Document:

Unassociated Document

    

    

    COMMITTED
      TERM SHEET 

     

    This Committed
      Term Sheet does not of
      itself
      constitute a legally binding facility
      agreement but
      details
      the financing which we are prepared to provide and contains
an
      outline of certain terms and conditions which will, inter alia, be embodied
      in the Facility Documentation,
      which we mutually agree to negotiate in good faith and use reasonable commercial
      efforts to conclude.

    

    USD
      415,000,000 Term Loan Facility

    

    
      	
              Facility

            	
              Secured
                Term Loan Facility

            
	
               

              Borrower(s)

            	
               

              Nine
                single purpose companies, registered in Hong Kong, each to own a
                Vessel.
                Such companies to be wholly owned by Energy Infrastructure Merger
                Corporation (“EIMC”).

               

            
	
              Guarantor(s)

            	
              EIMC
                (the “Guarantor”) to issue an unconditional and irrevocable on demand
                Guarantee for the obligations towards the Lenders.

               

            
	
              Seller

            	
              Vanship
                Holdings Ltd (“Vanship”), the present owner of the Borrowers, future
                Seller of the Borrowers to EIMC and future holder of a minimum of
                25% of
                EIMC shares.

               

            
	
              Optional
                Structure

            	
              This
                termsheet summarises the Primary Structure which is the expected
                structure
                for the Facility. EIMC and or Seller to have the option if required
                for
                legal, accounting or regulatory purposes to nominate EIMC as the
                Borrower
                and the nine spcs as upstream Guarantors (“OPTIONAL STRUCTURE”) subject to
                the confirmation by legal counsel to the underwriters that terms
                and
                security are equivalent to the Primary Structure. Such option shall
                expire
                14 days after the signing of this Committed Termsheet.

               

            
	
              Mandated
                Lead Arrangers and Bookrunners

               

            	
              DVB
                Merchant Bank (Asia) Ltd (“DVB”), Fortis Bank S.A./N.V. (“Fortis”), and
                NIBC Bank Ltd. (“NIBC”).

            
	
               

              Underwriters

            	
               

              DVB,
                Fortis, and NIBC will each underwrite one third of Loan A. DVB will
                in
                addition fully underwrite Loan B.

               

            
	
              Agent

               

              Security
                Trustee

            	
              DVB.
                

               

              DVB.

               

            
	
              Lenders

            	
              The
                Mandated Lead Arrangers and a group of other lenders acceptable to
                the
                Guarantor (such acceptance not to be unreasonably withheld).

               

            
	
              Vessels

            	
              -  Vessel
                A: Shinyo Splendor, a 1993 built, 306,474 dwt VLCC,

              -  Vessel
                B: Shinyo Navigator, a 1996 built, 300,549 dwt VLCC,

              -  Vessel
                C: C. Dream, a 2000 built, 298,570 dwt VLCC,

              -  Vessel
                D Shinyo Kannika, a 2001 built, 287,175 dwt VLCC 

              -  Vessel
                E: Shinyo Ocean, a 2001 built, 281,395 dwt VLCC

              -  Vessel
                F: Shinyo Jubilee, a 1988 built, 250,192 dwt VLCC,

              -  Vessel
                G: Shinyo Mariner, a 1991 built, 271,208 dwt VLCC,

              -  Vessel
                H: Shinyo Alliance, a 1991 built, 248,034 dwt VLCC, 

              -  Vessel
                I: Shinyo Sawako, a 1995 built, 275,616 dwt VLCC,

              (each
                a “Vessel” and together the “Vessels”)

               

              Vessels
                A to E to be collectively referred to as the “Double Hull Vessels” and
                Vessels F to I to be collectively referred to as the “Single Hull
                Vessels”

            

    

     

    

      
        	
                EIMC
                  LOAN FACILITY - COMMITTED TERM SHEET

              	
                STRICTLY
                  PRIVATE AND CONFIDENTIAL

              	
                Page
                  1

              

      

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
 

    

    
      	
              Purpose

            	
              To
                provide the Borrowers with refinancing of the Vessels and additional
                working capital.

               

            
	
              Commitment
                Date

            	
              The
                date on which the Borrowers sign a committed offer from the Mandated
                Lead
                Arrangers.

               

            
	
              Facility
                Amount

            	
              A
                Maximum Amount of USD 415,000,000 divided into two loans, “Loan A” and
                “Loan B”. These two loans to be further sub-divided into 9 Vessel tranches
                (each a “Tranche”, together the “Tranches”) each relating to a Borrower
                SPC and a Vessel, each Borrower, jointly and severally liable within
                each
                Loan, as per Appendix 1.

               

              Loan
                A Amount

              The
                amount of Loan A will be the aggregate of the loan Tranches for each
                of
                the five double hull VLCCs, whereby the loan Tranche in respect of
                each
                double hull VLCC will be the lower of (a) the Maximum Loan A Amount
                at
                time of drawdown listed in Appendix A to the Commitment Letter and
                (b) 70%
                of the Fair Market Charter Free Value ("FMV") at time of
                drawdown.

               

              Loan
                B Amount

              The
                amount of Loan B will be the aggregate of the loan Tranches for each
                of
                the four single hull VLCCs, whereby the loan Tranche in respect of
                each
                single hull VLCC will be the lower of (a) the Maximum Loan B Amount
                at
                time of drawdown listed in Appendix B to the Commitment Letter and
                (b) 60%
                of the Fair Market Charter Free Value ("FMV") at time of
                drawdown.

               

            
	
              Swap

            	
              Loan
                A: The
                Borrowers shall be required, within three months of final Drawdown,
                to
                enter into an interest rate swap for a minimum period of 5 years
                and for
                at least 50% of the Loan A Amount, such swap to be provided on a
                competitive basis by one of the Underwriters. The Borrowers will
                give the
                right to compete for the swap to all Underwriters. The Borrowers
                will give
                each Underwriter the right to match the best offer received and if
                such
                offer is matched to execute a pro rata portion of the swap. 

               

              Loan
                B: DVB
                as Loan B underwriter will have first right of refusal on any interest
                rate hedging for Loan B.

               

            
	
              Mandatory
                Employment

            	
              The
                Vessels shall be employed on charter agreements (the “Charter Agreements”)
                with terms and conditions, including Maturity and minimum hire acceptable
                to the Underwriters. The existing Charter Agreements of Shinyo Jubilee,
                Shinyo Mariner, Shinyo Alliance, Shinyo Sawako, Shinyo Splendor,
                Shinyo
                Navigator, C. Dream, Shinyo Kannika and Shinyo Ocean are acceptable
                to the
                Underwriters.

               

              Charter
                Agreements are as follows (All rates mentioned are on a per day basis
                and
                after netting off charter commissions):

              -  Shinyo
                Splendor TC to Sinochem until 31.05.2014 at USD 38,019.

