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Exhibit 4.1    
    

 
  Stolt Tankers Joint Service Agreement    
    

(As Restated Effective November 12, 1997)  

ARTICLE 1:    FULL NAME OF THE AGREEMENT  

        The full name of this Agreement is the STOLT TANKERS JOINT SERVICE AGREEMENT (the "Agreement"). The business of the Joint Service shall be conducted either under
the name of the Joint Service or in the name of Stolt Tankers Inc., the latter being the Marketing/Administrative Agent of the Joint Service. 

ARTICLE 2:    PURPOSE OF THE AGREEMENT  

        The purposes of this Agreement are as follows: 

        2.1    (a)    To
trade and operate in a Joint Service, and not as a corporation, partnership or otherwise, in the parcel and product trade all the ships owned and/or
chartered by the Parties to this Agreement, provided such ships are fit for the parcel and product trade and have mutually been accepted as provided herein; 

        (b)    To
charter and trade in the parcel and product trade ships of third parties; and 

        (c)    To
engage in any and all maritime activities related to the operation and use of the ships. 

        2.2    For
the purposes of this Agreement and the Joint Service, the term "parcel trade" or "parcel tanker trade" means the international carriage in tanker ships of the
Parties of more than about 7,999 DWT tonnage and capable of carrying more than 12 uncontaminated segregations of bulk liquid cargoes in parcels. 

ARTICLE 3:    PARTIES TO THE AGREEMENT  

        The parties (the "Parties") to this Agreement, the full legal name of each Party and the address of each Party's registered or principal office, are as follows: 

	Marketing/Administrative Agent	 	Address:
	Stolt Tankers Inc.	 	80 Broad Street
	(hereinafter referred to as "STI")	 	Monrovia, Liberia
	
Owners	
 	

Address:
	Stolt Parcel Tankers, Inc.	 	80 Broad Street
	(hereinafter referred to as "SPTI")	 	Monrovia, Liberia
	

NYK Stolt Tankers, S.A.	
 	

Yusen Accounting and
	(hereinafter referred to as "NYKST")	 	Finance Co., Ltd.

23-5 Nishi-Shinbashi

3-Chome, Minato-Ku

Tokyo 105, Japan
	

Rederi AB Sunship	
 	

PO Box 270, Kungsgatan 8
	(hereinafter referred to as "Sunship")	 	301 04 Halmstad, Sweden
	

Barton Partner Limited	
 	

Liverpool, U.K.
	(hereinafter referred to as "Barton")	 	 
	

Bibby Pool Partner Limited	
 	

Liverpool, U.K.
	(hereinafter referred to as "Bibby")	 	 
	

Unicorn Lines (Pty) Ltd	
 	

Durban, South Africa
	(hereinafter referred to as "Unicorn")	 	 

ARTICLE 4:    GEOGRAPHICAL SCOPE OF THE AGREEMENT  

        The Joint Service shall operate in the parcel and product trade in any trades the Parties shall determine pursuant to this Agreement. 

 

ARTICLE 5:    AGREEMENT AUTHORITY/DISTRIBUTION OF FLEET RESULTS  

        The parties shall engage in the Joint Service as follows: 

        5.1    The
Fleet. 

        The
ships of the Owners, as listed in Schedule 1 hereto, shall be traded in the Joint Service for the Parties, which Joint Service shall be managed by the Marketing/Administrative
Agent. All ships (hereinafter called the "Fleet") shall meet the technical and operational standards set out in the attached Manual (Schedule 2). It will be the obligation of each of the Owners
to maintain their ships to the standards set forth in the Manual and to the requirements of any national or international regulatory agency relative to the parcel trade, at Owner's time and expense.
The ships shall at all times be able to pass the vetting inspections of the major oil and chemical companies or affiliates thereof. 

        5.2    Earnings
for the Fleet. 

        The
earnings for the ships shall be based on the "earning factor" allocated to each ship set forth in Schedule 1. The total trading result for the Fleet, including chartered in
ships, is hereinafter referred to as the "Fleet Result". 

