Document:

Exhibit 10.3.1

 

Code word for this Charter Party

“SHELLTIME 4”

 

Issued December 1984 amended December 2003

 

Time
Charter Party

New York

October 6,
2005

 

IT IS THIS DAY AGREED
between ANN TANKER CORPORATION of MAJURO, MARSHALL ISLANDS (hereinafter
referred to as “Owners”), being owners of the good motor vessel called “OVERSEAS
ANN” (hereinafter referred to as “the vessel”) described as per Clause 1
hereof and DHT ANN VLCC CORP. of MAJURO, MARSHALL ISLANDS (hereinafter referred
to as “Charterers”):

 

Description and Condition of Vessel

 

1.                    At the date of delivery of the vessel under
this charter and throughout the charter period:

 

(a)               she
shall be classed by a Classification Society which is a member of the
International Association of Classification Societies;

 

(b)              she
shall be in every way fit to carry no heat crude petroleum and/or its dirty
products; such as no heat Fuel Oil and Orimulsion in accordance with vessel’s
class certificates, coating manufacturers resistance list and in accordance
with the vessels stability trim and stress requirements.

 

(c)               she
shall be tight, staunch, strong, in good order and condition, and in every way
fit for the service, with her machinery, boilers, hull and other equipment
(including but not limited to hull stress calculator, radar, computers and
computer systems) in a good and efficient state;

 

(d)              her
tanks, valves and pipelines shall be oil-tight;

 

(e)               she
shall be in every way fitted for burning IFO and MDO (if applicable), in
accordance with the grades specified in Clause 29 hereof;

 

(f)                 she
shall comply with the regulations in force so as to enable her to pass through
the Suez Canal by day and night without delay;

 

(g)              she
shall have on board all certificates, documents and equipment required from
time to time by any applicable law to enable her to perform the charter service
without delay;

 

(h)              she
shall comply with the description in the Questionnaire 88, appended hereto
provided however that if there is any conflict between the provisions of this
questionnaire and any other provision, including this Clause 1, of this
charter such other provisions shall govern;

 

(i)                  her
flag, registry, and classification society shall not be changed;

 

(j)                  Owners
will operate:

 

(i)                 a safety management system certified to
comply with the International Safety Management Code (“ISM Code”) for the Safe
Operation of Ships and for Pollution Prevention;

 

(ii)              a documented safe working procedures system
(including procedures for the identification and mitigation of risks);

 

(iii)           a documented environmental management system;

 

(iv)          documented accident/incident reporting system compliant with flag state
requirements;

 

 

(k)               Owners
shall maintain Health Safety Environmental (“HSE”) records sufficient to
demonstrate compliance with the requirements of their HSE system and of this
charter.  Charterers reserve the right to
confirm compliance with HSE requirements by audit of Owners.

 

Shipboard Personnel and their Duties

 

2.                    (a)    
At the date of delivery of the vessel under this charter and throughout
the charter period:

 

(i)                 she shall have a full and efficient
complement of master, officers and crew for a vessel of her tonnage, who shall
in any event be not less than the number required by the laws of the flag state
and who shall be trained to operate the vessel and her equipment competently
and safely;

 

(ii)              all shipboard personnel shall hold valid
certificates of competence in accordance with the requirements of the law of
the flag state;

 

(iii)           all shipboard personnel shall be trained in accordance with the
relevant provisions of the International Convention on Standards of Training,
Certification and Watchkeeping for Seafarers, 1995 or any additions,
modifications or subsequent versions thereof;

 

(iv)          (See Clause 91).

 

(v)             the terms of employment of the vessel’s staff
and crew will always remain acceptable to The International Transport Worker’s
Federation and the vessel will at all times carry a Blue Card; (See Clause
50e).

 

(vi)          the nationality of the vessel’s officers will not change without
Charterers’ prior agreement.

 

(b)              Owners
guarantee that throughout the charter service the master shall with the vessel’s
officers and crew, unless otherwise ordered by Charterers;

 

(i)                 prosecute all voyages with the utmost
despatch;

 

(ii)              render all customary assistance; and

 

(iii)           load and discharge cargo as rapidly as possible when required by
Charterers or their agents to do so, by night or by day, but always in
accordance with the laws of the place of loading or discharging (as the case
may be) and in each case in accordance with any applicable laws of the flag
state.

 

Duty to Maintain

 

3.      (a)                 Throughout the charter service Owners shall,
whenever the passage of time, wear and tear or any event (whether or not coming
within Clause 27 hereof) requires steps to be taken to maintain or
restore the conditions stipulated in Clauses 1 and 2(a), exercise
due diligence so to maintain or restore the vessel.

 

(b)              If
at any time whilst the vessel is on hire under this charter the vessel fails to
comply with the requirements of Clauses 1, 2(a) or 10
then hire shall be reduced to the extent necessary to indemnify Charterers for
such failure. If and to the extent that such failure affects the time taken by
the vessel to perform any services under this charter, hire shall be reduced by
an amount equal to the value, calculated at the rate of hire, of the time so
lost.

 

Any reduction of hire under this sub-Clause (b) shall
be without prejudice to any other remedy available to Charterers, but where
such reduction of hire is in respect of time lost, such time shall be excluded
from any calculation under Clause 24.

 

 

(c)               If
Owners are in breach of their obligations under Clause 3(a)), Charterers
may so notify Owners in writing and if, after the expiry of 30 days following
the receipt by Owners of any such notice, Owners have failed to demonstrate to
Charterers’ reasonable satisfaction the exercise of due diligence as required
in Clause 3(a), the vessel shall be off-hire, and no further hire
payments shall be due, until Owners have so demonstrated that they are
exercising such due diligence.

 

(d)              Owners
shall advise Charterers immediately, in writing, should the vessel fail an
inspection by, but not limited to, a governmental and/or port state authority,
and/or terminal and/or major charterer of similar tonnage. Owners shall
simultaneously advise Charterers of their proposed course of action to remedy
the defects which have caused the failure of such inspection (see clause 57).

 

(e)               If,
in Charterers reasonably held view:

 

(i)                 failure of an inspection, or,

 

(ii)              any finding of an inspection,

 

referred to in Clause 3(d), prevents normal
commercial operations then Charterers have the option to place the vessel
off-hire from the date and time that the vessel fails such inspection, or becomes
commercially inoperable, until the date and time that the vessel passes a
re-inspection by the same organisation, or becomes commercially operable, which
shall be in a position no less favourable to Charterers than at which she went
off-hire.

 

(f)                 Furthermore,
at any time while the vessel is off-hire under this Clause 3 (with the
exception of Clause 3(e)(ii)), Charterers have the option to
terminate this charter by giving notice in writing with effect from the date on
which such notice of termination is received by Owners or from any Later date
stated in such notice.  This sub-Clause
(f) is without prejudice to any rights of Charterers or obligations of
Owners under this charter or otherwise (including without limitation Charterers’
rights under Clause 21 hereof).

 

Period, Trading Limits and Safe Places

 

4.     
(a)                Owners agree to let and Charterers agree to
hire the vessel for a period of (See clause 93).  The last firm period shall having a tolerance
of plus or minus 30 days in Charterers’ option commencing from the time and
date of delivery of the vessel under the Memorandum of Agreement (the “MOA”)
dated    , 2005, for the purpose of carrying all lawful
merchandise (subject always to Clause 28) including in particular:

 

No heat crude petroleum and its dirty products
including no heat fuel Oil and Orimulsion in any part of the world, as
Charterers shall direct, subject to the limits of the current British Institute
Warranties and any subsequent amendments thereof excluding countries under U.N.
and/or U.S. sanctions/embargoes.  The
vessel may trade to war zones, with Owners consent which not to be unreasonably
withheld, in which case, Charterers to pay for the additional premium.  Notwithstanding the foregoing, but subject to
Clause 35, Charterers may order the vessel to ice-bound waters or to any
part of the world outside such limits provided that Owner’s consent thereto
(such consent not to be unreasonably withheld) and that Charterers pay for any
insurance premium required by the vessel’s underwriters as a consequence of
such order.

 

(b)              Any
time during which the vessel is off-hire under this charter may be added to the
last firm charter period in Charterers’ option up to the total amount of time
spent off-hire.  In such cases the rate
of hire will be that prevailing at the time the vessel would, but for the
provisions of this Clause, have been redelivered.

 

(c)               Charterers
shall use due diligence to ensure that the vessel is only employed between and
at safe places (which expression when used in this charter shall include ports,
berths, wharves, docks, anchorages, submarine lines, alongside vessels or
lighters, and other locations including locations at sea) where she can safely
lie always afloat.  Notwithstanding
anything contained in this or any other clause of this charter, Charterers do
not warrant the safety of any place to which they order the vessel and shall be
under no

 

 

liability in respect thereof except for loss or damage caused by their
failure to exercise due diligence as aforesaid. 
Subject as above, the vessel shall be loaded and discharged at any
places as Charterers may direct, provided that Charterers shall exercise due
diligence to ensure that any ship-to-ship transfer operations shall conform to
standards not less than those set out in the latest published edition of the
ICS/OCIMF Ship-to-Ship Transfer Guide.

 

(d)              The
vessel shall be delivered by Owners at a safe port or at sea in Charterer’s
option and redelivered to Owners at one safe port or at sea, worldwide at
Charterer’s option.

 

(e)               The
vessel will deliver with last cargo of crude and/or its dirty products and will
redeliver with last cargo of crude and/or its dirty products

 

(f)                 Charterers
are required to give Owners 30 days prior approximate notice of redelivery and
5/3/2/1 day(s) definite notice of redelivery and place.

 

Laydays/Canceling

 

5.                    The delivery of the vessel under this charter
shall be deemed to have occurred and this Charter shall be effective as of the
date of the delivery of the vessel from the Sellers to the Buyers (Owners)
under the terms of the MOA between 1320 Tanker Corporation and Ann Tanker
Corporation dated September 20, 2005.

 

The vessel may be on a voyage or time charter at the
time of delivery. Charterers accept this Charter subject to such charters (which
become sub-charters to this time charter) upon delivery. Furthermore,
notwithstanding anything to the contrary contained in this charter, including
but not limited to Clause 1 hereof, the Charterers accept the vessel in the
condition it is in at the time of delivery, including the vetting status, and
agrees that at such time the vessel satisfies the standard set forth in Clause
1.

 

Owners to Provide

 

6.                    Owners undertake to provide and to pay for
all provisions, wages (including but not limited to all overtime payments), and
shipping and discharging fees and all other expenses of the master, officers
And crew; also, except as provided in Clauses 4 and 34 hereof,
for all insurance on the vessel, for all Deck, cabin and engine-room stores,
and for water (limited to crew only); for all drydocking, overhaul, maintenance
and repairs to the vessel. Owners’ obligations under this Clause 6
extend to all liabilities for customs or import duties arising at any time
during the performance of this charter in relation to the personal effects of
the master, officers and crew, and in relation to the stores, provisions and
other matters aforesaid which Owners are to provide and pay for and Owners
shall refund to Charterers any sums Charterers or their agents may have paid or
been compelled to pay in respect of any such liability.  Any amounts allowable in general average for
wages and provisions and stores shall be credited to Charterers insofar as such
amounts are in respect of a Period when the vessel is on-hire.

 

Charterers to Provide

 

7.     (a)                    Charterers shall provide and pay for all fuel
(except for fuel used for domestic services), towage and pilotage and shall pay
agency fees, port charges, commissions, expenses of loading and unloading
cargoes, canal dues, and tax/dues on cargo/freight and all charges other than
those payable by Owners in accordance with Clause 6 hereof, provided
that all charges for the said items shall be for Owners’ account when such
items are consumed, employed or incurred for Owners’ purposes or while the
vessel is off-hire (unless such items reasonably relate to any service given or
distance made good and taken into account under Clause 21 or 22);
and provided further that any fuel used in connection with a general average
sacrifice or expenditure shall be paid for by Owners. OPA charges to be paid by
Charterers, COFR to be arranged and paid for by Owners.

 

(b)              In
respect of bunkers consumed for Owners’ purposes these will be charged on each
occasion by Charterers on a “first-in-first-out” basis valued on the prices
actually paid by Charterers.

 

 

(c)               If
the trading limits of this charter include ports in the United States of
America and/or its protectorates then Charterers shall reimburse Owners for
port specific charges relating to additional premiums charged by providers of
oil pollution cover, when incurred by the vessel calling at ports in the United
States of America and/or its protectorates in accordance with Charterers
orders. The liability to reimburse Owners shall not apply where the OPA charges
has arisen through the actions of the Owner.

 

Rate of Hire

 

8.                    (See Clause 99).

 

Payment of Hire

 

9.                    Subject to Clause 3 (c) and 3
(e), payment of hire shall be made in immediately available funds to:
                  

 

Wachovia Bank, NA New York

ABA # 031-201-467

Account: The Royal Bank of Scotland International
Limited

Account Number: 
2000193009149  (CHIPS:155424)

SWIFT: 
PNBPUS3NNYC

For further credit to:  Double Hull Tankers, Inc.

Account Number: 
1028 – 50440694

 

in United States Dollars per calendar month in
advance, less:

 

(i)                 any hire paid which Charterers reasonably
estimate to relate to off-hire periods, and,

 

(ii)              any amounts disbursed on Owners’ behalf, any
advances and commission therein, and charges which are for Owners’ account pursuant
to any provision hereof, and;

 

(iii)           any amounts due or reasonably estimated to become due to Charterers
under Clause 3(c) or 24 hereof,

 

any such adjustments to be made at the due date,
which shall be the 27th day of the preceding month for which payment
is being made, for the next monthly payment after the facts have been
ascertained. Charterers shall not be responsible for any delay or error by
Owners’ bank in crediting Owners’ account provided that Charterers have made
proper and timely payment.

 

In default of such proper and timely payment:

 

(a)               Owners
shall notify Charterers of such default and Charterers shall within seven days
of receipt of such notice pay to Owners the amount due, including interest,
failing which Owners may withdraw the vessel from the service of Charterers
without prejudice to any other rights Owners may have under this charter or
otherwise; and;

 

(b)              Interest
on any amount due but not paid on the due date shall accrue from the day after
that date up to and including the day when payment is made, at a rate per annum
which shall be 1% above the U.S. Prime Rate as published in the Wall Street
Journal as effective for each day the amount is outstanding, or, if no such
interest rate is published for a given day, the interest rate published for the
next preceding day for which such a rate was so published, computed on an
actual/365 basis.

 

Space Available to Charterers

 

10.              The
whole reach, burthen and decks on the vessel and any passenger accommodation
(including Owners’ suite) shall be at Charterers’ disposal, reserving only
proper and sufficient space for the vessel’s master, officers, crew, tackle,
apparel, furniture, provisions and stores.

 

 

Segregated Ballast

 

11.              In
connection with the Council of the European Union Regulation on the
Implementation of IMO Resolution A747(18) Owners will ensure that the following
entry is made on the International Tonnage Certificate (1969) under the section headed
“Remarks”.

 

“The segregated ballast tanks comply with the
Regulation 13 of Annex 1 of the International Convention for the Prevention of
Pollution from Ships, 1973, as modified by the Protocol of 1978 relating
thereto”.

 

Instructions and Logs

 

12.              Charterers
shall from time to time give the master all requisite instructions and sailing
directions, and the master shall keep a full and correct log of the voyage or
voyages, which Charterers or their agents may inspect as required.  The master shall when required furnish
Charterers or their agents with a true copy of such log and with properly
completed loading and discharging port sheets and voyage reports for each
voyage and other returns as Charterers may require.  Charterers shall be entitled to take copies
at Owners’ expense of any such documents which are not provided by the master.  Owner’s crew to be trained to operate and to
utilize Charter Operations System (CHOPS) as directed by Charterer.

 

Bills of Lading

 

13.    (a)                The master (although appointed by Owners)
shall be under the orders and direction of Charterers as regards employment of
the vessel, agency and other arrangements, and shall sign Bills of Lading as
Charterers or their agents may direct (subject always to Clauses 35(a) and
40) without prejudice to this charter. 
Charterers hereby indemnify Owners against all consequences or
liabilities that may arise;

 

(i)                 from signing Bills of Lading in accordance
with the directions of Charterers or their agents, to the extent that the terms
of such Bills of Lading fail to conform to the requirements of this charter, or
(except as provided in Clause 13(b) from the master otherwise
complying with Charterers’ or their agents’ orders;

 

(ii)              from any irregularities in papers supplied by
Charterers or their agents.

 

(b)              Notwithstanding
the foregoing, Owners shall not be obliged to comply with any orders from
Charterers to discharge all or part of the cargo:

 

(i)                 at any place other than shown on the Bill of
Lading and/or

 

(ii)              without presentation of an original Bill of
Lading

 

unless they receive from Charterers both written
confirmation of such orders and an indemnity in a form acceptable to Owners
(See Clause 49).

 

Conduct of Vessel’s Personnel

 

14.              If
Charterers complain of the conduct of the master or any of the officers or
crew, Owners shall immediately investigate the complaint.  If the complaint proves to be well founded,
Owners shall, without delay, make a change in the appointments and Owners shall
in any event communicate the result of their investigations to Charterers as
soon as possible.

 

Bunkers at Delivery and Redelivery

 

15.              There
shall be no physical payment for bunkers on board at the time of delivery.  Owners shall on redelivery (whether it occurs
at the end of the charter or on the earlier termination of this charter) accept
and pay for all

 

 

bunkers remaining on board, at the price actually paid, on a “first-in-first-out”
basis.  Such prices are to be supported
by paid invoices.

 

Vessel to be delivered to and redelivered from the
charter with, at least, a quantity of bunkers on board sufficient to reach the
nearest main bunkering port.

 

Notwithstanding anything contained in this charter
all bunkers on board the vessel shall, throughout the duration of this charter,
remain the property of Charterers and can only be purchased on the terms
specified in the charter at the end of the charter period or, if earlier, at
the termination of the charter.

 

Stevedores, Pilots, Tugs

 

16.              Stevedores,
when required, shall be employed and paid by Charterers, but this shall not
relieve Owners from responsibility at all times for proper stowage, which must
be controlled by the master who shall keep a strict account of all cargo loaded
and discharged.  Owners hereby indemnify
Charterers, their servants and agents against all losses, claims,
responsibilities and liabilities arising in any way whatsoever from the
employment of pilots, tugboats or stevedores, who although employed by
Charterers shall be deemed to be the servants of and in the service of Owners
and under their instructions (even if such pilots, tugboat personnel or
stevedores are in fact the servants of Charterers their agents or any
affiliated company); provided, however, that:

 

(a)               the
foregoing indemnity shall not exceed the amount to which Owners would have been
entitled to limit their liability if they had themselves employed such pilots,
tugboats or stevedores, and;

 

(b)              Charterers
shall be liable for any damage to the vessel caused by or arising out of the
use of stevedores, fair wear and tear excepted, to the extent that Owners are
unable by the exercise of due diligence to obtain redress therefor from
stevedores.

 

Super-Numeraries

 

17.              Charterers
may send representatives in the vessel’s available accommodation upon any
voyage made under this charter, Owners finding provisions and all requisites as
supplied to officers, except alcohol. 
Charterers paying at the rate of United States Dollars 20 (twenty) per
day for each representative while on board the vessel.

 

Sub-letting/Assignment/Novation

 

18.              Charterers
may sub-let the vessel, but shall always remain responsible to Owners for due
fulfilment of this charter.

 

Final Voyage

 

19.              If
when a payment of hire is due hereunder Charterers reasonably expect to
redeliver the vessel before the next payment of hire would fall due, the hire
to be paid shall be assessed on Charterers’ reasonable estimate of the time
necessary to complete Charterers’ programme up to redelivery, and from which
estimate Charterers may deduct amounts due or reasonably expected to become due
for:

 

(a)               disbursements
on Owners’ behalf or charges for Owners’ account pursuant to any provision
hereof, and;

 

(b)              bunkers
on board at redelivery pursuant to Clause 15.

 

Promptly after redelivery any overpayment shall be
refunded by Owners or any underpayment made good by Charterers.

 

If at the time this charter would otherwise
terminate in accordance with Clause 4 the vessel is on a ballast
voyage to a port of redelivery or is upon a laden voyage, Charterers shall
continue to have the use of the vessel

 

 

at the same rate and conditions as stand herein for
as long as necessary to complete such ballast voyage, or to complete such laden
voyage and return to a port of redelivery as provided by this charter, as the
case may be.

 

Loss of Vessel

 

20.              Should
the vessel be lost, this charter shall terminate and hire shall cease at noon
(GMT) on the day of her loss; should the vessel be a constructive total loss,
this charter shall terminate and hire shall cease at noon (GMT) on the day on
which the vessel’s underwriters agree that the vessel is a constructive total
loss; should the vessel be missing, this charter shall terminate and hire shall
cease at noon (GMT) on the day on which she was last heard of.  Any hire paid in advance and not earned shall
be returned to Charterers and Owners shall reimburse Charterers for the value
of the estimated quantity of bunkers on board at the time of termination, at
the price paid by Charterers at the last bunkering port.

 

Off-hire

 

21.    (a)                On each and every occasion that there is loss
of time (whether by way of interruption in the vessel’s service or, from
reduction in the vessel’s performance, or in any other manner):

 

(i)                 due to deficiency of personnel or stores;
repairs; gas-freeing for repairs; time in and waiting to enter dry dock for
repairs; breakdown (whether partial or total) of machinery, boilers or other
parts of the vessel or her equipment (including without limitation tank
coatings); overhaul, maintenance or survey; collision, stranding, accident or
damage to the vessel; or any other similar cause preventing the efficient
working of the vessel; and such loss continues for more than three consecutive
hours (if resulting from interruption in the vessel’s service) or cumulates to
more than three hours (if resulting from partial loss of service); or;

 

(ii)              due to industrial action, refusal to sail,
breach of orders or neglect of duty on the part of the master, officers or
crew; or;

 

(iii)           for the purpose of obtaining medical advice or treatment for or landing
any sick or injured person (other than a Charterers’ representative carried
under Clause 17 hereof) or for the purpose of landing the body of
any person (other than a Charterers’ representative), and such loss continues
for more than three consecutive hours; or;

 

(iv)          due to any delay in quarantine arising from the master, officers or crew
having had communication with the shore at any infected area without the
written consent or instructions of Charterers or their agents, or to any
detention by customs or other authorities caused by smuggling or other
infraction of local law on the part of the master, officers, or crew; or;

 

(v)             due to detention of the vessel by authorities
at home or abroad attributable to legal action against or breach of regulations
by the vessel, the vessel’s owners, or Owners (unless brought about by the act
or neglect of Charterers); then; without prejudice to Charterers’ rights under Clause 3
or to any other rights of Charterers hereunder, or otherwise, the vessel shall
be off-hire from the commencement of such loss of time until she is again ready
and in an efficient state to resume her service from a position not less
favourable to Charterers than that at which such loss of time commenced;
provided, however, that any service given or distance made good by the vessel
whilst off-hire shall be taken into account in assessing the amount to be
deducted from hire.

 

(vi)          Charterers shall keep owners/master advised of vessels schedule to
allow Owners the opportunity to make use of any idle time for the purpose of
maintenance during the charter.  Such
idle time not to count as off-hire.

 

 

(b)              If
the vessel fails to proceed at any guaranteed speed pursuant to Clause 24,
and such failure arises wholly or partly from any of the causes set out in Clause 21(a) above,
then the period for which the vessel shall be off-hire under this Clause 21
shall be the difference between:

 

(i)                 the time the vessel would have required to
perform the relevant service at such guaranteed speed, and;

 

(ii)              the time actually taken to perform such
service (including any loss of time arising from interruption in the
performance of such service).

 

For the avoidance of doubt, all time included under (ii) above
shall be excluded from any computation under Clause 24.

 

(c)               Further
and without prejudice to the foregoing, in the event of the vessel deviating (which
expression includes without limitation putting back, or putting into any port
other than that to which she is bound under the instructions of Charterers) for
any cause or purpose mentioned in Clause 21(a), the vessel shall be
off-hire from the commencement of such deviation until the time when she is
again ready and in an efficient state to resume her service from a position not
less favourable to Charterers than that at which the deviation commenced,
provided, however, that any service given or distance made good by the vessel
whilst so off-hire shall be taken into account in assessing the amount to be
deducted from hire.  If the vessel, for
any cause or purpose mentioned in Clause 21(a), puts into any port other
than the port to which she is bound on the instructions of Charterers, the port
charges, pilotage and other expenses at such port shall be borne by
Owners.  Should the vessel be driven into
any port or anchorage by stress of weather hire shall continue to be due and
payable during any time lost thereby.

 

(d)              If
the vessel’s flag state becomes engaged in hostilities, and Charterers in
consequence of such hostilities find it commercially impracticable to employ
the vessel and have given Owners written notice thereof then from the date of
receipt by Owners of such notice until the termination of such commercial
impracticability the vessel shall be off-hire and Owners shall have the right
to employ the vessel on their own account.

 

(e)               Time
during which the vessel is off-hire under this charter shall count as part of
the charter period except where Charterers declare their option to add off-hire
periods under Clause 4(b)).

 

(f)                 All
references to “time” in this charter party shall be references to GMT except
where otherwise stated.

 

(g)              During
any time that the vessel is off-hire under this charter, Basic Hire shall not
accrue.  Any additional hire that may be
due for periods that the Vessel is off-hire shall be determined in accordance
with the terms of the Charter Framework Agreement.

 

Periodical Drydocking

 

22.    (a)                Owners have the right and obligation to
drydock the vessel at regular intervals not exceeding 5 years.  On each occasion Owners shall propose to
Charterers a date on which they wish to drydock the vessel, not less than 90
days before such date and Charterers shall offer a port for such periodical
drydocking and shall take all reasonable steps to make the vessel available as
near to such date as practicable.

 

Owners shall put the vessel in drydock at their
expense as soon as practicable after Charterers place the vessel at Owners’
disposal clear of cargo other than tank washings and residues.  Owners shall be responsible for and pay for
the disposal into reception facilities of such tank washings and residues and
shall have the right to retain any monies received therefor, without prejudice
to any claim for loss of cargo under any Bill of Lading or this charter.

 

(b)              If
a periodical drydocking is carried out in the port offered by Charterers (which
must have suitable accommodation for the purpose and reception facilities for
tank washings and residues), the vessel shall

 

 

be off-hire from the time she arrives at such port until drydocking is
completed and she is in every way ready to resume Charterers’ service and is at
the position at which she went off-hire or a position no less favourable to
Charterers, whichever she first attains. 
However:

 

(i)                 provided that Owners exercise due diligence
in gas-freeing, any time lost in gas-freeing to the standard required for entry
into drydock for cleaning and painting the hull shall not count as off-hire,
whether lost on passage to the drydocking port or after arrival there
(notwithstanding Clause 21), and;

 

(ii)              any additional time lost in further
gas-freeing to meet the standard required for hot work or entry to cargo tanks
shall count as off-hire, whether lost on passage to the drydocking port or
after arrival there.

 

Any time which, but for sub-Clause (i) above,
would be off-hire, shall not be included in any calculation under Clause 24.

 

The expenses of gas-freeing, including without
limitation the cost of bunkers, shall be for Owners account.

 

(c)               If
Owners require the vessel, instead of proceeding to the offered port, to carry
out periodical drydocking at a special port selected by them, the vessel shall
be off-hire from the time when she is released to proceed to the special port
until she next presents for loading in accordance with Charterers’
instructions, provided, however, that Charterers shall credit Owners with the
time which would have been taken on passage at the service speed had the vessel
not proceeded to drydock.  All fuel
consumed shall be paid for by Owners but Charterers shall credit Owners with
the value of the fuel which would have been used on such notional passage
calculated at the guaranteed daily consumption for the service speed, and shall
further credit Owners with any benefit they may gain in purchasing bunkers at
the special port.

 

(d)              Charterers
shall, insofar as cleaning for periodical drydocking may have reduced the amount
of tank-cleaning necessary to meet Charterers’ requirements, credit Owners with
the value of any bunkers which Charterers calculate to have been saved thereby,
whether the vessel drydocks at an offered or a special port.

 

Ship Inspection

 

23.                                           (See Clause 83).

 

Detailed Description and Performance

 

24.              Owners
guarantee that the speed and consumption of the vessel shall be as
follows:  (see Clause 78).

 

The bunker consumptions are for all purposes except
cargo heating, purging and tank cleaning and shall be pro-rated between the
speeds shown.

 

Charterer may order the vessel to proceed at any
speed above/below the guaranteed speed, weather and safe navigation permitting.

 

If the vessel is ordered to proceed at any speed
other than the highest speed and the average speed actually attained by the
vessel during the currency of such order exceeds such ordered speed plus 0.5
knots (the “maximum recognised speed”), then for the purpose of calculating a
decrease of hire under this Clause 24 the maximum recognised speed
shall be used in place of the average speed actually attained.

 

For the purposes of this charter the “guaranteed
speed” at any time shall be the then-current ordered speed or the service
speed, as the case may be.

 

 

The average speeds and bunker consumptions shall for
the purposes of this Clause 24 be calculated by reference to the
observed distance from pilot station to pilot station on all sea passages
during each period stipulated in Clause 24(c), but excluding any
time during which the vessel is (or but for Clause 22(b)(i) would
be) off-hire and also excluding “Adverse Weather Periods”, being:

 

(i)                 any periods during which reduction of speed
is necessary for safety in congested waters or in poor visibility;

 

(ii)              any days, noon to noon, when winds exceed
force 5 on the Beaufort Scale for more than 12 hours.

 

(b)              If
during any half year (i.e., 6 calendar months) period from the date on which
the vessel enters service and continuing for each succeeding 6 calendar month
period thereafter, the vessel falls below the performance guaranteed in Clause 24(a) then
if such shortfall results:

 

(i)                 from a reduction in the average speed of the
vessel, compared to the speed guaranteed in Clause 24(a), then an
amount equal to the value at the hire rate of the time so lost shall be
included in the performance calculation;

 

(ii)              from an increase in the total bunkers
consumed, compared to the total bunkers which would have been consumed had the
vessel performed as guaranteed in Clause 24(a), an amount equivalent to the
value of the additional bunkers consumed or based on the average price paid by
Charterers for the vessel’s bunkers in such period, shall be included in the
performance calculation.

 

The results of the performance calculation for laden
and ballast mileage respectively shall be adjusted to take into account the
mileage steamed in each such condition during Adverse Weather Periods, by
dividing such deduction by the number of miles over which the performance has
been calculated and multiplying by the same number of miles plus the miles
steamed during the Adverse Weather Periods, in order to establish the total
performance calculation for such period.

 

Reduction of hire under the foregoing sub-Clause (b) shall
be without prejudice to any other remedy available to Charterers.

 

(c)               Calculations
under this Clause 24 shall be made every 6 months terminating on each
successive anniversary of the date on which the vessel enters service, and for
the period between the last such anniversary and the date of termination of
this charter if less than a year.  Claims
in respect of reduction of hire arising under this Clause during the final year
or part year of the charter period shall in the first instance be settled in
accordance with Charterers’ estimate made two months before the end of the
charter period. Any necessary adjustment after this charter terminates shall be
made by payment by Owners to Charterers.

 

(d)              Owners
and Charterers agree that this Clause 24 is assessed on the basis that
Owners are not entitled to additional hire for performance in excess of the
speeds and consumptions given in this Clause 24.

 

It is understood between Owner and Charterers that
any speed over performance and/or fuel under consumption are to be credited to
any under performance/over consumption during the (6) months review
period, but no over performance and/or under consumption bonus shall be paid to
owners.

 

Salvage

 

25.              Subject
to the provisions of Clause 21 hereof, all loss of time and all expenses
(excluding any damage to or loss of the vessel or tortious liabilities to third
parties) incurred in saving or attempting to save life or in successful or
unsuccessful attempts at salvage shall be borne equally by Owners and
Charterers provided that Charterers shall not be liable to contribute towards
any salvage payable by Owners arising in any way out of services rendered under
this Clause 25.

 

 

All salvage and all proceeds from derelicts shall be
divided equally between Owners and Charterers after deducting the master’s,
officers’ and crew’s share.

 

Lien

 

26.              Owners
shall have a lien upon all cargoes and all freights, sub-freights and demurrage
for any amounts due under this charter; and Charterers shall have a lien on the
vessel for all monies paid in advance and not earned, and for all claims for
damages arising from any breach by Owners of this charter.

 

Exceptions

 

27.    (a)                The vessel, her master and Owners shall not,
unless otherwise in this charter expressly provided, be liable for any loss or
damage or delay or failure arising or resulting from any act, neglect or
default of the master, pilots, mariners or other servants of Owners in the
navigation or management of the vessel; fire, unless caused by the actual fault
or privity of Owners; collision or stranding; dangers and accidents of the sea;
explosion, bursting of boilers, breakage of shafts or any latent defect in
hull, equipment or machinery; provided, however, that Clauses 1, 2,
3, and 24 hereof shall be unaffected by the foregoing.  Further, neither the vessel, her master or
Owners, nor Charterers shall, unless otherwise in this charter expressly
provided, be liable for any loss or damage or delay or failure in performance
hereunder arising or resulting from act of God, act of war, seizure under legal
process, quarantine restrictions, strikes, lock-outs, riots, restraints of
labour, civil commotions or arrest or restraint of princes, rulers or people.

