Common use of Commercial Management Clause in Contracts

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company to the Manager pursuant to Clause 5 below, the Manager shall provide the commercial operation of the Vessels, as required by the Company, which includes, but is not limited to, the following functions: (a) providing marketing services on behalf of the Company in respect of the Vessels, including, but not limited to, seeking, negotiating and concluding time charters no longer than three (3) months, voyage charters and/or contracts of affreightment in respect of the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheld; (b) arranging the invoicing of all hire and/or freight revenues or other monies of whatsoever nature to which the Company may be entitled arising out of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the Company; (c) providing voyage estimates and accounts and calculating and collecting hire, freights, demurrage and/or despatch monies due from or due to the charterers of the Vessels; (d) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (e) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participants; (f) arranging the scheduling of the Vessels according to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contracts; (h) arranging surveys associated with the commercial operation of the Vessels; (i) maintaining such documents, records, accounts, statements and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon request, including, but not limited to, any of the foregoing which the Manager deems necessary or advisable in order to comply with any charter or other contract in effect with respect to the Vessels from time to time; and (j) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports to the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company to the Manager pursuant to Clause 5 below, the Manager shall provide the commercial operation of the Vessels, as required by the Company, which includes, but is not limited to, the following functions: (a) providing marketing services on behalf of the Company in respect of the Vessels, including, but not limited to, seeking, negotiating and concluding time charters no longer than three thirteen (313) months, voyage charters and/or contracts of affreightment in respect of the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheld; (b) arranging for the invoicing proper payment to the Company or its nominee of all hire and/or freight revenues or other monies of whatsoever nature to which the Company may be entitled arising out of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the Company; (c) providing voyage estimates and accounts and calculating and collecting hire, freights, demurrage and/or despatch monies due from or due to the charterers of the Vessels; (d) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (e) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participants; (f) arranging the scheduling of the Vessels according to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contracts; (h) appointing stevedores; (i) arranging surveys associated with the commercial operation of the Vessels; (ij) maintaining such documents, records, accounts, statements and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon request, including, but not limited to, any of the foregoing which the Manager deems necessary or advisable in order to comply with any charter or other contract in effect with respect to the Vessels from time to time; and (j) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports to the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions: (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners' instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the VesselsVessel. However If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving and handling of the Vessel at the relevant loading and discharging ports, accountsincluding sending any notices required under the terms of the Vessel's employment at the time; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf of the Manager deems Owners upon receipt of payment or settlement of any such amounts; (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company to the Manager pursuant to Clause 5 belowEurobulk shall provide, and the Manager shall provide cause to be provided by Eurobulk or, in the commercial operation event of the Vesselsfailure of Eurobulk to provide, shall itself provide (or, subject to Clause 10, cause to be provided by a sub-contractor), the usual and customary commercial management services with respect to each Vessel, as required by the CompanyEuromar, which includesincluding, but is but, not limited to, the following functions: (ai) providing marketing chartering services on behalf of the Company in respect of the Vessels, includingaccordance with Euromar's instructions which include, but are not limited to, seeking, seeking and negotiating employment for the Vessels and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the Vessels. However In accordance with Section 5.3(b) of the Limited Liability Company Agreement, the Manager (on behalf of Eurobulk) shall be required to seek the prior consent of a Qualified Majority of Managers in relation to (a) any charter of any Vessel capable of exceeding thirteen (13) Months, (b) any demise or bareboat charter of a Vessel and/or (c) any charter of a Vessel for a duration which would extend beyond the duration of this Agreement (as the same may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheldextended in accordance with Clause 17); (bii) arranging of the invoicing proper payment to Euromar or its nominee (or, where subject to an assignment by Euromar and/or the relevant Owner in relation to the financing of the relevant Vessel, to such party so entitled pursuant to any notice of assignment related thereto) of all hire and/or freight revenues or other monies moneys of whatsoever nature to which Euromar or the Company relevant Owner (as the case may be) may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the Company; (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the Vesselseach Vessel; (div) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Managerappointing agents; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing stevedores; (f) arranging the scheduling of the Vessels according to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contracts; (hvi) arranging surveys associated with the commercial operation of the Vesselseach Vessel; (ivii) maintaining such documentsarranging for port services; (viii) issuing voyage instructions and supervising the monitoring by the Manager or Eurobulk (as the case