1 8QN (state name and location of Deposit Holder) or, if left blank, the Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement.

    “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter,
        e-mail or telefax.

    “Parties” means the Sellers and the Buyers.

    “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price).

    “Sellers’ Account” means ACCOUNT

          No.:  05-25829-008, IBAN:  DE74 2012 0000 0525 8290 08, SWIFT:  BEGODEHH, ACCOUNT TYPE:  CALL DEPOSIT, CURRENCTY:  USD (state details of bank
          account) at the Seller’s Bank.

    “Sellers’ Bank” means Joh. Berenberg, Gossler
          & Co. KG, Address: Neuer Jungfernstieg 20, 20354 Hamburg, Germany. Correspondent Bank: JP MORGAN CHASE BANK, NEW YORK, SWIFT- CHASUS33 (state

          name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

    

    

    “Time Charter” means the time charterparty between the Sellers as owners and Wan Hai Lines (Singapore) Pte Ltd. as charterers
        dated 1st December 2017 as amended thereafter from time to time

    

    

    “Time Charterers” means Wan Hai Lines (Singapore) Pte Ltd.

    

    

    
      
        	1.	
                Purchase Price

              

      

    

    The Purchase Price is USD 21,000,000.00 (United States Dollars Twenty One Million only) in cash (state currency and amount both in words and
          figures).

    
      
        	2.	
                Deposit

              

      

    

    As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of 15% (Fifteen per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian
        Shipbrokers’ Association.  Any insertion or deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall
        apply.  BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      
        

    

    
    

    

    “Deposit”) in an interest bearing joint/escrow account for the Parties with the Deposit Holder within three (3) Banking Days after the date that:

    
      
        	

              	(i)	
                this Agreement has been signed by the Parties and exchanged in original
                        or by e-mail or telefax.; and

              

      

    

    
      
        	

              	(ii)	
                the Deposit Holder has confirmed in writing to the Parties that the account has been opened.

              

      

    

    The Deposit shall be released in accordance with joint written instructions of the Parties’.  Interest,
        if any, shall to be credited to the
        Buyers.  Any fee charged for opening, holding and releasing the said Deposit and facilitating the closing shall be borne equally by the Parties.  The Parties shall provide to the
        Deposit Holder all necessary documentation to open and maintain the account without delay.

    
      
        	3.	
                Payment

              

      

    

    The 85 (Eighty Five) percent balance of the Purchase Price together with the 15
        (Fifteen) percent shall be paid/released in full free of bank charges to the Sellers’ nominated account and bank on delivery of the Vessel concurrently with the Sellers providing to the Buyers with the agreed delivery documentation (which shall be
        agreed upon in an addendum to the MOA), and the Buyers and the Sellers signing of the protocol of delivery and acceptance, but not later than 3 (Three) banking days after the Vessel is in every respect physically ready for delivery in accordance
        with the terms and conditions of this agreement and valid notice of readiness has been given in accordance with clause 5 of this agreement.

    For the avoidance of doubt, the balance of Purchase Price and all other sums payable
        on delivery by the Buyers to the Sellers under this Agreement (the Balance) shall be escrowed in full free of bank charges to an account designated by the Deposit Holder, and be released to the Sellers nominated account.  The Buyers and the Sellers
        shall share equally the fee payable to the Deposit Holder for the escrowing of the Balance.

    On delivery of the
            Vessel, but not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices):

    
      
        	

              	(i)	
                the Deposit shall be released to the Sellers; and

              

      

    

    
      
        	

              	(ii)	
                the balance of the Purchase Price and all other sums payable on delivery
                        by the Buyers to the Sellers under this Agreement shall be paid in full free of bank charges to the Sellers’ Account.

              

      

    

    
      
        	4.	
                Inspection

              

      

    

    (a)*
        The Buyers have inspected and accepted the Vessel’s classification records.  The Buyers have also inspected the Vessel at/in APM Callao Terminal, Peru (state place) on 23rd March 2018 (state date) and have accepted the Vessel following this inspection and the sale is outright and definite, subject only to the terms and conditions of this Agreement.