        5.3    Allocation
of Fleet Result to Owners. 

        The
allocation of the Fleet Result to the Owners shall be done in the following manner: 

	1.
	Annual
allocation of the voyage accounting results

	(a)
	each
Owner's allocation of the Fleet Result is: the Fleet Result multiplied by Owner's Fleet earning factor divided by the Fleet earning factor;

	(b)
	where
Fleet earning factor is: the sum over all ships in the Fleet (ship earning factor multiplied by operating months multiplied by sdwt), and where Owner's earning factor is: the
sum over all ships in the Owner's fleet (ship earning factor multiplied by operating months multiplied by sdwt);

	(c)
	where
ship earning factor is: as set out in Schedule 1;

	(d)
	where
Fleet Result is: gross revenue less commissions paid to outside brokers less voyage expense less Fleet overhead;

	(e)
	where
voyage expense is: bunker expenses plus port and canal costs plus barging and transshipment costs plus miscellaneous voyage operating costs;

	(f)
	where
operating months are: calendar days in the period less days on off-hire divided by 30.4166;

	(g)
	where
Fleet overhead is: all personnel, office, equipment and other expenses incurred in trading the Fleet worldwide, including bonus and profit-sharing to Stolt personnel engaged in
the marketing, operation and administration of the Fleet. The amount contributed shall be proportionate to the amount paid by SPTI, relative to the Fleet Result. 

        5.4    Distribution
of Fleet Result 

	a)
	The
distribution of the Fleet Result to the Owners shall be done in the following manner: 

        All
cash according to the Fleet Result will be paid out when available in the same proportion as allocated to the Owners under Section 5.3 hereof. 

        The
Marketing/Administrative Agent may withhold from such distribution such amounts that the Marketing/Administrative Agent deems necessary as working capital for the Joint Service. The
Marketing/Administrative Agent may also advance working capital to the Owners in the same proportion as allocated to the Owners under Section 5.3 hereof. 

	(b)
	The
Owners will pay monthly to the Marketing/Administrative Agent a commission at a rate to be agreed with each owner. 

2

 

	(c)
	At
the end of each fiscal year of the Joint Service, after completion of final accounting, the Owners will receive (or pay in) the following adjustment: 

Owner's
annual share of the Fleet Result on a time charter basis as audited less Owner's commission to the Marketing/Administrative Agent less the sum of the monthly payments of the Fleet Result paid
to the Owner. 

	(d)
	Annual
adjustments will also be made for off-hire, speed, consumption and cargo handling performance in accordance with the attached Manual (Schedule 2).

	(e)
	All
payments to be made hereunder shall be in U.S. Dollars. 

        5.5    Adjustment
of Earning Factor. 

        The
Representatives of the Parties may adjust a ship's earning factor as a result of poor performance. The Representatives of the Parties may also adjust a ship's earning factor if its
performance and/or earning capacity is improved by capital expenditure beyond what the Owners are obligated to make under the attached Manual (Schedule 2). 

        The
Representative of the Parties may request the Owners to undertake investments in their ships. In such cases the earning factor shall be adjusted by amortizing the total investment
over the remaining life of the ships, the ship life to be as agreed by the Representatives of the Parties or the end of the charter, whichever is less, at a cost of capital to be taken as 5% above the
U.S. "Prime Rate" prevailing at the time and expressed on a time charter basis. 

        Capital
Expenditure for fuel efficiency will not result in an adjustment of the earning factor because that is taken care of by the clause of the Manual (Schedule 2) dealing with
adjustment for speed and consumption. 

ARTICLE 6:    AGENTS FOR THE AGREEMENT AND DELEGATIONS OF AUTHORITY  

        6.1    All trading of the Fleet will be done in the name of the Marketing/Administrative Agent of the Joint Service, which will not be engaged in any
other activities than managing the business of the Joint Service and will utilize on an exclusive basis the brokerage/management services of Stolt-Nielsen network of offices worldwide. No other Party
shall act as an agent for any other Party by reason of this Agreement. The payment to Stolt-Nielsen offices shall be (i) as set out in Section 5.3 (d), (e), and (ii) a share in
the commission payable to the Marketing/Administrative Agent of the Joint Service set for the in Section 5.4 (b). 

