Common use of CLASS AND RULES Clause in Contracts

CLASS AND RULES. The VESSEL, including its machinery and equipment, shall be constructed in accordance with the rules and regulations of LR (hereinafter called the "Classification Society") and shall be distinguished in the record in the following class notation: LR o 100A1 Bulk Carrier, CSR, BC-A, Holds No.2&4 may be empty, ESP, LI, ShipRight(CM,ACS(B)), *IWS, GRAB[20], o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance with the rules and regulations of the Classification Society, including the edition and amendments thereto, being in force and up-to-dated as of the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery date. The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "Classification Surveyor") to the SELLER's Date: 13th November, 2013 Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangement. All fees and charges related to classification and compliance with the above specified classification rules and other rules and/or regulations valid as specified above, as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with the Specifications. Decisions of the Classification Society as to compliance or non-compliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, VESSEL including its machinery machinery, equipment and equipmentout fittings, shall be constructed in accordance with the rules and regulations of LR (hereinafter called the "Classification Society") and shall be distinguished in the record in the following class notation: LR o 100A1 Bulk Carrier, CSR, BC-A, Holds No.2&4 may be empty, ESP, LI, ShipRight(CM,ACS(B)), *IWS, GRAB[20], o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance comply with the rules and regulations of and under the supervision of American Bureau of Shipping (ABS) (hereinafter called the “Classification Society”) and distinguished in record by the symbols: +Al OIL CARRIER (E) ESP, FP.<60°C, +ACC, +AMS The requirements of the authorities and other regulatory bodies as fully described in the Specifications including that of the Classification Society, including Society are to include any rules or circulars thereof which have been issued and become effective by the edition and amendments thereto, being in force and up-to-dated as xxxx of the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery datethis Contract. The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLER's Date: 13th November, 2013 ’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification and to compliance with all the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract and as specified above, described in the Specifications issued and become effective up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL and the VESSEL itself shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society and regulatory bodies, which males and regulations as well as described in line with detail in page 14;15 and 16 of the SpecificationsSpecifications are all accepted by the SELLER. Decisions of the Classification Society as to compliance or non-compliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its machinery machinery, equipment and equipmentoutfittings, shall be constructed in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to the date of LR signing this Contract of American Bureau of Shipping (“ABS”) (hereinafter called the "“Classification Society"”) without any reservation of any kind and shall be distinguished in classified and registered to the record in the following class notationsymbol of: LR o 100A1 A1, (E), Bulk Carrier, CSR, AB-CM, BC-AA (Holds 2, Holds No.2&4 4, 6 & 8 may be empty), ESP, LIGRAB [35], ShipRight(CM,ACS(B)BWT, BWE, RW, IHM, CPS, UWILD, ENVIRO, PMA, GFS(DFD), *IWSAMS, GRAB[20]ACCU, o LMCTCM, UMSRRDA The requirements of the authorities as fully described in the Specifications including that of the Classification Society are to include additional rules or circulars thereof issued and become effective and compulsorily applicable to the VESSEL up to the date of signing this Contract. Upon delivery, the Vessel shall also comply with the descriptive notes "Xx.XXrules, ShipRight BWMP(T)regulations and requirements of other regulatory bodies as specifically described in the Specifications, ShipRight(SCM)" The VESSEL all the foregoing rules, regulations and requirements and amendments thereto including those of the [***] Shipbuilding Contract Hull No. 0120833 rules, regulations and requirements and amendments thereto including those of the Classification Society and other regulatory bodies (as specified in the Specifications) applicable to the Vessel shall be built under special survey those which entered into force on or before the date of and in signing this Contract. Decisions of the Classification Society as to compliance or non-compliance with the their rules and regulations shall be final and binding upon the Parties hereto. Any amendments, variations or modifications to any of the Classification Societyabove standards, including the edition and amendments thereto, being rules or regulations in force and up-to-dated as of compulsively applicable to the VESSEL issued and having become effective up to and on the date of signing this Contract shall be complied with in addition to the Contract signing including above standards, rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of with no adjustment to the Contract signing, which shall be compulsorily brought into force before the delivery dateprice. The SELLER shall arrange with the Classification Society to assign for assignment by the said society a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLER's Date: 13th November, 2013 BUILDER’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance to comply with the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract as specified abovedescribed in the Specification issued, in effect and compulsorily applicable up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with Society. The facilities, labour and materials necessary for the Specificationssafe and convenient conduct of such inspections and tests, shall be furnished by the BUILDER without charges. Decisions of the Classification Society as to compliance or non-compliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL Communications between the BUILDER and the Classification Society on all matters relating to the construction of the VESSEL, plan approval and any modifications shall also comply with be made available to the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia)BUYER whenever requested.

