Document:

d1175512_ex4-33.htm

EXHIBIT 4.33

 

 

	
 

 

 

 Printed by BIMCO’s idea 

	 
	

Approved by the documentary Committee of The Japan Shipping Exchange Inc., Tokyo

	 

Approved by the International Ship Sub-Managers’ Association  (ISMA)

 

 

	
1. Date of Agreement

 

  1st July 2010

 

  M/T HONGBO

 

	
THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT

 

CODE NAME:  "SHIPMAN 98"

 

                    Part I

	
2.

 

 

	
Owner (name, place of registered office and law of registry) (Cl. 1)

HONGBO SHIPPING COMPANY LIMITED

	
3.

	
Managers (name, place of registered office and law of registry) (Cl. 1)

CENTRAL MARE INC

	
Name

 

80 Broad Street, Monrovia, Liberia.

	
Name

 

The Trust Company Complex, Ajeltake Road , Ajeltake Island, Majuro, Marshall Islands

	
Place of registered office

 

Liberia

	
Place of registered office

 

Marshall Islands

	
 

 

	
 

	
Law of registry

 

	
Law of registry

	
4. Day and year of commencement of Agreement (Cl. 2)

 

    1st July 2010

	  
	
5. Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)

    NO

 

 

	
6. Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)

    NO

	
7. Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)

     YES

 

 

	
8. Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)

     NO

	
9. Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)

    YES

 

 

	
10. Sale or purchase of the Vessel (state “yes” or “no” as agreed) (Cl. 3.6)

      YES

	
11. Provisions (state “yes” or “no” as agreed) (Cl. 3.7)

      NO

 

 

	
12. Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)

      NO

	
13. Chartering Services (only to be filled in if  “yes” stated in box 7) (Cl . 3.3(i))

      FOR THE ENTIRE DURATION OF THIS AGREEMENT

 

 

	
14. Managers’ Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)

      ( i )

	
15. Annual Management Fee (state annual amount) (Cl. 8.1)

      AS PER ANNEX “E”

 

 

	
16. Severance Costs (state maximum amount) (Cl. 8.4(ii))

AT COST AS PER SEAMEN COLLECTIVE AGREEMENT

	
17. Day and year of termination of Agreement (Cl. 17)

      FIVE YEARS FROM COMMENCEMENT

 

 

	
18. Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)

AS PER CLAUSE 19.1

 

 

	
19. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Owners) (Cl. 20)

 

TOP SHIPS INC.

1, VAS.SOFIAS & MEG. ALEXANDROU STR.,

15124, MAROUSSI, ATHENS, GREECE

E-mail: vi@topships.org

Fax      : +30 210 6141 276

	
20. Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Managers) (Cl. 20) 

 

CENTRAL MARE INC.

1, VAS.SOFIAS & MEG. ALEXANDROU STR.,

15124, MAROUSSI, ATHENS, GREECE

E-mail: info@centralmare.com

Fax      : +30 210 8020 364

	
  

	
It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget), and “D” (Associated Vessels) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict of conditions, the provisions of PART I and Annexes “A”, “B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no further.

	
Signature(s) (Owners)

 

HONGBO SHIPPING COMPANY LIMITED

	
Signature(s) (Managers)

 

CENTRAL MARE INC.

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  

Printed by BIMCO’s idea

ANNEX "A" (DETAILS OF VESSEL OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

	
Date of Agreement:

	
1st July 2010

 

 

 

	  
	  	  	  
	
Name of Vessel(s):

	
M/T HONGBO

 

	  
	
Particulars of Vessel(s):

	  	  

 

	
TYPE OF VESSEL

	
OIL - CHEMICAL TANKER

	
HULL TYPE

	
DOUBLE HULL

	
IMO NUMBER

	
9428384

	
FLAG

	
PANAMA

	
YEAR & PLACE BUILT

	
2009  – SPP  S.KOREA

	
CLASS SOCIETY

	
DNV

	
CALL SIGN

	
3FXR5

	
LOA, BREADTH, DEPTH

	
183,09 m / 32,2 m / 19,1 m

	
SDWT - DRAFT

	
50.106 MT @ 13,055 M

	
NRT/GRT

	
13.435 MT/ 30.006 MT

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

Printed by BIMCO’s idea

ANNEX "B" (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

	
Date of Agreement:

	
1st July 2010

 

 

 

	
Details of Crew:

	
NOT APPLICABLE IN B/B CHARTER PERIOD

 

Rank                                                      Number                                            Nationality

	
Master

	  	  
	
Chief Mate

	  	  
	
2nd Mate

	  	  
	
3rd Mate

	  	  
	
Chief Engineer

	  	  
	
2nd Engineer

	  	  
	
3rd Engineer

	  	  
	
Electrician

	  	  
	
Bosum

	  	  
	
AB

	  	  
	
Deck Cadet (OS)

	  	  
	
Fitter

	  	  
	
Pumpman

	  	  
	
Oiler

	  	  
	
Engine Cadet

	  	  
	
Cook - Steward

	  	  
	
Catering Boy

	  	  
	
CREW TOTAL

	  	  

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

 

 

  

  

  

 

Printed by BIMCO’s idea

ANNEX "C" (BUDGET) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

 

Date of Agreement:                                                     1st July 2010

 

Managers Budget in USD for the first year with effect from the Commencement Date of this Agreement:

 

 

 

Please see “Appendix 1” Central Mare Inc Budget Proposal 2010.

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

Printed by BIMCO’s idea

ANNEX "D" (ASSOCIATED VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

 

Date of Agreement:                                           1st July 2010

 

Details of Associated Vessels:

 

	
M/T DAUNTLESS

	
M/T IOANNIS P

	
M/V ASTRALE

	
M/V AMALFI

	
M/V PEPITO

	
M/V CYCLADES

	
M/V PAPILLON

	
M/T MISS MARILENA

	
M/T LICHTENSTEIN

	
M/T IONIAN WAVE

	
M/T TYRRHENIAN WAVE

	
M/T BRITTO

	
M/T HONGBO

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

 

ANNEX E  (Management Fees)

	
Management Fee:

	 	
EURO 250 per day, for vessels on Bareboat Charter.

 

	
Annual Increase:

	 	
3% per annum for all fees. To be reviewed after the 5th anniversary.

 

	
Services for SOX Compliance:

	 	
EURO 100 per day.

 

	
Commercial Operation & Freight Collection services:

	 	
EURO 90 per day.

 

	
Managers’ Superintendent’s Fee:

	 	
EURO 500 per day, plus actual expenses.

 

	
Information System Fee:

	 	
EURO 10,000 per year.

 

	
Commission on derivative agreements and new loan financing or loan refinancing:

	 	
0.2%

 

	
Commission on all NEW hires / gross freight /demurrage/ ballast Bonus:

	 	
1.25%

 

	
Commission on all EXISTING hires / gross freight /demurrage/ ballast Bonus for post fixture:

 

	 	
0.75%

	
Sales and Purchase Commission:

	 	
1% of the sale or the purchase Price

 

	
Insurance Services:

	 	
5% of the total insurance premiums per vessel

 

	
In-house claims handling:

	 	
EURO 150 per person per day of 8 hours for handling all claims other than insurance and salvage.

 

	
Legal fees for claims and general

Corporate services:

	 	
At cost.

 

	

1.   Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services.

2.    Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such deductible range.

3.    Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the operation of the vessel.

4.    The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this agreement.

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

 

 

	
Definitions

	
1

	  	
for the duties for which they are engaged and are in possession

	
 66

	
In this Agreement save where the context otherwise requires,

	
2

	  	
of valid medical certificates issued in accordance with

	
67

	
the following words and expressions shall have the meanings

	
3

	  	
appropriate flag State requirements. In the absence of

	
68

	
hereby assigned to them.

	
4

	  	
applicable flag State requirements the medical certificate shall

	
69

	  	  	  	
be dated not more than three months prior to the respective

	
70

	
"Owners" means the party identified in Box 2.

	
5

	  	
Crew members leaving their country of domicile and

	
71

	
"Managers" means the party identified in Box 3.

	
6

	  	
maintained for the duration of their service on board the Vessel;

	
72

	
"Vessel" means the vessel or vessels details of which are set

	
7

	  	
(iv) ensuring that the Crew shall have a command of the English

	
73

	
out in Annex "A" attached hereto.

	
8

	  	
       language of a sufficient standard to enable them to perform

	
74

	
"Crew" means the Master, officers and ratings of the numbers,

	
9

	  	
       their duties safely;

	
75

	
rank and nationality specified in Annex "B" attached hereto.

	
10

	  	
(v)  arranging transportation of the Crew, including repatriation;

	
76

	
"Crew Support Costs" means all expenses of a general nature

	
11

	  	
(vi) training of the Crew and supervising their efficiency;

	
77

	
which are not particularly referable to any individual vessel for

	
12

	  	
(vii) conducting union negotiations;

	
78

	
the time being managed by the Managers and which are incurred

	
13

	  	
(viii) operating the Managers' drug and alcohol policy unless

	
79

	
by the Managers for the purpose of providing an efficient and

	
14

	  	
        otherwise agreed.

	
80

	
economic management service and, without prejudice to the

	
15

	  	
3.2 Technical Management

	
81

	
generality of the foregoing, shall include the cost of crew standby

	
16

	  	
(only applicable if agreed according to Box 6)

	
82

	
pay, training schemes for officers and ratings, cadet training

	
17

	  	
The Managers shall provide technical management which

	
83

	
schemes, sick pay, study pay, recruitment and interviews.

	
18

	  	
includes, but is not limited to, the following functions:

	
84

	
"Severance Costs" means the costs which the employers are

	
19

	  	
(i)  provision of competent personnel to supervise the

	
85

	
legally obliged to pay to or in respect of the Crew as a result of

	
20

	  	
maintenance and general efficiency of the Vessel;

	
86

	
the early termination of any employment contract for service on

	
21

	  	
(ii)arrangement and supervision of dry dockings, repairs,

	
87

	
the Vessel.

	
22

	  	
alterations and the upkeep of the Vessel to the standards

	
88

	
"Crew Insurances" means insurances against crew risks which

	
23

	  	
required by the Owners provided that the Managers shall

	
89

	
shall include but not be limited to death, sickness, repatriation,

	
24

	  	
be entitled to incur the necessary expenditure to ensure

	
90

	
injury, shipwreck unemployment indemnity and loss of personal

	
25

	  	
that the Vessel will comply with the law of the flag of the

	
91

	
effects.

	
26

	  	
Vessel and of the places where she trades, and all

	
92

	
"Management Services" means the services specified in sub-

	
27

	  	
requirements and recommendations of the classification

	
93

	
clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.

	
28

	  	
society;

	
94

	
"ISM Code" means the International Management Code for the

	
29

	  	
(iii); Arrangement of the supply of necessary stores, spares and

	  95
	
Safe Operation of Ships and for Pollution Prevention as adopted

	
30

	  	
lubricating oil;

	
96

	
by the International Maritime Organization (IMO) by resolution

	
31

	  	
(iv) appointment of surveyors and technical consultants as the

	
97

	
A.741(18) or any subsequent amendment thereto.