may be) of voyage performance and using its best endeavours to achieve the most economical, recordsefficient and quick despatch of each Vessel between ports and at ports and terminals; (ix) appointing cargo surveyors; (x) handling cargo and demurrage claims; (xi) procuring and arranging for port entrance and clearance, accountspilots, statements ship's agents, consular approvals, and supporting vouchers other services necessary or desirable for the management and safe operation of each Vessel; (xii) preparing, issuing or causing to be issued to shippers the customary freight contract, cargo receipts and bills of lading; (xiii) performing all usual and customary duties concerned with the loading and discharging of cargoes at all ports and Lay-up of any Vessel if any)applicable; (xiv) arranging for the prompt dispatch of each Vessel from loading and discharging ports in accordance with any relevant charterer instructions and for transit through canals; (xv) arranging for employment of counsel and the investigation, obtained follow-up and negotiating of the settlement of all claims (including making any insurance claims and procuring the defence of any third party insurance claims) arising in connection with the Management Services operation of each Vessel; (xvi) preparing off-hire statements and/or hire statements including obtaining port documents and expense supports necessary for such calculation; (xvii) representing Euromar and each Owner (as the case may be) generally in relation to dealings and relations with third parties; (xviii) settling all ordinary charges incurred in connection with the management of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon requesteach Vessel, including, but not limited to, all canal tolls, port charges, any of the foregoing which the Manager deems necessary or advisable in order amounts due to comply with any charter or other contract in effect Governmental Entity with respect to the Vessels from time to time; andCrew and all duties and taxes in respect of cargo or freight (whether levied against a Vessel, Euromar or any Owner) unless otherwise paid by any relevant charterer; (jxix) arranging kidnap in general, to perform all acts and xxxxxx insurance as and when required on behalf things necessary for the employment of the owners Vessels and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting performance of charterparties and business reports to the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants contracts of affreightment provided that such acts are performed on a third party arm's length commercial basis and in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligationsall Applicable Laws. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions: (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners’ instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the Vessels. However Vessel, If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel; (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving and handling of the Vessel at the relevant loading and discharging ports, accountsincluding sending any notices required under the terms of the Vessel’s employment at the time; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf of the Manager deems Owners upon receipt of payment or settlement of any such amounts; (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.

Commercial Management. 4.1 In consideration (a) settling and monitoring financials with AEMO in accordance with the National Electricity Rules and approved platforms; (b) verifying invoices in the context of the Management Services Commission payable budget agreed by the Company to and in accordance with any reasonably agreed Company payment authorisation procedure; (c) monitoring and assisting the Manager pursuant to Clause 5 belowCompany with updating the actual vs budget performance and cash flow requirements, the Manager shall provide the commercial operation of the Vesselsincluding revenues and costs, on a monthly basis as required by the Company, which includes; (d) assisting the directors of the Company with managing the day to day administration and payment obligations under operational contracts for the Facility (including maintenance and lease agreements), but is excluding always the provision of any advice of a tax, technical or legal nature; (e) manage legal advice, assistance and correspondence that occur in the ordinary course of business in relation to the review and interpretation of agreements that relate to the Company as required; (f) receiving financial or payment queries from Facility stakeholders and notifying the Company’s management of the same, including resolving minor administrative queries; (g) management of all obligations under the PPA (if applicable) including but not limited to, raising of invoices and providing information notices using metering information provided by the following functions:Company (acknowledging that the Company shall remain solely liable for the accuracy or completeness of the metering information provided); (ah) providing marketing services acting on behalf of the Company to manage the creation, sale and/or transfer of Renewable Energy Certificates and in respect of accordance with the Vessels, including, but not limited to, seeking, negotiating and concluding time charters no longer than three (3) months, voyage charters and/or contracts of affreightment in respect of the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheldPPA where appropriate; (bi) arranging assisting the invoicing of Company’s separately appointed tax advisors by providing all hire and/or freight revenues or other monies of whatsoever nature to which the Company may be entitled arising out of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds financial information required for completion of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to annual corporation tax return; (j) support business activity statements preparation by the Company; (ck) providing voyage estimates and accounts and calculating and collecting hire, freights, demurrage and/or despatch monies due from assisting the Company's directors in the provision of financial or due payment information necessary for the Company’s preparation of its annual report to the charterers of the Vesselsits shareholders (but excluding attendance at any shareholder meeting); (dl) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary assisting the Company to meet any requirement to audit its annual accounts by providing information to the ManagerCompany’s separately appointed auditors; (em) handling administrative queries in relation to approve letters of indemnity (“LOI”) provided that such XXXx are insurance coverage for the Company in conformity line with the charterparties entered into between the Company and each of the Pool Participants; (f) arranging the scheduling of the Vessels according Company’s approved insurance coverage requirements, including to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contracts; (h) arranging surveys associated with the commercial operation of the Vessels; (i) maintaining such documents, records, accounts, statements and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon request, including, but not limited to, any of the foregoing which the Manager deems extent necessary or advisable in order to comply with any charter or other contract in effect with respect to the Vessels from time to time; and (j) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports to the Company so as to enable the Company to comply with its reporting obligations make claims under the insurance contracts, and providing such information as is required to facilitate the Pool Participants in accordance with annual renewal of insurance coverage but excluding always the terms provision of any advice of a tax, technical or legal nature; (n) collecting and storing electronic versions of key business documents which are required for the provision of the Pool Participation Agreements entered into between Services, provided that storage and safekeeping of the Company and original physical versions shall be the Pool Participants. The Manager expressly acknowledges that it has seen copies responsibility of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.Company; and

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (applicable as agreed according to the Manager pursuant to Clause 5 below, the Manager Box 8). The Managers shall provide the commercial operation of following services for the Vessels, as required by Vessel in accordance with the CompanyOwners’ instructions, which includes, shall include but is not be limited to, the following functions: (a) Marketing the Vessel for sale and providing marketing services on behalf evaluations of possible future earnings and period of employment arranged for the Company in respect of the Vessels, including, but not limited to, seeking, negotiating Vessel that will become available for further employment and concluding time charters no longer than three (3) months, voyage charters and/or contracts of affreightment in respect of the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed for ships that are considered/negotiated to be purchased by the Company, such agreement not to be unreasonably withheldOwners; (b) arranging Seek and negotiate employment for the invoicing Vessel including the negotiations and execution of all hire and/or freight revenues charter parties or other monies of whatsoever nature contracts related to which the Company may be entitled arising out of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds employment of the CompanyVessel. Prior to conclusion of negotiations, the Manager shall have fiduciary responsibilities Managers will seek Owners approval for the range of Freight or Hire rate, the period of employment and approval of possible charterers. Managers will also provide the Owners with respect thereto in accordance with normal vessel agency practices any obtained references for the potential charterers’ reputation and applicable law. Any discounts or rebates that are, or become, available are to be credited to the Companytheir past performances; (c) providing voyage estimates Monitor the developments of the market and accounts keep Owners advised regularly of developments in the market, including fixture reports; (d) Monitor and calculating keep Owners advised regularly of developments related to new rules and collecting regulations with respect to trading and cargo restrictions, including but not limited to those issued by the United States and any such regulations issued by the United Nations, and including recommendations from recognised shipping entities such as the IMO, Bimco and the National Shipbrokers Association; (e) Participate in and follow up on international events organized by various national and international bodies, shipping forums, workshops and conferences, where charterers, brokers and/or various agents meet to exchange information and discuss market developments; (f) Co-ordinating with charterers and Technical Managers of the Vessel, for arranging the provision of bunker fuels quantity as required for the Vessel’s trade and relevant charter party; (g) Voyage estimation and assistance in the calculation of hire, freights, demurrage and/or despatch monies due from or due to the charterers of the Vessels; (d) issuing Vessel. Assist in the collection of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by any sums due to the Manager; (e) Owners related to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each commercial operation of the Pool Participants; (f) arranging the scheduling of the Vessels according to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contractsVessel; (h) arranging surveys associated Conveying voyage instruction issued by charterers to Technical Managers and follow up compliance with the commercial operation provisions of the Vesselsrelevant charter party; (iI) maintaining such documentsCommunicate with agents, recordswhenever is deemed necessary, accounts, statements to collect information related to ship’s position and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon request, including, but not limited to, any of the foregoing which the Manager deems necessary or advisable in order to comply with any charter cost related issues or other contract in effect with respect to the Vessels from time to time; and (j) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports to the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a information needed for any commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.evaluation or estimation;

