Exhibit 4.52

1. Shipbroker    N/A BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001”    PART I 2. Place and date 2001                31 March    2018 1974    Revised in .    1989 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1)    Sea 66 Leasing Co. Limited / Room 1803-1804, 18/F Bank of Antiparos Shipping Corporation / Trust Company Complex, Copenhagen America Tower, 12 Harcourt Road, Central, Hong Kong Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands    amalgamated (BIMCO), and    Council 5. Vessel’s name, call sign and flag (Cl. 1 and 3)    Revised “ . NAVE ATRIA / 3FFV5 / Panama or any other Flag State ‘B’ Maritime “Barecon 6. Type of Vessel 7. GT/NT and MR Tanker 30,052 / 13,255    “    International by ‘A’ and issued Baltic 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard    “Barecon 2012, Dae Sun Shipping & Engineering Co., Ltd., Korea 49,992    First The as 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society    Nippon Kaiji Kyokai or any other Classification Society 09/11/17 idea    12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) BIMCO’s IMO No.: 9459060 by    Length: 174.00 metres Printed Breadth: 32.20 metres    Depth: 19.10 metres 13. Port or Place of delivery (Cl. 3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33    16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class certificates    2001 At a safe, ice free port where the Vessel would be afloat at all upon redelivery (Cl. 15) times See Clause 40 November Issued 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g)) . N/A    In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Copenhagen Worldwide within Institute Warranty Limits    (BIMCO), Council 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11) Maritime See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii))    N/A by International and 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) published Baltic PART IV Dollars/bank transfer The See Clause 36.11—neither Clause 11(f) nor Part IV applies    Copyright, This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” STANDARD BAREBOAT CHARTER    PART I 26. Place of payment; also state beneficiary and bank account (Cl. 11) 27. Bank Corporate guarantee/bond (sum and place) (Cl. 24) (optional) Beneficiary: Antiparos Shipping Corporation See Clause 24 Account No.: 1200048491 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f)    applies state date of Financial Instrument and name of    or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 38 – CLAUSE 14 DOES NOT APPLY See Clause 35 30. Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if any, for Charterers’ account limited to    (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33. Brokerage commission and to whom payable (Cl. 27) N/A N/A 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place    34. Grace period (state number of clear banking daysBusiness Days) (Cl. 28) of Arbitration must be stated (Cl. 30)    See Clause 44    See Clause 30(a) 36. War cancellation (indicate countries agreed) (Cl. 26(f)) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38. Name and place of Builders (only to be filled in if PART III applies) applies) (optional) N/A    No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A 41. Liquidated damages and costs shall accrue to (state party acc. to Cl. 1) a)    N/A    b)    N/A c)    N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV does not apply No, Part V does not apply    44.Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies)                in if PART V applies) N/A N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE—It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners)    Signature (Charterers)    For and on behalf of the Owners For and on behalf of the Charterers Name: Name: Title: Title:                This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” STANDARD BAREBOAT CHARTER    PART I    This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 day on which the Vessel should be ready, give notice 72 In this Charter, the following terms shall have the 2 thereof to the Charterers asking whether they will 73 meanings hereby assigned to them: 3 exercise their option of cancelling, and the option must 74 “The Owners” shall mean the party identified in Box 3; 4 then be declared within one hundred and sixty-eight 75 “The Charterers” shall mean the party identified in Box 4; 5 (168) running hours of the receipt by the Charterers of 76 “The Vessel” shall mean the vessel named in Box 5 and 6 such notice or within thirty-six (36) running hours after 77 with particulars as stated in Boxes 6 to 12. 7 the cancelling date, whichever is the earlier. If the 78 “Financial Instrument” means the mortgage, deed of 8 Charterers do not then exercise their option of cancelling, 79 covenant or other such financial security instrument as 9 the seventh day after the readiness date stated in the 80 annexed to this Charter and stated in Box 28. 10 Owners’ notice shall be substituted for the cancelling 81 2. Charter Period 11 date indicated in Box 15 for the purpose of this Clause 5. 82 In consideration of the hire detailed in Box 22, 12 (c) Cancellation under this Clause 5 shall be without 83 the Owners have agreed to let and the Charterers have 13 prejudice to any claim the Charterers may otherwise 84 agreed to hire the Vessel for the period stated in Box 21 14 have on the Owners under this Charter. 85 (“The Charter Period”). See also Clause 32 and Clause 15 6. Trading Restrictions See also Clauses 46.1(m) and                86 36. 46.1(n) 3. Delivery 16 The Vessel shall be employed in lawful trades for the 87 (not applicable when Part III applies, as indicated in Box 37) 17 carriage of suitable lawful merchandise within the trading 88 (a)    The Owners shall before and at the time of delivery 18 limits indicated in Box 20. 89 exercise due diligence to make the Vessel seaworthy 19 The Charterers undertake not to employ the Vessel or 90 And in every respect ready in hull, machinery and 20 suffer the Vessel to be employed otherwise than in 91 equipment for service under this Charter. 21 conformity with the terms of the contracts of insurance 92 The Vessel shall be delivered by the Owners and taken 22 (including any warranties expressed or implied therein) 93 over by the Charterers at the port or place indicated in 23 without first obtaining the consent of the insurers to such 94 Box 13 in such ready safe berth as the Charterers may 24 employment and complying with such requirements as 95 direct. 25 to extra premium or otherwise as the insurers may 96 (b) The Vessel shall beis properly documented on 26 prescribe. 97 delivery in accordance with the laws of the fFlag State 27 The Charterers also undertake not to employ the Vessel 98 indicated in Box 5 and the requirements of the 28 or suffer her employment in any trade or business which 99 cClassification sSociety stated in Box 10. The Vessel 29 is forbidden by the law of any country to which the Vessel 100 upon may sail or is otherwise illicit or in carrying illicit or 101 delivery shall have her survey cycles up to date and 30 prohibited goods or in any manner whatsoever which 102 trading and class certificates valid for at least the number 31 may render her liable to condemnation, destruction, 103 of months agreed in Box 12. 32 seizure or confiscation. 104 (c) The delivery of the Vessel by the Owners and the 33 Notwithstanding any other provisions contained in this 105 taking over of the Vessel by the Charterers shall 34 Charter it is agreed that nuclear fuels or radioactive 106 constitute a full performance by the Owners of all the 35 products or waste are specifically excluded from the 107 Owners’ obligations under this Clause 3, and thereafter 36 cargo permitted to be loaded or carried under this 108 the Charterers shall not be entitled to make or assert 37 Charter. This exclusion does not apply to radio-isotopes 109 any claim against the Owners on account of any 38 used or intended to be used for any industrial, 110 conditions, representations or warranties expressed or 39 commercial, agricultural, medical or scientific purposes 111 implied with respect to the Vessel but the Owners shall 40 provided the Owners’ prior approval has been obtained 112 be liable for the cost of but not the time for repairs or 41 to loading thereof. 113 renewals occasioned by latent defects in the Vessel, 42 7. Surveys on Delivery and Redelivery 114 her machinery or appurtenances, existing at the time of 43 (not applicable when Part III applies, as indicated in Box 37) 115 delivery under this Charter, provided such defects have 44 The Owners and Charterers shall each appoint 116 manifested themselves within twelve (12) months after 45 surveyors for the purpose of determining and agreeing 117 delivery unless otherwise provided in Box 32. 46 in writing the condition of the Vessel at the time of 118 4. Time for Delivery See Clauses 32 and 34 47 delivery and redelivery pursuant to Clause 40.3 (with 119 (not applicable when Part III applies, as indicated in Box 37) 48 the relevant costs paid by the Charterers).hereunder. The Vessel shall not be delivered before the date 49 The Owners shall indicated in Box 14 without the Charterers’ consent and 50 bear all expenses of the On-hire Survey including loss 120 the Owners shall exercise due diligence to deliver the 51 of time, if any, and the Charterers shall bear all expenses 121 Vessel not later than the date indicated in Box 15. 52 of the Off-hire Survey including loss of time, if any, at 122 Unless otherwise agreed in Box 18, the Owners shall 53 the daily equivalent to the rate of hire or pro rata thereof. 123 give the Charterers not less than thirty (30) running days’ 54 8. Inspection 124 preliminary and not less than fourteen (14) running days’ 55 The Owners shall have the right at any time either (i) 125 definite notice of the date on which the Vessel is 56 once every calendar year provided no Potential expected to be ready for delivery. 57 Termination Event or Termination Event has occurred The Owners shall keep the Charterers closely advised 58 (after giving reasonable notice to the Charterers and of possible changes in the Vessel’s position. 59 provided that the Owners do not unduly interfere with 5. Cancelling See Clause 33 60 or cause delay to the commercial operation of the (not applicable when Part III applies, as indicated in Box 37) 61 Vessel) or (ii) at any time following the occurrence of (a) Should the Vessel not be delivered latest by the 62 a Potential Termination Event or Termination Event cancelling date indicated in Box 15, the Charterers shall 63 and for as long as it is continuing (after giving have the option of cancelling this Charter by giving the 64 reasonable notice to the Charterers), to inspect or survey 126 Owners notice of cancellation within thirty-six (36) 65 the Vessel or instruct a duly authorised surveyor to carry 127 running hours after the cancelling date stated in Box 66 out such survey on their behalf:- 128 15, failing which this Charter shall remain in full force 67 (a) to ascertain the condition of the Vessel and satisfy 129 and effect. 68 themselves that the Vessel is being properly repaired 130 (b) If it appears that the Vessel will be delayed beyond 69 and maintained. The costs and fees for such inspection 131 the cancelling date, the Owners may, as soon as they 70 or survey shall be paid by the Charterers, subject to the 132 are in a position to state with reasonable certainty the 71 above conditions as may be applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel of agreement, be referred to the dispute resolution 199 is found to require repairs or maintenance in order to 133 method agreed in Clause 30., the Charterers shall 200 achieve the condition so provided; 134 ensure that the same are complied with and the (b) in dry-dock if the Charterers have not dry-docked 135 time and costs of compliance shall be for the Her in accordance with Clause 10(g). The costs and fees 136 Charterers’ account. for such inspection or survey shall be paid by the 137 (iii) Financial Security—The Charterers shall maintain 201 Charterers, subject to the above conditions as may be 138 financial security or responsibility in respect of third 202 applicable from lines 125 to 128; and party liabilities as required by any government, 203 (c) for any other commercial reason they consider 139 including federal, state or municipal or other division 204 necessary (provided it does not unduly interfere with 140 or authority thereof, to enable the Vessel, without 205 the commercial operation of the Vessel). The costs and 141 penalty or charge, lawfully to enter, remain at, or 206 fees for such inspection and survey shall be paid by the 142 leave any port, place, territorial or contiguous 207 OwnersCharterers, subject to the above conditions as 143 waters of any country, state or municipality in 208 may be applicable from lines 125 to 128. performance of this Charter without any delay. This 209 All time used in respect of inspection, survey or repairs 144 obligation shall apply whether or not such 210 shall be for the Charterers’ account and form part of the 145 requirements have been lawfully imposed by such 211 Charter Period. 146 government or division or authority thereof. 212 The Charterers shall also permit the Owners to inspect 147 The Charterers shall make and maintain all arrange- 213 the Vessel’s log books whenever requested and shall 148 ments by bond or otherwise as may be necessary to 214 whenever required by the Owners furnish them with full 149 satisfy such requirements at the Charterers’ sole 215 information regarding any casualties or other accidents 150 expense and the Charterers shall indemnify the Owners 216 or damage to the Vessel. 151 against all consequences whatsoever (including loss of 217 The Charterers shall provide such necessary time) for any failure or inability to do so. 218 assistance to the Owners, their representatives or (b) Operation of the Vessel—The Charterers shall at 219 agents in respect of any inspection hereunder. their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 9. Inventories, Oil and Stores See Clause 34.7 152 required, repair the Vessel during the Charter Period 222 A complete inventory of the Vessel’s entire equipment, 153 and they shall pay all charges and expenses of every 223 outfit including spare parts, appliances and of all 154 kind and nature whatsoever incidental to their use and 224 consumable stores on board the Vessel shall be made 155 operation of the Vessel under this Charter, including 225 by the Charterers in conjunction with the Owners on 156 annual flag Flag State fees and any foreign general 226 delivery and again on redelivery of the Vessel. The 157 municipality and/or state taxes. The Master, officers 227 Charterers and the Owners, respectively, shall at the 158 and crew of the Vessel shall be the servants of the Charterers 228 time of delivery and redelivery take over and pay for all 159 for all purposes whatsoever, even if for any reason 229 bunkers, lubricating oil, unbroached provisions, paints, 160 appointed by the Owners. 230 ropes and other consumable stores (excluding spare 161 Charterers shall comply with the regulations regarding 231 parts) in the said Vessel at the then current market prices 162 officers and crew in force in the country of the Vessel’s 232 at the ports of delivery and redelivery, respectively. The 163 flag or any other applicable law. 233 Charterers shall ensure that all spare parts listed in the 164 (c) The Charterers shall keep the Owners and the 234 inventory and used during the Charter Period are 165 mortgagee(s) advised of the intended employment (other 235 replaced at their expense prior to redelivery of the 166 than in respect of sub time charters which are less Vessel. 167 than 12 months in duration (after including any 10. Maintenance and Operation 168 optional extension periods),    (a)(i)Maintenance and Repairs—During the Charter 169 planned dry-docking (other than the periodical dry- 236 Period the Vessel shall be in the full possession 170 docking referred to under paragraph (g) below) and and at the absolute disposal for all purposes of the 171 major repairs of the Vessel, Charterers and under their complete control in 172 as reasonably required. 237 every respect. The Charterers shall maintain the 173 (d) Flag and Name of Vessel – During the Charter 238 Vessel, her machinery, boilers, appurtenances and 174 Period, the Charterers shall have the liberty to paint the 239 spare parts in a good state of repair, in efficient 175 Vessel in their own colours, install and display their 240 operating condition and in accordance with good 176 funnel insignia and fly their own house flag (with all fees, 241 commercial maintenance practice and, except as 177 costs and expenses arising in relation thereto for the provided for in Clause 14(l), if applicable, at their 178 Charterers account). The own expense they shall at all times keep the 179 Charterers shall also have the liberty, with the Owners’ 242 Vessel’s Class classification fully up to date with 180 consent, which shall not be unreasonably withheld, to 243 the Classification change the flag of the Vessel to that of another Flag 244 Society indicated in Box 10 and maintain all other 181 State (with all fees, costs and expenses arising in necessary certificates in force at all times. 182 relation thereto for the Charterers’ account) and/or (ii) New Class and Other Safety Requirements—In the 183 with the Owners’ consent, the name of the Vessel (with event of any improvement, structural changes or 184 all fees, costs and expenses arising in relation new equipment becoming necessary for the 185 thereto for the Charterers’ account) during continued operation of the Vessel by reason of new 186 the Charter Period. Any Ppainting and re-painting, 245 class requirements or by compulsory legislation 187 instalment costing (excluding the Charterers’ loss of time) 188 and re-instalment, registration (including maintenance 246 more than the percentage stated in Box 23, or if 189 and renewal thereof) and re-registration, if    Box 23 is left blank, 5 per cent. of the Vessel’s 190 required by the Owners, shall be at the Charterers’ 247 insurance value as stated in Box 29, then the 191 expense and time. If the Flag State requires the 248 extent, if any, to which the rate of hire shall be varied 192 Owners to establish a physical presence or office in and the ratio in which the cost of compliance shall 193 the jurisdiction of such Flag State, all fees, costs and be shared between the parties concerned in order 194 expenses payable by the Owners to establish and to achieve a reasonable distribution thereof as 195 maintain such physical presence or office shall be for between the Owners and the Charterers having 196 the account of the Charterers. regard, inter alia, to the length of the period 197 (e) Changes to the Vessel – Subject to Clause 10(a)(ii) and 249 remaining under this Charter shall, in the absence 198 Clause 10(b), the Charterers shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter Vessel or changes which materially adversely affect 251 as lost or missing shall be ten (10) days after the Vessel 312 the Vessel’s classification or value in the machinery, was last reported or when the Vessel is posted as 313 boilers, appurten- missing by Lloyd’s, whichever occurs first. Any hire paid 314 ances or spare parts thereof without in each instance 252 in advance to be adjusted accordingly. 315 first securing the Owners’ approval thereof. If the Owners 253 (f) Any delay in payment of hire shall entitle the 316 so agree, the Charterers shall, if the Owners so require, 254 Owners to interest at the rate per annum as agreed 317 restore the Vessel to its former condition before the 255 in Box 24. If Box 24 has not been filled in, the three months 318 termination of this Charter. 256 Interbank offered rate in London (LIBOR or its successor) 319 (f) Use of the Vessel’s Outfit, Equipment and 257 for the currency stated in Box 25, as quoted by the British 320 Appliances—The Charterers shall have the use of all 258 Bankers’ Association (BBA) on the date when the hire 321 outfit, equipment, and appliances on board the Vessel 259 fell due, increased by 2 per cent., shall apply. 322 at the time of delivery, provided the same or their 260 (g) Payment of interest due under sub-clause 11(f) 323 substantial equivalent shall be returned to the Owners 261 shall be made within seven (7) running days of the date 324 on redelivery (without prejudice to Clauses 40.6 and 262 of the Owners’ invoice specifying the amount payable 325 40.7 and if redelivery is required pursuant to this or, in the absence of an invoice, at the time of the next 326 Charter) in the same good order and condition as hire payment date. 327 when received, ordinary wear and tear excepted. The 263 12. Mortgage See Clause 35 328 Charterers shall from time to time during the Charter 264 (only to apply if Box 28 has been appropriately filled in) 329 Period replace such items of equipment as shall be so 265 *) (a) The Owners warrant that they have not effected 330 damaged or worn as to be unfit for use. The Charterers 266 any mortgage(s) of the Vessel and that they shall not 331 are to procure that all repairs to or replacement of any 267 effect any mortgage(s) without the prior consent of the 332 damaged, worn or lost parts or equipment be effected 268 Charterers, which shall not be unreasonably withheld. 333 in such manner (both as regards workmanship and 269 *) (b) The Vessel chartered under this Charter is financed 334 quality of materials) as not to diminish the value of the 270 by a mortgage according to the Financial Instrument. 335 Vessel. Title of any equipment so replaced shall vest 271 The Charterers undertake to comply, and provide such 336 in and remain with the Owners. The Charterers have information and documents to enable the Owners to 337 the right to fit additional comply, with all such instructions or directions in regard 338 equipment at their expense and risk (provided that no 272 to the employment, insurances, operation, repairs and 339 permanent structural damage is caused to the Vessel maintenance of the Vessel as laid down in the Financial 340 by reason of such installation) andbut the Charterers Instrument or as may be directed from time to time during 341 shall, at their expense, remove such equipment and 273 the currency of the Charter by the mortgagee(s) in 342 make good any damage caused by the fitting or conformity with the Financial Instrument. The Charterers 343 removal of such additional equipment before the confirm that, for this purpose, they have acquainted 344 Vessel is redelivered to the Owners pursuant to themselves with all relevant terms, conditions and 345 Clause 40.3 and without prejudice to Clauses 40.6 provisions of the Financial Instrument and agree to 346 and 40.7,at the end of the period if acknowledge this in writing in any form that may be 347 requested by the Owners. Any equipment including radio 274 required by the mortgagee(s). The Owners warrant that 348 equipment on hire on the Vessel at time of delivery shall 275 they have not effected any mortgage(s) other than stated 349 be kept and maintained by the Charterers and the 276 in Box 28 and that they shall not agree to any 350 Charterers shall assume the obligations and liabilities 277 amendment of the mortgage(s) referred to in Box 28 or 351 of the Owners under any lease contracts in connection 278 effect any other mortgage(s) without the prior consent 352 therewith and shall reimburse the Owners for all 279 of the Charterers, which shall not be unreasonably 353 expenses incurred in connection therewith, also for any 280 withheld. 354 new equipment required in order to comply with radio 281 are alternatives;    *) (Optional, Clauses 12(a) and 12(b) 355 regulations. 282 indicate alternative agreed in Box 28). 356 (g) Periodical Dry-Docking—The Charterers shall dry- 283 dock the Vessel and clean and paint her underwater 284 13. Insurance and Repairs See also Clause 38 357 parts whenever the same may be necessary, but not 285 (a) Subject and without prejudice to Clause 38, 358 less than once during the period stated in Box 19 or, if 286 Dduring the Charter Period the Vessel shall be kept Box 19 has been left blank, every sixty (60) calendar 287 insured by the Charterers at their expense against hull 359 months after delivery or such other period as may be 288 and machinery, marine and war (including blocking 360 required by the Classification Society or fFlag State. 289 and trapping) and Protection and Indemnity risks and freight, demurrage and defence risks 11. Hire See Clause 36 290 (and any risks against which it is compulsory to insure 361 (a) The Charterers shall pay hire due to the Owners 291 for the operation of the Vessel, including but not limited 362 punctually in accordance with the terms of this Charter 292 to maintaining in respect of which time shall be of the essence. 293 financial security in accordance with sub-clause 363 (b) The Charterers shall pay to the Owners for the hire 294 10(a)(iii)) in such form as the Owners shall in writing 364 of the Vessel a lump sum in the amount indicated in 295                approve, which approval shall not be un-reasonably 365 Box 22 which shall be payable not later than every thirty 296 withheld. During the Charter Period, the Charterers 366 (30) running days in advance, the first lump sum being 297 shall procure (at Charterers’ expense) that there are payable on the date and hour of the Vessel’s delivery to 298 in place innocent Owners’ interest insurance, the Charterers. Hire shall be paid continuously 299 Owner’s additional perils (pollution) insurance and if throughout the Charter Period.    300 applicable Mortgagees’ interest insurance and (c) Payment of hire shall be made in cash without 301 Mortgagees’ additional perils (pollution) insurance. discount in the currency and in the manner indicated in 302 Such insurances as specified in this Clause 13 shall be Box 25 and at the place mentioned in Box 26. 303 arranged by the (d) Final payment of hire, if for a period of less than 304 Charterers to protect the interests of both the Owners 367 thirty (30) running days, shall be calculated proportionally 305 and the Charterers and the mortgageeMortgagee(s) (if 368 according to the number of days and hours remaining 306 any),. and before redelivery and advance payment to be effected 307 The Charterers shall be at liberty to protect under such 369 accordingly. 308 insurances the interests of any managers they may 370 (e) Should the Vessel be lost or missing, hire shall 309 appoint. Insurance policies shall cover the Owners and 371 cease from the date and time when she was lost or last 310 the Charterers and the Mortgagees (if any) according to 372 heard of. The date upon which the Vessel is to be treated 311 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter their respective interests. payments made to discharge claims against or liabilities 437 Subject to the provisions of the Financial Instruments (if 373 of the Vessel or the Owners covered by such insurance. 438 any), if and the agreed loss payable clauses, Insurance policies shall cover the Owners and the 439 any, and the approval of the Owners and the insurers, 374 Charterers according to their respective interests. 440 the Charterers shall effect all insured repairs and shall 375 (b) During the Charter Period the Vessel shall be kept 441 undertake settlement and reimbursement from the 376 insured by the Charterers at their expense against 442 insurers of all costs in connection with such repairs as 377 Protection and Indemnity risks (and any risks against 443 well as insured charges, expenses and liabilities to the 378 which it is compulsory to insure for the operation of the 444 extent of coverage under the insurances herein provided 379 Vessel, including maintaining financial security in 445 for.    380 accordance with sub-clause 10(a)(iii)) in such form as 446 The Charterers also to remain responsible for and to 381 the Owners shall in writing approve which approval shall 447 effect repairs and settlement of costs and expenses 382 not be unreasonably withheld. 448 incurred thereby in respect of all other repairs not 383 (c) In the event that any act or negligence of the 449 covered by the insurances and/or not exceeding any 384 Charterers shall vitiate any of the insurance herein 450 possible franchise(s) or deductibles provided for in the 385 provided, the Charterers shall pay to the Owners all 451 insurances. 386 losses and indemnify the Owners against all claims and 452 All time used for repairs under the provisions of sub- 387 demands which would otherwise have been covered by 453 clause 13(a) and for repairs of latent defects according 388 such insurance. 454 to Clause 3(c) above, including any deviation, shall be 389 (d) The Charterers shall, subject to the approval of the 455 for the Charterers’ account. 390 Owners or Owners’ Underwriters, effect all insured 456 (b) If the conditions of the above insurances permit 391 repairs, and the Charterers shall undertake settlement 457 additional insurance to be placed by the parties, such 392 of all miscellaneous expenses in connection with such 458 cover shall be limited to the amount for each party set 393 repairs as well as all insured charges, expenses and 459 out in Box 30 and Box 31, respectively. The Owners or 394 liabilities, to the extent of coverage under the insurances 460 the Charterers as the case may be shall immediately 395 provided for under the provisions of sub-clause 14(a). 