CLASS AND RULES. The VESSEL, including its machinery machinery, equipment and equipmentoutfitting, shall be constructed designed, constructed, tested and delivered in accordance with the rules and regulations issued and having becoming effective up to and on the date of LR signing this Contract of the American Bureau of Shipping (hereinafter called the "referred to as “ABS” or “Classification Society") ”), under its supervision and shall be distinguished in the record in classed by ABS at time of delivery as a Bulk Carrier with the following class notation: LR o 100A1 +A1 (E) Bulk Carrier, CSR, CPS, BC-AA {Holds 2, Holds No.2&4 4, and 6 may be empty}, Grab[20] , AB-CM, ESP, LIUWILD, ShipRight(CM,ACS(B))+AMS, *IWS+ACCU, GRAB[20]TCM, o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance shall also comply with the rules and regulations as fully described in the Specifications and be built and equipped ready for the service under the flag of [Convenience Flag] (to be decided by the BUYER within 30 days after signing of this Contract). The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including Society are to include any additional rules or circulars thereof (as specified in the edition Specifications) which have already been issued and amendments thereto, being in force and up-to-dated as of become compulsorily applicable up to and/or on the date of signing the Contract. Shipbuilding Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date For Construction of the Contract signing, which shall be compulsorily brought into force before the delivery date. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) The SELLER shall arrange with the Classification Society to assign a representative Representative or representatives Representatives (hereinafter called the "Classification Surveyor") to the SELLER's Date: 13th November, 2013 BUILDER’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance to comply with the above specified classification rules rules, regulations and other rules requirements as referred to in this Contract and/or regulations valid as specified above, described in the Specifications issued up to the date of signing this Contract as well as royalties, if any, payable on account of the design and/or construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society and any other regulatory, as well as in line with the Specificationsapplicable. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its her machinery and equipment, shall be constructed in accordance with the rules and regulations issued and having become effective up to and on the date of LR signing this Contract of Lloyd’s Register (LR) (hereinafter called the "Classification Society") without any reservation of any kind and shall be distinguished in classified and registered to the record in the following class notationsymbol of: LR o 100A1 Bulk Carrier+100A1, Double Hull Oil Tanker, CSR, BC-A, Holds No.2&4 may be empty, ESP, LIShipRight (ACS(B, ShipRight(CM,ACS(BC), CM), *IWS, GRAB[20]LI, o DSPM4, ECO(BWT, IHM, P, VECS-L, EEDI-3), EGCS(OPEN), +LMC, IGS, UMS, with the With descriptive notes "Xx.XX, “ShipRight BWMP(T(BWMP(S,T), ShipRight(SCMSCM, SERS)" The VESSEL to be built under special survey of , ETA, GR(NG, A)”, and in compliance shall also comply with the rules and regulations as fully described in the Specifications. The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including the edition Society are to include additional rules or circulars thereof issued and amendments thereto, being in force become effective up to and up-to-dated as of on the date of the signing this Contract. Shipbuilding Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery date. Hull No.H1596 The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "Classification Surveyor") to the SELLERBUILDER's Date: 13th November, 2013 Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance with the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract as specified above, described in the Specifications issued and effective up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with the SpecificationsSociety. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon for the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia)Parties.