 

(b)              The
vessel shall have liberty to sail with or without pilots, to tow or go to the
assistance of vessels in distress and to deviate for the purpose of saving life
or property.

 

(c)               Clause
27(a) shall not apply
to, or affect any liability of Owners or the vessel or any other relevant
person in respect of:

 

(i)                 loss or damage caused to any berth, jetty,
dock, dolphin, buoy, mooring line, pipe or crane or other works or equipment
whatsoever at or near any place to which the vessel may proceed under this
charter, whether or not such works or equipment belong to Charterers, or;

 

(ii)              any claim (whether brought by Charterers or
any other person) arising out of any loss of or damage to or in connection with
cargo.  Any such claim shall be subject
to the Hague-Visby Rules or the Hague Rules or the Hamburg Rules, as
the case may be, which ought pursuant to Clause 38 hereof to have been incorporated
in the relevant Bill of Lading (whether or not such Rules were so
incorporated) or, if no such Bill of Lading is issued, to the Hague-Visby Rules unless
the Hamburg Rules compulsorily apply in which case to the Hamburg Rules.

 

(d)              In
particular and without limitation, the foregoing subsections (a) and
(b) of this Clause shall not apply to or in any way affect any
provision in this charter relating to off-hire or to reduction of hire.

 

Injurious Cargoes

 

28.              No
acids, explosives or cargoes injurious to the vessel shall be shipped and
without prejudice to the foregoing any damage to the vessel caused by the
shipment of any such cargo, and the time taken to repair such damage, shall be
for Charterers’ account.  No voyage shall
be undertaken, nor any goods or cargoes loaded, that would expose the vessel to
capture or seizure by rulers or governments.

 

Grade of Bunkers

 

29.              Charterers
shall supply the vessel with IFO 380 CST RMG 35 as per ISO 8217:1996 (E) requirements
for Marine residual fuels and MDO (if applicable) DMB distillate diesel as per
ISO 8217:1996 (E) requirements for Marine distillate fuels.  Specifications are subject to any revisions
of the ISO standards over the term of this charter (See Clause 62).

 

 

Disbursements

 

30.              Should
the master require advances for ordinary disbursements at any port, Charterers
or their agents shall make such advances to him, in consideration of which
Owners shall pay a commission of two and a half per cent, and all such advances
and commission shall be deducted from hire.

 

Laying-up

 

31.              Charterers
shall have the option, after consultation with Owners, of requiring Owners to
lay up the vessel at a safe place nominated by Charterers, in which case the
hire provided for under this charter shall be adjusted to reflect any net
increases in expenditure reasonably incurred or any net saving which should
reasonably be made by Owners as a result of such lay up.  Charterers may exercise the said option any
number of times during the charter period.

 

Requisition

 

32.              Should
the vessel be requisitioned by any government, de facto or de jure, during the
period of this charter, the vessel shall be off-hire during the period of such
requisition, and any hire paid by such governments in respect of such
requisition period shall be for Owners’ account.  Any such requisition period shall not count
as part of the charter period and the cumulative requisition time may, at the
sole discretion of the Charterer, be added to the end of the firm charter
period at a rate in effect at the time the off hire was incurred.

 

Outbreak of War

 

33.              If
war or hostilities break out between any two or more of the following
countries: U.S.A., the countries or republics having been part of the former
U.S.S.R. (except that declaration of war or hostilities solely between any two
or more of the countries or republics having been part of the former USSR shall
be exempted), P.R.C., U.K., Netherlands, then both Owners and Charterers shall
have the right to cancel this charter provided that the hostilities directly
interfere with the vessels trading under Clause 4.

 

Additional War Expenses

 

34.              If
the vessel is ordered to trade in areas where there is war (de facto or de
jure) or threat of war, Charterers shall reimburse Owners for any additional
insurance premia, crew bonuses and other expenses which are reasonably incurred
by Owners as a consequence of such orders, provided that Charterers are given
notice of such expenses as soon as practicable and in any event before such
expenses are incurred, and provided further that Owners obtain from their
insurers a waiver of any subrogated rights against Charterers in respect of any
claims by Owners under their war risk insurance arising out of compliance with
such orders.

 

Any payments by Charterers under this Clause will
only be made against proven documentation. 
Any discount or rebate refunded to Owners, for whatever reason, in
respect of additional war risk premium shall be passed on to Charterers.

 

War Risks

 

35.    (a)                The master shall not be required or bound to
sign Bills of Lading for any place which in his or Owners’ reasonable opinion
is dangerous or impossible for the vessel to enter or reach owing to any
blockade, war, hostilities, warlike operations, civil war, civil commotions or
revolutions.

 

(b)              If
in the reasonable opinion of the master or Owners it becomes, for any of the
reasons set out in Clause 35(a) or by the operation of
international law, dangerous, impossible or prohibited for the vessel to reach
or enter, or to load or discharge cargo at, any place to which the vessel has
been ordered pursuant to this charter (a “place of peril”), then Charterers or
their agents shall be immediately notified in writing or by radio messages, and
Charterers shall thereupon have the right to order the cargo, or such part of
it as may be affected, to be loaded or discharged, as the case may be, at any
other place within the trading

 

 

limits of this charter (provided such other place is not itself a place
of peril).  If any place of discharge is
or becomes a place of peril, and no orders have been received from Charterers
or their agents within 48 hours after dispatch of such messages, then Owners
shall be at liberty to discharge the cargo or such part of it as may be
affected at any place which they or the master may in their or his discretion
select within the trading limits of this charter and such discharge shall be
deemed to be due fulfilment of Owners’ obligations under this charter so far as
cargo so discharged is concerned.

 

(c)               The
vessel shall have liberty to comply with any directions or recommendations as
to departure, arrival, routes, ports of call, stoppages, destinations, zones,
waters, delivery or in any other wise whatsoever given by the government of the
state under whose flag the vessel sails or any other government or local
authority or by any person or body acting or purporting to act as or with the
authority of any such government or local authority including any de facto
government or local authority or by any person or body acting or purporting to
act as or with the authority of any such government or local authority or by
any committee or person having under the terms of the war risks insurance on
the vessel the right to give any such directions or recommendations.  If by reason of or in compliance with any
such directions or recommendations anything is done or is not done, such shall
not be deemed a deviation.  If by reason
of or in compliance with any such direction or recommendation the vessel does
not proceed to any place of discharge to which she has been ordered pursuant to
this charter, the vessel may proceed to any place which the master or Owners in
his or their discretion select and there discharge the cargo or such part of it
as may be affected. Such discharge shall be deemed to be due fulfilment of
Owners’ obligations under this charter so far as cargo so discharged is
concerned.

 

Charterers shall procure that all Bills of Lading
issued under this charter shall contain the Chamber of Shipping War Risks
Clause 1952.

 

Both to Blame Collision Clause

 

36.              If
the liability for any collision in which the vessel is involved while
performing this charter fails to be determined in accordance with the laws of
the United States of America, the following provision shall apply:

 

“If the ship comes into collision with another ship
as a result of the negligence of the other ship and any act, neglect or default
of the master, mariner, pilot or the servants of the carrier in the navigation
or in the management of the ship, the owners of the cargo carried hereunder
will indemnify the carrier against all loss, or liability to the other or
non-carrying ship or her owners in so far as such loss or liability represents
loss of, or damage to, or any claim whatsoever of the owners of the said cargo,
paid or payable by the other or non-carrying ship or her owners to the owners
of the said cargo and set off, recouped or recovered by the other or
non-carrying ship or her owners as part of their claim against the carrying
ship or carrier.”

 

“The foregoing provisions shall also apply where the
owners, operators or those in charge of any ship or ships or objects other
than, or in addition to, the colliding ships or objects are at fault in respect
of a collision or contact.”

 

Charterers shall procure that all Bills of Lading
issued under this charter shall contain a provision in the foregoing terms to
be applicable where the liability for any collision in which the vessel is
involved fails to be determined in accordance with the laws of the United
States of America.

 

New Jason Clause

 

37.              General
average contributions shall be payable according to York/Antwerp Rules, 2000 as
amended from time to time, and shall be adjusted in New York in accordance with
New York law and practice.

 

In the event of accident, danger, damage or disaster
before or after the commencement of the voyage, resulting from any cause
whatsoever, whether due to negligence or not, for which, or for the consequence
of which, the carrier is not responsible by statute, contract or otherwise, the
cargo, shippers, consignees or owners of the cargo shall contribute with the
carrier in general average to the payment of any sacrifices, losses or expenses
of

 

 

a general average nature that may be made or
incurred and shall pay salvage and special charges incurred in respect of the
cargo.

 

If a salving ship is owned or operated by the
carrier, salvage shall be paid for as fully as if the said salving ship or
ships belonged to strangers.  Such
deposit as the carrier or his agents may deem sufficient to cover the estimated
contribution of the cargo and any salvage and special charges thereon shall, if
required, be made by the cargo, shippers, consignees or owners of the cargo to
the carrier before delivery.

 

Charterers shall procure that all Bills of Lading
issued under this charter shall contain a provision in the foregoing terms, to
be applicable where adjustment of general average is made in accordance with
the laws and practice of the United States of America.

 

Clause Paramount

 

38.              Charterers
shall procure that all Bills of Lading issued pursuant to this charter shall
contain the following:

 

“(1) Subject to sub-Clause (2) or (3) hereof,
this Bill of Lading shall be governed by, and have effect subject to, the rules contained
in the International Convention for the Unification of Certain Rules relating
to Bills of Lading signed at Brussels on 25th August 1924 (hereafter the “Hague
Rules”) as amended by the Protocol signed at Brussels on 23rd February 1968
(hereafter the “Hague-Visby Rules”). 
Nothing contained herein shall be deemed to be either a surrender by the
carrier of any of his rights or immunities or any increase of any of his
responsibilities or liabilities under the Hague-Visby Rules.”

 

“(2) If there is governing legislation which
applies the Hague Rules compulsorily to this Bill of Lading, to the
exclusion of the Hague-Visby Rules, then this Bill of Lading shall have effect
subject to the Hague Rules.  Nothing
therein contained shall be deemed to be either a surrender by the carrier of
any of his rights or immunities or an increase of any of his responsibilities
or liabilities under the Hague Rules.”

 

“(3) If there is governing legislation which
applies the United Nations Convention on the Carriage of Goods by Sea 1978
(hereafter the “Hamburg Rules”) compulsorily to this Bill of Lading, to the
exclusion of the Hague-Visby Rules, then this Bill of Lading shall have effect
subject to the Hamburg Rules.  Nothing
therein contained shall be deemed to be either a surrender by the carrier of
any of his rights or immunities or an increase of any of his responsibilities
or liabilities under the Hamburg Rules.”

 

“(4) If any term of this Bill of Lading is
repugnant to the Hague-Visby Rules, or Hague Rules, or Hamburg Rules, as
applicable, such term shall be void to that extent but no further.”

 

“(5) Nothing in this Bill of Lading shall be
construed as in any way restricting, excluding or waiving the right of any
relevant party or person to limit his liability under any available legislation
and/or law.”

 

Insurance/ITOPF

 

39.              Owners
warrant that the vessel is now, and will, throughout the duration of the
charter:

 

(a)               be
owned or demise chartered by a member of the International Tanker Owners
Pollution Federation Limited;

 

(b)              be
properly entered in U.K. or GARD P & I Club, being a member of the
International Group of P & I Clubs;

 

(c)               have
in place insurance cover for oil pollution for the maximum on offer through the
International Group of P & l Clubs but always a minimum of United
States Dollars 1,000,000,000 (one thousand million);

 

(d)              have
in full force and effect Hull and Machinery insurance placed through reputable
brokers on Institute Time Clauses or equivalent for the market value of the
vessel plus twenty (20) percent as from time to time

 

 

may be amended with Charterers’ approval, which shall not be
unreasonably withheld.  Insurance amount
always to comply with loan covenants.

 

Owners will provide, within a reasonable time
following a request from Charterers to do so, documented evidence of compliance
with the warranties given in this Clause 39.

 

Export Restrictions

 

40.              The
master shall not be required or bound to sign Bills of Lading for the carriage
of cargo to any place to which export of such cargo is prohibited under the
laws, rules or regulations of the country in which the cargo was produced
and/or shipped.

 

Charterers shall procure that all Bills of Lading
issued under this charter shall contain the following clause:

 

“If any laws rules or regulations applied by
the government of the country in which the cargo was produced and/or shipped,
or any relevant agency thereof, impose a prohibition on export of the cargo to
the place of discharge designated in or ordered under this Bill of Lading,
carriers shall be entitled to require cargo owners forthwith to nominate an
alternative discharge place for the discharge of the cargo, or such part of it
as may be affected, which alternative place shall not be subject to the
prohibition, and carriers shall be entitled to accept orders from cargo owners
to proceed to and discharge at such alternative place.  If cargo owners fail to nominate an
alternative place within 72 hours after they or their agents have received from
carriers notice of such prohibition, carriers shall be at liberty to discharge
the cargo or such part of it as may be affected by the prohibition at any safe
place on which they or the master may in their or his absolute discretion
decide and which is not subject to the prohibition, and such discharge shall
constitute due performance of the contract contained in this Bill of Lading so
far as the cargo so discharged is concerned”.

 

The foregoing provision shall apply mutatis mutandis
to this charter, the references to a Bill of Lading being deemed to be
references to this charter.

 

Business Principles

 

41.              (Deleted)

 

Drugs and Alcohol

 

42.              (Deleted)

 

Oil Major Acceptability

 

43.              (See
Clause 57)

 

Pollution and Emergency Response

 

44.              Owners
are to advise Charterers of organisational details and names of Owners
personnel together with their relevant telephone/facsimile/e-mail/telex
numbers, including the names and contact details of Qualified Individuals for
OPA 90 response, who may be contacted on a 24 hour basis in the event of oil
spills or emergencies.

 

ISPS Code/US MTSA 2002

 

45.              (See
Clause 98).

 

 

Law and Litigation

 

46.    (a)                This charter shall be construed and the
relations between the parties determined in accordance with the laws of the
State of New York, U.S.A.

 

(b)              All
disputes arising out of this charter shall be referred to Arbitration in New
York in accordance with the Rules of the Society of Marine Arbitrators, Inc.
New York (SMA).

 

(i)                 Any Award of the arbitrator(s) shall be final
and binding and not subject to appeal.

 

(ii)              For the purposes of this Clause 46(b) any
requests or notices in writing shall be sent by fax, e-mail or telex and shall
be deemed received on the day of transmission.

 

(c)               It
shall be a condition precedent to the right of any party to a stay of any legal
proceedings in which maritime property has been, or may be, arrested in
connection with a dispute under this charter, that that party furnishes to the
other party security to which that other party would have been entitled in such
legal proceedings in the absence of a stay.

 

Confidentiality

 

47.              (Deleted)

 

Construction

 

48.              The
side headings have been included in this charter for convenience of reference
and shall in no way affect the construction hereof.

 

	
  Additional Clauses:

  	
   

  	
  Special clauses to Shelltime 4 CP form, 49 through 112 shall be fully
  incorporated into the terms of this Charter Party.

  
	
   

  	
   

  	
   

  
	
  Appendix A:

  	
   

  	
  Questionaire 88 for the vessel, as attached, shall be incorporated
  herein.

  
	
   

  	
   

  	
   

  
	
  Appendix B:

  	
   

  	
  List of Approved Ship Brokers, as attached, shall be incorporated
  herein.

  

 

 

	
  For the Owners

  	
  For the Charterers

  
	
  ANN TANKER CORPORATION

  	
  DHT ANN VLCC CORP.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ole Jacob Diesen

  	
   

  	
  By:

  	
  /s/ Myles R. Itkin

  	
   

  
	
   

  	
  Ole Jacob Diesen

  	
   

  	
  Myles R. Itkin

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
						

 

 

TIME
CHARTER

SPECIAL
CLAUSES

MT OVERSEAS
ANN

 

IF THERE IS ANY CONFLICT BETWEEN THE FOLLOWING CLAUSES
AND THE PRINTED CLAUSES OF THE CHARTER PARTY FORM AS ADJUSTED, THE
FOLLOWING CLAUSES SHALL PREVAIL.

 

49)                              Bill of Lading
Indemnification

 

The standard form of letter of indemnity to be given
in the case of delivery of cargo (a) without production of the original
Bill of Lading, or (b) at a port other than stated in the Bill of Lading,
or (c) both of the foregoing, in each case without bank guarantee, in
revised form as recommended by the International Group of P&I Clubs in
2001, shall be used in all cases, provided that the reference to English law
and jurisdiction shall be revised to read New York law and the jurisdiction of
any court of competent jurisdiction sitting in New York County.

 

50)                              Certificates/Regulations
Compliance

 

The Owners warrant that during the term of this
charter party the vessel fully complies with the following:

 

A.           all governmental laws, regulations, protocols and directives
promulgated by the authoritative body or any of its legally constituted
agencies charged with the application of the same laws/regulations/protocols
and directives applicable to the countries and ports within the trading limits
defined in the charter party.

 

B.             that it has secured and maintains aboard the
vessel all Certificates of Financial Responsibility issued and required by the
competent authorities of the countries within the trading limits defined in the
charter party.

 

C.             (Deleted)

 

D.            that the vessel shall have on board for inspection by the appropriate port authorities all certificates, records,
compliance letters and other documents required.

 

E.              The vessel shall be approved by the
international transport workers federation and carry a valid ITF ‘Blue
Certificate’ on board at all times. Any losses, expenses or damages arising as
a result of failure to comply with ITF regulations, as interpreted by local
union, shall be for Owners account.

 

F.              COFR — Owners to provide the vessel, at their
cost, with a valid Certification of Financial Responsibility which is
acceptable to U.S. authorities at Owners’ cost. Compliance with state laws
during the currency of this charter to be Owners’ responsibility and cost. COFR
to be in place prior to the vessels arrival at first U.S. or Canadian port.

 

 

Owners will pay for the initial cost of issuing and
maintaining the certificate. Any additional premiums or surcharges payable by
Owners in relation to the vessel calling at U.S. ports to be for Charterers
account.

 

G.             Owners shall have a program covering oil
pollution avoidance, including compliance with latest international maritime
organization and port state regulations and SOLAS and MARPOL conventions and
the adoption of vessel response plans and qualified individuals for OPA
response.

 

51)                              IMO Clause

 

Owners warrant that during the term of this charter
party and any extension thereof the vessel will be in full compliance with: the
requirements of the United States Port and Tanker Safety Act of 1978 and
applicable regulations promulgated thereunder (hereinafter called “U.S. Regulations”) the International Convention for the Prevention of
Pollution from Ships (MARPOL 1973) and the 1978 Protocol thereto as applicable:
and the International Convention for Safety of Lives at Sea (SOLAS 1974) and
the 1978 Protocol thereto as applicable (the foregoing conventions and protocols
hereinafter called “IMO Regulations”). Owners warrant that it will carry
onboard certifications evidencing compliance with U.S. Regulations, compliance
with IMO Regulations and any other records or documentation as may be required
by the U.S. government authorities the vessel is currently ISM certified and
will remain so during the duration of this charter (see ISM Clause).

 

52)                              Pollution Financial
Responsibility

 

Owners warrant that at the date of the charter that
Owners complies with all financial capability, responsibility, security or like
laws, regulations and/or other requirements of whatsoever kind with respect to
oil or other pollution damage applicable to the vessel entering, leaving,
remaining at or passing through any ports or places or waters to perform this charter.

 

Owners further warrant that it shall continue to
comply with these requirements throughout the period of the charter at the
levels and in amounts in effect at the date of this charter.

 

Owners, at its sole risk and expense, shall make all
arrangements by bond, insurance or otherwise and obtain all certificates or
other documentary evidence and take all such other action, as may be necessary,
to satisfy such laws, regulations and/or other requirements.

 

53)                              OPA

 

It is mutually understood that Oil Pollution Act of
1990 (OPA) surcharges for trading to the United States ports/territories shall
be for Charterer’s account.

 

54)                              Contingency Plans Clause

 

Owners warrant at the date of the charter that
Owners complies with and satisfies existing U.S. federal, state and local
rules, regulations and requirements for contingency plans applicable to the
vessel entering, leaving, remaining at or passing through any ports or places
or waters in performance of the charter, including having under contract

 

 

the services of a catastrophic spill contractor
(e.g., Marine Spill Response Corporation (MSRC) or National Response
Corporation (NRC)).

 

Owners further warrant that it shall continue to
comply with these requirements throughout the period of the charter at the
levels in effect at the date of this charter.

 

The Owners shall be responsible for obtaining and
maintaining all necessary and future approvals and satisfying existing and
future federal, state, and local rules, regulations or requirements for
contingency plans. Costs incurred shall be for Owners’ account.

 

	
  Qualified individual:

  	
  Mr. Steven McCall

  
	
   

  	
  212 578 1892 office

  
	
   

  	
  646 327 7206 mobile

  

 

55)                              Documentation

 

Owners undertake that throughout the term of this
charter, the vessel shall have on board all such valid documentation as may,
from time to time, be required to enable the vessel to enter and carry out all
required operations at loading or discharging ports or places and leave,
without hindrance, all ports or places to which the vessel may be directed
under the terms of this charter.

 

In addition, the vessel shall be off-hire and Owners
shall be held responsible for any losses, costs or damages for any period
during which she is not fully and freely available to Charterer as a result of
action taken against her by any government, government organization, competent
authority, competent person or competent organization, owing to her flag,
failure to have on board valid documentation as aforesaid or any dispute
relating to Owners’ wages or crew employment policy or to the condition of the
vessel or her equipment. All cumulative off hire under this Clause may be added
to the end of the charter period in the sole option of the Charterer.

 

Any time lost during which the vessel awaiting USCG
TVEL inspection, or in the case of calls at non-U.S. ports where any similar
certificate is required to be issued by a state authority at these ports prior
to loading or discharging cargo, and until such time as she has secured TVEL
certificate or any similar certificate, vessel will be considered off-hire.

 

56)                              ISM Clause

 

The requirements of the International Safety
Management (ISM) Code are hereby incorporated in the terms of this charter
party. Owners/operator warrant that a Safety Management System (SMS) in accordance
with the ISM Code is in operation both on shore and on board the vessel.
Owners/operator further warrant that they (or the company as defined by the ISM
Code) have a valid Document of Compliance (DOC), and the vessel has a valid
Safety Management Certificate (SMC). Owners/operator shall supply Charterer
with a copy of the DOC and the SMC. Owners shall, when required by Charterer,
provide a copy of the documents both ashore and on board the vessel evidencing
the SMS and its application and when further required by Charterer,
Owners/operator shall provide a report on safety audits carried out internally
or by the vessel’s flag administration.

 

Non compliance with the requirements of the ISM code
resulting in loss or suspension of the ISM certificate shall be deemed a breach
of condition and Charterer shall have the

 

 

right to cancel the charter. Owners shall be
responsible for any delays, costs, damages incurred for non compliance with the
above conditions.

 

57)                              Vetting

 

During the period of this charter, Charterers
require Owners to endeavor to arrange for at least four of the following oil
company inspections/approvals at their time and expense: BP, Shell,
Exxon/Mobil, Chevron Corp., Vela, PDVSA, Statoil and Dreyfus.  Charterers may request Owners to obtain other
vetting approvals as/when required, and Owners shall do so.

 

The above is always subject to the vessel’s trading
pattern, ports accessibility, the oil company’s interest in the vessel and the
availability of inspectors at the time, all of which Owners will keep a record
of and keep Charterers advised.

 

Charterers shall keep Owners fully informed of the
vessels forward schedule in order to facilitate vetting inspections.

 

If the vessel, during the period of this charter,
fails to obtain a minimum of four approvals because of Owners fault/negligence,
or fails a physical inspection by any company listed above, or loses a vetting
approval required to maintain the vessels’ trading pattern, then, Owners shall
have a period of forty five (45) days from the date Owners are notified of such
non-acceptance to have the vessel obtain such minimum number of approvals or
reinstate such approval, subject always to the vessel’s trading pattern, ports
accessibility, the oil company’s interest in the vessel and the availability of
inspectors at the time, all of which Owners will keep a record of and keep
Charterers advised.

 

If the Owners do not obtain the minimum number of
vetting approvals or the necessary vetting approval is not reinstated as
provided for in the preceding paragraphs, and the lack of vettings affect the
vessel’s trading pattern, then the Charterer shall have the right (i) to
terminate this charter party without penalty to either party, or, (ii) to
place the Vessel off-hire for any loss of time (whether by way of interruption
in the Vessel’s service, including time necessary for re-positioning to an
alternate trading pattern or otherwise)(a) resulting from the vessel being
placed off hire by a pool in which it is entered due to such lack of vetting,
or (b)otherwise due to such lack of vetting.

 

In the event the preceding paragraph is invoked, and
the Charterer does not terminate the Charter, it shall use commercially
reasonable efforts to employ the Vessel in an alternate trading pattern to
maximize its earning capacity on commercially reasonable terms provided that
the terms of the pool it is entered into or the time charter it is operating
under permit the Charterer to do so.  For
each day the Vessel is operating under a subcharter on such alternate trading
pattern, and not otherwise off hire, if the Basic Hire rate otherwise
applicable pursuant to this Charter exceeds the time charter rate or equivalent
rate obtained by the Charterer on its sub-charters in the alternate trading
pattern, then the Basic Hire payable hereunder shall be reduced by an amount
equal to the difference between (a) the Basic Hire rate and (b) the
time charter rate or equivalent rate obtained by the Charterer on its
sub-charters in the alternate trading pattern until the later of (i) the
date the Vessel has re-obtained the minimum number of vetting approvals or the
necessary vetting approval has been reinstated, and (ii) the last day of
the applicable sub-charter.

 

 

58)                              Adherence to Voyage
Instructions

 

A.           Owners shall be responsible to and will indemnify Charterer for any
time, costs, delays or loss suffered by Charterer due to underlift, overlift or
other failure to comply fully with Charterer’s lawful instructions as long as
such failure was solely due to Owners’/vessel’s proven negligence.

 

B.             If a conflict arises between terminal orders
and Charterers’ instructions, master is to stop cargo operations and to contact
Charterer at once. Terminal orders shall never supersede Charterer’s
instructions and any conflict shall be resolved prior to resumption of cargo
operations.

 

Vessel is not to resume cargo operations until
Charterers has directed vessel to do so.

 

59)                              Traffic Separation and
Routing

 

Owners shall instruct the master to observe
recommendations as to traffic separation and routing as issued from time to
time by authorities (national or local) and comply with federal, state or local
regulations of the United States. Voluntary and mandatory traffic separation
schemes shall be adhered to while the vessel is in the United States or
international waters.

 

60)                              ETA Notice

 

Master shall give both Charterer and load/discharge
port(s)/place(s) agents notices of estimated time of arrival (ETA) to
load/discharge port(s)/place(s) or any other port/place where Charterers order
vessel to proceed on a daily basis or as required by Charterers voyage orders.

 

Any delay incurred to the vessel at any load or
discharge port(s) resulting from master’s failure to comply with the above
requirements, shall be deducted from the monthly hire. The foregoing is without
prejudice to Charterer’s right to recover for any damages incurred as a result
of such breach by Owners of the obligations herein defined. Notices of ETA to
be sent to Charterer as instructed. This Clause only applies where the Charterer
cannot claim demurrage or any other claim and incur a loss due to the master’s
failure to follow Charterers instructions.

 

61)                              Watchmen

 

Compulsory shore gangway watchmen shall be servants
of the Charterer and the cost for such watchmen shall be borne by Charterer
throughout the currency of this charter party.

 

62)                              Bunkers

 

On every occasion where the bunkers are taken, the
ship will participate in either the DNV VQFT, Lloyds FOBAS or ABS scheme (line
samples). As between Owners and Charterers fuel shall be deemed delivered to
the ship upon arrival at the ship’s manifold, which shall be the point of
custody transfer. Three samples will be taken at the ship’s manifold, using an
approved in line drip sampler. One sample shall be provided to the surveyor and
analysed, a second shall be given to the suppliers, and third shall be

 

 

retained on board for independent joint testing, in
the event of disputes about the quality of the bunkers supplied.

 

In the event of dispute about the quality of the
fuel the third sample left on board shall be jointly analysed at a mutually
acceptable independent laboratory, and the results shall be binding on the
parties

 

The quantity of fuel shall be finally determined
using the density determined in the sample analysed. Owners undertake to
provide Charterers with a copy of each off specification analysis report, to
enable Charterers to notify suppliers promptly in the event of a quality or
quantity dispute.

 

The supplier and Charterers shall at all times be
entitled to witness the extraction and division of the sample at the ship’s
manifold and shall be entitled to employ a bunker surveyor.

 

Charterers shall not cause or permit any lien or
other rights to be created against the ship, her crew, Owners, etc., by any
fuel suppliers, or otherwise bind the ship, her Owners in crew in any way
whatsoever, arising out of the supply of fuels.

 

Should analysis confirm that bunkers are off
specification, (as per specification detailed in Clause 29). Charterers will be
notified regarding Owners intentions. Should Owners decide to use the bunkers
supplied then Charterers are not entitled to present Owners with a speed or
consumption claim for any period during which vessel is using bunkers that do
not reasonably meet the specified requirements. Charterers reserve the right to
discuss analysis results with Owners to ensure an equitable resolution of any
problems. Owners shall not be obliged to use fuel that is injurious to the
engine/auxiliaries and associated equipment.

 

Owners warrant that the vessel shall comply with the
emission control and other requirements of Regulation 14 and 18 of MARPOL Annex
VI and any other laws or regulations relating to bunker content and bunkering
procedures applicable in any areas to which the vessel is ordered.

 

Charterers warrant that they will supply bunkers:

 

A.           of sufficient quantity and quality to enable the vessel to meet the
emission control and other requirements of Regulation 14 and 18 of MARPOL Annex
VI and any other laws or regulations relating to bunker content and bunkering
procedures applicable in any areas to which the vessel is ordered, and

 

B.             in accordance with the specifications in ISO
8217 as in force at the time of supply and any other specifications contained
elsewhere in this charterparty.

 

Charterers further warrant that all bunker suppliers
and bunkers supplied hereunder shall with respect to all areas in which the
vessel may trade comply with the current and future requirements of MARPOL
Annex VI and MEPC96(47) in respect of sampling and the provision of a bunker
delivery notes and, where bunkers are supplied in a state where MARPOL Annex VI
is in force, that suppliers shall be registered in accordance therewith.

 

 

63)                              Heating

 

(Deleted)

 

64)                              Pumping Clause

 

Owners warrant that the vessel is fitted with and
will use the main cargo pumps and the stripping pumps as per Charterers
instructions.

 

Owners further guarantees that vessel will discharge
the full cargo in twenty four (24) hours, stripping excluded or maintain an
average pressure of 100 PSI at the vessel’s manifold during discharge, provided
shore facilities permit. It is agreed that time lost as a result of vessel
being unable to discharge the cargo in accordance with the guarantee stated
herein will be deducted from monthly hire.

 

In the event of the vessel failing to maintain
average discharge pressure of 100 PSI or to discharge the cargo within 24
hours, Charterers are entitled to deduct all time over and above 24 hours taken
to discharge cargo from hire.

 

Discharge terminal shall have the right to gauge
line pressure. Should the vessel fail to comply with the guarantee herein
stipulated should terminal request,
Charterer shall have the right to order the vessel to be withdrawn from the
berth and all time and expenses incurred to leave the berth and return later to
complete discharge will be for Owners’ account with the proven lost time and/or expenses being deductible
from the monthly hire. In any event, Owners shall provide Charterer with a
detailed hourly pumping record showing the pressure maintained at the vessel’s
manifold throughout the discharge. Such record shall be duly counter signed by
a terminal representative and/or independent surveyor, if possible.

 

If the vessel discharges at more than one port or
discharges a partial cargo, then time to be prorated relative to the vessel’s
full cargo capacity for the nominated cargo(es).

 

Should the discharge terminal(s) restrict in any way
the vessel’s performance indicated in this charter party, the master shall
immediately issue a letter of protest to the terminal indicating             the nature of the restriction and any details
he may consider relevant. The vessel to obtain terminals signature on the
letter of protest.

 

65)                              STS Clause

 

Charterers shall have the right to require the
vessel to perform lighterage operations and or ship to ship transfer operations
at anchor or underway at a safe anchorage or place and these ship to ship
transfer operations shall be conducted in accordance with the provisions of the
latest ICS/OCIMF transfer guide (petroleum) always to master’s acceptance which
not to be unreasonably withheld.

 

It is understood and agreed that the crew of the
vessel will be required to assist in handling the fenders and cargo hoses as
well as mooring and unmooring of the vessel as designated by the mooring master
at the STS transfer site at no additional cost to the Charterer.

 

All extra equipment required for such transfer
operations shall be provided by Charterer at its expense.

 

Extra cost of insurance ‘if any’ to be for Charterers
account.