461 furnish the other partyOwners with particulars of any 396 The Charterers to be secured reimbursement through 462 additional the Owners’ Underwriters for such expenditures upon 463 insurance effected, including copies of any cover notes 397 presentation of accounts. 464 or policies and the written consent of the insurers of 398 (e) The Charterers to remain responsible for and to 465 any such required insurance in any case where the 399 effect repairs and settlement of costs and expenses 466 consent of such insurers is necessary. 400 incurred thereby in respect of all other repairs not 467 (c) The Charterers shall upon the request of the 401 covered by the insurances and/or not exceeding any 468 Owners, provide information and promptly execute such 402 possible franchise(s) or deductibles provided for in the 469 documents as may be required to enable the Owners to 403 insurances. 470 comply with the insurance provisions of the each 404 (f) All time used for repairs under the provisions of 471 Financial sub-clauses 14(d) and 14(e) and for repairs of latent 472 Instrument (if any). 405 defects according to Clause 3 above, including any 473 (d) Subject to the provisions of the Financial Instru- 406 deviation, shall be for the Charterers’ account and shall 474 ments, if any, and Clause 38 and Clause 40, should the 407 form part of the Charter Period. 475 Vessel become an actual, The Owners shall not be responsible for any expenses 476 constructive, compromised or agreed a tTotal lLoss under 408 as are incident to the use and operation of the Vessel 477 the insurances required under sub-clause 13(a), all 409 for such time as may be required to make such repairs. 478 insurance payments for such loss shall be paid to the 410 (g) If the conditions of the above insurances permit 479 Owners (or if applicable, their financiers) in 411 additional insurance to be placed by the parties such 480 accordance with the agreed loss payable clauses who cover shall be limited to the amount for each party set 481 shall distribute the moneys between the out in Box 30 and Box 31, respectively. The Owners or 482 Owners and the Charterers according to their respective 412 the Charterers as the case may be shall immediately 483 interests. The Charterers undertake to notify the Owners 413 furnish the other party with particulars of any additional 484 and the mortgageeMortgagee(s), if any, of any 414 insurance effected, including copies of any cover notes 485 occurrences in or policies and the written consent of the insurers of 486 consequence of which the Vessel is likely to become a 415 any such required insurance in any case where the 487 Ttotal Lloss as defined in this Clause. 416 consent of such insurers is necessary. 488 (e) The Owners shall upon the request of the 417 (h) Should the Vessel become an actual, constructive, 489 Charterers and subject to the Owners’ approval of 418 compromised or agreed total loss under the insurances 490 such request, promptly execute such documents as may required under sub-clause 14(a), all insurance payments 491 be required to enable the Charterers to abandon the 419 for such loss shall be paid to the Owners, who shall 492 Vessel to insurers and claim a constructive total loss. 420 distribute the moneys between themselves and the 493 (f) For the purpose of insurance coverage against hull 421 Charterers according to their respective interests. 494 and machinery and war risks under the provisions of 422 (i) If the Vessel becomes an actual, constructive, 495 sub-clause 13(a), the value of the Vessel is the sum 423 compromised or agreed total loss under the insurances 496 indicated in Box 29Clause 38. 424 arranged by the Owners in accordance with sub-clause 497 14. Insurance, Repairs and Classification – intentionally 425 14(a), this Charter shall terminate as of the date of such 498 omitted loss. 499 (Optional, only to apply if expressly agreed and stated 426 (j) The Charterers shall upon the request of the 500 in Box 29, in which event Clause 13 shall be considered 427 Owners, promptly execute such documents as may be 501 deleted). 428 required to enable the Owners to abandon the Vessel 502 (a) During the Charter Period the Vessel shall be kept 429 to the insurers and claim a constructive total loss. 503 insured by the Owners at their expense against hull and 430 (k) For the purpose of insurance coverage against hull 504 machinery and war risks under the form of policy or 431 and machinery and war risks under the provisions of 505 policies attached hereto. The Owners and/or insurers 432 sub-clause 14(a), the value of the Vessel is the sum 506 shall not have any right of recovery or subrogation 433 indicated in Box 29. 507 against the Charterers on account of loss of or any 434 (l) Notwithstanding anything contained in sub-clause 508 damage to the Vessel or her machinery or appurt- 435 10(a), it is agreed that under the provisions of Clause 509 enances covered by such insurance, or on account of 436 14, if applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter indicated in Box 10 and maintain all other necessary 512 is released, including the provision of bail. 581 certificates in force at all times. 513 In such circumstances the Owners shall indemnify the 582 15. Redelivery See Clause 40 514 Charterers against any loss, damage or expense 583 At the expiration of the Charter Period the Vessel shall 515 incurred by the Charterers (including hire paid under 584 be redelivered by the Charterers to the Owners at a 516 this Charter) as a direct consequence of such arrest or 585 safe and ice-free port or place as indicated in Box 16, in 517 detention. 586 such ready safe berth as the Owners may direct. The 518 18. Lien 587 Charterers shall give the Owners not less than thirty 519 The Owners to have a lien upon all cargoes, sub-hires 588 (30) running days’ preliminary notice of expected date, 520 and sub-freights belonging or due to the Charterers or 589 range of ports of redelivery or port or place of redelivery 521 any sub-charterers and any Bill of Lading freight for all 590 and not less than fourteen (14) running days’ definite 522 claims under this Charter, and the Charterers to have a 591 notice of expected date and port or place of redelivery. 523 lien on the Vessel for all moneys paid in advance and 592 Any changes thereafter in the Vessel’s position shall be 524 not earned. 593 notified immediately to the Owners. 525 19. Salvage 594 The Charterers warrant that they will not permit the 526 All salvage and towage performed by the Vessel shall 595 Vessel to commence a voyage (including any preceding 527 be for the Charterers’ benefit and the cost of repairing 596 ballast voyage) which cannot reasonably be expected 528 damage occasioned thereby shall be borne by the 597 to be completed in time to allow redelivery of the Vessel 529 Charterers. 598 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to redeliver the Vessel within 531 20. Wreck Removal 599 The Charter Period, the Charterers shall pay the daily 532 In the event of the Vessel becoming a wreck or 600 equivalent to the rate of hire stated in Box 22 plus 10 533 obstruction to navigation the Charterers shall indemnify 601 per cent. or to the market rate, whichever is the higher, 534 the Owners against any sums whatsoever which the 602 for the number of days by which the Charter Period is 535 Owners shall become liable to pay and shall pay in 603 exceeded. All other terms, conditions and provisions of 536 consequence of the Vessel becoming a wreck or 604 this Charter shall continue to apply. 537 obstruction to navigation. 605 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the Owners in the same or as good 539 21. General Average 606 structure, state, condition and class as that in which she 540 The Owners shall not contribute to General Average. 607 was delivered, fair wear and tear not affecting class 541 22. Assignment, Sub-Charter and Sale 608 excepted. 542 (a) The Charterers shall not assign this Charter nor 609 The Vessel upon redelivery shall have her survey cycles 543 sub-charter the Vessel on a bareboat basis except with 610 up to date and trading and class certificates valid for at 544 the prior consent in writing of the Owners, which shall 611 least the number of months agreed in Box 17. 545 not be unreasonably withheld, and subject to such terms 612 16. Non-Lien 546 and conditions as the Owners shall approve. 613 Other than Permitted Security Interests, Tthe 547 (b) The Owners shall not sell the Vessel during the 614 Charterers will not suffer, nor permit to be continued, currency of this Charter except with the prior written 615 any lien or encumbrance incurred by them or their 548 consent of the Charterers, which shall not be unreason- 616 agents, which might have priority over the title and 549 ably withheld, and subject to the buyer accepting an 617 interest of the Owners in the Vessel. The Charterers 550 assignment of this Charter. 618 further agree to fasten to the Vessel in a conspicuous 551 place and to keep so fastened during the Charter Period 552 23. Contracts of Carriage 619 a notice reading as follows: 553 *) (a) The Charterers are to procure that all documents 620 “This Vessel is the property of (name of Owners). It is 554 issued during the Charter Period evidencing the terms 621 under charter to (name of Charterers) and by the terms 555 and conditions agreed in respect of carriage of goods 622 of the Charter Party neither the Charterers nor the 556 shall contain a paramount clause incorporating any 623 Master have any right, power or authority to create, incur 557 legislation relating to carrier’s liability for cargo 624 or permit to be imposed on the Vessel any lien 558 compulsorily applicable in the trade; if no such legislation 625 whatsoever.” 559 exists, the documents shall incorporate the Hague-Visby 626 or a notice in such form as required by any Rules. The documents shall also contain the New Jason 627 Mortgagee(s). Clause and the Both-to-Blame Collision Clause. 628 17. Indemnity See Clauses 37.3, 38.5, 38.15, 38.16, 40.5, 560 *) (b) The Charterers are to procure that all passenger 629 41.2 and 50 tickets issued during the Charter Period for the carriage 630 (a) The Charterers shall indemnify the Owners against 561 of passengers and their luggage under this Charter shall 631 any loss, damage or expense incurred by the Owners 562 contain a paramount clause incorporating any legislation 632 arising out of or in relation to the operation of the Vessel 563                relating to carrier’s liability for passengers and their 633 by the Charterers, and against any lien of whatsoever 564 luggage compulsorily applicable in the trade; if no such 634 nature arising out of an event occurring during the 565 legislation exists, the passenger tickets shall incorporate 635 Charter Period. If the Vessel be arrested or otherwise 566 the Athens Convention Relating to the Carriage of 636 detained by reason of claims or liens arising out of her 567 Passengers and their Luggage by Sea, 1974, and any 637 operation hereunder by the Charterers, the Charterers 568 protocol thereto. 638 shall at their own expense take all reasonable steps to 569 *) Delete as applicable. 639 secure that within a reasonable time the Vessel is 570 24. Bank Corporate Guarantee 640 released, including the provision of bail. 571 (Optional, only to apply if Box 27 filled in) 641 Without prejudice to the generality of the foregoing, the 572 The Charterers undertake to furnish, on or about the 642 Charterers agree to indemnify the Owners against all 573 date of this Charter before delivery of consequences or liabilities arising from the Master, 574 the Vessel, a first class bank a corporate guarantee from 643 officers or agents signing Bills of Lading or other 575 the Guarantor or bond in the documents. 576 sum and at the place as indicated in Box 27 as 644 (b) If the Vessel be arrested or otherwise detained by 577 guarantee, and on or about the date of this Charter reason of a claim or claims against the Owners, the 578 the other Security Documents (as the case may be) as 645 Owners shall at their own expense take all reasonable 579 security, in each case for full performance of their steps to secure that within a reasonable time the Vessel 580 obligations under this    This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter Charter. 646 imposed on all vessels, or is imposed selectively in any 707 25. Requisition/Acquisition 647 way whatsoever against vessels of certain flags or 708 (a) Subject to the provisions of the Financial 648 ownership, or against certain cargoes or crews or 709 Instruments (if any) and the General Assignment, Iin otherwise howsoever, or to proceed to an area where 710 the event of the Requisition for Hire of the Vessel she shall be subject, or is likely to be subject to 711 by any governmental or other competent authority 649 a belligerent’s right of search and/or confiscation. 712 (hereinafter referred to as “Requisition for Hire”) 650 (d) If the insurers of the war risks insurance, when 713 irrespective of the date during the Charter Period when 651 Clause 14 is applicable, should require payment of 714 “Requisition for Hire” may occur and irrespective of the 652 premiums and/or calls because, pursuant to the 715 length thereof and whether or not it be for an indefinite 653 Charterers’ orders, the Vessel is within, or is due to enter 716 or a limited period of time, and irrespective of whether it 654 and remain within, any area or areas which are specified 717 may or will remain in force for the remainder of the 655 by such insurers as being subject to additional premiums 718 Charter Period, this Charter shall not be deemed thereby 656 because of War Risks, then such premiums and/or calls 719 or thereupon to be frustrated or otherwise terminated 657 shall be reimbursed by the Charterers to the Owners at 720 and the Charterers shall continue to pay the stipulated 658 the same time as the next payment of hire is due. 721 hire in the manner provided by this Charter until the time 659 (e) The Charterers shall have the liberty: 722 when the Charter would have terminated pursuant to 660 (i) to comply with all orders, directions, recommend- 723 any of the provisions hereof always provided however 661 ations or advice as to departure, arrival, routes, 724 that if all hire has been paid by the Charterers 662 sailing in convoy, ports of call, stoppages, 725 hereunder then in the event of “Requisition for Hire” any destinations, discharge of cargo, delivery, or in any 726 Requisition other way whatsoever, which are given by the 727 Hire or compensation is received or receivable by the 663 Government of the Nation under whose flag the 728 Owners, the same shall be payable to the Charterers 664 Vessel sails, or any other Government, body or 729 during the group whatsoever acting with the power to compel 730 remainder of the Charter Period or the period of the 665 compliance with their orders or directions; 731 “Requisition for Hire” whichever be the shorter. 666 (ii) to comply with the orders, directions or recom- 732 (b) In the event of the Owners being deprived of their 667 mendations of any war risks underwriters who have 733 ownership in the Vessel by any Compulsory Acquisition 668 the authority to give the same under the terms of 734 of the Vessel or requisition for title by any governmental 669 the war risks insurance; 735 or other competent authority (hereinafter referred to as 670 (iii) to comply with the terms of any resolution of the 736 “Compulsory Acquisition”), then, irrespective of the date 671 Security Council of the United Nations, any 737 during the Charter Period when “Compulsory Acqui- 672 directives of the European Community, the effective 738 sition” may occur, this Charter shall be deemed 673 orders of any other Supranational body which has 739 terminated as of the date of such “Compulsory 674 the right to issue and give the same, and with 740 Acquisition”. In such event Charter Hire to be considered 675 national laws aimed at enforcing the same to which 741 as earned and to be paid up to the date and time of 676 the Owners are subject, and to obey the orders 742 such “Compulsory Acquisition”. 677 and directions of those who are charged with their 743 enforcement. 744 26. War 678 (f) In the event of outbreak of war (whether there be a 745 (a) Subject to the provisions of the Financial 679 declaration of war or not) (i) between any two or more 746 Instruments (if any), Ffor the purpose of this Clause, the of the following countries: the United States of America; 747 words “War Russia; the United Kingdom; France; and the People’s 748 Risks” shall include any war (whether actual or 680 Republic of China, (ii) between any two or more of the 749 threatened), act of war, civil war, hostilities, revolution, 681 countries stated in Box 36, both the Owners and the 750 rebellion, civil commotion, warlike operations, the laying 682 Charterers shall have the right to cancel this Charter, 751 of mines (whether actual or reported), acts of piracy, 683 whereupon the Charterers shall redeliver the Vessel to 752 acts of terrorists, acts of hostility or malicious damage, 684 the Owners in accordance with Clause 15, if the Vessel 753 blockades (whether imposed against all vessels or 685 has cargo on board after discharge thereof at 754 imposed selectively against vessels of certain flags or 686 destination, or if debarred under this Clause from 755 ownership, or against certain cargoes or crews or 687 reaching or entering it at a near, open and safe port as 756 otherwise howsoever), by any person, body, terrorist or 688 directed by the Owners, or if the Vessel has no cargo 757 political group, or the Government of any state 689 on board, at the port at which the Vessel then is or if at 758 whatsoever, which may be dangerous or are likely to be 690 sea at a near, open and safe port as directed by the 759 or to become dangerous to the Vessel, her cargo, crew 691 Owners. In all cases hire shall continue to be paid in 760 or other persons on board the Vessel. 692 accordance with Clause 11 and except as aforesaid all 761 (b) Without first obtaining the consent of the 693 other provisions of this Charter shall apply until 762 insurers to such employment and complying with the redeliverythe end of the Charter Period. 763 terms of Clause 38 and such other requirements as to extra insurance premiums or any other requirements 27. Commission – intentionally omitted 764 as may be prescribed by the insurers, tThe Vessel, The Owners to pay a commission at the rate indicated 765 unless the written consent of the in Box 33 to the Brokers named in Box 33 on any hire 766 Owners be first obtained, shall not continue to or go 694 paid under the Charter. If no rate is indicated in Box 33, 767 through any port, place, area or zone (whether of land 695 the commission to be paid by the Owners shall cover 768 or sea), or any waterway or canal, where it reasonably 696 the actual expenses of the Brokers and a reasonable 769 appears that the Vessel, her cargo, crew or other 697 fee for their work. 770 persons on board the Vessel, in the reasonable 698 If the full hire is not paid owing to breach of the Charter 771 judgement of the Owners, may be, or are likely to be, 699 by either of the parties the party liable therefor shall 772 exposed to War Risks. Should the Vessel be within any 700 indemnify the Brokers against their loss of commission. 773 such place as aforesaid, which only becomes danger- 701 Should the parties agree to cancel the Charter, the 774 ous, or is likely to be or to become dangerous, after her 702 Owners shall indemnify the Brokers against any loss of 775 entry into it, the Owners shall have the right to require 703 commission but in such case the commission shall not 776 the Vessel to leave such area. 704 exceed the brokerage on one year’s hire. 777 (c) The Vessel shall not load contraband cargo, or to 705 28. Termination See Clauses 40 and 44 778 pass through any blockade, whether such blockade be 706 (a) Charterers’ Default 779 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter The Owners shall be entitled to withdraw the Vessel from 780 28Clause 40.3, the service of the Charterers and terminate the Charter 781 the Owners shall in addition have the right to repossess 853 with immediate effect by written notice to the Charterers if: 782 the Vessel (i) the Charterers fail to pay hire in accordance with 783 from the Charterers at her current or next port of call, or 854 Clause 11. However, where there is a failure to 784 at a port or place convenient to them without hindrance 855 make punctual payment of hire due to oversight, 785 or interference by the Charterers, courts or local 856 negligence, errors or omissions on the part of the 786 authorities. Pending physical repossession of the Vessel 857 Charterers or their bankers, the Owners shall give 787 in accordance with this Clause 29 and/or Clause 40, the 858 the Charterers written notice of the number of clear 788 Charterers shall banking days stated in Box 34 (as recognised at 789 hold the Vessel as gratuitous bailee only to the Owners 859 the agreed place of payment) in which to rectify 790 and the Charterers shall procure that the master and the failure, and when so rectified within such 791 crew follow the orders and directions of the Owners.    number of days following the Owners’ notice, the 792 The Owners shall arrange for an authorised represent- 860 payment shall stand as regular and punctual.    793 ative to board the Vessel as soon as reasonably 861 Failure by the Charterers to pay hire within the 794 practicable following the termination of the Charter. The 862 number of days stated in Box 34 of their receiving 795 Vessel shall be deemed to be repossessed by the 863 the Owners’ notice as provided herein, shall entitle 796 Owners from the Charterers upon the boarding of the 864 the Owners to withdraw the Vessel from the service 797 Vessel by the Owners’ representative. All arrangements 865 of the Charterers and terminate the Charter without 798 and expenses relating to the settling of wages, 866 further notice; 799 disembarkation and repatriation of the Charterers’ 867 (ii) the Charterers fail to comply with the requirements of: 800 Master, officers and crew shall be the sole responsibility 868 (1) Clause 6 (Trading Restrictions) 801 of the Charterers. 869 (2) Clause 13(a) (Insurance and Repairs) 802 30. Dispute Resolution 870 provided that the Owners shall have the option, by 803 *) (a) This Contract Charter and any non-contractual 871 written notice to the Charterers, to give the 804 obligations arising out of or in connection with it shall be Charterers a specified number of days grace within 805 governed by and construed which to rectify the failure without prejudice to the 806 in accordance with English law and any dispute arising 872 Owners’ right to withdraw and terminate under this 807 out of or in connection with this Contract Charter shall be 873 Clause if the Charterers fail to comply with such 808 referred notice; 809 to arbitration in London in accordance with the Arbitration 874 (iii) the Charterers fail to rectify any failure to comply 810 Act 1996 or any statutory modification or re-enactment 875 with the requirements of sub-clause 10(a)(i) 811 thereof save to the extent necessary to give effect to 876 (Maintenance and Repairs) as soon as practically 812 the provisions of this Clause. 877 possible after the Owners have requested them in 813 The arbitration shall be conducted in accordance with 878 writing so to do and in any event so that the Vessel’s 814 the London Maritime Arbitrators Association (LMAA) 879 insurance cover is not prejudiced. 815 Terms current at the time when the arbitration proceed- 880 (b) Owners’ Default 816 ings are commenced. 881 If the Owners shall by any act or omission be in breach 817 The reference shall be to three arbitrators. A party 882 of their obligations under this Charter to the extent that 818 wishing to refer a dispute to arbitration shall appoint its 883 the Charterers are deprived of the use of the Vessel 819 arbitrator and send notice of such appointment in writing 884 and such breach continues for a period of fourteen (14) 820 to the other party requiring the other party to appoint its 885 running days after written notice thereof has been given 821 own arbitrator within 14 calendar days of that notice and 886 by the Charterers to the Owners, the Charterers shall 822 stating that it will appoint its arbitrator as sole arbitrator 887 be entitled to terminate this Charter with immediate effect 823 unless the other party appoints its own arbitrator and 888 by written notice to the Owners. 824 gives notice that it has done so within the 14 days 889 (c) Loss of Vessel 825 specified. If the other party does not appoint its own 890 This Charter shall be deemed to be terminated if the 826 arbitrator and give notice that it has done so within the 891 Vessel becomes a total loss or is declared as a 827 14 days specified, the party referring a dispute to 892 constructive or compromised or arranged total loss. For 828 arbitration may, without the requirement of any further 893 the purpose of this sub-clause, the Vessel shall not be 829 prior notice to the other party, appoint its arbitrator as 894 deemed to be lost unless she has either become an 830 sole arbitrator and shall advise the other party 895 actual total loss or agreement has been reached with 831 accordingly. The award of a sole arbitrator shall be 896 her underwriters in respect of her constructive, 832 binding on both parties as if he had been appointed by 897 compromised or arranged total loss or if such agreement 833 agreement. 898 with her underwriters is not reached it is adjudged by a 834 Nothing herein shall prevent the parties agreeing in 899 competent tribunal that a constructive loss of the Vessel 835 writing to vary these provisions to provide for the 900 has occurred. 836 appointment of a sole arbitrator. 901 (d) Either party shall be entitled to terminate this 837 In cases where neither the claim nor any counterclaim 902 Charter with immediate effect by written notice to the 838 exceeds the sum of US$50,000 (or such other sum as 903 other party in the event of an order being made or 839 the parties may agree) the arbitration shall be conducted 904 resolution passed for the winding up, dissolution, 840 in accordance with the LMAA Small Claims Procedure 905 liquidation or bankruptcy of the other party (otherwise 841 current at the time when the arbitration proceedings are 906 than for the purpose of reconstruction or amalgamation) 842 commenced. The language or any arbitration 907 or if a receiver is appointed, or if it suspends payment, 843 proceedings shall be English. ceases to carry on business or makes any special 844 *) (b) This Contract shall be governed by and construed 908 arrangement or composition with its creditors. 845 in accordance with Title 9 of the United States Code 909 (e) The termination of this Charter shall be without 846 and the Maritime Law of the United States and any 910 prejudice to all rights accrued due between the parties 847 dispute arising out of or in connection with this Contract 911 prior to the date of termination and to any claim that 848 shall be referred to three persons at New York, one to 912 either party might have. 849 be appointed by each of the parties hereto, and the third 913 29. Repossession 850 by the two so chosen; their decision or that of any two 914 In the event of the Owners have made a request for 851 of them shall be final, and for the purposes of enforcing 915 redelivery of the Vessel termination of this Charter in any award, judgement may be entered on an award by 916 accordance with the applicable provisions of Clause 852 any court of competent jurisdiction. The proceedings 917 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter shall be conducted in accordance with the rules of the 918 communication shall be as stated in Boxes 3 and 4 992 Society of Maritime Arbitrators, Inc. 919 respectively. 993 In cases where neither the claim nor any counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at 924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928 connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there.    931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to mediation any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:- 938 (i) Either party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party to agree to mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further 947 14 calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The mediation shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree to mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the right of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 party shall be in writing and may be sent by fax, telex, 989 registered or recorded mail or by personal service. 990 (b) The address of the Parties for service of such 991 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

“BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY (Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 and upon and after such acceptance, subject to Clause 69 (a) The Vessel shall be constructed in accordance with 2 1(d), the Charterers shall not be entitled to make any claim 70 the Building Contract (hereafter called “the Building 3 against the Owners in respect of any conditions, 71 Contract”) as annexed to this Charter, made between the 4 representations or warranties, whether express or implied, 72 Builders and the Owners and in accordance with the 5 as to the seaworthiness of the Vessel or in respect of delay 73 specifications and plans annexed thereto, such Building 6 in delivery. 74 Contract, specifications and plans having been counter- 7 (b) If for any reason other than a default by the Owners 75 signed as approved by the Charterers. 8 under the Building Contract, the Builders become entitled 76 (b) No change shall be made in the Building Contract or 9 under that Contract not to deliver the Vessel to the Owners, 77 in the specifications or plans of the Vessel as approved by 10 the Owners shall upon giving to the Charterers written 78 the Charterers as aforesaid, without the Charterers’ 11 notice of Builders becoming so entitled, be excused from 79 consent. 12 giving delivery of the Vessel to the Charterers and upon 80 (c) The Charterers shall have the right to send their 13 receipt of such notice by the Charterers this Charter shall 81 representative to the Builders’ Yard to inspect the Vessel 14 cease to have effect. 82 during the course of her construction to satisfy themselves 15 (c) If for any reason the Owners become entitled under 83 that construction is in accordance with such approved 16 the Building Contract to reject the Vessel the Owners shall, 84 specifications and plans as referred to under sub-clause 17 before exercising such right of rejection, consult the 85 (a) of this Clause. 18 Charterers and thereupon 86 (d) The Vessel shall be built in accordance with the 19 (i) if the Charterers do not wish to take delivery of the Vessel 87 Building Contract and shall be of the description set out 20 they shall inform the Owners within seven (7) running days 88 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 by notice in writing and upon receipt by the Owners of such 89 hereunder, the Charterers shall be bound to accept the 22 notice this Charter shall cease to have effect; or 90 Vessel from the Owners, completed and constructed in 23 (ii) if the Charterers wish to take delivery of the Vessel 91 accordance with the Building Contract, on the date of 24 they may by notice in writing within seven (7) running days 92 delivery by the Builders. The Charterers undertake that 25 require the Owners to negotiate with the Builders as to the 93 having accepted the Vessel they will not thereafter raise 26 terms on which delivery should be taken and/or refrain from 94 any claims against the Owners in respect of the Vessel’s 27 exercising their right to rejection and upon receipt of such 95 performance or specification or defects, if any. 28 notice the Owners shall commence such negotiations and/ 96 Nevertheless, in respect of any repairs, replacements or    29 or take delivery of the Vessel from the Builders and deliver 97 defects which appear within the first 12 months from 30 her to the Charterers; 98 delivery by the Builders, the Owners shall endeavour to 31 (iii) in no circumstances shall the Charterers be entitled to 99 compel the Builders to repair, replace or remedy any defects 32 reject the Vessel unless the Owners are able to reject the 100 or to recover from the Builders any expenditure incurred in 33 Vessel from the Builders; 101 carrying out such repairs, replacements or remedies. 34 (iv) if this Charter terminates under sub-clause (b) or (c) of 102 However, the Owners’ liability to the Charterers shall be 35 this Clause, the Owners shall thereafter not be liable to the 103 limited to the extent the Owners have a valid claim against 36 Charterers for any claim under or arising out of this Charter 104 the Builders under the guarantee clause of the Building 37 or its termination. 105 Contract (a copy whereof has been supplied to the 38 (d) Any liquidated damages for delay in delivery under the 106 Charterers). The Charterers shall be bound to accept such 39 Building Contract and any costs incurred in pursuing a claim 107 sums as the Owners are reasonably able to recover under 40 therefor shall accrue to the account of the party stated in 108 this Clause and shall make no further claim on the Owners 41 Box 41(c) or if not filled in shall be shared equally between 109 for the difference between the amount(s) so recovered and 42 the parties. 110 the actual expenditure on repairs, replacement or 43 3. Guarantee Works 111 remedying defects or for any loss of time incurred. 44 If not otherwise agreed, the Owners authorise the 112 Any liquidated damages for physical defects or deficiencies 45 Charterers to arrange for the guarantee works to be 113 shall accrue to the account of the party stated in Box 41(a) 46 performed in accordance with the building contract terms, 114 or if not filled in shall be shared equally between the parties. 47 and hire to continue during the period of guarantee works. 115 The costs of pursuing a claim or claims against the Builders 48 The Charterers have to advise the Owners about the 116 under this Clause (including any liability to the Builders) 49 performance to the extent the Owners may request. 117 shall be borne by the party stated in Box 41(b) or if not 50 filled in shall be shared equally between the parties. 51 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 2. Time and Place of Delivery 52 the Owners and the Charterers and the Vessel shall be 120 (a) Subject to the Vessel having completed her 53 painted in the colours, display the funnel insignia and fly 121 acceptance trials including trials of cargo equipment in 54 the house flag as required by the Charterers. 122 accordance with the Building Contract and specifications 55 to the satisfaction of the Charterers, the Owners shall give 56 5. Survey on Redelivery 123 and the Charterers shall take delivery of the Vessel afloat 57 The Owners and the Charterers shall appoint surveyors 124 when ready for delivery and properly documented at the 58 for the purpose of determining and agreeing in writing the 125 Builders’ Yard or some other safe and readily accessible 59 condition of the Vessel at the time of re-delivery. 126 dock, wharf or place as may be agreed between the parties 60 Without prejudice to Clause 15 (Part II), the Charterers 127 hereto and the Builders. Under the Building Contract the 61 shall bear all survey expenses and all other costs, if any, 128 Builders have estimated that the Vessel will be ready for 62 including the cost of docking and undocking, if required, 129 delivery to the Owners as therein provided but the delivery 63 as well as all repair costs incurred. The Charterers shall 130 date for the purpose of this Charter shall be the date when 64 also bear all loss of time spent in connection with any 131 the Vessel is in fact ready for delivery by the Builders after 65 docking and undocking as well as repairs, which shall be 132 completion of trials whether that be before or after as 66 paid at the rate of hire per day or pro rata. 133 indicated in the Building Contract. The Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” Standard Bareboat Charter    OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 In exchange for payment of the last month’s hire 28 have fulfilled their obligations according to Part I and II 2 instalment the Sellers shall furnish the Buyers with a 29 as well as Part III, if applicable, it is agreed, that on 3 Bill of Sale duly attested and legalized, together with a 30 payment of the final payment of hire as per Clause 11 4 certificate setting out the registered encumbrances, if 31 the Charterers have purchased the Vessel with 5 any. On delivery of the Vessel the Sellers shall provide 32 everything belonging to her and the Vessel is fully paid 6 for deletion of the Vessel from the Ship’s Register and 33 for. 7 deliver a certificate of deletion to the Buyers. 34 In the following paragraphs the Owners are referred to 8 The Sellers shall, at the time of delivery, hand to the 35 as the Sellers and the Charterers as the Buyers. 9 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 The Vessel shall be delivered by the Sellers and taken 10 be in Sellers’ possession. 38 over by the Buyers on expiration of the Charter. 11 The Wireless Installation and Nautical Instruments, 39 The Sellers guarantee that the Vessel, at the time of 12 unless on hire, shall be included in the sale without any 40 delivery, is free from all encumbrances and maritime 13 extra payment. 41 liens or any debts whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 The Vessel with everything belonging to her shall be at 42 existing mortgage agreed not to be paid off by the time 16 Sellers’ risk and expense until she is delivered to the 43 of delivery. Should any claims, which have been incurred 17 Buyers, subject to the conditions of this Contract and 44 prior to the time of delivery be made against the Vessel, 18 the Vessel with everything belonging to her shall be 45 the Sellers hereby undertake to indemnify the Buyers 19 delivered and taken over as she is at the time of delivery, 46 against all consequences of such claims to the extent it 20 after which the Sellers shall have no responsibility for 47 can be proved that the Sellers are responsible for such 21 possible faults or deficiencies of any description. 48 claims. Any taxes, notarial, consular and other charges 22 The Buyers undertake to pay for the repatriation of the 49 and expenses connected with the purchase and 23 Master, officers and other personnel if appointed by the 50 registration under Buyers’ flag, shall be for Buyers’ 24 Sellers to the port where the Vessel entered the Bareboat 51 account. Any taxes, consular and other charges and 25 Charter as per Clause 3 (Part II) or to pay the equivalent 52 expenses connected with closing of the Sellers’ register, 26 cost for their journey to any other place. 53    shall be for Sellers’ account. 27    This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

“BARECON 2001” Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 3. Termination of Charter by Default 17 For the purpose of this PART V, the following terms shall 2 If the Vessel chartered under this Charter is registered 18 have the meanings hereby assigned to them: 3 in a Bareboat Charter Registry as stated in Box 44, and 19 “The Bareboat Charter Registry” shall mean the registry 4 if the Owners shall default in the payment of any amounts 20 of the State whose flag the Vessel will fly and in which 5 due under the mortgage(s) specified in Box 28, the 21 the Charterers are registered as the bareboat charterers 6 Charterers shall, if so required by the mortgagee, direct 22 during the period of the Bareboat Charter. 7 the Owners to re-register the Vessel in the Underlying 23 “The Underlying Registry” shall mean the registry of the 8 Registry as shown in Box 45. 24 state in which the Owners of the Vessel are registered 9 In the event of the Vessel being deleted from the 25 as Owners and to which jurisdiction and control of the 10 Bareboat Charter Registry as stated in Box 44, due to a 26 Vessel will revert upon termination of the Bareboat 11 default by the Owners in the payment of any amounts 27 Charter Registration. 12 due under the mortgage(s), the Charterers shall have 28 2. Mortgage 13 the right to terminate this Charter forthwith and without 29 The Vessel chartered under this Charter is financed by 14 prejudice to any other claim they may have against the 30 a mortgage and the provisions of Clause 12(b) (Part II) 15 Owners under this Charter. 31 shall apply. 16 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

“BARECON 2001” STANDARD BAREBOAT CHARTER 26. Place of payment: also state beneficiary and bank account (ci. 11) Beneficiary: Antiparos Shipping Corporation Account No.: 1200048491 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 27. Bank Corporate guarantee/bond (sum and place) (ci. 24) (optional) See Clause 24 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/place of business) (ci. 12) See clause 35 29. Insurance (hull and machinery and war risks) (state value acc. To cl. 13(f) or, if applicable, acc, to ci. 14(k)) (also state if ci. 14 applies) See Clause 38 – CLAUSE 14 DOES NOT APPLY 30. Additional Insurance cover, if any, for Owners’ account limited to (ci. 13(b) or, if applicable, ci. 14(g)) See Clause 38 31. Additional insurance cover, if any, for Charterers’ account limited to (ci. 13(b) or, if applicable, ci. 14(g)) See Clause 38 32. Latent defects (only to be filled in if period other than stated in ci. 3) N/A 33.Brokerage commission and to whom payable (ci. 27) N/A 34. Grace period (state number of clear banking days Business Days) (ci.28) See Clause 44 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed place of Arbitration must be stated (ci. 30) See Clause 30(a) 36. War cancellation (indicate countries agreed) (ci. 26(f)) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies) (optional) No, Part III does not apply 38. Name and place of Builders (only to be filled in if PART III applies) N/A 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) N/A 40. Date of Building Contract (only to be filled in if PART III applies) N/A 41. Liquidated damages and costs shall accrue to (state party acc. To ci.1) a) N/A b) N/A c) N/A 42. Hire/purchase agreement (indicate with “yes” or “no” whether PART IV applies) (optional) No, Part IV does not apply 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) No, Part V does not apply 44. Flag and Country of the Bareboat Charter Registry (only to be filed in if PART V Applies) N/A 45. Country of the Underlying Registry (only to be filled in in if PART V applies) N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE – It is mutually agreed that this Contract shall be performed subject to to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) For and behalf of the Owners Name: Title: Signature (Charterers) For and on behalf of the Charterers Name: Title: This document is a computer generated BARECON 2001 form printed by authority of BIMCO.

“BARECON 2001” STANDARD BAREBOAT CHARTER PART 1 26. Place of payment: also state beneficiary and bank account (ci.11) Beneficiary: Antiparos Shopping Corporation Account no: 1200048491 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 27. BANK Corporation guarantee/bond (sum and place) CI.24) (optional) See Clause 24 28. mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies stste date of Financial instrument and name of Mortagee(s)Place of business) (CI.12) See Clause 35 29.Insurance (hull and machinery and war riskd)(stste value acc. To CI.13(f) or, applicable, acc. To CI.14(k)) (also state if CI.14 applies) See Clause 38-CLAUSE 14 DOES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to (CI.13(b) or, if applicable. CI.14(g)) See Clause 38 31. Additional insurance cover, if any, for charterers’ account limited to (CI.13(b) or, if applicable. CI.14(g)) See Clause 38 32. Latent defects (only to be filled in if period other than stated in CI.3) N/A 33. Brokerage commission and to whom payable(CI.27) N/A 34. Grace period (state number of clear banking dayBusinees Days(CI.28) See Clause 44 35. Dispute Resolution (stste 30(a).30(b), or 30(c); agreed place of Arbitration must be stated (CI.30) See Clause 30(a) 36. War cancellation (indicate countries agreed) (CI.26(f) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies ) (optional) No, Part III does not apply 38. Name and place of Builders (only be filled in if PART III applies) N/A 39. Vessei’s Yard Building No. (only to be filled in if PART III applies) N/A 40. Date Of Building Contract (only to be filled in if PART III applies) N/A 41. Liquidated damages and costs shall accrue to (stste party acc. To CI.1) a) N/A b) N/A c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “ no” whether PART IV applies) (optional) No, Part IV does not apply 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) No, Part V does not apply 44. Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies) N/A 45. Country of the Underlying Registry (only to be filled in if PART III applies) N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE – It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form par of this Charter expressly agreed and state in Boxes 37, 43. If PART III.    

Execution Version

ADDITIONAL CLAUSES TO BARECON 2001 DATED 31 MARCH 2018

CLAUSE 32    – CHARTER PERIOD

CLAUSE 33    – CANCELLATION

then this Charter shall immediately terminate and be cancelled (provided that any provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever.

CLAUSE 34    – DELIVERY OF VESSEL

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and if any of the documents listed in sub-paragraph (iv) above are not in the English language then they shall be accompanied by a certified English translation.

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CLAUSE 35    – QUIET ENJOYMENT

CLAUSE 36    – CHARTERHIRE

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shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and Advance Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts.

CLAUSE 37    – POSSESSION OF VESSEL

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Clause 38    – INSURANCE

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and every other named assured or co-assured has undertaken in writing to the Owners or their financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;

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In this Clause 38.10 “material” alterations shall include, without limitation, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause a breach under the terms of this Charter, any other Leasing Document or any Approved Bareboat Subcharter.

any communication with all parties involved in case of a claim under any of the Vessel’s insurances.

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CLAUSE 39    – WARRANTIES RELATING TO VESSEL

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CLAUSE 40    – TERMINATION, REDELIVERY AND TOTAL LOSS

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provided that it is hereby agreed that any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon (and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any of their Affiliates under any Other Charter and thereafter paid to the Charterers by way of rebate of hire.

For the avoidance of doubt, in the event that the Vessel becomes a Total Loss:

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CLAUSE 41    – FEES AND EXPENSES

CLAUSE 42    – NO WAIVER OF RIGHTS

CLAUSE 43    – NOTICES

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or, if a party hereto changes its address or fax number, to such other address or fax number as that party may notify to the other.

CLAUSE 44    – TERMINATION EVENTS

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provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person or a subsidiary of the Guarantor if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency) in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

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for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable; or

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CLAUSE 45     – REPRESENTATIONS AND WARRANTIES

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CLAUSE 46     – CHARTERERS’ UNDERTAKINGS

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and will keep the Owners fully up-to-date with all developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or Termination Event;

which may be reasonably requested by the Owners (or their financiers (if any)) at any time;

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For the avoidance of doubt:

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In this Clause 46.1(z), “material term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;

CLAUSE 47     PURCHASE OPTION

CLAUSE 48     – PURCHASE OBLIGATION

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be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall perform their obligations referred to in Clause 49 and the Charterer shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the Charterers agree otherwise.

CLAUSE 49     – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

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CLAUSE 50     INDEMNITIES

the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

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and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing

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Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.

CLAUSE 51     – NO SET-OFF OR TAX DEDUCTION

CLAUSE 52     – INCREASED COSTS

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CLAUSE 53     – CONFIDENTIALITY

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provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or

CLAUSE 54     – PARTIAL INVALIDITY

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

CLAUSE 55     – SETTLEMENT OR DISCHARGE CONDITIONAL

CLAUSE 56     – CHANGES TO THE PARTIES

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents except with the prior consent in writing of the Owners.

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CLAUSE 57     – MISCELLANEOUS

CLAUSE 58     – FATCA

“Code” means the United States Internal Revenue Code of 1986, as amended.

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder.

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing Documents required by or under FATCA.

“FATCA Exempt Party” means a Relevant Party that is entitled under FATCA to receive payments free from any FATCA Deduction.

“FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction.

“FATCA Non-Exempt Party” means any Relevant Party who is not a FATCA Exempt Party.

“IRS” means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.

“Relevant Party” means any party to a Leasing Document except an Approved Subcharterer.

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until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

58.3     FATCA Deduction and gross-up by Relevant Party

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The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.

CLAUSE 59    – DEFINITIONS

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed by the Charterers at Delivery.

“Account Bank” means HSH Nordbank AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany.

“Account Security” means the document creating security over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form.

“Advance Charterhire” means the amount by which the Purchase Price exceeds the Financing Amount.

“Affiliate” means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company.

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or Owner is subjected or subject to.

“Anti-Terrorism Financing Laws” means all applicable anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are subjected or subject to.

“Approved Bareboat Subcharter” means an Approved Subcharter as described under paragraph (b)(i) of the definition of an Approved Subcharter and consented to by the Owners.

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“Approved Manager” means Navios Tankers Management Inc. a corporation incorporated under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 or Affiliate of Navios Maritime Holdings Inc. or any other ship management company approved in writing by the Owners.

“Approved Subcharter” means the Subcharter or:

“Approved Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter falling within paragraph (b) of the definition of Approved Subcharter above, any subcharterer of the Vessel approved by the Owners in writing (such approval not to be unreasonably withheld or delayed).

“Approved Valuer” means Clarksons, Maersk Brokers, Howe Robinson, Arrow, Lorentzen & Stemoco, Simpson Spence Young, Braemar Seascope or any other shipbroker nominated by the Charterers and approved by the Owners.

“Breakfunding Costs” means all breakfunding costs and expenses incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall on a Payment Date.

“Business Day” means a day on which banks are open for business in the principal business centres of Hong Kong, Shanghai, Hamburg and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open in New York City.

“Business Ethics Law” means any laws, regulations and/or other legally binding requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).

“Cancelling Date” has the meaning given to that term in the MOA.

“Certified Book Value” means the book value of the Vessel from time to time, which as at the date of this Charter is $29,948,660.98 as evidenced and certified in a manner acceptable to the Owners.

“Charterers’ Offer” has the meaning given to that term in Clause 40.3(b).

“Charterhire” means each of, as the context may require, all of the quarterly instalments of hire payable hereunder comprising in each case:

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“Charterhire A” means, in relation to a Payment Date, an amount equal to one twenty fourth (1/24) of the difference between the Financing Amount and the Purchase Obligation Price.

“Charterhire B” means, in relation to a Payment Date, the interest component calculated in accordance with Schedule III at the applicable Interest Rate for the Term commencing on that Payment Date on the Outstanding Principal Balance.

“Charterhire Principal” means the aggregate amount of Charterhire A payable under this Charter.

“Charterhire Principal Balance” means the Charterhire Principal outstanding under this Charter from time to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire A under this Charter.

“CISADA” means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies to non-US persons.

“Charter Period” means the period commencing on the Commencement Date and described in Clause 32.2 unless it is either terminated earlier or extended in accordance with the provisions of this Charter.

“China Merchants Group” means China Merchants Group Limited, a company incorporated under the laws of the People’s Republic of China acting through its office at China Merchants Tower, 39-40 Floor, Shun Tak Centre, 168-200 Connaught Road, Central, Hong Kong.

“Classification Society” means ABS or DNV GL or any classification society being a member of the International Association of Classification Societies which is approved by the Owners.

“Commencement Date” means the date on which Delivery takes place.

“Delivery” means the delivery of the legal and beneficial interest in the Vessel from the Owners to the Charterers pursuant to the terms of the MOA.

“Dollars” or “$” have the meanings given to those terms in the MOA.

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which arise out of the use or operation of the Vessel, including (but not limited to):

“Earnings Account” means, an account in the name of the Charterers with Account Bank or such bank as the Owners may approve.

“Environmental Claim” means:

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and “claim” means a claim for damages, compensation, fines, penalties or any other payment (exceeding $1,000,000 in each of the above cases); an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset;

“Environmental Incident” means:

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage or releases of Environmentally Sensitive Material.

“Environmentally Sensitive Material” means oil, oil products and any other substances (including any chemical, gas or other hazardous or noxious substance) which are (or are capable of being or becoming) polluting, toxic or hazardous.

“Fee Letter” means the fee letter referred to under Clause 41.1.

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of the debtor:

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“Financial Instruments” means the mortgage, deed of covenant, the general assignment or such other financial security instruments granted to the Owners’ financiers as security for the obligations of the Owners in relation to the financing of the acquisition of the Vessel.

“Financing Amount” means an amount equal to the lower of (i) seventy five per cent. (75%) of the Purchase Price and (ii) $17,265,000.

“Flag State” means Republic of Panama, the Republic of the Marshall Islands, Republic of Malta, Republic of Liberia, Hong Kong, the Cayman Islands or any other flag state approved by the Owners in writing.

“Fleet Vessel” has the meaning give to it under clause 11.20(c) of the Guarantee.

“General Assignment” means the general assignment executed or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, inter alia, assign their rights under the Insurances, Earnings and Requisition Compensation and any sub-charters having a duration of at least twelve (12) months (or which are capable of exceeding twelve (12) months) in respect of the Vessel, in favour of the Owners and in the agreed form.

“Guarantor” means Navios Maritime Acquisition Corporation, a corporation incorporated under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.

“Guarantee” means a guarantee executed by the Guarantor in favour of the Owners dated on or around the date of this Charter.

“Holding Company” means, in relation to a person, any other person in relation to which it is a subsidiary.

“IAPPC” means a valid international air pollution prevention certificate for the Vessel issued pursuant to the MARPOL Protocol.

“Indenture” means the indenture dated as of 13 November 2013, as amended and supplemented by including as supplemented a supplemental indenture dated 31 March 2014 and as the same may be further amended and supplemented from time to time in accordance with the terms thereof, entered into by the Guarantor and Navios Acquisition Finance (US) Inc. as co-issuers and Wells Fargo Bank, National Association, as trustee and collateral trustee, in respect of certain 8.125% first priority ship mortgage notes due in 2021.

“Indenture Guarantee” means a guarantee executed, or as the case may be, to be executed by the Charterers as security for the obligations and liability of the Guarantor under the Indenture.

“Initial Market Value” means, in relation to the Vessel at any relevant time, the arithmetic mean of two (2) valuations, each prepared:

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and such valuations shall be prepared by one Approved Valuer selected and appointed by the Owners and one Approved Valuer selected by the Charterers (but appointed by the Owners) provided that if the difference in the two valuations obtained is more than five per cent. (5%) of the lower valuation obtained, a third Approved Valuer shall be selected and appointed by the Owners and the Initial Market Value shall be the arithmetic mean of the two lowest valuations out of the three valuations obtained.