        6.2    (a)    In
case all parties, except SPTI, withdraw from the Joint Service established hereunder, it is understood that the marketing/Administrative Agent and
SPTI may, in their sole discretion, elect either to have the Joint Service terminated or to continue it. 

        (b)    In
case of withdrawal by any Party, all the cargo contracts will remain with the Joint Service in accordance with the provisions of Section 6.1 hereof. 

ARTICLE 7:    VOTING  

        Each
of the Owners will appoint Representatives to oversee the operation of the Joint Service, which will include up to one Representative each from, Sunship, Barton, Bibby, Unicorn, up
to two from
NYKST and up to four from PTI. All representatives will be entitled to have alternates. Meetings will be held a minimum of three times per annum. 

        The
voting power of each Owner's Representatives in the meetings shall be equal to their respective combined earning factors allocated to each Owner. 

        The
Representatives shall decide unanimously on matters such as: 

	-
	capital
expenditures on a minority Owner's ship.

	-
	change
in the earning factor of existing ships in the Fleet.

	-
	all
other matters which do not dealwith the parcel tanker trade. 

3

 

The
Representatives shall decide by a simple majority vote (based on earning factors) on matters such as: 

	-
	addition
of new ships.

	-
	addition
of new Owners (Parties).

	-
	withdrawal
of ships by SPTI.

	-
	withdrawal
of a minority Owner's ship and the timing thereof.

	-
	capital
expenditures on SPTI ships.

	-
	time
charter of ships into the Fleet for period exceeding one year.

	-
	layup
or slow steaming of ships.

	-
	all
other matters which deal with the parcel tanker trade. 

        Should
the trading result from the Joint Service for any Owner result in a cash loss after direct operating costs, then such Owner shall have the option of laying up one or more ships
subject to the Representatives' approval. During the period of such layup, the ships will not participate in the revenue or overhead cost allocation of the Fleet. 

4

   ARTICLE 8:    DURATION AND TERMINATION OF THE AGREEMENT

        8.1   The
Joint Service established hereunder shall commence as of December 1, 1987, and shall apply to all voyages of the Owners commenced on and after such date. 

        The
Joint Service shall continue in existence for a period of fifty (50) years from such date, unless sooner terminated, liquidated or dissolved by law or as hereinafter provided
or unless extended by amendment to this Agreement. 

        8.2   The
Owners may withdraw ships from the Joint Service for reason of sale to an unrelated third party upon giving not less then 3 months notice. Not more than one
ship may be withdrawn in a 6-month period without the consent of the majority of the Representatives. 

        8.3   An
Owner having withdrawn all his ships from trading in the Joint Service is deemed to have withdrawn from the Joint Service. 

ARTICLE 9:    CONFLICT OF INTEREST

        Any
party, and their subsidiary and/or affiliated companies, shall not engage in the parcel tanker trade, other than as specified herein, for as long as they are Parties to this
Agreement and/or any of their ships are traded in the Joint Service. 

ARTICLE 10:    ACCOUNTS REPORTS AND AUDITORS

        Proper
books of account shall be kept for the Joint Service. Regular, true and correct entries made therein of all monies, effects and credits belonging to the Fleet and all such other
matters, transactions and things in any way relating to and having regard to the nature of the Fleet business. The books of account and all bills, notes, securities, contracts, letters and papers
shall remain and be kept by the Marketing/Administrative Agent and/or auditors. The Owners shall have free access to and the right to inspect the same. The accounts are maintained in accordance with
U.S. generally accepted accounting principles ("G.A.A.P."). 

        Earnings
distribution accounts shall be made up in respect of each financial period going from each December 1st to the following November 30th and shall be audited by
Arthur Andersen & Co. Such audited accounts shall be distributed to the Owners within one week after the end of the audit. 