 

 

66)                              Pressure Gauges

 

Vessel to be equipped with pressure gauges at each
discharge manifold which will be maintained in a proper working condition and
each gauge shall have a valid test certificate.

 

67)                              Bilge Liquids

 

Vessel shall have efficient and safe means of
transferring engine room/pump room bilge to designated holding tanks onboard
for disposal in accordance with international regulations.

 

68)                              Previous Cargoes

 

(Deleted)

 

69)                              Condition of Cargo Spaces on
Delivery and Redelivery

 

Vessel will be redelivered with tanks free of liquid
slops.

 

 

70)                              Tanks, Lines, Pumps
Suitability

 

Owners warrant that vessel will arrive at each load
port with all cargo tanks, pumps and lines suitable to load the intended cargo
as per Charterer’s representative and/or independent surveyor’s satisfaction,
subject to Charterers voyage orders and vessels time to comply.  All
damages, time lost and costs incurred due to noncompliance will be for Owners’
account and deducted from monthly hire.

 

71)                              Inert Gas System

 

Owners warrant that vessel has a good working inert
gas system and that the officers and crew are experienced in the operation of
the system. Owners further warrant that the vessel will arrive at the load port
with cargo tanks inerted and that tanks will remain inerted throughout the
loading, voyage and discharge operations. Any delay, cost and expense due to
improper operation of the inert gas system shall be for Owners’ account and
shall be deducted from monthly hire.

 

The master may be required by terminal personnel or
independent surveyor(s) before and/or after discharge to breach the inert gas
system for the purpose of gauging, sampling, temperature determination and/or
determining the quantity of cargo remaining on board (ROB). The master shall
comply with these requests consistent with the safe operation of the vessel.
Vessel to remain on hire for such periods.

 

72)                              Crude Oil Washing (COW)

 

Owners warrant that the vessel is capable of crude
oil washing (COW) of all cargo tanks.

 

If requested by Charterer, Owners agrees to conduct
crude oil washing of cargo tanks at discharge port(s) simultaneously with the
discharge of the cargo to shore. Under no circumstance shall the vessel utilize
more than eight (8) hours to effect COW or prorata on the basis of the
number of tanks washed to the total number of tanks unless authorized by
Charterer.

 

The vessel will comply with the requirements of the
Pumping Clause during simultaneous discharge to shore and the COW
operation.  If the vessel fails to
comply, all additional time to discharge the cargo will be deducted from the
monthly hire.

 

Owners agrees to comply with applicable port and
terminal regulations and, if necessary, to submit any advance information or
technical data that may be required by local authorities relative to the COW
operations.

 

73)                              Fittings, Equipment and
Dimensions

 

A.           Owners warrant that all piping, valves, spools, reducers and other
fittings comprising that portion of the vessel’s manifold system outboard of
the last fixed rigid support to the vessel’s deck and used in the transfer of
cargo, bunkers or ballast, are made of steel or nodular iron; and the fixed
rigid support for the manifold system is designed to prevent both lateral and
vertical movement of the manifold. Owners further warrant that no more than one
reducer or spool piece (each ANSI standard) will be used between the vessel’s
manifold valve and the terminal hose or loading arm connection.

 

 

B.             Owners are responsible for providing safety
equipment to persons aboard the vessel when the cargo is high sulfur or
otherwise dangerous to the health of the crew.

 

C.             Owners warrant that the vessel is capable of
discharging more than one grade simultaneously.

 

D.            Owners warrant that throughout the charter
vessel will have on board the calibration tables for its tanks calculated by
the builder or by a reputable independent international surveyor.

 

E.              Charterers, subject to Owners’ approval
(which shall not be unreasonably withheld) and class approval, shall be at
liberty to fit any additional pumps and/or other vessel gear beyond what is on
board at the commencement of the charter, and to make the necessary connections
with hydraulic, steam or water pipes, such work to be done at Charterers time
and their expense, and such pumps and/or gear so fitted to be considered their
property, and Charterers shall be at liberty to remove it at their time and
expense and time during or at the expiry of this charter, with the vessel to be
left in her original condition.

 

F.              Vessel is fitted with 95 percent and 98
percent high level alarms.  Any delays
due to breakdown of these high level alarms will be considered off hire and
will be deducted from the charter hire.

 

74)                              Cargo Transference

 

Owners shall notify Charterer of any transfer of
cargo within the vessel that takes place after loading and before discharge for
purposes of trimming, stress or any other similar purposes.

 

75)                              Prohibited Detergent Washing

 

Owners warrant that vessel will not perform cargo
tanks washing utilizing detergents with organic chloride contents throughout
the duration of the charter period. Owners to be held responsible for all
damages and consequences including but not limited to all cargo claims if
Owners/master fails to adhere to this Clause.

 

76)                              Cargo Retention

 

A.           In the event that liquid cargo remains on board upon completion of
discharge Charterers shall have the right to deduct from hire an amount equal
to the fob port of loading cost of such cargo plus its pro rata cost of freight
and insurance unless such cargo is unpumpable or unreachable by the vessel’s
fixed pumps.

 

B.             Nothing in this Clause deprives Owners of any
defenses they have to counterclaims for cargo shortloading or damage but it is
agreed that such counterclaims will not be time barred if asserted in any
proceedings commenced by Owners for hire deducted under this Clause provided
that the deduction was proper.

 

C.             Any action or lack of action in accordance
with this provision shall be without prejudice to any rights or obligations of
the parties.

 

 

D.            All slops throughout the charter term shall
belong to Charterer.

 

77)                              Loss of Carrying Capacity

 

In the event cargo
is shut out by the fault of the master, officers, crew or mechanical deficiency
of the vessel, then Charterer shall be entitled to claim compensation for the
transportation cost of the cargo shut out on a round voyage basis by reference
to the rate of hire or the current market level (whichever is greater). Any
additional port costs and/or bunker consumed due to the loss of carrying
capacity shall for Owners account.

 

78)                              Speed and Fuel Warranties

 

The Owners warrant that the vessel is capable of
maintaining and shall maintain, consistent with safety throughout the period of
this charter party on all sea passages, from seabuoy to seabuoy, unless
otherwise ordered by Charterer, an average speed under weather conditions up to
and including Beaufort Force 5 of about 14.75 knots laden on a daily
consumption of about 105 metric tons IFO 380 CST plus 0 metric tons MDO at sea
and about 15.75 knots ballast on a daily consumption of about 100 metric tons
IFO 380 CST 0 metric tons MDO at sea for all purposes excluding tank cleaning,
cargo heating and IGS plus about 50 mts IFO for loading and about 200 mts IFO
for discharging, based on single port loading and discharging excluding Laguna
and Boscan crude and similar cargoes.

 

The above speed and consumption rates shall be
adjusted in accordance with, and always be subject to any changes made to the
Tankers International pool key, provided the vessel continues to trade in the
Tankers International Pool.

 

79)                              Slow Steaming/Speed Up

 

Weather and safe navigation permitting, Charterer
shall have the right to order the vessel to proceed at any speed greater
than/less than normal full speed.

 

80)                              Adjustment of Hire

 

The speed and fuel consumption guaranteed by the
Owners in Part 1 will be reviewed by the Charterer 30 days after every six
(6) months. If at the end of the period, if it is found that the vessel
has failed to maintain, as an average during the period, the speed and/or fuel
consumption warranted, the Charterer shall be retroactively compensated in
respect of such failings, as per Clause 24.

 

No bonus shall be payable to Owners under any
circumstances.

 

The Charterer shall provide Owners with an
opportunity to review any claim submitted by Charterer under this Clause, and
the Owners shall complete such review and provide Charterer with the results
thereof within thirty (30) days from the date such claim was received by
Owners. In the absence of such response, Charterer may deduct from hire any
amount to which it is entitled under this Clause.

 

In the event of Charterer having a claim in respect
of vessel’s performance during the final year of the charter period and any
extension thereof, the amount of such claim shall be withheld from hire in
accordance with Charterer’s estimate made two months before the end of the
charter period and any necessary adjustment after the end of the charter shall
be made by the Owners to the Charterer.

 

 

81)                              Additional Offhire

 

A.           The vessel shall be offhire whenever there is loss of time if:

 

1)              due to the
boycott of the vessel due to the terms or conditions of employment of Owners’
servants; or employment, trades, or cargoes of vessels other than under this
charter.

 

2)              due to restraint or interference in the
vessel’s operation by any governmental authority in connection with the
ownership, registration, or obligations of Owners or the vessel, or stowaways,
or in connection with smuggling or other prohibited activities.

 

3)              due to cargo contamination or damage caused
by unseaworthiness of the vessel or negligence of Owners’ servants.

 

B.             In addition, if during offhire the vessel
loses its turn to berth, it shall remain offhire until it regains the same
berthing position. If the vessel goes offhire while in berth, extra expenses
thereby incurred by Charterers in connection with the vessel remaining at the
berth shall be for Owners’ account and Charterers shall also have the option to
order the vessel out of berth, so as to avoid delay to other vessels waiting to
use the berth, with the cost of unberthing and reberthing for this purpose to be for Owners’ account. The
vessel shall remain offhire during time lost in between berths.

 

C.             In the event of detention of vessel by any
governmental authority, or by any legal action against vessel or Owners, or by
any strike or boycott by the vessel’s officers or crew, whereby vessel is
rendered unavailable for Charterers’ service for a period of thirty (30) days
or more, Charterers may, by written notice given before vessel is free and
ready to resume service, elect to terminate this charter, without prejudice to
any other rights Charterers may have under this charter or to any claim it may
have for damages.

 

82)                              Off Hire Survey

 

A joint off hire bunker survey shall be conducted by
Charterers and Owners representatives at the place of redelivery. The time and
cost for the offhire bunker survey at redelivery shall be split equally between
Owner and Charterer.

 

83)                              Access

 

The Charterer shall have the right and privilege of
having their representatives visit the vessel while in port or at sea.
Charterer’s representatives shall have access to the entire vessel (excluding
accommodation spaces) and the master, officers and crew of the vessel shall
cooperate with and render any reasonable assistance that Charterer’s
representatives may require.

 

Charterer shall be entitled, from time to time
during the period of this charter, to cause their representative(s) to take
samples of the cargo and to inspect the vessel in order to ascertain whether
Owners is reasonably complying in all respects with their obligations under
this charter party.

 

 

In the case of inspection of the vessel, Charterer
shall give Owners appropriate notice of their intention to inspect the vessel
and any such inspection may include, but shall not be limited to: examination
of the vessel’s hull, machinery, boilers, auxiliaries and equipment,
examination of the vessel’s deck and engine, rough and official log books,
certificates, investigation of the vessel’s operating procedures both in port
and at sea, examination of the qualifications and conduct of the vessel’s
master, officers and crew. Any inspections carried out by Charterer under this
sub-Clause shall be without prejudice to any other rights of inspection or
investigation allowed to Charterer in accordance with the provisions of this
charter.

 

In the event of Owners’ failing, at any time during
the period of this charter, to comply with their obligations under this Clause,
Charterer shall be entitled to give Owners notice in writing, whether or not an
inspection under the terms of this Clause has taken place, requiring Owners to
take immediate steps to remedy their default.

 

In the event the Owners fails forthwith, or within
such period as may be agreed to remedy such default to Charterer’s
satisfaction, Charterer shall be entitled at their absolute discretion, to
place the vessel off-hire, until such default shall have been satisfactorily
remedied. Any exercise of, or failure to exercise, their discretion under the
terms hereof by Charterer shall be without prejudice to any other remedy
available to Charterer.

 

84)                              Change of Flag, Management,
Ownership

 

Owners rights and obligations under this charter are
not transferable and except as provided in this Clause Owners undertake not to
change the vessel’s management nor flag nor to sell the vessel or stock in the
ownership company without Charterer’s consent which consent shall not be
unreasonably withheld.

 

In the event that the Owners desire to hire a
manager other than Tanker Management Ltd., Owners shall provide written notice
(the “New Manager Notice”) to the Charterer at least 10 business days prior to
the proposed date of hire, which notice shall seek the Charterer’s consent to
the new manager.  The Charterer’s shall
have the right, within 5 business days of receipt of the New Manager Notice, to
object to the new manager in writing. 
Such objection must be based on reasonable grounds, and must be
accompanied by a list of two comparable managers (other than any affiliates of
Charterer) to which the Charterer would have no objection, and which Owners may
then hire without any further requirement for consent from Charterer.

 

If written notice of objection together with the
accompanying list of acceptable managers is not provided by the Charterer
within 10 business days of receiving the New Manager Notice, the Charterer
shall be deemed to consent to the new manager.

 

Owners shall have the right to transfer the vessel
and Charterer agrees that stock in the Owners may also be transferred (either
of which, for purposes of this Clause, a “Transfer”), subject to the Charterer’s
right of first offer as described in this Clause:

 

Prior to and in order to effect a Transfer, the
Owners shall first give written notice (a “Sale Notice”) to the Charterer stating
(i) the Owners (or its parent’s) intention to make a Transfer, (ii) the
name of a broker who Owners have selected to be a member of the three member
panel described below (the “Panel”) that will determine the fair market price
of the vessel (on the basis that it is sold subject to this charter) and (iii) the
material terms other than price upon which the Owners (or its parent) intends
to make the Transfer.

 

 

The Charterer shall select a member of the Panel
within 5 business days after receipt of the Sale Notice by delivery of written
notice to Owners.  If Charterer does not
make such selection within such 5 business day period, then the Panel shall
consist solely of the broker selected by Owners.  If Charterer makes such selection, then the
two members selected by Owners and Charterer shall select together a third
member of the Panel within 10 business days after delivery of Charterer’s
written notice to Owners.  If the members
selected by Owners and Charterer do not select a third member of the Panel within
such 10 business day period, then the third member of the Panel shall be
selected by the President of the Society of Marine Arbitrators, Inc. New
York.  No broker is eligible to be
selected as a member of the Panel unless it is listed in Appendix B of approved
ship brokers to this charter.

 

After all the members of the Panel have been
selected in accordance with the preceding paragraph, the Panel shall determine
the fair market price of the vessel, taking into account that any sale would be
made subject to this charter.  The market
price determined by the Panel (the “Price”) shall be the price determined by
the sole member of the Panel if there is only one member and shall be the
average of the two closest prices determined by members of the Panel if there
are three members.  The sole member, or,
the member of the Panel selected by the other two members shall notify in
writing the Owners and Charterer of the Price (the “Price Notice”).  Owners and Charterer shall each pay one-half
of the fees and expenses of the members of the Panel in performing their
services under this Clause 84.  Such
Price shall be considered the price of the vessel, if Owners elect to proceed
with the sale of the vessel after receiving the Price Notice.  Owners shall not be obligated to proceed with
the sale of the vessel if it, in its sole discretion, deems the Price to be
inadequate.  If the parent of Owners
seeks to sell the stock of the Owners, then the Panel, in addition to
determining the Price of the vessel as aforesaid, shall determine the fair
market price of the assets of the Owners (other than the vessel) and the fair
market value of the liabilities of the Owners in accordance with the foregoing
methodology.  The sum of the Price of the
vessel in the Price Notice and the price of the other assets of the Owners
determined as aforesaid reduced by the value of the liabilities of Owners
determined as aforesaid shall be considered the price for the stock (the “Stock
Price”) and the Stock Price shall be set forth in the Price Notice.

 

In the event that the Owners elect to proceed with
the sale of the vessel upon its review of the Price Notice, Charterer shall
have an irrevocable and non-transferable option to effect Transfer to it of the
vessel or stock in the Owners at the Price or at the Stock Price, as the case
may be, set forth in the Price Notice and on materially the same terms as set
forth in the Sale Notice.  Such option
may be exercisable during the period (the “Purchase Option Period”) commencing
on receipt of the Price Notice and ending (a) if Tanker Management Ltd. Is
the manager at the time of the Price Notice, 30 days after Charterer’s receipt
of the Price Notice or (b) if Tanker Management Ltd. is not the manager at
the time of the Price Notice, 30 days after the later of (i) the date (the
“Inspection Date”), set forth in a notice from Owners to Charterer that the
vessel and the records of the vessel may be inspected by Charterer, which
notice shall be given after the Sale Notice and at least 5 business days prior
to the Inspection Date and (ii) Charterer’s receipt of the Price
Notice.  In order to exercise its option,
the Charterer shall, within the Purchase Option Period, send an irrevocable
written acceptance notice to the Owners (the “Purchase Notice”).  The Charterer shall then be obligated to
consummate the purchase of the vessel or stock at the Price or at the Stock
Price, as the case may be, set forth in the Price Notice and on materially the
same terms as set forth in the Sale Notice within thirty (30) days after the
Purchase Notice.  If Charterer does not
exercise its option

 

 

within the Purchase Option Period or, if such option
is exercised, Charterer fails to consummate the purchase of the vessel or stock
within the time period set forth above, then, in addition to any other remedies
available, the Owners may during the period set forth in the next sentence (the
“Sale Option Period”) sign a legally binding agreement for the Transfer of the
vessel or stock to a third party at a price not less than the Price or the
Stock Price, as the case may be, set forth in the Price Notice, minus up to
2.5% of the Price of the vessel, and on materially the same terms as set forth
in the Sale Notice.  The Sale Option
Period shall commence on the earlier of (i) the date Charterer notifies
Owners that Charterer will not exercise its option and (ii) the expiration
of the Purchase Option Period (such earlier date referred to as the “Start Date”)
and end on the later of 90 days after (i) the Start Date and (ii) the
date after the Start Date when the vessel and the records of the vessel are
first made available at a port for inspection at the request of potential third
party purchasers of the vessel or stock. 
If an agreement for the Transfer of the vessel or stock is not signed
during the Sale Option Period or the Transfer of the vessel or stock is not
completed under such agreement, then Charterer’s right of first offer as
described in this Clause 84 shall begin again and a new Price determined in
accordance with the provisions of this Clause 84.  Any Transfer of the vessel or stock to a
third party shall be subject to (x) Charterer’s prior approval, which shall not
be unreasonably withheld, and (y) Charterer’s right to purchase at par any loan
obtained by the third party purchaser of the vessel to finance such purchase if
such purchaser defaults under the credit agreement for such loan or this
charter provided the third party can obtain such right from its lenders on, in
the sole good faith opinion of the Owners, commercially reasonable terms.  This charter, including all options to extend
it, shall continue in full force and effect notwithstanding any Transfer of the
vessel or stock in the ownership company of the vessel.

 

If the Owners fail to comply with the terms of this
Clause, Charterer may, in its absolute discretion, terminate this charter,
whereupon Owners shall reimburse Charterer for any hire paid in advance and not
earned, the cost of bunker fuel on board the vessel and for any amount for
which the Owners are liable to Charterer under the terms of this charter.
Charterer’s rights of termination shall, whether or not it is exercised, be
without prejudice to any other rights available to Charterer.

 

The managers shall be responsible for the day to day
technical operations of the vessel however Owners always to be held responsible
for the overall management of the vessel.

 

If Charterer is not satisfied with the performance
of the manager, Charterer may request a meeting within 7 business days with
Owners and manager to discuss the deficiencies in the management which
deficiencies shall be presented in writing by Charterer. If after thirty days,
the management deficiencies are evidently still unresolved in Charterer’s
determination (which deficiencies and determination will be delivered to Owners
and manager in writing), then the management company may be changed provided
that the new management company shall be selected by the Owners subject to the
consent of the Charterer, such consent not to be unreasonably withheld.

 

85)                              Ownership

 

Owners will not effect any mortgage, encumbrance or
other lien on the vessel, other than liens that are not material in amount and
that arise in the ordinary course of business or by operation of law, without
the prior written consent of the Charterer, such consent not to be unreasonably
withheld. In the case of the initial financing by Royal Bank of Scotland for
the purchase of the vessel (the “Initial Financing”), the Charterer hereby
consents.  In the case of any refinancing
of the vessel, Owners shall negotiate in good faith and use

 

 

their best efforts to have the refinancing mortgagee
agree on, in the sole good faith opinion of the Owners, commercially reasonable
terms that are no less favorable to the Charterer than the terms contained in
the Initial Financing in terms of the mortgagee’s rights to enforce its
mortgage in the event and so long as the Charterer continues to pay the charter
hire under this charter.  If the Owners,
after negotiating in good faith and using their best efforts, are unable to
obtain such provisions from the refinancing mortgagee on, in the sole good
faith opinion of the Owners, commercially reasonable terms, Charterer or its
affiliates may seek such provisions on behalf of Owners and Owners shall
consider in good faith all refinancing proposals obtained by Charterer or its
affiliates which have, in the sole good faith opinion of Owners, commercially
reasonable terms.  In addition, Owners
shall use their best efforts to have the refinancing lenders agree on, in the
sole good faith opinion of the Owners, commercially reasonable terms, that
Charterer or its affiliates may purchase at par the loan made by such lenders
and related mortgage and other security interests if Owners breach any
provision of this charter, including this Clause 85, or if Owners or any of
their affiliates default under the loan agreement for such loan.

 

86)                              Requirements of Special
Trades

 

A.           Charterer may blend cargo on board. If original Bills of Lading are
issued for one or more of the parcels which are blended, upon return of all
such Original Bills of Lading and at Charterers’ request, Owners will issue new
Bills of Lading for the blended cargo. New Bills of Lading can only be issued
for the blend as a whole. Owners are hereby indemnified against all claims for
contamination or quality deterioration or off specification whatsoever due to
cargo blending on board.

 

B.             Extra insurance on freight and/or cargo, if
any, due to vessel’s age shall be for Owners’ account and Charterer shall have
the right to deduct such extra insurance cost from hire due Owners. Charterer
will provide supporting invoice for extra insurance cost deducted from charter
hire.

 

C.             Whenever requested by Charterer, Owners shall
arrange for war risk underwriters to advise Charterer via Owners about actual
net ‘additional premium’ then in effect. If requested by Charterer, Owners
shall arrange in advance for war risk underwriters to furnish such information
to Charterer via Owners 48 hours before vessel enters ‘additional premium’
zone, weekend and local holidays are excluded, at Charterers expense.

 

D.            Any ‘additional premiums’ due from Charterer
shall be documented by underwriters and Charterer shall pay only the net
premium charged to Owners — i.e. gross premium less rebate, if any.

 

E.              Charterer shall not be responsible for any
time lost due to officers and/or crew refusing to proceed to an actual war
zone, or for any time lost as a result of the vessel remaining in an “additional
premium” zone due to action by vessel’s officers and/or crew and/or breakdown
and/or accident to vessel or her equipment not caused by fault of the
Charterer, or as a result of an occurrence of a war risk.

 

F.              Pollution insurance. Owners warrant that they
will have in place the maximum cover for pollution offered by members of the
International Group of P&I Clubs (currently USD 1 billion) and that this
cover from underwriters approved by

 

 

Charterer (such approval not to be unreasonably
withheld) will remain in place throughout the period of this charter. Owners
shall provide Charterers within five business days after the fixture is
concluded, written evidence from the vessel’s P&I club or insurance broker
of such pollution cover.

 

Any additional premiums or surcharges payable by
Owners in relation to the vessel calling to United States of America ports to
be for Charterers account.

 

G.             (Deleted)

 

H.            Owners warrant that vessel is fully capable
of carrying ‘Orimulsion’ and Owners/operators are fully aware of the
requirements for carrying this type of cargo. Normally, crude oil washing nor
inert gas system never to be utilized while Orimulsion is onboard.

 

I.                 It is understood that the vessel shall not be
required to force ice but to follow ice breakers from time to time always
subject to master’s approval.

 

J.                (Deleted)

 

K.            Grades and comingling. Charterer shall be at
liberty to ship three grades of cargo. Grades and quantities of petroleum
products shall be defined by Charterer prior to each voyage. Segregated grades
shall be kept within vessels natural segregations. At the option of the
Charterer, loading of three or more grades of cargo in such a manner as to
voluntarily mix the cargo to obtain a new grade shall be carried out by the
Owners pursuant to Charterers requirements. Any such mixture or admixture shall
be at Charterers risk and expense and shall be considered to be one grade under
the present agreement. Any new bills of lading that are issued will only be for
the blended cargo as a whole.

 

L.              Vessel to have a working vapour recovery
system onboard.

 

M.         Owners warrant that it has a policy on drug and alcohol abuse (‘‘Policy’’)
applicable to the vessel which meets or exceeds the standards of the OCIMF
guidelines for the control of drugs and alcohol onboard ship. Under the Policy,
alcohol impairment shall be defined as a blood alcohol content of 40 mg/100 ml
or greater; the appropriate seafarers to be tested shall be all the vessel’s
officers and the drug/alcohol testing and screening shall include unannounced
testing in addition to routine medical examinations. An objective of the Policy
should be that the frequency of the unannounced testing be adequate to act as
an effective abuse deterrent, and that the officers be tested at least once a
year though a combined program of unannounced testing and routine medical
examinations. Owners further warrant that the Policy will remain in effect
during the term of this charter providing that the terms are in conformity with
the laws of the vessel’s flag state and that the Owners shall exercise due
diligence to ensure that the Policy is complied with. It is understood that an
actual impairment, shall not in and of itself mean Owners has failed to
exercise due diligence. Persons who test positive, refuse to test, or are unfit
for duty (impaired because of drug or alcohol abuse) shall be removed from the
vessel and shall not be reassigned to service on the vessel.

 

N.            (Deleted)

 

 

O.            (Deleted)

 

P.              Vessel shall be capable of full hot fresh
water wash, as well as hot sea water wash followed by fresh water rinse, with
all fresh water to be procured by Charterers over and above what vessel is
capable of producing with all time and expense for the cost of the water as
well as extra bunkers, and time and expense for all related operations to be
for Charterers account. Owners will make best efforts to produce fresh water
for Charterer’s purposes, however without guaranty.

 

Q.            Worldwide trading always within American
Institute Trade Warranties limits and any subsequent amendments thereof as
permitted by U.S. and/or Marshall Island authorities.

 

Charter may order the vessel to Alaska, outside of
American IWL, provided Owners’ consent thereto and that Charterers pay for any
insurance premium required by the vessel’s underwriters.  Charterers to give adequate prior notice to
Owners and Charterer shall provide and pay for response plan and OSRO coverage
for the vessel while in Alaskan waters. 
All costs for any breach of BIWL as well as all costs for trading to
Alaska, and to comply with Charterer’s orders to be for Charterer’s account including
any insurance premium required by the vessel’s underwriters.

 

Costs of complying with USWC trading, with port,
local and OPA 90 rules and regulations to be for Charterers account in
addition to filing spill response plans.

 

R.             Where the vessel is required to change over
to and from low sulphur fuel, the fuel consumption and any delays due to
flushing the fuel system is to be for Charterers account.

 

S.              (Deleted)

 

87)                              Agency

 

Owners can appoint their own agents or have the
right to use and pay Charterer’s agents for Owners’ matters.

 

88)                              Hull And Machinery Value

 

(Deleted)

 

89)                              War Risk Premium

 

Owners to be responsible only for the basic annual
contributions payable to obtain war risk cover. Charterer shall be responsible
for the full amount of any sums payable by way of additional premiums to
maintain that full cover as a result of the vessel proceding any areas
designated as additional war risk premium areas.

 

90)                              Histories

 

Owners shall provide a work history to Charterer
prior to any change of the master, chief engineer and chief officer serving
onboard vessel. The history which shall show the

 

 

extent of tanker experience in rank. Similar
histories shall be furnished for any new master, chief engineer and chief
officers prior to assignment to the vessel. After reviewing same, Charterers
have the right to reasonably reject any of the above in which case Owners will
nominate a substitute which shall be subject to Charterers approval as well.

 

91)                              Personnel

 

Conversational English language proficiency is
required for the master and officers in charge of cargo or bunker oil handling.

 

92)                              Reduction or Increase in
Deadweight

 

(Deleted)

 

93)                              Confidentiality

 

(Deleted)

 

94)                              General Average

 

A.           In addition to any other rights Charterer may have, and if requested by
Charterer, Owners will release one or more cargoes to Charterer for
transshipment from a port of refuge by and at the expense of Charterer in
exchange for a nonseparation of interest agreement, general average bond, and a
general average undertaking from cargo underwriters in the customary forms.
Charterer’s transshipment expenses, up to the general average expenses saved,
are to be treated like the general average expenses saved, as if those expenses
had actually been incurred and paid for by Charterer. If a subcharter is
involved and freight is at risk, subcharterer shall be credited for the vessel’s
daily manning, bunkers, insurance costs as well as port expenses saved for any
part of the voyage not required to be made by reason of transshipment. Bills of
lading for such transshipped cargoes are deemed to be accomplished on
completion of transfer to the transshipping vessel, and port of refuge where
transfer is made shall be treated as a discharge port.

 

B.             Any amounts allowable in general average for
wages, provisions and stores shall be credited to Charterer insofar as such
amounts are in respect of a period when the vessel is on hire.

 

95)                              (Deleted)

 

96)                              Hydrogen Sulphide (H2S)
Clause:

 

Owners shall comply with the requirements in ISGOTT
(as amended from time to time) concerning Hydrogen Sulphide and ensuring that
the Hydrogen Sulphide level is always below the threshold limit value (TLV).

 

If on arrival at the loading terminal, the loading
authorities, inspectors or other authorised and qualified personnel declare
that the Hydrogen Sulphide levels exceed the TLV and request the vessel to
reduce the said level to within the TLV, provided that the duration of the
voyage between the last discharge port and such loading terminal permits such

 

 

reduction, then the delay shall be considered off
hire and any additional expenses incurred by Charterer to be for Owners
account.

 

97)                              Yugoslavia Clause

 

(Deleted)

 

98)                              BIMCO ISPS Clause for Time Charter Parties 2005

 

(A)  (i)             The Owners shall comply with the requirements
of the International Code for the Security of Ships and of Port Facilities and
the relevant amendments to Chapter XI of SOLAS (ISPS Code) relating to the
vessel and “the company” (as defined by the ISPS Code). If trading to or from
the United States or passing through United States waters, the Owners shall
also comply with the requirements of the U.S. Maritime Transportation Security
Act 2002 (MTSA) relating to the vessel and the “owner” (as defined by the
MTSA).

 

(ii)             Upon request the Owners shall provide the
Charterers with a copy of the relevant International Ship Security Certificate
(or the interim international ship security certificate) and the full style
contact details of the Company Security Officer (CSO).

 

(iii)         Loss, damages, expense or delay (excluding consequential loss, damages,
expense or delay) caused by failure on the part of the Owners or “the company”/”owner”
to comply with the requirements of the ISPS Code/MTSA or this Clause shall be
for the Owners’ account, except as otherwise provided in this charter party.

 

(B)   (i)          The
Charterers shall provide the Owners and the master with their full style
contact details and, upon request, any other information the Owners require to
comply with the ISPS Code/MTSA. Where sub-letting is permitted under the terms
of this charter party, the Charterers shall ensure that the contact details of
all sub-charterers are likewise provided to the Owners and the master.
Furthermore, the Charterers shall ensure that all sub-charter parties they enter
into during the period of this charter party contain the following provision:

 

“The Charterers shall provide the Owners with their
full style contact details and, where sub-letting is permitted under the terms
of the charter party, shall ensure that the contact details of all
sub-charterers are likewise provided to the Owners”.

 

(ii)             Loss, damages, expense or delay (excluding
consequential loss, damages, expense or delay) caused by failure on the part of
the Charterers to comply with this Clause shall be for the Charterers’ account,
except as otherwise provided in this charter party.

 

(C)                               Notwithstanding anything else contained in
this charter party all delay, costs or expenses whatsoever arising out of or
related to security regulations or measures required by the port facility or
any relevant authority in accordance with the ISPS Code/MTSA including, but not
limited to, security guards, launch services, vessel escorts, security fees or
taxes and inspections, shall be for the Charterers’ account, unless such costs
or expenses result solely from the

 

 

negligence of the Owners, master or crew. All
measures required by the Owners to comply with the ship security plan shall be
for the Owners’ account.

 

(D)                               If either party makes any payment which is
for the other party’s account according to this Clause, the other party shall
indemnify the paying party.

 

99)                              Period / Charter Hire

 

Owner and Charterer agree that the initial charter
period shall be the period commencing on October 17, 2005 and ending on April 16,
2012 (the “Initial Expiration Date”). 
Until the Initial Expiration Date, the Charterer shall pay to the Owner,
charter hire (“Basic Hire”) monthly in advance by the due date set forth in
Clause 9.  Each payment of Basic Hire (“Basic
Hire Amount”) shall equal the basic hire rate set forth in the initial charter
rate table below that corresponds to the time period for which payment is being
made multiplied by the actual number of days in the month for which the
Basic Hire Amount is being calculated. 