“Insurances” means:

“Interest Rate” means, in relation to Charterhire B, the rate of interest determined in accordance with Schedule III plus the Margin.

“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation Assembly as Resolutions A.741 (18) and A.788 (19), as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code).

“ISPS Code” means the International Ship and Port Security Code as adopted by the Conference of Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or amended from time to time.

“Leasing Documents” means this Charter, the MOA, any Approved Subcharter, the Fee Letter, the Security Documents and the Trust Deed.

“LIBOR” means, in relation to a Term, the London Interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars commencing on the first day of that Term displayed on page LIBOR 01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters, and if such page or service ceases to be available the Owners may specify another page or service displaying the relevant rate on the Quotation Day (if the rate as determined above is less than zero, LIBOR shall be deemed to be zero).

“Major Casualty” means any casualty to the Vessel in respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.

“Manager’s Undertaking” means, in relation to an Approved Manager, the letter of undertaking from the Approved Manager, inter alia, subordinating the rights of such Approved Manager against the Vessel and the Charterers to the rights of the Owners and their financiers (if any) in an agreed form.

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“Margin” means 3.05% per annum.

“Market Value” means, in relation to the Vessel at any relevant time, the valuation prepared:

and such valuations shall be prepared by one Approved Valuer selected by the Charterers (but appointed by the Owners).

“MARPOL Protocol” means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as amended in 1978 and 1997).

“Material Adverse Effect” means, in the reasonable opinion of the Owners, a material adverse effect on:

“MOA” means the memorandum of agreement entered into by the Charterers as sellers and the Owners as buyers dated on the date of this Charter in relation to the sale and purchase of the Vessel.

“Mortgagee” has the meaning given to that term in Clause 35.3.

“Net Income Loss” means, at the relevant time, the net income loss (if any) as shown in the most recent audited consolidated annual financial reports of the Guarantor adjusted to exclude impairment losses.

“Original Financial Statements” means the Guarantor’s audited financial statements for the financial year ended 31 December 2016 and its unaudited consolidated management accounts for the financial year ended 31 December 2017.

“Original Jurisdiction” means, in relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be), the jurisdiction under whose laws they are respectively incorporated as at the date of this Charter.

“Other Charter” means the bareboat charterparty entered into between the relevant Other Owner and the relevant Other Charterer in respect of any of the Other Vessels.

“Other Charterer” means Ikaria Shipping Corporation, Kos Shipping Corporation or Mytilene Shipping Corporation (and “Other Charterers” mean all of them).

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“Other Owner” means Sea 67 Leasing Co. Limited, Sea 68 Leasing Co. Limited or Sea 69 Leasing Co. Limited (and “Other Owners” means all of them).

“Other Vessel” means the 49,991 DWT MR tanker named Nave Aquila, 49,999 DWT MR tanker named Nave Bellatrix, or the 49,999 DWT MR tanker named Nave Orion (and “Other Vessels” means all of them).

“Outstanding Principal Balance” means the aggregate of:

“Owners’ Sale” has the meaning given to that term in Clause 40.3(a)(iii).

“Party” means either party to this Charter.

“Payment Date” means each of the twenty four (24) dates upon which Charterhire is to be paid by the Charterers to the Owners pursuant to Clause 36.

“Permitted Security Interests” means:

“Post-enforcement Interests” has the meaning given to that term in 40.3(a)(ii).

“Potential Termination Event” means, an event or circumstance which, with the giving of any notice, the lapse of time, a determination of the Owners and/or the satisfaction of any other condition, would constitute a Termination Event.

“Purchase Obligation” means the purchase obligation referred to in Clause 48.1.

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“Purchase Obligation Date” means the date on which the Owners shall transfer the legal and beneficial interest in the Vessel to the Charterers, and the Charterers shall purchase the Vessel, being the date falling on the last day of the Charter Period.

“Purchase Obligation Price” means fifty per cent. (50%) of the Financing Amount.

“Purchase Price” has the meaning given to that term in the MOA.

“Purchase Option” means the early termination option which the Charterers are entitled to pursuant to Clause 47.

“Purchase Option Date” has the meaning given to that term in Clause 47.1.

“Purchase Option Notice” has the meaning given to that term in Clause 47.1.

“Purchase Option Price” means the aggregate of:

“Quiet Enjoyment Agreement” means the quiet enjoyment agreement executed or to be executed between, amongst others, the Charterers, the Owners and the Owners’ financiers in the agreed form.

“Quotation Day” means in relation to any period for which an Interest Rate is to be determined, two Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market in which case the Quotation Day will be determined by the Owners in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

“Relevant Interbank Market” means the London interbank market.

“Relevant Person” means the Charterers, the Other Charterers, the Guarantor, the Shareholder and such other party providing security to the Owners for the Charterers’ obligations under this Charter pursuant to a Security Document or otherwise (but not including the Subcharterer, any Approved Subcharterer and the Manager).

“Relevant Jurisdiction” means, in relation to any Relevant Person, Approved Subcharterer or Approved Manager (as the case may be):

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“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”.

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or trade embargoes, in particular but not limited to pursuant to the U.S.‘s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) including at the date of this Charter, but without limitation, Iran, North Korea and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons.

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Kingdom, Her Majesty’s Treasury (“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

“Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United States of America (including, without limitation, CISADA and OFAC), the People’s Republic of China or the Council of the European Union.

“Security Documents” means the Guarantee, the Account Security, the General Assignment, the Shares Pledge, the Manager’s Undertaking and any other security documents granted as security for the obligations of the Charterers under or in connection with this Charter.

“Security Interest” means:

“Shareholder” means Aegean Sea Maritime Holdings Inc., a corporation incorporated and existing under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, Marshall Islands.

“Shares Pledge” means the shares pledge over the shares in the Charterers to be executed by the Shareholder in favour of the Owners on or around the date of this Charter.

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“Short Term Time Subcharter” means a subcharter of the Vessel on a time charter basis with a charter period not exceeding and not capable of exceeding twelve (12) months (taking into account any optional extension period)

“Subcharter” means the subcharter with the particulars set out under Schedule IV.

“Subcharterer Assignment” means the subcharterer of the Vessel named under Schedule IV;

“Term” means, in relation to the definitions of “Charterhire A” and “Charterhire B”, a period of three (3) month’s duration provided that:

“Termination Event” means any event described in Clause 44.

“Termination Purchase Price” means, in respect of any date (for the purposes of this definition only, the “Relevant Date”), the aggregate of:

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“Total Loss” means:

“Trust Deed” means a trust deed dated on or around the date of this Charter entered into between the Owners, the Other Owners, the Charterers, the Other Charterers, the Guarantor and the Approved Manager which, inter alia, sets out the obligations of the Owners in respect of holding on trust all moneys or other assets received or recovered by or on behalf of the Owners by virtue of any Security Interest or other rights granted to the Owners under or by virtue of the Security Documents.

“US Tax Obligor” means (a) a person which is resident for tax purposes in the United States of America or (b) a person some or all of whose payments under the Leasing Documents are from sources within the United States for United States federal income tax purposes.

“Vessel” means the MR tanker m.v. “NAVE ATRIA” with IMO No. 9459060 with particulars stated in Boxes 6 to 12 of this Charter and which is to be registered under the name of the Owners with the Panama registry upon Delivery.

“Approved Manager”, “Approved Subcharterer”, “Charterers”, “Other Charterers”, “Other Owners”, “Owners”, “Relevant Person”, “Shareholder”, “Subcharterer” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Leasing Documents.

“agreed form” means, in relation to a document, such document in a form agreed in writing by the Owners;

“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

“company” includes any partnership, joint venture and unincorporated association;

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

“contingent liability” means a liability which is not certain to arise and/or the amount of which remains unascertained;

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“continuing” means, in relation to any Termination Event, a Termination Event which has not been waived by the Owners and in relation to any Potential Termination Event, a Potential Termination Event which has not been waived by the Owners;

“control” over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

“document” includes a deed; also a letter, fax or telex;

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

“liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;

“months” shall be construed in accordance with Clause 59.3;

“person” includes any company; any state, political sub-division of a state and local or municipal authority; and any international organisation;

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;

“protection and indemnity risks” means the usual risks covered by a protection and indemnity association which is a member of the International Group of P&I Clubs including pollution risks, freight, demurrage and defence cover, extended passenger cover and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

“regulation” includes any regulation, rule, official directive, request or guideline whether or not having the force of law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

“subsidiary” has the meaning given in Clause 59.4; and

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.

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and “month” and “monthly” shall be construed accordingly.

A company (S) is a subsidiary of another company (U) if S is a subsidiary of P and P is in turn a subsidiary of U.

For the purposes of this Charter and other Leasing Documents, references to the subsidiaries of the Guarantor shall exclude any subsidiary of the Guarantor which is publicly listed on any stock exchange.

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Execution page Owners signed by sea 66 leasing co. limited witness’ signature name address Charterers signed antiparos shipping corporation

Execution Page Owners signed by as an attorney-in-fact Forand on behalf of sea 66leasing co. limited Witness signature name address charterers signed antiparos shipping corporation

MEMORANDUM OF AGREEMENT Norwegian Shipbrokers’ Association’s    Memorandum of Agreement for sale and purchase of ships. Adopted by BIMCO in 1956.    Code-name    SALEFORM 2012    org bimco. Revised 1966, 1983 and 1986/87, 1993 and 2012    www. Dated: 31 March    2018 1 at    Antiparos Shipping Corporation, a corporation incorporated and existing under the laws of the Marshall 2 BIMCO Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, from MH96960, Marshall Islands(Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and    Sea 66 Leasing Co. Limited, a company incorporated and existing under the laws of Hong Kong having 3 its registered office at Room 1803-1804, 18/F Bank of America Tower, 12 Harcourt Road, Central, Hong available Kong (Name of buyers), hereinafter called the “Buyers”, have agreed to buy: are Name of vessel: NAVE ATRIA 4 2012 IMO Number: 9459060 5 Classification Society: Nippon Kaiji Kyokai 6    SALEFORM Class Notation: NS*                (CSR, Tanker, Oils-Flashpoint on and below 60 degree C and Chemicals Type II 7 for                and III, Performance Standard for Protective Coatings for Dedicated Seawater Notes                MNS*    (Ballast Tanks in All Types of Ships and Double-side Skin Spaces of Bulk                Carriers)(ESP)(IWS)(PSCM)(EA + VOC)    Year of Build: 2012 Builder/Yard: Dae Sun Shipbuilding & Engineering 8    Explanatory                Co., Ltd.    Flag: Panama Place of Registration: Panama                 GT/NT: 30,052 /13,255 9    hereinafter called the “Vessel”, on the following terms and conditions: 10    Definitions – see also Clause 28 11    “Agreement” means this memorandum of agreement which shall for the avoidance of doubt, include the rider provisions from Clauses 19 to 28. idea    “Banking Days” are days on which banks are open both in the country of the currency stipulated for 12    BIMCO’s the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 13 by (Documentation) and (add additional jurisdictions as appropriate). 14    Printed “Buyers’ Nominated Flag State” means Panama (state flag state). 15    “Cancelling Date” has the meaning given to that term in Clause 5. 16    “Conditions Precedent” has the meaning given to that term in Clause 8(a).    “Class” means the class notation referred to above.    17    “Classification Society” means the Classification Society referred to above.    Copenhagen    ““Dollars” or “$” mean United States dollars, being the lawful currency of the United States of 18    BIMCO, America.Deposit” shall have the meaning given in Clause 2 (Deposit) and “Deposit Holder” means (state name and location of Deposit Holder) or, if left blank, the 19    Sellers’ Bank, which shall hold and release the Deposit in accordance with this Agreement. 20    Oslo Oslo. “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a 21 registered letter, e-mail or telefax. 22    Association, “Parties” means the Sellers and the Buyers. 23    Association,    “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price). 24 Shipbrokers’ “Sellers’ Account” means (state details of bank account) at the Sellers’ Bank. 25    Shipbrokers’    “Sellers’ Bank” means (state name of bank, branch and details) or, if left blank, the bank 26 Norwegian notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. 27 Norwegian by    1. Purchase Price 28    Copyright: Published See Clause 19The Purchase Price is (state currency and amount both in words and figures). 29    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

2. Deposit – intentionally omitted 30 As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of 31 ______% (______per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the 32 “Deposit”) in an interest bearing account for the Parties with the Deposit Holder within three (3) 33 Banking Days after the date that: 34    (i)                this Agreement has been signed by the Parties and exchanged in original or by 35 e-mail or telefax; and 36    (ii)                the Deposit Holder has confirmed in writing to the Parties that the account has been 37 opened. 38    The Deposit shall be released in accordance with joint written instructions of the Parties. 39 Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the 40 Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder 41 all necessary documentation to open and maintain the account without delay. 42    3. Payment 43 See Clause 19On delivery of the Vessel, but not later than three (3) Banking Days after the date that 44 Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and 45 notices): 46    (i)                the Deposit shall be released to the Sellers; and 47    (ii)                the balance of the Purchase Price and all other sums payable on delivery by the Buyers 48 to the Sellers under this Agreement shall be paid in full free of bank charges to the 49 Sellers’ Account. 50    4. Inspection – intentionally omitted 51 (a)* The Buyers have inspected and accepted the Vessel’s classification records. The Buyers 52 have also inspected the Vessel at/in ______ (state place) on ______ (state date) and have 53 accepted the Vessel following this inspection and the sale is outright and definite, subject only 54 to the terms and conditions of this Agreement. 55    (b)* The Buyers shall have the right to inspect the Vessel’s classification records and declare 56 whether same are accepted or not within ______ (state date/period). 57    The Sellers shall make the Vessel available for inspection at/in ______ (state place/range) within 58 ______(state date/period). 59    The Buyers shall undertake the inspection without undue delay to the Vessel. Should the 60 Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. 61    The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. 62    During the inspection, the Vessel’s deck and engine log books shall be made available for 63 examination by the Buyers. 64    The sale shall become outright and definite, subject only to the terms and conditions of this 65 Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from 66 the Buyers within seventy-two (72) hours after completion of such inspection or after the 67 date/last day of the period stated in Line 59, whichever is earlier. 68    Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of 69 the Vessel’s classification records and/or of the Vessel not be received by the Sellers as 70 aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the 71 Buyers, whereafter this Agreement shall be null and void. 72    *4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, 73 alternative 4(a) shall apply. 74    5. Time and place of delivery and notices 75 (a) The Vessel shall be delivered and taken over safely afloat in (i) international waters or (ii) such 76 other place at a safe and accessible berth or anchorage at/in ______ (state place/range) in the Sellers’ option and subject to such conditions as 77 may be agreed by the Buyers. .    Notice of Readiness shall not be tendered before: ______(date) 78    Cancelling Date (see Clauses 5(c) , 6 (a)(i), 6 (a) (iii) and 14): 30 April 2018 (or such later date as may 79 be agreed by the Sellers and the Buyers in writing) (the “Cancelling Date”)    (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall 80    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    2

provide the Buyers with twenty (20), ten (10), five (5) and three (3) days’ notice of the date the 81 Sellers intend to tender Notice of Readiness and of the intended place of delivery. 82    When the Vessel is, on a day being a Business Day, at the place of delivery and physically ready for 83 delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. 84    (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 85 Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing 86 stating the date when they anticipate that the Vessel will be ready for delivery and proposing a 87 new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of 88 either cancelling this Agreement in accordance with Clause 14 (Sellers’ Default) within three (3) 89 Banking Business Days of receipt of the notice or of accepting the new date as the new Cancelling 90 Date.    If the Buyers have not declared their option within three (3) Banking Business Days of receipt of the 91 Sellers’ notification or if the Buyers accept the new date, the date proposed in the Sellers’ 92 notification shall be deemed to be the new Cancelling Date and shall be substituted for the 93 Cancelling Date stipulated in line 79. 94 If this Agreement is maintained with the a new Cancelling Date all other terms and conditions 95 hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full 96 force and effect. 97    (d) Cancellation, failure to cancel or acceptance of the a new Cancelling Date shall be entirely 98 without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ 99 Default) for the Vessel not being ready by the original Cancelling Date. 100    (e) Should the Vessel become an actual, constructive or compromised t Total lLoss before delivery 101 the Deposit together with interest earned, if any, shall be released immediately to the Buyers 102 whereafter this Agreement shall be null and voidterminate (provided that any provision hereof 103 expressed to survive such termination shall do so in accordance with its terms).    6. Divers Inspection / Drydocking – intentionally omitted 104 (a)* 105 (i)                The Buyers shall have the option at their cost and expense to arrange for an underwater 106 inspection by a diver approved by the Classification Society prior to the delivery of the 107 Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended 108 date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this 109 Agreement. The Sellers shall at their cost and expense make the Vessel available for 110 such inspection. This inspection shall be carried out without undue delay and in the 111 presence of a Classification Society surveyor arranged for by the Sellers and paid for by 112 the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s 113 inspection as observer(s) only without interfering with the work or decisions of the 114 Classification Society surveyor. The extent of the inspection and the conditions under 115 which it is performed shall be to the satisfaction of the Classification Society. If the 116 conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at 117 their cost and expense make the Vessel available at a suitable alternative place near to 118 the delivery port, in which event the Cancelling Date shall be extended by the additional 119 time required for such positioning and the subsequent re-positioning. The Sellers may 120 not tender Notice of Readiness prior to completion of the underwater inspection. 121    (ii)                If the rudder, propeller, bottom or other underwater parts below the deepest load line are 122 found broken, damaged or defective so as to affect the Vessel’s class, then (1) unless 123 repairs can be carried out afloat to the satisfaction of the Classification Society, the 124 Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by 125 the Classification Society of the Vessel’s underwater parts below the deepest load line, 126 the extent of the inspection being in accordance with the Classification Society’s rules (2) 127 such defects shall be made good by the Sellers at their cost and expense to the 128 satisfaction of the Classification Society without condition/recommendation** and (3) the 129 Sellers shall pay for the underwater inspection and the Classification Society’s 130 attendance. 131    Notwithstanding anything to the contrary in this Agreement, if the Classification Society 132 do not require the aforementioned defects to be rectified before the next class 133 drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects 134 against a deduction from the Purchase Price of the estimated direct cost (of labour and 135 materials) of carrying out the repairs to the satisfaction of the Classification Society, 136 whereafter the Buyers shall have no further rights whatsoever in respect of the defects 137 and/or repairs. The estimated direct cost of the repairs shall be the average of quotes 138 for the repair work obtained from two reputable independent shipyards at or in the 139    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    3

vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) 140 Banking Days from the date of the imposition of the condition/recommendation, unless 141 the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within 142 the stipulated time then the quote duly obtained by the other Party shall be the sole basis 143 for the estimate of the direct repair costs. The Sellers may not tender Notice of 144 Readiness prior to such estimate having been established. 145                (iii)                If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking 146 facilities are available at the port of delivery, the Sellers shall take the Vessel to a port 147 where suitable drydocking facilities are available, whether within or outside the delivery 148 range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the 149 Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose 150 of this Clause, become the new port of delivery. In such event the Cancelling Date shall 151 be extended by the additional time required for the drydocking and extra steaming, but 152 limited to a maximum of fourteen (14) days. 153 (b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the 154 Classification Society of the Vessel’s underwater parts below the deepest load line, the extent 155 of the inspection being in accordance with the Classification Society’s rules. If the rudder, 156 propeller, bottom or other underwater parts below the deepest load line are found broken, 157 damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the 158 Sellers’ cost and expense to the satisfaction of the Classification Society without 159 condition/recommendation**. In such event the Sellers are also to pay for the costs and 160 expenses in connection with putting the Vessel in and taking her out of drydock, including the 161 drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs 162 and expenses if parts of the tailshaft system are condemned or found defective or broken so as 163 to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and 164 expenses, dues and fees. 165                (c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: 166                (i)                The Classification Society may require survey of the tailshaft system, the extent of the 167 survey being to the satisfaction of the Classification surveyor. If such survey is 168 not required by the Classification Society, the Buyers shall have the option to require the 169 tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey 170 being in accordance with the Classification Society’s rules for tailshaft survey and 171 consistent with the current stage of the Vessel’s survey cycle. The Buyers shall declare 172 whether they require the tailshaft to be drawn and surveyed not later than by the    173 completion of the inspection by the Classification Society. The drawing and refitting of    174 the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be 175 condemned or found defective so as to affect the Vessel’s class, those parts shall be 176 renewed or made good at the Sellers’ cost and expense to the satisfaction of 177 Classification Society without condition/recommendation**. 178                (ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by 179 the Buyers unless the Classification Society requires such survey to be carried out or if 180 parts of the system are condemned or found defective or broken so as to affect the 181 Vessel’s class, in which case the Sellers shall pay these costs and expenses. 182                (iii) The Buyers’ representative(s) shall have the right to be present in the drydock, as 183 observer(s) only without interfering with the work or decisions of the Classification 184 Society surveyor. 185                (iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned 186 and painted at their risk, cost and expense without interfering with the Sellers’ or the 187 Classification Society surveyor’s work, if any, and without affecting the Vessel’s timely 188 delivery. If, however, the Buyers’ work in drydock is still in progress when the    189 Sellers have completed the work which the Sellers are required to do, the additional 190 docking time needed to complete the Buyers’ work shall be for the Buyers’ risk, cost and 191 expense. In the event that the Buyers’ work requires such additional time, the Sellers 192 may upon completion of the Sellers’ work tender Notice of Readiness for delivery whilst 193 the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be 194 obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in 195 drydock or not. 196                *6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, 197 alternative 6 (a) shall apply. 198                **Notes or memoranda, if any, in the surveyor’s report which are accepted by the Classification 199    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    4

