Document:

EX-10.35 Memorandum of Agreement for M/V Free Jupi

 

EXHIBIT
10.35

	 	 	 
	 

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

                
                Code-name

          
          
     SALEFORM 1993

Revised 1966, 1983 and 1986/87.

	

	 	
	 

	 	
	 

	 	

MEMORANDUM OF AGREEMENT

Dated: 1st May 2007

Olympian Goddess Shipping, of Marshall Islands hereinafter called the Sellers, have agreed to sell,
and clients of Messrs Free Bulkers S.A. for companies to be named later if single purpose companies
to be guaranteed by Free Bulkers S.A. hereinafter called the Buyers, have agreed to buy

Name: “Olympian Goddess”

Classification Society/Class: NK

Built: 2002           By: Illegible

Flag: Marshall Islands           Place of Registration: Majuro

Call Sign: Illegible           Grt/Nrt: 27176 / 15533

Register IMO Number: 9264037

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

Definitions

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

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

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

	1.	 	Purchase Price USD 47,000,000.00 (United States Dollars Forty Seven Million)

	2.	 	Deposit

As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 10%
(ten per cent) of the Purchase Price within 3 banking days from the date of signing of this
Memorandum of Agreement via fax by both parties. This deposit shall be placed with HSH Nordbank at
Hamburg and held by them in a joint account for the Sellers and the Buyers, to be released in
accordance with joint written instructions of the Sellers and the Buyers. Interest, if any, to be
credited to Buyers. Any fee charged for holding the said deposit shall be borne equally by the
Sellers and the Buyers. The maximum closing fee will not exceed US $2,500.00 per party.

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	3.	 	Payment

The said Purchase Price shall be paid in full free of bank changes to HSH Nordbank at Hamburg on
delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect
physically ready for delivery in accordance with the terms and conditions of this Agreement and
Notice of Readiness has been given in accordance with Clause 5 against delivery to Buyers of the
agreed delivery documents as per Addendum No. 1 and the protocol of delivery and acceptance signed
by both parties duly authorized representatives. Payment of the 90 percent and extras to be
received at Sellers bank at least one banking day prior to the delivery date.

	4.	 	Inspections

a)*        The Buyers have inspected and accepted the Vessel’s classifications records. The Buyers have
also inspected the Vessel at/in Telek [illegible], Maylasia on 22nd — 26th
April 2007 and have accepted the Vessel following this inspection and the sale is outright and
definite, subject only to the terms and conditions of this Agreement.

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

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

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

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

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

	5.	 	Notices, time and place of delivery

a)        The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the
Buyers with 25, 20, 15, 7, and 3 days approximate delivery notice and 1 day definite notice of the
date of tendering the notice of readiness and of the estimated time of arrival at the intended
place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and
in every respect physically ready for delivery in

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accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for
delivery.

b)        The Vessel shall be delivered and taken over safely afloat at a safe port and accessible berth
or anchorage at/in Far East (Singapore-Japan range including all [illegible]) port in Seller’s
option but suitable for crew changes etc. Sellers to nominate delivery port when tendering 15 days
approximate delivery notice.

in the Sellers’ option.

Expected time of delivery: 28th July 2007 28th August 2007 in Sellers’
option.

Date of cancelling (see Clauses 5C), 6b) (iii) and 14): 28th August 2007 in Buyer’s
option.

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

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

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

	6.	 	Drydocking/Divers Inspection (See also Clause 17)

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

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	b)**	 	(i) The Vessel is to be delivered without drydocking. However, the Buyers shall have the
right at their expense to arrange for an underwater inspection by a diver approved by the
Classification Society prior to the delivery of the Vessel. The Sellers shall at their cost
make the Vessel available for such inspection. The extent of the inspection and the
conditions under which it is performed shall be to the satisfaction of the Classification
Society. If the conditions at the port of delivery are unsuitable for such inspection, the
Sellers shall make the Vessel available at a suitable alternative place near to the delivery
port.
	 
	 	 	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to affect the Vessel’s class, then unless
repairs can be carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the
extent of the inspection being in accordance with the Classification Society’s rules. If
the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, such defects shall
be made good by the Sellers at their expense to the satisfaction of the Classification
Society without condition/recommendation.* In such event the Sellers are to pay also for
the cost of the underwater inspection and the Classification Society’s attendance.
	 
	 	 	(iii) If the Vessel is to be drydocked pursuant to Clause 6b) (ii) and no suitable
drydocking 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 5b). Once drydocking has taken place, the Sellers
shall deliver the Vessel at a port within the delivery range as per Clause 5b) which shall,
for the purpose of this Clause, become the new port of delivery. In such event the
cancelling date provided for in Clause 5b) shall be extended by the additional time
required for the drydocking and extra cleaning, but limited to a
maximum of 21 14 running
days.

	c)	 	If the Vessel is drydocked pursuant to Clause 6a) or 6b) above.
	 