 

INITIAL CHARTER RATE TABLE

 

	
  CHARTER

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  	
   

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  October 17,
  2005

  	
   

  	
  October 16,
  2006

  	
   

  	
  USD 37,200
  per day

  	
   

  
	
  2

  	
   

  	
  October 17,
  2006

  	
   

  	
  October 16,
  2007

  	
   

  	
  USD 37,400
  per day

  	
   

  
	
  3

  	
   

  	
  October 17,
  2007

  	
   

  	
  October 16,
  2008

  	
   

  	
  USD 37,500
  per day

  	
   

  
	
  4

  	
   

  	
  October 17,
  2008

  	
   

  	
  October 16,
  2009

  	
   

  	
  USD 37,600
  per day

  	
   

  
	
  5

  	
   

  	
  October 17,
  2009

  	
   

  	
  October 16,
  2010

  	
   

  	
  USD 37,800
  per day

  	
   

  
	
  6

  	
   

  	
  October 17,
  2010

  	
   

  	
  October 16,
  2011

  	
   

  	
  USD 38,100
  per day

  	
   

  
	
  To 6 1⁄2

  	
   

  	
  October 17,
  2011

  	
   

  	
  April 16,
  2012

  	
   

  	
  USD 38,500
  per day

  	
   

  

 

The Charterer may, at its option, extend the charter
on one or more occasions (provided that the charter is still in effect at the
time of extension) by giving written notice (the “Extension Notice”) to the
Owner at least 90 days prior to the expiration date of the charter then in
effect.  The Extension Notice shall
specify the new expiration date of this charter, which shall be the first,
second or third anniversary of the existing expiration date; provided, however,
that in no event shall the expiration date be subsequent to April 16,
2020.  The Extension Notice shall also
specify the Basic Hire Amount for the selected extension period, which shall be
calculated in the same manner as the Basic Hire Amount for the initial charter
period, and shall, at the option of the Charterer, be equal to either:

 

A.           the one-, two- or three-year time charter rate for VLCCs, which rate
corresponds to the selected extension period, established by the Association of
Shipbrokers Agents and Agents Tanker Broker Panel (the “Broker Panel”),
plus five percent, or

 

B.             the basic hire rate for the corresponding
time period(s) set forth in the option period rate table below.

 

 

Upon receipt of the Extension Notice by the Owner,
the charter shall be extended to the new expiration date on the same terms and
conditions (other than as expressly set forth herein).  If, at the time of the exercise of any
extension period, the Broker Panel is no longer quoting one-, two- or
three-year time charter rates, then a mutually acceptable replacement Broker
Panel shall be selected by the Owner and Charterer.  The following broker panels shall be deemed
mutually acceptable by the Owner and Charterer:

 

London Tanker Broker Panel

 

OPTION PERIOD RATE TABLE

 

	
  OPTION

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  	
   

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  	
   

  
	
  1 

  	
   

  	
  April 17,
  2012

  	
   

  	
  October 16,
  2012

  	
   

  	
  USD 38,500
  per day

  	
   

  
	
   

  	
  October 17,
  2012

  	
   

  	
  April 16,
  2013

  	
   

  	
  USD 38,800
  per day

  	
   

  
	
  2 

  	
   

  	
  April 17,
  2013

  	
   

  	
  October 16,
  2013

  	
   

  	
  USD 38,800
  per day

  	
   

  
	
   

  	
  October 17,
  2013

  	
   

  	
  April 16,
  2014

  	
   

  	
  USD 39,200
  per day

  	
   

  
	
  3 

  	
   

  	
  April 17,
  2014

  	
   

  	
  October 16,
  2014

  	
   

  	
  USD 39,200
  per day

  	
   

  
	
   

  	
  October 17,
  2014

  	
   

  	
  April 16,
  2015

  	
   

  	
  USD 39,400
  per day

  	
   

  
	
  4 

  	
   

  	
  April 17,
  2015

  	
   

  	
  October 16,
  2015

  	
   

  	
  USD 39,400
  per day

  	
   

  
	
   

  	
  October 17,
  2015

  	
   

  	
  April 16,
  2016

  	
   

  	
  USD 39,600
  per day

  	
   

  
	
  5 

  	
   

  	
  April 17,
  2016

  	
   

  	
  October 16,
  2016

  	
   

  	
  USD 39,600
  per day

  	
   

  
	
   

  	
  October 17,
  2016

  	
   

  	
  April 16,
  2017

  	
   

  	
  USD 39,800
  per day

  	
   

  
	
  6 

  	
   

  	
  April 17,
  2017

  	
   

  	
  October 16,
  2017

  	
   

  	
  USD 39,800
  per day

  	
   

  
	
   

  	
  October 17,
  2017

  	
   

  	
  April 16,
  2018

  	
   

  	
  USD 40,000
  per day

  	
   

  
	
  7 

  	
   

  	
  April 17,
  2018

  	
   

  	
  October 16,
  2018

  	
   

  	
  USD 40,000
  per day

  	
   

  
	
   

  	
  October 17,
  2018

  	
   

  	
  April 16,
  2019

  	
   

  	
  USD 40,300
  per day

  	
   

  
	
  8 

  	
   

  	
  April 17,
  2019

  	
   

  	
  October 16,
  2019

  	
   

  	
  USD 40,300
  per day

  	
   

  
	
   

  	
  October 17,
  2019

  	
   

  	
  April 16,
  2020

  	
   

  	
  USD 40,500
  per day

  	
   

  

 

ADDITIONAL HIRE

 

Charterer agrees that Additional Hire Payment Amount
(as defined in the Charter Framework Agreement, dated October 6, 2005, by
and among the Owners, the Charterer and the other parties thereto), if any,
shall be calculated and paid in accordance with such Charter Framework
Agreement.

 

100)                       AMS Clause

 

U.S. Customs
Clearance – if cargo is to be discharged in a U.S. port or territory subject to
control by the U.S. Customs and Border Protection (CBP), Charterers warrant
that all necessary details required by CBP for clearance of the cargo,
inclusive of but not limited to, shipper consignee and notify party full name,
address and phone number or telex

 

 

number, will be
included on each bill of lading or alternatively supplied to Owners in writing
a minimum of 24 hours prior to the vessel’s arrival at the first designated
U.S. port of discharge. For voyages less than 24 hours in duration this
information must be included on the bill of lading or advised to Owners prior
to the vessel departure from the loading place or port.  Any delays, fines or penalties incurred due
to Charterers’ failure to comply with the above will be for Charterers’
account.

 

Effective March 4,
2004, all imported cargoes into the U.S. must be electronically reported via
the Bureau of U.S. Customs and Border Protection AMS system.  This requires the Owner to have a Type 3
International Carriers Bond as well as a Standard Carriers Alpha Code (SCAC).  It is the responsibility of the Owner to
ensure that his reporting requirement occurs 24 hours prior to the vessel’s
arrival at the first U.S. port. Should the international voyage be less than 24
hours in duration, the Owner shall electronically file the manifest via the
automated manifest system at the time of the loading in the foreign port.  Owners and/or vessel master or their
designated agent will provide a copy of the electronically filed manifest to
the Charterers or their designated agent at the time of filing with CBP.

 

Owners warrant that
it is aware of the requirements of the U.S. Customs and Border Protection
regulation issued on December 5, 2003 under Federal Register Part II
Department of Homeland Security 19 CFP Parts 4, 103, et al. and will comply
fully with these requirements for entering U.S. ports.  Any delays, fines or penalties incurred due
to Owners failure to comply with the above will be for Owners account.

 

The cost of filing to
be for Charterers account.  Charterers to
be responsible for any delay and/or fines related to late filing by their
agents.

 

101)                       House Flag/Charterers Markings

 

At any time during
the period of this charter, Charterers shall have the privilege of flying their
house flag, to paint the funnel and bow crest in their house colors and to
paint their markings on ships sides and put/change the name of the vessel. Upon
vessels redelivery, Owners shall be obliged to rename the vessel and remove
Charterers markings on ships sides and repaint ships name and funnel. The cost
of such paintings and/or repaintings and/or name change to be for Charterers
account unless otherwise agreed with Owners. 
Upon Charterers request, crew to perform the work and payment to be
settled directly between Charterers and master.

 

In the event of a
change in the technical management of the vessel, Charterers shall have the
option to change the markings on the vessel and/or the name of the vessel at
Owners time and expense.

 

102)                       Green Award Clause

 

Rebates in port dues, etc. obtained via the green
award certificate to be refunded to Charterers, provided that Charterers have
paid for the green award audit fees in full, or prorated for the period covered
under this charter party.

 

103)                       Remeasure Clause

 

Charterers have the option to re-measure the vessel
for the purpose of satisfying certain port/terminal regulations. All cost and
time to be for Charterers’ account. The vessel is to be redelivered
non-measured at Owners’ option if Charterers exercised their option to re-measure

 

 

in the first place.

 

104)                       Exxon Mooring

 

(Deleted)

 

105)                       Storage Clause

 

Charterers shall have the option of requesting the
vessel to remain idle, at a safe place, at anchor/or drifting.

 

106)                       Breach Of Warranty Clause

 

(Deleted)

 

107)                       Tracking System Clause

 

It is agreed that Charterers may from the time of
fixing until completion of the charter period employ an INMARSAT tracking
system on the vessel. Such tracking system works on data provided from the
vessel’s onboard INMARSAT C system and can be installed simply, either
remotely, or on some older systems with minimal set up input from the vessel.
All registration/communication costs relating to this tracking system will be
for Charterers’ account. Charterers will advise when the system is operative
and confirm termination on completion of charter.

 

108)                       Q88.Com Clause

 

Owners to provide, free of charge, a copy of the
OCIMF VPQ in the required electronic form so that the vessel can be included in
Charterers’ subscription to the website “q88.com”. Owners are furthermore
required to update the system with vessel approval status, certification and
any other information as required on a regular basis.

 

109)                       Changes/Improvements
Necessary for the Operation of the Vessel or Imposed by Legislation, Class or
Oil Company Vetting Requirements

 

A.           In the event any improvement, structural change or the installation of
new equipment is imposed by compulsory legislation and/or Class rules and/or
oil company vetting requirements, Charterers shall have the right to require
that the Owners effect such improvement, changes or installations. The Charterers
shall fully reimburse the Owners for the total cost of all such improvements,
structural changes or installations up to USD 50,000 in any calendar year. To
the extent that the total cost of all such improvements, structural changes or
installations exceed USD 50,000 in any calendar year, the Charterers shall
reimburse the Owners in an amount equal to 50 percent of the product of (i) the
cost of such improvements, structural changes or installations over USD 50,000
and (ii) a fraction, the numerator of which shall be the number of whole
months remaining in the charter period at the time of completion of such
improvement, structural change or installation (the “Remaining Charter Period”)
and the denominator of which shall be the number of whole months remaining in
the depreciation period of the vessel (calculated as 25 years from the year the
vessel was built) at the time of completion of such improvement, structural
change or installation (such product, the “Reimbursement Payment”) and the
balance of the cost of such improvement, structural change or installation over
USD 50,000 shall be paid by

 

 

the Owners. In the event the charter period is
extended for any reason, included but not limited to any extension under Clause
99, the Charterers shall pay additional reimbursement to the Owners in an
amount equal to the difference between the reimbursement calculated under the
preceding sentence (plus any additional reimbursement calculated for any other
extension period if applicable) and the amount that would have been due from
the Charterers had the Remaining Charter Period used to calculate the
Reimbursement Payment including the number of whole months in the extension
period as the numerator of the relevant fraction.

 

B.             In the event any improvement, structural
change or the installation of new equipment, not falling under (A) above,
is deemed necessary by the Charterers for the continued operation of the
vessel, Charterers shall have the right at their own cost to effect such
improvement, structural changes or installation, with the Owners’ consent which
shall not unreasonably be withheld.

 

C.             The Owners shall be notified in writing in
advance by the Charterers about any changes and/or improvements as afore
mentioned.

 

D.            Any change, improvement or installation made
pursuant to this Clause shall be the property of Owners.

 

110)                       Third Party Clause

 

Except as may be otherwise agreed in writing by the
parties with any third party, a person who is not party to this
agreement/charter may not enforce, or otherwise have the benefit of, any
provision of this agreement/charter under the contract.

 

111)                       Optional Termination

 

In the event the vessel is not delivered under this
charter by [IPO closing], 2005 both the Owners and the Charterers shall have
the right to terminate this charter and neither the Owners nor the Charterers
shall be entitled to damages or to any other compensation or reimbursement of
expenses.

 

112)                       Damages Clause

 

In subchartering to its customers, Charterer shall
endeavor to avoid or limit any liability to such customers for consequential
damages. Owners shall not be liable for any consequential damages or losses
unless the Charterer’s sub-charter provides for such consequential damages or
losses to such customers.

 

 

APPENDIX A

 

QUESTIONNAIRE
88 FOR M/T OVERSEAS ANN

 

INTERTANKO’S
STANDARD TANKER VOYAGE CHARTERING QUESTIONNAIRE 1988 (Version 2)

(Metric system to be applied, HVPQ reference
specified where applicable) 

 

	
   

  	
   

  	
   

  	
   

  	
  HVPQ Ref

  	
   

  
	
  GENERAL INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date Updated:

  	
   

  	
  Jul 20, 2005

  	
   

  	
   

  	
   

  
	
  Vessel’s name:

  	
   

  	
  Overseas Ann

  	
   

  	
  1.2

  	
   

  
	
  IMO number:

  	
   

  	
  9217979

  	
   

  	
  1.3

  	
   

  
	
  Vessel’s previous name(s):

  	
   

  	
  Not Applicable

  	
   

  	
  1.4-1.7

  	
   

  
	
  Flag:

  	
   

  	
  Marshall Island

  	
   

  	
  1.8

  	
   

  
	
  Port of Registry:

  	
   

  	
  Majuro

  	
   

  	
  1.9

  	
   

  
	
  Call sign:

  	
   

  	
  V7CV6

  	
   

  	
  1.11

  	
   

  
	
  Inmarsat phone number:

  	
   

  	
  Sat B 353844610

  	
   

  	
  1.12

  	
   

  
	
  Fax number:

  	
   

  	
  Sat B 353844520

  	
   

  	
  1.13

  	
   

  
	
  Email address:

  	
   

  	
  master.ovann@ships.osg.com

  	
   

  	
  1.16

  	
   

  
	
  Type of vessel:

  	
   

  	
  Oil Tanker

  	
   

  	
  1.17

  	
   

  
	
  Type of hull:

  	
   

  	
  Double Hull

  	
   

  	
  1.19

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OWNERSHIP &
  OPERATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Registered owner - Full
  Style:

  	
   

  	
  1320 Tanker Corporation 

  c/o OSG Ship Management (UK) Ltd 

  +44 191 218 0100 

  osguk@osg.com

  	
   

  	
  1.20

  	
   

  
	
  Technical operator - Full
  Style:

  	
   

  	
  OSG Ship Management (UK) Ltd. 

  Quorum 4, Balliol Business Park East, Benton Lane, Newcastle-upon-Tyne, NE12
  8EZ, United kingdom, 

  +44 191 218 0100 

  osguk@osg.com

  	
   

  	
  1.22

  	
   

  
	
  Commercial operator - Full
  Style:

  	
   

  	
  Tankers International LLC 

  c/o Tankers (UK) Agencies Ltd, 3rd Floor, Moreau House, 116 Brompton Road,
  London SW3 1JJ, United Kingdom 

  +44 207 8704700 

  operations@tankers.uk.com

  	
   

  	
  1.25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Disponent owner / Bareboat
  charterer - Full Style:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number of vessels in
  disponent owner’s fleet:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BUILDER

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Where Built :

  	
   

  	
  Hyundai Heavy Industries

  	
   

  	
  1.26

  	
   

  
	
  Date Delivered:

  	
   

  	
  Aug 17, 2001

  	
   

  	
  1.31

  	
   

  

 

 

	
  CLASSIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Vessel’s classification
  society:

  	
   

  	
  Lloyds Register

  	
   

  	
  1.34

  	
   

  
	
  Class notation:

  	
   

  	
  + 100A1 Double Hull Oil

  Tanker,ESP,Shipright (SDA,FDA,CM),

  *IWS,SPM,L1, , +LMC, UMS, IGS

  	
   

  	
  1.35

  	
   

  
	
  If Classification society
  changed, name of previous society?

  	
   

  	
  N/A

  	
   

  	
  1.36

  	
   

  
	
  If Classification society
  changed, date of change?

  	
   

  	
  Not Applicable

  	
   

  	
  1.37

  	
   

  
	
  Last dry-dock:

  	
   

  	
  Not Applicable

  	
   

  	
  1.38

  	
   

  
	
  Last special survey:

  	
   

  	
  Not Applicable

  	
   

  	
  1.41

  	
   

  
	
  Latest CAP Rating (if
  applicable)

  	
   

  	
  0

  	
   

  	
  1.44

  	
   

  
	
  Last annual survey:

  	
   

  	
  Jul 12, 2004

  	
   

  	
  1.45

  	
   

  
	
  Does the vessel have a
  statement of compliance issued under the provisions of the Condition
  Assessment Scheme (CAS)?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIMENSIONS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LOA (Length Over All):

  	
   

  	
  334.59 Metres

  	
   

  	
  1.49

  	
   

  
	
  Extreme breadth:

  	
   

  	
  58.05 Metres

  	
   

  	
  1.51

  	
   

  
	
  KTM (Keel to Masthead):

  	
   

  	
  62.703 Metres

  	
   

  	
  1.54

  	
   

  
	
  BCM (Bow to Center Manifold):

  	
   

  	
  168.36 Metres

  	
   

  	
  1.57.1

  	
   

  
	
  Lightship parallel body
  length:

  	
   

  	
  112.5 Metres

  	
   

  	
  1.57.3

  	
   

  
	
  Normal ballast parallel
  body length:

  	
   

  	
  143 Metres

  	
   

  	
  1.57.6

  	
   

  
	
  Parallel body length at
  Summer DWT:

  	
   

  	
  164.4 Metres

  	
   

  	
  1.57.9

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TONNAGES

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net Tonnage:

  	
   

  	
  109555 Tonnes

  	
   

  	
  1.59

  	
   

  
	
  Gross Tonnage:

  	
   

  	
  157883 Tonnes

  	
   

  	
  1.60

  	
   

  
	
  Suez Net Tonnage:

  	
   

  	
  169993.47 Tonnes

  	
   

  	
  1.61

  	
   

  
	
  Panama Net Tonnage:

  	
   

  	
  Tonnes

  	
   

  	
  1.62

  	
   

  

 

	
   

  	
   

  	
  Freeboard

  	
   

  	
  Draft

  	
   

  	
  Deadweight

  	
   

  	
  Displacement

  	
   

  	
   

  	
   

  
	
  LOADLINE INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Summer:

  	
   

  	
  8323 Metres

  	
   

  	
  22.723 Metres

  	
   

  	
  309326.9 Tonnes

  	
   

  	
  352989.7 Tonnes

  	
   

  	
  1.63

  	
   

  
	
  Winter:

  	
   

  	
  8796 Metres

  	
   

  	
  22.25 Metres

  	
   

  	
  301328.2 Tonnes

  	
   

  	
  344991 Tonnes

  	
   

  	
  1.64

  	
   

  
	
  Tropical:

  	
   

  	
  7850 Metres

  	
   

  	
  23.196 Metres

  	
   

  	
  317365.2 Tonnes

  	
   

  	
  361028 Tonnes

  	
   

  	
  1.65

  	
   

  
	
  Lightship:

  	
   

  	
  27666 Metres

  	
   

  	
  3.38 Metres

  	
   

  	
  0 Tonnes

  	
   

  	
  43663 Tonnes

  	
   

  	
  1.66

  	
   

  
	
  Normal Ballast Condition:

  	
   

  	
  20786 Metres

  	
   

  	
  10.26 Metres

  	
   

  	
  104754 Tonnes

  	
   

  	
  148417 Tonnes

  	
   

  	
  1.67

  	
   

  

 

	
  TPC on summer draft:

  	
   

  	
  169.53 Tonnes

  	
   

  	
  1.70

  	
   

  
	
  Does vessel have Multiple
  SDWT?

  	
   

  	
  Yes

  	
   

  	
  1.72

  	
   

  
	
  If yes what is the maximum
  assigned Deadweight?

  	
   

  	
  309326.9 Tonnes

  	
   

  	
  1.73

  	
   

  
	
  Air draft (sea level to
  top of mast/highest point) in normal SBT condition?

  	
   

  	
  52.443 Metres

  	
   

  	
  1.74

  	
   

  

 

 

	
  RECENT
  OPERATIONAL HISTORY

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Has vessel been involved
  in any collision, grounding or pollution incident the past 12 months, full
  description:

  	
   

  	
  Pollution: No 

  Grounding: No 

  Collision: No

  	
   

  	
  1.77-1.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CERTIFICATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Owners warrant following
  certificates to be valid throughout the Charter Party period:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SOLAS Safety Equipment:

  	
   

  	
  Aug 16, 2006

  	
   

  	
  2.2

  	
   

  
	
  SOLAS Safety Radio:

  	
   

  	
  Aug 16, 2006

  	
   

  	
  2.3

  	
   

  
	
  SOLAS Safety Construction:

  	
   

  	
  Aug 16, 2006

  	
   

  	
  2.4

  	
   

  
	
  Load line:

  	
   

  	
  Aug 16, 2006

  	
   

  	
  2.5

  	
   

  
	
  IOPPC:

  	
   

  	
  Aug 16, 2006

  	
   

  	
  2.6

  	
   

  
	
  Safety Management (ISM):

  	
   

  	
  Feb 12, 2007

  	
   

  	
  2.8

  	
   

  
	
  USCG COC:

  	
   

  	
  Feb 07, 2007

  	
   

  	
  2.11

  	
   

  
	
  CLC:

  	
   

  	
   

  	
   

  	
  2.13

  	
   

  
	
  US COFR:

  	
   

  	
   

  	
   

  	
  2.15

  	
   

  
	
  Certificate of Fitness
  (Gas/Chemicals):

  	
   

  	
  Gas: 

  Chem:

  	
   

  	
  2.16 &
  2.17

  	
   

  
	
  Certificate of Class:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ISPS ISSC:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DOCUMENTATION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does the vessel have the
  following documents on board?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  International Safety Guide
  for Oil Tankers & Terminals (ISGOTT):

  	
   

  	
  Yes

  	
   

  	
  2.28

  	
   

  
	
  OCIMF/ICS Ship to Ship
  Transfer Guide (Petroleum):

  	
   

  	
  Yes

  	
   

  	
  2.31

  	
   

  
	
  Is the vessel entered with
  ITOPF?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREW
  MANAGEMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Master

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Officers:

  	
   

  	
  BRITISH 2, IRISH 1,

  CROATIAN 6,

  	
   

  	
  3.1

  	
   

  
	
  Nationality of Crew:

  	
   

  	
  CROATIAN 14

  	
   

  	
  3.2

  	
   

  
	
  If Officers/Crew employed
  by a Manning Agency - Full Style:

  	
   

  	
  Officers: 

  Crew:

  	
   

  	
  3.1 &
  3.2

  	
   

  
	
  What is the common working
  language onboard?

  	
   

  	
  ENGLISH

  	
   

  	
  3.1

  	
   

  
	
  Do key officers understand
  English?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In case of Flag Of
  Convenience (FOC), is the ITF Special Agreement on board?

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  STRUCTURAL
  CONDITION

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Are cargo tanks coated?

  	
   

  	
  Yes

  	
   

  	
  7.1

  	
   

  
	
  If Yes, specify type of
  coating:

  	
   

  	
  BISCON HB 200

  	
   

  	
  7.1.1

  	
   

  
	
  If cargo tanks are coated,
  specify to what extent:

  	
   

  	
  AS ABOVE

  	
   

  	
  7.1.3

  	
   

  
	
  Are slop tanks coated?

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If slop tanks are coated,
  specify to what extent:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO &
  BALLAST SYSTEMS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  If double hull, is vessel
  fitted with centreline bulkhead in all cargo tanks?

  	
   

  	
  No

  	
   

  	
  8.2

  	
   

  
	
  Groups / Tank Capacities

  	
   

  	
  1: Cu. Metres – , 2: Cu. Metres - 3: Cu. Metres - 4: Cu. Metres - 5:
  Cu. Metres - 6: Cu. Metres - 7: Cu. Metres - 8: Cu. Metres - 9: Cu. Metres -

  	
   

  	
  8.3

  	
   

  
	
  Total cubic capacity 98%
  ex slop tank:

  	
   

  	
  336246 Cu. Metres

  	
   

  	
  8.4 &
  8.6

  	
   

  
	
  Slop tank(s) capacity 98%:

  	
   

  	
  6707 Cu. Metres

  	
   

  	
  8.5 &
  8.7

  	
   

  
	
  SBT or CBT?

  	
   

  	
  SBT

  	
   

  	
   

  	
   

  
	
  If SBT, what percentage of
  SDWT can vessel maintain with SBT only?

  	
   

  	
  33.36%

  	
   

  	
  8.14.2

  	
   

  
	
  If SBT, does vessel meet
  the requirements of MARPOL Reg 13(2)?

  	
   

  	
  Yes

  	
   

  	
  8.14.3

  	
   

  
	
  Number of natural
  segregations with double valve:

  	
   

  	
  3

  	
   

  	
  8.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  PUMPS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / Capacity / Type:

  	
   

  	
  3 x 5000 Cu. Metres/Hour (Centrifugal)

  	
   

  	
  8.18-8.25

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GAUGING
  AND SAMPLING

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Can tank innage/ullage be
  read from the CCR?

  	
   

  	
  Yes

  	
   

  	
  8.48

  	
   

  
	
  Can vessel operate under
  closed conditions in accordance with ISGOTT 7.6.3?

  	
   

  	
  Yes

  	
   

  	
  8.51

  	
   

  
	
  Type of tank gauging system
  (radar / floating / other)

  	
   

  	
  Radar

  	
   

  	
  8.51.1

  	
   

  
	
  Are high level alarms
  fitted and operational in cargo tanks?

  	
   

  	
  Yes

  	
   

  	
  8.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  VAPOUR
  EMISSION CONTROL AND VENTING

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is a vapour return system
  fitted?

  	
   

  	
  Yes

  	
   

  	
  8.65

  	
   

  
	
  State what type of venting
  system is fitted:

  	
   

  	
  Common, Single Vent riser

  	
   

  	
  8.67

  	
   

  
	
  Max loading rate per
  midships connection for homogenous cargo?

  	
   

  	
  Cu. Metres/Hour

  	
   

  	
  8.79

  	
   

  

 

 

	
  CARGO
  MANIFOLDS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Does vessel comply with
  the latest edition of the OCIMF ‘Recommendations for Oil Tanker Manifolds and
  Associated Equipment’?

  	
   

  	
  Yes

  	
   

  	
  8.80

  	
   

  
	
  What is the number of
  cargo connections per side?

  	
   

  	
  3

  	
   

  	
  8.83

  	
   

  
	
  What is the size of cargo
  connections?

  	
   

  	
  26 Millimetres

  	
   

  	
  8.84

  	
   

  
	
  What is the material of
  the manifold?

  	
   

  	
  Cast Steel

  	
   

  	
  8.86

  	
   

  
	
  Distance between cargo
  manifold centres:

  	
   

  	
  3000 Millimetres

  	
   

  	
  8.93

  	
   

  
	
  Distance ships rail to
  manifold:

  	
   

  	
  4500 Millimetres

  	
   

  	
  8.95

  	
   

  
	
  Distance main deck to
  centre of manifold:

  	
   

  	
  2100 Millimetres

  	
   

  	
  8.97

  	
   

  
	
  Height of manifold
  connections above the waterline at loaded (Summer Deadweight) condition?

  	
   

  	
  10.423 Metres

  	
   

  	
  8.101

  	
   

  
	
  Height of manifold
  connections above the waterline in normal ballast?

  	
   

  	
  22.886 Metres

  	
   

  	
  8.102

  	
   

  
	
  Is vessel fitted with a
  stern manifold?

  	
   

  	
  No

  	
   

  	
  8.104

  	
   

  
	
  Number / size reducers:

  	
   

  	
  6 x 660/500 Millimetres

  3 x 660/400 Millimetres

  3 x 660/300 Millimetres

  3 x 400/250 Millimetres

  	
   

  	
  8.106-8.110

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  HEATING

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Type of cargo heating
  system?

  	
   

  	
   

  	
   

  	
  8.120

  	
   

  
	
  Material of heating
  system?

  	
   

  	
   

  	
   

  	
  8.128

  	
   

  
	
  Max load temp:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Max temp maintain:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IGS &
  COW

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Is an Inert Gas System
  (IGS) fitted?

  	
   

  	
  Yes

  	
   

  	
  9.1

  	
   

  
	
  Is IGS supplied by flue
  gas, inert gas (IG) generator and/or nitrogen?

  	
   

  	
  Flue Gas

  	
   

  	
  9.3

  	
   

  
	
  Is a Crude Oil Washing
  (COW) installation fitted?

  	
   

  	
  Yes

  	
   

  	
  9.17

  	
   

  

 

 

	
  MOORING
  ARRANGEMENTS

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number / length / diameter
  of wires:

  	
   

  	
  Forecastle: 4 / 300 / 42

  Fwd main deck: 6 / 300 / 42

  Aft main deck: 4 / 300 / 42

  Poop: 6 / 300 / 42

  	
   

  	
  10.2-5

  	
   

  
	
  Breaking strength of
  wires:

  	
   

  	
  Forecastle: 114

  Fwd main deck: 114

  Aft main deck: 114

  Poop: 114

  	
   

  	
  10.2-5

  	
   

  
	
  Number / length / diameter
  of ropes:

  	
   

  	
  None

  	
   

  	
  10.11-18

  	
   

  
	
  Breaking strength of
  ropes:

  	
   

  	
  None

  	
   

  	
  10.11-18

  	
   

  
	
  Number and brake holding
  power of winches:

  	
   

  	
  Forecastle: 2 / 72

  Fwd main deck: 3 / 72

  Aft main deck: 2 / 72

  Poop: 3 / 72

  	
   

  	
  10.22-10.25

  	
   

  
	
  How many closed chocks
  and/or fairleads of enclosed type are fitted on:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Focsle:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck fwd:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck aft:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Poop:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SINGLE
  POINT MOORING (SPM) EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fairlead size:

  	
   

  	
  650 mm x 450mm

  	
   

  	
  10.48

  	
   

  
	
  Does vessel comply with
  the latest edition of OCIMF ‘Recommendations for Equipment Employed in the
  Mooring of Vessels at Single Point Moorings (SPM)’?

  	
   

  	
  Yes

  	
   

  	
  10.60

  	
   

  
	
  Is vessel fitted with
  chain stopper(s)?

  	
   

  	
  Yes

  	
   

  	
  10.61

  	
   

  
	
  Number:

  	
   

  	
  2

  	
   

  	
  10.61.1

  	
   

  
	
  Type:

  	
   

  	
  Tongue

  	
   

  	
  10.61.2

  	
   

  
	
  SWL:

  	
   

  	
  200 Tonnes

  	
   

  	
  10.61.3

  	
   

  
	
  Max diameter chain size:

  	
   

  	
  76 Millimetres

  	
   

  	
  10.62

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIFTING EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Derrick(s) - Number / SWL:

  	
   

  	
  0 / Tonnes

  	
   

  	
  10.75

  	
   

  
	
  Crane(s) - Number / SWL:

  	
   

  	
  2 / 20 Tonnes

  	
   

  	
  10.76

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ENGINE
  ROOM

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  What type of fuel is used
  for main propulsion?

  	
   

  	
  I.F.O.

  	
   

  	
  12.5

  	
   

  
	
  What type of fuel is used
  in the generating plant?

  	
   

  	
  IFO

  	
   

  	
  12.14

  	
   

  

 

 

	
  MISCELLANOUS

  	
   

  	
   

  	
   

  
	
  P & I Club name:

  	
   

  	
   

  	
   

  
	
  Last three cargoes (Last /
  2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  
	
  Last three charterers
  (Last / 2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  
	
  Last three voyages (Last /
  2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  
	
  Date of last SIRE
  Inspection:

  	
   

  	
   

  	
   

  
	
  Date of last CDI
  Inspection:

  	
   

  	
   

  	
   

  
	
  Current Oil Major Company
  Acceptances (TBOOK):

  	
   

  	
   

  	
   

  
	
  Date and place of last
  Port State Control:

  	
   

  	
  /

  	
   

  
	
  Any outstanding
  deficiencies as reported by any Port State Control?

  	
   

  	
   

  	
   

  
	
  If yes, provide details:

  	
   

  	
   

  	
   

  

 

	
  FOR USA
  CALLS ONLY

  	
   

  	
   

  
	
  Qualified individual (QI)
  - Full Style:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Oil Spill Response
  Organization (OSRO) - Full Style:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Has owner, manager, or
  operator signed the Sea Carrier Initiative agreement with US customs
  concerning drug smuggling?

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Revised: July 2004
  (INTERTANKO.com / Q88.com)

  

 

 

APPENDIX B

 

APPROVED
SHIP BROKERS

 

P.F.
Bassoe A/S (Norway)

Platou
(Norway)

Fearnleys
(Norway)

H.
Clarkson (U.K.)

E.A.
Gibson (U.K.)

Simpson
Spence & Young Ltd.

