Common use of DOCUMENTS TO BE DELIVERED TO THE BUYER Clause in Contracts

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance of the VESSEL by the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) Suez Canal Tonnage Certificate (viii) De-ratting Exemption Certificate (ix) I.O.P.P. Certificate (x) BUILDER’s Certificate (xi) Deadweight Certificate (issued by relevant Authorities or the BUILDER) However, it is agreed by the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province or country of the port of delivery, Korean governmental authorities as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery except as otherwise provided under this CONTRACT. (g) XXXX OF SALE by the delivery BUILDER to the BUYER transferring title to the VESSEL from the BUILDER to the BUYER, such Xxxx of the VESSELSale to be duly notarised and apostilled. (h) COMMERCIAL INVOICE made by Power of Attorney of the SELLERBUILDER authorising the execution of all documents listed in the Article VII, such Power of Attorney to be duly notarised and apostilled. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI. 4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specificationscustomary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (duly notarized and legalized) (viii) Ship Sanitation Control Exemption Certificate (ix) Classification Certificate for anchor, chains and mooring ropes, machinery and equipment (x) Certificate for life-boats and life saving equipments (xi) Certificates for navigation lights and special signal lights (xii) International Oil Pollution Prevention Certificate (xiii) Compass adjustment Certificate (xiv) Suez Canal Tonnage Certificate (xv) Deadweight Certificate (xvi) Certificate for Provision Crane, Hose Handling Crane and Engine Room Crane (xvii) International Air Pollution Prevention Certificate (xviii) Coating Technical File (xix) International Sewage Pollution Certificate (xx) Class approved Loading Manual (xxi) Certified Cargo oil tanks calibration (xxii) Ballast Management Certificate (xxiii) Emergency Towing System (xxiv) Engine Technical File (NOx) (xxv) Load Test certificates for all designated lifting lugs / points installed (more than 3.0 ton S.W.L) (issued by the BUILDER) The above list of Certificates and Documents is indicative and may possibly not include all the Required Certificates and Documents for the VESSEL as she is specified in her CLASSIFICATION notation to conduct unrestricted trade. However it is agreed that all the required CLASSIFICATION SOCIETY and Statutory Certificates and Documents should be furnished by the BUILDER to the BUYER. All certificates or relevant documents which are to be duly notarized and legalized shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with agreed between the above rules and regulations which are in force at the time of delivery of the VESSELparties prior to delivery. All the certificates shall to be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate Certificate, Drawing, Plan, Diagram or certificates are unable other documents referred to in this Article, through no fault on the part of BUILDER, cannot be issued at provided upon delivery and if the time of delivery absence thereof does not impede the navigation or management of the VESSEL by and/or constitute a breach of the Classification Society statutory requirements of the flag state, of the VESSEL or any third party other than the SELLERrequirements of the CLASSIFICATION SOCIETY, then the provisional a provisional/interim certificate or certificates issued by the Classification Society or such third party shall be furnished acceptable by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liensformal Certificate, chargesDrawing, claimsPlan, mortgages, Diagram or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, document be delivered as well soon as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the practicable after delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) original documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSELLER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under in Paragraph 4 5 of Article ARTICLE VI hereof.. Date: 13th November, 2013 (d) FINISHED DRAWINGS AND PLANS pertaining to and INSTRUCTION MANUALS including respective lists, all in English and in triplicate (copies accepted by the BUYER), shall be delivered together with the VESSEL as stipulated in the Specifications (If it is Specifications, made by the SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. SELLER (f) PROTOCOL OF MAIN ENGINE SPECIFIC FUEL OIL CONSUMPTION MEASUREMENT (shop test result to be provided by MAIN ENGINE manufacturer) (g) ALL CERTIFICATES OR RELEVANT DOCUMENTS including relevant list of inventories of certificates required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates or relevant documents shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply Society with the above rules and regulations which are in force at the time of delivery of the VESSELpossible maximum statutory validity. All the certificates shall be delivered in one (1) original and one (1) copy to the VESSEL and two one (21) copies copy to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERparty, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent the full term certificates shall be furnished by the SELLER to after delivery of the BUYER VESSEL and in any event before the expiry of such the provisional certificates. (gh) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances whatsoever upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of charges, dues, duties, fines, imposts, levies, or taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities whatsoever of the SELLER to its sub-contractorssubcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (hi) COMMERCIAL INVOICE made by the SELLER. (ij) BILL Original XXXX OF SALE and Original BUILDER’S CERTIFICATE made by the SELLER. . The final form and way of signing of the above mentioned documents will be advised by the BUYER to the SELLER before delivery. The SELLER shall deliver to the BUYER any such additional documents as may be required by the regulatory authorities for the purposes of registering the VESSEL provided that the BUYER at least give twenty one (j21) BUILDER's certificate.days before the Delivery Date notice to the SELLER together with his requirement(s). Date: 13th November, 2013