        In
addition, the Marketing/Administrative Agent will provide the Owners with the following reports: 

	1.
	Joint
Service Distribution Report (STI 2.2F) (monthly);

	2.
	Fleet
Income Distribution Report (FIDS) (monthly); (includes Joint Service total, each Owner's total, and breakdown by each Owner's ship(s);

	3.
	Owner's
Statement of Account (monthly);

	4.
	Budget
(annually); and

	5.
	Other
documentation as may reasonably be requested by Owners. 

ARTICLE 11:    LAW

        This
Agreement shall be governed by and construed in accordance with English law. 

ARTICLE 12:    ARBITRATION

        If
any dispute should arise in connection with the interpretation and fulfillment of this Agreement, the same shall be decided by arbitration in London, and shall be referred to a single
arbitrator to be appointed by the Parties hereto. If the Parties cannot agree upon the appointment of a single arbitrator, the dispute shall be settled by three arbitrators, each Party appointing one
arbitrator, the third being appointed by The Baltic and International Maritime Conference in Copenhagen. If either of the appointed arbitrators refuses or is incapable of acting, the Party who
appointed him shall appoint a new arbitrator in his place. 

5

 

        If
one Party fails to appoint an arbitrator—either originally or by way of substitution—for two weeks after the other Party, having appointed his arbitrator, has
sent the Party making default notice by mail, cable or telex, to make the appointment, The Baltic and International Maritime Conference shall, after application from the Party having appointed his
arbitrator, also appoint an arbitrator on behalf of the Party making default. 

        The
award rendered by the Arbitration Court shall be final and binding upon the Parties and may, if necessary, be enforced by the Court or any other competent authority in the same
manner as a judgment in the Court of Justice. 

ARTICLE 13:    ATTACHMENTS

        Attached
hereto and made a part hereof as if fully set forth herein are the following schedules: 

	(a)
	Schedule 1—List
of Ships;

	(b)
	Schedule 2—Manual
of Technical and Operational Standards for Fleet Ships Under Stolt Tankers Joint Service Agreement; and

	(c)
	Attachment
1—Treatment of Expense

	(d)
	Attachment
2—Profit Sharing 

ARTICLE 14:    ENTIRE AGREEMENT

        This
Agreement and the Schedules hereto constitute the entire agreement between the Parties with respect to the subject matter hereto and supersedes all prior agreements and
understandings of the Parties in connection herewith. 

        This
Agreement becomes effective for Barton, Bibby and Unicorn as and when their first ship enters service for the Stolt Tanker Joint Service. 

        IN
WITNESS WHEREOF, the Parties, by their authorized Representatives, have executed this restatement of Joint Service Agreement as of the 12 day of November, 1997. 

	 
	 	 

	

STOLT TANKERS INC.	
 	

STOLT PARCEL TANKERS INC.
	

By	
 	

By
	
	 	

	

REDERI AB SUNSHIP	
 	

NYK STOLT TANKERS INC.
	

By	
 	

By
	
	 	

	

BARTON PARTNER LIMITED	
 	

BIBBY POOL PARTNER LIMITED
	

By	
 	

By
	
	 	

	

UNICORN LINES (PTY) LTD	
 	

 
	

By	
 	

By
	
	 	

6

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Exhibit 4.1

Stolt Tankers Joint Service AgreementQuickLinks
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Exhibit 4.2    
    

 
 

Stolt Tankers Joint Service Agreement
  Addendum of 03/02/00    
    

 
  ADDENDUM    
    

Dated:
March 2, 2000 

BETWEEN: 

	(1)
	STOLT
TANKERS INC. ("STI") of 80 Broad Street, Monrovia, Liberia; and

	(2)
	STOLT
PARCEL TANKERS INC. ("SPTI") of 80 Broad Street, Monrovia, Liberia, BARTON PARTNER LIMITED ("Barton") and BIBBY POOL PARTNER LIMITED ("Bibby") each of 105 Duke Street,
Liverpool L1 5JQ, England, UNICORN TANKERS (INTERNATIONAL) LIMITED ("Unicorn") of Douglas, Isle of Man, REDERI AB SUNSHIP of Halmstad, Sweden and NYK STOLT TANKERS S.A. of 23-5
Nishi-Shinbasi, 3-Chome, Minato-Ku, Tokyo 105, Japan ("NYK Stolt") (together "the Owners"). 