Society without condition/recommendation are not to be taken into account. 200    7. Spares, bunkers and other items 201 The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board 202 and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or 203 spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of inspectiondelivery 204 used or unused, whether on board or not shall become the Buyers’ property, but spares on 205 order are excluded. Forwarding charges, if any, shall be for the Buyers’ account. The Sellers 206 are not required to replace spare parts including spare tail-end shaft(s) and spare 207 propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to 208 delivery, but the replaced items shall be the property of the Buyers. Unused stores and 209 provisions shall be included in the sale and be taken over by the Buyers without extra payment. 210                Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s 211 personal belongings including the slop chest are excluded from the sale without compensation, 212 as well as the following additional items: ______(include list) 213                Items on board which are on hire or owned by third parties, listed as follows, are excluded from 214 the sale without compensation: ______(include list) 215                Items on board at the time of inspection which are on hire or owned by third parties, not listed 216 above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. 217                The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and 218 greases in storage tanks and unopened drums at no extra cost.and pay either 219                (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or 220                (b) *the current net market price (excluding barging expenses) at the port and date of delivery 221 of the Vessel or, if unavailable, at the nearest bunkering port, 222                for the quantities taken over. 223                Payment under this Clause shall be made at the same time and place and in the same 224 currency as the Purchase Price. 225                “inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) 226 (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this 227 Agreement shall be the relevant date. 228                *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions 229 alternative (a) shall apply. 230    8.                Documentation 231 The place of closing: To be mutually agreed between the Seller and the Buyers. 232                (a) In exchange for pPayment of the Purchase Price by the Buyers to the Sellers shall be subject to 233    Clause 20 and conditional on the Buyers having on or prior to delivery of the Vessel on the Delivery Date received, or being satisfied as to, provide the Buyers with the following delivery documentsitems: 234                (i)                Legal Bill(s) of Sale in a form recordable in the Buyers’ Nominated Flag State, 235 transferring title of the Vessel and stating that the Vessel is free from all mortgages, 236 encumbrances and maritime liens (whether maritime or otherwise) or any other debts 237 whatsoever, duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated Flag State; 238    (ii)                Acceptance of Sale in a form recordable in the Buyers’ Nominated Flag State,                duly notarially attested and legalised or apostilled, as required by the Buyers’ Nominated                 Flag State.                (iiiii)                Evidence that all necessary corporate, shareholder and other action has been taken by 239 the Sellers to authorise the execution, delivery and performance of this Agreement; 240                (iiiiv)                Power of Attorney of the Sellers appointing one or more representatives to act on behalf 241 of the Sellers in the performance of this Agreement, duly notarially attested and legalised 242 or apostilled (as appropriate); 243                (ivv)                Certificate or Transcript of Registry issued by the competent authorities of the flag state 244 on the date of delivery evidencing the Sellers’ ownership of the Vessel and that the 245 Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by 246 such authority to the closing meeting with the original to be sent to the Buyers as soon as 247    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    5

possible after delivery of the Vessel; 248                (vvi)                Declaration of Class or (depending on the Classification Society) a Class Maintenance 249 Certificate issued within three (3) Business Banking Days prior to delivery confirming that the 250 Vessel is in Class free of overdue condition/recommendation; 251                (vi)                Certificate of Deletion of the Vessel from the Vessel’s registry or other official evidence of 252 deletion appropriate to the Vessel’s registry at the time of delivery, or, in the event that 253 the registry does not as a matter of practice issue such documentation immediately, a 254 written undertaking by the Sellers to effect deletion from the Vessel’s registry forthwith 255 and provide a certificate or other official evidence of deletion to the Buyers promptly and 256 latest within four (4) weeks after the Purchase Price has been paid and the Vessel has 257 been delivered; 258 (vii)                A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the 259 Vessel ceased to be registered with the Vessel’s registry, or, in the event that the registry 260 does not as a matter of practice issue such certificate immediately, a written undertaking 261 from the Sellers to provide the copy of this certificate promptly upon it being issued 262 together with evidence of submission by the Sellers of a duly executed Form 2 stating 263 the date on which the Vessel shall cease to be registered with the Vessel’s registry; 264                (viiivii)    Commercial Invoice for the Vessel; 265                (ix)                Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; 266                (x)                A copy of the Sellers’ letter to their satellite communication provider cancelling the 267 Vessel’s communications contract which is to be sent immediately after delivery of the 268 Vessel; 269                (xiviii)                Any additional documents as may reasonably be required by the competent authorities of 270 the Buyers’ Nominated Flag State for the purpose of registering the Vessel, each in a form 271 acceptable to the Buyers’ Nominated Flag State, duly notarially attested and legalised or apostilled (if required) provided the Buyers notify the Sellers of any such documents as soon as possible after the date of 272 this Agreement; and 273                (xiiix)                The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not 274 black listed by any nation or international organisation. 275                (x) The items set out in Clause 20.                The items set out in this Clause 8(a) (together the “Conditions Precedent”) are inserted for the sole benefit of the Buyers and may be waived in whole or in part with or without conditions by the Buyers.                (b) At the time of delivery the Buyers shall provide the Sellers with: 276                (i)                Evidence that all necessary corporate, shareholder and other action has been taken by 277 the Buyers to authorise the execution, delivery and performance of this Agreement; and 278                (ii)                Power of Attorney of the Buyers (if any) appointing one or more representatives to act on behalf 279 of the Buyers in the performance of this Agreement., duly notarially attested and legalised 280 or apostilled (as appropriate). 281                (c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English 282 language they shall be accompanied by an English translation by an authorised translator or 283 certified by a lawyer qualified to practice in the country of the translated language. 284                (d) The Parties shall to the extent possible exchange copies, drafts or samples of the 285 documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the 286 other party not later than two (2) Business Days (or such later date as the Buyers may agree) prior 287 to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to 288 Clause 5(b) of this Agreement. 289                (e) On delivery, Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) 290 above,    the Sellers shall also hand to the Buyers copies of the classification certificate(s) as well as all plans, 291 drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other 292 certificates which are on board the Vessel shall also be handed over to the Buyers unless 293                This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.                6

the Sellers are required to retain same, in which case the Buyers have the right to take copies. 294    (f) Other technical documentation which may be in the Sellers’ possession shall promptly after 295 delivery be forwarded to the Buyers at their Sellers’ expense, if they so request. The Sellers may keep 296 the Vessel’s log books but the Buyers have the right to take copies of same. 297    (g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance 298 confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. 299    9. Encumbrances 300 The Sellers warrant that the Vessel, at the time of delivery, is free from all charters (other than the 301    Bareboat Charter and any time charter permitted by the terms of the Leasing Documents), encumbrances, mortgages and maritime liens (whether maritime or otherwise) or any other debts 302 whatsoever, and is not subject to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the 303 Buyers against all consequences of claims made against the Vessel which have been incurred 304 prior to the time of delivery. 305    10. Taxes, fees and expenses 306 Any taxes, fees and expenses in connection with the purchase of the Vessel and registration in the 307 Buyers’ Nominated Flag State shall be for the Buyers’ account, whereas similar charges and in connection 308 with the closing of the Sellers’ register shall be for the Sellers’ account. 309    11. Condition on delivery 310 The Vessel with everything belonging to her shall be at the Sellers’ risk and expense until she is 311 delivered to the Buyers, but subject pursuant to the terms and conditions of this Agreement she shall 312 be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. 313    However, the Vessel shall be delivered free of cargo and free of stowaways with her Class 314 maintained without condition/recommendation*, free of average damage affecting the Vessel’s 315 class, and with her classification certificates and national certificates, as well as all other 316 certificates the Vessel had at the time of inspectiondelivery, valid and unextended without overdue 317 condition/recommendation* by the Classification Society or the relevant authorities at the time 318 of delivery. 319 “inspection” in this Clause 11, shall mean the Buyers’ inspection according to Clause 4(a) or 320 4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this 321 Agreement shall be the relevant date. 322    *Notes and memoranda, if any, in the surveyor’s report which are accepted by the Classification 323 Society without condition/recommendation are not to be taken into account. 324    12. Name/markings – intentionally omitted 325 Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel 326 markings. 327    13. Buyers’ default 328 Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the 329 right to cancel this Agreement, and they shall be entitled to claim compensation for their losses 330 and for all expenses incurred together with interest. 331    Should the Purchase Price not be paid in accordance with Clause 3 (Payment)this Agreement, the 332 Sellers have the right to cancel this Agreement, in which case it shall terminate whereupon all the Buyers’ 333 liabilities hereunder shall be extinguished. the Deposit together with interest earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the 334 Sellers shall be entitled to claim further compensation for their losses and for all expenses 335 incurred together with interest. 336    14. Sellers’ default 337 Should the Sellers fail to give Notice of Readiness in accordance with Clause 5(b) or fail to be 338 ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the    339 option of cancelling this Agreement. If after Notice of Readiness has been given but before 340 the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not 341 made physically ready again by the Cancelling Date and new Notice of Readiness given, the 342 Buyers shall retain their option to cancel. In the event that the Buyers elect to cancel this 343 Agreement, the Deposit together with interest earned, if any, shall be released to them 344 immediately. 345    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    7

Without prejudice to any of the rights the Buyers may have under the Leasing Documents, at law 346 or otherwise, Sshould the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers 347 for their direct and documented loss and for all documented expenses together with interest if 348 their failure is due to proven negligence and whether or not the Buyers cancel this Agreement. 349 15. Buyers’ representatives – intentionally omitted 350 After this Agreement has been signed by the Parties and the Deposit has been lodged, the 351 Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and 352 expense. 353    These representatives are on board for the purpose of familiarisation and in the capacity of 354 observers only, and they shall not interfere in any respect with the operation of the Vessel. The 355 Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of 356 indemnity prior to their embarkation. 357 16. Law and Arbitration See Clause 25 358 (a) *This Agreement shall be governed by and construed in accordance with English law and 359 any dispute arising out of or in connection with this Agreement shall be referred to arbitration in 360 London in accordance with the Arbitration Act 1996 or any statutory modification or re- 361 enactment thereof save to the extent necessary to give effect to the provisions of this Clause. 362    The arbitration shall be conducted in accordance with the London Maritime Arbitrators 363 Association (LMAA) Terms current at the time when the arbitration proceedings are 364 commenced. 365    The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall 366 appoint its arbitrator and send notice of such appointment in writing to the other party requiring 367 the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and 368 stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own 369 arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the 370 other party does not appoint its own arbitrator and give notice that it has done so within the 371 fourteen (14) days specified, the party referring a dispute to arbitration may, without the 372 requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator 373 and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on 374 both Parties as if the sole arbitrator had been appointed by agreement. 375    In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the 376 arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at 377 the time when the arbitration proceedings are commenced. 378    (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the 379 United States Code and the substantive law (not including the choice of law rules) of the State 380 of New York and any dispute arising out of or in connection with this Agreement shall be 381 referred to three (3) persons at New York, one to be appointed by each of the parties hereto, 382 and the third by the two so chosen; their decision or that of any two of them shall be final, and 383 for the purposes of enforcing any award, judgment may be entered on an award by any court of 384 competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the 385 Society of Maritime Arbitrators, Inc. 386    In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the 387 arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the 388 Society of Maritime Arbitrators, Inc. 389    (c) This Agreement shall be governed by and construed in accordance with the laws of ______ 390 (state place) and any dispute arising out of or in connection with this Agreement shall be 391 referred to arbitration at ______ (state place), subject to the procedures applicable there.    392    *16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of 393 deletions, alternative 16(a) shall apply. 394 17. Notices See Clause 27 395 All notices to be provided under this Agreement shall be in writing. 396    Contact details for recipients of notices are as follows: 397    For the Buyers: 398    For the Sellers: 399 This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 8

18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyers    Name: ______ Name: ______    Title: ______ Title: ______    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 9

18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409 For and on behalf of the Sellers For and on behalf of the Buyers    Name: ______ Name: ______    Title: ______ Title: ______    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. 9

18. Entire Agreement 400 The written terms of this Agreement (together with the other Leasing Documents) comprise the 401 entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous 402 agreements whether oral or written between the Parties in relation thereto. 403    Each of the Parties acknowledges that in entering into this Agreement it has not relied on and 404 shall have no right or remedy in respect of any statement, representation, assurance or 405 warranty (whether or not made negligently) other than as is expressly set out in this Agreement. 406    Any terms implied into this Agreement by any applicable statute or law are hereby excluded to 407 the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude 408 any liability for fraud. 409    For and on behalf of the Sellers For and on behalf of the Buyers    Name: ______ Name: ______    Title: ______ Title: ______    This document is a computer generated SALEFORM 2012 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.    9

Execution Version

RIDER CLAUSES TO

MEMORANDUM OF AGREEMENT

DATED 31 MARCH 2018

Clause 19 – Payment of Purchase Price

Clause 20 – Further conditions precedent

The items referred to in Clause 8(a)(x) are:

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Clause 21 – Obligation to sell / purchase the Vessel

The Parties’ obligation to sell / purchase the Vessel under this Agreement is conditional upon the simultaneous delivery to and acceptance by the Sellers as bareboat charterers of the Vessel under the Bareboat Charter and that no Potential Termination Event or Termination Event has occurred or will occur as a result of the performance by the Parties of their obligations under this Agreement.

Clause 22 – Physical Presence

If the Buyers’ Nominated Flag State requires the Buyers to have a physical presence or office in the Buyers’ Nominated Flag State, all fees, costs and expenses arising out of or in connection with the establishment and maintenance of such physical presence or office by the Buyers shall be borne by the Sellers.

Clause 23 – Costs and Expense

Clause 24 – Sanctions

The Sellers represent and warrant to the Buyers as of the date hereof and at the Delivery Date that:

Clause 25 – Governing Law and Jurisdiction

This Agreement and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.

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Any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a “Dispute”)) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 25. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (“LMAA”) Terms current at the time when the arbitration proceedings are commenced.

The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.

The language of the arbitration shall be English.

Clause 26 - Counterparts

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

Clause 27 - Notices

All notices to be provided under this Agreement shall be in writing.

Contact details for recipients of notices are as follows:

For the Sellers:

85 Akti Miaouli

Piraeus 185 38

Greece

c/o NAVIOS TANKERS MANAGEMENT INC.

Attention: Vassiliki Papaefthymiou

Email: vpapaefthymiou@navios.com

Tel: +30 210 41 72 050

Fax: +30 210 41 72 070

For the Buyers:

CMB Financial Leasing Co., Ltd

21F, China Merchants Bank Buiolding

No. 1088, Lujiazui Ring Road

Shanghai

China

Attention: Wang Wei

Email: wangwei17@cmbchina.com

Tel: +8621 6106 1735

Fax: +8621 6015 9911*1735

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Clause 28 – Definitions

Unless otherwise specified herein, capitalised terms in this Agreement shall have the same meaning as in the Bareboat Charter. Furthermore, in this Agreement:

“Approved Valuer” means Clarksons, Maersk Brokers, Howe Robinson, Arrow, Lorentzen & Stemoco, Simpson Spence Young, Braemar Seascope or any other shipbroker nominated by the Charterers and approved by the Owners.

“Bareboat Charter” means the bareboat charter in respect of the Vessel dated on or about the date hereof and made between the Buyers as owners and the Sellers as bareboat charterers.

“Certified Book Value” means the book value of the Vessel, which as at the date of this Agreement is $29,948,660.98.

“Delivery Date” means the date (being a Business Day) on which the Vessel is delivered to the Buyers pursuant to the terms of this Agreement and thereafter immediately delivered to the Sellers as bareboat charterers pursuant to the terms of the Bareboat Charter.

“Market Value” means, in relation to the Vessel, the arithmetic mean of two (2) valuations, each prepared:

and such valuations shall be prepared by one Approved Valuer selected and appointed by the Buyers and one Approved Valuer selected by the Sellers (but appointed by the Buyers) provided that if the difference in the two valuations obtained is more than five per cent. (5%) of the lower valuation obtained, a third Approved Valuer shall be selected and appointed by the Buyers and the Market Value shall be the arithmetic mean of the two lowest valuations out of the three valuations obtained.

“Purchase Price” means the purchase price of the Vessel payable by the Buyers to the Sellers pursuant to Clause 19 above.

“Restricted Countries” means those countries subject to country-wide or territory-wide Sanctions and/or trade embargoes, in particular but not limited to pursuant to the U.S.’s Office of Foreign Asset Control of the U.S. Department of Treasury (“OFAC”) including at the date of this Charter, but without limitation, Iran, North Korea and Syria and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Restricted Persons.

“Restricted Person” means a person, entity or any other parties (i) located, domiciled, resident or incorporated in Restricted Countries, and/or (ii) subject to any sanction administrated by the United Nations, the European Union, Switzerland, the United States and the OFAC, the United Kingdom, Her Majesty’s Treasury (“HMT”) and the Foreign and Commonwealth Office of the United Kingdom, the People’s Republic of China and/or (iii) owned or controlled by or affiliated with persons, entities or any other parties as referred to in (i) and (ii).

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“Sanctions” means any sanctions, embargoes, freezing provisions, prohibitions or other restrictions relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of United Kingdom, the United States of America (including, without limitation, CISADA and OFAC), the People’s Republic of China or the Council of the European Union.

“Sellers’ Account” means the account in the name of the Seller with HSH Nordbank AG in USD with the account number 1200048491 and IBAN DE14210500001200048491.

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EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) SEA 66 LEASING CO. LIMITED ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) SELLERS SIGNED ) by ) for and on behalf of ) ANTIPAROS SHIPPING CORPORATION ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 6 SINGAPORE/89259268v1

EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) SEA 66 LEASING CO. LIMITED ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) SELLERS SIGNED ) by ) for and on behalf of ) ANTIPAROS SHIPPING CORPORATION ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 6 SINGAPORE/89259268v1

EXECUTION PAGE BUYERS SIGNED ) by ) as an attorney-in-fact ) for and on behalf of ) SEA 66 LEASING CO. LIMITED ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) SELLERS SIGNED ) by ) for and on behalf of ) ANTIPAROS SHIPPING CORPORATION ) as ) in the presence of: ) Witness’ signature: ) Witness’ name: ) Witness’ address: ) 6 SINGAPORE/89259268v1    

1. Shipbroker    N/A BIMCO STANDARD BAREBOAT CHARTER CODE NAME: “BARECON 2001”    PART I 2. Place and date                2018 2001 31 March 1974    Revised in .    1989 3. Owners/Place of business (Cl. 1) 4. Bareboat Charterers/Place of business (Cl. 1)    Sea 67 Leasing Co. Limited / Room 1803-1804, 18/F Bank of Ikaria Shipping Corporation / Trust Company Complex, Ajeltake Copenhagen America Tower, 12 Harcourt Road, Central, Hong Kong Road, Ajeltake Island, Majuro, MH96960, Marshall Islands    amalgamated (BIMCO), and    Council 5. Vessel’s name, call sign and flag (Cl. 1 and 3)    Revised “ . NAVE AQUILA / 3FLZ5 / Panama or any other Flag State ‘B’ Maritime “Barecon 6. Type of Vessel 7. GT/NT and MR Tanker 30,052 / 13,255    “    International by ‘A’ and issued Baltic 8. When/Where built 9. Total DWT (abt.) in metric tons on summer freeboard    “Barecon 2012, Dae Sun Shipping & Engineering Co., Ltd., Korea 49,991    First The as 10. Classification Society (Cl. 3) 11. Date of last special survey by the Vessel’s classification society    Nippon Kaiji Kyokai or any other Classification Society 02/02/18 idea    12. Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) BIMCO’s IMO No.: 9459072 by    Length: 174.00 metres Printed Breadth: 32.20 metres    Depth: 19.10 metres 13. Port or Place of delivery (Cl. 3) 14. Time for delivery (Cl. 4) 15. Cancelling date (Cl. 5) The place of delivery specified under Clause 5(a) of the MOA See Clause 34 See Clause 33    16. Port or Place of redelivery (Cl. 15) 17. No. of months’ validity of trading and class certificates    2001 At a safe, ice free port where the Vessel would be afloat at all upon redelivery (Cl. 15) times See Clause 40 November Issued 18. Running days’ notice if other than stated in Cl. 4 19. Frequency of dry-docking (Cl. 10(g)) . N/A    In accordance with Classification Society or Flag State requirements 20. Trading limits (Cl. 6) Copenhagen Worldwide within Institute Warranty Limits    (BIMCO), Council 21. Charter period (Cl. 2) 22. Charter hire (Cl. 11) Maritime See Clause 32 See Clause 36 23. New class and other safety requirements (state percentage of Vessel’s insurance value acc. to Box 29)(Cl. 10(a)(ii))    N/A by International and 24. Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to 25. Currency and method of payment (Cl. 11) published Baltic PART IV Dollars/bank transfer The See Clause 36.11—neither Clause 11(f) nor Part IV applies    Copyright, This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” STANDARD BAREBOAT CHARTER    PART I 26. Place of payment; also state beneficiary and bank account (Cl. 11) 27. Bank Corporate guarantee/bond (sum and place) (Cl. 24) (optional) Beneficiary: Ikaria Shipping Corporation See Clause 24 Account No.: 1200048517 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) 29. Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f)    applies state date of Financial Instrument and name of    or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies) Mortgagee(s)/Place of business) (Cl. 12) See Clause 38 – CLAUSE 14 DOES NOT APPLY See Clause 35 30. Additional insurance cover, if any, for Owners’ account limited to 31. Additional insurance cover, if any, for Charterers’ account limited to    (Cl. 13(b) or, if applicable, Cl. 14(g)) (Cl. 13(b) or, if applicable, Cl. 14(g)) See Clause 38 See Clause 38 32. Latent defects (only to be filled in if period other than stated in Cl. 3) 33. Brokerage commission and to whom payable (Cl. 27) N/A N/A 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place    34. Grace period (state number of clear banking daysBusiness Days) (Cl. 28) of Arbitration must be stated (Cl. 30)    See Clause 44    See Clause 30(a) 36. War cancellation (indicate countries agreed) (Cl. 26(f)) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III 38. Name and place of Builders (only to be filled in if PART III applies) applies) (optional) N/A    No, Part III does not apply 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) 40. Date of Building Contract (only to be filled in if PART III applies) N/A N/A 41. Liquidated damages and costs shall accrue to (state party acc. to Cl. 1) a)    N/A    b)    N/A c)    N/A 42. Hire/Purchase agreement (indicate with “yes” or “no” whether PART IV 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) applies) (optional) No, Part IV does not apply No, Part V does not apply    44.Flag and Country of the Bareboat Charter Registry (only to be filled 45. Country of the Underlying Registry (only to be filled in if PART V applies)                in if PART V applies) N/A N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE—It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners)    Signature (Charterers)    For and on behalf of the Owners For and on behalf of the Charterers Name: Name: Title: Title:                This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” STANDARD BAREBOAT CHARTER    PART I This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the original BIMCO approved document and this computer generated document.