	
32

	  	
Managers may consider from time to time to be necessary;

	  98
	
"STCW 95" means the International Convention on Standards

	
33

	  	
(v) development, implementation and maintenance of a Safety

	
99

	
of Training, Certification and Watchkeeping for Seafarers, 1978,

	
34

	  	
Management System (SMS) in accordance with the ISM

	
100

	
as amended in 1995 or any subsequent amendment thereto.

	
35

	  	
Code (see sub-clauses 4.2 and 5.3).

	  101
	
2. Appointment of Managers

	
36

	  	
3.3 Commercial Management

	
102

	
With effect from the day and year stated in Box 4 and continuing

	
37

	  	
(only applicable if agreed according to Box 7)

	
103

	
unless and until terminated as provided herein, the Owners

	
38

	  	
The Managers shall provide the commercial operation of the

	
104

	
hereby appoint the Managers and the Managers hereby agree

	
39

	  	
Vessel, as required by the Owners, which includes, but is not

	
105

	
to act as the Managers of the Vessel.

	
40

	  	
limited to, the following functions:

	
106

	
3. Basis of Agreement

	
41

	  	
(i)   providing chartering services in accordance with the Owners'

	
107

	
Subject to the terms and conditions herein provided, during the

	
42

	  	
instructions which include, but are not limited to, seeking

	
108

	
period of this Agreement, the Managers shall carry out

	
43

	  	
and negotiating employment for the Vessel and the conclusion

	
109

	
Management Services in respect of the Vessel as agents for

	
44

	  	
(including the execution thereof) of charter parties or other

	
110

	
and on behalf of the Owners. The Managers shall have authority

	
45

	  	
contracts relating to the employment of the Vessel. If such a

	
111

	
to take such actions as they may from time to time in their absolute

	
46

	  	
contract exceeds the period stated in Box 13. consent thereto

	
112

	
discretion consider to be necessary to enable them to perform

	
47

	  	
in writing shall first be obtained from the Owners.

	
113

	
this Agreement in accordance with sound ship management

	
48

	  	
(ii) arranging of the proper payment to Owners or their nominees

	
114

	
practice.

	
49

	  	
of all hire and/or freight revenues or other moneys of

	
115

	
3.1 Crew Management

	
 50

	  	
whatsoever nature to which Owners may be entitled arising

	
116

	
(only applicable if agreed according to Box 5)

	
51

	  	
out of the employment of or otherwise in connection with the

	
117

	
The Managers shall provide suitably qualified Crew for the Vessel

	
52

	  	
Vessel.

	
118

	
as required by the Owners in accordance with the STCW 95

	
53

	  	
(iii) providing voyage estimates and accounts and calculating of

	
119

	
requirements, provision of which includes but is not limited to

	
54

	  	
hire, freights, demurrage and/or despatch moneys due from

	
120

	
the following functions:

	
55

	  	
or due to the charterers of the Vessel;

	
121

	
(i)   selecting and engaging the Vessel's Crew, including payroll

	
56

	  	
(iv) issuing of voyage instructions;

	
122

	
arrangements, pension administration, and insurances for

	
57

	  	
(v) appointing agents;

	
123

	
the Crew other than those mentioned in Clause 6:

	
58

	  	
(vi) appointing stevedores;

	
124

	
(ii) ensuring that the applicable requirements of the law of the

	
59

	  	
(vii)arranging surveys associated with the commercial operation

	
125

	
flag of the Vessel are satisfied in respect of manning levels,

	
60

	  	
of the Vessel.

	  126
	
rank, qualification and certification of the Crew and

	
61

	  	
3.4  Insurance Arrangements

	  127
	
employment regulations including Crew's tax, social

	
62

	  	
(only applicable if agreed according to Box 8)

	
128

	
insurance, discipline and other requirements;

	
63

	  	
The Managers shall arrange insurances in accordance with

	
129

	
(iii) ensuring that all members of the Crew have passed a medical

	
64

	  	
Clause 6, on such terms and conditions as the Owners shall

	
130

	
examination with a qualified doctor certifying that they are fit

	
65

	  	
have instructed or agreed, in particular regarding conditions,

	
131

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

 

	
insured values, deductibles and franchises.

	
132

	  	
6. Insurance Policies

	
193

	  	  	  	
The Owners shall procure, whether by instructing the Managers

	
194

	
3.5 Accounting Services

	
133

	  	
under sub-clause 3.4 or otherwise, that throughout the period of

	
195

	
(only applicable if agreed according to Box 9)

	
134

	  	
this Agreement:

	
196

	
The Managers shall:

	
135

	  	
6.1 at the Owners' expense, the Vessel is insured for not less

	
197

	
(i)   establish an accounting system which meets the

	
136

	  	
than her sound market value or entered for her full gross tonnage,

	
198

	
requirements of the Owners and provide regular accounting

	
137

	  	
as the case may be for:

	
199

	
services, supply regular reports and records,

	
138

	  	
(i)   usual hull and machinery marine risks (including crew

	
200

	
(ii)  maintain the records of all costs and expenditure incurred

	
139

	  	
negligence) and excess liabilities;

	
201

	
as well as data necessary or proper for the settlement of

	
140

	  	
(ii) protection and indemnity risks (including pollution risks and

	
202

	
accounts between the parties.

	
141

	  	
Crew Insurances); and

	
203

	  	  	  	
(iii) war risks (including protection and indemnity and crew risks)

	
204

	
3.6 Sale or Purchase of the Vessel

	
142

	  	
in accordance with the best practice of prudent  owners of

	
205

	
(only applicable if agreed according to Box 10)

	
143

	  	
vessels of a similar type to the Vessel, with first class insurance

	
206

	
The Managers shall, in accordance with the Owners' instructions,

	
144

	  	
companies, underwriters or associations ("the Owners'

	
207

	
supervise the sale or purchase of the Vessel, including the

	
145

	  	
Insurances");

	
208

	
performance of any sale or purchase agreement, but not

	
146

	  	
6.2 all premiums and calls on the Owners' Insurances are paid

	
209

	
negotiation of the same.

	
147

	  	
promptly by their due date,

	
210

	
3.7 Provisions (only applicable if agreed according to Box 11)

	
148

	  	
6.3 the Owners' Insurances name the Managers and, subject

	
211

	
The Managers shall arrange for the supply of provisions.

	
149

	  	
to underwriters' agreement, any third party designated by the

	
212

	
3.8 Bunkering (only applicable if agreed according to Box 12)

	
150

	  	
Managers as a joint assured, with full cover, with the Owners

	
213

	
The Managers shall arrange for the provision of bunker fuel of the

	
151

	  	
obtaining cover in respect of each of the insurances specified in

	
214

	
quality specified by the Owners as required for the Vessel's trade.

	
152

	  	
sub-clause 6.1:

	
215

	  	  	  	
(i)   on terms whereby the Managers and any such third party

	
216

	
4. Managers' Obligations

	
153

	  	
       are liable in respect of premiums or calls arising in connection

	
217

	
4.1 The Managers undertake to use their best endeavours to

	
154

	  	
       with the Owners'Insurances; or

	
218

	
provide the agreed Management Services as agents for and on

	
155

	  	
(ii)  if reasonably obtainable, on terms such that neither the

	
219

	
behalf of the Owners in accordance with sound ship management

	
156

	  	
       Managers nor any such third party shall be under any

	
220

	
practice and to protect and promote the interests of the Owners in

	
157

	  	
       liability in respect of premiums or calls arising in connection

	
221

	
all matters relating to the provision of services hereunder.

	
158

	  	
       with the Owners' Insurances; or

	
222

	
Provided, however, that the Managers in the performance of their

	
159

	  	
(iii) on such other terms as may be agreed in writing.

	
223

	
management responsibilities under this Agreement shall be entitled

	
160

	  	
Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left

	
224

	
to have regard to their overall responsibility in relation to all vessels

	
161

	  	
blank then (i) applies.

	
225

	
as may from time to time be entrusted to their management and

	
162

	  	
6.4 written evidence is provided, to the reasonable satisfaction

	
226

	
in particular, but without prejudice to the generality of the foregoing,

	
163

	  	
of the Managers, of their compliance with their obligations under

	
227

	
the Managers shall be entitled to allocate available supplies,

	
164

	  	
Clause 6 within a reasonable time of the commencement of

	
228

	
manpower and services in such manner as in the prevailing

	
165

	  	
the Agreement, and of each renewal date and, if specifically

	
229

	
circumstances the Managers in their absolute discretion consider

	
166

	  	
requested, of each payment date of the Owners' Insurances.

	
230

	
to be fair and reasonable.

	
167

	  	
7. Income Collected and Expenses Paid on Behalf of Owners

	
231

	
4.2 Where the Managers are providing Technical Management

	
168

	  	
7.1 All moneys collected by the Managers under the terms of

	
232

	
in accordance with sub-clause 3.2, they shall procure that the

	
169

	  	
this Agreement (other than moneys payable by the Owners to

	
233

	
requirements of the law of the flag of the Vessel are satisfied and

	
170

	  	
the Managers) and any interest thereon shall be held to the

	
234

	
they shall in particular be deemed to be the "Company" as defined

	
171

	  	
credit of the Owners in a separate bank account.

	
235

	
by the ISM Code, assuming the responsibility for the operation of

	
172

	  	
7.2 All expenses incurred by the Managers under the terms

	
236

	
the Vessel and taking over the duties and responsibilities imposed

	
173

	  	
of this Agreement on behalf of the Owners (including expenses

	
237

	
by the ISM Code when applicable.

	
174

	  	
as provided in Clause 8) may be debited against the Owners

	
238

	  	  	  	
in the account referred to under sub-clause 7J. but shall in any

	
239

	
5. Owners' Obligations

	
175

	  	
event remain payable by the Owners to the Managers on

	
240

	
5.1 The Owners shall pay all sums due to the Managers punctually

	
176

	  	
demand.

	
241

	
in accordance with the terms of this Agreement.

	
177

	  	  	  
	
5.2 Where the Managers are providing Technical Management

	
178

	  	
8. Management Fee

	
242

	
in accordance with sub-clause 3.2, the Owners shall:

	
179

	  	
8.1 The Owners shall pay to the Managers for their services

	
243

	
(i)   procure that all officers and ratings supplied by them or on

	
180

	  	
as Managers under this Agreement an annual management

	
244

	
      their behalf comply with the requirements of STCW 95;

	
181

	  	
fee as stated in Box 15 which shall be payable by equal

	
245

	
(ii)   instruct such officers and ratings to obey all reasonable orders

	
182

	  	
monthly instalments in advance, the first instalment being

	
246

	
       of the Managers in connection with the operation of the

	
183

	  	
payable on the commencement of this Agreement (see Clause

	
247

	
        Managers' safety management system.