	 	 	(i) the Classification Society may require survey of the tailshaft system, the extent of
the survey being to the satisfaction of the Classification surveyor. If such survey is not
required by the Classification Society, the Buyers shall have the right to require the
tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey
being in accordance with the Classification Society’s rules for tailshaft survey and
consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare
whether they require the tailshaft to be drawn and surveyed not later than by the
completion of the inspection by the Classification Society. The drawing and refitting of
the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system
be condemned or found defective so as to affect the Vessel’s class, these parts shall be
renewed or made good at the Seller’s expense to the satisfaction of the Classification
Society without condition/recommendation.*

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	 	 	(ii) the expenses relating to the survey of the tailshaft system shall be borne by the
Buyers unless the Classification Society requires such survey to be carried out, in which
case the Sellers shall pay these expenses. The Sellers shall also pay the expenses if the
Buyers require the survey and parts of the system are condemned or found defective or
broken so as to affect the Vessel’s class.*
	 
	 	 	(iii) the expenses in connection with putting the Vessel in and taking her out of drydock,
including the drydock dues and the Classification Society’s fees shall be paid by the
Sellers if the Classification Society issues any condition/recommendation* as a result of
the survey or if it requires survey of the tailshaft system. In all other cases the Buyers
shall pay the aforesaid expenses dues and fees.
	 
	 	 	(iv) the Buyers’ representative shall have the right to be present in the drydock but
without interfering with the work or decisions of the Classification surveyor.
	 
	 	 	(v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and
painted a their risk and expense without interfering with the Sellers’ or the
Classification surveyor’s work, if any, and without affecting the Vessel’s timely delivery.
If however, the Buyers’ work in drydock is still in progress when the Sellers have
completed the work which the Sellers are required to do, the additional docking time needed
to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the event that
the Buyers’ work requires such additional time, the Sellers may upon completion of the
Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in drydock
and the Buyers shall be obliged to take delivery in accordance with Clause 3 whether the
Vessel is in drydock or not and irrespective of Clause 5b).

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

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

	7.	 	Spares/bunkers, etc.

The Sellers shall deliver to Vessel to the Buyers with everything belonging to her on board, ashore
and on order 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
to be excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not
required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced
items shall be the property of the Buyers. The radio installation, nautical instruments, loading
programmes communication (GNDSS) software and their related hardware and navigational

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equipment shall be included in the sale without extra payment if they are property of the Sellers.
Unused Broached / unbroached stores and provisions shall be included in the sale and be taken over
by the Buyers with an extra payment.

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

- Gas Bottles

- All desktops/laptops/software documents of ISM/SMC except for the Trading Certificates.

The Buyers shall take over the remaining bunkers and unused lubricating oils in storage tanks and
sealed drums and pay the current net market price (excluding barging expenses) at the port and date
of delivery of the Vessel.

Buyers to pay extra for bunkers remaining on board at the time of delivery and pay prices as per
[illegible] [illegible] at the time and port of delivery or in case [illegible] do not publish
prices for the port of delivery than newest port [illegible] prices to apply.

Buyers to pay extra for luboils [illegible] at the time of delivery in dedicated storage tanks and
unbroached drums at Sellers net contract prices as per invoices.

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

	8.	 	Documentation (See Addendum No. 1)

The place of closing: Piraeus, Greece.

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

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

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

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

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

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

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

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

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

	9.	 	Encumbrances

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

	10.	 	Taxes, etc.

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

	11.	 	Condition on delivery

Vessel to be delivered in substantially the same condition as when inspected by the Buyers normal
fair wear and tear excepted with her present class maintained free of conditions/recommendations,
free of average damage affecting Vessel’s class.

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All her continuous hull and machinery cycles to the up to date at time of delivery. Class and
existing certificates, national and international, including cargo gear certificates, usual for the
type and flag of this Vessel shall be valid for a min. period of 3 months at the time of delivery.
Sellers will delivery the Vessel with her SS and DD survey (date 14th May 2007) freshly
[illegible].

The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is
delivered to the Buyers, but subject to the terms and conditions of this Agreement she shall be
delivered and taken over as she was the time of inspection, fair wear and tear excepted.
However, the Vessel shall be delivered with her class maintained without condition/recommendation*,
free of average damage affecting the Vessel’s class, and with her classification certificates and
national certificates, as well as all other certificates the Vessel had at the time of inspection,
valid and unextended without condition/recommendation* by Class or the relevant authorities at the
time of delivery.

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

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

	12.	 	Name/markings

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

	13.	 	Buyers’ default

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

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

	14.	 	Sellers’ default

Should the Sellers fail to give Notice of Readiness in accordance with Clause 5a) or fail to be
ready to validly complete a legal transfer by the date stipulated in line 61 the Buyers shall have
the option of cancelling this Agreement provided always that the Sellers shall be granted a maximum
of 3 banking days after Notice of Readiness has been given to make arrangements for the
documentation set out in Clause 8. If after Notice of

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Readiness has been given but before the Buyers have taken delivery, the Vessel ceases to be
physically ready for delivery and is not made physically ready again in every respect by the date
stipulated in line 61 and new Notice of Readiness given, the Buyers shall retain their option to
cancel. In the event that the Buyers elect to cancel this Agreement the deposit together with
interest earned shall be released to them immediately.