PART II “BARECON 2001” Standard Bareboat Charter 1. Definitions See also Clause 59 1 day on which the Vessel should be ready, give notice 72 In this Charter, the following terms shall have the 2 thereof to the Charterers asking whether they will 73 meanings hereby assigned to them: 3 exercise their option of cancelling, and the option must 74 “The Owners” shall mean the party identified in Box 3; 4 then be declared within one hundred and sixty-eight 75 “The Charterers” shall mean the party identified in Box 4; 5 (168) running hours of the receipt by the Charterers of 76 “The Vessel” shall mean the vessel named in Box 5 and 6 such notice or within thirty-six (36) running hours after 77 with particulars as stated in Boxes 6 to 12. 7 the cancelling date, whichever is the earlier. If the 78 “Financial Instrument” means the mortgage, deed of 8 Charterers do not then exercise their option of cancelling, 79 covenant or other such financial security instrument as 9 the seventh day after the readiness date stated in the 80 annexed to this Charter and stated in Box 28. 10 Owners’ notice shall be substituted for the cancelling 81 2. Charter Period 11 date indicated in Box 15 for the purpose of this Clause 5. 82 In consideration of the hire detailed in Box 22, 12 (c) Cancellation under this Clause 5 shall be without 83 the Owners have agreed to let and the Charterers have 13 prejudice to any claim the Charterers may otherwise 84 agreed to hire the Vessel for the period stated in Box 21 14 have on the Owners under this Charter. 85 (“The Charter Period”). See also Clause 32 and Clause 15 6. Trading Restrictions See also Clauses 46.1(m) and                86 36. 46.1(n) 3. Delivery 16 The Vessel shall be employed in lawful trades for the 87 (not applicable when Part III applies, as indicated in Box 37) 17 carriage of suitable lawful merchandise within the trading 88 (a)    The Owners shall before and at the time of delivery 18 limits indicated in Box 20. 89 exercise due diligence to make the Vessel seaworthy 19 The Charterers undertake not to employ the Vessel or 90 And in every respect ready in hull, machinery and 20 suffer the Vessel to be employed otherwise than in 91 equipment for service under this Charter. 21 conformity with the terms of the contracts of insurance 92 The Vessel shall be delivered by the Owners and taken 22 (including any warranties expressed or implied therein) 93 over by the Charterers at the port or place indicated in 23 without first obtaining the consent of the insurers to such 94 Box 13 in such ready safe berth as the Charterers may 24 employment and complying with such requirements as 95 direct. 25 to extra premium or otherwise as the insurers may 96 (b) The Vessel shall beis properly documented on 26 prescribe. 97 delivery in accordance with the laws of the fFlag State 27 The Charterers also undertake not to employ the Vessel 98 indicated in Box 5 and the requirements of the 28 or suffer her employment in any trade or business which 99 cClassification sSociety stated in Box 10. The Vessel 29 is forbidden by the law of any country to which the Vessel 100 upon may sail or is otherwise illicit or in carrying illicit or 101 delivery shall have her survey cycles up to date and 30 prohibited goods or in any manner whatsoever which 102 trading and class certificates valid for at least the number 31 may render her liable to condemnation, destruction, 103 of months agreed in Box 12. 32 seizure or confiscation. 104 (c) The delivery of the Vessel by the Owners and the 33 Notwithstanding any other provisions contained in this 105 taking over of the Vessel by the Charterers shall 34 Charter it is agreed that nuclear fuels or radioactive 106 constitute a full performance by the Owners of all the 35 products or waste are specifically excluded from the 107 Owners’ obligations under this Clause 3, and thereafter 36 cargo permitted to be loaded or carried under this 108 the Charterers shall not be entitled to make or assert 37 Charter. This exclusion does not apply to radio-isotopes 109 any claim against the Owners on account of any 38 used or intended to be used for any industrial, 110 conditions, representations or warranties expressed or 39 commercial, agricultural, medical or scientific purposes 111 implied with respect to the Vessel but the Owners shall 40 provided the Owners’ prior approval has been obtained 112 be liable for the cost of but not the time for repairs or 41 to loading thereof. 113 renewals occasioned by latent defects in the Vessel, 42 7. Surveys on Delivery and Redelivery 114 her machinery or appurtenances, existing at the time of 43 (not applicable when Part III applies, as indicated in Box 37) 115 delivery under this Charter, provided such defects have 44 The Owners and Charterers shall each appoint 116 manifested themselves within twelve (12) months after 45 surveyors for the purpose of determining and agreeing 117 delivery unless otherwise provided in Box 32. 46 in writing the condition of the Vessel at the time of 118 4. Time for Delivery See Clauses 32 and 34 47 delivery and redelivery pursuant to Clause 40.3 (with 119 (not applicable when Part III applies, as indicated in Box 37) 48 the relevant costs paid by the Charterers).hereunder. The Vessel shall not be delivered before the date 49 The Owners shall indicated in Box 14 without the Charterers’ consent and 50 bear all expenses of the On-hire Survey including loss 120 the Owners shall exercise due diligence to deliver the 51 of time, if any, and the Charterers shall bear all expenses 121 Vessel not later than the date indicated in Box 15. 52 of the Off-hire Survey including loss of time, if any, at 122 Unless otherwise agreed in Box 18, the Owners shall 53 the daily equivalent to the rate of hire or pro rata thereof. 123 give the Charterers not less than thirty (30) running days’ 54 8. Inspection 124 preliminary and not less than fourteen (14) running days’ 55 The Owners shall have the right at any time either (i) 125 definite notice of the date on which the Vessel is 56 once every calendar year provided no Potential expected to be ready for delivery. 57 Termination Event or Termination Event has occurred The Owners shall keep the Charterers closely advised 58 (after giving reasonable notice to the Charterers and of possible changes in the Vessel’s position. 59 provided that the Owners do not unduly interfere with 5. Cancelling See Clause 33 60 or cause delay to the commercial operation of the (not applicable when Part III applies, as indicated in Box 37) 61 Vessel) or (ii) at any time following the occurrence of (a) Should the Vessel not be delivered latest by the 62 a Potential Termination Event or Termination Event cancelling date indicated in Box 15, the Charterers shall 63 and for as long as it is continuing (after giving have the option of cancelling this Charter by giving the 64 reasonable notice to the Charterers), to inspect or survey 126 Owners notice of cancellation within thirty-six (36) 65 the Vessel or instruct a duly authorised surveyor to carry 127 running hours after the cancelling date stated in Box 66 out such survey on their behalf:- 128 15, failing which this Charter shall remain in full force 67 (a) to ascertain the condition of the Vessel and satisfy 129 and effect. 68 themselves that the Vessel is being properly repaired 130 (b) If it appears that the Vessel will be delayed beyond 69 and maintained. The costs and fees for such inspection 131 the cancelling date, the Owners may, as soon as they 70 or survey shall be paid by the Charterers, subject to the 132 are in a position to state with reasonable certainty the 71 above conditions as may be applicable from lines 125 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter to 128.Owners unless the Vessel of agreement, be referred to the dispute resolution 199 is found to require repairs or maintenance in order to 133 method agreed in Clause 30., the Charterers shall 200 achieve the condition so provided; 134 ensure that the same are complied with and the (b) in dry-dock if the Charterers have not dry-docked 135 time and costs of compliance shall be for the Her in accordance with Clause 10(g). The costs and fees 136 Charterers’ account. for such inspection or survey shall be paid by the 137 (iii) Financial Security—The Charterers shall maintain 201 Charterers, subject to the above conditions as may be 138 financial security or responsibility in respect of third 202 applicable from lines 125 to 128; and party liabilities as required by any government, 203 (c) for any other commercial reason they consider 139 including federal, state or municipal or other division 204 necessary (provided it does not unduly interfere with 140 or authority thereof, to enable the Vessel, without 205 the commercial operation of the Vessel). The costs and 141 penalty or charge, lawfully to enter, remain at, or 206 fees for such inspection and survey shall be paid by the 142 leave any port, place, territorial or contiguous 207 OwnersCharterers, subject to the above conditions as 143 waters of any country, state or municipality in 208 may be applicable from lines 125 to 128. performance of this Charter without any delay. This 209 All time used in respect of inspection, survey or repairs 144 obligation shall apply whether or not such 210 shall be for the Charterers’ account and form part of the 145 requirements have been lawfully imposed by such 211 Charter Period. 146 government or division or authority thereof. 212 The Charterers shall also permit the Owners to inspect 147 The Charterers shall make and maintain all arrange- 213 the Vessel’s log books whenever requested and shall 148 ments by bond or otherwise as may be necessary to 214 whenever required by the Owners furnish them with full 149 satisfy such requirements at the Charterers’ sole 215 information regarding any casualties or other accidents 150 expense and the Charterers shall indemnify the Owners 216 or damage to the Vessel. 151 against all consequences whatsoever (including loss of 217 The Charterers shall provide such necessary time) for any failure or inability to do so. 218 assistance to the Owners, their representatives or (b) Operation of the Vessel—The Charterers shall at 219 agents in respect of any inspection hereunder. their own expense and by their own procurement man, 220 victual, navigate, operate, supply, fuel and, whenever 221 9. Inventories, Oil and Stores See Clause 34.7 152 required, repair the Vessel during the Charter Period 222 A complete inventory of the Vessel’s entire equipment, 153 and they shall pay all charges and expenses of every 223 outfit including spare parts, appliances and of all 154 kind and nature whatsoever incidental to their use and 224 consumable stores on board the Vessel shall be made 155 operation of the Vessel under this Charter, including 225 by the Charterers in conjunction with the Owners on 156 annual flag Flag State fees and any foreign general 226 delivery and again on redelivery of the Vessel. The 157 municipality and/or state taxes. The Master, officers 227 Charterers and the Owners, respectively, shall at the 158 and crew of the Vessel shall be the servants of the Charterers 228 time of delivery and redelivery take over and pay for all 159 for all purposes whatsoever, even if for any reason 229 bunkers, lubricating oil, unbroached provisions, paints, 160 appointed by the Owners. 230 ropes and other consumable stores (excluding spare 161 Charterers shall comply with the regulations regarding 231 parts) in the said Vessel at the then current market prices 162 officers and crew in force in the country of the Vessel’s 232 at the ports of delivery and redelivery, respectively. The 163 flag or any other applicable law. 233 Charterers shall ensure that all spare parts listed in the 164 (c) The Charterers shall keep the Owners and the 234 inventory and used during the Charter Period are 165 mortgagee(s) advised of the intended employment (other 235 replaced at their expense prior to redelivery of the 166 than in respect of sub time charters which are less Vessel. 167 than 12 months in duration (after including any 10. Maintenance and Operation 168 optional extension periods),    (a)(i)Maintenance and Repairs—During the Charter 169 planned dry-docking (other than the periodical dry- 236 Period the Vessel shall be in the full possession 170 docking referred to under paragraph (g) below) and and at the absolute disposal for all purposes of the 171 major repairs of the Vessel, Charterers and under their complete control in 172 as reasonably required. 237 every respect. The Charterers shall maintain the 173 (d) Flag and Name of Vessel – During the Charter 238 Vessel, her machinery, boilers, appurtenances and 174 Period, the Charterers shall have the liberty to paint the 239 spare parts in a good state of repair, in efficient 175 Vessel in their own colours, install and display their 240 operating condition and in accordance with good 176 funnel insignia and fly their own house flag (with all fees, 241 commercial maintenance practice and, except as 177 costs and expenses arising in relation thereto for the provided for in Clause 14(l), if applicable, at their 178 Charterers account). The own expense they shall at all times keep the 179 Charterers shall also have the liberty, with the Owners’ 242 Vessel’s Class classification fully up to date with 180 consent, which shall not be unreasonably withheld, to 243 the Classification change the flag of the Vessel to that of another Flag 244 Society indicated in Box 10 and maintain all other 181 State (with all fees, costs and expenses arising in necessary certificates in force at all times. 182 relation thereto for the Charterers’ account) and/or (ii) New Class and Other Safety Requirements—In the 183 with the Owners’ consent, the name of the Vessel (with event of any improvement, structural changes or 184 all fees, costs and expenses arising in relation new equipment becoming necessary for the 185 thereto for the Charterers’ account) during continued operation of the Vessel by reason of new 186 the Charter Period. Any Ppainting and re-painting, 245 class requirements or by compulsory legislation 187 instalment costing (excluding the Charterers’ loss of time) 188 and re-instalment, registration (including maintenance 246 more than the percentage stated in Box 23, or if 189 and renewal thereof) and re-registration, if    Box 23 is left blank, 5 per cent. of the Vessel’s 190 required by the Owners, shall be at the Charterers’ 247 insurance value as stated in Box 29, then the 191 expense and time. If the Flag State requires the 248 extent, if any, to which the rate of hire shall be varied 192 Owners to establish a physical presence or office in and the ratio in which the cost of compliance shall 193 the jurisdiction of such Flag State, all fees, costs and be shared between the parties concerned in order 194 expenses payable by the Owners to establish and to achieve a reasonable distribution thereof as 195 maintain such physical presence or office shall be for between the Owners and the Charterers having 196 the account of the Charterers. regard, inter alia, to the length of the period 197 (e) Changes to the Vessel – Subject to Clause 10(a)(ii) and 249 remaining under this Charter shall, in the absence 198 Clause 10(b), the Charterers shall make no structural changes in the 250 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

PART II “BARECON 2001” Standard Bareboat Charter Vessel or changes which materially adversely affect 251 as lost or missing shall be ten (10) days after the Vessel 312 the Vessel’s classification or value in the machinery, was last reported or when the Vessel is posted as 313 boilers, appurten- missing by Lloyd’s, whichever occurs first. Any hire paid 314 ances or spare parts thereof without in each instance 252 in advance to be adjusted accordingly. 315 first securing the Owners’ approval thereof. If the Owners 253 (f) Any delay in payment of hire shall entitle the 316 so agree, the Charterers shall, if the Owners so require, 254 Owners to interest at the rate per annum as agreed 317 restore the Vessel to its former condition before the 255 in Box 24. If Box 24 has not been filled in, the three months 318 termination of this Charter. 256 Interbank offered rate in London (LIBOR or its successor) 319 (f) Use of the Vessel’s Outfit, Equipment and 257 for the currency stated in Box 25, as quoted by the British 320 Appliances—The Charterers shall have the use of all 258 Bankers’ Association (BBA) on the date when the hire 321 outfit, equipment, and appliances on board the Vessel 259 fell due, increased by 2 per cent., shall apply. 322 at the time of delivery, provided the same or their 260 (g) Payment of interest due under sub-clause 11(f) 323 substantial equivalent shall be returned to the Owners 261 shall be made within seven (7) running days of the date 324 on redelivery (without prejudice to Clauses 40.6 and 262 of the Owners’ invoice specifying the amount payable 325 40.7 and if redelivery is required pursuant to this or, in the absence of an invoice, at the time of the next 326 Charter) in the same good order and condition as hire payment date. 327 when received, ordinary wear and tear excepted. The 263 12. Mortgage See Clause 35 328 Charterers shall from time to time during the Charter 264 (only to apply if Box 28 has been appropriately filled in) 329 Period replace such items of equipment as shall be so 265 *) (a) The Owners warrant that they have not effected 330 damaged or worn as to be unfit for use. The Charterers 266 any mortgage(s) of the Vessel and that they shall not 331 are to procure that all repairs to or replacement of any 267 effect any mortgage(s) without the prior consent of the 332 damaged, worn or lost parts or equipment be effected 268 Charterers, which shall not be unreasonably withheld. 333 in such manner (both as regards workmanship and 269 *) (b) The Vessel chartered under this Charter is financed 334 quality of materials) as not to diminish the value of the 270 by a mortgage according to the Financial Instrument. 335 Vessel. Title of any equipment so replaced shall vest 271 The Charterers undertake to comply, and provide such 336 in and remain with the Owners. The Charterers have information and documents to enable the Owners to 337 the right to fit additional comply, with all such instructions or directions in regard 338 equipment at their expense and risk (provided that no 272 to the employment, insurances, operation, repairs and 339 permanent structural damage is caused to the Vessel maintenance of the Vessel as laid down in the Financial 340 by reason of such installation) andbut the Charterers Instrument or as may be directed from time to time during 341 shall, at their expense, remove such equipment and 273 the currency of the Charter by the mortgagee(s) in 342 make good any damage caused by the fitting or conformity with the Financial Instrument. The Charterers 343 removal of such additional equipment before the confirm that, for this purpose, they have acquainted 344 Vessel is redelivered to the Owners pursuant to themselves with all relevant terms, conditions and 345 Clause 40.3 and without prejudice to Clauses 40.6 provisions of the Financial Instrument and agree to 346 and 40.7,at the end of the period if acknowledge this in writing in any form that may be 347 requested by the Owners. Any equipment including radio 274 required by the mortgagee(s). The Owners warrant that 348 equipment on hire on the Vessel at time of delivery shall 275 they have not effected any mortgage(s) other than stated 349 be kept and maintained by the Charterers and the 276 in Box 28 and that they shall not agree to any 350 Charterers shall assume the obligations and liabilities 277 amendment of the mortgage(s) referred to in Box 28 or 351 of the Owners under any lease contracts in connection 278 effect any other mortgage(s) without the prior consent 352 therewith and shall reimburse the Owners for all 279 of the Charterers, which shall not be unreasonably 353 expenses incurred in connection therewith, also for any 280 withheld. 354 new equipment required in order to comply with radio 281 are alternatives;    *) (Optional, Clauses 12(a) and 12(b) 355 regulations. 282 indicate alternative agreed in Box 28). 356 (g) Periodical Dry-Docking—The Charterers shall dry- 283 dock the Vessel and clean and paint her underwater 284 13. Insurance and Repairs See also Clause 38 357 parts whenever the same may be necessary, but not 285 (a) Subject and without prejudice to Clause 38, 358 less than once during the period stated in Box 19 or, if 286 Dduring the Charter Period the Vessel shall be kept Box 19 has been left blank, every sixty (60) calendar 287 insured by the Charterers at their expense against hull 359 months after delivery or such other period as may be 288 and machinery, marine and war (including blocking 360 required by the Classification Society or fFlag State. 289 and trapping) and Protection and Indemnity risks and freight, demurrage and defence risks 11. Hire See Clause 36 290 (and any risks against which it is compulsory to insure 361 (a) The Charterers shall pay hire due to the Owners 291 for the operation of the Vessel, including but not limited 362 punctually in accordance with the terms of this Charter 292 to maintaining in respect of which time shall be of the essence. 293 financial security in accordance with sub-clause 363 (b) The Charterers shall pay to the Owners for the hire 294 10(a)(iii)) in such form as the Owners shall in writing 364 of the Vessel a lump sum in the amount indicated in 295                approve, which approval shall not be un-reasonably 365 Box 22 which shall be payable not later than every thirty 296 withheld. During the Charter Period, the Charterers 366 (30) running days in advance, the first lump sum being 297 shall procure (at Charterers’ expense) that there are payable on the date and hour of the Vessel’s delivery to 298 in place innocent Owners’ interest insurance, the Charterers. Hire shall be paid continuously 299 Owner’s additional perils (pollution) insurance and if throughout the Charter Period.    300 applicable Mortgagees’ interest insurance and (c) Payment of hire shall be made in cash without 301 Mortgagees’ additional perils (pollution) insurance. discount in the currency and in the manner indicated in 302 Such insurances as specified in this Clause 13 shall be Box 25 and at the place mentioned in Box 26. 303 arranged by the (d) Final payment of hire, if for a period of less than 304 Charterers to protect the interests of both the Owners 367 thirty (30) running days, shall be calculated proportionally 305 and the Charterers and the mortgageeMortgagee(s) (if 368 according to the number of days and hours remaining 306 any),. and before redelivery and advance payment to be effected 307 The Charterers shall be at liberty to protect under such 369 accordingly. 308 insurances the interests of any managers they may 370 (e) Should the Vessel be lost or missing, hire shall 309 appoint. Insurance policies shall cover the Owners and 371 cease from the date and time when she was lost or last 310 the Charterers and the Mortgagees (if any) according to 372 heard of. The date upon which the Vessel is to be treated 311 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