    (b)* The Buyers shall have the right to inspect the Vessels classification records and declare whether same are accepted or not within _______ (state date/period).

    The Sellers shall
            make the Vessel available for inspection at/in _______ (state place/range) within ______ (state date/period).

    The Buyers shall
            undertake the inspection without undue delay to the Vessel.  Should the Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.

    The Buyers shall
            inspect the Vessel without opening up and without cost to the Sellers.

    During the
            inspection, the Vessel’s dock and engine log books shall be made available for examination by the Buyers.

    The sale shall
            become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy two (72) hours after completion of such
            inspection or after the date/last day of the period stated in Line 59, whichever is earlier.

    Should the Buyers
            fail to undertake the inspection as scheduled and/or notice of acceptance of

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      2

      
        

    

    

    

    the Vessel’s
            classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.

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

    
      
        	5.	
                Time and place of delivery and notices

              

      

    

    (a)  The

        Vessel shall be delivered and taken over safely afloat at a safe and always accessible berth or anchorage at/in Singapore/South Japan range including
          South Korea, China, Hong Kong, Taiwan, Mexico, Peru, Guatemala, Ecuador (state place/range) in the Sellers’ option.

    Notice of Readiness shall not be tendered before:  1st of June 2018 (date)

    Cancelling Date (see Clauses

            5(c), 6 (a)(i), 6 (a) (iii) and 14): 31st July 2018.

    (b) The

        Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with thirty (30), twenty (20), fifteen (15), ten (10), seven (7), five (5)-and three (3) days’ approximate notice of the date and port and two (2) and one (1) days definite notice of the Sellers intend to tender Notice of Readiness and of the intended date and place of delivery.

    When the Vessel is at the place of delivery and physically ready for delivery in accordance with this
        Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

    (c)  If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may
        notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing a new Cancelling Date.  Upon receipt of such notification the Buyers shall have the option of accepting the new date as the new cancelling date or proposing one new cancelling date. either

            cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.  If the Buyers have not declared their option within three (3) Banking Days
        of receipt of the Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ notification shall be deemed to be the new Cancelling Date and shall be substituted for the Cancelling Date stipulated in line 79.

    If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof
        including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full force and effect.

    (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the Vessel not being ready by
            the original Cancelling Date.

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

    
      
        	6.	
                Divers Inspection / Drydocking

              

      

    

    (a)*

    (i) The Buyers shall have the option at their cost and expense to arrange for an
        underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel in one of the suitable for such inspection ports, always within the Vessel’s schedule.  Such option shall be declared latest nine (9) days
        prior to the Vessels intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.  This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor
        arranged for by the Sellers and paid for by the Buyers.  The Buyers representative(s) shall have the right to be present at the divers inspection as observer(s) only without interfering with the work or decisions of the Classification Society
        surveyor.  The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society.  The Sellers may not tender NOR prior to the completion of the underwater inspection.

    
      
        	

              	(i)	
                The Buyers shall have the option at their cost and expense to arrange for
                        an underwater inspection by a diver approved by the Classification Society prior to the delivery of the Vessel.  Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as
                        notified by the Sellers pursuant to Clause 5(b) of this Agreement.  The Sellers shall at their cost and expense make the Vessel available for such inspection.  This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged
                        for by the Sellers and paid for by the Buyers.  The Buyers’ representative(s) shall have the right to be present at the diver’s

              

      

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      3

      
        

    

    

    

    inspection as
            observer(s) only without interfering with the work or decisions of the Classification Society surveyor.  The extent of the inspection and the conditions under which it is performed shall be to the satisfaction of the Classification Society.  If
            the conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date
            shall be extended by the additional time required for such positioning and the subsequent re-positioning.  The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

    
      
        	