	
184

	  	
2 and Box 4) and subsequent instalments being payable every

	
248

	
5.3 Where the Managers are not providing Technical Management

	
185

	  	
month.

	
249

	
in accordance with sub-clause 3.2, the Owners shall procure that

	
186

	  	
8.2  The management fee shall be subject to an annual review

	
250

	
the requirements of the law of the flag of the Vessel are satisfied

	
187

	  	
on the anniversary date of the Agreement and the proposed

	
251

	
and that they, or such other entity as may be appointed by them

	
188

	  	
fee shall be presented in the annual budget referred to in sub-

	
252

	
and identified to the Managers, shall be deemed to be the

	
189

	  	
Clause 9.1

	
253

	
"Company" as defined by the ISM Code assuming the responsibility

	
190

	  	
8.3 The Managers shall, at no extra cost to the Owners, provide

	
254

	
for the operation of the Vessel and taking over the duties and

	
191

	  	
their own office accommodation, office staff, facilities and

	
255

	
responsibilities imposed by the ISM Code when applicable.

	
192

	  	
stationery. Without limiting the generality of Clause 7 the Owners

	
256

	  	  	  	
shall reimburse the Managers for postage and communication

	
257

	  	  	  	
expenses, travelling expenses, and other out of pocket

	
258

	  	  	  	
expenses properly incurred by the Managers in pursuance of

	
259

	  	  	  	  	  

  

  

  

 PART II

"SHIPMAN 98" Standard Ship Management Agreement

 

	
the Management Services.

	
260

	  	
11.Responsibilities

	
325

	
8.4 In the event of the appointment of the Managers being

	
261

	  	
11.1 Force Majeure - Neither the Owners nor the Managers

	
326

	
terminated by the Owners or the Managers in accordance with

	
262

	  	
shall be under any liability for any failure to perform any of their

	
327

	
the provisions of Clauses 17 and .18 other than by reason of

	
263

	  	
obligations hereunder by reason of any cause whatsoever of

	
328

	
default by the Managers, or if the Vessel is lost, sold or otherwise

	
264

	  	
any nature or kind beyond their reasonable control.

	
329

	
disposed of, the "management fee" payable to the Managers

	
265

	  	
11.2 Liability to Owners  - (i) Without prejudice to sub-clause

	
330

	
according to the provisions of sub-clause 8.1.. shall continue to

	
266

	  	
11.1, the Managers shall be under no liability whatsoever to the

	
331

	
be payable for a further period of three calendar months as

	
267

	  	
Owners for any loss, damage, delay or expense of whatsoever

	
332

	
from the termination date. In addition, provided that the

	
268

	  	
nature, whether direct or indirect, (including but not limited to

	
333

	
Managers provide Crew for the Vessel in accordance with sub-

	
269

	  	
loss of profit arising out of or in connection with detention of or

	
334

	
clause 3.1:

	
270

	  	
delay to the Vessel) and howsoever arising in the course of

	
335

	
(i)   the Owners shall continue to pay Crew Support Costs during

	
271

	  	
performance of the Management Services UNLESS same is

	
336

	
the said further period of three calendar months and

	
272

	  	
proved to have resulted solely from the negligence, gross

	
337

	
(ii) the Owners shall pay an equitable proportion of any

	
273

	  	
negligence or wilful default of the Managers or their employees,

	
338

	
Severance Costs which may materialize, not exceeding

	
274

	  	
or agents or sub-contractors employed by them in connection

	
339

	
the amount stated in Box 16.

	
275

	  	
with the Vessel, in which case (save where loss, damage, delay

	
340

	
8.5 If the Owners decide to lay-up the Vessel whilst this

	
276

	  	
or expense has resulted from the Managers' personal act or

	
341

	
Agreement remains in force and such lay-up lasts for more

	
277

	  	
omission committed with the intent to cause same or recklessly

	
342

	
than three months, an appropriate reduction of the management

	
278

	  	
and with knowledge that such loss, damage, delay or expense

	
343

	
fee for the period exceeding three months until one month

	
279

	  	
would probably result) the Managers' liability for each incident

	
344

	
before the Vessel is again put into service shall be mutually

	
280

	  	
or series of incidents giving rise to a claim or claims shall never

	
345

	
agreed between the parties.

	
281

	  	
exceed a total of ten times the annual management fee payable

	
346

	
8.6 Unless otherwise agreed in writing all discounts and

	
282

	  	
hereunder.

	
347

	
commissions obtained by the Managers in the course of the

	
283

	  	
(ii) Notwithstanding anything that may appear to the contrary in

	
348

	
management of the Vessel shall be credited to the Owners.

	
284

	  	
this Agreement, the Managers shall not be liable for any of the

	
349

	  	  	  	
actions of the Crew, even if such actions are negligent, grossly

	
350

	
9. Budgets and Management of Funds

	
285

	  	
negligent or wilful, except only to the extent that they are shown

	
351

	
9.1 The Managers shall present to the Owners annually a

	
286

	  	
to have resulted from a failure by the Managers to discharge

	
352

	
budget for the following twelve months in such form as the

	
287

	  	
their obligations under sub-clause 3.1, in which case their liability

	
353

	
Owners require. The budget for the first year hereof is set out

	
288

	  	
shall be limited in accordance with the terms of this Clause 11.

	
354

	
in Annex "C" hereto. Subsequent annual budgets shall be

	
289

	  	
11.3 Indemnity - Except to the extent and solely for the amount

	
355

	
prepared by the Managers and submitted to the Owners not

	
290

	  	
therein set out that the Managers would be liable under sub-

	
356

	
less than three months before the anniversary date of the

	
291

	  	
clause 11.2, the Owners hereby undertake to keep the Managers

	
357

	
commencement of this Agreement (see Clause 2 and Box 4).

	
292

	  	
and their employees, agents and sub-contractors indemnified

	
358

	
9.2 The Owners shall indicate to the Managers their acceptance

	
293

	  	
and to hold them harmless against all actions, proceedings,

	
359

	
and approval of the annual budget within one month of

	
294

	  	
claims, demands or liabilities whatsoever or howsoever arising

	
360

	
presentation and in the absence of any such indication the

	
295

	  	
which may be brought against them or incurred or suffered by

	
361

	
Managers shall be entitled to assume that the Owners have

	
296

	  	
them arising out of or in connection with the performance of the

	
362

	
accepted the proposed budget.

	
297

	  	
Agreement, and against and in respect of all costs, losses,

	
363

	
9.3 Following the agreement of the budget, the Managers shall

	
298

	  	
damages and expenses (including legal costs and expenses on

	
364

	
prepare and present to the Owners their estimate of the working

	
299

	  	
a full indemnity basis) which the Managers may suffer or incur

	
365

	
capital requirement of the Vessel and the Managers shall each

	
300

	  	
(either directly or indirectly) in the course of the performance of

	
366

	
month up-date this estimate. Based thereon, the Managers shall

	
301

	  	
this Agreement.

	
367

	
each month request the Owners in writing for the funds required

	
302

	  	  	  
	
to run the Vessel for the ensuing month, including the payment

	
303

	  	
11.4 "Himalaya" - It is hereby expressly agreed that no

	
368

	
of any occasional or extraordinary item of expenditure, such as

	
304

	  	
employee or agent of the Managers (including every sub-

	
369

	
emergency repair costs, additional insurance premiums, bunkers

	
305

	  	
contractor from time to time employed by the Managers) shall in

	
370

	
or provisions. Such funds shall be received by the Managers

	
306

	  	
any circumstances whatsoever be under any liability whatsoever

	
371

	
within ten running days after the receipt by the Owners of the

	
307

	  	
to the Owners for any loss, damage or delay of whatsoever kind

	
372

	
Managers' written request and shall be held to the credit of the

	
308

	  	
arising or resulting directly or indirectly from any act, neglect or

	
373

	
Owners in a separate bank account.

	
309

	  	
default on his part while acting in the course of or in connection

	
374

	
9.4 The Managers shall produce a comparison between

	
310

	  	
with his employment and, without prejudice to the generality of

	
375

	
budgeted and actual income and expenditure of the Vessel in

	
311

	  	
the foregoing provisions in this Clause 11. every exemption,

	
376

	
such form as required by the Owners monthly or at such other

	
312

	  	
limitation, condition and liberty herein contained and every right,

	
377

	
intervals as mutually agreed.

	
313

	  	
exemption from liability, defence and immunity of whatsoever

	
378

	
9.5 Notwithstanding anything contained herein to the contrary,

	
314

	  	
nature applicable to the Managers or to which the Managers are

	
379

	
the Managers shall in no circumstances be required to use or

	
315

	  	
entitled hereunder shall also be available and shall extend to

	
380

	
commit their own funds to finance the provision of the

	
316

	  	
protect every such employee or agent of the Managers acting

	
381

	
Management Services.

	
317

	  	
as aforesaid and for the purpose of all the foregoing provisions

	
382

	  	  	  	
of this Clause 11 the Managers are or shall be deemed to be

	
383

	
10.Managers' Right to Sub-Contract

	
318

	  	
acting as agent or trustee on behalf of and for the benefit of all

	
384

	
The Managers shall not have the right to sub-contract any of

	
319

	  	
persons who are or might be their servants or agents from time

	
385

	
their obligations hereunder, including those mentioned in sub-

	
320

	  	
to time (including sub-contractors as aforesaid) and all such

	
386

	
clause 3.1 without the prior written consent of the Owners which

	
321

	  	
persons shall to this extent be or be deemed to be parties to this

	
387

	
shall not be unreasonably withheld. In the event of such a sub-

	
322

	  	
Agreement.

	
388

	
contract the Managers shall remain fully liable for the due

	
323

	  	  	  
	
performance of their obligations under this Agreement.

	
324

	  	
12.Documentation

	
389

	  	  	  	
Where the Managers are providing Technical Management in

	
390

	  	  	  	
accordance with sub-clause 3.2 and/or Crew Management in

	
391

	  	  	  	
accordance with sub-clause 3.1. they shall make available,

	
392

	  	  	  	  	  
	  	  	  	  	  

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

 

	
upon Owners' request, all documentation and records related

	
393

	 	
running, or in an unlawful trade, or on a voyage which

	
459

	
to the Safety Management System (SMS) and/or the Crew

	
394

	 	
in the reasonable opinion of the Managers is unduly

	
460

	
which the Managers need in order to demonstrate compliance

	
395

	 	
hazardous or improper,

	
461

	
with the ISM Code and STCW 95 or to defend a claim against

	
396

	 	
the Managers may give notice of the default to the Owners,

	
462

	
a third party.

	
397

	 	
requiring them to remedy it as soon as practically possible.

	
463

	  	  	 	
In the event that the Owners fail to remedy it within a

	
464

	
13.General Administration

	
398

	 	
reasonable time to the satisfaction of the Managers, the

	
465

	
13.1 The Managers shall handle and settle all claims arising

	
399

	 	
Managers shall be entitled to terminate the Agreement

	
466

	
out of the Management Services hereunder and keep the Owners

	
400

	 	
with immediate effect by notice in writing.