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI. 4. hereof., (d) FINISHED DRAWINGS DRAWING AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) De-ratting Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery of the VESSELexcept as otherwise provided under this Contract. (g) COMMERCIAL INVOICE (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL XXXX OF SALE made by the SELLER. (j) BUILDER's certificate.SALE

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon receipt by the BUYER from BUILDER's delivery of the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited following documents to the following (subject to the provision contained in Article V-2 hereof) BUYER, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the OF THE VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 7 of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with It is agreed that if, through no fault on the above rules and regulations which part of the BUILDER, the classification certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or , provided that the BUILDER shall furnish the BUYER with the formal certificates are unable to be as promptly as possible after such formal certificates have been issued at the time of delivery before expiry of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (ge) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryChinese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews and/or crew, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (f) DRAWINGS AND PLANS pertaining to the delivery of VESSEL as stipulated in the VESSELSpecifications. (g) COMMERCIAL INVOICE in three (3) originals (h) COMMERCIAL INVOICE made by the SELLER.BILL OF SALE in three (3) originals, duly notarized (i) BILL OF SALE made by the SELLER.BUILDER's CERTIFICATE in three (3) originals, duly notarized (j) Non-registration certificate issued by the BUILDER confirming that the VESSEL has not been registered in the P.R. of China or elsewhere prior to the Delivery Date (“non registration letter”) (k) Declaration Letter for Not Containing the Hazardous Materials by the Builder. (l) any other documents reasonably required for the registration of the VESSEL as far as possible for the BUILDER's certificate.;

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts parts, tools and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4 hereof., (d) FINISHED Two sets of DRAWINGS AND and PLANS and instruction manuals pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost and if any of the same has been stored on an electronic format the same shall be also provided to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including but without limitation to any of the foregoing: (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) Notarised and apostilled or, as the case may be, legalised by relevant Authorities or the appropriate consul BUILDER’S Certificate (viii) Ship Sanitation Control Exemption Certificate (ix) IOPP Certificate However, it is agreed by the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The SELLER shall provide to the BUYER, at least Twenty (20) days prior to the Delivery, drafts of the documents listed below. Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following authenticated documents (subject to the provision contained in Article V-2 V 2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance:: Shipbuilding Contract Hull No. 0120833 (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one One (1) original to the VESSEL and two Two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER as soon as possible after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER.. Shipbuilding Contract Hull No. 0120833 (i) BILL OF SALE made by the SELLER. (j) Builder’s Certificate made by the BUILDER's certificate. (k) Non-registration Certificate made by the BUILDER. (l) Any other documents reasonably required by the flag authority and/or the financial institutions or banks providing financing to the BUYER.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI. 4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specificationscustomary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (duly notarized and legalized) (viii) Ship Sanitation Control Exemption Certificate (ix) Classification Certificate for anchor, chains and mooring ropes, machinery and equipment (x) Certificate for life-boats and life saving equipments (xi) Certificates for navigation lights and special signal lights (xii) International Oil Pollution Prevention Certificate (xiii) Compass adjustment Certificate (xiv) Suez Canal Tonnage Certificate (xv) Deadweight Certificate (xvi) Certificate for Provision Crane, Hose Handling Crane and Engine Room Crane (xvii) International Air Pollution Prevention Certificate (xviii) Coating Technical File (xix) International Sewage Pollution Certificate (xx) Class approved Loading Manual (xxi) Certified Cargo oil tanks calibration (xxii) Ballast Management Certificate (xxiii) Emergency Towing System (xxiv) Engine Technical File (NOx) (xxv) Load Test certificates for all designated lifting lugs / points installed (more than 3.0 ton S.W.L) (issued by the BUILDER) The above list of Certificates and Documents is indicative and may possibly not include all the Required Certificates and Documents for the VESSEL as she is specified in her CLASSIFICATION notation to conduct unrestricted trade. However it is agreed that all the required CLASSIFICATION SOCIETY and Statutory Certificates and Documents should be furnished by the BUILDER to the BUYER. All certificates or relevant documents which are to be duly notarized and legalized shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with agreed between the above rules and regulations which are in force at the time of delivery of the VESSELparties prior to delivery. All the certificates shall to be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent Certificate, Drawing, Plan, Diagram or other documents referred to in this Article, through no fault on the part of BUILDER, cannot be provided upon delivery and if the absence thereof does not impede the navigation or management of the VESSEL and/or constitute a breach of the statutory requirements of the flag state, of the VESSEL or the requirements of the CLASSIFICATION SOCIETY, a provisional/interim certificate shall be acceptable by the BUYER provided the formal Certificate, Drawing, Plan, Diagram or certificates are unable to other document be issued at the time of delivered as soon as practicable after delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificatesVESSEL. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery of the VESSELexcept as otherwise provided under this CONTRACT. (hg) COMMERCIAL INVOICE made by the SELLERBUILDER. (ih) BILL XXXX OF SALE made by the SELLERBUILDER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained duly authenticated documents in Article V-2 hereof) English, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE : (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks and items listed in Article VI.4 if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4 hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)FULL SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, and DRAWINGS AND PLANS in triplicate pertaining to the VESSEL, including List of Finished Plans and As Built Specs and the trim and stability booklet, technical descriptions, test results and other data, information and documents in the possession of the BUILDER concerning the design and construction of the VESSEL which shall be forwarded to the BUYER at no additional cost as stipulated in the SPECIFICATIONS. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (viii) De-ratting Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates valid for at least five (5) months shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued but in any event before the expiry of such the provisional certificates. All certificates to be delivered to the BUYER hereunder shall be valid in every respect, unless the recommendation or notation has been approved by the BUYER, in its sole discretion, in writing, in which case the BUILDER shall remain responsible for as promptly as possible removing such recommendation or notation. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province Korean Governmental authorities, or by the prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, suppliers, employees and crews and/or crews, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery except as otherwise provided under this CONTRACT. In case the BUILDER fails to deliver the VESSEL free and clear of all liens, charges, mortgages and encumbrances on the date the BUILDER offers or tenders the VESSEL for delivery, the BUYER is not obliged to take delivery of the VESSEL. If the BUYER accepts delivery of the VESSEL with such liens, charges, mortgages and encumbrances, the BUYER shall be entitled to any rights, powers, and remedies in this CONTRACT and/or law, at equity or otherwise to recover any damages caused by such liens, charges, mortgages and encumbrances. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with the delivery and acceptance of the VESSEL by the BUYER BUYER. the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of following duly authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance:Acceptance (which shall he prepared in three originals and executed by each of the parties hereto): (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications., (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SELLER, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 5 of Article VI 6 hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is Specifications, made by the SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT LIGHTSHIP AND INCLINING EXPERIMENT, as per the Specification made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CLASSIFICATION AND OTHER CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall It is agreed that if through no fault on the part of the SELLER the full terms Classification certificate and/or any other certificates referred to in this subparagraph (f) cannot be issued by relevant Authorities or Classification Societyat. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the , then provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be as issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued shall be accepted by the Classification Society or such third party shall be furnished by BUYER, provided that the SELLER and acceptable to shall furnish the BUYER provided that permanent with the full xxx formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible (but in any event before the expiry of such the provisional certificates). (g) the BUILDER’S CERTIFICATE issued by the SELLER in three (3) originals, each duly notarised by the local authority. (h) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances whatsoever upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes levies, dues or charges imposed by the relevant authorities of the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELand any other liabilities, debits or obligations whatsoever ensuing from and cause or reason whatsoever. (hi) COMMERCIAL INVOICE made by the SELLER. (ij) BILL XXXX OF SALE made by the SELLERSELLER in 3 originals. each duly notarised by the local authority. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon receipt by the BUYER from the SELLER BUILDER of the following duly authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) a. PROTOCOL OF TRIALS of the VESSEL made by substantially in the SELLER pursuant to the Specifications.form attached hereto as Exhibit F; (b) b. PROTOCOL OF INVENTORY INVENTORY, substantially in the form attached hereto as Exhibit G, of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.Specifications; (c) c. PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, substantially in the SELLER and confirmed by the Supervisor form attached hereto as Exhibit H, referred to under Paragraph 4 Paragraphs 2(b) and 5 of Article VI hereof., including the purchase price thereof; (d) FINISHED d. DRAWINGS AND PLANS PLANS, pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).including one set for MarAd) and RECEIPT OF DRAWINGS AND PLANS substantially in the form attached hereto as Exhibit I; (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL e. All CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery ; f. DECLARATION OF GUARANTEE of the VESSEL. All BUILDER, substantially in the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERform attached hereto as Exhibit J, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province any federal, state or country of the port of deliverylocal governmental authority, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, employees and crews and/or crew, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery of the VESSEL.delivery; g. COMMERCIAL INVOICE; and h. BUILDER'S CERTIFICATION AND FIRST TRANSFER OF TITLE (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.CG-1261)

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained duly authenticated documents in Article V-2 hereof) English, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE : (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and freshwater remaining in tanks and items listed in Article VI.4 if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4 hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)FULL SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, and DRAWINGS AND PLANS in triplicate pertaining to the VESSEL, including List of Finished Plans and As Built Specs and the trim and stability booklet, technical descriptions, test results and other data, information and documents in the possession of the BUILDER concerning the design and construction of the VESSEL which shall be forwarded to the BUYER at no additional cost as stipulated in the SPECIFICATIONS. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (viii) De-ratting Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates valid for at least five (5) months shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued but in any event before the expiry of such the provisional certificates. All certificates to be delivered to the BUYER hereunder shall be valid in every respect, unless the recommendation or notation has been approved by the BUYER, in its sole discretion, in writing, in which case the BUILDER shall remain responsible for as promptly as possible removing such recommendation or notation. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province Korean Governmental authorities, or by the prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, suppliers, employees and crews and/or crews, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery except as otherwise provided under this CONTRACT. In case the BUILDER fails to deliver the VESSEL free and clear of all liens, charges, mortgages and encumbrances on the date the BUILDER offers or tenders the VESSEL for delivery, the BUYER is not obliged to take delivery of the VESSEL. If the BUYER accepts delivery of the VESSEL with such liens, charges, mortgages and encumbrances, the BUYER shall be entitled to any rights, powers, and remedies in this CONTRACT and/or law, at equity or otherwise to recover any damages caused by such liens, charges, mortgages and encumbrances. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon Delivery and acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 V.2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications.; (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the SupervisorBUILDER; 34 / 82 Shipbuilding Contract Hull No. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.H2854 (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof.; (d) FINISHED DRAWINGS AND PLANS AND MAKER’S INSTRUCTION MANUALS as per finished drawings pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).Specifications, made by the BUILDER; (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER; (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or , including but not limited to all Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. Certificates (g) All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. . (h) If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then (provided acceptable to the flag state and not affecting the lawful trading of the VESSEL) the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (gi) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssubcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial RunsRun(s), or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER.delivery; (i) BILL OF SALE made COMMERCIAL INVOICE issued by the SELLER.; (jk) Three (3) original BILLS OF SALE, notarised (and if mandatory required by the flag state and upon reasonable request by the buyer in advance, legalised or apostilled), to assist the BUYER to register the VESSEL in its ownership under the laws and flag of the VESSEL; 35 / 82 Shipbuilding Contract Hull No. H2854 (I) BUILDER's certificate’s Certificate, notarised in English by a Notary Public within the People’s Republic of China issued by the BUILDER, and the original shall be provided to the BUYER as required for the purpose of registration; Such other documents as the BUYER may reasonably require, and which the SELLER within its capability can reasonably provide and for which the BUYER gives reasonable notice to the SELLER, for the purpose of obtaining financing and/or for registration of the VESSEL, as applicable.