Jacq.
Pierot Jr. & Sons, Inc. (USA)

Compass
Maritime Services LLC

Galbraith’s
LimitedExhibit 10.3.2

 

Code word
for this Charter Party

“SHELLTIME
4”

 

Issued December 1984 amended
December 2003

 

Time Charter Party

New York

October 6, 2005

 

IT IS THIS DAY AGREED between CHRIS
TANKER CORPORATION of MAJURO, MARSHALL ISLANDS (hereinafter
referred to as “Owners”), being owners of the good motor vessel called “OVERSEAS
CHRIS” (hereinafter referred to as “the vessel”) described as per Clause 1
hereof and DHT CHRIS VLCC CORP. of MAJURO,
MARSHALL ISLANDS (hereinafter referred to as “Charterers”):

 

Description and Condition of Vessel

 

1.                    At the date
of delivery of the vessel under this charter and throughout the charter period:

 

(a)              she shall be
classed by a Classification Society which is a member of the International
Association of Classification Societies;

 

(b)             she shall be
in every way fit to carry no heat crude petroleum and/or its dirty products;
such as no heat Fuel Oil and Orimulsion in accordance with vessel’s class
certificates, coating manufacturers resistance list and in accordance with the
vessels stability trim and stress requirements.

 

(c)              she shall be
tight, staunch, strong, in good order and condition, and in every way fit for
the service, with her machinery, boilers, hull and other equipment (including
but not limited to hull stress calculator, radar, computers and computer
systems) in a good and efficient state;

 

(d)             her tanks,
valves and pipelines shall be oil-tight;

 

(e)              she shall be
in every way fitted for burning IFO and MDO (if applicable), in accordance with
the grades specified in Clause 29 hereof;

 

(f)                she shall
comply with the regulations in force so as to enable her to pass through the
Suez Canal by day and night without delay;

 

(g)             she shall
have on board all certificates, documents and equipment required from time to
time by any applicable law to enable her to perform the charter service without
delay;

 

(h)             she shall
comply with the description in the Questionnaire 88, appended hereto provided
however that if there is any conflict between the provisions of this
questionnaire and any other provision, including this Clause 1, of this
charter such other provisions shall govern;

 

(i)                 her flag,
registry, and classification society shall not be changed;

 

(j)                 Owners will
operate:

 

(i)                 a safety
management system certified to comply with the International Safety Management
Code (“ISM Code”) for the Safe Operation of Ships and for Pollution Prevention;

 

(ii)              a documented
safe working procedures system (including procedures for the identification and
mitigation of risks);

 

(iii)           a documented
environmental management system;

 

(iv)          documented
accident/incident reporting system compliant with flag state requirements;

 

 

(k)              Owners shall
maintain Health Safety Environmental (“HSE”) records sufficient to demonstrate
compliance with the requirements of their HSE system and of this charter.  Charterers reserve the right to confirm
compliance with HSE requirements by audit of Owners.

 

Shipboard Personnel and their Duties

 

2.                    (a)     At the date of delivery of the vessel under
this charter and throughout the charter period:

 

(i)                 she shall
have a full and efficient complement of master, officers and crew for a vessel
of her tonnage, who shall in any event be not less than the number required by
the laws of the flag state and who shall be trained to operate the vessel and
her equipment competently and safely;

 

(ii)              all
shipboard personnel shall hold valid certificates of competence in accordance
with the requirements of the law of the flag state;

 

(iii)           all
shipboard personnel shall be trained in accordance with the relevant provisions
of the International Convention on Standards of Training, Certification and
Watchkeeping for Seafarers, 1995 or any additions, modifications or subsequent
versions thereof;

 

(iv)          (See Clause
91).

 

(v)             the terms of
employment of the vessel’s staff and crew will always remain acceptable to The
International Transport Worker’s Federation and the vessel will at all times
carry a Blue Card; (See Clause 50e).

 

(vi)          the
nationality of the vessel’s officers will not change without Charterers’ prior
agreement.

 

(b)             Owners
guarantee that throughout the charter service the master shall with the vessel’s
officers and crew, unless otherwise ordered by Charterers;

 

(i)                 prosecute
all voyages with the utmost despatch;

 

(ii)              render all
customary assistance; and

 

(iii)           load and
discharge cargo as rapidly as possible when required by Charterers or their
agents to do so, by night or by day, but always in accordance with the laws of
the place of loading or discharging (as the case may be) and in each case in
accordance with any applicable laws of the flag state.

 

Duty to Maintain

 

3.                    (a)     Throughout the charter service Owners
shall, whenever the passage of time, wear and tear or any event (whether or not
coming within Clause 27 hereof) requires steps to be taken to maintain
or restore the conditions stipulated in Clauses 1 and 2(a),
exercise due diligence so to maintain or restore the vessel.

 

(b)             If at any
time whilst the vessel is on hire under this charter the vessel fails to comply
with the requirements of Clauses 1, 2(a) or 10 then hire
shall be reduced to the extent necessary to indemnify Charterers for such
failure. If and to the extent that such failure affects the time taken by the
vessel to perform any services under this charter, hire shall be reduced by an
amount equal to the value, calculated at the rate of hire, of the time so lost.

 

Any reduction of hire under this sub-Clause
(b) shall be without prejudice to any other remedy available to Charterers,
but where such reduction of hire is in respect of time lost, such time shall be
excluded from any calculation under Clause 24.

 

 

(c)              If Owners
are in breach of their obligations under Clause 3(a)), Charterers may so
notify Owners in writing and if, after the expiry of 30 days following the receipt
by Owners of any such notice, Owners have failed to demonstrate to Charterers’
reasonable satisfaction the exercise of due diligence as required in Clause 3(a),
the vessel shall be off-hire, and no further hire payments shall be due, until
Owners have so demonstrated that they are exercising such due diligence.

 

(d)             Owners shall
advise Charterers immediately, in writing, should the vessel fail an inspection
by, but not limited to, a governmental and/or port state authority, and/or
terminal and/or major charterer of similar tonnage. Owners shall simultaneously
advise Charterers of their proposed course of action to remedy the defects
which have caused the failure of such inspection (see clause 57).

 

(e)              If, in
Charterers reasonably held view:

 

(i)                 failure of
an inspection, or,

 

(ii)              any finding
of an inspection, 

 

referred to in Clause 3(d), prevents
normal commercial operations then Charterers have the option to place the
vessel off-hire from the date and time that the vessel fails such inspection,
or becomes commercially inoperable, until the date and time that the vessel
passes a re-inspection by the same organisation, or becomes commercially
operable, which shall be in a position no less favourable to Charterers than at
which she went off-hire.

 

(f)                Furthermore,
at any time while the vessel is off-hire under this Clause 3 (with the
exception of Clause 3(e)(ii)), Charterers have the option to
terminate this charter by giving notice in writing with effect from the date on
which such notice of termination is received by Owners or from any Later date
stated in such notice.  This sub-Clause
(f) is without prejudice to any rights of Charterers or obligations of
Owners under this charter or otherwise (including without limitation Charterers’
rights under Clause 21 hereof).

 

Period, Trading Limits and Safe Places

 

4.                    (a)     Owners agree to let and Charterers agree to
hire the vessel for a period of (See clause 93).  The last firm period shall having a tolerance
of plus or minus 30 days in Charterers’ option commencing from the time and
date of delivery of the vessel under the Memorandum of Agreement (the “MOA”)
dated     , 2005, for the purpose of carrying all lawful
merchandise (subject always to Clause 28) including in particular:

 

No heat crude petroleum and its dirty
products including no heat fuel Oil and Orimulsion in any part of the world, as
Charterers shall direct, subject to the limits of the current British Institute
Warranties and any subsequent amendments thereof excluding countries under U.N.
and/or U.S. sanctions/embargoes.  The
vessel may trade to war zones, with Owners consent which not to be unreasonably
withheld, in which case, Charterers to pay for the additional premium.  Notwithstanding the foregoing, but subject to
Clause 35, Charterers may order the vessel to ice-bound waters or to any
part of the world outside such limits provided that Owner’s consent thereto
(such consent not to be unreasonably withheld) and that Charterers pay for any
insurance premium required by the vessel’s underwriters as a consequence of
such order.

 

(b)             Any time
during which the vessel is off-hire under this charter may be added to the last
firm charter period in Charterers’ option up to the total amount of time spent
off-hire.  In such cases the rate of hire
will be that prevailing at the time the vessel would, but for the provisions of
this Clause, have been redelivered.

 

(c)              Charterers
shall use due diligence to ensure that the vessel is only employed between and
at safe places (which expression when used in this charter shall include ports,
berths, wharves, docks, anchorages, submarine lines, alongside vessels or
lighters, and other locations including locations at sea) where she can safely
lie always afloat.  Notwithstanding anything
contained in this or any other clause of this charter, Charterers do not
warrant the safety of any place to which they order the vessel and shall be
under no

 

 

liability in respect thereof except for loss or damage caused by their
failure to exercise due diligence as aforesaid. 
Subject as above, the vessel shall be loaded and discharged at any
places as Charterers may direct, provided that Charterers shall exercise due
diligence to ensure that any ship-to-ship transfer operations shall conform to
standards not less than those set out in the latest published edition of the
ICS/OCIMF Ship-to-Ship Transfer Guide.

 

(d)             The vessel
shall be delivered by Owners at a safe port or at sea in Charterer’s option and
redelivered to Owners at one safe port or at sea, worldwide at Charterer’s
option.

 

(e)              The vessel
will deliver with last cargo of crude and/or its dirty products and will
redeliver with last cargo of crude and/or its dirty products

 

(f)                Charterers
are required to give Owners 30 days prior approximate notice of redelivery and
5/3/2/1 day(s) definite notice of redelivery and place.

 

Laydays/Canceling

 

5.                    The delivery
of the vessel under this charter shall be deemed to have occurred and this
Charter shall be effective as of the date of the delivery of the vessel from
the Sellers to the Buyers (Owners) under the terms of the MOA between 1321
Tanker Corporation and Chris Tanker Corporation dated September 20, 2005.

 

The
vessel may be on a voyage or time charter at the time of delivery. Charterers
accept this Charter subject to such charters (which become sub-charters to this
time charter) upon delivery. Furthermore, notwithstanding anything to the
contrary contained in this charter, including but not limited to Clause 1
hereof, the Charterers accept the vessel in the condition it is in at the time of
delivery, including the vetting status, and agrees that at such time the vessel
satisfies the standard set forth in Clause 1. 

 

Owners to Provide

 

6.                    Owners
undertake to provide and to pay for all provisions, wages (including but not
limited to all overtime payments), and shipping and discharging fees and all
other expenses of the master, officers And crew; also, except as provided in Clauses
4 and 34 hereof, for all insurance on the vessel, for all Deck,
cabin and engine-room stores, and for water (limited to crew only); for all
drydocking, overhaul, maintenance and repairs to the vessel. Owners’
obligations under this Clause 6 extend to all liabilities for customs or
import duties arising at any time during the performance of this charter in
relation to the personal effects of the master, officers and crew, and in
relation to the stores, provisions and other matters aforesaid which Owners are
to provide and pay for and Owners shall refund to Charterers any sums
Charterers or their agents may have paid or been compelled to pay in respect of
any such liability.  Any amounts
allowable in general average for wages and provisions and stores shall be
credited to Charterers insofar as such amounts are in respect of a Period when
the vessel is on-hire.

 

Charterers to Provide

 

7.                    (a)     Charterers shall provide and pay for all
fuel (except for fuel used for domestic services), towage and pilotage and
shall pay agency fees, port charges, commissions, expenses of loading and
unloading cargoes, canal dues, and tax/dues on cargo/freight and all charges
other than those payable by Owners in accordance with Clause 6 hereof,
provided that all charges for the said items shall be for Owners’ account when
such items are consumed, employed or incurred for Owners’ purposes or while the
vessel is off-hire (unless such items reasonably relate to any service given or
distance made good and taken into account under Clause 21 or 22);
and provided further that any fuel used in connection with a general average
sacrifice or expenditure shall be paid for by Owners. OPA charges to be paid by
Charterers, COFR to be arranged and paid for by Owners.

 

(b)             In respect
of bunkers consumed for Owners’ purposes these will be charged on each occasion
by Charterers on a “first-in-first-out” basis valued on the prices actually
paid by Charterers.

 

 

(c)              If the
trading limits of this charter include ports in the United States of America
and/or its protectorates then Charterers shall reimburse Owners for port
specific charges relating to additional premiums charged by providers of oil
pollution cover, when incurred by the vessel calling at ports in the United
States of America and/or its protectorates in accordance with Charterers
orders. The liability to reimburse Owners shall not apply where the OPA charges
has arisen through the actions of the Owner.

 

Rate of Hire

 

8.                    (See Clause
99).

 

Payment of Hire

 

9.                    Subject to Clause
3 (c) and 3 (e), payment of hire shall be made in immediately
available funds to:              

 

	
   

  	
  Wachovia Bank, NA New York

  
	
   

  	
  ABA # 031-201-467

  
	
   

  	
  Account: The Royal Bank of Scotland
  International Limited

  
	
   

  	
  Account Number: 2000193009149
  (CHIPS:155424)

  
	
   

  	
  SWIFT: PNBPUS3NNYC

  
	
   

  	
  For further credit to: Double Hull Tankers,
  Inc.

  
	
   

  	
  Account Number: 1028 – 50440694

  

 

in United States Dollars per calendar month
in advance, less:

 

(i)                 any hire
paid which Charterers reasonably estimate to relate to off-hire periods, and, 

 

(ii)              any amounts
disbursed on Owners’ behalf, any advances and commission therein, and charges
which are for Owners’ account pursuant to any provision hereof, and;

 

(iii)           any amounts
due or reasonably estimated to become due to Charterers under Clause 3(c)
or 24 hereof,

 

any such adjustments to be made at the due
date, which shall be the 27th day of the preceding month for which
payment is being made, for the next monthly payment after the facts have been
ascertained. Charterers shall not be responsible for any delay or error by
Owners’ bank in crediting Owners’ account provided that Charterers have made
proper and timely payment.

 

In default of such proper and timely payment:

 

(a)              Owners shall
notify Charterers of such default and Charterers shall within seven days of
receipt of such notice pay to Owners the amount due, including interest,
failing which Owners may withdraw the vessel from the service of Charterers
without prejudice to any other rights Owners may have under this charter or
otherwise; and;

 

(b)             Interest on
any amount due but not paid on the due date shall accrue from the day after
that date up to and including the day when payment is made, at a rate per annum
which shall be 1% above the U.S. Prime Rate as published in the Wall Street
Journal as effective for each day the amount is outstanding, or, if no such
interest rate is published for a given day, the interest rate published for the
next preceding day for which such a rate was so published, computed on an
actual/365 basis.

 

Space Available to Charterers

 

10.              The whole
reach, burthen and decks on the vessel and any passenger accommodation
(including Owners’ suite) shall be at Charterers’ disposal, reserving only
proper and sufficient space for the vessel’s master, officers, crew, tackle,
apparel, furniture, provisions and stores.

 

 

Segregated Ballast

 

11.              In
connection with the Council of the European Union Regulation on the
Implementation of IMO Resolution A747(18) Owners will ensure that the following
entry is made on the International Tonnage Certificate (1969) under the section
headed “Remarks”.

 

“The segregated ballast tanks comply with the
Regulation 13 of Annex 1 of the International Convention for the Prevention of
Pollution from Ships, 1973, as modified by the Protocol of 1978 relating
thereto”.

 

Instructions and Logs

 

12.              Charterers
shall from time to time give the master all requisite instructions and sailing
directions, and the master shall keep a full and correct log of the voyage or
voyages, which Charterers or their agents may inspect as required.  The master shall when required furnish
Charterers or their agents with a true copy of such log and with properly
completed loading and discharging port sheets and voyage reports for each
voyage and other returns as Charterers may require.  Charterers shall be entitled to take copies
at Owners’ expense of any such documents which are not provided by the
master.  Owner’s crew to be trained to
operate and to utilize Charter Operations System (CHOPS) as directed by
Charterer.

 

Bills of Lading

 

13.              (a)     The master (although appointed by Owners)
shall be under the orders and direction of Charterers as regards employment of
the vessel, agency and other arrangements, and shall sign Bills of Lading as
Charterers or their agents may direct (subject always to Clauses 35(a)
and 40) without prejudice to this charter.  Charterers hereby indemnify Owners against
all consequences or liabilities that may arise;

 

(i)                 from signing
Bills of Lading in accordance with the directions of Charterers or their
agents, to the extent that the terms of such Bills of Lading fail to conform to
the requirements of this charter, or (except as provided in Clause 13(b)
from the master otherwise complying with Charterers’ or their agents’ orders;

 

(ii)              from any
irregularities in papers supplied by Charterers or their agents.

 

(b)             Notwithstanding
the foregoing, Owners shall not be obliged to comply with any orders from
Charterers to discharge all or part of the cargo:

 

(i)                 at any place
other than shown on the Bill of Lading and/or

 

(ii)              without
presentation of an original Bill of Lading

 

unless they receive from Charterers both
written confirmation of such orders and an indemnity in a form acceptable to
Owners (See Clause 49).

 

Conduct of Vessel’s Personnel

 

14.              If
Charterers complain of the conduct of the master or any of the officers or
crew, Owners shall immediately investigate the complaint.  If the complaint proves to be well founded,
Owners shall, without delay, make a change in the appointments and Owners shall
in any event communicate the result of their investigations to Charterers as
soon as possible.

 

Bunkers at Delivery and Redelivery

 

15.              There shall
be no physical payment for bunkers on board at the time of delivery.  Owners shall on redelivery (whether it occurs
at the end of the charter or on the earlier termination of this charter) accept
and pay for all

 

 

bunkers remaining on board, at the price actually paid, on a “first-in-first-out”
basis.  Such prices are to be supported
by paid invoices.

 

Vessel to be delivered to and redelivered
from the charter with, at least, a quantity of bunkers on board sufficient to
reach the nearest main bunkering port.

 

Notwithstanding anything contained in this
charter all bunkers on board the vessel shall, throughout the duration of this
charter, remain the property of Charterers and can only be purchased on the
terms specified in the charter at the end of the charter period or, if earlier,
at the termination of the charter.

 

Stevedores, Pilots, Tugs

 

16.              Stevedores,
when required, shall be employed and paid by Charterers, but this shall not
relieve Owners from responsibility at all times for proper stowage, which must
be controlled by the master who shall keep a strict account of all cargo loaded
and discharged.  Owners hereby indemnify
Charterers, their servants and agents against all losses, claims,
responsibilities and liabilities arising in any way whatsoever from the
employment of pilots, tugboats or stevedores, who although employed by
Charterers shall be deemed to be the servants of and in the service of Owners
and under their instructions (even if such pilots, tugboat personnel or
stevedores are in fact the servants of Charterers their agents or any
affiliated company); provided, however, that:

 

(a)              the
foregoing indemnity shall not exceed the amount to which Owners would have been
entitled to limit their liability if they had themselves employed such pilots,
tugboats or stevedores, and;

 

(b)             Charterers
shall be liable for any damage to the vessel caused by or arising out of the
use of stevedores, fair wear and tear excepted, to the extent that Owners are
unable by the exercise of due diligence to obtain redress therefor from
stevedores.

 

Super-Numeraries

 

17.              Charterers
may send representatives in the vessel’s available accommodation upon any
voyage made under this charter, Owners finding provisions and all requisites as
supplied to officers, except alcohol. 
Charterers paying at the rate of United States Dollars 20 (twenty) per
day for each representative while on board the vessel.

 

Sub-letting/Assignment/Novation

 

18.              Charterers
may sub-let the vessel, but shall always remain responsible to Owners for due
fulfilment of this charter.

 

Final Voyage

 

19.              If when a
payment of hire is due hereunder Charterers reasonably expect to redeliver the
vessel before the next payment of hire would fall due, the hire to be paid
shall be assessed on Charterers’ reasonable estimate of the time necessary to
complete Charterers’ programme up to redelivery, and from which estimate
Charterers may deduct amounts due or reasonably expected to become due for:

 

(a)              disbursements
on Owners’ behalf or charges for Owners’ account pursuant to any provision
hereof, and;

 

(b)             bunkers on
board at redelivery pursuant to Clause 15.

 

Promptly after redelivery any overpayment
shall be refunded by Owners or any underpayment made good by Charterers.

 

If at the time this charter would otherwise terminate
in accordance with Clause 4 the vessel is on a ballast voyage to a
port of redelivery or is upon a laden voyage, Charterers shall continue to have
the use of the vessel

 

 

at the same rate and conditions as stand
herein for as long as necessary to complete such ballast voyage, or to complete
such laden voyage and return to a port of redelivery as provided by this
charter, as the case may be.

 

Loss of Vessel

 

20.              Should the
vessel be lost, this charter shall terminate and hire shall cease at noon (GMT)
on the day of her loss; should the vessel be a constructive total loss, this
charter shall terminate and hire shall cease at noon (GMT) on the day on which
the vessel’s underwriters agree that the vessel is a constructive total loss;
should the vessel be missing, this charter shall terminate and hire shall cease
at noon (GMT) on the day on which she was last heard of.  Any hire paid in advance and not earned shall
be returned to Charterers and Owners shall reimburse Charterers for the value
of the estimated quantity of bunkers on board at the time of termination, at
the price paid by Charterers at the last bunkering port.

 

Off-hire

 

21.              (a)     On each and every occasion that there is
loss of time (whether by way of interruption in the vessel’s service or, from
reduction in the vessel’s performance, or in any other manner):

 

(i)                 due to
deficiency of personnel or stores; repairs; gas-freeing for repairs; time in
and waiting to enter dry dock for repairs; breakdown (whether partial or total)
of machinery, boilers or other parts of the vessel or her equipment (including
without limitation tank coatings); overhaul, maintenance or survey; collision,
stranding, accident or damage to the vessel; or any other similar cause
preventing the efficient working of the vessel; and such loss continues for
more than three consecutive hours (if resulting from interruption in the vessel’s
service) or cumulates to more than three hours (if resulting from partial loss
of service); or;

 

(ii)              due to
industrial action, refusal to sail, breach of orders or neglect of duty on the
part of the master, officers or crew; or;

 

(iii)           for the
purpose of obtaining medical advice or treatment for or landing any sick or
injured person (other than a Charterers’ representative carried under Clause 17
hereof) or for the purpose of landing the body of any person (other than a
Charterers’ representative), and such loss continues for more than three
consecutive hours; or;

 

(iv)          due to any
delay in quarantine arising from the master, officers or crew having had
communication with the shore at any infected area without the written consent
or instructions of Charterers or their agents, or to any detention by customs
or other authorities caused by smuggling or other infraction of local law on
the part of the master, officers, or crew; or;

 

(v)             due to
detention of the vessel by authorities at home or abroad attributable to legal
action against or breach of regulations by the vessel, the vessel’s owners, or
Owners (unless brought about by the act or neglect of Charterers); then;
without prejudice to Charterers’ rights under Clause 3 or to any
other rights of Charterers hereunder, or otherwise, the vessel shall be
off-hire from the commencement of such loss of time until she is again ready
and in an efficient state to resume her service from a position not less
favourable to Charterers than that at which such loss of time commenced;
provided, however, that any service given or distance made good by the vessel
whilst off-hire shall be taken into account in assessing the amount to be
deducted from hire.

 

(vi)          Charterers
shall keep owners/master advised of vessels schedule to allow Owners the
opportunity to make use of any idle time for the purpose of maintenance during
the charter.  Such idle time not to count
as off-hire.

 

 

(b)             If the
vessel fails to proceed at any guaranteed speed pursuant to Clause 24,
and such failure arises wholly or partly from any of the causes set out in Clause 21(a)
above, then the period for which the vessel shall be off-hire under this Clause 21
shall be the difference between:

 

(i)                 the time the
vessel would have required to perform the relevant service at such guaranteed
speed, and;

 

(ii)              the time
actually taken to perform such service (including any loss of time arising from
interruption in the performance of such service).

 

For the avoidance of doubt, all time included
under (ii) above shall be excluded from any computation under Clause 24.

 

(c)              Further and
without prejudice to the foregoing, in the event of the vessel deviating (which
expression includes without limitation putting back, or putting into any port
other than that to which she is bound under the instructions of Charterers) for
any cause or purpose mentioned in Clause 21(a), the vessel shall be
off-hire from the commencement of such deviation until the time when she is
again ready and in an efficient state to resume her service from a position not
less favourable to Charterers than that at which the deviation commenced,
provided, however, that any service given or distance made good by the vessel
whilst so off-hire shall be taken into account in assessing the amount to be
deducted from hire.  If the vessel, for
any cause or purpose mentioned in Clause 21(a), puts into any port other
than the port to which she is bound on the instructions of Charterers, the port
charges, pilotage and other expenses at such port shall be borne by
Owners.  Should the vessel be driven into
any port or anchorage by stress of weather hire shall continue to be due and
payable during any time lost thereby.

 

(d)             If the
vessel’s flag state becomes engaged in hostilities, and Charterers in
consequence of such hostilities find it commercially impracticable to employ
the vessel and have given Owners written notice thereof then from the date of
receipt by Owners of such notice until the termination of such commercial
impracticability the vessel shall be off-hire and Owners shall have the right
to employ the vessel on their own account.

 

(e)              Time during
which the vessel is off-hire under this charter shall count as part of the
charter period except where Charterers declare their option to add off-hire
periods under Clause 4(b)).

 

(f)                All
references to “time” in this charter party shall be references to GMT except
where otherwise stated.

 

(g)             During any
time that the vessel is off-hire under this charter, Basic Hire shall not
accrue.  Any additional hire that may be
due for periods that the Vessel is off-hire shall be determined in accordance
with the terms of the Charter Framework Agreement.

 

Periodical Drydocking

 

22.              (a)     Owners have the right and obligation to
drydock the vessel at regular intervals not exceeding 5 years.  On each occasion Owners shall propose to
Charterers a date on which they wish to drydock the vessel, not less than 90
days before such date and Charterers shall offer a port for such periodical
drydocking and shall take all reasonable steps to make the vessel available as
near to such date as practicable.

 

Owners shall put the vessel in drydock at
their expense as soon as practicable after Charterers place the vessel at
Owners’ disposal clear of cargo other than tank washings and residues.  Owners shall be responsible for and pay for
the disposal into reception facilities of such tank washings and residues and
shall have the right to retain any monies received therefor, without prejudice
to any claim for loss of cargo under any Bill of Lading or this charter.

 

 

(b)             If a
periodical drydocking is carried out in the port offered by Charterers (which
must have suitable accommodation for the purpose and reception facilities for
tank washings and residues), the vessel shall be off-hire from the time she
arrives at such port until drydocking is completed and she is in every way
ready to resume Charterers’ service and is at the position at which she went
off-hire or a position no less favourable to Charterers, whichever she first
attains.  However:

 

(i)                 provided
that Owners exercise due diligence in gas-freeing, any time lost in gas-freeing
to the standard required for entry into drydock for cleaning and painting the
hull shall not count as off-hire, whether lost on passage to the drydocking
port or after arrival there (notwithstanding Clause 21), and;

 

(ii)              any
additional time lost in further gas-freeing to meet the standard required for
hot work or entry to cargo tanks shall count as off-hire, whether lost on
passage to the drydocking port or after arrival there.

 

Any time which, but for sub-Clause (i)
above, would be off-hire, shall not be included in any calculation under Clause 24.

 

The expenses of gas-freeing, including
without limitation the cost of bunkers, shall be for Owners account.

 

(c)              If Owners
require the vessel, instead of proceeding to the offered port, to carry out
periodical drydocking at a special port selected by them, the vessel shall be
off-hire from the time when she is released to proceed to the special port
until she next presents for loading in accordance with Charterers’
instructions, provided, however, that Charterers shall credit Owners with the
time which would have been taken on passage at the service speed had the vessel
not proceeded to drydock.  All fuel
consumed shall be paid for by Owners but Charterers shall credit Owners with
the value of the fuel which would have been used on such notional passage
calculated at the guaranteed daily consumption for the service speed, and shall
further credit Owners with any benefit they may gain in purchasing bunkers at
the special port.

 

(d)             Charterers
shall, insofar as cleaning for periodical drydocking may have reduced the
amount of tank-cleaning necessary to meet Charterers’ requirements, credit
Owners with the value of any bunkers which Charterers calculate to have been
saved thereby, whether the vessel drydocks at an offered or a special port.

 

Ship Inspection

 

23.           (See Clause 83).

 

Detailed Description and Performance

 

24.     Owners
guarantee that the speed and consumption of the vessel shall be as
follows:  (see Clause 78).

 

The bunker consumptions are for all purposes
except cargo heating, purging and tank cleaning and shall be pro-rated between
the speeds shown.

 

Charterer may order the vessel to proceed at
any speed above/below the guaranteed speed, weather and safe navigation
permitting.

 

If the vessel is ordered to proceed at any
speed other than the highest speed and the average speed actually attained by
the vessel during the currency of such order exceeds such ordered speed plus
0.5 knots (the “maximum recognised speed”), then for the purpose of calculating
a decrease of hire under this Clause 24 the maximum recognised
speed shall be used in place of the average speed actually attained.

 

For the purposes of this charter the “guaranteed
speed” at any time shall be the then-current ordered speed or the service
speed, as the case may be.

 

 

The average speeds and bunker consumptions
shall for the purposes of this Clause 24 be calculated by reference
to the observed distance from pilot station to pilot station on all sea
passages during each period stipulated in Clause 24(c), but
excluding any time during which the vessel is (or but for Clause 22(b)(i)
would be) off-hire and also excluding “Adverse Weather Periods”, being:

 

(i)                 any periods
during which reduction of speed is necessary for safety in congested waters or
in poor visibility;

 

(ii)              any days,
noon to noon, when winds exceed force 5 on the Beaufort Scale for more than 12
hours.

 

(b)             If during
any half year (i.e., 6 calendar months) period from the date on which the
vessel enters service and continuing for each succeeding 6 calendar month
period thereafter, the vessel falls below the performance guaranteed in Clause 24(a)
then if such shortfall results:

 

(i)                 from a
reduction in the average speed of the vessel, compared to the speed guaranteed
in Clause 24(a), then an amount equal to the value at the hire rate
of the time so lost  shall be included in
the performance calculation;

 

(ii)              from an
increase in the total bunkers consumed, compared to the total bunkers which
would have been consumed had the vessel performed as guaranteed in Clause
24(a), an amount equivalent to the value of the additional bunkers consumed
or based on the average price paid by Charterers for the vessel’s bunkers in
such period, shall be included in the performance calculation.

 

The results of the performance calculation
for laden and ballast mileage respectively shall be adjusted to take into
account the mileage steamed in each such condition during Adverse Weather
Periods, by dividing such deduction by the number of miles over which the
performance has been calculated and multiplying by the same number of miles
plus the miles steamed during the Adverse Weather Periods, in order to
establish the total performance calculation for such period.

 

Reduction of hire under the foregoing sub-Clause
(b) shall be without prejudice to any other remedy available to Charterers.

 

(c)              Calculations
under this Clause 24 shall be made every 6 months terminating on each
successive anniversary of the date on which the vessel enters service, and for
the period between the last such anniversary and the date of termination of
this charter if less than a year.  Claims
in respect of reduction of hire arising under this Clause during the final year
or part year of the charter period shall in the first instance be settled in
accordance with Charterers’ estimate made two months before the end of the
charter period. Any necessary adjustment after this charter terminates shall be
made by payment by Owners to Charterers. 

 

(d)             Owners and
Charterers agree that this Clause 24 is assessed on the basis that
Owners are not entitled to additional hire for performance in excess of the
speeds and consumptions given in this Clause 24.

 

It is understood between Owner and Charterers
that any speed over performance and/or fuel under consumption are to be
credited to any under performance/over consumption during the (6) months review
period, but no over performance and/or under consumption bonus shall be paid to
owners.

 

Salvage

 

25.              Subject to
the provisions of Clause 21 hereof, all loss of time and all expenses
(excluding any damage to or loss of the vessel or tortious liabilities to third
parties) incurred in saving or attempting to save life or in successful or
unsuccessful attempts at salvage shall be borne equally by Owners and
Charterers provided that Charterers shall not be liable to contribute towards
any salvage payable by Owners arising in any way out of services rendered under
this Clause 25.

 

 

All salvage and all proceeds from derelicts
shall be divided equally between Owners and Charterers after deducting the
master’s, officers’ and crew’s share.

 

Lien

 

26.              Owners shall
have a lien upon all cargoes and all freights, sub-freights and demurrage for
any amounts due under this charter; and Charterers shall have a lien on the
vessel for all monies paid in advance and not earned, and for all claims for
damages arising from any breach by Owners of this charter.

 

Exceptions

 

27.              (a)     The vessel, her master and Owners shall
not, unless otherwise in this charter expressly provided, be liable for any
loss or damage or delay or failure arising or resulting from any act, neglect
or default of the master, pilots, mariners or other servants of Owners in the
navigation or management of the vessel; fire, unless caused by the actual fault
or privity of Owners; collision or stranding; dangers and accidents of the sea;
explosion, bursting of boilers, breakage of shafts or any latent defect in
hull, equipment or machinery; provided, however, that Clauses 1, 2,
3, and 24 hereof shall be unaffected by the foregoing.  Further, neither the vessel, her master or
Owners, nor Charterers shall, unless otherwise in this charter expressly
provided, be liable for any loss or damage or delay or failure in performance
hereunder arising or resulting from act of God, act of war, seizure under legal
process, quarantine restrictions, strikes, lock-outs, riots, restraints of
labour, civil commotions or arrest or restraint of princes, rulers or people.