	
467

	
informed regarding any incident of which the Managers become

	
401

	 	
18.2 Managers'Default

	
468

	
aware which gives or may give rise to claims or disputes involving

	
402

	 	
If the Managers fail to meet their obligations under Clauses 3

	
469

	
third parties.

	
403

	 	
and 4 of this Agreement for any reason within the control of the

	
470

	
13.2 The Managers shall, as instructed by the Owners, bring

	
 404

	 	
Managers, the Owners may give notice to the Managers of the

	
471

	
or defend actions, suits or proceedings in connection with matters

	
405

	 	
default, requiring them to remedy it as soon as practically

	
472

	
entrusted to the Managers according to this Agreement.

	
406

	 	
possible. In the event that the Managers fail to remedy it within a

	
473

	
13.3 The Managers shall also have power to obtain legal or

	
407

	 	
reasonable time to the satisfaction of the Owners, the Owners

	
474

	
technical or other outside expert advice in relation to the handling

	
408

	 	
shall be entitled to terminate the Agreement with immediate effect

	
 475

	
and settlement of claims and disputes or all other matters

	
409

	 	
by notice in writing.

	
476

	
affecting the interests of the Owners in respect of the Vessel.

	
410

	 	
18.3 Extraordinary Termination

	
477

	
13.4 The Owners shall arrange for the provision of any

	
411

	 	
This Agreement shall be deemed to be terminated in the case of

	
478

	
necessary guarantee bond or other security.

	
412

	 	
the sale of the Vessel or if the Vessel becomes a total loss or is

	
479

	
13.5 Any costs reasonably incurred by the Managers in

	
413

	 	
declared as a constructive or compromised or arranged total

	
480

	
carrying out their obligations according to Clause 13 shall be

	
414

	 	
loss or is requisitioned.

	
481

	
reimbursed by the Owners.

	
415

	 	
18.4  For the purpose of sub-clause 18.3 hereof

	
482

	  	  	 	
(i)  the date upon which the Vessel is to be treated as having

	
483

	
14. Auditing

	
416

	 	
been sold or otherwise disposed of shall be the date on

	
484

	
The Managers shall at all times maintain and keep true and

	
417

	 	
which the Owners cease to be registered as Owners of

	
485

	
correct accounts and shall make the same available for inspection

	
418

	 	
the Vessel;

	
486

	
and auditing by the Owners at such times as may be mutually

	
419

	 	
(ii) the Vessel shall not be deemed to be lost unless either

	
487

	
agreed. On the termination, for whatever reasons, of this

	
420

	 	
she has become an actual total loss or agreement has

	
488

	
Agreement, the Managers shall release to the Owners, if so

	
421

	 	
been reached with her underwriters in respect of her

	
489

	
requested, the originals where possible, or otherwise certified

	
422

	 	
constructive, compromised or arranged total loss or if such

	
490

	
copies, of all such accounts and all documents specifically relating

	
423

	 	
agreement with her underwriters is not reached it is

	
491

	
to the Vessel and her operation.

	
424

	 	
adjudged by a competent tribunal that a constructive loss

	
492

	  	  	 	
of the Vessel has occurred.

	
493

	
15.lnspection of Vessel

	
425

	 	
18.5  This Agreement shall terminate forthwith in the event of

	
494

	
The Owners shall have the right at any time after giving

	
426

	 	
an order being made or resolution passed for the winding up,

	
495

	
reasonable notice to the Managers to inspect the Vessel for any

	
427

	 	
dissolution, liquidation or bankruptcy of either party (otherwise

	
496

	
reason they consider necessary.

	
428

	 	
than for the purpose of reconstruction or amalgamation) or if a

	
497

	  	  	 	
receiver is appointed, or if it suspends payment, ceases to carry

	
498

	
16.Compliance with Laws and Regulations

	
429

	 	
on business or makes any special arrangement or composition

	
499

	
The Managers will not do or permit to be done anything which

	
430

	 	
with its creditors.

	
500

	
might cause any breach or infringement of the laws and

	
431

	 	
18.6  The termination of this Agreement shall be without

	
501

	
regulations of the Vessel's flag, or of the places where she trades.

	
432

	 	
prejudice to all rights accrued due between the parties prior to

	
502

	  	  	 	
the date of termination.

	
503

	
17.Duration of the Agreement

	
433

	 	
18.7 A change of control of either party shall not terminate this

	
504

	
This Agreement shall come into effect on the day and year stated

	
434

	 	
Agreement.

	
505

	
in Box 4 and shall continue until the date stated in Box 17.

	
435

	 	  	  
	
Thereafter it shall continue until terminated by either party giving

	
436

	 	
19.Law and Arbitration

	
506

	
to the other notice in writing, in which event the Agreement shall

	
437

	 	
19.1 This Agreement shall be governed by and construed in

	
507

	
terminate upon the expiration of a period of two twelve months from the

	
438

	 	
accordance with English law and any dispute arising out of or

	
508

	
date upon which such notice was given. In case Owners wish to terminate

	
439

	 	
in connection with this Agreement shall be referred to arbitration

	
509

	
the Agreement earlier than the date stated in Box 17 Owners will  pay the

	
440

	 	
in London in accordance with the Arbitration Act 1996 or

	
510

	
Managers all fees as per ANNEX “E” for the remaining period until the date

	
441

	 	
any statutory modification or re-enactment thereof save to

	
511

	
stated in Box 17.

	
442

	 	
the extent necessary to give effect to the provisions of this

	
512

	  	  	 	
Clause.

	
513

	  	  	 	
The arbitration shall be conducted in accordance with the

	
514

	
18.Termination

	
443

	 	
London Maritime Arbitrators Association (LMAA) Terms

	
515

	
18.1 Owners'default

	
444

	 	
current at the time when the arbitration proceedings are

	
516

	
(i)  The Managers shall be entitled to terminate the Agreement

	
445

	 	
commenced.

	
517

	
with immediate effect by notice in writing if any moneys

	
446

	 	
The reference shall be to three arbitrators. A party wishing

	
518

	
payable by the Owners under this Agreement and/or the

	
447

	 	
to refer a dispute to arbitration shall appoint its arbitrator

	
519

	
Owners of any associated vessel, details of which are listed

	
448

	 	
and send notice of such appointment in writing to the other

	
520

	
in Annex "D". shall not have been received in the Managers'

	
449

	 	
party requiring the other party to appoint its own arbitrator

	
521

	
nominated account within ten running days of receipt by

	
450

	 	
within 14 calendar days of that notice and stating that it will

	
522

	
the Owners of the Managers written request or if the Vessel

	
451

	 	
appoint its arbitrator as sole arbitrator unless the other party

	
523

	
is repossessed by the Mortgagees.

	
452

	 	
appoints its own arbitrator and gives notice that it has done

	
524

	
(ii) If the Owners:

	
453

	 	
so within the 14 days specified. If the other party does not

	
525

	
(a) fail to meet their obligations under sub-clauses 5.2

	
454

	 	
appoint its own arbitrator and give notice that it has done so

	
526

	
and 5.3 of this Agreement for any reason within their

	
455

	 	
within the 14 days specified, the party referring a dispute to

	
527

	
control, or

	
456

	 	
arbitration may, without the requirement of any further prior

	
528

	
(b) proceed with the employment of or continue to employ

	
457

	 	  	  
	
the Vessel in the carriage of contraband, blockade

	
458

	 	  	  

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
notice to the other party, appoint its arbitrator as sole

	
529

	  	
exceeds the sum of USD50,000 (or such other sum as the

	
554

	
arbitrator and shall advise the other party accordingly. The

	
530

	  	
parties may agree) the arbitration shall be conducted in

	
555

	
award of a sole arbitrator shall be binding on both parties

	
531

	  	
accordance with the Shortened Arbitration Procedure of the

	
556

	
as if he had been appointed by agreement.

	
532

	  	
Society of Maritime Arbitrators, Inc. current at the time when

	
557

	
Nothing herein shall prevent the parties agreeing in writing

	
533

	  	
the arbitration proceedings are commenced.

	
558

	
to vary these provisions to provide for the appointment of a

	
534

	  	
19.3 This Agreement shall be governed by and construed

	
559

	
sole arbitrator.

	
535

	  	
in accordance with the laws of the place mutually agreed by

	
560

	
In cases where neither the claim nor any counterclaim

	
536

	  	
the parties and any dispute arising out of or in connection

	
561

	
exceeds the sum of USD50.000 (or such other sum as the

	
537

	  	
with this Agreement shall be referred to arbitration at a

	
562

	
parties may agree) the arbitration shall be conducted in

	
538

	  	
mutually agreed place, subject to the procedures applicable

	
563

	
accordance with the LMAA Small Claims Procedure current

	
539

	  	
there.

	
564

	
at the time when the arbitration proceedings are commenced.

	
540

	  	
19.4  If Box 18 in Part I is not appropriately filled in, sub-

	
565

	
19.2 This Agreement shall be governed by and construed

	
541

	  	
clause 19.1 of this Clause shall apply.

	
566

	
in accordance with Title 9 of the United States Code and

	
542

	  	  	  
	
the Maritime Law of the United States and any dispute

	
543

	  	
Note: 19.1. 19.2 and 19.3 are alternatives; indicate

	
567

	
arising out of or in connection with this Agreement shall be

	
544

	  	
alternative agreed in Box 18.

	
568

	
referred to three persons at New York, one to be appointed

	
545

	  	  	  
	
by each of the parties hereto, and the third by the two so

	
546

	  	
20.Notices

	
569

	
chosen; their decision or that of any two of them shall be

	
547

	  	
20.1  Any notice to be given by either party to the other

	
570

	
final, and for the purposes of enforcing any award,

	
548

	  	
party shall be in writing and may be sent by fax, telex,

	
571

	
judgement may be entered on an award by any court of

	
549

	  	
registered or recorded mail or by personal service.

	
572

	
competent jurisdiction. The proceedings shall be conducted

	
550

	  	
20.2 The address of the Parties for service of such

	
573

	
in accordance with the rules of the Society of Maritime

	
551

	  	
communication shall be as stated in Boxes 19 and 20,

	
574

	
Arbitrators, Inc.

	
552

	  	
respectively.