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

	15.	 	Buyers’ representatives

After this Agreement has been signed by both parties and the deposit has been lodged, the Buyers
have the right to place up to and including the time of delivery two representatives on board the
Vessel at their sole risk and expense upon arrival at ___on or about ___.

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

	16.	 	Arbitration

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

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

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

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

The laws of ___shall govern this Agreement.

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

Clause 17 — 19 as attached form on integral part of this Memorandum of Agreement.

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Additional Clauses to the Memorandum of Agreement

Dated 1st May 2007 M/V “Olympian Goddess”

Clause 17

In case class surveyor defers repairs of such damage to the Vessel’s next scheduled drydocking,
then the Sellers shall have the option to either:

a)        Deliver the Vessel as she is, without repairs, but instead offer a lumpsum cash discount from
the purchase price at the time of delivery to the Buyers, in lieu of repairing sum damage to a
standard acceptable to class.

The lumpsum cash discount to be the average cost of repairs estimated by two reputable shipyards
capable of drydocking and repairing a Vessel of this type, one selected by the Buyers and one
selected by the Sellers.

Repair costs under this clause are defined as direct repair cost only and exclude drydocking
fees/charges for general services except in case of (b) below, whereby the Sellers exercise their
option to make the repairs to class satisfaction before delivery in which case all the repair costs
including drydocking fees / charges for general services will be for Seller’ account.

b)        Repair the Vessel to class satisfaction prior to delivery, and in such case cancelling date to
be extended by a maximum of 21 running days.

Clause 18

Sellers confirm that the Vessel is not blacklisted by any Nation, Organisation and that it has not
traded to CIS/pacific ports (Gypsy Moth Contamination) under present management/ownership.

Clause 19

All negotiations and details of the eventual sale to be kept private and confidential by all
parties involved. This provision shall not apply to disclosures to bankers, auditors, stock
exchange and regulatory authorities, or to public reporting requirements due to stock market
regulations. Should the sale, or any details thereto, be reported pursuant to the above provision
by either party to this transaction or by any third party, neither the sellers nor the buyer shall
have the right to withdraw from the sale or fail to fulfil any or all of their obligations under
this agreement nor claim any related damages whatsoever.

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	For the Buyers:	 	For the Sellers:
	By:

	 	Ion G. Varouxakis 3 May 2007
	 	By:
	 	/s/ illegible
	 

	 	 
	 	 	 	 
	Title:

	 	Attorney-in-fact
	 	Title:
	 	/s/ [illegible] Ziogas-Director
	 

	 	 
	 	 	 	 

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ADDENDUM NO. 1

M.V. “Olympian Goddess” MEMORANDUM OF AGREEMENT, DATED 1ST May 2007

Between

Olympian Goddess Shipping Ltd. of Marshall Islands (as Sellers) and

Clients of Messrs Free Bulkers S.A. (as Buyers)

AA)         Before or upon delivery of the vessel, the Sellers are to provide to the Buyers the following
documentation (all in English or certified translation), sellers to provide drafts of documents in
items (a),(b),(c),(d),(i),(j),(k),(l),(m) within 20 running days prior to expected delivery for
buyers perusal and approval:

	a)	 	Signed commercial invoices (in duplicate) giving the main particulars and the purchase price
of the vessel.

	b)	 	Two original legal Bill of Sale to be issued by the registered owners of the vessel in
Marshall Islands, in a British form 10A, duly notarially attested by the notary public and/or
Marshall Islands Authorities and Apostille, evidencing the transfer of all title, ownership
and interest in the vessel and in her boats and appurtenances from the Sellers to the Buyers,
and stating that the same are free of registered encumbrances, maritime liens, mortgages,
taxes and other claims and debts whatsoever.

	c)	 	Written Resolutions of the Sellers’ Joint Meeting of Board of Directors and Shareholders
resolving the sale of the vessel to the Buyers and authorizing their representatives to
execute delivery documents- including the Bill of Sale and the Protocol of Delivery and
Acceptance- and to give instructions to the Bank for the release of the joint account and any
other document that may be required by the Bank in relation to the payment transaction and to
deliver the vessel to the Buyers, which to be signed by all Directors and Shareholders and to
be duly notarized by a notary public or Consulate Officer or Marshall Islands authorized
representative officer and Apostille.

	d)	 	Power of Attorney, duly notarized Apostille, for the persons who are to sign the legal Bill
of Sale and other delivery documents, including the Protocol of Delivery and Acceptance and to
give instructions to the bank for the release of the joint account and any other documents
that may be required by the Bank in relation to the payment transaction and to deliver the
vessel to the Buyers, pursuant to the resolutions taken in the joint BoD and Shareholders
meeting as in above para c).

	e)	 	Certificate of Incumbency issued by a Director of the Sellers maximum one business day prior
to the actual date of delivery which shall, inter alia, state the names of the Directors and
officers and the names of the shareholders and shall confirm that there has been no alteration
in respect of the Directors as well as in respect of the Shareholders of the Sellers’ company
since the date when the written resolutions under (c) above took place and that the said
resolutions have not been modified or revoked and are in full force and effect. The signature
of the Director issuing said certificate shall be legalized by the Marshall Islands Consul or
the Marshall Islands’ authorized representative officer and Apostille.