              	(ii)	
                If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or defective so as to affect the Vessel’s
                    class, normal wear and tear excepted, and the Classification Society approves to postpone such repairs/rectification of
                      recommendations/conditions until the next periodical drydocking, then the Vessel to be delivered without drydocking and repairs.  The Sellers to make a cash settlement to the Buyers of the estimated direct cost (of labor and
                      materials) of carrying out such repairs/rectification to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs.  The estimated direct
                      cost of the repairs shall be calculated on the basis of the average quotation for the repair work as received from two reputable independent shipyards, one obtained by each party within three (3) Banking Days from the date of
                      imposition of the condition/recommendation, unless the parties agree otherwise.  Should either of the parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other party shall be sole basis
                      for the estimation of the costs.  Said compensation to be deducted from the Purchase Price at the time of delivery.  In case the settlement/repair amount is above USD 250,000 (United States Dollars Two Hundred Fifty Thousand Only),
                      the Sellers shall have the option (not the obligation) to cancel the agreement.  Should the costs exceed this maximum amount and the Sellers inform the Buyers of their intention to cancel this agreement then the Buyers shall have the
                      option to accept the maximum amount as a lumpsum compensation to be deducted from the Purchase Price in full and final settlement of all their claims in connection with the damage and take delivery of the Vessel as she is.

              

      

    

    Such option to be declared by the Buyers within two (2) Banking
        Days after receipt of Sellers notification that they intend to cancel the agreement in accordance with this clause.  In case that agreement is cancelled in accordance with the clause then the Deposit together with interest, if any, shall be
        released to the Buyers where after this agreement shall become null and void without either party having any claims against the other in relation to this agreement.

    For the avoidance of doubt, any class
        condition(s)/recommendation(s) which were already imposed on the Vessel prior to inspection shall not be taken into consideration in view of this clause.  The Sellers shall grant no further warranty and shall have no further liability with respect
        to the condition of the Vessel in excess of the stipulations of this clause and Clause 11.  However, if such damage affect the Vessel’s class and repairs/ rectification of recommendations/conditions cannot be postponed by Classification Society
        until the next periodical drydocking, then unless repairs can be carried out afloat to the satisfaction of the Classification Society, then the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the
        Classification Society of the Vessel’s underwater parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society rules.  If the rudder, propeller, bottom or other underwater parts below the load
        line are found broken, damaged so as to affect Vessel’s class, such defects shall be made good by the Sellers at their expense to the satisfaction of the Classification Society without recommendations/conditions.  In such event the Sellers are to
        pay also for the cost of the underwater inspection and the Classification Society’s attendance.  In case the aforesaid repair amount, including but not limited to the aforesaid related expenses, is above USD 500,000.-(United States Dollars Five
        Hundred Thousand Only), the Sellers shall have the option (not the obligation) to cancel the agreement.  Should the costs exceed this maximum amount and the Sellers inform Buyers of their intention to cancel this agreement, then Buyers shall have
        the option to accept the aforesaid maximum amount as a lumpsum compensation to be deducted from the Purchase Price in full and final settlement of all their claims in correction with damage and take delivery of the Vessel as she is.

    Such option to be declared by the Buyers within two (2) Banking
        Days after receipt of Sellers notification that they intend to cancel the agreement in accordance with this clause.  In case that aggrement is cancelled in accordance with this clause then the

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      4

      
        

    

    

    

    Deposit together with interest, if any, shall be released to the
        Buyers where after this agreement shall become null and void without either party having any clams against the other in relation to this agreement.

    then (1) unless
            repairs can be carried out afloat to the satisfaction of the Classification Society, the Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the Classification Society of the Vessel’s underwater parts below
            the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification Society
            without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

    Notwithstanding
            anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction
            from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the
            defects and/or repairs.  The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of
            the Parties within three (3) two

            (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise.  Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other
            Party shall be the sole basis for the estimate of the direct repair costs.  The Sellers may not tender Notice of Readiness prior to such estimate having been established.

    
      
        	

              	(iii)	
                If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking facilities are available at the
                        port of delivery, the Sellers shall take the Vessel to a port where suitable drydocking facilities are available, whether within or outside the delivery range as per Clause 5(a).  Once drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range
                        as per Clause 5(a) which shall, for the purpose of this
                        Clause, become the new port of delivery.  In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of fourteen (14) twenty (20) days.