 

(b)             The vessel
shall have liberty to sail with or without pilots, to tow or go to the
assistance of vessels in distress and to deviate for the purpose of saving life
or property.

 

(c)              Clause 27(a) shall not
apply to, or affect any liability of Owners or the vessel or any other relevant
person in respect of:

 

(i)                 loss or
damage caused to any berth, jetty, dock, dolphin, buoy, mooring line, pipe or
crane or other works or equipment whatsoever at or near any place to which the
vessel may proceed under this charter, whether or not such works or equipment
belong to Charterers, or;

 

(ii)              any claim
(whether brought by Charterers or any other person) arising out of any loss of
or damage to or in connection with cargo. 
Any such claim shall be subject to the Hague-Visby Rules or the Hague
Rules or the Hamburg Rules, as the case may be, which ought pursuant to Clause
38 hereof to have been incorporated in the relevant Bill of Lading (whether
or not such Rules were so incorporated) or, if no such Bill of Lading is
issued, to the Hague-Visby Rules unless the Hamburg Rules compulsorily apply in
which case to the Hamburg Rules.

 

(d)             In
particular and without limitation, the foregoing subsections (a) and (b)
of this Clause shall not apply to or in any way affect any provision in this
charter relating to off-hire or to reduction of hire.

 

Injurious Cargoes

 

28.              No acids,
explosives or cargoes injurious to the vessel shall be shipped and without
prejudice to the foregoing any damage to the vessel caused by the shipment of
any such cargo, and the time taken to repair such damage, shall be for
Charterers’ account.  No voyage shall be
undertaken, nor any goods or cargoes loaded, that would expose the vessel to
capture or seizure by rulers or governments.

 

Grade of Bunkers

 

29.              Charterers
shall supply the vessel with IFO 380 CST RMG 35 as per ISO 8217:1996 (E)
requirements for Marine residual fuels and MDO (if applicable) DMB distillate
diesel as per ISO 8217:1996 (E) requirements for Marine distillate fuels.  Specifications are subject to any revisions
of the ISO standards over the term of this charter (See Clause 62).

 

 

Disbursements

 

30.              Should the
master require advances for ordinary disbursements at any port, Charterers or
their agents shall make such advances to him, in consideration of which Owners
shall pay a commission of two and a half per cent, and all such advances and
commission shall be deducted from hire.

 

Laying-up

 

31.              Charterers
shall have the option, after consultation with Owners, of requiring Owners to
lay up the vessel at a safe place nominated by Charterers, in which case the
hire provided for under this charter shall be adjusted to reflect any net
increases in expenditure reasonably incurred or any net saving which should
reasonably be made by Owners as a result of such lay up.  Charterers may exercise the said option any
number of times during the charter period.

 

Requisition

 

32.              Should the
vessel be requisitioned by any government, de facto or de jure, during the
period of this charter, the vessel shall be off-hire during the period of such
requisition, and any hire paid by such governments in respect of such
requisition period shall be for Owners’ account.  Any such requisition period shall not count
as part of the charter period and the cumulative requisition time may, at the
sole discretion of the Charterer, be added to the end of the firm charter
period at a rate in effect at the time the off hire was incurred.

 

Outbreak of War

 

33.              If war or
hostilities break out between any two or more of the following countries:
U.S.A., the countries or republics having been part of the former U.S.S.R.
(except that declaration of war or hostilities solely between any two or more
of the countries or republics having been part of the former USSR shall be
exempted), P.R.C., U.K., Netherlands, then both Owners and Charterers shall
have the right to cancel this charter provided that the hostilities directly interfere
with the vessels trading under Clause 4.

 

Additional War Expenses

 

34.              If the
vessel is ordered to trade in areas where there is war (de facto or de jure) or
threat of war, Charterers shall reimburse Owners for any additional insurance
premia, crew bonuses and other expenses which are reasonably incurred by Owners
as a consequence of such orders, provided that Charterers are given notice of
such expenses as soon as practicable and in any event before such expenses are
incurred, and provided further that Owners obtain from their insurers a waiver
of any subrogated rights against Charterers in respect of any claims by Owners
under their war risk insurance arising out of compliance with such orders.

 

Any payments by Charterers under this Clause
will only be made against proven documentation. 
Any discount or rebate refunded to Owners, for whatever reason, in
respect of additional war risk premium shall be passed on to Charterers.

 

War Risks

 

35.              (a)     The master shall not be required or bound
to sign Bills of Lading for any place which in his or Owners’ reasonable
opinion is dangerous or impossible for the vessel to enter or reach owing to
any blockade, war, hostilities, warlike operations, civil war, civil commotions
or revolutions.

 

(b)             If in the
reasonable opinion of the master or Owners it becomes, for any of the reasons
set out in Clause 35(a) or by the operation of international law,
dangerous, impossible or prohibited for the vessel to reach or enter, or to
load or discharge cargo at, any place to which the vessel has been ordered
pursuant to this charter (a “place of peril”), then Charterers or their agents
shall be immediately notified in writing or by radio messages, and Charterers
shall thereupon have the right to order the cargo, or such part of it as may be
affected, to be loaded or discharged, as the case may be, at any other place
within the trading

 

 

limits of this charter (provided such other place is not itself a place
of peril).  If any place of discharge is
or becomes a place of peril, and no orders have been received from Charterers
or their agents within 48 hours after dispatch of such messages, then Owners
shall be at liberty to discharge the cargo or such part of it as may be
affected at any place which they or the master may in their or his discretion
select within the trading limits of this charter and such discharge shall be
deemed to be due fulfilment of Owners’ obligations under this charter so far as
cargo so discharged is concerned.

 

(c)              The vessel
shall have liberty to comply with any directions or recommendations as to
departure, arrival, routes, ports of call, stoppages, destinations, zones,
waters, delivery or in any other wise whatsoever given by the government of the
state under whose flag the vessel sails or any other government or local
authority or by any person or body acting or purporting to act as or with the
authority of any such government or local authority including any de facto
government or local authority or by any person or body acting or purporting to
act as or with the authority of any such government or local authority or by
any committee or person having under the terms of the war risks insurance on
the vessel the right to give any such directions or recommendations.  If by reason of or in compliance with any such
directions or recommendations anything is done or is not done, such shall not
be deemed a deviation.  If by reason of
or in compliance with any such direction or recommendation the vessel does not
proceed to any place of discharge to which she has been ordered pursuant to
this charter, the vessel may proceed to any place which the master or Owners in
his or their discretion select and there discharge the cargo or such part of it
as may be affected. Such discharge shall be deemed to be due fulfilment of Owners’
obligations under this charter so far as cargo so discharged is concerned.

 

Charterers shall procure that all Bills of
Lading issued under this charter shall contain the Chamber of Shipping War
Risks Clause 1952.

 

Both to Blame Collision Clause

 

36.              If the
liability for any collision in which the vessel is involved while performing
this charter fails to be determined in accordance with the laws of the United
States of America, the following provision shall apply:

 

“If the ship comes into collision with
another ship as a result of the negligence of the other ship and any act,
neglect or default of the master, mariner, pilot or the servants of the carrier
in the navigation or in the management of the ship, the owners of the cargo
carried hereunder will indemnify the carrier against all loss, or liability to
the other or non-carrying ship or her owners in so far as such loss or
liability represents loss of, or damage to, or any claim whatsoever of the
owners of the said cargo, paid or payable by the other or non-carrying ship or
her owners to the owners of the said cargo and set off, recouped or recovered
by the other or non-carrying ship or her owners as part of their claim against
the carrying ship or carrier.”

 

“The foregoing provisions shall also apply
where the owners, operators or those in charge of any ship or ships or objects
other than, or in addition to, the colliding ships or objects are at fault in
respect of a collision or contact.”

 

Charterers shall procure that all Bills of
Lading issued under this charter shall contain a provision in the foregoing
terms to be applicable where the liability for any collision in which the
vessel is involved fails to be determined in accordance with the laws of the
United States of America.

 

New Jason Clause

 

37.              General
average contributions shall be payable according to York/Antwerp Rules, 2000 as
amended from time to time, and shall be adjusted in New York in accordance with
New York law and practice. 

 

In the event of accident, danger, damage or
disaster before or after the commencement of the voyage, resulting from any
cause whatsoever, whether due to negligence or not, for which, or for the
consequence of which, the carrier is not responsible by statute, contract or
otherwise, the cargo, shippers, consignees or owners of the cargo shall
contribute with the carrier in general average to the payment of any
sacrifices, losses or expenses of

 

 

a general average nature that may be made or
incurred and shall pay salvage and special charges incurred in respect of the
cargo. 

 

If a salving ship is owned or operated by the
carrier, salvage shall be paid for as fully as if the said salving ship or
ships belonged to strangers.  Such
deposit as the carrier or his agents may deem sufficient to cover the estimated
contribution of the cargo and any salvage and special charges thereon shall, if
required, be made by the cargo, shippers, consignees or owners of the cargo to
the carrier before delivery.

 

Charterers shall procure that all Bills of
Lading issued under this charter shall contain a provision in the foregoing
terms, to be applicable where adjustment of general average is made in
accordance with the laws and practice of the United States of America.

 

Clause Paramount

 

38.              Charterers
shall procure that all Bills of Lading issued pursuant to this charter shall
contain the following:

 

“(1) Subject to sub-Clause (2) or (3)
hereof, this Bill of Lading shall be governed by, and have effect subject to,
the rules contained in the International Convention for the Unification of
Certain Rules relating to Bills of Lading signed at Brussels on 25th August
1924 (hereafter the “Hague Rules”) as amended by the Protocol signed at
Brussels on 23rd February 1968 (hereafter the “Hague-Visby Rules”).  Nothing contained herein shall be deemed to
be either a surrender by the carrier of any of his rights or immunities or any
increase of any of his responsibilities or liabilities under the Hague-Visby
Rules.”

 

“(2) If there is governing legislation which
applies the Hague Rules compulsorily to this Bill of Lading, to the exclusion
of the Hague-Visby Rules, then this Bill of Lading shall have effect subject to
the Hague Rules.  Nothing therein
contained shall be deemed to be either a surrender by the carrier of any of his
rights or immunities or an increase of any of his responsibilities or
liabilities under the Hague Rules.”

 

“(3) If there is governing legislation which
applies the United Nations Convention on the Carriage of Goods by Sea 1978
(hereafter the “Hamburg Rules”) compulsorily to this Bill of Lading, to the
exclusion of the Hague-Visby Rules, then this Bill of Lading shall have effect
subject to the Hamburg Rules.  Nothing
therein contained shall be deemed to be either a surrender by the carrier of
any of his rights or immunities or an increase of any of his responsibilities
or liabilities under the Hamburg Rules.”

 

“(4) If any term of this Bill of Lading is
repugnant to the Hague-Visby Rules, or Hague Rules, or Hamburg Rules, as
applicable, such term shall be void to that extent but no further.”

 

“(5) Nothing in this Bill of Lading shall be
construed as in any way restricting, excluding or waiving the right of any
relevant party or person to limit his liability under any available legislation
and/or law.”

 

Insurance/ITOPF

 

39.              Owners warrant
that the vessel is now, and will, throughout the duration of the charter:

 

(a)              be owned or
demise chartered by a member of the International Tanker Owners Pollution
Federation Limited;

 

(b)             be properly
entered in U.K. or GARD P & I Club, being a member of the International
Group of P & I Clubs;

 

(c)              have in
place insurance cover for oil pollution for the maximum on offer through the
International Group of P & l Clubs but always a minimum of United States
Dollars 1,000,000,000 (one thousand million);

 

(d)             have in full
force and effect Hull and Machinery insurance placed through reputable brokers
on Institute Time Clauses or equivalent for the market value of the vessel plus
twenty (20) percent as from time to time

 

 

may be amended with Charterers’ approval, which shall not be
unreasonably withheld.  Insurance amount
always to comply with loan covenants.

 

Owners will provide, within a reasonable time
following a request from Charterers to do so, documented evidence of compliance
with the warranties given in this Clause 39.

 

Export Restrictions

 

40.              The master
shall not be required or bound to sign Bills of Lading for the carriage of
cargo to any place to which export of such cargo is prohibited under the laws,
rules or regulations of the country in which the cargo was produced and/or
shipped.

 

Charterers shall procure that all Bills of
Lading issued under this charter shall contain the following clause:

 

“If any laws rules or regulations applied by
the government of the country in which the cargo was produced and/or shipped,
or any relevant agency thereof, impose a prohibition on export of the cargo to
the place of discharge designated in or ordered under this Bill of Lading,
carriers shall be entitled to require cargo owners forthwith to nominate an alternative
discharge place for the discharge of the cargo, or such part of it as may be
affected, which alternative place shall not be subject to the prohibition, and
carriers shall be entitled to accept orders from cargo owners to proceed to and
discharge at such alternative place.  If
cargo owners fail to nominate an alternative place within 72 hours after they
or their agents have received from carriers notice of such prohibition,
carriers shall be at liberty to discharge the cargo or such part of it as may be
affected by the prohibition at any safe place on which they or the master may
in their or his absolute discretion decide and which is not subject to the
prohibition, and such discharge shall constitute due performance of the
contract contained in this Bill of Lading so far as the cargo so discharged is
concerned”.

 

The foregoing provision shall apply mutatis
mutandis to this charter, the references to a Bill of Lading being deemed to be
references to this charter.

 

Business Principles

 

41.              (Deleted)

 

Drugs and Alcohol

 

42.              (Deleted)

 

Oil Major Acceptability

 

43.              (See Clause
57)

 

Pollution and Emergency Response

 

44.              Owners are
to advise Charterers of organisational details and names of Owners personnel
together with their relevant telephone/facsimile/e-mail/telex numbers,
including the names and contact details of Qualified Individuals for OPA 90
response, who may be contacted on a 24 hour basis in the event of oil spills or
emergencies.

 

ISPS Code/US MTSA 2002

 

45.              (See Clause
98).

 

 

Law and Litigation

 

46.              (a)    This charter shall be construed and the
relations between the parties determined in accordance with the laws of the
State of New York, U.S.A.

 

(b)             All disputes
arising out of this charter shall be referred to Arbitration in New York in
accordance with the Rules of the Society of Marine Arbitrators, Inc. New York
(SMA).

 

(i)                 Any Award of
the arbitrator(s) shall be final and binding and not subject to appeal.

 

(ii)              For the
purposes of this Clause 46(b) any requests or notices in writing shall
be sent by fax, e-mail or telex and shall be deemed received on the day of
transmission.

 

(c)              It shall be
a condition precedent to the right of any party to a stay of any legal
proceedings in which maritime property has been, or may be, arrested in
connection with a dispute under this charter, that that party furnishes to the
other party security to which that other party would have been entitled in such
legal proceedings in the absence of a stay.

 

Confidentiality

 

47.              (Deleted)

 

Construction

 

48.              The side
headings have been included in this charter for convenience of reference and
shall in no way affect the construction hereof.

 

	
  Additional
  Clauses:

  	
   

  	
  Special
  clauses to Shelltime 4 CP form, 49 through 112 shall be fully incorporated
  into the terms of this Charter Party.

  
	
   

  	
   

  	
   

  
	
  Appendix A:

  	
   

  	
  Questionaire
  88 for the vessel, as attached, shall be incorporated herein.

  
	
   

  	
   

  	
   

  
	
  Appendix B:

  	
   

  	
  List of
  Approved Ship Brokers, as attached, shall be incorporated herein.

  

 

 

	
  For the Owners

  	
  For the Charterers

  
	
  CHRIS TANKER CORPORATION

  	
  DHT CHRIS VLCC CORP.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ole
  Jacob Diesen

  	
   

  	
  By:

  	
  /s/ Myles R.
  Itkin

  	
   

  
	
   

  	
  Ole
  Jacob Diesen

  	
   

  	
  Myles
  R. Itkin

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  
						

 

 

TIME CHARTER

SPECIAL CLAUSES

MT OVERSEAS CHRIS

 

IF THERE
IS ANY CONFLICT BETWEEN THE FOLLOWING CLAUSES AND THE PRINTED CLAUSES OF THE
CHARTER PARTY FORM AS ADJUSTED, THE FOLLOWING CLAUSES SHALL PREVAIL.

 

49)                              Bill
of Lading Indemnification

 

The
standard form of letter of indemnity to be given in the case of delivery of
cargo (a) without production of the original Bill of Lading, or (b) at a port
other than stated in the Bill of Lading, or (c) both of the foregoing, in each
case without bank guarantee, in revised form as recommended by the
International Group of P&I Clubs in 2001, shall be used in all cases, provided
that the reference to English law and jurisdiction shall be revised to read New
York law and the jurisdiction of any court of competent jurisdiction sitting in
New York County.

 

50)                              Certificates/Regulations
Compliance

 

The Owners
warrant that during the term of this charter party the vessel fully complies
with the following:

 

A.           all
governmental laws, regulations, protocols and directives promulgated by the
authoritative body or any of its legally constituted agencies charged with the
application of the same laws/regulations/protocols and directives applicable to
the countries and ports within the trading limits defined in the charter party.

 

B.             that it has
secured and maintains aboard the vessel all Certificates of Financial
Responsibility issued and required by the competent authorities of the
countries within the trading limits defined in the charter party.

 

C.             (Deleted)

 

D.            that the
vessel shall have on board for inspection by
the appropriate port authorities
all certificates, records, compliance letters and other documents required.

 

E.              The vessel
shall be approved by the international transport workers federation and carry a
valid ITF ‘Blue Certificate’ on board at all times. Any losses, expenses or
damages arising as a result of failure to comply with ITF regulations, as
interpreted by local union, shall be for Owners account.

 

F.              COFR —
Owners to provide the vessel, at their cost, with a valid Certification of
Financial Responsibility which is acceptable to U.S. authorities at Owners’
cost. Compliance with state laws during the currency of this charter to be
Owners’ responsibility and cost. COFR to be in place prior to the vessels
arrival at first U.S. or Canadian port.

 

 

Owners will pay for the initial cost of
issuing and maintaining the certificate. Any additional premiums or surcharges
payable by Owners in relation to the vessel calling at U.S. ports to be for
Charterers account.

 

G.             Owners shall
have a program covering oil pollution avoidance, including compliance with
latest international maritime organization and port state regulations and SOLAS
and MARPOL conventions and the adoption of vessel response plans and qualified
individuals for OPA response.

 

51)                              IMO
Clause

 

Owners warrant
that during the term of this charter party and any extension thereof the vessel
will be in full compliance with: the requirements of the United States Port and
Tanker Safety Act of 1978 and applicable regulations promulgated thereunder
(hereinafter called “U.S.
Regulations”) the International Convention
for the Prevention of Pollution from Ships (MARPOL 1973) and the 1978 Protocol
thereto as applicable: and the International Convention for Safety of Lives at
Sea (SOLAS 1974) and the 1978 Protocol thereto as applicable (the foregoing
conventions and protocols hereinafter called “IMO Regulations”). Owners warrant
that it will carry onboard certifications evidencing compliance with U.S.
Regulations, compliance with IMO Regulations and any other records or
documentation as may be required by the U.S. government authorities the vessel
is currently ISM certified and will remain so during the duration of this
charter (see ISM Clause).

 

52)                            Pollution
Financial Responsibility

 

Owners warrant that at the date of the
charter that Owners complies with all financial capability, responsibility,
security or like laws, regulations and/or other requirements of whatsoever kind
with respect to oil or other pollution damage applicable to the vessel
entering, leaving, remaining at or passing through any ports or places or
waters to perform this charter.

 

Owners further
warrant that it shall continue to comply with these requirements throughout the
period of the charter at the levels and in amounts in effect at the date of
this charter.

 

Owners, at its
sole risk and expense, shall make all arrangements by bond, insurance or
otherwise and obtain all certificates or other documentary evidence and take
all such other action, as may be necessary, to satisfy such laws, regulations
and/or other requirements.

 

53)                              OPA

 

It is mutually
understood that Oil Pollution Act of 1990 (OPA) surcharges for trading to the
United States ports/territories shall be for Charterer’s account.

 

54)                              Contingency
Plans Clause

 

Owners warrant
at the date of the charter that Owners complies with and satisfies existing
U.S. federal, state and local rules, regulations and requirements for
contingency plans applicable to the vessel entering, leaving, remaining at or
passing through any ports or places or waters in performance of the charter,
including having under contract

 

 

the services
of a catastrophic spill contractor (e.g., Marine Spill Response Corporation
(MSRC) or National Response Corporation (NRC)).

 

Owners further warrant that it shall continue
to comply with these requirements throughout the period of the charter at the
levels in effect at the date of this charter.

 

The Owners
shall be responsible for obtaining and maintaining all necessary and future
approvals and satisfying existing and future federal, state, and local rules,
regulations or requirements for contingency plans. Costs incurred shall be for
Owners’ account.

 

	
   

  	
  Qualified
  individual:

  	
  Mr. Steven
  McCall

  
	
   

  	
   

  	
  212 578 1892
  office

  
	
   

  	
   

  	
  646 327 7206
  mobile

  

 

55)                              Documentation

 

Owners undertake that throughout the term of
this charter, the vessel shall have on board all such valid documentation as
may, from time to time, be required to enable the vessel to enter and carry out
all required operations at loading or discharging ports or places and leave,
without hindrance, all ports or places to which the vessel may be directed
under the terms of this charter.

 

In addition,
the vessel shall be off-hire and Owners shall be held responsible for any
losses, costs or damages for any period during which she is not fully and
freely available to Charterer as a result of action taken against her by any
government, government organization, competent authority, competent person or
competent organization, owing to her flag, failure to have on board valid
documentation as aforesaid or any dispute relating to Owners’ wages or crew
employment policy or to the condition of the vessel or her equipment. All
cumulative off hire under this Clause may be added to the end of the charter
period in the sole option of the Charterer.

 

Any time lost
during which the vessel awaiting USCG TVEL inspection, or in the case of calls
at non-U.S. ports where any similar certificate is required to be issued by a
state authority at these ports prior to loading or discharging cargo, and until
such time as she has secured TVEL certificate or any similar certificate,
vessel will be considered off-hire.

 

56)                              ISM
Clause

 

The
requirements of the International Safety Management (ISM) Code are hereby
incorporated in the terms of this charter party. Owners/operator warrant that a
Safety Management System (SMS) in accordance with the ISM Code is in operation
both on shore and on board the vessel. Owners/operator further warrant that
they (or the company as defined by the ISM Code) have a valid Document of
Compliance (DOC), and the vessel has a valid Safety Management Certificate
(SMC). Owners/operator shall supply Charterer with a copy of the DOC and the
SMC. Owners shall, when required by Charterer, provide a copy of the documents
both ashore and on board the vessel evidencing the SMS and its application and
when further required by Charterer, Owners/operator shall provide a report on
safety audits carried out internally or by the vessel’s flag administration.

 

Non compliance
with the requirements of the ISM code resulting in loss or suspension of the
ISM certificate shall be deemed a breach of condition and Charterer shall have
the

 

 

right to
cancel the charter. Owners shall be responsible for any delays, costs, damages
incurred for non compliance with the above conditions.

 

57)          Vetting

 

During the
period of this charter, Charterers require Owners to endeavor to arrange for at
least four of the following oil company inspections/approvals at their time and
expense: BP, Shell, Exxon/Mobil, Chevron Corp., Vela, PDVSA, Statoil and
Dreyfus.  Charterers may request Owners
to obtain other vetting approvals as/when required, and Owners shall do so.

 

The above is
always subject to the vessel’s trading pattern, ports accessibility, the oil
company’s interest in the vessel and the availability of inspectors at the
time, all of which Owners will keep a record of and keep Charterers advised.

 

Charterers shall keep Owners fully informed
of the vessels forward schedule in order to facilitate vetting inspections.

 

If the vessel, during the period of this charter, fails to obtain a
minimum of four approvals because of Owners fault/negligence, or fails a
physical inspection by any company listed above, or loses a vetting approval
required to maintain the vessels’ trading pattern, then, Owners shall have a period of forty five
(45) days from the date Owners are notified of such non-acceptance to have the
vessel obtain such minimum number of approvals or reinstate such approval, subject
always to the vessel’s trading pattern, ports accessibility, the oil company’s
interest in the vessel and the availability of inspectors at the time, all of
which Owners will keep a record of and keep Charterers advised.

 

If the Owners do not obtain
the minimum number of vetting approvals or the necessary vetting approval is
not reinstated as provided for in the preceding paragraphs, and the lack of
vettings affect the vessel’s trading pattern, then the Charterer shall have the
right (i) to terminate this charter party without penalty to either party, or,
(ii) to place the Vessel off-hire for any loss of time (whether by way of
interruption in the Vessel’s service, including time necessary for
re-positioning to an alternate trading pattern or otherwise)(a) resulting from
the vessel being placed off hire by a pool in which it is entered due to such
lack of vetting, or (b)otherwise due to such lack of vetting.

 

In the event the preceding
paragraph is invoked, and the Charterer does not terminate the Charter, it
shall use commercially reasonable efforts to employ the Vessel in an alternate
trading pattern to maximize its earning capacity on commercially reasonable
terms provided that the terms of the pool it is entered into or the time
charter it is operating under permit the Charterer to do so.  For each day the Vessel is operating under a
subcharter on such alternate trading pattern, and not otherwise off hire, if
the Basic Hire rate otherwise applicable pursuant to this Charter exceeds the
time charter rate or equivalent rate obtained by the Charterer on its
sub-charters in the alternate trading pattern, then the Basic Hire payable
hereunder shall be reduced by an amount equal to the difference between (a) the
Basic Hire rate and (b) the time charter rate or equivalent rate obtained by
the Charterer on its sub-charters in the alternate trading pattern until the
later of (i) the date the Vessel has re-obtained the minimum number of vetting
approvals or the necessary vetting approval has been reinstated, and (ii) the
last day of the applicable sub-charter.

 

 

58)                              Adherence
to Voyage Instructions

 

A.           Owners shall
be responsible to and will indemnify Charterer for any time, costs, delays or
loss suffered by Charterer due to underlift, overlift or other failure to
comply fully with Charterer’s lawful instructions as long as such failure was
solely due to Owners’/vessel’s proven negligence.

 

B.             If a
conflict arises between terminal orders and Charterers’ instructions, master is
to stop cargo operations and to contact Charterer at once. Terminal orders
shall never supersede Charterer’s instructions and any conflict shall be
resolved prior to resumption of cargo operations.

 

Vessel is not to resume cargo operations
until Charterers has directed vessel to do so.

 

59)                              Traffic
Separation and Routing

 

Owners shall
instruct the master to observe recommendations as to traffic separation and
routing as issued from time to time by authorities (national or local) and
comply with federal, state or local regulations of the United States. Voluntary
and mandatory traffic separation schemes shall be adhered to while the vessel
is in the United States or international waters.

 

 

60)                              ETA
Notice

 

Master shall
give both Charterer and load/discharge port(s)/place(s) agents notices of
estimated time of arrival (ETA) to load/discharge port(s)/place(s) or any other
port/place where Charterers order vessel to proceed on a daily basis or as
required by Charterers voyage orders.

 

Any delay
incurred to the vessel at any load or discharge port(s) resulting from master’s
failure to comply with the above requirements, shall be deducted from the
monthly hire. The foregoing is without prejudice to Charterer’s right to
recover for any damages incurred as a result of such breach by Owners of the
obligations herein defined. Notices of ETA to be sent to Charterer as
instructed. This Clause only applies where the Charterer cannot claim demurrage
or any other claim and incur a loss due to the master’s failure to follow
Charterers instructions.

 

61)                              Watchmen

 

Compulsory
shore gangway watchmen shall be servants of the Charterer and the cost for such
watchmen shall be borne by Charterer throughout the currency of this charter
party.

 

62)          Bunkers

 

On every
occasion where the bunkers are taken, the ship will participate in either the
DNV VQFT, Lloyds FOBAS or ABS scheme (line samples). As between Owners and
Charterers fuel shall be deemed delivered to the ship upon arrival at the ship’s
manifold, which shall be the point of custody transfer. Three samples will be
taken at the ship’s manifold, using an approved in line drip sampler. One
sample shall be provided to the surveyor and analysed, a second shall be given
to the suppliers, and third shall be retained on board for independent joint
testing, in the event of disputes about the quality of the bunkers supplied.

 

 

In the event
of dispute about the quality of the fuel the third sample left on board shall
be jointly analysed at a mutually acceptable independent laboratory, and the
results shall be binding on the parties

 

The quantity
of fuel shall be finally determined using the density determined in the sample
analysed. Owners undertake to provide Charterers with a copy of each off
specification analysis report, to enable Charterers to notify suppliers
promptly in the event of a quality or quantity dispute.

 

The supplier
and Charterers shall at all times be entitled to witness the extraction and
division of the sample at the ship’s manifold and shall be entitled to employ a
bunker surveyor.

 

Charterers
shall not cause or permit any lien or other rights to be created against the
ship, her crew, Owners, etc., by any fuel suppliers, or otherwise bind the
ship, her Owners in crew in any way whatsoever, arising out of the supply of
fuels.

 

Should
analysis confirm that bunkers are off specification, (as per specification
detailed in Clause 29), Charterers will be notified regarding Owners intentions.
Should Owners decide to use the bunkers supplied then Charterers are not
entitled to present Owners with a speed or consumption claim for any period
during which vessel is using bunkers that do not reasonably meet the specified
requirements. Charterers reserve the right to discuss analysis results with
Owners to ensure an equitable resolution of any problems. Owners shall not be obliged to use fuel that is
injurious to the engine/auxiliaries and associated equipment.

 

Owners warrant
that the vessel shall comply with the emission control and other requirements
of Regulation 14 and 18 of MARPOL Annex VI and any other laws or regulations
relating to bunker content and bunkering procedures applicable in any areas to
which the vessel is ordered.

 

Charterers
warrant that they will supply bunkers:

 

A.           of
sufficient quantity and quality to enable the vessel to meet the emission
control and other requirements of Regulation 14 and 18 of MARPOL Annex VI and
any other laws or regulations relating to bunker content and bunkering
procedures applicable in any areas to which the vessel is ordered, and

 

B.             in
accordance with the specifications in ISO 8217 as in force at the time of
supply and any other specifications contained elsewhere in this charterparty.

 

Charterers
further warrant that all bunker suppliers and bunkers supplied hereunder shall
with respect to all areas in which the vessel may trade comply with the current
and future requirements of MARPOL Annex VI and MEPC96(47) in respect of
sampling and the provision of a bunker delivery notes and, where bunkers are
supplied in a state where MARPOL Annex VI is in force, that suppliers shall be
registered in accordance therewith.

 

 

63)                              Heating

 

(Deleted)

 

 

64)                              Pumping
Clause

 

Owners warrant
that the vessel is fitted with and will use the main cargo pumps and the
stripping pumps as per Charterers instructions.

 

Owners further
guarantees that vessel will discharge the full cargo in twenty four (24) hours,
stripping excluded or maintain an average pressure of 100 PSI at the vessel’s
manifold during discharge, provided shore facilities permit. It is agreed that
time lost as a result of vessel being unable to discharge the cargo in
accordance with the guarantee stated herein will be deducted from monthly hire.

 

In the event
of the vessel failing to maintain average discharge pressure of 100 PSI or to
discharge the cargo within 24 hours, Charterers are entitled to deduct all time
over and above 24 hours taken to discharge cargo from hire.

 

Discharge
terminal shall have the right to gauge line pressure. Should the vessel fail to
comply with the guarantee herein stipulated should terminal request, Charterer shall have the right to order the vessel to be
withdrawn from the berth and all time and expenses incurred to leave the berth
and return later to complete discharge will be for Owners’ account with the
proven lost time and/or expenses being
deductible from the monthly hire. In any event, Owners shall provide Charterer
with a detailed hourly pumping record showing the pressure maintained at the
vessel’s manifold throughout the discharge. Such record shall be duly counter
signed by a terminal representative and/or independent surveyor, if possible.

 

If the vessel
discharges at more than one port or discharges a partial cargo, then time to be
prorated relative to the vessel’s full cargo capacity for the nominated
cargo(es).

 

Should the
discharge terminal(s) restrict in any way the vessel’s performance indicated in
this charter party, the master shall immediately issue a letter of protest to
the terminal indicating    the nature of
the restriction and any details he may consider relevant. The vessel to obtain
terminals signature on the letter of protest.

 

65)                              STS
Clause

 

Charterers
shall have the right to require the vessel to perform lighterage operations and
or ship to ship transfer operations at anchor or underway at a safe anchorage
or place and these ship to ship transfer operations shall be conducted in
accordance with the provisions of the latest ICS/OCIMF transfer guide (petroleum)
always to master’s acceptance which not to be unreasonably withheld.

 

It is
understood and agreed that the crew of the vessel will be required to assist in
handling the fenders and cargo hoses as well as mooring and unmooring of the
vessel as designated by the mooring master at the STS transfer site at no
additional cost to the Charterer.