CLASS AND RULES. The VESSEL, including its machinery and equipment, shall be designed and constructed in accordance with the rules and regulations of LR Det Norske Veritas (hereinafter DNV) or Lloyd’s Register (LR)(hereinafter called the "“Classification Society"”) issued and shall having become effective up to and on the date of signing this Contract. The vessel is to be distinguished in the record in classed and registered according to the following class notations or the equivalent LR notation: LR o 100A1 +1A1, Bulk Carrier, CSRcarrier ESP, BC-A, Holds No.2&4 2,4,6 and 8 may be empty, ESPCSR, LI, ShipRight(CM,ACS(B)GRAB(25), *IWSES(S), GRAB[20]bis, o LMCBWM-E(s), UMSE0, TMON, OPP-F. Upon delivery, the Vessel shall also comply with the descriptive notes "Xx.XXrules, ShipRight BWMP(T)regulations and requirements of other regulatory bodies as specifically described in the Specifications, ShipRight(SCM)" The VESSEL all the foregoing rules, regulations and requirements and amendments thereto including those of the Classification Society and other regulatory bodies (as specified in the Specifications) applicable to the Vessel shall be built under special survey those which entered into force on or before the date of and in signing of this Contract. Decisions of the Classification Society as to compliance or non-compliance with their rules and regulations shall be final and binding upon the Parties hereto. Any amendments, variations or modifications to any of the above standards, rules or regulations in force and compulsively applicable to the vessel issued and having become effective up to and on the date of signing this Contract shall be complied with in addition to the above standards, rules and regulations. The Contract Price as set forth in Article III entitled Contract Price is based on the version and amendments of the rules and regulations of the Classification Society, including the edition and amendments thereto, being which are in force up to and up-to-dated as of on the date of signing this Contract as fully described in the Specifications. It is stated hereto that the Contract signing including rules Price as set forth in Article III does not include any cost involved by the upcoming new IMO performance standard for protective coatings for dedicated seawater ballast tanks in all types of ships, i.e. amendments for SOLAS regulations II-1/3-2 and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery dateXII/6.3. The SELLER BUILDER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLER's Date: 13th November, 2013 Shipyard BUILDER’s SHIPYARD for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification the Classification Society and compliance to comply with the above specified classification rules compulsory rules, regulations and other rules and/or regulations valid requirements of this Contract as specified abovedescribed in the Specifications issued, in effect and applicable up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLERBUILDER, except as otherwise provided and agreed herein. The plansAny change in VESSEL resulting from changes in the rules and regulations other than set forth above shall be mutually agreed between the Parties whether in respect of the Contract Price, materials delivery date, deadweight adjustments and workmanship entering into others, in accordance with Article V - Modification, Changes and Extras, however, with the exception of any cost incurred as a result from changes in such rules and regulations compulsory to the construction of the VESSEL shall at all times be subject to inspections and tests coming into force after January 31st, 2010 but before the Newly Planned Delivery Date in accordance with the rules and regulations case of delay of the Classification Society Delivery Date as well defined in Article VII hereof, unless such delay is a Permissible Delay as defined in line with the SpecificationsParagraph 4 in Article VIII hereinafter. Decisions Decision of the Classification Society as to the compliance or non-compliance noncompliance with Classification the classification rules and regulations referred including those statutory rules and regulations which the Classification Society is authorized to in act on behalf of the Specifications relevant authorities shall be final and binding upon the parties Parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its machinery machinery, equipment and equipmentoutfitting, shall be constructed designed, constructed, tested and delivered in accordance with the rules and regulations issued and having becoming effective up to and on the date of LR signing this Contract of the American Bureau of Shipping (hereinafter called the "referred to as “ABS” or “Classification Society") ”), under its supervision and shall be distinguished in the record in classed by ABS at time of delivery as a Bulk Carrier with the following class notation: LR o 100A1 +A1 (E) Bulk Carrier, CSR, CPS, BC-AA {Holds 2, Holds No.2&4 4, and 6 may be empty}, Grab[20] , AB-CM, ESP, LIUWILD, ShipRight(CM,ACS(B))+AMS, *IWS+ACCU, GRAB[20]TCM, o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance shall also comply with the rules and regulations as fully described in the Specifications and be built and equipped ready for the service under the flag of [Convenience Flag] (to be decided by the BUYER within 30 days after signing of this Contract). The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including Society are to include any additional rules or circulars thereof (as specified in the edition Specifications) which have already been issued and amendments thereto, being in force and up-to-dated as of become compulsorily applicable up to and/or on the date of signing the Contract. Shipbuilding Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date For Construction of the Contract signing, which shall be compulsorily brought into force before the delivery date. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) The SELLER shall arrange with the Classification Society to assign a representative Representative or representatives Representatives (hereinafter called the "Classification Surveyor") to the SELLER's Date: 13th November, 2013 BUILDER’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance to comply with the above specified classification rules rules, regulations and other rules requirements as referred to in this Contract and/or regulations valid as specified above, described in the Specifications issued up to the date of signing this Contract as well as royalties, if any, payable on account of the design and/or construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society and any other regulatory, as well as in line with the Specificationsapplicable. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its machinery and equipment, VESSEL shall be constructed built under survey by and classified jointly in accordance with the rules of Lloyd's Register of Shipping ("Lloyd's") and regulations the American Bureau of LR Shipping ("ABS") (hereinafter collectively called the "Classification Society") without any reservation of any kind. The VESSEL shall also comply with all applicable rules, regulations and requirements of the regulatory bodies identified in Section 2.1.5.1 of the Specifications that affect or could affect the design, construction or operation of the VESSEL whether in existence before, on or after the date of this Contract, subject to Article V hereof. At delivery, the VESSEL shall be distinguished in the record in the following class notation: LR o 100A1 Bulk Carrierclassed "=100 A1, CSR, BC-A, Holds No.2&4 may be empty, ESP, LI, ShipRight(CM,ACS(B)), *IWS, GRAB[20], o =LMC, UMS, with the descriptive notes " and "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)=A1 Passenger Vessel E =AMS ACCU" The VESSEL to be built under special survey free and clear of and in compliance with the rules and regulations of the Classification Society, including the edition and amendments thereto, being in force and up-to-dated as of the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery dateall recommendations or qualifications. The SELLER BUILDER shall arrange with the Classification Society to assign for the assignment by said Society of a representative or representatives (hereinafter called the "Classification Surveyor") to the SELLER's Date: 13th November, 2013 Shipyard for supervision VESSEL during construction. Subject to Article V of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangement. All Contract, all fees and charges related incidental to classification and to the Vessel's compliance with the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract as specified above, of delivery to BUYER as well as royalties, if any, payable to any person or entity on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed hereinBUILDER. The plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections inspection and tests in accordance with the rules and regulations of the Classification Society as well as in line with Society. The facilities, labor and materials necessary for the Specificationssafe and convenient conduct of such inspection, shall be furnished by the BUILDER without charge. Decisions of the Classification Society as to compliance or non-compliance with the Classification rules Society's own rules, regulations and regulations referred requirements shall, subject to in the Specifications shall Article XIII of this Contract, be final and binding upon the both parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its machinery and equipmentequipment and outfittings, shall be constructed in accordance with the SELLER’s practice and shall comply with the rules and regulations issued and having become effective up to and on the date of LR signing this Contract of (hereinafter called the "“Classification Society"”) and shall be distinguished in the record in by the following class notation: LR o 100A1 Bulk Carrier, CSR, BC-A, Holds No.2&4 may be empty, ESP, LI, ShipRight(CM,ACS(B)), *IWS, GRAB[20], o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey symbol of and in compliance shall also comply with the rules and regulations as fully described in the Specifications and the rules, regulations and requirements of the Xxxxxxxx Islands Flag State. The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including Society are to include additional rules or circulars thereof issued and become effective and compulsorily applicable to the edition and amendments thereto, being in force and up-to-dated as of VESSEL up to the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery datethis Contract. The SELLER shall arrange with the Classification Society to assign for assignment by the said society a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLER's Date: 13th November, 2013 BUILDER’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance to comply with the above specified classification rules rules, regulations and other rules and/or regulations valid as specified above, requirements of this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise Date: 2/58 Shipbuilding Contract Hull No. provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with Society. The facilities, labour and materials necessary for the Specificationssafe and convenient conduct of such inspections and tests, shall be furnished by the BUILDER without charges. Decisions of the Classification Society as to compliance or non-compliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL Communications between the BUILDER and the Classification Society on all matters relating to the construction of VESSEL, plan approval and any modifications shall also comply with be made available to the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia)BUYER whenever requested.