              -  Shinyo
                Navigator TC to DOSCO until 18.12.2016 at USD 42,705 

              -  C.
                Dream TC to Sanko at USD 28,322 until 31.03.2009 and thereafter TC
                to SK
                Shipping at USD 29,250 until 31.03.2016

              -  Shinyo
                Kannika TC to Dosco at USD 38,025 until 31.03.2017

              -  Shinyo
                Ocean TC to Formosa at 38,400 until 30.04.2017 

              -  Shinyo
                Jubilee CVC to S Oil until 30.9.09 at WS 77.8

              -  Shinyo
                Mariner TC to DOSCO until 30.6.10 at USD 31,980

              -  Shinyo
                Alliance TC to Formosa until 30.10.2010 at USD 29,700

              -  Shinyo
                Sawako TC to DOSCO until 30.11.11 at USD
                38,111

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
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              Drawdown

            	
              The
                Facility is to be drawn in up to one amount per Tranche by June
                30th
                2008 (the "Drawdown Date").

               

            
	
              Availability
                

            	
              Subject
                to fulfilment of all Conditions Precedent, the Facility will be available
                for one drawing per Tranche during the period beginning on the date
                of
                signing of the Facility Agreement and ending on 30th
                June 2008 or such later date as is mutually agreed between the Borrower
                and the Lenders (the "Availability Date").

               

            
	
              One
                Month Extension Option 

            	
              The
                Borrowers have the option to extend the Availability and Drawdown
                dates by
                up to one month to July 31st,
                2008 (the "One Month Extension Option").

               

              In
                the event that the Availability and Drawdown dates are
                extended:

              ·  the
                relevant Tranche amount available for drawdown will be reduced by
                one
                third of the first instalment (as set out in Appendices A and
                B);

              ·  the
                Borrowers will commence repayments on September 30th,
                2008 by paying the remaining two thirds of the first instalment for
                the
                respective loan. 

               

            
	
              Final
                Maturity Date

            	
              Loan
                A:
                according to the repayment schedule of each Tranche in Appendix A
                and no
                later than the earlier of June 30th, 2017 and 9 years after drawdown
                of
                each Tranche.

               

              Loan
                B:
                according to the repayment schedule of each Tranche in Appendix B
                and no
                later than December 31st
                2010.

            

    

     

    

      
        	
                EIMC
                  LOAN FACILITY - COMMITTED TERM SHEET

              	
                STRICTLY
                  PRIVATE AND CONFIDENTIAL

              	
                Page
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              Repayment

            	
              Quarterly,
                commencing on the last business day of the calendar month beginning
                3
                months from the Drawdown of each Tranche, as set out in the repayment
                schedule in Appendices A and B or if a Borrower has exercised the
                One
                Month Extension, on the last business day of the calendar month beginning
                2 months from the Drawdown Date of the relevant Tranche it being
                noted
                that the first payment period must be a maximum of 3 months or 2
                months,
                as the case may be, and may be a shorter period to ensure it falls
                on the
                last business day of the relevant calendar month. 

               

            
	
              Prepayments

            	
              Voluntary

              Permitted
                without penalty in multiples of USD 500,000 with 5 business-days
                prior
                written notice. Amounts received will be applied against the Facility
                in
                inverse order of maturity and pro rata between the Loans and
                Tranches.

               

              Mandatory

              In
                event of sale or total loss of a Vessel the relevant Tranche to be
                repaid
                in full and any remaining funds to be applied first to the other
                Tranches
                under the relevant Loan on a pro rata basis and in inverse order
                of
                maturity and then to the other Loan on a pro rata basis and in inverse
                order of maturity.

               

              In
                the event of cancellation of any existing Charter Agreement prior
                to the
                scheduled expiry date the relevant Tranche shall be repaid in full
                unless
                the Borrower can provide a substitute charter of equivalent quality
                and
                charter terms, within 60 days after charter expiry. The new charter
                and
                the terms and conditions under the new charter agreement to be acceptable
                to the Agent, such acceptance not to be unreasonably withheld.
                

               

              Any
                swap or other funding breakage costs to be for the account of the
                Borrowers.

               

            
	
              Interest

            	
              The
                rate of interest will be the London Interbank Offered Rate (LIBOR)
                plus
                the applicable Margin. Interest periods to be 3, 6 or 12 months at
                the
                option of the Borrowers, or such other period mutually agreed between
                the
                Borrowers and the Agent.

            
	 	 
	
              Margin

            	
            

    

    

      
        	Loan
                A	 
	
                Loan
                  A Outstanding / Aggregate FMV of Double Hull Vessels

              	
                Applicable
                  Margin

              
	
                i)
                  Below 50%

              	
                1.00%

              
	
                ii)
                  Between 50% and 65%

              	
                1.15%

              
	
                iii)
                  Above 65%

              	
                1.30%

              
	 	 
	
                Loan
                  B

              	 
	
                Loan
                  B Outstanding / Aggregate FMV of Single Hull Vessels

              	
                Applicable
                  Margin

              
	
                i)
                  Below 50%

              	
                 1.75%

              
	
                ii)
                  Between 50% and 70%

              	
                 2.25%

              
	
                iii)
                  Above 70%

              	
                2.75%

              

      

    

     

    
      	
              Commitment
                Fee

            	
              0.25%
                p.a., on the undrawn portion of the maximum committed Facility Amount
                and
                due from signing of the Facility Agreement. The commitment fee shall
                be
                payable on Drawdown of the relevant Tranche with the final commitment
                fee
                due on the later of the Drawdown of the final Tranche and the Availability
                Date. 

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
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              (P)repayments
                not to be redrawn

            	
              Any
                amount that is repaid or prepaid under the facility is not available
                for
                redrawing after it has been repaid or prepaid. 

            
	
               

              Borrowers’
                Walk Away Option

            	
               

              By
                signing this Committed Term Sheet, the Borrowers confirm their commitment
                to enter into the Facility Documentation and drawdown the Loans,
                subject
                to the completion of the sale of those Borrowers and/or Vessels from
                Vanship to Energy Infrastructure Acquisition Corp (“EIAC”) or EIMC (as the
                case may be) (the “Acquisition”). The Borrowers and Vanship have the
                option to walk away from their commitment at any time between accepting
                such commitment and the closing of the Acquisition, in order to take
                financing from another bank or financial institution, on payment
                to the
                Underwriters in proportion to their respective underwriting commitments
                of
                an amount equivalent to 0.25% of the maximum Facility Amount. Such
                fee is
                not payable in the event that the Lenders breach the terms of this
                commitment. 

               

            
	
              Security

            	
              The
                facility to be secured by, inter alia, the following securities in
                a form
                and substance acceptable to the Lenders, to the extent legally permitted:
                

               

              Loan
                A

               

              1)  First
                priority cross-collateralised mortgages over the Double Hull Vessels.
                