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company Owner to the Commercial Manager pursuant to Clause 5 7 below, the Commercial Manager shall provide manage the commercial operation of the VesselsVessel, as required by the CompanyOwner, which includes, but is not limited to, the following functions: (a) providing marketing services on behalf of the Company Owner in respect of the VesselsVessel, including, but not limited to, seeking, negotiating and concluding time charters no longer than three (3) months, voyage charters and/or or other employment contracts of affreightment in respect of the Vessels. However Vessel provided that if such a contract (or any series of consecutive contracts) exceeds two (2) months, the Commercial Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by shall be required to obtain the Company, such agreement not to be unreasonably withheldprior written consent of the Owner; (b) arranging of the invoicing of all hire and/or freight revenues or other monies of whatsoever nature to which the Company Owner may be entitled arising out of the employment or otherwise in connection with the Vessels. For Vessel and following-up the avoidance of doubt timely payment and assisting in the receipt and handling collection of any funds of monies payable under the Company, employment contracts to the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are Owner; all such documents to be credited provided to the CompanyCompany and/or the Owner by the Commercial Manager immediately upon their issuance or receipt, as may be applicable; (c) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch dispatch monies due from or due to the charterers of the VesselsVessel, as well as voyage actual results and variance reports upon completion of each voyage/employment contract, including laytime calculations as applicable; (d) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Commercial Manager; (e) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participants; (f) arranging the scheduling of the Vessels Vessel according to the terms of the Vessels’ employment;Vessel's employment and issuing or causing to be issued documents, which may be required under the charter contracts on behalf of and in the name of the Owner or its charterers, following the Company’s and/or the Owner’s information and approval; (f) Buying and supplying bunkers to the vessel on Owner’s behalf and account in compliance with requirements of safe navigation and delivery provisions of voyage charters as required and as per clause 4.4 below. (g) appointing agents and negotiating tug-boat service contracts, provided such appointments are on competitive terms and prices; (h) appointing stevedores; (hi) arranging surveys associated with the commercial operation of the VesselsVessel; (j) taking all other steps or actions as may reasonably be required to procure the safe and efficient operation of the Vessel; (il) maintaining proper and detailed accounts for the Vessel, in order to ensure proper analysis of the results and all such documents, other records, accountsclean fixtures, charterparties, statements and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company and/or the Owner upon requestissuance or receipt of such documents, as may be applicable, including, but not limited to, any of the foregoing which the Commercial Manager deems necessary or advisable in order to comply with any charter or other contract in effect with respect to the Vessels Vessel from time to time; and (jm) arranging kidnap and xxxxxx insurance as and when providing the Company and/or the Owner with all relevant vouchers (i.e. freight invoices, hire invoices, bunkers etc.) required on behalf to maintain accurate account entries of the owners Owner’s account on a daily basis and same records of all revenue, costs and expenditure incurred; and (n) preparing monthly reports on the chartering business of the Vessel (to accounted as pool expensesbe delivered within 5 calendar days after the end of each calendar month). 4.2 To submit The Commercial Manager shall maintain at all necessary financial, accounting times during the term of this agreement qualified staff and business reports personnel to procure the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms performance of the Pool Participation Agreements entered into between duties and obligations required to be performed as set forth herein. Notwithstanding the above, the Commercial Manager may sub-contract any of its duties to companies, provided always that, (i) prior written notice is served to the Company and the Pool Participants. The Owner, and (ii) notwithstanding any sub-contract, the Commercial Manager expressly acknowledges that it has seen copies shall remain fully liable for the due performance of such Pool Participation Agreements and has full notice all of such obligationsits obligations under this Agreement. 4.3 In the performance of its obligations under this Agreement, the Commercial Manager shall only be required to spend the amount of time and attention on the Vessels Vessel that a commercial manager Commercial Manager would reasonably be expected to spend in the due, proper and diligent discharge of its obligations under this Agreement. 4.4 The Commercial Manager shall arrange at Owners’ account for the provision of bunker fuel of the quality required for the Vessel and her trade. The Commercial Manager shall use its commercially reasonable endeavors (a) to source bunkers for the Vessel at a price consistent with Platts for the nearest appropriate port and (b) to base the selection of bunker supplier on a minimum of two (2) competitive quotes provided that such quotes are readily available by credible suppliers extending similar payment terms as the ones obtained by the Commercial Manager and within time operationally permitting obtaining such two quotes. The Commercial Manager shall provide to the Company and/or the Owner a quarterly report for the Vessel setting out a comparison between the actual bunker costs per ton per stem and the appropriate Platts references pricing per stem (such report to include the date and location of each stem and relevant Platts location and pricing). If requested by the Company or the Owner, the Commercial Manager shall consult with the Company and/or the Owner on the applicable benchmarking criteria.