	
575

	
In cases where neither the claim nor any counterclaim

	
553d1175514_ex4-34.htm

 

 

 

 

Exhibit 4.34

 

 

 

	 	Approved by	Approved by
	 	the documentary Committee of The	the International Ship Sub-Managers’
	Printed by BIMCO’s idea	Japan Shipping Exchange Inc., Tokyo 	 Association  (ISMA)

 

 

	1. 	Date of Agreement	 	THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)
	 	1st July 2010	 	STANDARD SHIP MANAGEMENT AGREEMENT
	 	 	 	CODE NAME: "SHIPMAN 98"
	 	
M/V AMALFI

	 	 
	 	 	 	 Part 1
	2. 	
Owner (name, place of registered office and law of registry) (Cl. 1)

AMALFI SHIPPING COMPANY LIMITED

 

	3. 	
Managers (name, place of registered office and law of registry) (Cl. 1)

CENTRAL MARE INC

 
	 	Name	 	Name
	 	 	 	 
	 	
The Trust Company Complex, Ajeltake Road , Ajeltake Island, Majuro, Marshall Islands

	 	
The Trust Company Complex, Ajeltake Road , Ajeltake Island, Majuro, Marshall Islands

	 	Place of registered office 	 	Place of registered office 
	 	 	 	 
	 	
Marshall Islands

	 	
Marshall Islands

	 	
Law of registry

	 	
Law of registry

	 	 	 	 
	4. 	Day and year of commencement of Agreement (Cl. 2) 	 	 
	 	 	 	 
	 	1st July 2010	 	 
	5. 	Crew Management (state “yes” or “no” as agreed) (Cl. 3.1)	6.	Technical Management (state “yes” or “no” as agreed) (Cl. 3.2)
	 	YES	 	YES
	 	 	 	 
	7. 	Commercial Management (state “yes” or “no” as agreed) (Cl. 3.3)	8. 	Insurance Arrangements (state “yes” or “no” as agreed) (Cl. 3.4)
	 	YES	 	YES
	 	 	 	 
	9. 	Accounting Services (state “yes” or “no” as agreed) (Cl. 3.5)	10. 	Sale or purchase of the Vessel (state “yes” or “no” as agreed) (Cl. 3.6)
	 	YES	 	YES
	 	 	 	 
	11. 	Provisions (state “yes” or “no” as agreed) (Cl. 3.7)	12. 	Bunkering (state “yes” or “no” as agreed) (Cl. 3.8)
	 	YES	 	YES
	 	 	 	 
	13. 	Chartering Services (only to be filled in if  “yes” stated in box 7) (Cl . 3.3(i))	14. 	Managers’ Insurance (state alternative (i), (ii) or (iii) of Cl. 6.3)(i
	 	FOR THE ENTIRE DURATION OF THIS AGREEMENT	 	( i )
	 	 	 	 
	15. 	Annual Management Fee (state annual amount) (Cl. 8.1)	16. 	Severance Costs (state maximum amount) (Cl. 8.4(ii))
	 	AS PER ANNEX “E”	 	
AT COST AS PER SEAMEN COLLECTIVE AGREEMENT

	 	 	 	 
	17. 	Day and year of termination of Agreement (Cl. 17)	18. 	Law and Arbitration (state alternative 19.1, 19.2 or 19.3; if 19.3 place of arbitration must be stated) (Cl. 19)
	 	FIVE YEARS FROM COMMENCEMENT	 	AS PER CLAUSE 19.1
	 	 	 	 
	19. 	Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Owners) (Cl. 20)	20. 	Notices (state postal and cable addresses, telex and telefax number for serving notice and communication to the Managers) (Cl. 20) 
	 	 	 	 
	 	
TOP SHIPS INC.

1, VAS.SOFIAS & MEG. ALEXANDROU STR.,

15124, MAROUSSI, ATHENS, GREECE

E-mail: vi@topships.org

Fax      : +30 210 6141 276

	 	
CENTRAL MARE INC.

1, VAS.SOFIAS & MEG. ALEXANDROU STR.,

15124, MAROUSSI, ATHENS, GREECE

E-mail: info@centralmare.com

Fax      : +30 210 8020 364

	 	 	 	 

 

	
  

	
It is mutually agreed between the party stated in Box 2 and the party stated in Box 3 that this Agreement consisting of PART I and PART II as well as Annexes “A” (Details of Vessel), “B” (Details of Crew), “C” (Budget), and “D” (Associated Vessels) attached hereto, shall be performed subject to the conditions contained herein.  In the event of a conflict of conditions, the provisions of PART I and Annexes “A”, “B”, “C” and “D” shall prevail over those of PART II to the extent of such conflict but no further..

 

	 	
Signature(s) (Owners)

 

AMALFI SHIPPING COMPANY LIMITED

 	 	
Signature(s) (Managers)

 

CENTRAL MARE INC.

 

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

  

  

  

ANNEX "A" (DETAILS OF VESSEL OR VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

 

Printed by BIMCO’s idea

	 

 

 

Date of Agreement:                                                                           1st July 2010

 

 

Name of Vessel(s):                                                                          M/V AMALFI (ex Ocean Spirit)

 

Particulars of Vessel(s):

 

	
 

TYPE OF VESSEL

	
DRY BULK CARRIER

	
 

IMO NUMBER

	
9218337

	
 

FLAG

	
MARSHALL ISLANDS

	
 

YEAR & PLACE BUILT

	
2000 - TSUNEISHI PHILIPPINES

	
 

CLASS SOCIETY

	
BUREAU VERITAS

	
 

CALL SIGN

	
V7LY9

	
 

LOA, BREADTH, DEPTH

	
185.74 m / 30.40 m / 16.5 m

	
 

SDWT - DRAFT

	
45,526 MT @ 11.6 M

	
 

NRT/GRT

	
14,872 MT / 26,091 MT

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "B" (DETAILS OF CREW) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

Printed by BIMCO’s idea

 

 

Date of Agreement:                                                                1st July 2010

 

Details of Crew:

 

Rank                                                          Number                                                Nationality

	
Master

	
1

	
Filipino

	
Chief Mate

	
1

	
Filipino

	
2nd Mate

	
1

	
Filipino

	
3rd Mate

	
1

	
Filipino

	
Chief Engineer

	
1

	
Filipino

	
2nd Engineer

	
1

	
Filipino

	
3rd Engineer

	
1

	
Filipino

	
Electrician

	
1

	
Filipino

	
Bosum

	
1

	
Filipino

	
AB

	
3

	
Filipino

	
Deck Cadet (OS)

	
2

	
Filipino

	
Fitter

	
1

	
Filipino

	
Oiler

	
2

	
Filipino

	
Engine Cadet

	
1

	
Filipino

	
Cook - Steward

	
1

	
Filipino

	
Catering Boy

	
2

	
Filipino

	
CREW TOTAL

	
21

	  

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "C" (BUDGET) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

 

Printed by BIMCO’s idea

 

	 

 

 

Date of Agreement:                                                     1st July 2010

 

Managers Budget in USD for the first year with effect from the Commencement Date of this Agreement:

 

Please see “Appendix 1” Central Mare Inc Budget Proposal 2010.

 

 

 

 

 

 

 

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX "D" (ASSOCIATED VESSELS) TO

THE BALTIC AND INTERNATIONAL MARITIME COUNCIL (BIMCO)

STANDARD SHIP MANAGEMENT AGREEMENT - CODE NAME: "SHIPMAN 98'

 

Printed by BIMCO’s idea

 

	 

 

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX "D" THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 18.1(i) OF THIS AGREEMENT.

 

Date of Agreement:                                                                1st July 2010

 

Details of Associated Vessels:

 

	
M/T DAUNTLESS

	
M/T IOANNIS P

	
M/V ASTRALE

	
M/V AMALFI

	
M/V PEPITO

	
M/V CYCLADES

	
M/V PAPILLON

	
M/T MISS MARILENA

	
M/T LICHTENSTEIN

	
M/T IONIAN WAVE

	
M/T TYRRHENIAN WAVE

	
M/T BRITTO

	
M/T HONGBO

 

This document is a computer generated SHIPMAN 98 form printed by authority of BIMCO. 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 test of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document

  

  

  

ANNEX E  (Management Fees)

	
Management Fee:

 

	
EURO 650 per day, for vessel on Time Charter, or Spot Charter.

	
Annual Increase:

 

	
3% per annum for all fees. To be reviewed after the 5th anniversary.

	
Services for SOX Compliance:

 

	
EURO 100 per day.

	
Commercial Operation & Freight Collection services:

 

	
EURO 90 per day.

	
Managers’ Superintendent’s Fee:

 

	
EURO 500 per day, plus actual expenses.

	
Information System Fee:

 

	
EURO 10,000 per year.

	
Commission on derivative agreements and new loan financing or loan refinancing:

 

	
0.2%

	
Commission on all NEW hires / gross freight /demurrage/ ballast Bonus:

 

	
1.25%

	
Commission on all EXISTING hires / gross freight /demurrage/ ballast Bonus  for post fixture:

 

	
0.75%

	
Sales and Purchase Commission:

 

	
1% of the sale or the purchase Price

	
Insurance Services:

 

	
5% of the total insurance premiums per vessel

	
In-house claims handling:

	
EURO 150 per person per day of 8 hours for handling all claims other than insurance and salvage.

 

	
Legal fees for claims and general

Corporate services:

	
At cost.

 

 

 

 

 

 

 

	1.	Manager shall be entitled to receive additional remuneration for any increase in administrative costs and expenses resulting from the introduction of a new, or a change in the interpretation of applicable laws and regulations, or concerning ship management services. 
	2.	Owners to pay the deductible of any insurance claim relating to the vessels, or for any claim that is within such deductible range.
	3.	Owners to pay any tax, dues, or ransom in a case of piracy, or fines imposed on vessel or Manager, due to the operation of the vessel.
	4.	The above management fees are agreed on the basis of the number of the associated vessels as per ANNEX D of this agreement.

 

 

 

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
1. Definitions

	
1

	
for the duties for which they are engaged and are in possession

	
66

	
In this Agreement save where the context otherwise requires,

	
2

	
of valid medical certificates issued in accordance with

	
67

	
the following words and expressions shall have the meanings

	
3

	
appropriate flag State requirements. In the absence of

	
68

	
hereby assigned to them.

	
4

	
applicable flag State requirements the medical certificate shall

	
69

	  	  	
be dated not more than three months prior to the respective

	
70

	
"Owners" means the party identified in Box 2.

	
5

	
Crew members leaving their country of domicile and

	
71

	
"Managers" means the party identified in Box 3.

	
6

	
maintained for the duration of their service on board the Vessel;

	
72

	
"Vessel" means the vessel or vessels details of which are set

	
7

	
(iv) ensuring that the Crew shall have a command of the English

	
73

	
out in Annex "A" attached hereto.

	
8

	
       language of a sufficient standard to enable them to perform

	
74

	
"Crew" means the Master, officers and ratings of the numbers,

	
9

	
       their duties safely;

	
75

	
rank and nationality specified in Annex "B" attached hereto.

	
10

	
(v)  arranging transportation of the Crew, including repatriation;

	
76

	
"Crew Support Costs" means all expenses of a general nature

	
11

	
(vi) training of the Crew and supervising their efficiency;

	
77

	
which are not particularly referable to any individual vessel for

	
12

	
(vii) conducting union negotiations;

	
78

	
the time being managed by the Managers and which are incurred

	
13

	
(viii) operating the Managers' drug and alcohol policy unless

	
79

	
by the Managers for the purpose of providing an efficient and

	
14

	
        otherwise agreed.