              2)  First
                priority cross-collateralised assignment by the Borrowers of the
                earnings
                of the Double Hull Vessels in a form acceptable to the Agent.

              3)  First
                priority cross-collateralised assignment of all charters in excess
                of 12
                months (the “Charters”) related to the Double Hull Vessel 

              4)  First
                priority cross-collateralised assignment of all insurances related
                to the
                Double Hull Vessels.

              5)  First
                priority cross-collateralised pledge of the earnings accounts (the
                Earnings Accounts”) relating to the Double Hull Vessels.

              6)  An
                unconditional and irrevocable on demand Guarantee from the Guarantor.
                

              7)  Option
                to take first priority share pledge over the shares of the Borrowers
                under
                Loan A.

               

              The
                Swaps entered into in connection with Loan A to be secured pari-passu
                with
                Loan A, and cross-defaulted to the Facility.

               

               

              Loan
                B

               

              1)  First
                priority cross-collateralised mortgages over the Single Hull Vessels.
                

              2)  First
                priority cross-collateralised assignment by the Borrowers of the
                earnings
                of the Single Hull Vessels in a form acceptable to the Agent.

              3)  First
                priority cross-collateralised assignment of all Charters related
                to the
                Single Hull Vessels.

              4)  First
                priority cross-collateralised assignment of all insurances related
                to the
                Single Hull Vessels.

              5)  First
                priority cross-collateralised pledge of the Earnings Accounts relating
                to
                the Single Hull Vessels.

              6)  Option
                to take cross-collateralised first priority share pledge over the
                shares
                of the Borrowers under Loan B

              7)  An
                unconditional and irrevocable on demand Guarantee from the Guarantor.
                

               

            

    

     

    
      

        
          	
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                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
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              8)  Second
                priority cross-collateralised mortgages over the Double Hull Vessels.
                

              9)  Second
                priority cross-collateralised assignment by the Borrowers of the
                earnings
                of the Double Hull Vessels in a form acceptable to the Agent.

              10)  Second
                priority cross-collateralised assignment of all Charters related
                to Double
                Hull Vessels.

              11)  Second
                priority cross-collateralised assignment of all insurances related
                to the
                Double Hull Vessels.

              12)  Second
                priority cross-collateralised pledge of the Earnings Accounts relating
                to
                the Double Hull Vessels.

              13)  Option
                to take cross-collateralised second priority share pledge over the
                shares
                of the Borrowers under Loan A.

               

              Any
                Swaps entered into in connection with Loan B to be secured pari-passu
                with
                Loan B, and cross-defaulted to the
                Facility.

            

    

     

    
      	
              Earnings
                and Retention Accounts

            	
              In
                respect of each Vessel, earnings to be paid into an Earnings Account
                opened by the corresponding Borrower with a bank acceptable to the
                Lenders
                (the “Account Bank”).

               

              Each
                Borrower to maintain a retention account (each a “Retention Account”) with
                the Agent to have paid into it on a monthly basis 1/3rd
                of
                the next repayment instalment due and a fraction (corresponding to
                the
                number of months in the current interest period) of the next interest
                payment in respect of each Tranche.

            
	
               

              Cashflow
                Payment Cascade

            	
               

              Cash
                in any Borrower’s Earnings Account shall be distributed as
                follows:

              a)  First
                to cover any costs incurred by the Lenders and fees due;

              b)  Second
                to fund the Retention account in respect of that Borrower; 

              c)  Third
                to maintain the Minimum Cash Reserve;

              d)  Fourth
                to cover any Retention, Value Maintenance or cash shortfall under
                the
                respective Loan;

              e)  Fifth
                to pay any amounts due under a Swap on the relevant Loan;

              f)  Sixth
                pay operating expenses in respect of that Vessel; and

              g)  Surplus
                funds, if any, shall be distributed to the Borrower’s order subject to no
                Event of Default and compliance with all Covenants on the
                Facility.

               

            
	
              Conditions
                Precedent

            	
              Usual
                and customary for a Facility of this type, to include 

              a)  the
                acquisition of the Vessel-owning SPCs by EIMC under a sale and purchase
                agreement on terms acceptable to the Lenders and its merger with
                EIAC,
                EIMC being the surviving entity, 

              b)  At
                option of Lenders, satisfactory inspection reports of the Vessels
                from
                surveyors appointed by Lenders; and 

              c)  completion
                of KYC identification procedures as required by the Lenders.

               

            
	
              Financial
                Covenants

            	
              From
                the Drawdown and until the Final Maturity Date, the Borrowers and
                Guarantor to comply with the following financial covenants at any
                time;

               

              Borrowers:

              Minimum
                Cash Reserve of USD 625,000 per Borrower to be held with the Agent
                or its
                agreed Account Bank in the Earnings Account. Short term variations
                to be
                allowed to meet contingencies subject to compliance with Consolidated
                Cash
                Covenant on Guarantor.

               

              The
                Borrowers to provide estimates for the anticipated cost of each schedule
                dry-docking no later than twelve months in advance of the scheduled
                dry-docking date. By the end of each subsequent Quarter, 25% of such
                estimated amount to be retained, prior to declaration of any dividends,
                as
                an amount in the Earnings Account in addition to the Minimum Cash
                Reserve.
                The Borrowers shall have the rights to amend the estimates for the
                dry-docking and will provide any updated estimates to the Lenders
                on a
                timely basis. In the event that the estimates, as amended, differ
                from the
                preceding estimates, the Borrowers will adjust the rate of retention
                in
                each Quarter such that the total of the amounts retained in the Earnings
                Account for payment of scheduled dry-docking will represent 25%,
                50%, 75%
                and 100% of such estimate, as amended, at the end of each of the
                first,
                second, third and fourth quarters, respectively, prior to the scheduled
                dry-docking date.

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
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              Guarantor:

              Based
                on the Guarantor’s consolidated financial statements:

               

              1.  Minimum
                available cash of USD15,000,000 comprising a) amounts in Borrower’s
                Earnings Accounts excluding amounts retained for scheduled dry-dockings,
                b) free cash at holding level and c) undrawn working capital
                facilities.

              2.  Minimum
                Value Adjusted Net Worth of USD100,000,000

              3.  Maximum
                Value Adjusted Leverage of 75%

              4.  Minimum
                interest coverage (EBITDA/Interest Expense) of 2.25:1.

               

              Value
                Adjusted Net Worth and Value Adjusted Leverage to be calculated by
                adjusting book values of the Vessels by the premium or discount to
                FMV.

               

              The
                Financial Covenants to be tested on an annual basis on audited
                consolidated accounts and semi annual basis on the basis of consolidated
                management accounts.