CLASS AND RULES. The VESSEL, including its her machinery and equipment, shall be constructed in accordance with the rules and regulations issued and having become effective up to and on the date of LR signing this Contract of Lloyd’s Register (LR) (hereinafter called the "Classification Society") without any reservation of any kind and shall be distinguished in classified and registered to the record in the following class notationsymbol of: LR o 100A1 Bulk Carrier+100A1, Double Hull Oil Tanker, CSR, BC-A, Holds No.2&4 may be empty, ESP, LIShipRight (ACS(B, ShipRight(CM,ACS(BC), CM), *IWS, GRAB[20]LI, o DSPM4, ECO(BWT, IHM, P, VECS-L, EEDI-3), EGCS(OPEN), +LMC, IGS, UMS, with the With descriptive notes "Xx.XX, “ShipRight BWMP(T(BWMP(S,T), ShipRight(SCMSCM, SERS)" The VESSEL to be built under special survey of , ETA, GR(NG, A)”, and in compliance shall also comply with the rules and regulations as fully described in the Specifications. The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including the edition Society are to include additional rules or circulars thereof issued and amendments thereto, being in force become effective up to and up-to-dated as of on the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery datethis Contract. The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "Classification Surveyor") to the SELLERBUILDER's Date: 13th November, 2013 Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance with the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract as specified above, described in the Specifications issued and effective up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with the SpecificationsSociety. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon for the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia)Parties.

CLASS AND RULES. The VESSEL, including its her machinery and equipment, shall be constructed in accordance with the rules and regulations issued and having become effective up to and on the date of LR signing this Contract of Lloyd’s Register (LR) (hereinafter called the "Classification Society") without any reservation of any kind and shall be distinguished in classified and registered to the record in the following class notationsymbol of: LR o 100A1 Bulk Carrier+100A1, Double Hull Oil Tanker, CSR, BC-A, Holds No.2&4 may be empty, ESP, LIShipRight (ACS(B, ShipRight(CM,ACS(BC), CM), *IWS, GRAB[20]LI, o DSPM4, ECO(BWT, IHM, P, VECS-L, EEDI-3), EGCS(OPEN), +LMC, IGS, UMS, with the With descriptive notes "Xx.XX, “ShipRight BWMP(T(BWMP(S,T), ShipRight(SCMSCM, SERS)" The VESSEL to be built under special survey of , ETA, GR(NG, A)”, and in compliance shall also comply with the rules and regulations as fully described in the Specifications. The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including the edition Society are to include additional rules or circulars thereof issued and amendments thereto, being in force become effective up to and up-to-dated as of on the date of the signing this Contract. Shipbuilding Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery date. Hull No.H1597 The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "Classification Surveyor") to the SELLERBUILDER's Date: 13th November, 2013 Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance with the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract as specified above, described in the Specifications issued and effective up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society as well as in line with the SpecificationsSociety. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon for the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia)Parties.