	
80

	
economic management service and, without prejudice to the

	
15

	
3.2 Technical Management

	
81

	
generality of the foregoing, shall include the cost of crew standby

	
16

	
(only applicable if agreed according to Box 6)

	
82

	
pay, training schemes for officers and ratings, cadet training

	
17

	
The Managers shall provide technical management which

	
83

	
schemes, sick pay, study pay, recruitment and interviews.

	
18

	
includes, but is not limited to, the following functions:

	
84

	
"Severance Costs" means the costs which the employers are

	
19

	
(i)  provision of competent personnel to supervise the

	
85

	
legally obliged to pay to or in respect of the Crew as a result of

	
20

	
maintenance and general efficiency of the Vessel;

	
86

	
the early termination of any employment contract for service on

	
21

	
(ii)arrangement and supervision of dry dockings, repairs,

	
87

	
the Vessel.

	
22

	
alterations and the upkeep of the Vessel to the standards

	
88

	
"Crew Insurances" means insurances against crew risks which

	
23

	
required by the Owners provided that the Managers shall

	
89

	
shall include but not be limited to death, sickness, repatriation,

	
24

	
be entitled to incur the necessary expenditure to ensure

	
90

	
injury, shipwreck unemployment indemnity and loss of personal

	
25

	
that the Vessel will comply with the law of the flag of the

	
91

	
effects.

	
26

	
Vessel and of the places where she trades, and all

	
92

	
"Management Services" means the services specified in sub-

	
27

	
requirements and recommendations of the classification

	
93

	
clauses 3.1 to 3.8 as indicated affirmatively in Boxes 5 to 12.

	
28

	
society;

	
94

	
"ISM Code" means the International Management Code for the

	
29

	
(iii); Arrangement of the supply of necessary stores, spares and

	  
	
Safe Operation of Ships and for Pollution Prevention as adopted

	
30

	
lubricating oil;

	
96

	
by the International Maritime Organization (IMO) by resolution

	
31

	
(iv) appointment of surveyors and technical consultants as the

	
97

	
A.741(18) or any subsequent amendment thereto.

	
32

	
Managers may consider from time to time to be necessary;

	  
	
"STCW 95" means the International Convention on Standards

	
33

	
(v) development, implementation and maintenance of a Safety

	
99

	
of Training, Certification and Watchkeeping for Seafarers, 1978,

	
34

	
Management System (SMS) in accordance with the ISM

	
100

	
as amended in 1995 or any subsequent amendment thereto.

	
35

	
Code (see sub-clauses 4,2 and 5;3).

	  
	
2. Appointment of Managers

	
36

	
3.3 Commercial Management

	
102

	
With effect from the day and year stated in Box 4 and continuing

	
37

	
(only applicable if agreed according to Box 7)

	
103

	
unless and until terminated as provided herein, the Owners

	
38

	
The Managers shall provide the commercial operation of the

	
104

	
hereby appoint the Managers and the Managers hereby agree

	
39

	
Vessel, as required by the Owners, which includes, but is not

	
105

	
to act as the Managers of the Vessel.

	
40

	
limited to, the following functions:

	
106

	
3. Basis of Agreement

	
41

	
(i)   providing chartering services in accordance with the Owners'

	
107

	
Subject to the terms and conditions herein provided, during the

	
42

	
instructions which include, but are not limited to, seeking

	
108

	
period of this Agreement, the Managers shall carry out

	
43

	
and negotiating employment for the Vessel and the conclusion

	
109

	
Management Services in respect of the Vessel as agents for

	
44

	
(including the execution thereof) of charter parties or other

	
110

	
and on behalf of the Owners. The Managers shall have authority

	
45

	
contracts relating to the employment of the Vessel. If such a

	
111

	
to take such actions as they may from time to time in their absolute

	
46

	
contract exceeds the period stated in Box 13. consent thereto

	
112

	
discretion consider to be necessary to enable them to perform

	
47

	
in writing shall first be obtained from the Owners.

	
113

	
this Agreement in accordance with sound ship management

	
48

	
(ii) arranging of the proper payment to Owners or their nominees

	
114

	
practice.

	
49

	
of all hire and/or freight revenues or other moneys of

	
115

	
3.1 Crew Management

	
50

	
whatsoever nature to which Owners may be entitled arising

	
116

	
(only applicable if agreed according to Box 5)

	
51

	
out of the employment of or otherwise in connection with the

	
117

	
The Managers shall provide suitably qualified Crew for the Vessel

	
52

	
Vessel.

	
118

	
as required by the Owners in accordance with the STCW 95

	
53

	
(iii) providing voyage estimates and accounts and calculating of

	
119

	
requirements, provision of which includes but is not limited to

	
54

	
hire, freights, demurrage and/or despatch moneys due from

	
120

	
the following functions:

	
55

	
or due to the charterers of the Vessel;

	
121

	
(i)   selecting and engaging the Vessel's Crew, including payroll

	
56

	
(iv) issuing of voyage instructions;

	
122

	
arrangements, pension administration, and insurances for

	
57

	
(v) appointing agents;

	
123

	
the Crew other than those mentioned in Clause 6:

	
58

	
(vi) appointing stevedores;

	
124

	
(ii) ensuring that the applicable requirements of the law of the

	
59

	
(vii)arranging surveys associated with the commercial operation

	
125

	
flag of the Vessel are satisfied in respect of manning levels,

	
60

	
of the Vessel.

	
126

	
rank, qualification and certification of the Crew and

	
61

	
3.4 Insurance Arrangements

	
127

	
employment regulations including Crew's tax, social

	
62

	
(only applicable if agreed according to Box 8)

	
128

	
insurance, discipline and other requirements;

	
63

	
The Managers shall arrange insurances in accordance with

	
129

	
(iii) ensuring that all members of the Crew have passed a medical

	
64

	
Clause 6, on such terms and conditions as the Owners shall

	
130

	
examination with a qualified doctor certifying that they are fit

	
65

	
have instructed or agreed, in particular regarding conditions,

	
131

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
insured values, deductibles and franchises.

	
132

	
6. Insurance Policies

	
193

	  	  	
The Owners shall procure, whether by instructing the Managers

	
194

	
3.5 Accounting Services

	
133

	
under sub-clause 3.4 or otherwise, that throughout the period of

	
195

	
(only applicable if agreed according to Box 9)

	
134

	
this Agreement:

	
196

	
The Managers shall:

	
135

	
6.1 at the Owners' expense, the Vessel is insured for not less

	
197

	
(i)   establish an accounting system which meets the

	
136

	
than her sound market value or entered for her full gross tonnage,

	
198

	
requirements of the Owners and provide regular accounting

	
137

	
as the case may be for:

	
199

	
services, supply regular reports and records,

	
138

	
(i)   usual hull and machinery marine risks (including crew

	
200

	
(ii) maintain the records of all costs and expenditure incurred

	
139

	
       negligence) and excess liabilities;

	
201

	
as well as data necessary or proper for the settlement of

	
140

	
(ii)  protection and indemnity risks (including pollution risks and

	
202

	
accounts between the parties.

	
141

	
       Crew Insurances); and

	
203

	  	  	
(iii) war risks (including protection and indemnity and crew risks)

	
204

	
3.6 Sale or Purchase of the Vessel

	
142

	
in accordance with the best practice of prudent  owners of

	
205

	
(only applicable if agreed according to Box 10)

	
143

	
vessels of a similar type to the Vessel, with first class insurance

	
206

	
The Managers shall, in accordance with the Owners' instructions,

	
144

	
companies, underwriters or associations ("the Owners'

	
207

	
supervise the sale or purchase of the Vessel, including the

	
145

	
Insurances");

	
208

	
performance of any sale or purchase agreement, but not

	
146

	
6.2 all premiums and calls on the Owners' Insurances are paid

	
209

	
negotiation of the same.

	
147

	
promptly by their due date,

	
210

	
3.7 Provisions (only applicable if agreed according to Box 11)

	
148

	
6.3 the Owners' Insurances name the Managers and, subject

	
211

	
The Managers shall arrange for the supply of provisions.

	
149

	
to underwriters' agreement, any third party designated by the

	
212

	
3.8 Bunkering (only applicable if agreed according to Box 12)

	
150

	
Managers as a joint assured, with full cover, with the Owners

	
213

	
The Managers shall arrange for the provision of bunker fuel of the

	
151

	
obtaining cover in respect of each of the insurances specified in

	
214

	
quality specified by the Owners as required for the Vessel's trade.

	
152

	
sub-clause 6.1:

	
215

	  	  	
(i)   on terms whereby the Managers and any such third party

	
216

	
4. Managers' Obligations

	
153

	
are liable in respect of premiums or calls arising in connection

	
217

	
4.1 The Managers undertake to use their best endeavours to

	
154

	
with the Owners' Insurances; or

	
218

	
provide the agreed Management Services as agents for and on

	
155

	
(ii) if reasonably obtainable, on terms such that neither the

	
219

	
behalf of the Owners in accordance with sound ship management

	
156

	
Managers nor any such third party shall be under any

	
220

	
practice and to protect and promote the interests of the Owners in

	
157

	
liability in respect of premiums or calls arising in connection

	
221

	
all matters relating to the provision of services hereunder.

	
158

	
with the Owners' Insurances; or

	
222

	
Provided, however, that the Managers in the performance of their

	
159

	
(iii) on such other terms as may be agreed in writing.

	
223

	
management responsibilities under this Agreement shall be entitled

	
160

	
Indicate alternative (i), (ii) or (iii) in Box 14. If Box 14 is left

	
224

	
to have regard to their overall responsibility in relation to all vessels

	
161

	
blank then (i) applies.

	
225

	
as may from time to time be entrusted to their management and

	
162

	
6.4 written evidence is provided, to the reasonable satisfaction

	
226

	
in particular, but without prejudice to the generality of the foregoing,

	
163

	
of the Managers, of their compliance with their obligations under

	
227

	
the Managers shall be entitled to allocate available supplies,

	
164

	
Clause 6 within a reasonable time of the commencement of

	
228

	
manpower and services in such manner as in the prevailing

	
165

	
the Agreement, and of each renewal date and, if specifically

	
229

	
circumstances the Managers in their absolute discretion consider

	
166

	
requested, of each payment date of the Owners' Insurances.

	
230

	
to be fair and reasonable.

	
167

	  	  
	
4.2 Where the Managers are providing Technical Management

	
168

	
7. Income Collected and Expenses Paid on Behalf of Owners

	
231

	
in accordance with sub-clause 3.2, they shall procure that the

	
169

	
7.1 All moneys collected by the Managers under the terms of

	
232

	
requirements of the law of the flag of the Vessel are satisfied and

	
170

	
this Agreement (other than moneys payable by the Owners to

	
233

	
they shall in particular be deemed to be the "Company" as defined

	
171

	
the Managers) and any interest thereon shall be held to the

	
234

	
by the ISM Code, assuming the responsibility for the operation of

	
172

	
credit of the Owners in a separate bank account.