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	f)	 	Certified by a Greek Attorney — at — Law for its genuineness of a Copy of Sellers’ Articles
of Association and of a Copy of Sellers’ By-Laws.

	g)	 	Certification from the Marshall Islands Registry authority issued on the actual date of
delivery stating that:

	 	i)	 	The Vessel is owned by the Sellers’ as a non- registered domestic Marshall
Islands corporation pursuant to the Associations Law of the Republic of Marshall
Islands;

	 	ii)	 	The Vessel has paid all government taxes up to 31/12/2007;

	 	iii)	 	The Vessel is free from Registered Ship’s Mortgage and Encumbrances;

	 	iv)	 	Certificate of permission for sale/transfer of ownership issued by the
Marshall Islands Registry;

	h)	 	Original Good Standing Certificate of the Sellers issued by the Marshall Islands Authority
dated no later than three working days before closing time and delivery of the Vessel.

	i)	 	Class Maintenance Certificate issued by the N.K. Class Society stating that “on the basis of
the review of the survey records filed in the Society’s Head Office, the class of the vessel
with characters NS* MNS* is maintained without outstanding recommendation/condition, of which
the date shall be no more than 72 hours prior to expected delivery.

	j)	 	Protocol of Delivery and Acceptance in 2 originals.

	k)	 	Signed commercial invoices (in duplicate) giving the remaining quantity of luboils/bunkers on
board the vessel at the time of delivery and the agreed purchase price for same.

	l)	 	Letter stating that, to the best of the Sellers’ knowledge, the vessel is not blacklisted by
the Arab Boycott League or any other government or organization for the whole period under
their Ownership.

	m)	 	Undertaking letters by which Sellers declare to Buyers following:

	 	i)	 	Sellers will provide Buyers within one month after delivery the vessel’s
Deletion Certificate from Registry * only in case vessel is to be registered to
another Registry other than Marshall Islands

	 	ii)	 	The vessel has not been registered in any other Registry worldwide for the
whole time being under their ownership

	 	iii)	 	to close the CSR record (kept on board) in relation to the Vessel’s sale from
Sellers to Buyers and close the CSR file kept with Marshall Islands in their name and
to send the CSR file within 60 days from vessel’s delivery to Buyers to the new
Registry * the latter will be made only in

/s/ Illegible   /s/ Illegible

14

 

	 	 	 	case the vessel is to be registered to another registry other than Marshall
Islands.

	 	iv)	 	Undertaking to deactivate Inmarsat C immediately after closing and provide
relevant evidence in writing.

	n)	 	Certificates
	 
	 	 	Copies of the following certificates being valid at the time of expected delivery, will be
produced by the Sellers to the Buyers before delivery of the vessels.

	 	1.	 	Cert. of Registry;
	 
	 	2.	 	Ship station license;
	 
	 	3.	 	SMC;
	 
	 	4.	 	ISSC;
	 
	 	5.	 	Cert. of Classification;
	 
	 	6.	 	Cert. of installations Registration;
	 
	 	7.	 	L/L, S/C, S/E, S/R, IOPP, IAPP and Cert. of compliance for sewage pollution
prevention;
	 
	 	8.	 	Shore based maintenance agreement;
	 
	 	9.	 	International Tonnage Certificate;
	 
	 	10.	 	Management company’s Document of Compliance

	o)	 	At the time and place of closing Sellers’ to provide:

	 	i)	 	irrevocable confirmation letter issued on the date of closing by the agents
of the Sellers at the port of delivery sent via fax at the place of closing (original
to be delivered later), stating that all outstandings up to the date of delivery
(including port dues, taxes and other expenses and agents fee) will be claimed solely
against the Sellers and their managers and not against the Buyers / the Vessel.

	 	ii)	 	written instructions of Sellers to their agent at the port of delivery and to
the captain of the Vessel to deliver physical possession of the Vessel to the Buyers.

At the time of delivery the Buyers and the Sellers shall sign and deliver to each other a Protocol
of Delivery and Acceptance, as in (i) above, confirming the date and time of delivery of the Vessel
from the Sellers to the Buyers.

	BB)	 	Buyer’s Documents (all in English or certified translation):

	 	a)	 	Written Resolutions of the Buyers’ Board of Directors’ meeting, resolving the
purchase of the vessel from the Sellers further authorizing their representatives to
execute delivery documents- including the Protocol of Delivery and Acceptance and to
give instructions to the Bank for the release of the joint account and the payment of
the purchase price and any other extra money for Luboils/ Bunkers and of any other
document that may be required by the Bank in relation to the payment transaction and
to accept the vessel from the Sellers, which have to be duly notarized

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15

 

	 	 	 	by a notary public or Consulate officer or Marshall Islands authorized
representative officer in Greece (Piraeus) and Apostille.