PART II “BARECON 2001” Standard Bareboat Charter their respective interests. payments made to discharge claims against or liabilities 437 Subject to the provisions of the Financial Instruments (if 373 of the Vessel or the Owners covered by such insurance. 438 any), if and the agreed loss payable clauses, Insurance policies shall cover the Owners and the 439 any, and the approval of the Owners and the insurers, 374 Charterers according to their respective interests. 440 the Charterers shall effect all insured repairs and shall 375 (b) During the Charter Period the Vessel shall be kept 441 undertake settlement and reimbursement from the 376 insured by the Charterers at their expense against 442 insurers of all costs in connection with such repairs as 377 Protection and Indemnity risks (and any risks against 443 well as insured charges, expenses and liabilities to the 378 which it is compulsory to insure for the operation of the 444 extent of coverage under the insurances herein provided 379 Vessel, including maintaining financial security in 445 for.    380 accordance with sub-clause 10(a)(iii)) in such form as 446 The Charterers also to remain responsible for and to 381 the Owners shall in writing approve which approval shall 447 effect repairs and settlement of costs and expenses 382 not be unreasonably withheld. 448 incurred thereby in respect of all other repairs not 383 (c) In the event that any act or negligence of the 449 covered by the insurances and/or not exceeding any 384 Charterers shall vitiate any of the insurance herein 450 possible franchise(s) or deductibles provided for in the 385 provided, the Charterers shall pay to the Owners all 451 insurances. 386 losses and indemnify the Owners against all claims and 452 All time used for repairs under the provisions of sub- 387 demands which would otherwise have been covered by 453 clause 13(a) and for repairs of latent defects according 388 such insurance. 454 to Clause 3(c) above, including any deviation, shall be 389 (d) The Charterers shall, subject to the approval of the 455 for the Charterers’ account. 390 Owners or Owners’ Underwriters, effect all insured 456 (b) If the conditions of the above insurances permit 391 repairs, and the Charterers shall undertake settlement 457 additional insurance to be placed by the parties, such 392 of all miscellaneous expenses in connection with such 458 cover shall be limited to the amount for each party set 393 repairs as well as all insured charges, expenses and 459 out in Box 30 and Box 31, respectively. The Owners or 394 liabilities, to the extent of coverage under the insurances 460 the Charterers as the case may be shall immediately 395 provided for under the provisions of sub-clause 14(a). 461 furnish the other partyOwners with particulars of any 396 The Charterers to be secured reimbursement through 462 additional the Owners’ Underwriters for such expenditures upon 463 insurance effected, including copies of any cover notes 397 presentation of accounts. 464 or policies and the written consent of the insurers of 398 (e) The Charterers to remain responsible for and to 465 any such required insurance in any case where the 399 effect repairs and settlement of costs and expenses 466 consent of such insurers is necessary. 400 incurred thereby in respect of all other repairs not 467 (c) The Charterers shall upon the request of the 401 covered by the insurances and/or not exceeding any 468 Owners, provide information and promptly execute such 402 possible franchise(s) or deductibles provided for in the 469 documents as may be required to enable the Owners to 403 insurances. 470 comply with the insurance provisions of the each 404 (f) All time used for repairs under the provisions of 471 Financial sub-clauses 14(d) and 14(e) and for repairs of latent 472 Instrument (if any). 405 defects according to Clause 3 above, including any 473 (d) Subject to the provisions of the Financial Instru- 406 deviation, shall be for the Charterers’ account and shall 474 ments, if any, and Clause 38 and Clause 40, should the 407 form part of the Charter Period. 475 Vessel become an actual, The Owners shall not be responsible for any expenses 476 constructive, compromised or agreed a tTotal lLoss under 408 as are incident to the use and operation of the Vessel 477 the insurances required under sub-clause 13(a), all 409 for such time as may be required to make such repairs. 478 insurance payments for such loss shall be paid to the 410 (g) If the conditions of the above insurances permit 479 Owners (or if applicable, their financiers) in 411 additional insurance to be placed by the parties such 480 accordance with the agreed loss payable clauses who cover shall be limited to the amount for each party set 481 shall distribute the moneys between the out in Box 30 and Box 31, respectively. The Owners or 482 Owners and the Charterers according to their respective 412 the Charterers as the case may be shall immediately 483 interests. The Charterers undertake to notify the Owners 413 furnish the other party with particulars of any additional 484 and the mortgageeMortgagee(s), if any, of any 414 insurance effected, including copies of any cover notes 485 occurrences in or policies and the written consent of the insurers of 486 consequence of which the Vessel is likely to become a 415 any such required insurance in any case where the 487 Ttotal Lloss as defined in this Clause. 416 consent of such insurers is necessary. 488 (e) The Owners shall upon the request of the 417 (h) Should the Vessel become an actual, constructive, 489 Charterers and subject to the Owners’ approval of 418 compromised or agreed total loss under the insurances 490 such request, promptly execute such documents as may required under sub-clause 14(a), all insurance payments 491 be required to enable the Charterers to abandon the 419 for such loss shall be paid to the Owners, who shall 492 Vessel to insurers and claim a constructive total loss. 420 distribute the moneys between themselves and the 493 (f) For the purpose of insurance coverage against hull 421 Charterers according to their respective interests. 494 and machinery and war risks under the provisions of 422 (i) If the Vessel becomes an actual, constructive, 495 sub-clause 13(a), the value of the Vessel is the sum 423 compromised or agreed total loss under the insurances 496 indicated in Box 29Clause 38. 424 arranged by the Owners in accordance with sub-clause 497 14. Insurance, Repairs and Classification – intentionally 425 14(a), this Charter shall terminate as of the date of such 498 omitted loss. 499 (Optional, only to apply if expressly agreed and stated 426 (j) The Charterers shall upon the request of the 500 in Box 29, in which event Clause 13 shall be considered 427 Owners, promptly execute such documents as may be 501 deleted). 428 required to enable the Owners to abandon the Vessel 502 (a) During the Charter Period the Vessel shall be kept 429 to the insurers and claim a constructive total loss. 503 insured by the Owners at their expense against hull and 430 (k) For the purpose of insurance coverage against hull 504 machinery and war risks under the form of policy or 431 and machinery and war risks under the provisions of 505 policies attached hereto. The Owners and/or insurers 432 sub-clause 14(a), the value of the Vessel is the sum 506 shall not have any right of recovery or subrogation 433 indicated in Box 29. 507 against the Charterers on account of loss of or any 434 (l) Notwithstanding anything contained in sub-clause 508 damage to the Vessel or her machinery or appurt- 435 10(a), it is agreed that under the provisions of Clause 509 enances covered by such insurance, or on account of 436 14, if applicable, the Owners shall keep the Vessel’s 510 Class fully up to date with the Classification Society 511 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter indicated in Box 10 and maintain all other necessary 512 is released, including the provision of bail. 581 certificates in force at all times. 513 In such circumstances the Owners shall indemnify the 582 15. Redelivery See Clause 40 514 Charterers against any loss, damage or expense 583 At the expiration of the Charter Period the Vessel shall 515 incurred by the Charterers (including hire paid under 584 be redelivered by the Charterers to the Owners at a 516 this Charter) as a direct consequence of such arrest or 585 safe and ice-free port or place as indicated in Box 16, in 517 detention. 586 such ready safe berth as the Owners may direct. The 518 18. Lien 587 Charterers shall give the Owners not less than thirty 519 The Owners to have a lien upon all cargoes, sub-hires 588 (30) running days’ preliminary notice of expected date, 520 and sub-freights belonging or due to the Charterers or 589 range of ports of redelivery or port or place of redelivery 521 any sub-charterers and any Bill of Lading freight for all 590 and not less than fourteen (14) running days’ definite 522 claims under this Charter, and the Charterers to have a 591 notice of expected date and port or place of redelivery. 523 lien on the Vessel for all moneys paid in advance and 592 Any changes thereafter in the Vessel’s position shall be 524 not earned. 593 notified immediately to the Owners. 525 19. Salvage 594 The Charterers warrant that they will not permit the 526 All salvage and towage performed by the Vessel shall 595 Vessel to commence a voyage (including any preceding 527 be for the Charterers’ benefit and the cost of repairing 596 ballast voyage) which cannot reasonably be expected 528 damage occasioned thereby shall be borne by the 597 to be completed in time to allow redelivery of the Vessel 529 Charterers. 598 within the Charter Period. Notwithstanding the above, 530 should the Charterers fail to redeliver the Vessel within 531 20. Wreck Removal 599 The Charter Period, the Charterers shall pay the daily 532 In the event of the Vessel becoming a wreck or 600 equivalent to the rate of hire stated in Box 22 plus 10 533 obstruction to navigation the Charterers shall indemnify 601 per cent. or to the market rate, whichever is the higher, 534 the Owners against any sums whatsoever which the 602 for the number of days by which the Charter Period is 535 Owners shall become liable to pay and shall pay in 603 exceeded. All other terms, conditions and provisions of 536 consequence of the Vessel becoming a wreck or 604 this Charter shall continue to apply. 537 obstruction to navigation. 605 Subject to the provisions of Clause 10, the Vessel shall 538 be redelivered to the Owners in the same or as good 539 21. General Average 606 structure, state, condition and class as that in which she 540 The Owners shall not contribute to General Average. 607 was delivered, fair wear and tear not affecting class 541 22. Assignment, Sub-Charter and Sale 608 excepted. 542 (a) The Charterers shall not assign this Charter nor 609 The Vessel upon redelivery shall have her survey cycles 543 sub-charter the Vessel on a bareboat basis except with 610 up to date and trading and class certificates valid for at 544 the prior consent in writing of the Owners, which shall 611 least the number of months agreed in Box 17. 545 not be unreasonably withheld, and subject to such terms 612 16. Non-Lien 546 and conditions as the Owners shall approve. 613 Other than Permitted Security Interests, Tthe 547 (b) The Owners shall not sell the Vessel during the 614 Charterers will not suffer, nor permit to be continued, currency of this Charter except with the prior written 615 any lien or encumbrance incurred by them or their 548 consent of the Charterers, which shall not be unreason- 616 agents, which might have priority over the title and 549 ably withheld, and subject to the buyer accepting an 617 interest of the Owners in the Vessel. The Charterers 550 assignment of this Charter. 618 further agree to fasten to the Vessel in a conspicuous 551 place and to keep so fastened during the Charter Period 552 23. Contracts of Carriage 619 a notice reading as follows: 553 *) (a) The Charterers are to procure that all documents 620 “This Vessel is the property of (name of Owners). It is 554 issued during the Charter Period evidencing the terms 621 under charter to (name of Charterers) and by the terms 555 and conditions agreed in respect of carriage of goods 622 of the Charter Party neither the Charterers nor the 556 shall contain a paramount clause incorporating any 623 Master have any right, power or authority to create, incur 557 legislation relating to carrier’s liability for cargo 624 or permit to be imposed on the Vessel any lien 558 compulsorily applicable in the trade; if no such legislation 625 whatsoever.” 559 exists, the documents shall incorporate the Hague-Visby 626 or a notice in such form as required by any Rules. The documents shall also contain the New Jason 627 Mortgagee(s). Clause and the Both-to-Blame Collision Clause. 628 17. Indemnity See Clauses 37.3, 38.5, 38.15, 38.16, 40.5, 560 *) (b) The Charterers are to procure that all passenger 629 41.2 and 50 tickets issued during the Charter Period for the carriage 630 (a) The Charterers shall indemnify the Owners against 561 of passengers and their luggage under this Charter shall 631 any loss, damage or expense incurred by the Owners 562 contain a paramount clause incorporating any legislation 632 arising out of or in relation to the operation of the Vessel 563                relating to carrier’s liability for passengers and their 633 by the Charterers, and against any lien of whatsoever 564 luggage compulsorily applicable in the trade; if no such 634 nature arising out of an event occurring during the 565 legislation exists, the passenger tickets shall incorporate 635 Charter Period. If the Vessel be arrested or otherwise 566 the Athens Convention Relating to the Carriage of 636 detained by reason of claims or liens arising out of her 567 Passengers and their Luggage by Sea, 1974, and any 637 operation hereunder by the Charterers, the Charterers 568 protocol thereto. 638 shall at their own expense take all reasonable steps to 569 *) Delete as applicable. 639 secure that within a reasonable time the Vessel is 570 24. Bank Corporate Guarantee 640 released, including the provision of bail. 571 (Optional, only to apply if Box 27 filled in) 641 Without prejudice to the generality of the foregoing, the 572 The Charterers undertake to furnish, on or about the 642 Charterers agree to indemnify the Owners against all 573 date of this Charter before delivery of consequences or liabilities arising from the Master, 574 the Vessel, a first class bank a corporate guarantee from 643 officers or agents signing Bills of Lading or other 575 the Guarantor or bond in the documents. 576 sum and at the place as indicated in Box 27 as 644 (b) If the Vessel be arrested or otherwise detained by 577 guarantee, and on or about the date of this Charter reason of a claim or claims against the Owners, the 578 the other Security Documents (as the case may be) as 645 Owners shall at their own expense take all reasonable 579 security, in each case for full performance of their steps to secure that within a reasonable time the Vessel 580 obligations under this    This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter Charter. 646 imposed on all vessels, or is imposed selectively in any 707 25. Requisition/Acquisition 647 way whatsoever against vessels of certain flags or 708 (a) Subject to the provisions of the Financial 648 ownership, or against certain cargoes or crews or 709 Instruments (if any) and the General Assignment, Iin otherwise howsoever, or to proceed to an area where 710 the event of the Requisition for Hire of the Vessel she shall be subject, or is likely to be subject to 711 by any governmental or other competent authority 649 a belligerent’s right of search and/or confiscation. 712 (hereinafter referred to as “Requisition for Hire”) 650 (d) If the insurers of the war risks insurance, when 713 irrespective of the date during the Charter Period when 651 Clause 14 is applicable, should require payment of 714 “Requisition for Hire” may occur and irrespective of the 652 premiums and/or calls because, pursuant to the 715 length thereof and whether or not it be for an indefinite 653 Charterers’ orders, the Vessel is within, or is due to enter 716 or a limited period of time, and irrespective of whether it 654 and remain within, any area or areas which are specified 717 may or will remain in force for the remainder of the 655 by such insurers as being subject to additional premiums 718 Charter Period, this Charter shall not be deemed thereby 656 because of War Risks, then such premiums and/or calls 719 or thereupon to be frustrated or otherwise terminated 657 shall be reimbursed by the Charterers to the Owners at 720 and the Charterers shall continue to pay the stipulated 658 the same time as the next payment of hire is due. 721 hire in the manner provided by this Charter until the time 659 (e) The Charterers shall have the liberty: 722 when the Charter would have terminated pursuant to 660 (i) to comply with all orders, directions, recommend- 723 any of the provisions hereof always provided however 661 ations or advice as to departure, arrival, routes, 724 that if all hire has been paid by the Charterers 662 sailing in convoy, ports of call, stoppages, 725 hereunder then in the event of “Requisition for Hire” any destinations, discharge of cargo, delivery, or in any 726 Requisition other way whatsoever, which are given by the 727 Hire or compensation is received or receivable by the 663 Government of the Nation under whose flag the 728 Owners, the same shall be payable to the Charterers 664 Vessel sails, or any other Government, body or 729 during the group whatsoever acting with the power to compel 730 remainder of the Charter Period or the period of the 665 compliance with their orders or directions; 731 “Requisition for Hire” whichever be the shorter. 666 (ii) to comply with the orders, directions or recom- 732 (b) In the event of the Owners being deprived of their 667 mendations of any war risks underwriters who have 733 ownership in the Vessel by any Compulsory Acquisition 668 the authority to give the same under the terms of 734 of the Vessel or requisition for title by any governmental 669 the war risks insurance; 735 or other competent authority (hereinafter referred to as 670 (iii) to comply with the terms of any resolution of the 736 “Compulsory Acquisition”), then, irrespective of the date 671 Security Council of the United Nations, any 737 during the Charter Period when “Compulsory Acqui- 672 directives of the European Community, the effective 738 sition” may occur, this Charter shall be deemed 673 orders of any other Supranational body which has 739 terminated as of the date of such “Compulsory 674 the right to issue and give the same, and with 740 Acquisition”. In such event Charter Hire to be considered 675 national laws aimed at enforcing the same to which 741 as earned and to be paid up to the date and time of 676 the Owners are subject, and to obey the orders 742 such “Compulsory Acquisition”. 677 and directions of those who are charged with their 743 enforcement. 744 26. War 678 (f) In the event of outbreak of war (whether there be a 745 (a) Subject to the provisions of the Financial 679 declaration of war or not) (i) between any two or more 746 Instruments (if any), Ffor the purpose of this Clause, the of the following countries: the United States of America; 747 words “War Russia; the United Kingdom; France; and the People’s 748 Risks” shall include any war (whether actual or 680 Republic of China, (ii) between any two or more of the 749 threatened), act of war, civil war, hostilities, revolution, 681 countries stated in Box 36, both the Owners and the 750 rebellion, civil commotion, warlike operations, the laying 682 Charterers shall have the right to cancel this Charter, 751 of mines (whether actual or reported), acts of piracy, 683 whereupon the Charterers shall redeliver the Vessel to 752 acts of terrorists, acts of hostility or malicious damage, 684 the Owners in accordance with Clause 15, if the Vessel 753 blockades (whether imposed against all vessels or 685 has cargo on board after discharge thereof at 754 imposed selectively against vessels of certain flags or 686 destination, or if debarred under this Clause from 755 ownership, or against certain cargoes or crews or 687 reaching or entering it at a near, open and safe port as 756 otherwise howsoever), by any person, body, terrorist or 688 directed by the Owners, or if the Vessel has no cargo 757 political group, or the Government of any state 689 on board, at the port at which the Vessel then is or if at 758 whatsoever, which may be dangerous or are likely to be 690 sea at a near, open and safe port as directed by the 759 or to become dangerous to the Vessel, her cargo, crew 691 Owners. In all cases hire shall continue to be paid in 760 or other persons on board the Vessel. 692 accordance with Clause 11 and except as aforesaid all 761 (b) Without first obtaining the consent of the 693 other provisions of this Charter shall apply until 762 insurers to such employment and complying with the redeliverythe end of the Charter Period. 763 terms of Clause 38 and such other requirements as to extra insurance premiums or any other requirements 27. Commission – intentionally omitted 764 as may be prescribed by the insurers, tThe Vessel, The Owners to pay a commission at the rate indicated 765 unless the written consent of the in Box 33 to the Brokers named in Box 33 on any hire 766 Owners be first obtained, shall not continue to or go 694 paid under the Charter. If no rate is indicated in Box 33, 767 through any port, place, area or zone (whether of land 695 the commission to be paid by the Owners shall cover 768 or sea), or any waterway or canal, where it reasonably 696 the actual expenses of the Brokers and a reasonable 769 appears that the Vessel, her cargo, crew or other 697 fee for their work. 770 persons on board the Vessel, in the reasonable 698 If the full hire is not paid owing to breach of the Charter 771 judgement of the Owners, may be, or are likely to be, 699 by either of the parties the party liable therefor shall 772 exposed to War Risks. Should the Vessel be within any 700 indemnify the Brokers against their loss of commission. 773 such place as aforesaid, which only becomes danger- 701 Should the parties agree to cancel the Charter, the 774 ous, or is likely to be or to become dangerous, after her 702 Owners shall indemnify the Brokers against any loss of 775 entry into it, the Owners shall have the right to require 703 commission but in such case the commission shall not 776 the Vessel to leave such area. 704 exceed the brokerage on one year’s hire. 777 (c) The Vessel shall not load contraband cargo, or to 705 28. Termination See Clauses 40 and 44 778 pass through any blockade, whether such blockade be 706 (a) Charterers’ Default 779 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter The Owners shall be entitled to withdraw the Vessel from 780 28Clause 40.3, the service of the Charterers and terminate the Charter 781 the Owners shall in addition have the right to repossess 853 with immediate effect by written notice to the Charterers if: 782 the Vessel (i) the Charterers fail to pay hire in accordance with 783 from the Charterers at her current or next port of call, or 854 Clause 11. However, where there is a failure to 784 at a port or place convenient to them without hindrance 855 make punctual payment of hire due to oversight, 785 or interference by the Charterers, courts or local 856 negligence, errors or omissions on the part of the 786 authorities. Pending physical repossession of the Vessel 857 Charterers or their bankers, the Owners shall give 787 in accordance with this Clause 29 and/or Clause 40, the 858 the Charterers written notice of the number of clear 788 Charterers shall banking days stated in Box 34 (as recognised at 789 hold the Vessel as gratuitous bailee only to the Owners 859 the agreed place of payment) in which to rectify 790 and the Charterers shall procure that the master and the failure, and when so rectified within such 791 crew follow the orders and directions of the Owners.    number of days following the Owners’ notice, the 792 The Owners shall arrange for an authorised represent- 860 payment shall stand as regular and punctual.    793 ative to board the Vessel as soon as reasonably 861 Failure by the Charterers to pay hire within the 794 practicable following the termination of the Charter. The 862 number of days stated in Box 34 of their receiving 795 Vessel shall be deemed to be repossessed by the 863 the Owners’ notice as provided herein, shall entitle 796 Owners from the Charterers upon the boarding of the 864 the Owners to withdraw the Vessel from the service 797 Vessel by the Owners’ representative. All arrangements 865 of the Charterers and terminate the Charter without 798 and expenses relating to the settling of wages, 866 further notice; 799 disembarkation and repatriation of the Charterers’ 867 (ii) the Charterers fail to comply with the requirements of: 800 Master, officers and crew shall be the sole responsibility 868 (1) Clause 6 (Trading Restrictions) 801 of the Charterers. 869 (2) Clause 13(a) (Insurance and Repairs) 802 30. Dispute Resolution 870 provided that the Owners shall have the option, by 803 *) (a) This Contract Charter and any non-contractual 871 written notice to the Charterers, to give the 804 obligations arising out of or in connection with it shall be Charterers a specified number of days grace within 805 governed by and construed which to rectify the failure without prejudice to the 806 in accordance with English law and any dispute arising 872 Owners’ right to withdraw and terminate under this 807 out of or in connection with this Contract Charter shall be 873 Clause if the Charterers fail to comply with such 808 referred notice; 809 to arbitration in London in accordance with the Arbitration 874 (iii) the Charterers fail to rectify any failure to comply 810 Act 1996 or any statutory modification or re-enactment 875 with the requirements of sub-clause 10(a)(i) 811 thereof save to the extent necessary to give effect to 876 (Maintenance and Repairs) as soon as practically 812 the provisions of this Clause. 877 possible after the Owners have requested them in 813 The arbitration shall be conducted in accordance with 878 writing so to do and in any event so that the Vessel’s 814 the London Maritime Arbitrators Association (LMAA) 879 insurance cover is not prejudiced. 815 Terms current at the time when the arbitration proceed- 880 (b) Owners’ Default 816 ings are commenced. 881 If the Owners shall by any act or omission be in breach 817 The reference shall be to three arbitrators. A party 882 of their obligations under this Charter to the extent that 818 wishing to refer a dispute to arbitration shall appoint its 883 the Charterers are deprived of the use of the Vessel 819 arbitrator and send notice of such appointment in writing 884 and such breach continues for a period of fourteen (14) 820 to the other party requiring the other party to appoint its 885 running days after written notice thereof has been given 821 own arbitrator within 14 calendar days of that notice and 886 by the Charterers to the Owners, the Charterers shall 822 stating that it will appoint its arbitrator as sole arbitrator 887 be entitled to terminate this Charter with immediate effect 823 unless the other party appoints its own arbitrator and 888 by written notice to the Owners. 824 gives notice that it has done so within the 14 days 889 (c) Loss of Vessel 825 specified. If the other party does not appoint its own 890 This Charter shall be deemed to be terminated if the 826 arbitrator and give notice that it has done so within the 891 Vessel becomes a total loss or is declared as a 827 14 days specified, the party referring a dispute to 892 constructive or compromised or arranged total loss. For 828 arbitration may, without the requirement of any further 893 the purpose of this sub-clause, the Vessel shall not be 829 prior notice to the other party, appoint its arbitrator as 894 deemed to be lost unless she has either become an 830 sole arbitrator and shall advise the other party 895 actual total loss or agreement has been reached with 831 accordingly. The award of a sole arbitrator shall be 896 her underwriters in respect of her constructive, 832 binding on both parties as if he had been appointed by 897 compromised or arranged total loss or if such agreement 833 agreement. 898 with her underwriters is not reached it is adjudged by a 834 Nothing herein shall prevent the parties agreeing in 899 competent tribunal that a constructive loss of the Vessel 835 writing to vary these provisions to provide for the 900 has occurred. 836 appointment of a sole arbitrator. 901 (d) Either party shall be entitled to terminate this 837 In cases where neither the claim nor any counterclaim 902 Charter with immediate effect by written notice to the 838 exceeds the sum of US$50,000 (or such other sum as 903 other party in the event of an order being made or 839 the parties may agree) the arbitration shall be conducted 904 resolution passed for the winding up, dissolution, 840 in accordance with the LMAA Small Claims Procedure 905 liquidation or bankruptcy of the other party (otherwise 841 current at the time when the arbitration proceedings are 906 than for the purpose of reconstruction or amalgamation) 842 commenced. The language or any arbitration 907 or if a receiver is appointed, or if it suspends payment, 843 proceedings shall be English. ceases to carry on business or makes any special 844 *) (b) This Contract shall be governed by and construed 908 arrangement or composition with its creditors. 845 in accordance with Title 9 of the United States Code 909 (e) The termination of this Charter shall be without 846 and the Maritime Law of the United States and any 910 prejudice to all rights accrued due between the parties 847 dispute arising out of or in connection with this Contract 911 prior to the date of termination and to any claim that 848 shall be referred to three persons at New York, one to 912 either party might have. 849 be appointed by each of the parties hereto, and the third 913 29. Repossession 850 by the two so chosen; their decision or that of any two 914 In the event of the Owners have made a request for 851 of them shall be final, and for the purposes of enforcing 915 redelivery of the Vessel termination of this Charter in any award, judgement may be entered on an award by 916 accordance with the applicable provisions of Clause 852 any court of competent jurisdiction. The proceedings 917 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

PART II “BARECON 2001” Standard Bareboat Charter shall be conducted in accordance with the rules of the 918 communication shall be as stated in Boxes 3 and 4 992 Society of Maritime Arbitrators, Inc. 919 respectively. 993 In cases where neither the claim nor any counterclaim 920 exceeds the sum of US$50,000 (or such other sum as 921 the parties may agree) the arbitration shall be conducted 922 in accordance with the Shortened Arbitration Procedure 923 of the Society of Maritime Arbitrators, Inc. current at 924 the time when the arbitration proceedings are commenced. 925 *) (c) This Contract shall be governed by and construed 926 in accordance with the laws of the place mutually agreed 927 by the parties and any dispute arising out of or in 928 connection with this Contract shall be referred to 929 arbitration at a mutually agreed place, subject to the 930 procedures applicable there.    931 (d) Notwithstanding (a), (b) or (c) above, the parties 932 may agree at any time to refer to mediation any 933 difference and/or dispute arising out of or in connection 934 with this Contract. 935 In the case of a dispute in respect of which arbitration 936 has been commenced under (a), (b) or (c) above, the 937 following shall apply:- 938 (i) Either party may at any time and from time to time 939 elect to refer the dispute or part of the dispute to 940 mediation by service on the other party of a written 941 notice (the “Mediation Notice”) calling on the other 942 party to agree to mediation. 943 (ii) The other party shall thereupon within 14 calendar 944 days of receipt of the Mediation Notice confirm that 945 they agree to mediation, in which case the parties 946 shall thereafter agree a mediator within a further 947 14 calendar days, failing which on the application 948 of either party a mediator will be appointed promptly 949 by the Arbitration Tribunal (“the Tribunal”) or such 950 person as the Tribunal may designate for that 951 purpose. The mediation shall be conducted in such 952 place and in accordance with such procedure and 953 on such terms as the parties may agree or, in the 954 event of disagreement, as may be set by the 955 mediator. 956 (iii) If the other party does not agree to mediate, that 957 fact may be brought to the attention of the Tribunal 958 and may be taken into account by the Tribunal when 959 allocating the costs of the arbitration as between 960 the parties. 961 (iv) The mediation shall not affect the right of either 962 party to seek such relief or take such steps as it 963 considers necessary to protect its interest. 964 (v) Either party may advise the Tribunal that they have 965 agreed to mediation. The arbitration procedure shall 966 continue during the conduct of the mediation but 967 the Tribunal may take the mediation timetable into 968 account when setting the timetable for steps in the 969 arbitration. 970 (vi) Unless otherwise agreed or specified in the 971 mediation terms, each party shall bear its own costs 972 incurred in the mediation and the parties shall share 973 equally the mediator’s costs and expenses. 974 (vii) The mediation process shall be without prejudice 975 and confidential and no information or documents 976 disclosed during it shall be revealed to the Tribunal 977 except to the extent that they are disclosable under 978 the law and procedure governing the arbitration. 979 (Note: The parties should be aware that the mediation 980 process may not necessarily interrupt time limits.) 981 (e) If Box 35 in Part I is not appropriately filled in, sub-clause 982 30(a) of this Clause shall apply. Sub-clause 30(d) shall 983 apply in all cases. 984 *) Sub-clauses 30(a), 30(b) and 30(c) are alternatives; 985 indicate alternative agreed in Box 35. 986 31. Notices See Clause 43 987 (a) Any notice to be given by either party to the other 988 party shall be in writing and may be sent by fax, telex, 989 registered or recorded mail or by personal service. 990 (b) The address of the Parties for service of such 991 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.    