            

    

     

    
      	
              Value
                Maintenance

            	
              In
                respect of each Loan and its relevant Vessels, the FMV of the Vessels
                shall at all times be a minimum of 125% (the “Value Maintenance
                Percentage”) of the outstanding relevant Loan Amount, on an aggregate
                basis. 

               

              Additionally,
                for those Vessels whose remaining term of employment under the then
                current Charter Agreement is less than 12 months, the Value Maintenance
                Percentage will increase to 140% of the outstanding Tranche in respect
                of
                Double Hull vessels and 160% of the outstanding Tranche in respect
                of
                Single hull vessels. 

               

              Any
                FMV shortfalls may be offset with surplus FMVs on other Tranches
                within
                the same Loan. The FMV to be established by taking the simple average
                of
                valuations obtained from two reputable brokers appointed from the
                list of
                agreed brokers by the Agent, and at the expense of the
                Borrowers.

            
	
               

              Guarantor’s
                Undertaking

            	
               

              The
                Guarantor shall issue an irrevocable and unconditional undertaking
                in
                favour of the Lenders as follows:

               

              -  No
                material change of any shareholders agreement related to the
                Borrowers.

              -  Any
                shareholders loan to be unsecured and be subordinated to the
                Facility.

              -  No
                change of control over the Borrowers.

            
	
               

              Insurance

            	
               

              The
                insurance requirements in relation to the Vessels will be subject
                to an
                initial review (prior signing of the security documents) followed
                by
                annual review by the Lenders of the insurance arrangements. At all
                times
                the interests of the Borrowers shall be assigned to the Agent as
                security
                for the Facility and Swaps.

              a)  Hull
                & machinery, marine and war risks including blocking and trapping to
                cover 120% of the relevant Tranche; 

              b)  P
                & I Cover to be provided by an International Group Club, including
                freight, demurrage and defence cover;

              c)  MII
                insurance and as relevant, MIAP for no less than 110% of the Tranche
                outstanding.

               

              All
                insurance to be placed with insurers and through brokers of international
                reputation and to be acceptable to the agent, such acceptance not
                to be
                unreasonably withheld.

              Lenders’
                interests to be noted with Agent as loss payee. Insurers to waive
                rights
                of subrogation against the Lenders, and to defer rights of subrogation
                against the Borrowers and other security parties until full repayment
                of
                the Loan, interest, fees and all other outstanding liabilities owed
                to the
                Lenders and the other creditor parties under the loan and security
                documents.

            

    

     

    
      

        
          	
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                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
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              Affirmative
                Covenants

            	
               

              Usual
                and customary for a syndicated transaction of this type, including
                but not
                limited to:

              a)  Flag:
                Vessels to be registered in jurisdiction acceptable to the Lenders
                (assumed to be Hong Kong). 

              b)  Financial
                Statements: Provision of annual audited financial statements of the
                Guarantor within 180 days of the end of each fiscal period and semi-annual
                accounts within 120 days.

              c)  Other
                Information: The Borrowers and Guarantor shall from time to time
                provide
                such information as the Agent may reasonably request.

              d)  Cross
                Default: Cross default to all other obligations in respect to the
                Borrowers, the Guarantor, or any of their Principal
                Subsidiaries.

              e)  The
                Guarantor to ensure that there is sufficient cash to cover any scheduled
                dry-docking costs minimum 30 days before such scheduled dry-docking
                takes
                place - sufficient cash to be defined as the minimum cash reserve
                plus the
                budgeted cost to cover such scheduled dry-docking.

              f)  Management:
                Vanship shall have nominated three directors to the Board of EIMC
                one of
                which to also be the Chairman and shall have nominated all executive
                officers of EIMC including the Chief Executive Officer. All such
                nominations to have been appointed by the Board of EIMC. EIMC to
                have
                entered into a Management Agreement with Vanship or an affiliate
                thereof
                (the "Manager") for the commercial, technical, administrative and
                strategic management of EIMC.

              g)  Technical
                Management: The Manager to sub-contract technical management to Univan
                or
                such other ship management company approved by the Lenders.

              h)  Borrowers,
                Manager and Vessels to comply with, inter alia, ISM and ISPS Code
                requirements.

              i)  Lenders
                to have the right to appoint a surveyor to inspect up to two Vessels
                at
                the expense of the Borrowers once a year (unless an event of default
                or
                major casualty has occurred, in which case the number of inspections
                shall
                not be limited).

            
	
               

              Negative
                Covenants

            	
              Usual
                and customary for a syndicated transaction of this type, including
                but not
                limited to:

              a)  Borrowers
                not to create or suffer to exist any liens on the Vessels other than
                liens
                incurred in the normal course of business;

              b)  Borrowers
                and EIMC not to incur any additional indebtedness without the consent
                of
                the Lenders.

              c)  Borrowers
                shall not enter into any transactions with any associated companies
                or
                companies associated with the shareholders other than (i) the Management
                Agreement contemplated by the Proxy/Registration statement to be
                filed by
                EIMC/the Borrowers and (ii) the purchase of vessels at FMV from Vanship
                and (iii) as otherwise provided for in this agreement, without the
                prior
                written consent of the Agent;

              d)  The
                Management and Flag of the Vessels not to be changed without the
                prior
                written consent of the Agent;

              e)  No
                further mortgages to be registered on the Vessels and no further
                security
                to be created over any assets of the Borrowers without the prior
                written
                consent of the Agent;

              f)  No
                change of control of the Guarantor, mergers or divestments without
                prior
                written consent of the majority Lenders, such consent to be not
                unreasonably withheld. Vanship’s shareholders to maintain directly or
                indirectly a shareholding in EIMC of at least 25% other than dilution
                resulting from the raising of additional equity.

              g)  In
                the event of covenant breach or default, no dividends to be permitted
                without the prior consent of the
                Lenders.

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    8

                

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
 

    

    
      	
              Other
                Covenants

            	
              Such
                other covenants as are usual and customary for this type of credit
                facility, including without limitation;

               

              1.  Fulfilment
                of all requirements under MARPOL 73/79 and the Condition Assessment
                Scheme
                (the “CAS”) in respect of single hull tankers. This evidence shall be made
                on a yearly basis if the Vessels are older than 15 years.

              2.  Evidence
                that the flag state (or such other flag state acceptable to the Agent)
                will allow the employment of the Single Hull Vessels beyond 2010.
                Such
                evidence to be provided by the Borrowers to the Agent no later than
                six
                months before passing 31 December 2010.

              3.  In
                the event that 3 or more countries of the following countries: PRC,
                South
                Korea, Japan, India, Indonesia, Thailand, Singapore and Taiwan enforce
                a
                phase-out of single-hull oil tankers without exception, Loan B will
                be
                immediately repayable as of the effectiveness of such phase-out in
                the
                last of the three countries to enforce such phase-out.