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company to the Manager pursuant to Clause 5 below, the Manager shall provide the commercial operation of the Vessels, as required by the Company, which includes, but is not limited to, the following functions: (a) providing marketing services on behalf of the Company in respect of the Vessels, including, but not limited to, seeking, negotiating and concluding time charters no longer than three (3) months, voyage charters and/or contracts of affreightment in respect of the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheld; (b) arranging the invoicing of all hire and/or freight revenues or other monies of whatsoever nature to which the Company may be entitled arising out of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the Company; (c) providing voyage estimates and accounts and calculating and collecting hire, freights, demurrage and/or despatch monies due from or due to the charterers of the Vessels; (d) issuing of voyage instructions, supervising and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (e) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participants; (f) arranging the scheduling of the Vessels according to the terms of the Vessels’ employment; (g) appointing agents and negotiating tug-boat service contracts; (h) arranging surveys associated with the commercial operation of the Vessels; (i) maintaining such documents, records, accounts, statements and supporting vouchers (if any), obtained in connection with the Management Services (all of which documents, records, accounts, statements and supporting vouchers (if any) are and will remain the sole property of the Manager) and making them available to the Company upon request, including, but not limited to, any of the foregoing which the Manager deems necessary or advisable in order to comply with any charter or other contract in effect with respect to the Vessels from time to time; and (j) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses.. Table of Contents 4.2 To submit all necessary financial, accounting and business reports to the Company so as to enable the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper discharge of its obligations under this Agreement.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions: (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners’ instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the VesselsVessel. However If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving_ and handling of the Vessel at the relevant loading_ and discharging ports, accountsincluding sending any notices required under the terms of the Vessel’s employment at the tirne; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf V the Manager deems Owners receipt of payment or settlement of any such amounts; pen (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions: (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners’ instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the VesselsVessel. However If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving and handling of the Vessel at the relevant loading and discharging ports, accountsincluding sending any notices required under the terms of the Vessel’s employment at the time; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf of the Manager deems Owners upon receipt of payment or settlement of any such amounts; (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions:; (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners' instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the VesselsVessel. However If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving and handling of the Vessel at the relevant loading and discharging ports, accountsincluding sending any notices required under the terms of the Vessel's employment at the time; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf of the Manager deems Owners upon receipt of payment or settlement of any such amounts; (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions: (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners’ instructions which include, but are not limited to, seekingseeking and negotiating employment for the Vessel and the conclusion (including the execution thereof) of charter parties or other contracts relating to the employment of the Vessel, negotiating and concluding time charters no longer than three (3) monthswhether on a voyage, voyage charters and/or contracts time, demise, contract of affreightment or other basis;, If such a contract exceeds the period stated in respect of Box 13, consent thereto in writing shall first be obtained from the Vessels. However the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by the Company, such agreement not to be unreasonably withheldOwners; (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing to the Crew of appropriate voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging appointing stevedores and performing all usual and customary duties concerned with the scheduling loading and discharging of cargoes at all ports unless performed by the Vessels according charterers from time to the terms of the Vessels’ employmenttime; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documents, records, accounts, statements and supporting vouchers (if any), obtained in connection carrying out the necessary communications with the Management Services (all of which documentsshippers, records, accounts, statements charterers and supporting vouchers (if any) are other involved with the receiving and will remain the sole property handling of the Manager) Vessel at the relevant loading and making them available This document is a computer generated XXXXXXX 98 form printed by authority of BIMCO. Any insertion or deletion to the Company upon requestform must be dearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, including, but not limited to, any the text of the foregoing which onginal BIMCO approved document shall apply. BIMCO assumes no responsibility for any loss, damage or expense as a result of discrepancies between the Manager deems necessary original BIMCO approved document and this computer generated document. discharging ports, including sending any notices required under the terms of th Vessel’s employment at the time; (ix) preparing, issuing or advisable in order causing to comply with any charter be issued to the shippers the custiomary freight contracts, cargo receipts, bills of lading, shipper’s customary bills or other contract in effect with respect to documents required under the Vessels from time to time; andterms of the Vessel’s employment; (jx) arranging kidnap and xxxxxx insurance as and when required invoicing on behalf of the owners Owners all freights, hires, demurrages. outgoing claims, refund of taxes, balances of disbursements, statements of account and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports other sums due to the Company so as to enable Owners and account receivables arising from the Company to comply with its operation of the Vessel and, upon the request of the Owners, issuing releases on behalf of the Owners upon receipt of payment or settlement of any such amounts; (xi) preparing off-hire statements and/or hire statements; (xii) procuring and arranging for port entrance and clearance, pilots, Vessel agents, consular approvals and other services necessary for the management and safe operation of the Vessel; (xiii) reporting obligations to the Pool Participants in accordance with Owners of any major casualties, damages received or caused by the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws;.