CLASS AND RULES. The VESSEL, including its machinery machinery, equipment and equipmentoutfitting, shall be constructed designed, constructed, tested and delivered in accordance with the rules and regulations issued and having becoming effective up to and on the date of LR signing this Contract of the American Bureau of Shipping (hereinafter called the "referred to as “ABS” or “Classification Society") ”), under its supervision and shall be distinguished in the record in classed by ABS at time of delivery as a Bulk Carrier with the following class notation: LR o 100A1 +A1 (E) Bulk Carrier, CSR, CPS, BC-AA {Holds 2, Holds No.2&4 4, and 6 may be empty}, Grab[20] , AB-CM, ESP, LIUWILD, ShipRight(CM,ACS(B))+AMS, *IWS+ACCU, GRAB[20]TCM, o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance shall also comply with the rules and regulations as fully described in the Specifications and be built and equipped ready for the service under the flag of [Convenience Flag] (to be decided by the BUYER within 30 days after signing of this Contract). The requirements of the authorities as fully described in the Specifications including that of the Classification Society, including Society are to include any additional rules or circulars thereof (as specified in the edition Specifications) which have already been issued and amendments thereto, being in force and up-to-dated as of become compulsorily applicable up to and/or on the date of signing the Contract. Shipbuilding Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date For Construction of the Contract signing, which shall be compulsorily brought into force before the delivery date. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) The SELLER shall arrange with the Classification Society to assign a representative Representative or representatives Representatives (hereinafter called the "Classification Surveyor") to the SELLER's Date: 13th November, 2013 BUILDER’s Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification Classification and compliance to comply with the above specified classification rules rules, regulations and other rules requirements as referred to in this Contract and/or regulations valid as specified above, described in the Specifications issued up to the date of signing this Contract as well as royalties, if any, payable on account of the design and/or construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society and any other regulatory, as well as in line with the Specificationsapplicable. Decisions of the Classification Society as to compliance or non-compliance noncompliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, VESSEL including its machinery machinery, equipment and equipmentout fittings, shall be constructed in accordance with the rules and regulations of LR (hereinafter called the "Classification Society") and shall be distinguished in the record in the following class notation: LR o 100A1 Bulk Carrier, CSR, BC-A, Holds No.2&4 may be empty, ESP, LI, ShipRight(CM,ACS(B)), *IWS, GRAB[20], o LMC, UMS, with the descriptive notes "Xx.XX, ShipRight BWMP(T), ShipRight(SCM)" The VESSEL to be built under special survey of and in compliance comply with the rules and regulations of and under the supervision of American Bureau of Shipping (ABS) (hereinafter called the “Classification Society”) and distinguished in record by the symbols: +A1 OIL CARRIER (E) ESP, FP.<60°C, +ACC, +AMS. The requirements of the authorities and other regulatory bodies as fully described in the Specifications including that of the Classification Society, including the edition Society are to include any rules or circulars thereof which have been issued and amendments thereto, being in force and up-to-dated as of become effective by the date of the Contract signing including rules and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery datethis Contract. The SELLER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLERBUILDER's Date: 13th November, 2013 Shipyard for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification and to compliance with all the above specified classification rules rules, regulations and other rules and/or regulations valid requirements of this Contract and as specified above, described in the Specifications issued and become effective up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL and the VESSEL itself shall at all times be subject to inspections and tests in accordance with the rules and regulations of the Classification Society and regulatory bodies, which rules and regulations as well as described in line with detail in pages 14, 15 and 16 of the SpecificationsSpecifications are all accepted by the SELLER. Decisions of the Classification Society as to compliance or non-compliance with Classification rules and regulations referred to in the Specifications shall be final and binding upon the parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).