            
	
               

              Events
                of Default

            	
               

              Those
                events of default that are usual and customary for this type of credit
                facility, including without limitation; (i) payment default, (ii)
                breach
                of any covenants or any other default under the Facility Documentation
                of
                any of the security documents (iii) cross default to other financial
                indebtedness with the Borrowers and Guarantor, (iv) bankruptcy, insolvency
                etc., (v) change of control or change of beneficial or legal ownership
                of
                any of the security parties, (vi) material adverse change and (vii)
                misrepresentation.

            
	
               

              Transferability

            	
               

              Lenders
                shall be entitled to assign and/or transfer any/all rights and obligations
                under the Facility envisaged in this committed term sheet to one
                or more
                third party/parties, without the prior consent of the Borrowers,
                provided
                that such transferee/transfer is legal for the Borrowers and no additional
                costs are incurred for them. 

              Lenders
                shall be entitled to transfer rights and/or obligations under the
                Facility
                (and to pass on all information relating to the facility/borrowers)
                to
                affiliated companies and special purpose vehicles.
                

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    9

                

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
 

    

    
      	
               

              Market
                Flex

            	
               

              The
                Borrowers and Guarantor acknowledge that if, in the Mandated Lead
                Arrangers’ reasonable opinion, it appears likely that the Underwriters
                will be unable to reach their Final Take Amount in relation to the
                Facility through the normal syndication process of the Facility,
                on the
                basis of the agreed structure, terms and pricing set out in this
                letter,
                the Mandated Lead Arrangers may change any of the pricing, structure
                and/or terms of the Facility, if the Mandated Lead Arrangers determines
                that changes are advisable in order to ensure a successful syndication
                of
                the Facility, such terms to be determined after consultation with
                Borrowers and Guarantor. The Mandated Lead Arrangers will not amend
                either
                the total amount of debt or the amortization profile of the facility
                in
                the first 24 months following the Drawdown Date. The Mandated Lead
                Arrangers’ rights under this paragraph shall continue in full force and
                effect until the date upon which Syndication is completed. For these
                purposes (1) “Syndication” means the successful close of syndication of
                the Facility following which each Underwriter has achieved its Final
                Take
                Amounts in Loan A and (2) “Final Take Amount” means USD 75
                million.

            

    

    

    
      	
              Information
                & Cooperation

            	
              The
                Borrowers and Guarantor will provide the Mandated Lead Arrangers
                with all
                assistance, information and material necessary to produce an Information
                Memorandum (to be warranted by the Borrowers) in support of the
                syndication process. The Guarantor shall also make senior management
                attendance at the Lenders presentations and will utilise their best
                efforts to ensure that the syndication process benefits from its
                existing
                banking relationships. 

               

              The
                material provided to the Lenders will also include information relating
                to
                the business plans, asset valuations, disposals and such other information
                as may be reasonably requested by the Mandated Lead Arrangers provided
                that no information shall be required to be disclosed to the extent
                that
                such disclosure should (i) breach any applicable law or any regulations
                of
                any applicable stock exchange or (ii) is of a commercially sensitive
                nature, the public disclosure of which, would be prejudicial to the
                interests of the Borrowers, disclosure of which, as contemplated
                by this
                paragraph, cannot be made without giving rise to a public disclosure
                obligation under applicable laws and regulations. 

               

              Prior
                to the provisions of any information to prospective lenders, such
                lenders
                will be requested to sign confidentiality agreement in form and substance
                acceptable to the Mandated Lead Arrangers.

               

              In
                addition, the Borrowers will allow the Mandated Lead Arrangers to
                disclose
                standard tombstone information on the Facility for publicity purposes
                after closing.

            
	
              Facility
                Documentation

            	
              In
                terms acceptable to the Lenders and their legal advisers, and to
                contain
                all provisions commonly included in Eurodollar financings, syndicated
                loans and ship finance loans. Facility Documentation to include Swap
                ISDA
                documentation to cover the Borrowers entering into a swap agreement
                with
                Lenders. The Borrowers, Guarantor and shareholders to provide customer
                identification required by the Agent and/or Lenders in compliance
                with the
                requirements of local regulators relevant to the Lenders. The governing
                law of the facility agreement and the guarantee shall be the laws
                of
                England or, in the case of the security documents, the appropriate
                country.

            

    

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    10

                

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      
 

    

    
      	
              Consent
                to Disclosure

               

               

            	
              The
                Borrowers irrevocably authorise the Lenders to give, divulge and
                reveal
                from time to time information and details relating to its account,
                the
                Facility Documentation, the Facility and the documents giving rise
                to the
                Swap Option to any authorities, the Lenders’ respective head office,
                branches and affiliates, any other parties to the Facility Documentation;
                and any other person regarding the funding, operational arrangement
                or
                other transaction in relation thereto, including without limitation,
                for
                purposes in connection with any enforcement or assignment or transfer
                of
                any of the Lenders’ rights and obligations.

            
	
              Other
                costs

            	
              All
                reasonable documented expenses, including legal expenses, relating
                to
                drafting, negotiation, syndication, closing, maintenance and enforcement
                of the Facility to be paid by the Borrowers regardless of whether
                or not a
                Facility Agreement is executed by the parties (other than due to
                gross
                negligence or wilful misconduct by the Lenders).

            
	
              Legal
                Counsel

            	
              To
                be agreed

            
	
              Jurisdiction

            	
              English
                Law will apply to the Facility documentation and the parties shall
                submit
                to the non-exclusive jurisdiction of the English
                courts.

            
	
               

              Timetable

            	
               

              This
                Committed Termsheet is valid for acceptance until 11.2.08. Documentation
                to be signed by 30.4.08

            

    

    

     

    
      	
              /s/
                Maarten Vis 

              /s/
                Vicente Alava-Pons

            	
              /s/
                Otto Jan van Diepen

              /s/
                Kwek Chih Keong

            	
              /s/
                Hugo van Kattendijke

              /s/
                Frans van de Bospoort

            
	
              Authorised
                Signatories

            	
              Authorised
                Signatories

            	
              Authorised
                Signatories

            
	
              DVB
                Merchant Bank (Asia) Ltd

            	
              Fortis
                Bank S.A/N.V

            	
              NIBC
                Bank Ltd.