	 	b)	 	Certificate of Incumbency Issued by a Director or the Secretary of the Buyers
maximum one business day prior to the actual date of delivery which shall, inter alia,
state the names of the Directors and officers and shall confirm that there has been no
alteration in respect of the Directors of the Buyers’ company since the date when the
written resolutions under BB) a) above took place and that the said resolutions have
been approved by Buyers Shareholders and have not been modified or revoked and are in
full force and effect. The signature of the Director issuing said certificate shall
be legalized by the Marshall Islands Consul or the Marshall Islands’ authorized
representative officer and Apostille.

	 	c)	 	Buyers’ Power of Attorney duly notarized and Apostille for the persons who
are authorized to sign all delivery documents on behalf and in favor of Buyers,
including the Protocol of Delivery and Acceptance, and to accept the Vessel from the
Sellers.

	 	d)	 	Certified true Copy of Buyers’ Articles of Incorporation, attested by a Greek
Attorney at Law for its genuineness.

	 	e)	 	Certified true Copy of Buyers’ By-Laws, attested by a Greek Attorney at Law
for its genuineness.

	 	f)	 	Original Good Standing Certificate issued within three days before delivery
date.

All other terms and conditions of the MOA are to remain unaltered and in full force and effect.

	 	 	 
	FOR THE BUYERS

	 	FOR THE SELLERS
	 
	 	 
	 
	 	 
	/s/ Ion Varouxakis

	 	/s/ [Illegible] Ziogas
	 

	 	 
	Name: Ion Varouxakis

	 	Name: [Illegible] Ziogas
	Title: Attorney-in-Fact

	 	Title: Director

16EX-10.36 Memorandum of Agreement for M/V Free Godd

 

EXHIBIT
10.36

 

Norwegian
Shipbrokers’ Association’s Memorandum

of Agreement for sale and purchase of ships. Adopted

by The Baltic and International Maritime Council

(BIMCO) in 1956.

Code-name

SALEFORM 1993

Revised 1966, 1983 and 1986/87.

MEMORANDUM OF AGREEMENT

Dated: 29th August 2007

Briesa Schiffahris GmbH & Co. KG MS Oland, Leer, Germany hereinafter called the Sellers, have
agreed to sell, and Adventure Five S.A. Majuro, Marshall Islands hereinafter called the Buyers,
have agreed to buy

Name: “BBC Barranquilla”

Classification Society/Class: Germanischer Lloyd

Built:
June 1995        By: Saikl Heavy Industries, Japan

Flag: Antigua            Place of Registration: Saint John’s

Call Sign: V2CF8     Grt/Nrt: 13,695 / 7,710

Register Number: 9107045

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

Definitions

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

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

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

1.     Purchase Price USD 25,200,000.00 cash (United States Dollars Twenty Five Million and Two
Hundred Thousand)

2.     Deposit

As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 10%
(ten per cent) of the Purchase Price within 3 (three) banking days from the date of signing of this
Agreement via Fax by both parties. This deposit shall be placed with Sellers’ nominated first
class bank and held by them in a joint interest bearing account for the Sellers and the Buyers, to
be released in accordance with joint written instructions of the Sellers and the Buyers. Interest,
if any, to be credited to Buyers. Any fee charged for opening up and maintaining the said deposit
or affecting closing shall be borne equally by the Sellers and the Buyers.

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3.     Payment

The 10% (ten per cent) deposit to be released by signed release letter in favor of the Sellers at
the closing. The 90% (ninety per cent) balance of the purchase money plus estimated amount of
lubricating oils and chemicals to be transferred at least 1 (one) banking day prior to the expected
date of delivery of the Vessel in an account of Sellers’ bank and to be released by signed release
letter free of bank charges to the Sellers’ nominated account at the closing of the Vessel and in
exchange for clean title to the Vessel, the agreed delivery documents and signing by Sellers’ and
Buyers’ Representatives of a clean protocol of delivery and acceptances.

The said Purchase Price shall be paid in full free of bank changes to Sellers’ nominated bank on
delivery of the Vessel, but not later than 3 banking days after the Vessel is in every respect
physically ready for delivery in accordance with the terms and conditions of this Agreement and
Notice of Readiness has been given in accordance with Clause 5.

4.     Inspections

a)* The Buyers have inspected and accepted the Vessels’classifications records. The Buyers have
also inspected the Vessel at/in Tubanao, Brazil on 15th august 2007 and have accepted
the Vessel following this inspection and the sale is outright and definite, subject only to the
terms and conditions of this Agreement.

b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare
whether same are accepted or not within
The Sellers shall provide for inspection of the Vessel at/in
The Buyers shall undertake the inspection without undue delay to the Vessel. Should the Buyers
cause undue delay they shall compensate the Sellers for the losses thereby incurred. They Buyers
shall inspect the Vessel without opening up and without cost to the Sellers. During the
inspection, the Vessel’s dock and engine log books shall be made available for examination by the
Buyers. If the Vessel is accepted after such inspection the sale shall become outright and
definite, subject only to the terms and conditions of this Agreement, provided the Sellers receive
written notice of acceptance from the Buyers within 72 hours after completion of such inspection.
Should notice of acceptance of the Vessel’s classification records and of the Vessel not be
received by the Sellers as aforesaid, the deposit together with interest earned shall be released
immediately to the Buyers whereafter this Agreement shall be null and void.