 

All extra
equipment required for such transfer operations shall be provided by Charterer
at its expense.

 

Extra cost of
insurance ‘if any’ to be for Charterers account.

 

66)                              Pressure
Gauges

 

 

Vessel to be
equipped with pressure gauges at each discharge manifold which will be
maintained in a proper working condition and each gauge shall have a valid test
certificate.

 

67)                              Bilge
Liquids

 

Vessel shall
have efficient and safe means of transferring engine room/pump room bilge to
designated holding tanks onboard for disposal in accordance with international
regulations.

 

68)                              Previous Cargoes

 

(Deleted)

 

69)                              Condition
of Cargo Spaces on Delivery and Redelivery

 

Vessel will be
redelivered with tanks free of liquid slops.

 

 

70)                              Tanks,
Lines, Pumps Suitability

 

Owners warrant
that vessel will arrive at each load port with all cargo tanks, pumps and lines
suitable to load the intended cargo as per Charterer’s representative and/or
independent surveyor’s satisfaction, subject to Charterers voyage orders and
vessels time to comply.  All damages, time lost and costs
incurred due to noncompliance will be for Owners’ account and deducted from
monthly hire.

 

71)                              Inert
Gas System

 

Owners warrant
that vessel has a good working inert gas system and that the officers and crew
are experienced in the operation of the system. Owners
further warrant that the vessel will arrive at the load port with cargo tanks
inerted and that tanks will remain inerted throughout the loading, voyage and
discharge operations. Any delay, cost and expense due to improper operation of
the inert gas system shall be for Owners’ account and shall be deducted from
monthly hire.

 

The master may
be required by terminal personnel or independent surveyor(s) before and/or after
discharge to breach the inert gas system for the purpose of gauging, sampling,
temperature determination and/or determining the quantity of cargo remaining on
board (ROB). The master shall comply with these requests consistent with the
safe operation of the vessel. Vessel to remain on hire for
such periods.

 

72)                              Crude
Oil Washing (COW)

 

Owners warrant
that the vessel is capable of crude oil washing (COW) of all cargo tanks.

 

If requested
by Charterer, Owners agrees to conduct crude oil washing of cargo tanks at
discharge port(s) simultaneously with the discharge of the cargo to shore.
Under no circumstance shall the vessel utilize more than eight (8) hours to effect COW or prorata on the basis of the number of tanks
washed to the total number of tanks unless authorized by Charterer.

 

The vessel
will comply with the requirements of the Pumping Clause during simultaneous
discharge to shore and the COW operation. 
If the vessel fails to comply, all additional time to discharge the
cargo will be deducted from the monthly hire.

 

Owners agrees to comply with applicable
port and terminal regulations and, if necessary, to submit any advance
information or technical data that may be required by local authorities
relative to the COW operations.

 

73)                              Fittings,
Equipment and Dimensions

 

A.           Owners
warrant that all piping, valves, spools, reducers and other fittings comprising
that portion of the vessel’s manifold system outboard of the last fixed rigid
support to the vessel’s deck and used in the transfer of cargo, bunkers or
ballast, are made of steel or nodular iron; and the fixed rigid support for the
manifold system is designed to prevent both lateral and vertical movement of
the manifold. Owners further warrant that no more than one reducer or spool
piece (each ANSI standard) will be used between the vessel’s manifold valve and
the terminal hose or loading arm connection.

 

 

B.             Owners are
responsible for providing safety equipment to persons aboard the vessel when
the cargo is high sulfur or otherwise dangerous to the health of the crew.

 

C.             Owners
warrant that the vessel is capable of discharging more than one grade
simultaneously.

 

D.            Owners
warrant that throughout the charter vessel will have on board the calibration
tables for its tanks calculated by the builder or by a reputable independent
international surveyor.

 

E.              Charterers,
subject to Owners’ approval (which shall not be unreasonably withheld) and
class approval, shall be at liberty to fit any additional pumps and/or other
vessel gear beyond what is on board at the commencement of the charter, and to
make the necessary connections with hydraulic, steam or water pipes, such work
to be done at Charterers time and their expense, and such pumps and/or gear so
fitted to be considered their property, and Charterers shall be at liberty to
remove it at their time and expense and time during or at the expiry of this
charter, with the vessel to be left in her original condition.

 

F.              Vessel is
fitted with 95 percent and 98 percent high level alarms.  Any delays due to breakdown of these high
level alarms will be considered off hire and will be deducted from the charter
hire.

 

74)                              Cargo
Transference

 

Owners shall
notify Charterer of any transfer of cargo within the vessel that takes place
after loading and before discharge for purposes of trimming, stress or any
other similar purposes.

 

75)                              Prohibited
Detergent Washing

 

Owners warrant
that vessel will not perform cargo tanks washing utilizing detergents with
organic chloride contents throughout the duration of the charter period. Owners
to be held responsible for all damages and consequences including but not
limited to all cargo claims if Owners/master fails to adhere to this Clause.

 

76)                              Cargo
Retention

 

A.           In the event
that liquid cargo remains on board upon completion of discharge Charterers
shall have the right to deduct from hire an amount equal to the fob port of
loading cost of such cargo plus its pro rata cost of freight and insurance
unless such cargo is unpumpable or unreachable by the vessel’s fixed pumps.

 

B.             Nothing in
this Clause deprives Owners of any defenses they have to counterclaims for
cargo shortloading or damage but it is agreed that such counterclaims will not
be time barred if asserted in any proceedings commenced by Owners for hire
deducted under this Clause provided that the deduction was proper.

 

C.             Any action
or lack of action in accordance with this provision shall be without prejudice
to any rights or obligations of the parties.

 

 

D.            All slops
throughout the charter term shall belong to Charterer.

 

77)                              Loss
of Carrying Capacity

 

In the event cargo is shut out by the fault of the master, officers,
crew or mechanical deficiency of the vessel, then Charterer shall be entitled
to claim compensation for the transportation cost of the cargo shut out on a
round voyage basis by reference to the rate of hire or the current market level
(whichever is greater). Any additional port costs and/or bunker consumed due to
the loss of carrying capacity shall for Owners account.

 

78)                              Speed
and Fuel Warranties

 

The Owners
warrant that the vessel is capable of maintaining and shall maintain,
consistent with safety throughout the period of this charter party on all sea
passages, from seabuoy to seabuoy, unless otherwise ordered by Charterer, an
average speed under weather conditions up to and including Beaufort Force 5 of
about 14.75 knots laden on a daily consumption of about 105 metric tons IFO 380
CST plus 0 metric tons MDO at sea and about 15.75 knots ballast on a daily
consumption of about 100 metric tons IFO 380 CST 0 metric tons MDO at sea for
all purposes excluding tank cleaning, cargo heating and IGS plus about 50 mts
IFO for loading and about 200 mts IFO for discharging, based on single port
loading and discharging excluding Laguna and Boscan crude and similar cargoes.

 

The above
speed and consumption rates shall be adjusted in accordance with, and always be
subject to any changes made to the Tankers International pool key, provided the
vessel continues to trade in the Tankers International Pool.

 

79)                              Slow
Steaming/Speed Up

 

Weather and
safe navigation permitting, Charterer shall have the right to order the vessel
to proceed at any speed greater than/less than normal full speed.

 

80)                              Adjustment
of Hire

 

The speed and fuel consumption guaranteed by the Owners in Part 1
will be reviewed by the Charterer 30 days after every six (6) months. If at the
end of the period, if it is found that the vessel has failed to maintain, as an
average during the period, the speed and/or fuel consumption warranted, the
Charterer shall be retroactively compensated in respect of such failings, as
per Clause 24.

 

No bonus shall
be payable to Owners under any circumstances.

 

The Charterer
shall provide Owners with an opportunity to review any claim submitted by
Charterer under this Clause, and the Owners shall complete such review and
provide Charterer with the results thereof within thirty (30) days from the
date such claim was received by Owners. In the absence of such response,
Charterer may deduct from hire any amount to which it is entitled under this
Clause.

 

In the event
of Charterer having a claim in respect of vessel’s performance during the final
year of the charter period and any extension thereof, the amount of such claim
shall be withheld from hire in accordance with Charterer’s estimate made two
months before the end of the charter period and any necessary adjustment after
the end of the charter shall be made by the Owners to the Charterer.

 

 

81)                              Additional
Offhire

 

A.           The vessel
shall be offhire whenever there is loss of time if:

 

1)              due
to the boycott of the vessel due
to the terms or conditions of employment of Owners’ servants; or employment,
trades, or cargoes of vessels other than under this charter.

 

2)              due
to restraint or interference in the vessel’s operation by any governmental
authority in connection with the ownership, registration, or obligations of
Owners or the vessel, or stowaways, or in connection with smuggling or other
prohibited activities.

 

3)              due
to cargo contamination or damage caused by unseaworthiness of the vessel or
negligence of Owners’ servants.

 

B.             In addition,
if during offhire the vessel loses its turn to berth, it shall remain offhire
until it regains the same berthing position. If the vessel goes offhire while
in berth, extra expenses thereby incurred by Charterers in connection with the
vessel remaining at the berth shall be for Owners’ account and Charterers shall
also have the option to order the vessel out of berth, so as to avoid delay to
other vessels waiting to use the berth, with the cost of unberthing and
reberthing for this purpose to be
for Owners’ account. The vessel shall remain offhire during time lost in
between berths.

 

C.             In the event
of detention of vessel by any governmental authority, or by any legal action
against vessel or Owners, or by any strike or boycott by the vessel’s officers
or crew, whereby vessel is rendered unavailable for Charterers’ service for a
period of thirty (30) days or more, Charterers may, by written notice given
before vessel is free and ready to resume service, elect to terminate this
charter, without prejudice to any other rights Charterers may have under this
charter or to any claim it may have for damages.

 

82)                              Off
Hire Survey

 

A joint off
hire bunker survey shall be conducted by Charterers and Owners representatives
at the place of redelivery. The time and cost for the offhire bunker survey at
redelivery shall be split equally between Owner and Charterer.

 

83)                              Access

 

The Charterer
shall have the right and privilege of having their representatives visit the
vessel while in port or at sea. Charterer’s representatives shall have access
to the entire vessel (excluding accommodation spaces) and the master, officers
and crew of the vessel shall cooperate with and render any reasonable
assistance that Charterer’s representatives may require.

 

Charterer
shall be entitled, from time to time during the period of this charter, to
cause their representative(s) to take samples of the cargo and to inspect the
vessel in order to ascertain whether Owners is reasonably complying in all
respects with their obligations under this charter party.

 

 

In the case of
inspection of the vessel, Charterer shall give Owners appropriate notice of
their intention to inspect the vessel and any such inspection may include, but
shall not be limited to: examination of the vessel’s hull, machinery, boilers,
auxiliaries and equipment, examination of the vessel’s deck and engine, rough
and official log books, certificates, investigation of the vessel’s operating
procedures both in port and at sea, examination of the qualifications and
conduct of the vessel’s master, officers and crew. Any inspections carried out
by Charterer under this sub-Clause shall be without prejudice to any
other rights of inspection or investigation allowed to Charterer in accordance
with the provisions of this charter.

 

In the event
of Owners’ failing, at any time during the period of this charter, to comply
with their obligations under this Clause, Charterer shall be entitled to give
Owners notice in writing, whether or not an inspection under the terms of this
Clause has taken place, requiring Owners to take immediate steps to remedy
their default.

 

In the event
the Owners fails forthwith, or within such period as may be agreed to remedy
such default to Charterer’s satisfaction, Charterer shall be entitled at their
absolute discretion, to place the vessel off-hire, until such default
shall have been satisfactorily remedied. Any exercise of, or failure to
exercise, their discretion under the terms hereof by Charterer shall be without
prejudice to any other remedy available to Charterer.

 

84)                              Change
of Flag, Management, Ownership

 

Owners rights
and obligations under this charter are not transferable and except as provided
in this Clause Owners undertake not to change the vessel’s management nor flag
nor to sell the vessel or stock in the ownership company without Charterer’s
consent which consent
shall not be unreasonably withheld.

 

In the event that the Owners
desire to hire a
manager other than Tanker Management Ltd., Owners shall provide written notice
(the “New Manager Notice”) to the Charterer at least 10 business days prior to
the proposed date of hire, which notice shall seek the Charterer’s consent to
the new manager.  The Charterer’s shall
have the right, within 5 business days of receipt of the New Manager Notice, to
object to the new manager in writing. 
Such objection must be based on reasonable grounds, and must be accompanied by a list
of two comparable managers (other than any affiliates of Charterer) to which
the Charterer would have no objection, and which Owners may then hire without
any further requirement for consent from Charterer.

 

If written notice of
objection together with the
accompanying list of acceptable managers is not provided by the
Charterer within 10 business days of receiving the New Manager Notice, the
Charterer shall be deemed to
consent to the new manager.

 

Owners shall have the right
to transfer the vessel and Charterer agrees that stock in the Owners may also
be transferred (either of which, for purposes of this Clause, a “Transfer”),
subject to the Charterer’s right of first offer as described in this Clause:

 

Prior to and in order to
effect a Transfer, the Owners shall first give written notice (a “Sale Notice”)
to the Charterer stating (i) the Owners (or its parent’s) intention to make a
Transfer, (ii) the name of a broker who Owners have selected to be a member of
the three member panel described below (the “Panel”) that will determine the
fair market price of the vessel (on the basis that it is sold subject to this charter) and
(iii) the material terms other than price upon which the Owners (or its parent)
intends to make the Transfer.

 

 

The Charterer shall select a
member of the Panel within 5 business days after receipt of the Sale Notice by
delivery of written notice to Owners.  If
Charterer does not make such selection within such 5 business day period, then
the Panel shall consist solely of the broker selected by Owners.  If Charterer makes such selection, then the
two members selected by Owners and Charterer shall select together a third
member of the Panel within 10 business days after delivery of Charterer’s
written notice to Owners.  If the members
selected by Owners and Charterer do not select a third member of the Panel within
such 10 business day period, then the third member of the Panel shall be
selected by the President of the Society of Marine Arbitrators, Inc. New York.  No broker is eligible to be selected as a
member of the Panel unless it is listed in Appendix B of approved ship brokers
to this charter.

 

After all the members of the
Panel have been selected in accordance with the preceding paragraph, the Panel
shall determine the fair market price of the vessel, taking into account that any sale
would be made subject to this charter.  The market price determined by the Panel (the
“Price”) shall be the price determined by the sole member of the Panel if there
is only one member and shall be the average of the two closest prices
determined by members of the Panel if there are three members.  The sole member, or, the member
of the Panel selected by the other two members shall notify in writing the
Owners and Charterer of the Price (the “Price Notice”).  Owners and Charterer shall each pay one-half
of the fees and expenses of the members of the Panel in performing their
services under this Clause 84.  Such Price shall be considered the price of
the vessel, if Owners elect to proceed with the sale of the vessel after
receiving the Price Notice.  Owners shall
not be obligated to proceed with the sale of the vessel if it, in its sole
discretion, deems the Price to be inadequate. 
If the parent of Owners seeks to sell the stock of the Owners, then the
Panel, in addition to determining the Price of the vessel as aforesaid, shall
determine the fair market price of the assets of the Owners (other than the
vessel) and the fair market value of the liabilities of the Owners in
accordance with the foregoing methodology. 
The sum of the Price of the vessel in the Price Notice and the price of
the other assets of the Owners determined as aforesaid reduced by the value of
the liabilities of Owners determined as aforesaid shall be considered the price
for the stock (the “Stock Price”) and the Stock Price shall be set forth in the
Price Notice.

 

In the event that the Owners
elect to proceed with the sale of the vessel upon its review of the Price
Notice, Charterer shall have an irrevocable and non-transferable option to
effect Transfer to it of the vessel or stock in the Owners at the Price or at
the Stock Price, as the case may be, set forth in the Price Notice and on
materially the same terms as set forth in the Sale Notice.  Such option may be exercisable during the
period (the “Purchase Option
Period”) commencing on receipt of the Price Notice and ending (a) if Tanker
Management Ltd. Is the manager at the time of the Price Notice, 30 days after
Charterer’s receipt of the Price Notice or (b)
if Tanker Management Ltd. is not the manager at the time of the Price Notice,
30 days after the later of (i) the date (the “Inspection Date”), set forth in a
notice from Owners to Charterer that the vessel and the records of the vessel
may be inspected by Charterer, which notice shall be given after the Sale
Notice and at least 5 business days prior to the Inspection Date and (ii)
Charterer’s receipt of the Price Notice. 
In order to exercise its option, the Charterer shall, within the Purchase Option Period,
send an irrevocable written acceptance notice to the Owners (the “Purchase Notice”).  The Charterer shall then be obligated to consummate the purchase of the
vessel or stock at the Price or at the Stock Price, as the case
may be, set forth in the Price Notice and on materially the same terms as set
forth in the Sale Notice
within thirty (30) days after the Purchase Notice.  If Charterer does not exercise its option

 

 

within the Purchase Option Period or, if such option
is exercised, Charterer fails to consummate the purchase of the vessel or stock
within the time period set forth above, then, in addition to any other remedies
available, the Owners may during the period set forth in
the next sentence (the “Sale Option Period”)
sign a legally binding agreement for the Transfer of the vessel or stock to a third party at a price not less than the Price or the Stock
Price, as the case may be, set forth in the Price
Notice, minus up to 2.5% of the Price of the vessel, and on materially the same terms as set forth in the Sale Notice.  The Sale Option Period
shall commence on the earlier of (i) the date Charterer notifies Owners that
Charterer will not exercise its option and (ii) the expiration of the Purchase Option Period (such earlier date referred
to as the “Start Date”) and end on the later of 90
days after (i) the Start Date and (ii) the date after the Start Date when the vessel and the records of the
vessel are first made available at a port
for inspection at the request of
potential third party purchasers of the vessel or stock.  If an agreement
for the Transfer of the vessel or stock is not signed
during the Sale Option Period or
the Transfer of the vessel or stock is not
completed under such agreement, then Charterer’s right of first offer as
described in this Clause 84 shall begin again and a new Price determined in
accordance with the provisions of this Clause 84.  Any Transfer of the vessel or
stock to a third party shall be subject to (x) Charterer’s
prior approval, which shall not be unreasonably withheld, and (y) Charterer’s
right to purchase at par any loan obtained by the third party purchaser of the
vessel to finance such purchase if such purchaser defaults under the credit
agreement for such loan or this charter provided the third party can obtain
such right from its lenders on, in the sole good faith opinion of the Owners,
commercially reasonable terms.  This charter, including all options to extend it, shall continue in
full force and effect notwithstanding any Transfer of the vessel or stock in
the ownership company of the vessel.

 

If the Owners
fail to comply with the terms of this Clause, Charterer may, in its absolute
discretion, terminate this charter, whereupon Owners shall reimburse Charterer
for any hire paid in advance and not earned, the cost of bunker fuel on board
the vessel and for any amount for which the Owners are liable to Charterer
under the terms of this charter. Charterer’s rights of termination shall,
whether or not it is exercised, be without prejudice to any other rights
available to Charterer.

 

The managers
shall be responsible for the day to day technical operations of the vessel
however Owners always to be held responsible for the overall management of the
vessel.

 

If Charterer is not
satisfied with the performance of the manager, Charterer may request a meeting
within 7 business days with Owners and manager to discuss the deficiencies in
the management which deficiencies shall be presented in writing by Charterer.
If after thirty days, the management deficiencies are evidently still
unresolved in Charterer’s determination (which deficiencies and determination
will be delivered to Owners and manager in writing),
then the management company may be changed provided that the new management
company shall be selected by the Owners subject to the consent of the
Charterer, such consent not to be unreasonably withheld.

 

85)          Ownership

 

Owners will not effect any mortgage, encumbrance or other lien on the
vessel, other than liens that are not material in amount and that arise in the
ordinary course of business or by operation of law, without the prior written
consent of the Charterer, such consent not to be unreasonably withheld. In the
case of the initial financing by
Royal Bank of Scotland for the purchase of the vessel (the “Initial Financing”), the
Charterer hereby consents. 
In the case of any refinancing of the vessel, Owners shall negotiate in
good faith and use

 

 

their best efforts to have
the refinancing mortgagee agree on, in the sole good faith opinion of the Owners, commercially
reasonable terms that are no less favorable to the Charterer than the terms
contained in the Initial Financing in terms of the mortgagee’s rights to
enforce its mortgage in the event and so long as the Charterer continues to pay
the charter hire under this charter.  If the Owners, after negotiating in good
faith and using their best efforts, are unable to obtain such provisions from
the refinancing mortgagee on,
in the sole good faith opinion of the Owners, commercially reasonable terms,
Charterer or its affiliates may seek such provisions on behalf of Owners and
Owners shall consider in good faith all refinancing proposals obtained by
Charterer or its affiliates which have, in the sole good faith opinion of
Owners, commercially reasonable terms. 
In addition, Owners shall use their best efforts to have the refinancing
lenders agree on,
in the sole good faith opinion
of the Owners, commercially reasonable terms, that Charterer or
its affiliates may purchase at par the loan made by such lenders and related
mortgage and other security interests if Owners breach any provision of this
charter, including this Clause 85, or if Owners or any of their affiliates
default under the loan agreement for such loan.

 

86)                              Requirements
of Special Trades

 

A.           Charterer
may blend cargo on board. If original Bills of Lading are issued for one or
more of the parcels which are blended, upon return of all such Original Bills
of Lading and at Charterers’ request, Owners will issue new Bills of Lading for
the blended cargo. New Bills of Lading can only be issued for the blend as a
whole. Owners are hereby indemnified against all claims for contamination or
quality deterioration or off specification whatsoever due to cargo blending on
board.

 

B.             Extra
insurance on freight and/or cargo, if any, due to vessel’s age shall be for
Owners’ account and Charterer shall have the right to deduct such extra
insurance cost from hire due Owners. Charterer will provide supporting invoice
for extra insurance cost deducted from charter hire.

 

C.             Whenever
requested by Charterer, Owners shall arrange for war risk underwriters to
advise Charterer via Owners about actual net ‘additional premium’ then in
effect. If requested by Charterer, Owners shall arrange in advance for war risk
underwriters to furnish such information to Charterer via Owners 48 hours
before vessel enters ‘additional premium’ zone, weekend and local holidays are
excluded, at Charterers expense.

 

D.            Any ‘additional
premiums’ due from Charterer shall be documented by underwriters and Charterer
shall pay only the net premium charged to Owners -- i.e. gross
premium less rebate, if any.

 

E.              Charterer
shall not be responsible for any time lost due to officers and/or crew refusing
to proceed to an actual war zone, or for any time lost as a result of the
vessel remaining in an “additional premium” zone due to action by vessel’s
officers and/or crew and/or breakdown and/or accident to vessel or her
equipment not caused by fault of the Charterer, or as a result of an occurrence
of a war risk.

 

F.              Pollution
insurance. Owners warrant that they will have in place the maximum cover for
pollution offered by members of the International Group of P&I Clubs
(currently USD 1 billion) and that this cover from underwriters approved by

 

 

Charterer (such approval not to be
unreasonably withheld) will remain in place throughout the period of this
charter. Owners shall provide Charterers within five business days after the
fixture is concluded, written evidence from the vessel’s P&I club or
insurance broker of such pollution cover.

 

Any additional premiums or surcharges payable
by Owners in relation to the vessel calling to United States of America ports
to be for Charterers account.

 

G.             (Deleted)

 

H.            Owners
warrant that vessel is fully capable of carrying ‘Orimulsion’ and
Owners/operators are fully aware of the requirements for carrying this type of
cargo. Normally, crude oil washing nor inert gas system never
to be utilized while Orimulsion is onboard.

 

I.                 It is
understood that the vessel shall not be required to force ice but to follow ice
breakers from time to time always subject to master’s approval.

 

J.                (Deleted)

 

K.            Grades and
comingling. Charterer shall be at liberty to ship three grades of cargo. Grades
and quantities of petroleum products shall be defined by Charterer prior to
each voyage. Segregated grades shall be kept within vessels natural segregations.
At the option of the Charterer, loading of three or more grades of cargo in
such a manner as to voluntarily mix the cargo to obtain a new grade shall be
carried out by the Owners pursuant to Charterers requirements. Any such mixture
or admixture shall be at Charterers risk and expense and shall be considered to
be one grade under the present agreement. Any new bills of lading that are
issued will only be for the blended cargo as a whole.

 

L.              Vessel to
have a working vapour recovery system onboard.

 

M.         Owners
warrant that it has a policy on drug and alcohol abuse (‘‘Policy’’) applicable
to the vessel which meets or exceeds the standards of the OCIMF guidelines for
the control of drugs and alcohol onboard ship. Under the Policy, alcohol
impairment shall be defined as a blood alcohol content of 40 mg/100 ml or
greater; the appropriate seafarers to be tested shall be all the vessel’s
officers and the drug/alcohol testing and screening shall include unannounced
testing in addition to routine medical examinations. An objective of the Policy
should be that the frequency of the unannounced testing be adequate to act as
an effective abuse deterrent, and that the officers be tested at least once a
year though a combined program of unannounced testing and routine medical
examinations. Owners further warrant that the Policy will remain in effect
during the term of this charter providing that the terms are in conformity with
the laws of the vessel’s flag state and that the Owners shall exercise due
diligence to ensure that the Policy is complied with. It is understood that an
actual impairment, shall not in and of itself mean Owners has failed to
exercise due diligence. Persons who test positive,
refuse to test, or are unfit for duty (impaired because of drug or alcohol
abuse) shall be removed from the vessel and shall not be reassigned to service
on the vessel.

 

N.            (Deleted)

 

 

O.            (Deleted)

 

P.              Vessel shall
be capable of full hot fresh water wash, as well as hot sea water wash followed
by fresh water rinse, with all fresh water to be procured by Charterers over
and above what vessel is capable of producing with all time and expense for the
cost of the water as well as extra bunkers, and time and expense for all
related operations to be for Charterers account. Owners will make best efforts
to produce fresh water for Charterer’s purposes, however without guaranty.

 

Q.            Worldwide
trading always within American Institute Trade Warranties limits and any
subsequent amendments thereof as permitted by U.S. and/or Marshall Island authorities.

 

Charter may order the vessel to Alaska,
outside of American IWL, provided Owners’ consent thereto and that Charterers
pay for any insurance premium required by the vessel’s underwriters.  Charterers to give adequate prior notice to
Owners and Charterer shall provide and pay for response plan and OSRO coverage
for the vessel while in Alaskan waters.  All costs for any breach of BIWL as well as all costs for trading
to Alaska, and to comply with Charterer’s orders to be for Charterer’s account
including any insurance premium required by the vessel’s underwriters.

 

Costs of complying with USWC trading, with
port, local and OPA 90 rules and regulations to be for Charterers account in
addition to filing spill response plans.

 

R.             Where the
vessel is required to change over to and from low sulphur fuel, the fuel
consumption and any delays due to flushing the fuel system is to be for
Charterers account.

 

S.              (Deleted)

 

87)                              Agency

 

Owners can
appoint their own agents or have the right to use and pay Charterer’s agents
for Owners’ matters.

 

88)                              Hull And
Machinery Value

 

(Deleted)

 

89)                              War
Risk Premium

 

Owners to be
responsible only for the basic annual contributions payable to obtain war risk
cover. Charterer shall be responsible for the full amount of any sums payable
by way of additional premiums to maintain that full cover as a result of the
vessel proceding any areas designated as additional war risk premium areas.

 

90)                              Histories

 

Owners shall
provide a work history to Charterer prior to any change of the master, chief
engineer and chief officer serving onboard vessel. The history which shall show
the

 

 

extent of tanker experience in rank.
Similar histories shall be furnished for any new master, chief engineer and
chief officers prior to assignment to the vessel. After reviewing same,
Charterers have the right to reasonably reject any of the above in which case
Owners will nominate a substitute which shall be subject to Charterers approval
as well.

 

91)                              Personnel

 

Conversational
English language proficiency is required for the master and officers in charge
of cargo or bunker oil handling.

 

92)                              Reduction
or Increase in Deadweight

 

(Deleted)

 

93)                              Confidentiality

 

(Deleted)

 

94)                              General
Average

 

A.           In addition
to any other rights Charterer may have, and if requested by Charterer, Owners
will release one or more cargoes to Charterer for transshipment from a port of
refuge by and at the expense of Charterer in exchange for a nonseparation of
interest agreement, general average bond, and a general average undertaking
from cargo underwriters in the customary forms. Charterer’s transshipment
expenses, up to the general average expenses saved, are to be treated like the
general average expenses saved, as if those expenses had actually been incurred
and paid for by Charterer. If a subcharter is involved and freight is at risk,
subcharterer shall be credited for the vessel’s daily manning, bunkers,
insurance costs as well as port expenses saved for any part of the voyage not
required to be made by reason of transshipment. Bills of lading for such
transshipped cargoes are deemed to be accomplished on completion of transfer to
the transshipping vessel, and port of refuge where transfer is made shall be
treated as a discharge port.

 

B.             Any amounts
allowable in general average for wages, provisions and stores shall be credited
to Charterer insofar as such amounts are in respect of a period when the vessel
is on hire.

 

95)                              (Deleted)

 

96)          Hydrogen Sulphide
(H2S) Clause:

 

Owners shall comply with the requirements in ISGOTT (as amended from
time to time) concerning Hydrogen Sulphide and ensuring that the Hydrogen
Sulphide level is always below the threshold limit value (TLV).

 

If on arrival at the loading terminal, the loading authorities,
inspectors or other authorised and qualified personnel declare that the
Hydrogen Sulphide levels exceed the TLV and request the vessel to reduce the
said level to within the TLV, provided that the duration of the
voyage between the last discharge port and such loading terminal permits such

 

 

reduction, then the delay shall be considered off hire and any additional expenses
incurred by Charterer to be for Owners account.

 

97)          Yugoslavia Clause

 

(Deleted)

 

98)          BIMCO ISPS Clause for
Time Charter Parties 2005

 

(A)           (i)   The Owners shall comply with the
requirements of the International Code for the Security of Ships and of Port
Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS Code)
relating to the vessel and “the company” (as defined by the ISPS Code). If
trading to or from the United States or passing through United States waters,
the Owners shall also comply with the requirements of the U.S. Maritime
Transportation Security Act 2002 (MTSA) relating to the vessel and the “owner”
(as defined by the MTSA).

 

                        (ii)  Upon request the Owners shall provide
the Charterers with a copy of the relevant International Ship Security
Certificate (or the interim international ship security certificate) and the
full style contact details of the Company Security Officer (CSO).

 

                    (iii)   Loss, damages, expense or delay (excluding
consequential loss, damages, expense or delay) caused by failure on the part of
the Owners or “the company”/”owner” to comply with the requirements of the ISPS
Code/MTSA or this Clause shall be for the Owners’ account, except as otherwise
provided in this charter party.

 

(B)           (i)   The Charterers shall provide the Owners and
the master with their full style contact details and, upon request, any other
information the Owners require to comply with the ISPS Code/MTSA. Where
sub-letting is permitted under the terms of this charter party, the Charterers
shall ensure that the contact details of all sub-charterers are likewise
provided to the Owners and the master. Furthermore, the Charterers shall ensure
that all sub-charter parties they enter into during the period of this charter
party contain the following provision:

 

                                           “The Charterers shall provide the Owners with
their full style contact details and, where sub-letting is permitted under the
terms of the charter party, shall ensure that the
contact details of all sub-charterers are likewise provided to the Owners”.

 

                        (ii)   Loss, damages, expense or delay (excluding
consequential loss, damages, expense or delay) caused by failure on the part of
the Charterers to comply with this Clause shall be for the Charterers’ account,
except as otherwise provided in this charter party.

 

(C)                          Notwithstanding
anything else contained in this charter party all delay, costs or expenses
whatsoever arising out of or related to security regulations or measures
required by the port facility or any relevant authority in accordance with the
ISPS Code/MTSA including, but not limited to, security guards, launch services,
vessel escorts, security fees or taxes and inspections, shall be for the
Charterers’ account, unless such costs or expenses result solely from the

 

 

negligence of the Owners, master or crew.
All measures required by the Owners to comply with the ship security plan shall
be for the Owners’ account.

 

(D)                          If either party makes any payment which
is for the other party’s account according to this Clause, the other party
shall indemnify the paying party.

 

99)                              Period / Charter Hire

 

Owner and Charterer agree that the initial
charter period shall be the period commencing on October 17, 2005 and ending on
October 16, 2011 (the “Initial Expiration Date”).  Until the Initial Expiration Date, the
Charterer shall pay to the Owner, charter hire (“Basic Hire”) monthly in
advance by the due date set forth in Clause 9. 
Each payment of Basic Hire (“Basic Hire Amount”) shall equal the basic
hire rate set forth in the initial charter rate table below that corresponds to
the time period for which payment is being made multiplied by the actual
number of days in the month for which the Basic Hire Amount is being calculated.