“BARECON 2001” Standard Bareboat Charter OPTIONAL PART III PART PROVISIONS TO APPLY FOR NEWBUILDING VESSELS ONLY (Optional, only to apply if expressly agreed and stated in Box 37) 1. Specifications and Building Contract 1 and upon and after such acceptance, subject to Clause 69 (a) The Vessel shall be constructed in accordance with 2 1(d), the Charterers shall not be entitled to make any claim 70 the Building Contract (hereafter called “the Building 3 against the Owners in respect of any conditions, 71 Contract”) as annexed to this Charter, made between the 4 representations or warranties, whether express or implied, 72 Builders and the Owners and in accordance with the 5 as to the seaworthiness of the Vessel or in respect of delay 73 specifications and plans annexed thereto, such Building 6 in delivery. 74 Contract, specifications and plans having been counter- 7 (b) If for any reason other than a default by the Owners 75 signed as approved by the Charterers. 8 under the Building Contract, the Builders become entitled 76 (b) No change shall be made in the Building Contract or 9 under that Contract not to deliver the Vessel to the Owners, 77 in the specifications or plans of the Vessel as approved by 10 the Owners shall upon giving to the Charterers written 78 the Charterers as aforesaid, without the Charterers’ 11 notice of Builders becoming so entitled, be excused from 79 consent. 12 giving delivery of the Vessel to the Charterers and upon 80 (c) The Charterers shall have the right to send their 13 receipt of such notice by the Charterers this Charter shall 81 representative to the Builders’ Yard to inspect the Vessel 14 cease to have effect. 82 during the course of her construction to satisfy themselves 15 (c) If for any reason the Owners become entitled under 83 that construction is in accordance with such approved 16 the Building Contract to reject the Vessel the Owners shall, 84 specifications and plans as referred to under sub-clause 17 before exercising such right of rejection, consult the 85 (a) of this Clause. 18 Charterers and thereupon 86 (d) The Vessel shall be built in accordance with the 19 (i) if the Charterers do not wish to take delivery of the Vessel 87 Building Contract and shall be of the description set out 20 they shall inform the Owners within seven (7) running days 88 therein. Subject to the provisions of sub-clause 2(c)(ii) 21 by notice in writing and upon receipt by the Owners of such 89 hereunder, the Charterers shall be bound to accept the 22 notice this Charter shall cease to have effect; or 90 Vessel from the Owners, completed and constructed in 23 (ii) if the Charterers wish to take delivery of the Vessel 91 accordance with the Building Contract, on the date of 24 they may by notice in writing within seven (7) running days 92 delivery by the Builders. The Charterers undertake that 25 require the Owners to negotiate with the Builders as to the 93 having accepted the Vessel they will not thereafter raise 26 terms on which delivery should be taken and/or refrain from 94 any claims against the Owners in respect of the Vessel’s 27 exercising their right to rejection and upon receipt of such 95 performance or specification or defects, if any. 28 notice the Owners shall commence such negotiations and/ 96 Nevertheless, in respect of any repairs, replacements or    29 or take delivery of the Vessel from the Builders and deliver 97 defects which appear within the first 12 months from 30 her to the Charterers; 98 delivery by the Builders, the Owners shall endeavour to 31 (iii) in no circumstances shall the Charterers be entitled to 99 compel the Builders to repair, replace or remedy any defects 32 reject the Vessel unless the Owners are able to reject the 100 or to recover from the Builders any expenditure incurred in 33 Vessel from the Builders; 101 carrying out such repairs, replacements or remedies. 34 (iv) if this Charter terminates under sub-clause (b) or (c) of 102 However, the Owners’ liability to the Charterers shall be 35 this Clause, the Owners shall thereafter not be liable to the 103 limited to the extent the Owners have a valid claim against 36 Charterers for any claim under or arising out of this Charter 104 the Builders under the guarantee clause of the Building 37 or its termination. 105 Contract (a copy whereof has been supplied to the 38 (d) Any liquidated damages for delay in delivery under the 106 Charterers). The Charterers shall be bound to accept such 39 Building Contract and any costs incurred in pursuing a claim 107 sums as the Owners are reasonably able to recover under 40 therefor shall accrue to the account of the party stated in 108 this Clause and shall make no further claim on the Owners 41 Box 41(c) or if not filled in shall be shared equally between 109 for the difference between the amount(s) so recovered and 42 the parties. 110 the actual expenditure on repairs, replacement or 43 3. Guarantee Works 111 remedying defects or for any loss of time incurred. 44 If not otherwise agreed, the Owners authorise the 112 Any liquidated damages for physical defects or deficiencies 45 Charterers to arrange for the guarantee works to be 113 shall accrue to the account of the party stated in Box 41(a) 46 performed in accordance with the building contract terms, 114 or if not filled in shall be shared equally between the parties. 47 and hire to continue during the period of guarantee works. 115 The costs of pursuing a claim or claims against the Builders 48 The Charterers have to advise the Owners about the 116 under this Clause (including any liability to the Builders) 49 performance to the extent the Owners may request. 117 shall be borne by the party stated in Box 41(b) or if not 50 filled in shall be shared equally between the parties. 51 4. Name of Vessel 118 The name of the Vessel shall be mutually agreed between 119 2. Time and Place of Delivery 52 the Owners and the Charterers and the Vessel shall be 120 (a) Subject to the Vessel having completed her 53 painted in the colours, display the funnel insignia and fly 121 acceptance trials including trials of cargo equipment in 54 the house flag as required by the Charterers. 122 accordance with the Building Contract and specifications 55 to the satisfaction of the Charterers, the Owners shall give 56 5. Survey on Redelivery 123 and the Charterers shall take delivery of the Vessel afloat 57 The Owners and the Charterers shall appoint surveyors 124 when ready for delivery and properly documented at the 58 for the purpose of determining and agreeing in writing the 125 Builders’ Yard or some other safe and readily accessible 59 condition of the Vessel at the time of re-delivery. 126 dock, wharf or place as may be agreed between the parties 60 Without prejudice to Clause 15 (Part II), the Charterers 127 hereto and the Builders. Under the Building Contract the 61 shall bear all survey expenses and all other costs, if any, 128 Builders have estimated that the Vessel will be ready for 62 including the cost of docking and undocking, if required, 129 delivery to the Owners as therein provided but the delivery 63 as well as all repair costs incurred. The Charterers shall 130 date for the purpose of this Charter shall be the date when 64 also bear all loss of time spent in connection with any 131 the Vessel is in fact ready for delivery by the Builders after 65 docking and undocking as well as repairs, which shall be 132 completion of trials whether that be before or after as 66 paid at the rate of hire per day or pro rata. 133 indicated in the Building Contract. The Charterers shall not 67 be entitled to refuse acceptance of delivery of the Vessel 68 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” Standard Bareboat Charter    OPTIONAL PART IV PART HIRE/PURCHASE AGREEMENT (Optional, only to apply if expressly agreed and stated in Box 42) On expiration of this Charter and provided the Charterers 1 In exchange for payment of the last month’s hire 28 have fulfilled their obligations according to Part I and II 2 instalment the Sellers shall furnish the Buyers with a 29 as well as Part III, if applicable, it is agreed, that on 3 Bill of Sale duly attested and legalized, together with a 30 payment of the final payment of hire as per Clause 11 4 certificate setting out the registered encumbrances, if 31 the Charterers have purchased the Vessel with 5 any. On delivery of the Vessel the Sellers shall provide 32 everything belonging to her and the Vessel is fully paid 6 for deletion of the Vessel from the Ship’s Register and 33 for. 7 deliver a certificate of deletion to the Buyers. 34 In the following paragraphs the Owners are referred to 8 The Sellers shall, at the time of delivery, hand to the 35 as the Sellers and the Charterers as the Buyers. 9 Buyers all classification certificates (for hull, engines, 36 anchors, chains, etc.), as well as all plans which may 37 The Vessel shall be delivered by the Sellers and taken 10 be in Sellers’ possession. 38 over by the Buyers on expiration of the Charter. 11 The Wireless Installation and Nautical Instruments, 39 The Sellers guarantee that the Vessel, at the time of 12 unless on hire, shall be included in the sale without any 40 delivery, is free from all encumbrances and maritime 13 extra payment. 41 liens or any debts whatsoever other than those arising 14 from anything done or not done by the Buyers or any 15 The Vessel with everything belonging to her shall be at 42 existing mortgage agreed not to be paid off by the time 16 Sellers’ risk and expense until she is delivered to the 43 of delivery. Should any claims, which have been incurred 17 Buyers, subject to the conditions of this Contract and 44 prior to the time of delivery be made against the Vessel, 18 the Vessel with everything belonging to her shall be 45 the Sellers hereby undertake to indemnify the Buyers 19 delivered and taken over as she is at the time of delivery, 46 against all consequences of such claims to the extent it 20 after which the Sellers shall have no responsibility for 47 can be proved that the Sellers are responsible for such 21 possible faults or deficiencies of any description. 48 claims. Any taxes, notarial, consular and other charges 22 The Buyers undertake to pay for the repatriation of the 49 and expenses connected with the purchase and 23 Master, officers and other personnel if appointed by the 50 registration under Buyers’ flag, shall be for Buyers’ 24 Sellers to the port where the Vessel entered the Bareboat 51 account. Any taxes, consular and other charges and 25 Charter as per Clause 3 (Part II) or to pay the equivalent 52 expenses connected with closing of the Sellers’ register, 26 cost for their journey to any other place. 53    shall be for Sellers’ account. 27    This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” Standard Bareboat Charter OPTIONAL PART PART V PROVISIONS TO APPLY FOR VESSELS REGISTERED IN A BAREBOAT CHARTER REGISTRY (Optional, only to apply if expressly agreed and stated in Box 43) 1. Definitions 1 3. Termination of Charter by Default 17 For the purpose of this PART V, the following terms shall 2 If the Vessel chartered under this Charter is registered 18 have the meanings hereby assigned to them: 3 in a Bareboat Charter Registry as stated in Box 44, and 19 “The Bareboat Charter Registry” shall mean the registry 4 if the Owners shall default in the payment of any amounts 20 of the State whose flag the Vessel will fly and in which 5 due under the mortgage(s) specified in Box 28, the 21 the Charterers are registered as the bareboat charterers 6 Charterers shall, if so required by the mortgagee, direct 22 during the period of the Bareboat Charter. 7 the Owners to re-register the Vessel in the Underlying 23 “The Underlying Registry” shall mean the registry of the 8 Registry as shown in Box 45. 24 state in which the Owners of the Vessel are registered 9 In the event of the Vessel being deleted from the 25 as Owners and to which jurisdiction and control of the 10 Bareboat Charter Registry as stated in Box 44, due to a 26 Vessel will revert upon termination of the Bareboat 11 default by the Owners in the payment of any amounts 27 Charter Registration. 12 due under the mortgage(s), the Charterers shall have 28 2. Mortgage 13 the right to terminate this Charter forthwith and without 29 The Vessel chartered under this Charter is financed by 14 prejudice to any other claim they may have against the 30 a mortgage and the provisions of Clause 12(b) (Part II) 15 Owners under this Charter. 31 shall apply. 16 This document is a computer generated BARECON 2001 form printed by authority of BIMCO. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the pre-printed text of this document which is not clearly visible, the text of the original BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense caused as a result of discrepancies between the original BIMCO approved document and this computer generated document.

“BARECON 2001” STANDARD BAREBOAT CHARTER 26. Place of payment: also state beneficiary and bank account (ci. 11) Beneficiary: Antiparos Shipping Corporation Account No.: 1200048491 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 27. Bank Corporate guarantee/bond (sum and place) (ci. 24) (optional) See Clause 24 28. Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/place of business) (ci. 12) See clause 35 29. Insurance (hull and machinery and war risks) (state value acc. To cl. 13(f) or, if applicable, acc, to ci. 14(k)) (also state if ci. 14 applies) See Clause 38 – CLAUSE 14 DOES NOT APPLY 30. Additional Insurance cover, if any, for Owners’ account limited to (ci. 13(b) or, if applicable, ci. 14(g)) See Clause 38 31. Additional insurance cover, if any, for Charterers’ account limited to (ci. 13(b) or, if applicable, ci. 14(g)) See Clause 38 32. Latent defects (only to be filled in if period other than stated in ci. 3) N/A 33.Brokerage commission and to whom payable (ci. 27) N/A 34. Grace period (state number of clear banking days Business Days) (ci.28) See Clause 44 35. Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed place of Arbitration must be stated (ci. 30) See Clause 30(a) 36. War cancellation (indicate countries agreed) (ci. 26(f)) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies) (optional) No, Part III does not apply 38. Name and place of Builders (only to be filled in if PART III applies) N/A 39. Vessel’s Yard Building No. (only to be filled in if PART III applies) N/A 40. Date of Building Contract (only to be filled in if PART III applies) N/A 41. Liquidated damages and costs shall accrue to (state party acc. To ci.1) a) N/A b) N/A c) N/A 42. Hire/purchase agreement (indicate with “yes” or “no” whether PART IV applies) (optional) No, Part IV does not apply 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) No, Part V does not apply 44. Flag and Country of the Bareboat Charter Registry (only to be filed in if PART V Applies) N/A 45. Country of the Underlying Registry (only to be filled in in if PART V applies) N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE – It is mutually agreed that this Contract shall be performed subject to to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further. Signature (Owners) For and behalf of the Owners Name: Title: Signature (Charterers) For and on behalf of the Charterers Name: Title: This document is a computer generated BARECON 2001 form printed by authority of BIMCO.

“BARECON 2001” STANDARD BAREBOAT CHARTER PART 1 26. Place of payment: also state beneficiary and bank account (ci.11) Beneficiary: Antiparos Shopping Corporation Account no: 1200048491 Beneficiary bank: HSH Nordbank AG SWIFT Code: HSHNDEHH 27. BANK Corporation guarantee/bond (sum and place) CI.24) (optional) See Clause 24 28. mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies stste date of Financial instrument and name of Mortagee(s)Place of business) (CI.12) See Clause 35 29.Insurance (hull and machinery and war riskd)(stste value acc. To CI.13(f) or, applicable, acc. To CI.14(k)) (also state if CI.14 applies) See Clause 38-CLAUSE 14 DOES NOT APPLY 30. Additional insurance cover, if any, for Owners’ account limited to (CI.13(b) or, if applicable. CI.14(g)) See Clause 38 31. Additional insurance cover, if any, for charterers’ account limited to (CI.13(b) or, if applicable. CI.14(g)) See Clause 38 32. Latent defects (only to be filled in if period other than stated in CI.3) N/A 33. Brokerage commission and to whom payable(CI.27) N/A 34. Grace period (state number of clear banking dayBusinees Days(CI.28) See Clause 44 35. Dispute Resolution (stste 30(a).30(b), or 30(c); agreed place of Arbitration must be stated (CI.30) See Clause 30(a) 36. War cancellation (indicate countries agreed) (CI.26(f) N/A 37. Newbuilding Vessel (indicate with “yes” or “no” whether PART III applies ) (optional) No, Part III does not apply 38. Name and place of Builders (only be filled in if PART III applies) N/A 39. Vessei’s Yard Building No. (only to be filled in if PART III applies) N/A 40. Date Of Building Contract (only to be filled in if PART III applies) N/A 41. Liquidated damages and costs shall accrue to (stste party acc. To CI.1) a) N/A b) N/A c) N/A 42. Hire/Purchase agreement (indicate with “yes” or “ no” whether PART IV applies) (optional) No, Part IV does not apply 43. Bareboat Charter Registry (indicate with “yes” or “no” whether PART V applies) (optional) No, Part V does not apply 44. Flag and Country of the Bareboat Charter Registry (only to be filled in if PART V applies) N/A 45. Country of the Underlying Registry (only to be filled in if PART III applies) N/A 46. Number of additional clauses covering special provisions, if agreed Clause 32 to Clause 59 PREAMBLE – It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II. In the event of a conflict of conditions, the provisions of PART I shall prevail over those of PART II to the extent of such conflict but no further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form par of this Charter expressly agreed and state in Boxes 37, 43. If PART III.                

Execution Version

ADDITIONAL CLAUSES TO BARECON 2001 DATED 31 MARCH 2018

CLAUSE 32 – CHARTER PERIOD

CLAUSE 33 – CANCELLATION

then this Charter shall immediately terminate and be cancelled (provided that any provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Charterers to take any action whatsoever.

CLAUSE 34 – DELIVERY OF VESSEL

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and if any of the documents listed in sub-paragraph (iv) above are not in the English language then they shall be accompanied by a certified English translation.

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CLAUSE 35 – QUIET ENJOYMENT

CLAUSE 36 – CHARTERHIRE

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shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and Advance Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts.

CLAUSE 37 – POSSESSION OF VESSEL

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Clause 38 – INSURANCE

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and every other named assured or co-assured has undertaken in writing to the Owners or their financiers reasonably that any deductible shall be apportioned between the Charterers and every other named assured or co-assured in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and their financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;

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In this Clause 38.10 “material” alterations shall include, without limitation, reduction to the insured amount, limitation on the scope of the cover and any other amendment which would cause a breach under the terms of this Charter, any other Leasing Document or any Approved Bareboat Subcharter.

any communication with all parties involved in case of a claim under any of the Vessel’s insurances.

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CLAUSE 39 – WARRANTIES RELATING TO VESSEL

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CLAUSE 40 – TERMINATION, REDELIVERY AND TOTAL LOSS

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provided that it is hereby agreed that any insurance proceeds in respect of the Vessel received by the Owners and/or their financiers (if any) shall be applied in or towards discharging the Charterers’ obligation to pay the Termination Purchase Price and any interest accrued thereon (and such application shall be deemed satisfaction of the Charterers’ obligation to pay the Termination Purchase Price to the extent so satisfied) and in the event that the insurance proceeds received from the insurers exceed the Termination Purchase Price due (and any interest accrued thereon), the excess shall be firstly paid towards satisfying any amounts outstanding and owing by the Charterers or any of their Affiliates under any Other Charter and thereafter paid to the Charterers by way of rebate of hire.

For the avoidance of doubt, in the event that the Vessel becomes a Total Loss:

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CLAUSE 41 – FEES AND EXPENSES

CLAUSE 42 - NO WAIVER OF RIGHTS

CLAUSE 43 - NOTICES

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or, if a party hereto changes its address or fax number, to such other address or fax number as that party may notify to the other.

CLAUSE 44 – TERMINATION EVENTS

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provided that no Termination Event will occur under this Clause 44.1(e) in respect of a Relevant Person or a subsidiary of the Guarantor if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (i) to (iv) above is less than (A) in the case of a Relevant Person (other than the Guarantor), $1,000,000 (or its equivalent in any other currency) in aggregate and (B) in the case of the Guarantor, less than $5,000,000 (or its equivalent in any other currency) in aggregate, and in each of (A) and (B) above, not including any Financial Indebtedness arising directly from a claim which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.

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for any Relevant Person or Approved Manager to maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person or Approved Manager under any Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable; or

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CLAUSE 45 – REPRESENTATIONS AND WARRANTIES

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CLAUSE 46 – CHARTERERS’ UNDERTAKINGS

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and will keep the Owners fully up-to-date with all developments and the Charterers will, if so requested by the Owners, provide any such certificate signed by its director, confirming that there exists no Potential Termination Event or Termination Event;

which may be reasonably requested by the Owners (or their financiers (if any)) at any time;

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For the avoidance of doubt:

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In this Clause 46.1(z), “material term” means, without limitation, terms regarding payment of hire (unless such amendment contemplates increase of hire rate), duration of charter period, off-hire and termination events;

CLAUSE 47 PURCHASE OPTION

provided that in the case of paragraph (c) above, the Purchase Option Date shall fall on a Payment Date.

CLAUSE 48 – PURCHASE OBLIGATION

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be obliged to purchase from the Owners all of the Owners’ beneficial and legal right, title and interest in the Vessel and all belonging to her and the Owners and the Charterers shall perform their obligations referred to in Clause 49 and the Charterer shall pay the Purchase Obligation Price on the Purchase Obligation Date unless this Charter is terminated before the natural expiration of this Charter or the Owners and the Charterers agree otherwise.

CLAUSE 49 – SALE OF THE VESSEL BY PURCHASE OPTION OR PURCHASE OBLIGATION

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CLAUSE 50 INDEMNITIES

the Charterers shall, as an independent obligation, on demand, indemnify the Owners against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

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and if the Charterers receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or the Guarantor or any of them under or in connection with the Leasing Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.

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CLAUSE 51 – NO SET-OFF OR TAX DEDUCTION

CLAUSE 52 – INCREASED COSTS

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the Owners (or a parent company of them) has incurred or will incur an “increased cost”.

CLAUSE 53 – CONFIDENTIALITY

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provided that the disclosing party shall exercise due diligence to ensure that no such person shall disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties; or

CLAUSE 54 – PARTIAL INVALIDITY

If, at any time, any provision of a Leasing Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

CLAUSE 55 – SETTLEMENT OR DISCHARGE CONDITIONAL

CLAUSE 56 – CHANGES TO THE PARTIES

The Charterers shall not assign their rights or transfer by novation any of their rights and obligations under the Leasing Documents except with the prior consent in writing of the Owners.

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CLAUSE 57 – MISCELLANEOUS

CLAUSE 58 – FATCA

“Code” means the United States Internal Revenue Code of 1986, as amended.

“FATCA” means sections 1471 through 1474 of the Code and any Treasury regulations thereunder.

“FATCA Deduction” means a deduction or withholding from a payment under this Charter or the Leasing Documents required by or under FATCA.

“FATCA Exempt Party” means a Relevant Party that is entitled under FATCA to receive payments free from any FATCA Deduction.

“FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if a Relevant Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction.

“FATCA Non-Exempt Party” means any Relevant Party who is not a FATCA Exempt Party.

“IRS” means the United States Internal Revenue Service or any successor taxing authority or agency of the United States government.

“Relevant Party” means any party to a Leasing Document except an Approved Subcharterer.

58.2 FATCA Information.

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until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.

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The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.

Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 58.3 in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.

CLAUSE 59 - DEFINITIONS

“Acceptance Certificate” means a certificate substantially in the form set out in Schedule I to be signed by the Charterers at Delivery.

“Account Bank” means HSH Nordbank AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany.

“Account Security” means the document creating security over the Earnings Account executed by the Charterers in favour of the Owners, in the agreed form.

“Advance Charterhire” means the amount by which the Purchase Price exceeds the Financing Amount.

“Affiliate” means in relation to any person, a subsidiary of that person or a Holding Company of that person or any other subsidiary of that Holding Company.

“Anti-Money Laundering Laws” means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and without limitation, the United States of America, the European Union and the People’s Republic of China and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or Owner is subjected or subject to.

“Anti-Terrorism Financing Laws” means all applicable anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People’s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over any Relevant Person, Approved Subcharterer, Approved Manager or the Owners; (b) of any jurisdiction in which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners conduct business; or (c) to which any Relevant Person, Approved Subcharterer, Approved Manager or the Owners are subjected or subject to.

“Approved Bareboat Subcharter” means an Approved Subcharter as described under paragraph (b)(i) of the definition of an Approved Subcharter and consented to by the Owners.

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“Approved Manager” means Navios Tankers Management Inc. a corporation incorporated under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 or Affiliate of Navios Maritime Holdings Inc. or any other ship management company approved in writing by the Owners.

“Approved Subcharter” means the Subcharter or:

“Approved Subcharterer” means the Subcharterer or in the case of any other Approved Subcharter falling within paragraph (b) of the definition of Approved Subcharter above, any subcharterer of the Vessel approved by the Owners in writing (such approval not to be unreasonably withheld or delayed).

“Approved Valuer” means Clarksons, Maersk Brokers, Howe Robinson, Arrow, Lorentzen & Stemoco, Simpson Spence Young, Braemar Seascope or any other shipbroker nominated by the Charterers and approved by the Owners.

“Breakfunding Costs” means all breakfunding costs and expenses incurred or payable by the Owners when a repayment or prepayment under the relevant funding arrangement entered into by the Owners for the purpose of financing the Purchase Price do not fall on a Payment Date.

“Business Day” means a day on which banks are open for business in the principal business centres of Hong Kong, Shanghai, Hamburg and Athens and in respect of a day on which a payment is required to be made or other dealing is due to take place under a Leasing Document in Dollars, also a day on which commercial banks are open in New York City.

“Business Ethics Law” means any laws, regulations and/or other legally binding requirements or determinations in relation to corruption, fraud, collusion, bid-rigging or anti-trust, human rights violations (including forced labour and human trafficking) which are applicable to any Relevant Person, Approved Subcharterer, Approved Manager or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii) the United States Foreign Corrupt Practices Act 1977 and all rules and regulations under each of (i) and (ii).

“Cancelling Date” has the meaning given to that term in the MOA.

“Certified Book Value” means the book value of the Vessel from time to time, which as at the date of this Charter is $30,463,247.46 as evidenced and certified in a manner acceptable to the Owners.

“Charterers’ Offer” has the meaning given to that term in Clause 40.3(b).

“Charterhire” means each of, as the context may require, all of the quarterly instalments of hire payable hereunder comprising in each case:

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“Charterhire A” means, in relation to a Payment Date, an amount equal to one twenty fourth (1/24) of the difference between the Financing Amount and the Purchase Obligation Price.

“Charterhire B” means, in relation to a Payment Date, the interest component calculated in accordance with Schedule III at the applicable Interest Rate for the Term commencing on that Payment Date on the Outstanding Principal Balance.

“Charterhire Principal” means the aggregate amount of Charterhire A payable under this Charter.

“Charterhire Principal Balance” means the Charterhire Principal outstanding under this Charter from time to time, as may be reduced by payments or prepayments by the Charterers to the Owners of Charterhire A under this Charter.

“CISADA” means the United States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 as it applies to non-US persons.

“Charter Period” means the period commencing on the Commencement Date and described in Clause 32.2 unless it is either terminated earlier or extended in accordance with the provisions of this Charter.

“China Merchants Group” means China Merchants Group Limited, a company incorporated under the laws of the People’s Republic of China acting through its office at China Merchants Tower, 39-40 Floor, Shun Tak Centre, 168-200 Connaught Road, Central, Hong Kong.

“Classification Society” means ABS or DNV GL or any classification society being a member of the International Association of Classification Societies which is approved by the Owners.

“Commencement Date” means the date on which Delivery takes place.

“Delivery” means the delivery of the legal and beneficial interest in the Vessel from the Owners to the Charterers pursuant to the terms of the MOA.

“Dollars” or “$” have the meanings given to those terms in the MOA.

“Earnings” means all moneys whatsoever which are now, or later become, payable (actually or contingently) and which arise out of the use or operation of the Vessel, including (but not limited to):