Commercial Management. 4.1 In consideration of the Management Services Commission payable by the Company (only applicable if agreed according to the Manager pursuant to Clause 5 below, the Manager Box 7) The Managers shall provide the commercial operation of the VesselsVessel, as required by the CompanyOwners, which includes, but is not limited to, the following functions:; (ai) providing marketing chartering services on behalf of in accordance with the Company in respect of the Vessels, includingOwners’ instructions which include, but are not limited to, seeking, developing and seeking and negotiating employment for the Vessel and concluding time charters no longer than three the conclusion (3including the execution thereof) months, voyage charters and/or of charter parties or other contracts of affreightment in respect relating to the employment of the VesselsVessel. However If such a contract exceeds the Manager may negotiate and conclude time charters longer than three (3) months if mutually agreed by period stated in Box 13, consent thereto in writing shall first be obtained from the Company, such agreement not to be unreasonably withheld;Owners. (bii) arranging of the invoicing proper payment to Owners or their nominees of all hire and/or freight revenues or other monies moneys of whatsoever nature to which the Company Owners may be entitled arising out of the employment of or otherwise in connection with the Vessels. For the avoidance of doubt in the receipt and handling of any funds of the Company, the Manager shall have fiduciary responsibilities with respect thereto in accordance with normal vessel agency practices and applicable law. Any discounts or rebates that are, or become, available are to be credited to the CompanyVessel;. (ciii) providing voyage estimates and accounts and calculating and collecting of hire, freights, demurrage and/or despatch monies moneys due from or due to the charterers of the VesselsVessel; (div) issuing of voyage instructions, supervising instructions and arranging bunkering, monitoring of voyage performance, speed and use of weather routing services, if deemed necessary by the Manager; (ev) to approve letters of indemnity (“LOI”) provided that such XXXx are in conformity with the charterparties entered into between the Company and each of the Pool Participantsappointing agents; (fvi) arranging the scheduling of the Vessels according to the terms of the Vessels’ employmentappointing stevedores; (g) appointing agents and negotiating tug-boat service contracts; (hvii) arranging surveys associated with the commercial operation of the VesselsVessel; (iviii) maintaining such documentscarrying out the necessary communications with the shippers, recordscharterers and others involved with the receiving and handling of the Vessel at the relevant loading and discharging ports, accountsincluding sending any notices required under the terms of the Vessel’s employment at the time; (ix) invoicing on behalf of the Owners all freights, hires, demurrages, outgoing claims, refund of taxes, balances of disbursements, statements of account and supporting vouchers (if any), obtained in connection with other sums due to the Management Services (all of which documents, records, accounts, statements Owners and supporting vouchers (if any) are and will remain account receivables arising from the sole property operation of the Manager) and making them available to Vessel and, upon the Company upon request, including, but not limited to, any request of the foregoing which Owners, issuing releases on behalf of the Manager deems Owners upon receipt of payment or settlement of any such amounts; (x) preparing off-hire statements and/or hire statements; (xi) conducting Ship Shore Compatibility studies and procuring and arranging for port/terminal entrance and clearance, pilots, consular approvals and other services necessary or advisable in order to comply with any charter or other contract in effect with respect to for the Vessels from time to timemanagement and safe operation of the Vessel; and (jxii) arranging kidnap and xxxxxx insurance as and when required on behalf of the owners and same to accounted as pool expenses. 4.2 To submit all necessary financial, accounting and business reports reporting to the Company so as to enable Owners of any major casualties, damages received or caused by the Company to comply with its reporting obligations to the Pool Participants in accordance with the terms of the Pool Participation Agreements entered into between the Company and the Pool Participants. The Manager expressly acknowledges that it has seen copies of such Pool Participation Agreements and has full notice of such obligations. 4.3 In the performance of its obligations under this Agreement, the Manager shall only be required to spend the amount of time and attention on the Vessels that a commercial manager would reasonably be expected to spend in the proper Vessel or any major release or discharge of its obligations under this Agreementoil or other hazardous material not in compliance with any laws.