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

5.     Notices, time and place of delivery

a)     The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the
Buyers with 30, 25, 20, 15, 7, and 3 days approximate notice and 1 day definite notice of the
estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When
the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers
shall give the Buyers a written Notice of Readiness for delivery.

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Sellers to give minimum 10 (ten) days notice of the port of delivery.

b)     The Vessel shall be delivered and taken over safely afloat at a safe and fully accessible berth
or Safe anchorage at/in a safe port free of cargo, free of dunnage, free of stowaways, in the
Sellers’ option.

Vessel to be delivered in a country where International / local laws allow and it is practically
feasible for repatriation/embarkation of Seamen plus registration of the Vessel. Expected time of
delivery between October 3rd 2007 to October 21st 2007 in Sellers’ option.

Date of cancelling (see Clauses 5C), 6b) (iii) and 14): 21st
October 2007 in Buyer’s option.

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

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

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

6.     Drydocking/Divers Inspection

No dry-docking Clause to apply but Buyers to have the right to arrange for a class approved Divers’
Inspection of Vessel’s bottom and underwater part below the summer loadline in the presence of a
Class Surveyor. Whether damage or not, the Clause to be the only authority to decide.

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A)

If such inspection reveals damage affecting Class to Vessel’s bottom or underwater parts which will
be verified by the Class Surveyor which to his opinion requires immediate repairs which cannot take
place afloat then the Vessel to be drydocked in accordance with NSF1993. Should any damages in the
underwater parts affecting Class be found which in the opinion of the Class Surveyor can be
deferred for the next drydocking, Sellers have the option to repair the same immediately, or to
make a monetary settlement with the Buyers at a mutually agreed sum as per the average of two
quotations given by reputable repair yards or work shops within the delivery area, one nominated by
the Sellers and one nominated by the Buyers. This settlement shall be full and final and shall
only be for the quoted repair works set out by the Surveyor and not for any subsequent drydocking
costs etc. The repair works will be to class satisfaction and will be performed in a way
acceptable to class.

B)

In the event that the Vessel is required to be drydocked immediately prior to delivery, Sellers
shall drydock the Vessel as per Clause 6 (six) of NSF1993 (relevant sections of which are to be
reinstated). During drydock Buyers have the right to attend, paint bottom and perform works
required by them. Such works to be for Buyers’ account always without interference to Sellers’
and/or classification works. Buyers’ works shall not delay Sellers in tendering Notice of
Readiness when the Vessel is ready in all respects under the terms of this MoA and if the Buyers
have not completed their works within the notice period then Buyers to take physical delivery of
the Vessel in drydock.

In the event that the Vessel is to be drydocked prior to delivery for reasons above, the cancelling
date to be extended to cover the period of such drydocking and ballast, if any, to the shipyard.

The Sellers are to arrange attendance of the Class Surveyor and to pay for his fees, Buyers are to
arrange and pay for the Divers and their equipment unless a class relevant damage is found in which
case this cost to be also for the Sellers’ account.

	a)**	 	The Sellers shall place the Vessel in drydock at the port of delivery
for inspection by the Classification Society of the Vessel’s
underwater parts below the deepest load line, the extent of the
inspection being in accordance with the Classification Society’s
rules. If the rudder, propeller, bottom or other underwater parts
below the deepest load line are found broken, damaged or defective so
as to affect the Vessel’s class, such defects shall be made good at
the Sellers’ expense to the satisfaction of the Classification
Society without condition/recommendation.*
	 
	b)**	 	(i) The Vessel is to be delivered without drydocking. However, the
Buyers shall have the right at their expense to arrange for an
underwater inspection by a diver approved by the Classification
Society prior to the delivery of the Vessel. The Sellers shall at
their cost make the Vessel available for such inspection. The extent
of the inspection and the conditions under which it is performed
shall be to the satisfaction of the Classification Society. If the
conditions at the port of
delivery are unsuitable for such inspection, the Sellers shall make the Vessel available at
a suitable alternative place near to the delivery port.

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4

 

	 	 	(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line
are found broken, damaged or defective so as to affect the Vessel’s class, then unless
repairs can be carried out afloat to the satisfaction of the Classification Society, the
Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by the
Classification Society of the Vessel’s underwater parts below the deepest load line, the
extent of the inspection being in accordance with the Classification Society’s rules, if
the rudder, propeller, bottom or other underwater parts below the deepest load line are
found broken, damaged or defective so as to affect the Vessel’s class, such defects shall
be made good by the Sellers at their expense to the satisfaction of the Classification
Society without condition/recommendation.* In such event the Sellers are to pay also for
the cost of the underwater inspection and the Classification Society’s attendance.
	 