CLASS AND RULES. The VESSEL, including its machinery and equipment, shall be designed and constructed in accordance with the rules and regulations of LR Det Norske Veritas (hereinafter DNV) or Lloyd’s Register (LR)(hereinafter called the "“Classification Society"”) issued and shall having become effective up to and on the date of signing this Contract. The vessel is to be distinguished in the record in classed and registered according to the following class notations or the equivalent LR notation: LR o 100A1 +1A1, Bulk Carrier, CSRcarrier ESP, BC-A, Holds No.2&4 2,4,6 and 8 may be empty, ESPCSR, LI, ShipRight(CM,ACS(B)GRAB(25), *IWSES(S), GRAB[20]bis, o LMCBWM-E(s), UMSE0, TMON, OPP-F. Upon delivery, the Vessel shall also comply with the descriptive notes "Xx.XXrules, ShipRight BWMP(T)regulations and requirements of other regulatory bodies as specifically described in the Specifications, ShipRight(SCM)" The VESSEL all the foregoing rules, regulations and requirements and amendments thereto including those of the Classification Society and other regulatory bodies (as specified in the Specifications) applicable to the Vessel shall be built under special survey those which entered into force on or before the date of and in signing of this Contract. Decisions of the Classification Society as to compliance or non-compliance with their rules and regulations shall be final and binding upon the Parties hereto. Any amendments, variations or modifications to any of the above standards, rules or regulations in force and compulsively applicable to the vessel issued and having become effective up to and on the date of signing this Contract shall be complied with in addition to the above standards, rules and regulations. The Contract Price as set forth in Article III entitled Contract Price is based on the version and amendments of the rules and regulations of the Classification Society, including the edition and amendments thereto, being which are in force up to and up-to-dated as of on the date of signing this Contract as fully described in the Specifications. It is stated hereto that the Contract signing including rules Price as set forth in Article III does not include any cost involved by the upcoming new IMO performance standard for protective coatings for dedicated seawater ballast tanks in all types of ships, i.e. amendments for SOLAS regulations 11-1/3-2 and regulations published and officially declared and ratified by regulatory bodies specified in the Specification, at the date of the Contract signing, which shall be compulsorily brought into force before the delivery dateXII/6.3. The SELLER BUILDER shall arrange with the Classification Society to assign a representative or representatives (hereinafter called the "“Classification Surveyor"”) to the SELLER's Date: 13th November, 2013 Shipyard BUILDER’s SHIPYARD for supervision of the construction of the VESSEL and will advise in advance the BUYER about the aforementioned arrangementVESSEL. All fees and charges related incidental to classification the Classification Society and compliance to comply with the above specified classification rules compulsory rules, regulations and other rules and/or regulations valid requirements of this Contract as specified abovedescribed in the Specifications issued, in effect and applicable up to the date of signing this Contract as well as royalties, if any, payable on account of the construction of the VESSEL shall be for the account of the SELLERBUILDER, except as otherwise provided and agreed herein. The plansAny change in VESSEL resulting from changes in the rules and regulations other than set forth above shall be mutually agreed between the Parties whether in respect of the Contract Price, materials delivery date, deadweight adjustments and workmanship entering into others, in accordance with Article V - Modification, Changes and Extras, however, with the exception of any cost incurred as a result from changes in such rules and regulations compulsory to the construction of the VESSEL shall at all times be subject to inspections and tests coming into force after January 31st, 2010 but before the Newly Planned Delivery Date in accordance with the rules and regulations case of delay of the Classification Society Delivery Date as well defined in Article VII hereof, unless such delay is a Permissible Delay as defined in line with the SpecificationsParagraph 4 in Article VIII hereinafter. Decisions Decision of the Classification Society as to the compliance or non-compliance noncompliance with Classification the classification rules and regulations referred including those statutory rules and regulations which the Classification Society is authorized to in act on behalf of the Specifications relevant authorities shall be final and binding upon the parties Parties hereto. The VESSEL shall also comply with the rules, regulations, requirements and circulars of all other regulatory bodies listed in the Specifications, including, without limitation, the maritime regulatory authorities of Xxxxxxxx Islands (or Liberia).