              

      

    

    (b)

          * The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the Classification Society of the Vessel’s underwater
            parts below the deepest load line, the extent of the inspection being in accordance with the Classification Society’s rules.  If the rudder, propeller, bottom or other underwater parts below the deepest load line are found broken, damaged or
            defective so as to affect the Vessel’s class, such defects shall be made good at the Sellers’ cost and expense to the satisfaction of the Classification Society without condition/recommendation**.  In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her out of drydock, including the drydock
            dues and the Classification Society’s fees.  The Sellers shall also pay for these costs and expenses if parts of the tailshalft system are condemned or found defective or broken so as to affect the Vessel’s class.  In all other cases, the
            Buyers shall pay the aforesaid costs and expenses, dues and fees.

    (c) If

        the Vessel is drydocked pursuant to Clause 6(a)(ii) or 6(b) above:

    
      
        	

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

              

      

    

    
      
        	

              	(ii)	
                The costs and expenses relating to the survey of the tailshaft system shall be borne by the Buyers unless the Classification Society requires such survey to
                    be carried out or if parts of the system are condemned or found defective or broken so as to affect the

              

      

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      5

      
        

    

    

    

    Vessel’s class, in which case the Sellers shall pay these costs and expenses.

    
      
        	

              	(iii)	
                The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the
                    Classification Society surveyor.

              

      

    

    
      
        	

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

              

      

    

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

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

    
      
        	7.	
                Spares, bunkers and other items

              

      

    

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

    Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s
        personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:

    1 (one) PC with Vessel’s e-mail,

    1 (one) server, PC,

    1 (one) SATLINK,

    CITADEL EQUIPMENT,

    1 (one) GYROCOMPASS.

    (include

            list)

    Items on board which are on hire or owned by third parties, listed as follows, are excluded from the
        sale without compensation:

    Liferafts

    1x6 TOB + 2 x25 TOB

    Gas Bottles

    13 bottles Oxygen

    11 bottles Acetylene

    6 bottles Freon

    (include

            list)

    Items on board at
            the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.

    The Buyers shall take over remaining bunkers (if any) and unused lubricating and hydraulic oils and greases in storage tanks which have not been
          passed through the engine system and sealed and unopened drums at Sellers net contract price (including any discounts) supported by invoices/vouchers.  For the avoidance of doubt the bunkers remaining on board belongs to the Time Charteres unless the Vessel is unemployed.

    Luboils and Bunkers quantities survey to be mutually performed by the Sellers and the
        Buyers’ representatives Three (3) Banking Days before delivery.  Then an agreed allowance for

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      6

      
        

    

    

    

    consumption for the period between the joint survey and the time of actual delivery
        of the Vessel to be subtracted from the figures during the joint survey.

    Copies of the BDN (bunker delivery note) to be provided to Buyers on delivery.

    The radio installation and navigation equipment shall be included in the sale. 
        Broached stores and provisions to be included in the sale without extra payment.

    and pay either:

    (a)  *the actual
            net price (excluding barging expenses) as evidenced by invoices or vouchers; or

    (b)  *the current
            net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering port.

    for the quantities
            taken over.

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

    “inspection” in this Clause

            7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable.  If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

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

    
      
        	8.	
                Documentation

              

      

    

    The

          place of closing:  Athens Greece

    A list of delivery documents to be drawn up and attached to this agreement as an addendum No.1. At the time of delivery the Sellers are to handover to the Buyers onboard manuals (excluding ISM/ISPS manuals)/drawings/records
          on board and ashore, which will be collected at Buyers’ cost and arrangement.

    Other certificates, excluding original certificates to be returned to competent authorities, but including the original certificate of class, which is on board the Vessel shall also be handed over to the Buyers, in which
          case the Buyers have the right to take copies of the original certificates.