	 	 	(iii) If the Vessel is to be drydocked pursuant to Clause 6b) (ii) and no suitable
drydocking 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 5b). Once drydocking has taken place, the
Sellers shall deliver the Vessel at a port within the delivery range as per Clause
5b) which shall, for the purpose of this Clause, become the new port of delivery. In
such event the cancelling date provided for in Clause 5b) shall be extended by the
additional time required for the drydocking and extra cleaning, but limited to a maximum of
14 running days.
	 
	 	 	c) If the Vessel is drydocked pursuant to Clause 6a) or 6b) above.
	 
	 	 	(i) the Classification Society may require survey of the tailshaft system, the extent of
the survey being to the satisfaction of the Classification surveyor. If such survey is not
required by the Classification Society, the Buyers shall have the right to require the
tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey
being in accordance with the Classification Society’s rules for tailshaft survey and
consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare
whether they require the tailshaft to be drawn and surveyed not later than by the
completion of the inspection by the Classification Society. The drawing and refitting of
the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system
be condemned or found defective so as to affect the Vessel’s class, these parts shall be
renewed or made good at the Seller’s expense to the satisfaction of the Classification Society without
condition/recommendation.*

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

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5

 

	 	 	(iii) the expenses in connection with putting the Vessel in and taking her out of drydock,
including the drydock dues and the Classification Society’s fees shall be paid by the
Sellers if the Classification Society issues any condition/recommendation* as a result of
the survey or if it requires survey of the tailshaft system. In all other cases the Buyers
shall pay the aforesaid expenses dues and fees.
	 
	 	 	(iv) the Buyers’ representative shall have the right to be present in the drydock but
without interfering with the work or decisions of the Classification surveyor.
	 
	 	 	(v) the Buyers shall have the right to have the underwater parts of the Vessel cleaned and
painted a their risk and expense without interfering with the Sellers’ or the
Classification surveyor’s work, if any, and without affecting the Vessel’s timely
delivery. If however, the Buyers’ work in drydock is still in progress when the Sellers
have completed the work which the Sellers are required to do, the additional docking time
needed to complete the Buyers’ work shall be for the Buyers’ risk and expense. In the
event that the Buyers’ work requires such additional time, the Sellers may upon completion
of the Sellers’ work tender Notice of Readiness for delivery whilst the Vessel is still in
drydock and the Buyers shall be obliged to take delivery in accordance with Clause
3 whether the Vessel is in drydock or not and irrespective of Clause 5b).
	 
	*	 	Notes, if any, in the surveyor’s report which are accepted by the Classification Society
without condition/recommendation are not be taken into account.
	 
	**	 	6a) and 6b) are alternatives, delete whichever is not applicable. In the absence of
deletions, alternative 6a) to apply.

7.     Spares/bunkers, etc.

The Sellers shall deliver to Vessel to the Buyers with everything belonging to her on board and on
Shore and/or on order. All spare parts and spare equipment including spare tail-end shaft(s)
and/or spare propeller(s)/propeller blade(s). If any, belonging to the Vessel at the time of
inspection used or unused, whether on board or not shall become the Buyers’ property, including
paints, wires, ropes, tackles and stores broached or unbroached but spares on order are to be excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers are not
required to replace spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller
blade(s) which are taken out of spare and used as replacement prior to delivery, but the replaced
items shall be the property of the Buyers. Spare parts on board to be as at the time of inspection
by the Buyers and to be at least to the minimum class requirement. The radio installation and
navigational equipment shall be included in the sale without extra
payment if they are property of the Sellers.
Unused stores and provisions shall be included in the sale and be taken over by the Buyers with an extra payment of maximum USD 10,000. without extra payment.

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The Sellers have the right to take ashore crockery, plates, cutlery, linen and other articles
bearing the Sellers’ flag or name, provided they replace same with similar unmarked items. Library,
forms, etc., exclusively for use in the Sellers’ vessel(s), shall be excluded without compensation.
Captain’s, Officers’ and Crew’s personal belongings including the slop chest are to be excluded
from the sale as well as the following additional items
(including items on hire): There are no
hired equipments on board except for Oxygen / Freon / Acatylon bottles.

The Buyers
shall take over the remaining bunkers and unused lubricating oils and chemicals in
storage tanks, unbroached barrels and sealed drums and pay as per Sellers net invoiced prices less
all discounts and any barging / delivery costs, supported by invoices / vouchers. the current net
market price (excluding barging expenses) at the port and date of delivery of the Vessel. Payment
under this Clause shall be made at the same time and place and in the same currency as the Purchase
Price.

A statement (protocol) of Bunkers on board to be made on delivery.

Exact quantities of lubes/chemicals to be measured and agreed by Buyers’ and Sellers’
Representatives’ joint survey 2 (two) days before the estimated time of delivery.

8.     Documentation

The place of closing: Sellers’ nominated venue in Hamburg or Lear, Germany.

In exchange for payment of the purchase price Sellers will provide Buyers with all documents
required for the purpose of the Vessel’s legal transfer of ownership and her registration under
Buyers intended flag. List of such documents to be agreed promptly and to be incorporated into an
Addendum to this MoA.