ADDENDUM
TO a restated Joint Service Agreement dated 12 November 1997 ("the Agreement") made between STI and the Owners on the terms and subject to the conditions of which the parties to the
Agreement agreed to trade their respective vessels as part of a Joint Service. 

WHEREAS:

STI
have requested that the Owners agree to replace Schedules 1, 2, 3 and 4 to the Agreement ("the Old Schedules") with revised schedules 1, 2, 3 and 4 ("the Revised Schedules") which the Owners have
agreed to do on the terms and subject to the conditions of this Addendum. 

IT
IS AGREED THAT: 

1    Definitions and Interpretation  

	1.1
	Unless
the context otherwise requires, all words and expressions defined in the Agreement shall have the same meaning when used in this Addendum; words denoting the plural number
shall be deemed to include the singular, and words denoting persons shall be deemed to include corporations, partnerships, associations of persons (whether incorporated or not) or governmental or
quasi-governmental authorities and vice versa.

	1.2
	References
to Clauses, Recitals, the Schedule and Appendices are to clauses of and the recitals, schedule and appendices to this Addendum; references to this Addendum include the
Recitals, Schedule and Appendices, and references in this Addendum to any document are (unless the context otherwise requires) to be interpreted as references to that document as amended, novated,
supplemented or replaced from time to time. 

2    Amendments  

With
effect from the date hereof the Old Schedules shall be deleted and replaced by the Revised Schedules which are attached to this Addendum at Appendix A, Appendix B, Appendix C
and Appendix D. 

3    Miscellaneous Provisions  

	3.1
	With
effect from the date hereof this Addendum shall be construed with and shall constitute an instrument supplemental to the Agreement. Save as otherwise provided herein and as
hereby expressly varied and supplemented the Agreement shall remain valid and binding and in full force and effect.

	3.2
	Notwithstanding
that the Old Schedules have with effect from the date hereof been replaced by the Revised Schedules, any claims arising from the Old Schedules remain valid and are not
extinguished by the deletion of the Old Schedules. The replacement of the Old Schedules by the Revised Schedules shall be without prejudice to all and any outstanding claims under the Old Schedules
and without prejudice to the rights and obligations of the parties under the agreement dated 12 November 1997 made between STI, SPTI, Barton, Bibby, Unicorn and Shipagency Limited, as amended
by Addendum No. 1 thereto dated 10 December 1997. 

 

4    Communications, Law and Jurisdiction  

The
provisions of Articles 11 and 12 of the Agreement shall apply to this Addendum as if they were set out in full and as if references to the Agreement were references to the Agreement as amended by
this Addendum. 

IN
WITNESS of which the parties hereto have executed this Addendum the day and year first before written. 

	SIGNED	 	SIGNED
	By	 	 	By	 
	 	
 for and on behalf of

STOLT TANKERS INC.

in the presence of:-	 	 	
 for and on behalf of

STOLT PARCEL TANKERS INC.

in the presence of:-
	

SIGNED	
 	

SIGNED
	By	 	 	By	 
	 	
 for and on behalf of

BARTON PARTNER LIMITED

in the presence of:-	 	 	
 for and on behalf of

NYK STOLT TANKERS S.A.

in the presence of:-
	

SIGNED	
 	

SIGNED
	By	 	 	By	 
	 	
 for and on behalf of

UNICORN TANKERS

(INTERNATIONAL) LIMITED

in the presence of:-	 	 	
 for and on behalf of

REDERI AB SUNSHIP

in the presence of:-
	

SIGNED	
 	

 	

 
	By	 	 	 	 
	 	
 for and on behalf of

BIBBY POOL PARTNER LIMITED

in the presence of:-	 	 	 

2

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Exhibit 4.2

Stolt Tankers Joint Service Agreement Addendum of 03/02/00

ADDENDUM

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