    (a)

            In exchange for payment of the Purchase Price shall provide the Buyers with the following delivery documents:

    
      
        	

              	(i)	
                Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag
                        State, transferring title of the Vessel and stating that the Vessel is free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and legalised or apostilled, as required by the
                        Buyers’ Nominated Flag State;

              

      

    

    
      
        	

              	(ii)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Sellers to authorise the execution, delivery and performance of this Agreement;

              

      

    

    
      
        	

              	(iii)	
                Power of Attorney of the Sellers appointing one or more representatives
                        to act on behalf of the Sellers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate);

              

      

    

    
      
        	

              	(iv)	
                Certificate or Transcript of Registry issued by the competent authorities
                        of the flag state on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with
                        the original to be sent to the Buyers as soon as possible after delivery of the Vessel;

              

      

    

    
      
        	

              	(v)	
                Declaration of Class or (depending on the Classification Society) a Class
                        Maintenance Certificate issued within three (3) Banking Days prior to delivery confirming that the Vessel is in Class free of condition/recommendation;

              

      

    

    
      
        	

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

              

      

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      7

      
        

    

    

    

    
      
        	

              	(vii)	
                A copy of the Vessel’s Continuous Synopsis Record certifying the date on
                        which the Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy
                        of this certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

              

      

    

    
      
        	

              	(viii)	
                Commercial Invoice for the Vessel;

              

      

    

    
      
        	

              	(ix)	
                Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and
                        greases;

              

      

    

    
      
        	

              	(x)	
                A copy of the Sellers’ letter to their satellite communication provider
                        cancelling the Vessel’s communication contract which is to be sent immediately after delivery of the Vessel;

              

      

    

    
      
        	

              	(xi)	
                Any additional documents as may reasonably be required by the competent
                        authorities of the Buyers’ Nominated Flag State for the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

              

      

    

    
      
        	

              	(xii)	
                The Sellers’ letter of confirmation that to the best of their knowledge,
                        the Vessel is not black listed by any nation or international organisation.

              

      

    

    (b)

          At the time of delivery the Buyers shall provide the Sellers with:

    
      
        	

              	(i)	
                Evidence that all necessary corporate, shareholder and other action has
                        been taken by the Buyers to authorise the execution, delivery and performance of this Agreement; and

              

      

    

    
      
        	

              	(ii)	
                Power of Attorney of the Buyers appointing one or more representatives to
                        act on behalf of the Buyers in the performance of this Agreement, duly notarially attested and legalised or apostilled (as appropriate).

              

      

    

    (c) If

        any of the documents listed in Sub clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorised translator or certified by a lawyer qualified to practice in the country of the
        translated language.

    (d) The

        Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other party not later than ________ (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

    (e) Concurrent

        with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the
        Vessel.  Other certificates which are on board the Vessel shall also be handed over to the Buyers unless the Sellers are required to retain same, in which case the Buyers have the right to take copies.

    (f) Other

        technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request.  The Sellers may keep the Vessel’s log books but the Buyers have the right to take copies
        of same.

    (g) The

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

    
      
        	9.	
                Encumbrances

              

      

    

    The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and maritime liens or any other claims or debts whatsoever, and is not subject to Port State or other administrative detentions. 
        The Sellers hereby undertake to indemnify the Buyers against all consequences of any potential claims made against the Vessel which have been incurred prior to the time of delivery.

    
      
        	10.	
                Taxes, fees and expenses

              

      

    

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

    
      
        	11.	
                Condition on delivery

              

      

    

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

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      8

      
        

    

    

    

    However, the Vessel shall be delivered free of cargo and free of stowaways with her present Class fully maintained without condition/recommendation*, and all survey cycles up to date and
        free of average damage affecting the Vessel’s class, and with her classification certificates and national, international and trading
        certificates per the documentary addendum referred to in Clause 8, as well as all other certificates the Vessel had at the time of inspection to be clean, valid and unextended until minimum 1st September 2018 without condition/ recommendation* by the Classification Society or the relevant
        authorities and which to be valid for a minimum period of at least three (3) months at the time of delivery (except any recommendations/conditions
          already imposed on the Vessel prior to inspection).

    The number/condition of lashing materials as of delivery shall be substantially same
        when the Vessel was observe/inspected by the Buyers, fair wear and tear excepted.  Condition of such lashing materials is based on OSHA requirement.