 

INITIAL CHARTER RATE TABLE

 

	
  CHARTER

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  October 17, 2005

  	
   

  	
  October 16, 2006

  	
   

  	
  USD 37,200 per day

  
	
  2

  	
   

  	
  October 17, 2006

  	
   

  	
  October 16, 2007

  	
   

  	
  USD 37,400 per day

  
	
  3

  	
   

  	
  October 17, 2007

  	
   

  	
  October 16, 2008

  	
   

  	
  USD 37,500 per day

  
	
  4

  	
   

  	
  October 17, 2008

  	
   

  	
  October 16, 2009

  	
   

  	
  USD 37,600 per day

  
	
  5

  	
   

  	
  October 17, 2009

  	
   

  	
  October 16, 2010

  	
   

  	
  USD 37,800 per day

  
	
  6

  	
   

  	
  October 17, 2011

  	
   

  	
  October 16, 2011

  	
   

  	
  USD 38,100 per day

  

 

The Charterer may, at its option, extend the charter on one or more
occasions (provided that the charter is still in effect at the time of
extension) by giving written notice (the “Extension Notice”) to the Owner at
least 90 days prior to the expiration date of the charter then in effect.  The Extension Notice shall specify the new
expiration date of this charter, which shall be the first, second or third
anniversary of the existing expiration date; provided, however,
that in no event shall the expiration date be subsequent to October 16,
2019.  The Extension Notice shall also
specify the Basic Hire Amount for the selected extension period, which shall be
calculated in the same manner as the Basic Hire Amount for the initial charter
period, and shall, at the option of the Charterer, be equal to either:

 

A.           the one-,
two- or three-year time charter rate for VLCCs, which rate corresponds to the
selected extension period, established by the Association of Shipbrokers Agents
and Agents Tanker Broker Panel (the “Broker Panel”), plus five percent,
or

 

B.             the basic
hire rate for the corresponding time period(s) set forth in the option period
rate table below.

 

Upon receipt of the Extension Notice by the Owner, the charter shall be
extended to the new expiration date on the same terms and conditions (other
than as expressly set forth

 

 

herein).  If, at the time of the exercise of any
extension period, the Broker Panel is no longer quoting one-, two- or
three-year time charter rates, then a mutually acceptable replacement Broker
Panel shall be selected by the Owner and Charterer.  The following broker panels shall be deemed
mutually acceptable by the Owner and Charterer:

 

London Tanker Broker Panel

 

OPTION
PERIOD RATE TABLE

 

	
  OPTION

  YEAR

  	
   

  	
  COMMENCING

  	
   

  	
  ENDING

  	
   

  	
  BASIC HIRE

  RATE

  
	
   

  	
   

  	
  (0001 GMT)

  	
   

  	
  (2400 GMT)

  	
   

  	
   

  
	
  1

  	
   

  	
  October
  17, 2011

  	
   

  	
  October
  16, 2012

  	
   

  	
  USD
  38,500 per day

  
	
  2

  	
   

  	
  October
  17, 2012

  	
   

  	
  October
  16, 2013

  	
   

  	
  USD
  38,800 per day

  
	
  3

  	
   

  	
  October
  17, 2013

  	
   

  	
  October
  16, 2014

  	
   

  	
  USD
  39,200 per day

  
	
  4

  	
   

  	
  October
  17, 2014

  	
   

  	
  October
  16, 2015

  	
   

  	
  USD
  39,400 per day

  
	
  5

  	
   

  	
  October
  17, 2015

  	
   

  	
  October
  16, 2016

  	
   

  	
  USD
  39,600 per day

  
	
  6

  	
   

  	
  October
  17, 2016

  	
   

  	
  October
  16, 2017

  	
   

  	
  USD
  39,800 per day

  
	
  7

  	
   

  	
  October
  17, 2017

  	
   

  	
  October
  16, 2018

  	
   

  	
  USD
  40,000 per day

  
	
  8

  	
   

  	
  October
  17, 2018

  	
   

  	
  October
  16, 2019

  	
   

  	
  USD
  40,300 per day

  

 

ADDITIONAL HIRE

 

Charterer
agrees that Additional Hire Payment Amount (as defined in the Charter Framework
Agreement, dated October 6, 2005, by and among the Owners, the Charterer and
the other parties thereto), if any, shall be calculated and paid in accordance
with such Charter Framework Agreement.

 

100)        AMS Clause

 

U.S. Customs Clearance – if cargo is to be
discharged in a U.S. port or territory subject to control by the U.S. Customs
and Border Protection (CBP), Charterers warrant that all necessary details
required by CBP for clearance of the cargo, inclusive of but not limited to,
shipper consignee and notify party full name, address and phone number or telex
number, will be included on each bill of lading or alternatively supplied to
Owners in writing a minimum of 24 hours prior to the vessel’s arrival at the
first designated U.S. port of discharge. For voyages less than 24 hours in
duration this information must be included on the bill of lading or advised to
Owners prior to the vessel departure from the loading place or port.  Any delays, fines or penalties incurred due
to Charterers’ failure to comply with the above will be for Charterers’
account.

 

Effective March 4, 2004, all imported cargoes
into the U.S. must be electronically reported via the Bureau of U.S. Customs
and Border Protection AMS system.  This
requires the Owner to have a Type 3 International Carriers Bond as well as a
Standard Carriers Alpha Code (SCAC).  It
is the responsibility of the Owner to ensure that his reporting requirement
occurs 24 hours prior to the vessel’s arrival at the first U.S. port. Should
the international voyage be less than 24 hours in duration, the Owner shall
electronically file the manifest via the automated manifest system at the time
of the loading in the foreign port. 
Owners and/or vessel master or their designated agent will

 

 

provide a copy of the electronically filed
manifest to the Charterers or their designated agent at the time of filing with
CBP.

 

Owners warrant that it is aware of the
requirements of the U.S. Customs and Border Protection regulation issued on
December 5, 2003 under Federal Register Part II Department of Homeland Security
19 CFP Parts 4, 103, et al. and will comply fully with these requirements for
entering U.S. ports.  Any delays, fines
or penalties incurred due to Owners failure to comply with the above will be
for Owners account.

 

The cost of filing to be for
Charterers account. 
Charterers to be responsible for any delay and/or fines related to late
filing by their agents.

 

101)        House Flag/Charterers
Markings

 

At any time during the period of this
charter, Charterers shall have the privilege of flying their house flag, to
paint the funnel and bow crest in their house colors and to paint their
markings on ships sides and put/change the name of the vessel. Upon vessels
redelivery, Owners shall be obliged to rename the vessel and remove Charterers
markings on ships sides and repaint ships name and funnel. The cost of such
paintings and/or repaintings and/or name change to be for Charterers account
unless otherwise agreed with Owners.  Upon Charterers request, crew to perform the work and payment to be
settled directly between Charterers and master.

 

In the event of a change in the technical
management of the vessel, Charterers shall have the option to change the
markings on the vessel and/or the name of the vessel at Owners time and
expense.

 

102)        Green Award Clause

 

Rebates in
port dues, etc. obtained via the green award certificate to be refunded to
Charterers, provided that Charterers have paid for the green award audit fees
in full, or prorated for the period covered under this charter party.

 

103)        Remeasure Clause

 

Charterers
have the option to re-measure the vessel for the purpose of satisfying certain
port/terminal regulations. All cost and time to be for Charterers’ account. The
vessel is to be redelivered non-measured at Owners’ option if Charterers
exercised their option to re-measure in the first place.

 

104)        Exxon Mooring

 

(Deleted)

 

105)        Storage Clause

 

Charterers
shall have the option of requesting the vessel to remain idle, at a safe place,
at anchor/or drifting.

 

106)        Breach Of Warranty Clause

 

(Deleted)

 

 

107)        Tracking System Clause

 

It is agreed
that Charterers may from the time of fixing until completion of the charter
period employ an INMARSAT tracking system on the vessel. Such tracking system
works on data provided from the vessel’s onboard INMARSAT C system and can be
installed simply, either remotely, or on some older systems with minimal set up
input from the vessel. All registration/communication costs relating to this
tracking system will be for Charterers’ account. Charterers will advise when
the system is operative and confirm termination on completion of charter.

 

108)        Q88.Com Clause

 

Owners to
provide, free of charge, a copy of the OCIMF VPQ in the required electronic
form so that the vessel can be included in Charterers’ subscription to the
website “q88.com”. Owners are furthermore required
to update the system with vessel approval status, certification and any other
information as required on a regular basis.

 

109)                     Changes/Improvements
Necessary for the Operation of the Vessel or Imposed by Legislation, Class or
Oil Company Vetting Requirements

 

A.           In the event
any improvement, structural change or the installation of new equipment is
imposed by compulsory legislation and/or Class rules and/or oil
company vetting requirements, Charterers shall have the right to require
that the Owners effect such improvement, changes or installations. The
Charterers shall fully reimburse the Owners for the total cost of all such
improvements, structural changes or installations up to USD 50,000 in any
calendar year. To the extent that the total cost of all such improvements,
structural changes or installations exceed USD 50,000 in any calendar year, the
Charterers shall reimburse the Owners in an amount equal to 50 percent of the
product of (i) the cost of such improvements, structural changes or
installations over USD 50,000 and (ii) a fraction, the numerator of which shall
be the number of whole months remaining in the charter period at the time of
completion of such improvement, structural change or installation (the “Remaining
Charter Period”) and the denominator of which shall be the number of whole
months remaining in the depreciation period of the vessel (calculated as 25
years from the year the vessel was built) at the time of completion of such
improvement, structural change or installation (such product, the “Reimbursement
Payment”) and the balance of the cost of such improvement, structural change or
installation over USD 50,000 shall be paid by the Owners. In the event the
charter period is extended for any reason, included but not limited to any
extension under Clause 99, the Charterers shall pay additional reimbursement to
the Owners in an amount equal to the difference between the reimbursement
calculated under the preceding sentence (plus any additional reimbursement
calculated for any other extension period if applicable) and the amount that
would have been due from the Charterers had the Remaining Charter Period used
to calculate the Reimbursement Payment including the number of whole months in
the extension period as the numerator of the relevant fraction.

 

B.             In the event
any improvement, structural change or the installation of new equipment, not
falling under (A) above, is deemed necessary by the Charterers for the
continued operation of the vessel, Charterers shall have the right at their own
cost to effect such improvement, structural changes or installation, with the
Owners’ consent which shall not unreasonably be withheld.

 

 

C.             The Owners
shall be notified in writing in advance by the Charterers about any changes
and/or improvements as afore mentioned.

 

D.            Any change,
improvement or installation made pursuant to this Clause shall be the property
of Owners.

 

110)        Third Party Clause

 

Except as may
be otherwise agreed in writing by the parties with any third party, a person
who is not party to this agreement/charter may not enforce, or otherwise have
the benefit of, any provision of this agreement/charter under the contract.

 

111)        Optional Termination

 

In the event
the vessel is not delivered under this charter by [IPO closing], 2005 both the
Owners and the Charterers shall have the right to terminate this charter and
neither the Owners nor the Charterers shall be entitled to damages or to any
other compensation or reimbursement of expenses.

 

112)        Damages Clause

 

In
subchartering to its customers, Charterer shall endeavor to avoid or limit any
liability to such customers for consequential damages. Owners shall not be
liable for any consequential damages or losses unless the Charterer’s
sub-charter provides for such consequential damages or losses to such
customers.

 

 

APPENDIX A

 

QUESTIONNAIRE 88 FOR OVERSEAS CHRIS

 

INTERTANKO’S STANDARD TANKER VOYAGE CHARTERING QUESTIONNAIRE
1988 (Version 2)

(Metric system to be applied, HVPQ reference
specified where applicable) 

 

	
   

  	
   

  	
   

  	
   

  	
  HVPQ Ref

  
	
  GENERAL INFORMATION

  	
   

  	
   

  	
   

  	
   

  
	
  Date Updated:

  	
   

  	
  Jul 20, 2005

  	
   

  	
   

  
	
  Vessel’s name:

  	
   

  	
  Overseas Chris

  	
   

  	
  1.2

  
	
  IMO number:

  	
   

  	
  9217981

  	
   

  	
  1.3

  
	
  Vessel’s previous name(s):

  	
   

  	
  Not Applicable

  	
   

  	
  1.4-1.7

  
	
  Flag:

  	
   

  	
  Marshall Island

  	
   

  	
  1.8

  
	
  Port of Registry:

  	
   

  	
  Majuro

  	
   

  	
  1.9

  
	
  Call sign:

  	
   

  	
  V7DA6

  	
   

  	
  1.11

  
	
  Inmarsat phone number:

  	
   

  	
  Sat B Tel 353845921

  	
   

  	
  1.12

  
	
  Fax number:

  	
   

  	
  Sat B 353845922

  	
   

  	
  1.13

  
	
  Email address:

  	
   

  	
  master.ovchris@ships.osg.com

  	
   

  	
  1.16

  
	
  Type of vessel:

  	
   

  	
  Oil Tanker

  	
   

  	
  1.17

  
	
  Type of hull:

  	
   

  	
  Double Hull

  	
   

  	
  1.19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  OWNERSHIP
  & OPERATION

  	
   

  	
   

  	
   

  	
   

  
	
  Registered owner - Full
  Style:

  	
   

  	
  1321 Tanker Corp 

  c/o OSG Ship Management (UK) Ltd 

  +44 191 285 0621 

  osguk@osg.com

  	
   

  	
  1.20

  
	
  Technical operator - Full
  Style:

  	
   

  	
  OSG Ship Management (UK)
  Ltd. 

  Horsley House, Regent Centre, Gosforth, Newcastle-upon-Tyne, NE3 3HW, United
  Kingdom 

  +44 191 285 0621 

  osguk@osg.com

  	
   

  	
  1.22

  
	
  Commercial operator - Full
  Style:

  	
   

  	
  Tankers International LLC 

  c/o Tankers (UK) Agencies Ltd, 3rd Floor, Moreau House, 116 Brompton Road,
  London SW3 1JJ, United Kingdom 

  +44 207 8704700 

  operations@tankers.uk.com

  	
   

  	
  1.25

  
	
  Disponent owner / Bareboat
  charterer - Full Style:

  	
   

  	
  

  	
   

  	
   

  
	
  Number of vessels in
  disponent owner’s fleet:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BUILDER

  	
   

  	
   

  	
   

  	
   

  
	
  Where Built :

  	
   

  	
  Hyundai Heavy Industries

  	
   

  	
  1.26

  
	
  Date Delivered:

  	
   

  	
  Dec 10, 2001

  	
   

  	
  1.31

  

 

 

	
  CLASSIFICATION

  	
   

  	
   

  	
   

  	
   

  
	
  Vessel’s classification
  society:

  	
   

  	
  Lloyds Register

  	
   

  	
  1.34

  
	
  Class notation:

  	
   

  	
  LR + 100A1, Double Hull Oil
  Tanker, ESP,*IWS,LI,Ship Right (SDA, FDA, CM), With Descriptive Notes “Pt.HT.
  SBT/PL, (LR), COW (LR), +LMC, UMS, IGS

  	
   

  	
  1.35

  
	
  If Classification society
  changed, name of previous society?

  	
   

  	
  N/A

  	
   

  	
  1.36

  
	
  If Classification society
  changed, date of change?

  	
   

  	
  None

  	
   

  	
  1.37

  
	
  Last dry-dock:

  	
   

  	
  Not Applicable

  	
   

  	
  1.38

  
	
  Last special survey:

  	
   

  	
  Dec 10, 2001

  	
   

  	
  1.41

  
	
  Latest CAP Rating (if
  applicable)

  	
   

  	
  0

  	
   

  	
  1.44

  
	
  Last annual survey:

  	
   

  	
  Nov 16, 2004

  	
   

  	
  1.45

  
	
  Does the vessel have a
  statement of compliance issued under

  the provisions of the Condition Assessment Scheme (CAS)?

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DIMENSIONS

  	
   

  	
   

  	
   

  	
   

  
	
  LOA (Length Over All):

  	
   

  	
  334.59 Metres

  	
   

  	
  1.49

  
	
  Extreme breadth:

  	
   

  	
  58.05 Metres

  	
   

  	
  1.51

  
	
  KTM (Keel to Masthead):

  	
   

  	
  62.703 Metres

  	
   

  	
  1.54

  
	
  BCM (Bow to Center
  Manifold):

  	
   

  	
  168.359 Metres

  	
   

  	
  1.57.1

  
	
  Lightship parallel body
  length:

  	
   

  	
  125.4 Metres

  	
   

  	
  1.57.3

  
	
  Normal ballast parallel
  body length:

  	
   

  	
  144.74 Metres

  	
   

  	
  1.57.6

  
	
  Parallel body length at
  Summer DWT:

  	
   

  	
  160.68 Metres

  	
   

  	
  1.57.9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TONNAGES

  	
   

  	
   

  	
   

  	
   

  
	
  Net Tonnage:

  	
   

  	
  109555 Tonnes

  	
   

  	
  1.59

  
	
  Gross Tonnage:

  	
   

  	
  157883 Tonnes

  	
   

  	
  1.60

  
	
  Suez Net Tonnage:

  	
   

  	
  Tonnes

  	
   

  	
  1.61

  
	
  Panama Net Tonnage:

  	
   

  	
  Tonnes

  	
   

  	
  1.62

  

 

	
   

  	
   

  	
  Freeboard

  	
   

  	
  Draft

  	
   

  	
  Deadweight

  	
   

  	
  Displacement

  	
   

  	
   

  	
   

  
	
  LOADLINE INFORMATION

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Summer:

  	
   

  	
  8872
  Metres

  	
   

  	
  22.174
  Metres

  	
   

  	
  299999
  Tonnes

  	
   

  	
  343704
  Tonnes

  	
   

  	
  1.63

  	
   

  
	
  Winter:

  	
   

  	
  8796
  Metres

  	
   

  	
  22.25
  Metres

  	
   

  	
  301286
  Tonnes

  	
   

  	
  344991
  Tonnes

  	
   

  	
  1.64

  	
   

  
	
  Tropical:

  	
   

  	
  7850
  Metres

  	
   

  	
  23.196
  Metres

  	
   

  	
  317323
  Tonnes

  	
   

  	
  361028
  Tonnes

  	
   

  	
  1.65

  	
   

  
	
  Lightship:

  	
   

  	
  27666
  Metres

  	
   

  	
  3.38
  Metres

  	
   

  	
  0
  Tonnes

  	
   

  	
  43705
  Tonnes

  	
   

  	
  1.66

  	
   

  
	
  Normal Ballast Condition:

  	
   

  	
  20796
  Metres

  	
   

  	
  10.25
  Metres

  	
   

  	
  104677.3
  Tonnes

  	
   

  	
  148382.3
  Tonnes

  	
   

  	
  1.67

  	
   

  

 

	
  TPC on summer draft:

  	
   

  	
  169.53 Tonnes

  	
   

  	
  1.70

  	
   

  
	
  Does vessel have Multiple
  SDWT?

  	
   

  	
  Yes

  	
   

  	
  1.72

  	
   

  
	
  If yes what is the maximum
  assigned Deadweight?

  	
   

  	
  309284.7 Tonnes

  	
   

  	
  1.73

  	
   

  
	
  Air draft (sea level to top
  of mast/highest point) in normal SBT condition?

  	
   

  	
  52.453 Metres

  	
   

  	
  1.74

  	
   

  

 

 

	
  RECENT OPERATIONAL
  HISTORY

  	
   

  	
   

  	
   

  	
   

  
	
  Has vessel been involved in
  any collision, grounding or

  pollution incident the past 12 months, full description:

  	
   

  	
  Pollution: No 

  Grounding: No 

  Collision: No

  	
   

  	
  1.77-1.79

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CERTIFICATION

  	
   

  	
   

  	
   

  	
   

  
	
  Owners warrant following
  certificates to be valid throughout the Charter Party period:

  	
   

  	
   

  	
   

  	
   

  
	
  SOLAS Safety Equipment:

  	
   

  	
  Dec 09, 2006

  	
   

  	
  2.2

  
	
  SOLAS Safety Radio:

  	
   

  	
  Dec 09, 2006

  	
   

  	
  2.3

  
	
  SOLAS Safety Construction:

  	
   

  	
  Dec 09, 2006

  	
   

  	
  2.4

  
	
  Load line:

  	
   

  	
  Dec 09, 2006

  	
   

  	
  2.5

  
	
  IOPPC:

  	
   

  	
  Dec 09, 2006

  	
   

  	
  2.6

  
	
  Safety Management (ISM):

  	
   

  	
  May 19, 2007

  	
   

  	
  2.8

  
	
  USCG COC:

  	
   

  	
  Jul 07, 2004

  	
   

  	
  2.11

  
	
  CLC:

  	
   

  	
   

  	
   

  	
  2.13

  
	
  US COFR:

  	
   

  	
   

  	
   

  	
  2.15

  
	
  Certificate of Fitness
  (Gas/Chemicals):

  	
   

  	
  Gas: 

  Chem:

  	
   

  	
  2.16 & 2.17

  
	
  Certificate of Class:

  	
   

  	
   

  	
   

  	
   

  
	
  ISPS ISSC:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  DOCUMENTATION

  	
   

  	
   

  	
   

  	
   

  
	
  Does the vessel have the
  following documents on board?

  	
   

  	
   

  	
   

  	
   

  
	
  International Safety Guide
  for Oil Tankers & Terminals (ISGOTT):

  	
   

  	
  Yes

  	
   

  	
  2.28

  
	
  OCIMF/ICS Ship to Ship
  Transfer Guide (Petroleum):

  	
   

  	
  Yes

  	
   

  	
  2.31

  
	
  Is the vessel entered with
  ITOPF?

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CREW
  MANAGEMENT

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Master

  	
   

  	
   

  	
   

  	
   

  
	
  Nationality of Officers:

  	
   

  	
  Spanish, British, Croatian

  	
   

  	
  3.1

  
	
  Nationality of Crew:

  	
   

  	
  Croatian

  	
   

  	
  3.2

  
	
  If Officers/Crew employed
  by a Manning Agency - Full Style:

  	
   

  	
  Officers: 

  Crew:

  	
   

  	
  3.1 & 3.2

  
	
  What is the common working
  language onboard?

  	
   

  	
  English

  	
   

  	
  3.1

  
	
  Do key officers understand
  English?

  	
   

  	
   

  	
   

  	
   

  
	
  In case of Flag Of
  Convenience (FOC), is the ITF Special Agreement on board?

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  STRUCTURAL
  CONDITION

  	
   

  	
   

  	
   

  	
   

  
	
  Are cargo tanks coated?

  	
   

  	
  Yes

  	
   

  	
  7.1

  
	
  If Yes, specify type of
  coating:

  	
   

  	
  Biscon HB 200

  	
   

  	
  7.1.1

  
	
  If cargo tanks are coated,
  specify to what extent:

  	
   

  	
  As Above

  	
   

  	
  7.1.3

  
	
  Are slop tanks coated?

  	
   

  	
   

  	
   

  	
   

  
	
  If slop tanks are coated,
  specify to what extent:

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  CARGO
  & BALLAST SYSTEMS

  	
   

  	
   

  	
   

  	
   

  
	
  If double hull, is vessel
  fitted with centreline bulkhead in all cargo tanks?

  	
   

  	
  No

  	
   

  	
  8.2

  
	
  Groups / Tank Capacities

  	
   

  	
  1: Cu. Metres – , 2: Cu.
  Metres - 3: Cu. Metres - 4: Cu. Metres - 5: Cu. Metres - 6: Cu. Metres - 7:
  Cu. Metres - 8: Cu. Metres - 9: Cu. Metres -

  	
   

  	
  8.3

  
	
  Total cubic capacity 98% ex
  slop tank:

  	
   

  	
  336246 Cu. Metres

  	
   

  	
  8.4 & 8.6

  
	
  Slop tank(s) capacity 98%:

  	
   

  	
  7026.4 Cu. Metres

  	
   

  	
  8.5 & 8.7

  
	
  SBT or CBT?

  	
   

  	
  SBT

  	
   

  	
   

  
	
  If SBT, what percentage of
  SDWT can vessel maintain with SBT only?

  	
   

  	
  33.36%

  	
   

  	
  8.14.2

  
	
  If SBT, does vessel meet
  the requirements of MARPOL Reg 13(2)?

  	
   

  	
  Yes

  	
   

  	
  8.14.3

  
	
  Number of natural
  segregations with double valve:

  	
   

  	
  3

  	
   

  	
  8.15

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  PUMPS

  	
   

  	
   

  	
   

  	
   

  
	
  Number / Capacity / Type:

  	
   

  	
  3 x 5000 Cu. Metres/Hour
  (Centrifugal)

  	
   

  	
  8.18-8.25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  GAUGING
  AND SAMPLING

  	
   

  	
   

  	
   

  	
   

  
	
  Can tank innage/ullage be
  read from the CCR?

  	
   

  	
  Yes

  	
   

  	
  8.48

  
	
  Can vessel operate under
  closed conditions in accordance with ISGOTT 7.6.3?

  	
   

  	
  Yes

  	
   

  	
  8.51

  
	
  Type of tank gauging system
  (radar / floating / other)

  	
   

  	
  Radar

  	
   

  	
  8.51.1

  
	
  Are high level alarms
  fitted and operational in cargo tanks?

  	
   

  	
  Yes

  	
   

  	
  8.54

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  VAPOUR
  EMISSION CONTROL AND VENTING

  	
   

  	
   

  	
   

  	
   

  
	
  Is a vapour return system
  fitted?

  	
   

  	
  Yes

  	
   

  	
  8.65

  
	
  State what type of venting
  system is fitted:

  	
   

  	
  Common, Single Vent Riser

  	
   

  	
  8.67

  
	
  Max loading rate per
  midships connection for homogenous cargo?

  	
   

  	
  Cu. Metres/Hour

  	
   

  	
  8.79

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  MANIFOLDS

  	
   

  	
   

  	
   

  	
   

  
	
  Does vessel comply with the
  latest edition of the OCIMF ‘Recommendations for Oil Tanker Manifolds and
  Associated Equipment’?

  	
   

  	
  Yes

  	
   

  	
  8.80

  
	
  What is the number of cargo
  connections per side?

  	
   

  	
  3

  	
   

  	
  8.83

  
	
  What is the size of cargo
  connections?

  	
   

  	
  Millimetres

  	
   

  	
  8.84

  
	
  What is the material of the
  manifold?

  	
   

  	
  Cast Steel

  	
   

  	
  8.86

  
	
  Distance between cargo
  manifold centres:

  	
   

  	
  3000 Millimetres

  	
   

  	
  8.93

  
	
  Distance ships rail to
  manifold:

  	
   

  	
  4500 Millimetres

  	
   

  	
  8.95

  
	
  Distance main deck to
  centre of manifold:

  	
   

  	
  2100 Millimetres

  	
   

  	
  8.97

  
	
  Height of manifold connections
  above the waterline

  at loaded (Summer Deadweight) condition?

  	
   

  	
  10.423 Metres

  	
   

  	
  8.101

  

 

 

	
  Height of manifold
  connections above the waterline in normal ballast?

  	
   

  	
  22.886 Metres

  	
   

  	
  8.102

  
	
  Is vessel fitted with a
  stern manifold?

  	
   

  	
  No

  	
   

  	
  8.104

  
	
  Number / size reducers:

  	
   

  	
  6 x 660/500 Millimetres

  6 x 660/400 Millimetres

  6 x 660/300 Millimetres

  3 x 400/250 Millimetres

  	
   

  	
  8.106-8.110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  CARGO
  HEATING

  	
   

  	
   

  	
   

  	
   

  
	
  Type of cargo heating
  system?

  	
   

  	
   

  	
   

  	
  8.120

  
	
  Material of heating system?

  	
   

  	
   

  	
   

  	
  8.128

  
	
  Max load temp:

  	
   

  	
   

  	
   

  	
   

  
	
  Max temp maintain:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  IGS &
  COW

  	
   

  	
   

  	
   

  	
   

  
	
  Is an Inert Gas System
  (IGS) fitted?

  	
   

  	
  Yes

  	
   

  	
  9.1

  
	
  Is IGS supplied by flue
  gas, inert gas (IG) generator and/or nitrogen?

  	
   

  	
  Flue Gas

  	
   

  	
  9.3

  
	
  Is a Crude Oil Washing
  (COW) installation fitted?

  	
   

  	
  Yes

  	
   

  	
  9.17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MOORING
  ARRANGEMENTS

  	
   

  	
   

  	
   

  	
   

  
	
  Number / length / diameter
  of wires:

  	
   

  	
  Forecastle: 4 / 300 / 42

  Fwd main deck: 6 / 300 / 42

  Aft main deck: 4 / 300 / 42

  Poop: 6 / 300 / 42

  	
   

  	
  10.2-5

  
	
  Breaking strength of wires:

  	
   

  	
  Forecastle: 114

  Fwd main deck: 114

  Aft main deck: 114

  Poop: 114

  	
   

  	
  10.2-5

  
	
  Number / length / diameter
  of ropes:

  	
   

  	
  None

  	
   

  	
  10.11-18

  
	
  Breaking strength of ropes:

  	
   

  	
  None

  	
   

  	
  10.11-18

  
	
  Number and brake holding
  power of winches:

  	
   

  	
  Forecastle: 2 / 91.2

  Fwd main deck: 3 / 91.2

  Aft main deck: 2 / 91.2

  Poop: 3 / 91.2

  	
   

  	
  10.22-10.25

  
	
  How many closed chocks
  and/or fairleads of enclosed type are fitted on:

  	
   

  	
   

  	
   

  	
   

  
	
  Focsle:

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck fwd:

  	
   

  	
   

  	
   

  	
   

  
	
  Main
  deck aft:

  	
   

  	
   

  	
   

  	
   

  
	
  Poop:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SINGLE
  POINT MOORING (SPM) EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  
	
  Fairlead size:

  	
   

  	
  650 mm x 450 mm

  	
   

  	
  10.48

  
	
  Does vessel comply with the
  latest edition of OCIMF ‘Recommendations for Equipment Employed in the
  Mooring of Vessels at Single Point Moorings (SPM)’?

  	
   

  	
  Yes

  	
   

  	
  10.60

  
	
  Is vessel fitted with chain
  stopper(s)?

  	
   

  	
  Yes

  	
   

  	
  10.61

  
	
  Number:

  	
   

  	
  2

  	
   

  	
  10.61.1

  

 

 

	
  Type:

  	
   

  	
  Tongue

  	
   

  	
  10.61.2

  
	
  SWL:

  	
   

  	
  200 Tonnes

  	
   

  	
  10.61.3

  
	
  Max diameter chain size:

  	
   

  	
  76 Millimetres

  	
   

  	
  10.62

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIFTING
  EQUIPMENT

  	
   

  	
   

  	
   

  	
   

  
	
  Derrick(s) - Number / SWL:

  	
   

  	
  0 / Tonnes

  	
   

  	
  10.75

  
	
  Crane(s) - Number / SWL:

  	
   

  	
  2 / 20 Tonnes

  	
   

  	
  10.76

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ENGINE
  ROOM

  	
   

  	
   

  	
   

  	
   

  
	
  What type of fuel is used
  for main propulsion?

  	
   

  	
  HFO

  	
   

  	
  12.5

  
	
  What type of fuel is used
  in the generating plant?

  	
   

  	
  HFO

  	
   

  	
  12.14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MISCELLANOUS

  	
   

  	
   

  	
   

  	
   

  
	
  P & I Club name:

  	
   

  	
   

  	
   

  	
   

  
	
  Last three cargoes (Last /
  2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  
	
  Last three charterers (Last
  / 2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  
	
  Last three voyages (Last /
  2nd Last / 3rd Last):

  	
   

  	
  Contact owner for details.

  	
   

  	
   

  
	
  Date of last SIRE
  Inspection:

  	
   

  	
   

  	
   

  	
   

  
	
  Date of last CDI
  Inspection:

  	
   

  	
   

  	
   

  	
   

  
	
  Current Oil Major Company
  Acceptances (TBOOK):

  	
   

  	
   

  	
   

  	
   

  
	
  Date and place of last Port
  State Control:

  	
   

  	
  /

  	
   

  	
   

  
	
  Any outstanding
  deficiencies as reported by any Port State Control?

  	
   

  	
   

  	
   

  	
   

  
	
  If yes, provide details:

  	
   

  	
   

  	
   

  	
   

  

 

	
  FOR USA
  CALLS ONLY

  	
   

  	
   

  	
   

  	
   

  
	
  Qualified individual (QI) -
  Full Style:

  	
   

  	
  

  	
   

  	
   

  
	
  Oil Spill Response
  Organization (OSRO) -Full Style:

  	
   

  	
  

  	
   

  	
   

  
	
  Has owner, manager, or
  operator signed the Sea Carrier Initiative agreement with US customs
  concerning drug smuggling?

  	
   

  	
   

  	
   

  	
   

  

 

Revised: July 2004 (INTERTANKO.com / Q88.com)

 

 

APPENDIX B

 

APPROVED SHIP BROKERS

 

P.F. Bassoe A/S (Norway)

Platou (Norway)

Fearnleys (Norway)

H. Clarkson (U.K.)

E.A. Gibson (U.K.)

Simpson Spence & Young Ltd.

Jacq.
Pierot Jr. & Sons, Inc. (USA)

Compass Maritime Services LLC

Galbraith’s Limited

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]