            
	
              Date:
                February 11, 2008

            	
              Date:
                February 11, 2008 

            	
              Date:
                February 11, 2008

            

    

     

    

      
        	
                EIMC
                  LOAN FACILITY - COMMITTED TERM SHEET

              	
                STRICTLY
                  PRIVATE AND CONFIDENTIAL

              	
                Page
                  11

              

      

    

     

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      

      

    

    

    For
      and
      on behalf of Energy Infrastructure Merger Corporation

    

    

    

    /s/
      George Sagredos

    Authorized
      Signatory

    Date:
      February 11, 2008

    

    

    Agreed
      on
      behalf of the Borrowers

    

    

    /s/
      Captain C.A.J. Vanderperre

    Authorized
      Signatory

    Date:
      February 11, 2008

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    12

                

        

      

       

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      

      

    

    Appendix
      A - Indicative repayment schedule - Double Hull Vessels Loan
      A

    
      	
              Months
                after Drawdown Date

            	
              Shinyo
                Splendor - 1993

            	
              Shinyo
                Kannika - 2001

            	
              Shinyo
                Ocean - 2001

            	
              Shinyo
                Navigator - 1996

            	
              C.
                Dream 2000

            
	
               

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            
	
               

            	
               

            	
              -
                

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            	
               

            
	 	
              $0
                

            	
              $51,000,000
                

            	
              $0
                

            	
              $73,000,000
                

            	
              $0
                

            	
              $73,000,000
                

            	
              $0
                

            	
              $70,000,000
                

            	
              $0
                

            	
              $58,000,000
                

            
	
              3

            	
              $1,000,000
                

            	
              $50,000,000
                

            	
              $1,000,000
                

            	
              $72,000,000
                

            	
              $1,000,000
                

            	
              $72,000,000
                

            	
              $1,000,000
                

            	
              $69,000,000
                

            	
              $650,000
                

            	
              $57,350,000
                

            
	
              6

            	
              $1,000,000
                

            	
              $49,000,000
                

            	
              $1,000,000
                

            	
              $71,000,000
                

            	
              $1,000,000
                

            	
              $71,000,000
                

            	
              $1,000,000
                

            	
              $68,000,000
                

            	
              $650,000
                

            	
              $56,700,000
                

            
	
              9

            	
              $1,000,000
                

            	
              $48,000,000
                

            	
              $1,000,000
                

            	
              $70,000,000
                

            	
              $1,000,000
                

            	
              $70,000,000
                

            	
              $1,000,000
                

            	
              $67,000,000
                

            	
              $650,000
                

            	
              $56,050,000
                

            
	
              12

            	
              $1,000,000
                

            	
              $47,000,000
                

            	
              $1,000,000
                

            	
              $69,000,000
                

            	
              $1,000,000
                

            	
              $69,000,000
                

            	
              $1,000,000
                

            	
              $66,000,000
                

            	
              $650,000
                

            	
              $55,400,000
                

            
	
              15

            	
              $1,000,000
                

            	
              $46,000,000
                

            	
              $1,500,000
                

            	
              $67,500,000
                

            	
              $1,500,000
                

            	
              $67,500,000
                

            	
              $1,000,000
                

            	
              $65,000,000
                

            	
              $1,000,000
                

            	
              $54,400,000
                

            
	
              18

            	
              $1,000,000
                

            	
              $45,000,000
                

            	
              $1,500,000
                

            	
              $66,000,000
                

            	
              $1,500,000
                

            	
              $66,000,000
                

            	
              $1,000,000
                

            	
              $64,000,000
                

            	
              $1,000,000
                

            	
              $53,400,000
                

            
	
              21

            	
              $1,000,000
                

            	
              $44,000,000
                

            	
              $1,500,000
                

            	
              $64,500,000
                

            	
              $1,500,000
                

            	
              $64,500,000
                

            	
              $1,000,000
                

            	
              $63,000,000
                

            	
              $1,000,000
                

            	
              $52,400,000
                

            
	
              24

            	
              $1,000,000
                

            	
              $43,000,000
                

            	
              $1,500,000
                

            	
              $63,000,000
                

            	
              $1,500,000
                

            	
              $63,000,000
                

            	
              $1,000,000
                

            	
              $62,000,000
                

            	
              $1,000,000
                

            	
              $51,400,000
                

            
	
              27

            	
              $1,785,000
                

            	
              $41,215,000
                

            	
              $1,460,000
                

            	
              $61,540,000
                

            	
              $1,460,000
                

            	
              $61,540,000
                

            	
              $1,860,000
                

            	
              $60,140,000
                

            	
              $1,060,000
                

            	
              $50,340,000
                

            
	
              30

            	
              $1,785,000
                

            	
              $39,430,000
                

            	
              $1,460,000
                

            	
              $60,080,000
                

            	
              $1,460,000
                

            	
              $60,080,000
                

            	
              $1,860,000
                

            	
              $58,280,000
                

            	
              $1,060,000
                

            	
              $49,280,000
                

            
	
              33

            	
              $1,785,000
                

            	
              $37,645,000
                

            	
              $1,460,000
                

            	
              $58,620,000
                

            	
              $1,460,000
                

            	
              $58,620,000
                

            	
              $1,860,000
                

            	
              $56,420,000
                

            	
              $1,060,000
                

            	
              $48,220,000
                

            
	
              36

            	
              $1,785,000
                

            	
              $35,860,000
                

            	
              $1,460,000
                

            	
              $57,160,000
                

            	
              $1,460,000
                

            	
              $57,160,000
                

            	
              $1,860,000
                

            	
              $54,560,000
                

            	
              $1,060,000
                

            	
              $47,160,000
                

            
	
              39

            	
              $1,885,000
                

            	
              $33,975,000
                

            	
              $1,610,000
                

            	
              $55,550,000
                

            	
              $1,610,000
                

            	
              $55,550,000
                

            	
              $2,010,000
                

            	
              $52,550,000
                

            	
              $1,260,000
                

            	
              $45,900,000
                

            
	
              42

            	
              $1,885,000
                

            	
              $32,090,000
                

            	
              $1,610,000
                

            	
              $53,940,000
                

            	
              $1,610,000
                

            	
              $53,940,000
                

            	
              $2,010,000
                

            	
              $50,540,000
                

            	
              $1,260,000
                

            	
              $44,640,000
                

            
	
              45

            	
              $1,885,000
                

            	
              $30,205,000
                

            	
              $1,610,000
                

            	
              $52,330,000
                

            	
              $1,610,000
                

            	
              $52,330,000
                

            	
              $2,010,000
                

            	
              $48,530,000
                

            	
              $1,260,000
                

            	
              $43,380,000
                

            
	
              48

            	
              $1,885,000
                

            	
              $28,320,000
                

            	
              $1,610,000
                

            	
              $50,720,000
                

            	
              $1,610,000
                

            	
              $50,720,000
                

            	
              $2,010,000
                

            	
              $46,520,000
                

            	
              $1,260,000
                

            	
              $42,120,000
                

            
	
              51

            	
              $1,985,000
                

            	
              $26,335,000
                

            	
              $1,610,000
                

            	
              $49,110,000
                

            	
              $1,610,000
                

            	
              $49,110,000
                

            	
              $2,135,000
                

            	
              $44,385,000
                

            	
              $1,360,000
                

            	
              $40,760,000
                

            
	