    As to quantity, the Vessel is fitted with lashing as per inventory provided by the
        Sellers.  The lashing will be considered Buyers’ stock as from the time of delivery of the Vessel.

    “inspection” in this Clause

            11, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspections), if applicable.  If the Vessel is taken over without inspection, the date of this Agreement shall be the relevant date.

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

    
      
        	12.	
                Name/markings

              

      

    

    Latest
          upon Upon redelivery under the Charter
          Party the Buyers undertake to change the name of the Vessel and alter funnel markings.

    
      
        	13.	
                Buyers’ default

              

      

    

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

    Should the Purchase Price not be paid in accordance with Clause 3 (Payment) and such failure is not remedied within three (3) days following receipt of notice
          of default from the Sellers to the Buyers, the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, shall be released to the Sellers.  If the Deposit does not cover their loss,
        the Sellers shall be entitled to claim further compensation for their losses and for all all actual, properly documented and direct expenses incurred together with interest.

    
      
        	14.	
                Sellers’ default

              

      

    

    Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of cancelling this Agreement.  If after Notice of Readiness
        has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not made physically ready again by the Cancelling Date and new Notice of Readiness given, the Buyers shall retain their option to
        cancel.  In the event that the Buyers elect to cancel this Agreement, the Deposit together with interest earned, if any, shall be released to them immediately.

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

    
      
        	15.	
                Buyers’ representatives

              

      

    

    After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the
        right to place two (2) representatives on board the Vessel at their sole risk and expense until the time of delivery.  One Buyers’ superintendent to be allowed to attend the physical delivery/taking over the Vessel.

    These representatives are on board for the purpose of familiarisation and in the capacity of observers
        only always under Master’s discretion, and they shall not interfere in any respect with the operation of the Vessel.  The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.  Buyers shall pay to Sellers at the time of delivery USD 15 (United States Dollars Fifteen only) per day/per person as meal charge.  Other charges, including communication if
          any, shall be paid by the Buyers at the time of delivery.

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      9

      
        

    

    

    

    
      
        	16.	
                Law and Arbitration

              

      

    

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

    The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)
        Terms current at the time when the arbitration proceedings are commenced.

    The reference shall be to three arbitrators.  A party wishing to refer a dispute to arbitration shall
        appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as
        sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified.  If the other party does not appoint its own arbitrator and give notice that it has done so within the
        fourteen (14) days specified, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly.  The
        award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by agreement.

    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration
        shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

    (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
            rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen; their
            decision or that of any two of them shall be final, and for the purposes of enforcing any award, judgement may be entered on an award by any court of competent jurisdiction.  The proceedings shall be conducted in accordance with the rules of
            the Society of Maritime Arbitrators, Inc.

    In cases where
            neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

    (c) This Agreement shall be governed by and construed in accordance with the laws of (state place) and any dispute arising out of or in connection with this Agreement shall be referred to
            arbitration at ______(state place), subject to the procedures applicable there.

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

    
      
        	17.	
                Notices

              

      

    

    All notices to be provided under this Agreement shall be in writing.

    Contact details for recipients of notices are as follows:

    For the Buyers:  c.brau@mpc-capital.com,

          r.frese@mpc-capital.com, j.flade@contchart.de

    

    

    For the Sellers:

    

    

    Langor Shipping Company Inc.

    c/o Steamship Shipbroking Enterprises Inc.

    Ymittou 6, 17564 Palaio Faliro,

    Athens, Greece

    Tel:  +30 210 9495 360

    Fax:  +30 210 9401 810

    e-mail:  info@stsei.com

    

    

    
      
        	18.	
                Entire Agreement

              

      

    

    

    

    The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in
        relation to the sale and purchase of the Vessel and supersede all previous agreements whether oral or written between the Parties in relation thereto.

    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall
        have no right or remedy in respect of any statement, representation, assurance

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      10

      
        

    

    

    

    or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent
        that such exclusion can legally be made.  Nothing in this Clause shall limit or exclude any liability for fraud.