	
235

	
the Vessel and taking over the duties and responsibilities imposed

	
173

	
7.2 All expenses incurred by the Managers under the terms

	
236

	
by the ISM Code when applicable.

	
174

	
of this Agreement on behalf of the Owners (including expenses

	
237

	  	  	
as provided in Clause 8) may be debited against the Owners

	
238

	
5. Owners' Obligations

	
175

	
in the account referred to under sub-clause 7J. but shall in any

	
239

	
5.1 The Owners shall pay all sums due to the Managers punctually

	
176

	
event remain payable by the Owners to the Managers on

	
240

	
in accordance with the terms of this Agreement.

	
177

	
demand.

	
241

	
5.2 Where the Managers are providing Technical Management

	
178

	  	  
	
in accordance with sub-clause 3.2, the Owners shall:

	
179

	
8. Management Fee

	
242

	
(i)   procure that all officers and ratings supplied by them or on

	
180

	
8.1 The Owners shall pay to the Managers for their services

	
243

	
       their behalf comply with the requirements of STCW 95;

	
181

	
as Managers under this Agreement an annual management

	
244

	
(ii)   instruct such officers and ratings to obey all reasonable orders

	
182

	
fee as stated in Box 15 which shall be payable by equal

	
245

	
        of the Managers in connection with the operation of the

	
183

	
monthly instalments in advance, the first instalment being

	
246

	
        Managers' safety management system.

	
184

	
payable on the commencement of this Agreement (see Clause

	
247

	
5.3 Where the Managers are not providing Technical Management

	
185

	
2 and Box 4) and subsequent instalments being payable every

	
248

	
in accordance with sub-clause 3.2, the Owners shall procure that

	
186

	
month.

	
249

	
the requirements of the law of the flag of the Vessel are satisfied

	
187

	
8.2 The management fee shall be subject to an annual review

	
250

	
and that they, or such other entity as may be appointed by them

	
188

	
on the anniversary date of the Agreement and the proposed

	
251

	

and identified to the Managers, shall be deemed to be the

	
189

	
fee shall be presented in the annual budget referred to in sub-

	
252

	

"Company" as defined by the ISM Code assuming the responsibility

	
190

	
Clause 9.1

	
253

	

for the operation of the Vessel and taking over the duties and

	
191

	
8.3 The Managers shall, at no extra cost to the Owners, provide

	
254

	

responsibilities imposed by the ISM Code when applicable.

	
192

	
their own office accommodation, office staff, facilities and

	
255

	

 

	  	
stationery. Without limiting the generality of Clause 7 the Owners

	
256

	

 

	  	
shall reimburse the Managers for postage and communication

	
257

	  	  	
expenses, travelling expenses, and other out of pocket

	
258

	  	  	
expenses properly incurred by the Managers in pursuance of

	
259

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
the Management Services.

	
260

	
11.Responsibilities

	
325

	
8.4 In the event of the appointment of the Managers being

	
261

	
11.1 Force Majeure - Neither the Owners nor the Managers

	
326

	
terminated by the Owners or the Managers in accordance with

	
262

	
shall be under any liability for any failure to perform any of their

	
327

	
the provisions of Clauses 17 and .18 other than by reason of

	
263

	
obligations hereunder by reason of any cause whatsoever of

	
328

	
default by the Managers, or if the Vessel is lost, sold or otherwise

	
264

	
any nature or kind beyond their reasonable control.

	
329

	
disposed of, the "management fee" payable to the Managers

	
265

	
11.2 Liability to Owners  - (i) Without prejudice to sub-clause

	
330

	
according to the provisions of sub-clause 8.1.. shall continue to

	
266

	
11.1, the Managers shall be under no liability whatsoever to the

	
331

	
be payable for a further period of three calendar months as

	
267

	
Owners for any loss, damage, delay or expense of whatsoever

	
332

	
from the termination date. In addition, provided that the

	
268

	
nature, whether direct or indirect, (including but not limited to

	
333

	
Managers provide Crew for the Vessel in accordance with sub-

	
269

	
loss of profit arising out of or in connection with detention of or

	
334

	
clause 3.1:

	
270

	
delay to the Vessel) and howsoever arising in the course of

	
335

	
(i)   the Owners shall continue to pay Crew Support Costs during

	
271

	
performance of the Management Services UNLESS same is

	
336

	
       the said further period of three calendar months and

	
272

	
proved to have resulted solely from the negligence, gross

	
337

	
(ii) the Owners shall pay an equitable proportion of any

	
273

	
negligence or wilful default of the Managers or their employees,

	
338

	
      Severance Costs which may materialize, not exceeding

	
274

	
or agents or sub-contractors employed by them in connection

	
339

	
      the amount stated in Box 16.

	
275

	
with the Vessel, in which case (save where loss, damage, delay

	
340

	
8.5 If the Owners decide to lay-up the Vessel whilst this

	
276

	
or expense has resulted from the Managers' personal act or

	
341

	
Agreement remains in force and such lay-up lasts for more

	
277

	
omission committed with the intent to cause same or recklessly

	
342

	
than three months, an appropriate reduction of the management

	
278

	
and with knowledge that such loss, damage, delay or expense

	
343

	
fee for the period exceeding three months until one month

	
279

	
would probably result) the Managers' liability for each incident

	
344

	
before the Vessel is again put into service shall be mutually

	
280

	
or series of incidents giving rise to a claim or claims shall never

	
345

	
agreed between the parties.

	
281

	
exceed a total of ten times the annual management fee payable

	
346

	
8.6 Unless otherwise agreed in writing all discounts and

	
282

	
hereunder.

	
347

	
commissions obtained by the Managers in the course of the

	
283

	
(ii) Notwithstanding anything that may appear to the contrary in

	
348

	
management of the Vessel shall be credited to the Owners.

	
284

	
this Agreement, the Managers shall not be liable for any of the

	
349

	  	  	
actions of the Crew, even if such actions are negligent, grossly

	
350

	
9. Budgets and Management of Funds

	
285

	
negligent or wilful, except only to the extent that they are shown

	
351

	
9.1 The Managers shall present to the Owners annually a

	
286

	
to have resulted from a failure by the Managers to discharge

	
352

	
budget for the following twelve months in such form as the

	
287

	
their obligations under sub-clause 3.1, in which case their liability

	
353

	
Owners require. The budget for the first year hereof is set out

	
288

	
shall be limited in accordance with the terms of this Clause 11.

	
354

	
in Annex "C" hereto. Subsequent annual budgets shall be

	
289

	
11.3 Indemnity - Except to the extent and solely for the amount

	
355

	
prepared by the Managers and submitted to the Owners not

	
290

	
therein set out that the Managers would be liable under sub-

	
356

	
less than three months before the anniversary date of the

	
291

	
clause 11.2, the Owners hereby undertake to keep the Managers

	
357

	
commencement of this Agreement (see Clause 2 and Box 4).

	
292

	
and their employees, agents and sub-contractors indemnified

	
358

	
9.2 The Owners shall indicate to the Managers their acceptance

	
293

	
and to hold them harmless against all actions, proceedings,

	
359

	
and approval of the annual budget within one month of

	
294

	
claims, demands or liabilities whatsoever or howsoever arising

	
360

	
presentation and in the absence of any such indication the

	
295

	
which may be brought against them or incurred or suffered by

	
361

	
Managers shall be entitled to assume that the Owners have

	
296

	
them arising out of or in connection with the performance of the

	
362

	
accepted the proposed budget.

	
297

	
Agreement, and against and in respect of all costs, losses,

	
363

	
9.3 Following the agreement of the budget, the Managers shall

	
298

	
damages and expenses (including legal costs and expenses on

	
364

	
prepare and present to the Owners their estimate of the working

	
299

	
a full indemnity basis) which the Managers may suffer or incur

	
365

	
capital requirement of the Vessel and the Managers shall each

	
300

	
(either directly or indirectly) in the course of the performance of

	
366

	
month up-date this estimate. Based thereon, the Managers shall

	
301

	
this Agreement.

	
367

	
each month request the Owners in writing for the funds required

	
302

	  	  
	
to run the Vessel for the ensuing month, including the payment

	
303

	
11.4"Himalaya" - It is hereby expressly agreed that no

	
368

	
of any occasional or extraordinary item of expenditure, such as

	
304

	
employee or agent of the Managers (including every sub-

	
369

	
emergency repair costs, additional insurance premiums, bunkers

	
305

	
contractor from time to time employed by the Managers) shall in

	
370

	
or provisions. Such funds shall be received by the Managers

	
306

	
any circumstances whatsoever be under any liability whatsoever

	
371

	
within ten running days after the receipt by the Owners of the

	
307

	
to the Owners for any loss, damage or delay of whatsoever kind

	
372

	
Managers' written request and shall be held to the credit of the

	
308

	
arising or resulting directly or indirectly from any act, neglect or

	
373

	
Owners in a separate bank account.

	
309

	
default on his part while acting in the course of or in connection

	
374

	
9.4 The Managers shall produce a comparison between

	
310

	
with his employment and, without prejudice to the generality of

	
375

	
budgeted and actual income and expenditure of the Vessel in

	
311

	
the foregoing provisions in this Clause 11. every exemption,

	
376

	
such form as required by the Owners monthly or at such other

	
312

	
limitation, condition and liberty herein contained and every right,

	
377

	
intervals as mutually agreed.

	
313

	
exemption from liability, defence and immunity of whatsoever

	
378

	
9.5 Notwithstanding anything contained herein to the contrary,

	
314

	
nature applicable to the Managers or to which the Managers are

	
379

	
the Managers shall in no circumstances be required to use or

	
315

	
entitled hereunder shall also be available and shall extend to

	
380

	
commit their own funds to finance the provision of the

	
316

	
protect every such employee or agent of the Managers acting

	
381

	
Management Services.

	
317

	
as aforesaid and for the purpose of all the foregoing provisions

	
382

	  	  	
of this Clause 11 the Managers are or shall be deemed to be

	
383

	
10.Managers' Right to Sub-Contract

	
318

	
acting as agent or trustee on behalf of and for the benefit of all

	
384

	
The Managers shall not have the right to sub-contract any of

	
319

	
persons who are or might be their servants or agents from time

	
385

	
their obligations hereunder, including those mentioned in sub-

	
320

	
to time (including sub-contractors as aforesaid) and all such

	
386

	
clause 3.1 without the prior written consent of the Owners which

	
321

	
persons shall to this extent be or be deemed to be parties to this

	
387

	
shall not be unreasonably withheld. In the event of such a sub-

	
322

	
Agreement.

	
388

	
contract the Managers shall remain fully liable for the due

	
323

	  	  
	
performance of their obligations under this Agreement.