              54

            	
              $1,985,000
                

            	
              $24,350,000
                

            	
              $1,610,000
                

            	
              $47,500,000
                

            	
              $1,610,000
                

            	
              $47,500,000
                

            	
              $2,135,000
                

            	
              $42,250,000
                

            	
              $1,360,000
                

            	
              $39,400,000
                

            
	
              57

            	
              $1,985,000
                

            	
              $22,365,000
                

            	
              $1,610,000
                

            	
              $45,890,000
                

            	
              $1,610,000
                

            	
              $45,890,000
                

            	
              $2,135,000
                

            	
              $40,115,000
                

            	
              $1,360,000
                

            	
              $38,040,000
                

            
	
              60

            	
              $1,985,000
                

            	
              $20,380,000
                

            	
              $1,610,000
                

            	
              $44,280,000
                

            	
              $1,610,000
                

            	
              $44,280,000
                

            	
              $2,135,000
                

            	
              $37,980,000
                

            	
              $1,360,000
                

            	
              $36,680,000
                

            
	
              63

            	
              $2,110,000
                

            	
              $18,270,000
                

            	
              $1,760,000
                

            	
              $42,520,000
                

            	
              $1,760,000
                

            	
              $42,520,000
                

            	
              $2,260,000
                

            	
              $35,720,000
                

            	
              $1,360,000
                

            	
              $35,320,000
                

            
	
              66

            	
              $2,110,000
                

            	
              $16,160,000
                

            	
              $1,760,000
                

            	
              $40,760,000
                

            	
              $1,760,000
                

            	
              $40,760,000
                

            	
              $2,260,000
                

            	
              $33,460,000
                

            	
              $1,360,000
                

            	
              $33,960,000
                

            
	
              69

            	
              $2,110,000
                

            	
              $14,050,000
                

            	
              $1,760,000
                

            	
              $39,000,000
                

            	
              $1,760,000
                

            	
              $39,000,000
                

            	
              $2,260,000
                

            	
              $31,200,000
                

            	
              $1,360,000
                

            	
              $32,600,000
                

            
	
              72

            	
              $2,110,000
                

            	
              $11,940,000
                

            	
              $1,760,000
                

            	
              $37,240,000
                

            	
              $1,760,000
                

            	
              $37,240,000
                

            	
              $2,260,000
                

            	
              $28,940,000
                

            	
              $1,360,000
                

            	
              $31,240,000
                

            
	
              75

            	
              $2,110,000
                

            	
              $9,830,000
                

            	
              $1,860,000
                

            	
              $35,380,000
                

            	
              $1,860,000
                

            	
              $35,380,000
                

            	
              $2,360,000
                

            	
              $26,580,000
                

            	
              $1,460,000
                

            	
              $29,780,000
                

            
	
              78

            	
              $2,110,000
                

            	
              $7,720,000
                

            	
              $1,860,000
                

            	
              $33,520,000
                

            	
              $1,860,000
                

            	
              $33,520,000
                

            	
              $2,360,000
                

            	
              $24,220,000
                

            	
              $1,460,000
                

            	
              $28,320,000
                

            
	
              81

            	
              $2,110,000
                

            	
              $5,610,000
                

            	
              $1,860,000
                

            	
              $31,660,000
                

            	
              $1,860,000
                

            	
              $31,660,000
                

            	
              $2,360,000
                

            	
              $21,860,000
                

            	
              $1,460,000
                

            	
              $26,860,000
                

            
	
              84

            	
              $2,110,000
                

            	
              $3,500,000
                

            	
              $1,860,000
                

            	
              $29,800,000
                

            	
              $1,860,000
                

            	
              $29,800,000
                

            	
              $2,360,000
                

            	
              $19,500,000
                

            	
              $1,460,000
                

            	
              $25,400,000
                

            
	
              87

            	
              $3,500,000
                

            	
              $0
                

            	
              $1,960,000
                

            	
              $27,840,000
                

            	
              $1,960,000
                

            	
              $27,840,000
                

            	
              $2,510,000
                

            	
              $16,990,000
                

            	
              $1,460,000
                

            	
              $23,940,000
                

            
	
              90

            	
              $0
                

            	
              $0
                

            	
              $1,960,000
                

            	
              $25,880,000
                

            	
              $1,960,000
                

            	
              $25,880,000
                

            	
              $2,510,000
                

            	
              $14,480,000
                

            	
              $1,460,000
                

            	
              $22,480,000
                

            
	
              93

            	
              $0
                

            	
              $0
                

            	
              $1,960,000
                

            	
              $23,920,000
                

            	
              $1,960,000
                

            	
              $23,920,000
                

            	
              $2,510,000
                

            	
              $11,970,000
                

            	
              $1,460,000
                

            	
              $21,020,000
                

            
	
              96

            	
              $0
                

            	
              $0
                

            	
              $1,960,000
                

            	
              $21,960,000
                

            	
              $1,960,000
                

            	
              $21,960,000
                

            	
              $2,510,000
                

            	
              $9,460,000
                

            	
              $1,460,000
                

            	
              $19,560,000
                

            
	
              99

            	
              $0
                

            	
              $0
                

            	
              $2,060,000
                

            	
              $19,900,000
                

            	
              $2,060,000
                

            	
              $19,900,000
                

            	
              $2,660,000
                

            	
              $6,800,000
                

            	
              $1,460,000
                

            	
              $18,100,000
                

            
	
              101

            	
              $0
                

            	
              $0
                

            	
              $2,060,000
                

            	
              $17,840,000
                

            	
              $2,060,000
                

            	
              $17,840,000
                

            	
              $2,660,000
                

            	
              $4,140,000
                

            	
              $1,460,000
                

            	
              $16,640,000
                

            
	
              104

            	
              $0
                

            	
              $0
                

            	
              $2,060,000
                

            	
              $15,780,000
                

            	
              $2,060,000
                

            	
              $15,780,000
                

            	
              $2,660,000
                

            	
              $1,480,000
                

            	
              $1,460,000
                

            	
              $15,180,000
                

            
	
              107

            	
              $0
                

            	
              $0
                

            	
              $15,780,000
                

            	
              $0
                

            	
              $15,780,000
                

            	
              $0
                

            	
              $1,480,000
                

            	
              $0
                

            	
              $15,180,000
                

            	
              $0
                

            

    

     

     

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    13

                

        

      

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      

      

    

    Appendix
      B - Indicative repayment schedule - Single Hull Vessels Loan
      B

    

    
      	
              Months
                after Drawdown Date

            	
              Shinyo
                Sawako - 1995

            	
              Shinyo
                Alliance -1991

            	
              Shinyo
                Jubilee - 1988

            	
              Shinyo
                Mariner - 1991

            
	 	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            	
              Repayment

            	
              Closing
                Balance 

            
	 	 	
              -
                

            	 	
              -
                

            	 	
              -
                

            	 	
              -
                

            
	 	