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

	a)	 	Legal Bill of Sale in a form recordable in (the country which the Buyers are to register the
Vessel), warranting that the Vessel is free from all encumbrances, mortgages and maritime
liens or any other debts or claims whatsoever, duly notarially attested and legalized by the
consul of such country or other competent authority.
	 
	b)	 	Current Certificate of Ownership leased by the competent authorities of the flag state of the Vessel.
	 
	c)	 	Confirmation of Class issued within 72 hours prior to delivery.
	 
	d)	 	Current Certificate issued by the competent authorities stating that the Vessel is free from registered encumbrances.

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	e)	 	Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence
of deletion appropriate to the Vessel’s registry at the time of delivery or, in the event that
the registry does not on a matter of practice lease each documentation immediately, a written
undertaking by the Sellers to affect deletion from the Vessel’s registry forthwith and furnish
a Certificate or other official evidence of deletion to the Byers promptly and latest within 4
(four) weeks after the Purchase Price has been paid and the Vessel has been delivered.
	 
	f)	 	Any such additional documents as may reasonably be required by the competent authorities for
the purpose of registering the Vessel, provided the Buyers notify the Sellers of any such
documents as soon as possible after the date of this Agreement.

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

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

9.     Encumbrances

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

10.     Taxes, etc.

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

11.     Condition on delivery

The Vessel to be delivered in substantially the same condition as when inspected, fair wear and
tear excepted with her present Class maintained free from recommendations, free of damage affecting
class.

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All her class/national/international/trading certificates to be clean, valid and unextended at the
time of delivery, without recommendations from class.

Annual Hull and Machinery Survey that were due in June 2007 to be freshly passed by Sellers prior
to delivery.

The Vessel to be delivered with her holds clean, swept at the time of 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 as she was the time of inspection, fair wear and tear excepted.

However, the Vessel shall be delivered with her class maintained without condition/recommendation*,
free of average damage affecting the Vessel’s class, and with her classification certificates and
national certificates, as well as all other certificates the Vessel had at the time of inspection,
valid and unextended without condition/recommendation* by Class or the relevant authorities at the
time of delivery.

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

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

12.     Name/markings

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

13.     Buyers’ default

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

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

14.     Sellers’ default

Should the Sellers fail to give Notice of Readiness in accordance with Clause 5a) or fail
to be ready to validly complete a legal transfer by the date stipulated in line 61 the
Buyers shall have the option of cancelling this Agreement provided always that the Sellers shall be
granted a maximum of 3 banking days after Notice of Readiness has been given to

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9

 

make arrangements for the documentation set out in Clause 8. If after Notice of Readiness
has been given but before the Buyers have taken delivery, the Vessel ceases to be physically ready
for delivery and is not made physically ready again in every respect by the date stipulated in
line 61 and new Notice of Readiness given, the Buyers shall retain their option to cancel.
In the event that the Buyers elect to cancel this Agreement the deposit together with interest
earned shall be released to them immediately.

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

15.     Buyers’ representatives

After this Memorandum of Agreement has been signed by both parties and the 10% (ten per cent)
deposit has been lodged, the Buyers have the right to place up to two representatives on board the
Vessel at their sole risk and expense till delivery upon arrival at ___on or about
___.

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

The Buyers’ Representatives shall have free access to all Vessel’s spaces and Ship’s inventories in
order to get satisfactorily acquainted with the ship in order to prepare a smooth take
over/delivery.

16.     Arbitration

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

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

/s/ Illegible /s/ Illegible

10

 

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

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

The laws of ___shall govern this Agreement.

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

Clauses 17 — 19 to form an integral part of this Agreement. The Agreement has been made up in two
originals of the same tenor and date, one to be retained by the Sellers and one to be retained by
the Buyers.

17.     The Vessel to be delivered with a Time Charter attached to BBC Chartering & Logistics GMBH &
Co. KG at USD 13,000.00 per day less 3.75% commission, performance of which to be guaranteed by
BBC, Lear, Germany for a period of world wide trading until end of November 2007 +/- 15 (fifteen)
days.

18.     Sellers confirm to the best of their knowledge, due to short ownership, that the Vessel is not
blacklined by any nation or organisation and particularly not by the arab boycott league.

19.     All negotiations and details of the eventual sale to be kept private and confidential by all
parties involved. This provision shall not apply to disclosures to Bankers, Auditors, Stock
Exchange and Regulatory Authorities, or to public reporting requirements due to stock market
regulations. Should the Sale or any details thereto be reported pursuant to the above provision by
either party to this transaction or by any third party, neither the Sellers nor the Buyers shall
have the right to withdraw from the sale or fail to fulfill any or all of their obligations under
this agreement nor claim any related damages whatsoever.

	 	 	 	 	 
	For the Sellers: 

Briese Schiffahris 

GmbH & Co. KGMS Olaad, 

Lear, Germany 

 	 
	By:  	/s/ illegible
 	 
	Title: 	/s/illegible 	 
	 

	 	 	 	 	 
	For the Buyers:

Adventure Five S.A.

/s/ Ion G. Varouxakis

 	 
	By:  	Ion G. Varouxakis
 	 
	Title: 	Attorney-in-fact
22/08/2007	 
	 

11

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