	
324

	
12.Documentation

	
389

	  	  	
Where the Managers are providing Technical Management in

	
390

	  	  	
accordance with sub-clause 3.2 and/or Crew Management in

	
391

	  	  	
accordance with sub-clause 3.1. they shall make available,

	
392

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
upon Owners' request, all documentation and records related

	
393

	
running, or in an unlawful trade, or on a voyage which

	
459

	
to the Safety Management System (SMS) and/or the Crew

	
394

	
in the reasonable opinion of the Managers is unduly

	
460

	
which the Managers need in order to demonstrate compliance

	
395

	
hazardous or improper,

	
461

	
with the ISM Code and STCW 95 or to defend a claim against

	
396

	
the Managers may give notice of the default to the Owners,

	
462

	
a third party.

	
397

	
requiring them to remedy it as soon as practically possible.

	
463

	  	  	
In the event that the Owners fail to remedy it within a

	
464

	
13.General Administration

	
398

	
reasonable time to the satisfaction of the Managers, the

	
465

	
13.1 The Managers shall handle and settle all claims arising

	
399

	
Managers shall be entitled to terminate the Agreement

	
466

	
out of the Management Services hereunder and keep the Owners

	
400

	
with immediate effect by notice in writing.

	
467

	
informed regarding any incident of which the Managers become

	
401

	
18.2 Managers' Default

	
468

	
aware which gives or may give rise to claims or disputes involving

	
402

	
If the Managers fail to meet their obligations under Clauses 3

	
469

	
third parties.

	
403

	
and 4 of this Agreement for any reason within the control of the

	
470

	
13.2 The Managers shall, as instructed by the Owners, bring

	
404

	
Managers, the Owners may give notice to the Managers of the

	
471

	
or defend actions, suits or proceedings in connection with matters

	
405

	
default, requiring them to remedy it as soon as practically

	
472

	
entrusted to the Managers according to this Agreement.

	
406

	
possible. In the event that the Managers fail to remedy it within a

	
473

	
13.3 The Managers shall also have power to obtain legal or

	
407

	
reasonable time to the satisfaction of the Owners, the Owners

	
474

	
technical or other outside expert advice in relation to the handling

	
408

	
shall be entitled to terminate the Agreement with immediate effect

	
 475

	
and settlement of claims and disputes or all other matters

	
409

	
by notice in writing.

	
476

	
affecting the interests of the Owners in respect of the Vessel.

	
410

	
18.3 Extraordinary Termination

	
477

	
13.4 The Owners shall arrange for the provision of any

	
411

	
This Agreement shall be deemed to be terminated in the case of

	
478

	
necessary guarantee bond or other security.

	
412

	
the sale of the Vessel or if the Vessel becomes a total loss or is

	
479

	
13.5 Any costs reasonably incurred by the Managers in

	
413

	
declared as a constructive or compromised or arranged total

	
480

	
carrying out their obligations according to Clause 13 shall be

	
414

	
loss or is requisitioned.

	
481

	
reimbursed by the Owners.

	
415

	
18.4 For the purpose of sub-clause 18.3 hereof

	
482

	  	  	
(i)  the date upon which the Vessel is to be treated as having

	
483

	
14. Auditing

	
416

	
      been sold or otherwise disposed of shall be the date on

	
484

	
The Managers shall at all times maintain and keep true and

	
417

	
      which the Owners cease to be registered as Owners of

	
485

	
correct accounts and shall make the same available for inspection

	
418

	
      the Vessel;

	
486

	
and auditing by the Owners at such times as may be mutually

	
419

	
(ii)  the Vessel shall not be deemed to be lost unless either

	
487

	
agreed. On the termination, for whatever reasons, of this

	
420

	
      she has become an actual total loss or agreement has

	
488

	
Agreement, the Managers shall release to the Owners, if so

	
421

	
      been reached with her underwriters in respect of her

	
489

	
requested, the originals where possible, or otherwise certified

	
422

	
      constructive, compromised or arranged total loss or if such

	
490

	
copies, of all such accounts and all documents specifically relating

	
423

	
      agreement with her underwriters is not reached it is

	
491

	
to the Vessel and her operation.

	
424

	
      adjudged by a competent tribunal that a constructive loss

	
492

	  	  	
of the Vessel has occurred.

	
493

	
15.lnspection of Vessel

	
425

	
18.5 This Agreement shall terminate forthwith in the event of

	
494

	
The Owners shall have the right at any time after giving

	
426

	
an order being made or resolution passed for the winding up,

	
495

	
reasonable notice to the Managers to inspect the Vessel for any

	
427

	
dissolution, liquidation or bankruptcy of either party (otherwise

	
496

	
reason they consider necessary.

	
428

	
than for the purpose of reconstruction or amalgamation) or if a

	
497

	  	  	
receiver is appointed, or if it suspends payment, ceases to carry

	
498

	
16.Compliance with Laws and Regulations

	
429

	
on business or makes any special arrangement or composition

	
499

	
The Managers will not do or permit to be done anything which

	
430

	
with its creditors.

	
500

	
might cause any breach or infringement of the laws and

	
431

	
18.6 The termination of this Agreement shall be without

	
501

	
regulations of the Vessel's flag, or of the places where she trades.

	
432

	
prejudice to all rights accrued due between the parties prior to

	
502

	  	  	
the date of termination.

	
503

	
17.Duration of the Agreement

	
433

	
18.7 A change of control of either party shall not terminate this

	
504

	
This Agreement shall come into effect on the day and year stated

	
434

	
Agreement.

	
505

	
in Box 4 and shall continue until the date stated in Box 17.

	
435

	  	  
	
Thereafter it shall continue until terminated by either party giving

	
436

	
19.Law and Arbitration

	
506

	
to the other notice in writing, in which event the Agreement shall

	
437

	
19.1 This Agreement shall be governed by and construed in

	
507

	
terminate upon the expiration of a period of  two twelve months from the

	
438

	
accordance with English law and any dispute arising out of or

	
508

	
date upon which such notice was given. In case Owners wish to terminate

	
439

	
in connection with this Agreement shall be referred to arbitration

	
509

	
 the Agreement earlier than the date stated in Box 17 Owners will  pay the

	
440

	
in London in accordance with the Arbitration Act 1996 or

	
510

	
Managers all fees as per ANNEX “E” for the remaining period until the date

	
441

	
any statutory modification or re-enactment thereof save to

	
511

	
stated in Box 17.

	
442

	
the extent necessary to give effect to the provisions of this

	
512

	  	  	
Clause.

	
513

	
 

	
 

	
The arbitration shall be conducted in accordance with the

	
514

	

18.Termination

	
443

	
London Maritime Arbitrators Association (LMAA) Terms

	
515

	

18.1 Owners' default

	
444

	
current at the time when the arbitration proceedings are

	
516

	
(i)  The Managers shall be entitled to terminate the Agreement

	
445

	
commenced.

	
517

	
      with immediate effect by notice in writing if any moneys

	
446

	
The reference shall be to three arbitrators. A party wishing

	
518

	
      payable by the Owners under this Agreement and/or the

	
447

	
to refer a dispute to arbitration shall appoint its arbitrator

	
519

	
      Owners of any associated vessel, details of which are listed

	
448

	
and send notice of such appointment in writing to the other

	
520

	
      in Annex "D". shall not have been received in the Managers'

	
449

	
party requiring the other party to appoint its own arbitrator

	
521

	
      nominated account within ten running days of receipt by

	
450

	
within 14 calendar days of that notice and stating that it will

	
522

	
      the Owners of the Managers written request or if the Vessel

	
451

	
appoint its arbitrator as sole arbitrator unless the other party

	
523

	
  is repossessed by the Mortgagees.

	
452

	
appoints its own arbitrator and gives notice that it has done

	
524

	
(ii) If the Owners:

	
453

	
so within the 14 days specified. If the other party does not

	
525

	

(a) fail to meet their obligations under sub-clauses 5.2

	
454

	
appoint its own arbitrator and give notice that it has done so

	
526

	
      and 5.3 of this Agreement for any reason within their

	
455

	
within the 14 days specified, the party referring a dispute to

	
527

	
  control, or

	
456

	
arbitration may, without the requirement of any further prior

	
528

	

(b) proceed with the employment of or continue to employ

	
457

	  	  
	      the Vessel in the carriage of contraband, blockade	458 	 	 

 

  

  

  

PART II

"SHIPMAN 98" Standard Ship Management Agreement

	
notice to the other party, appoint its arbitrator as sole

	
529

	
exceeds the sum of USD50,000 (or such other sum as the

	
554

	
arbitrator and shall advise the other party accordingly. The

	
530

	
parties may agree) the arbitration shall be conducted in

	
555

	
award of a sole arbitrator shall be binding on both parties

	
531

	
accordance with the Shortened Arbitration Procedure of the

	
556

	
as if he had been appointed by agreement.

	
532

	
Society of Maritime Arbitrators, Inc. current at the time when

	
557

	
Nothing herein shall prevent the parties agreeing in writing

	
533

	
the arbitration proceedings are commenced.

	
558

	
to vary these provisions to provide for the appointment of a

	
534

	
19.3 This Agreement shall be governed by and construed

	
559

	
sole arbitrator.

	
535

	
in accordance with the laws of the place mutually agreed by

	
560

	
In cases where neither the claim nor any counterclaim

	
536

	
the parties and any dispute arising out of or in connection

	
561

	
exceeds the sum of USD50.000 (or such other sum as the

	
537

	
with this Agreement shall be referred to arbitration at a

	
562

	
parties may agree) the arbitration shall be conducted in

	
538

	
mutually agreed place, subject to the procedures applicable

	
563

	
accordance with the LMAA Small Claims Procedure current

	
539

	
there.

	
564

	
at the time when the arbitration proceedings are commenced.

	
540

	
19.4 If Box 18 in Part I is not appropriately filled in, sub-

	
565

	
19.2 This Agreement shall be governed by and construed

	
541

	
clause 19.1 of this Clause shall apply.

	
566

	
in accordance with Title 9 of the United States Code and

	
542

	  	  
	
the Maritime Law of the United States and any dispute

	
543

	
Note: 19.1. 19.2 and 19.3 are alternatives; indicate

	
567

	
arising out of or in connection with this Agreement shall be

	
544

	
alternative agreed in Box 18.

	
568

	
referred to three persons at New York, one to be appointed

	
545

	  	  
	
by each of the parties hereto, and the third by the two so

	
546

	
20.Notices

	
569

	
chosen; their decision or that of any two of them shall be

	
547

	
20.1 Any notice to be given by either party to the other

	
570

	
final, and for the purposes of enforcing any award,

	
548

	
party shall be in writing and may be sent by fax, telex,

	
571

	
judgement may be entered on an award by any court of

	
549

	
registered or recorded mail or by personal service.

	
572

	
competent jurisdiction. The proceedings shall be conducted

	
550

	
20.2 The address of the Parties for service of such

	
573

	
in accordance with the rules of the Society of Maritime

	
551

	
communication shall be as stated in Boxes 19 and 20,

	
574

	
Arbitrators, Inc.

	
552

	
respectively.

	
575

	
In cases where neither the claim nor any counterclaim

	
553

	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  
	  	  	  	  

SK 23116 0001 1175514

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00187-of-00352.parquet"}]]