    19. Sanctions, Warranty Clause:

    The Buyers warrant that neither the Buyers nor their nominees are under any sanction,
        prohibition, boycott or blacklist imposed by USA, any state, EU, UN and supranational or international organization, and the Buyers agree to indemnify the Sellers for any costs, damages or losses of whatsoever nature which the Sellers may suffer as
        a result of breach of this warranty.

    The Sellers confirm that to the best of their knowledge neither they nor the Vessel
        are under any sanction, prohibition, boycott or blacklist imposed by USA, any state, EU, UN and supranational or international organization, and that neither they nor the Vessel have engaged in any conduct (including any trade or any voyage) which
        is prohibited by any sanction, prohibition, boycott or blacklist imposed by USA, any state, EU, UN and supranational or international organization.

    20. Vessels Manuals, Plans and Drawing etc.:

    The Sellers shall, at the time of delivery, hand to the Buyers all classification
        certificates, as well as all manuals, plans, drawings, etc., which are not required to return to registry/ Class or relative authorities but except manuals which produced by Sellers, the Vessel and the ship management company.  After delivery of
        the Vessel, at the Buyers request technical documentation which may be in the Sellers possession shall promptly be forwarded to the Buyers at the Buyers cost.  The Sellers may keep logbooks but the Buyers have the right to take copies of same at
        the Buyers cost.

    21. Charter-Party

    The Vessel shall be delivered with the Time Charter and the following clause shall
        apply:

    a) Sellers shall endeavor to procure that Buyers can take over the Time Charter.  In
        such case, all rights and obligations pursuant to the Time Charter will be transferred from Sellers to Buyers at the moment when the Vessel is delivered/ take over by Buyers pursuant to this Agreement as evidenced in the Protocol of Delivery and
        Acceptance.

    b) The Sellers, the Buyers and the Time Charterers shall sign a Novation Agreement
        (the Novation Agreement) evidencing the transfer of obligations/ rights in respect of the Time Charter.  The wording of the Novation Agreement is to be mutually agreed by the Parties and the Time Charterers.

    c) If by the earlier of the Notice of Readiness and the Cancelling Date (i) the
        Vessel has not been redelivered from the Time Charterers to the Sellers, and (ii) the Novation Agreement has not been executed by the Time Charterers, then Sellers must notify the Buyers in writing and propose an extension of the Cancelling Date by
        45 (forty-five) days.  Upon receipt of such notice, the Buyers shall have three (3) Banking Days to declare their option of either

    i) accepting the new date as the Cancelling date, in which case
        they shall cooperate to enable Sellers to exercise the rights under the (Sales Clause) of the Charter-Party before the new Cancelling Date;or

    (ii) taking delivery of the Vessel free from the Time Charter
        within the agreed period (which may include the extension of the Cancelling Date by 45 (forty-five) days as above).

    d) For any claims or rights of the Time Charterers resulting from any event or
        circumstances which have occurred before the delivery of the Vessel from the Sellers to the Buyers (the Prior Delivery Claims) , Sellers undertake to take over the handling of such Prior Delivery Claims and indemnify Buyers against all consequences
        of same as per Clause 9 of this Agreement.

    22. Confidentiality

    All negotiations and eventual sale to be kept private and confidential between the
        parties involved, subject however to any disclosure requirement of the U.S. SEC and NASDAQ, Buyers

    

    

    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association.  Any insertion or
        deletion to the form must be clearly visible.  In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply.  BIMCO and the Norwegian
        Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

    
      11

      
        

    

    

    

    

    

    and Sellers Bank or required by law.  Should, however, details of the sale become
        known or reported on the market, neither the Buyers nor the Sellers shall have the right to withdraw from the sale or to fail to fulfil their obligations under this Agreement.

    

    

    

    

    	
            For and on behalf of the Sellers

          	
            For and on behalf of the Buyers

          
	
             

          	
             

          
	
            /s/ Maria Diamanti

          	
            /s/ Tor Kildal

          
	
            Name:  Maria Diamanti

          	
            Name:  Tor Kildal

          
	
            Title: Attorney-in-fact

          	
            Title:  Chairman of the Board

          

    

    

    

    

    

    

  

  12

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