EXHIBIT 10.4.10
AMENDMENT NO. 1
TO
SHIP MANAGEMENT AGREEMENT
April 11, 2005
Reference is hereby made to the Ship Management Agreement, dated
October 20, 2004 (the "Ship Management Agreement"), between Victory Ltd., a
company incorporated in the Islands of Bermuda (the "Owners") and Northern
Marine Management Ltd., a company incorporated in Scotland (the "Managers").
Capitalized terms used but not defined herein shall have the meanings assigned
to them in the Time Charter.
The Owners and the Managers hereby agree that the provisions of the
Ship Management Agreement shall be amended as follows:
1. The schedule set forth in Clause 21 shall be deleted and replaced
by the following:
"Period Management Fee
1 (Effective date stated in Box 4 - November 10, 2005) $ 7,500
2 (November 11, 2005 - November 10, 2006) $ 7,875
3 (November 11, 2006 - November 10, 2007) $ 8,269
4 (November 11, 2007 - November 10, 2008) $ 8,682
5 (November 11, 2008 - November 10, 2009) $ 9,116
Option 1 (November 11, 2009 - November 10, 2010) $ 9,572
Option 2 (November 11, 2010 - November 10, 2011) $10,051
Option 3 (November 11, 2011 - November 10, 2012) $10,553"
This Amendment shall be governed by and construed in accordance with the
laws of England. Except as provided herein, the Ship Management Agreement shall
remain unchanged.
OWNERS MANAGERS
Victory Ltd. Northern Marine Management Ltd.
By: /s/ Xxxxxx X. Xxxxx By: /s/ Mats Xxxxxxxx
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Name: Xxxxxx X. Xxxxx Name: Mats Xxxxxxxx
Title: President and CEO Title: Director