              $0
                

            	
              $27,000,000
                

            	
              $0
                

            	
              $24,000,000
                

            	
              $0
                

            	
              $15,000,000
                

            	
              $0
                

            	
              $24,000,000
                

            
	
              3

            	
              $1,500,000
                

            	
              $25,500,000
                

            	
              $1,500,000
                

            	
              $22,500,000
                

            	
              $1,000,000
                

            	
              $14,000,000
                

            	
              $1,500,000
                

            	
              $22,500,000
                

            
	
              6

            	
              $1,500,000
                

            	
              $24,000,000
                

            	
              $1,500,000
                

            	
              $21,000,000
                

            	
              $1,000,000
                

            	
              $13,000,000
                

            	
              $1,500,000
                

            	
              $21,000,000
                

            
	
              9

            	
              $1,500,000
                

            	
              $22,500,000
                

            	
              $1,500,000
                

            	
              $19,500,000
                

            	
              $1,000,000
                

            	
              $12,000,000
                

            	
              $1,500,000
                

            	
              $19,500,000
                

            
	
              12

            	
              $1,500,000
                

            	
              $21,000,000
                

            	
              $1,500,000
                

            	
              $18,000,000
                

            	
              $1,000,000
                

            	
              $11,000,000
                

            	
              $1,500,000
                

            	
              $18,000,000
                

            
	
              15

            	
              $1,500,000
                

            	
              $19,500,000
                

            	
              $1,500,000
                

            	
              $16,500,000
                

            	
              $1,000,000
                

            	
              $10,000,000
                

            	
              $1,500,000
                

            	
              $16,500,000
                

            
	
              18

            	
              $1,500,000
                

            	
              $18,000,000
                

            	
              $1,500,000
                

            	
              $15,000,000
                

            	
              $10,000,000
                

            	
              $0
                

            	
              $1,500,000
                

            	
              $15,000,000
                

            
	
              21

            	
              $1,500,000
                

            	
              $16,500,000
                

            	
              $1,500,000
                

            	
              $13,500,000
                

            	
               

            	
               

            	
              $1,500,000
                

            	
              $13,500,000
                

            
	
              24

            	
              $1,500,000
                

            	
              $15,000,000
                

            	
              $1,500,000
                

            	
              $12,000,000
                

            	
               

            	
               

            	
              $1,500,000
                

            	
              $12,000,000
                

            
	
              27

            	
              $1,500,000
                

            	
              $13,500,000
                

            	
              $1,500,000
                

            	
              $10,500,000
                

            	
               

            	
               

            	
              $1,500,000
                

            	
              $10,500,000
                

            
	
              30

            	
              $13,500,000
                

            	
              $0
                

            	
              $10,500,000
                

            	
              $0
                

            	
               

            	
               

            	
              $10,500,000
                

            	
              $0
                

            

    

    

    
      

        
          	
                  EIMC
                    LOAN FACILITY - COMMITTED TERM SHEET

                	
                  STRICTLY
                    PRIVATE AND CONFIDENTIAL

                	
                  Page
                    14Unassociated Document

     

    

      

      February
        10th, 2008

      

      Energy
        Infrastructure Merger Corporation

      c/o
        Energy Infrastructure Acquisition Corporation

      Suite
        1300, 1105 North Market Street 

      Wilmington,
        Delaware 19899

      USA

      

      Attention:
        George Sagredos

      

      Re:
        Fee Letter for USD
        415,000,000 Term Loan Facility

      

      Dear
        Mr.
        Sagredos: 

      

      We
        are
        pleased to attach our Committed Term Sheet for this transaction. 

      

      As
        we
        have discussed, the Arrangement Fee and Agency Fee are outlined below:

      

      	·  	
              Arrangement
                Fee:
                0.85% of the Facility Amount, due and payable on drawdown for distribution
                at the Mandated Lead Arrangers’ discretion. Participation fees will be
                paid from this Arrangement Fee. It is understood that the Mandated
                Lead
                Arrangers require a fee “skim” (i.e. the excess of the Arrangement Fee
                over the Participation Fees) of at least 0.35%. If the Mandated Lead
                Arrangers need to pay a Participation Fee in excess of 0.50% in order
                to
                achieve the Final Take Amounts as defined in the Committed Term Sheet,
                the
                Mandated Lead Arrangers reserve the right to increase the Arrangement
                Fee
                payable by the Borrower(s) in order to achieve a "skim" of 0.35%.
                It is
                understood that this "skim", and the associated right to increase
                the
                Arrangement Fee, is limited to a principal amount equivalent to the
                difference between the Facility Amount and the Final Take
                Amounts.

            

      

      	·  	
              Agency
                Fee: USD
                10,000 p.a. payable on drawdown and annually thereafter to DVB Merchant
                Bank (Asia) Ltd.

            

      

      Please
        arrange for this Fee Letter and the Committed Term Sheet to be countersigned
        and
        returned to us.

      

      We
        thank
        you for the opportunity to work with you on this important
        transaction.

      

      Yours
        faithfully

      

      For
        and
        on behalf of

       

       

      
        	
                /s/
                  Maarten Vis 

                /s/
                  Vicente Alava-Pons

              	
                /s/
                  Otto Jan van Diepen

                /s/
                  Kwek Chih Keong

              	
                /s/
                  Hugo van Kattendijke

                /s/
                  Frans van de Bospoort

              
	
                Authorised
                  Signatories

              	
                Authorised
                  Signatories

              	
                Authorised
                  Signatories

              
	
                DVB
                  Merchant Bank (Asia) Ltd

              	
                Fortis
                  Bank S.A/N.V

              	
                NIBC
                  Bank Ltd.

              
	
                Date:
                  : February 11, 2008

              	
                Date:
                  : February 11, 2008

              	
                Date:
                  : February 11, 2008

              

      

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      

        
 

      

      CONFIRMATION
        OF ACCEPTANCE

      For
        and
        on behalf of Energy Infrastructure Merger Corporation

      

      

      /s/
        George Sagredos

      Name:
        George Sagredos

      Title:
        Authorised Signatory

      Date:
        February 11, 2008

      

      

      Agreed
        on
        behalf of the Borrowers

      

      

      

      /s/
        Captain C.A.J. Vanderperre

      Name:
        Captain C.A.J. Vanderperre

      Title:
        Authorised Signatory

      Date:
        February 11, 2008

      

      

      Copy:
         

      

      Vanship
        Holdings Limited:

      Captain
        C.A.J. Vanderperre

      Fred
        Cheng

      Christoph
        Widmer

      Raja
        Ram
        Kogta

      

      Skadden
        Arps Slate Meagher & Flom LLP:

      Jonathan
        Stone 

      Sean
        McAuliffe

      

      Lea
        & White:

      David
        White

       

      
        
           

        

        
          2

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