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE : (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER BUYER, and confirmed by all consumed lubricating oils and greases if its cost is charged to the Supervisor referred to BUILDER, in each case under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTALL CERTIFICATES, made clean and free of recommendations (unless otherwise mutually agreed by the SELLERparties), TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) Ship Sanitation Control Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificatescertificates unless otherwise mutually agreed. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (g) COMMERICAL INVOICE (issued by the delivery of the VESSELBUILDER). (h) COMMERCIAL INVOICE made XXXX OF SALE (issued by the SELLERBUILDER). (i) BILL OF SALE made BUILDER's CERTIFICATE (issued by the SELLERBUILDER). (j) Any other documents reasonably required by the BUYER to be supplied by the BUILDER's certificate. All such documents shall be in the English language and the documents listed in (g), (h) and (i) above, shall be notarized and/or legalized as may be required by the BUYER in order for the BUYER to register the VESSEL in its name in accordance with Article 1.5.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE : (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 of Article VI hereofDEADWEIGHT DETERMINATION AND INCLINING EXPERIMENT. (d) FINISHED PROTOCOL OF STORES OF CONSUMABLE NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the BUYER under Article VI.4. hereof, (e) DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTSPECIFICATIONS, made by which shall be furnished to the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUYER at no additional cost, (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (viii) De-ratting Exemption Certificate (ix) International Oil Pollution Prevention Certificate (x) Deadweight Certificate (xi) Certificate for Life Boats and Life Saving Equipments However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (g) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’S title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery of the VESSELexcept as otherwise provided under this CONTRACT. (h) COMMERCIAL INVOICE made by the SELLERINVOICE. (i) BILL XXXX OF SALE made by the SELLERSALE. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) original documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSELLER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under in Paragraph 4 5 of Article ARTICLE VI hereof.. Date: 13th November, 2013 (d) FINISHED DRAWINGS AND PLANS pertaining to and INSTRUCTION MANUALS including respective lists, all in English and in triplicate (copies accepted by the BUYER), shall be delivered together with the VESSEL as stipulated in the Specifications (If it is Specifications, made by the SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) PROTOCOL OF MAIN ENGINE SPECIFIC FUEL OIL CONSUMPTION MEASUREMENT (shop test result to be provided by MAIN ENGINE manufacturer) (g) ALL CERTIFICATES OR RELEVANT DOCUMENTS including relevant list of inventories of certificates required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates or relevant documents shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply Society with the above rules and regulations which are in force at the time of delivery of the VESSELpossible maximum statutory validity. All the certificates shall be delivered in one (1) original and one (1) copy to the VESSEL and two one (21) copies copy to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERparty, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent the full term certificates shall be furnished by the SELLER to after delivery of the BUYER VESSEL and in any event before the expiry of such the provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon receipt by the BUYER from BUILDER’s delivery of the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited following documents to the following (subject to the provision contained in Article V-2 hereof) BUYER, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the OF THE VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 7 of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications ALL CERTIFICATES including three (If it is SELLER’s Obligation). (e3) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf originals of the Flag State Administration. BUILDER’s CERTIFICATE (fduly notarially attested if necessary) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with It is agreed that if, through no fault on the above rules and regulations which part of the BUILDER, the classification certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with the formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (ge) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryChinese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews and/or crew, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (f) DRAWINGS AND PLANS pertaining to the delivery VESSEL as stipulated in the Specifications. (g) COMMERCIAL INVOICE in triplicate, with main particulars of the VESSEL. (h) COMMERCIAL INVOICE made XXXX OF SALE in three (3) originals, notarised by the SELLER. (i) BILL OF SALE made BUILDER and legalised by the SELLERBUILDER and the Buyer’s cost, if required for the registration of the Vessel. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 V 2 hereof) ), which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDERS pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the SupervisorBUILDERS. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceDate: 31/63 Shipbuilding Contract Hull No. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDERS referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS DRAWINGS, PLANS AND PLANS INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDERS and if any, where relevant, its Sub-contractors. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State AdministrationBUILDERS. (f) ALL CERTIFICATES required to be furnished finished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Specifications Certificates shall be issued by relevant Authorities authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force effect at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDERS, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the BUILDERS with the full term certificates to be furnished by the SELLER BUILDERS after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL XXXX OF SALE made by the SELLERSELLER duly notarized and if required for the VESSEL’s registration, legalised, provided the BUYER shall inform Date: 32/63 Shipbuilding Contract Hull No. the SELLER 2 months prior to the delivery of the VESSEL. (j) BUILDER's certificateBUILDERS’ CERTIFICATE (to be jointly signed by the BUILDERS) made by the SELLER duly notarized and if required for the VESSEL’s registration, legalised, provided the BUYER shall inform the SELLER 2 months prior to the delivery of the VESSEL. (k) Prior delivery a complete list of certificates is to be furnished. However SELLER and BUILDERS will provide necessary assistance to the BUYER for documents requested for the VESSEL’s registration and/or by the BUYER’s financing bank.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER BUYER, and confirmed by all consumed lubricating oils and greases if its cost is charged to the Supervisor referred to BUILDER, in each case under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTALL CERTIFICATES, made clean and free of recommendations (unless otherwise mutually agreed by the SELLERparties), TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) Ship Sanitation Control Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificatescertificates unless otherwise mutually agreed. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (g) COMMERICAL INVOICE (issued by the delivery of the VESSELBUILDER). (h) COMMERCIAL INVOICE made XXXX OF SALE (issued by the SELLERBUILDER). (i) BILL OF SALE made BUILDER's CERTIFICATE (issued by the SELLERBUILDER). (j) Any other documents reasonably required by the BUYER to be supplied by the BUILDER's certificate. All such documents shall be in the English language and the documents listed in (g), (h) and (i) above, shall be notarized and/or legalized as may be required by the BUYER in order for the BUYER to register the VESSEL in its name in accordance with Article 1.5.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) authenticated documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the SupervisorBUILDER. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceDate: 25/58 Shipbuilding Contract Hull No. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State AdministrationBUILDER. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force or which are known to be compulsorily applicable at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one One (1) original to the VESSEL and two Two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any other third party other than the SELLERparty, then the provisional certificate or certificates as issued by the Classification Society or such the other third party shall with the full term certificates to be furnished by the SELLER as soon as possible after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER and duly not arised that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLERSELLER in Three (3) originals. (i) BILL XXXX OF SALE made by the SELLERSELLER and duly notarised. (j) Builder’s Certificate made by the BUILDER in Two (2) originals and duly notarised. (k) Certificate of Non-Registration issued by the BUILDER's certificate. Date: 26/58 Shipbuilding Contract Hull No. The BUYER may require the SELLER by giving reasonable notice prior to delivery, to arrange for any other document listed above to be duly notarised and, if required, legalised, at the BUYER`s cost and expenses.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with the delivery and acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of following duly authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance:Acceptance (which shall be prepared in three originals and executed by each of the parties hereto): (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI 6 hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, as per the Specification made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State AdministrationBUILDER. (f) ALL CLASSIFICATION AND OTHER CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with Specifications so as to enable the above rules and regulations which are in force at the time of delivery of BUYER to immediately register the VESSEL. All It is agreed that if through no fault on the part of the SELLER the full terms Classification certificate and/or any other certificates shall be delivered referred to in one this sub-paragraph (1f) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to cannot be issued at the time of delivery of the VESSEL VESSEL, then provisional certificates as issued by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued shall be accepted by the Classification Society or such third party BUYER, provided that the BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with the full term forma (certificates shall be furnished by the SELLER to the BUYER as promptly as possible (but in any event before the expiry of such the provisional certificates). (g) the BUILDER’S CERTIFICATE issued by the SELLER in three (3) originals, each duly notarised and apostilled. (h) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances whatsoever upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes levies, dues or charges imposed by the relevant authorities of the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELand any other liabilities, debits or obligations whatsoever ensuing from any cause or reason whatsoever. (hi) COMMERCIAL INVOICE made by the SELLER. (ij) BILL XXXX OF SALE made by the SELLERSELLER in 3 originals, each duly notarised and apostilled. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE : (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER BUYER, and confirmed by all consumed lubricating oils and greases if its cost is charged to the Supervisor referred to BUILDER, in each case under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTALL CERTIFICATES, made clean and free of recommendations (unless otherwise mutually agreed by the SELLERparties), TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) Ship Sanitation Control Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificatescertificates unless otherwise mutually agreed. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (g) COMMERICAL INVOICE (issued by the delivery of the VESSELBUILDER). (h) COMMERCIAL INVOICE made XXXX OF SALE (issued by the SELLERBUILDER). (i) BILL OF SALE made BUILDER’s CERTIFICATE (issued by the SELLERBUILDER). (j) Any other documents reasonably required by the BUYER to be supplied by the BUILDER's certificate. All such documents shall be in the English language and the documents listed in (g), (h) and (i) above, shall be notarized and/or legalized as may be required by the BUYER in order for the BUYER to register the VESSEL in its name in accordance with Article 1.5.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Concurrently with delivery of the VESSEL by the BUYER SELLER to the BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts parts, tools and the like, all as specified in the Specifications made by the SELLER and confirmed by the SupervisorSpecifications. The equipment Shipbuilding Contract For Construction of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceOne 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by included in the SELLER and confirmed by the Supervisor original purchase price thereof referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS DRAWINGS, PLANS AND PLANS INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued clean by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the SELLER with the full term certificates to be furnished by the SELLER as promptly as possible after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances of whatsoever nature upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL BXXX OF SALE made by the SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) (j) BUILDER's certificate’s CERTIFICATE made by the BUILDER (k) Non-registration Certificate issued by the SELLER. (l) Any other documents (including notarization of any document as set out in this Article VII.3, if necessary) reasonably required by the BUYER in connection with the financing or registration of the VESSEL provided that (1) the BUILDER is able to provide such documents, (2) the BUYER agrees to bear all the reasonable documented costs and expenses which shall be paid by the BUYER (or the BUYER indemnifies the BUILDER if the BUILDER pays such costs and expenses) on or before the delivery (3) the BUYER shall provide its best cooperation and sufficient advance notice, and (4) if the construction and/or delivery is delayed by such BUYER’s requirement of additional documents, the SELLER is not liable in whatever nature and type for such delay All above documents shall be delivered in English and in triplicate. The documents mentioned in (i) and (j) above shall be duly notarized by the appropriate People’s Republic of China authorities. The SELLER shall assist the BUYER for obtaining the “customs clearance” for the VESSEL. The Seller shall also deliver to the BUYER’s site office at the time of delivery and acceptance of the VESSEL one 1:200 model of the VESSEL.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 VII hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the SupervisorBUILDER. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceShipbuilding Contract Hull No.H1597 (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract the Specifications each free of conditions, recommendations, restrictions and qualifications whatsoever (except for the Specificationsconditions, recommendations, restrictions and qualifications which are due to reasons attributable to the BUYER). Certificates shall be issued by relevant Authorities or Classification classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then the provisional certificate or certificates as issued by the The Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssub‑contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. . (i) BILL OF SALE made by the SELLER. Shipbuilding Contract Hull No. H1597 (j) BUILDER's certificate’s Certificate made by the BUILDER.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon receipt by the BUYER from BUILDER’s delivery of the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited following documents to the following (subject to the provision contained in Article V-2 hereof) BUYER, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the OF THE VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 7 of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications ALL CERTIFICATES including three (If it is SELLER’s Obligation). (e3) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf originals of the Flag State Administration. BUILDER’s CERTIFICATE (fduly notarially attested if necessary) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with It is agreed that if, through no fault on the above rules and regulations which part of the BUILDER, the classification certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with the formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (ge) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’S title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryChinese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews and/or crew, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (f) DRAWINGS AND PLANS pertaining to the delivery VESSEL as stipulated in the Specifications. (g) COMMERCIAL INVOICE in triplicate, with main particulars of the VESSEL. (h) COMMERCIAL INVOICE made XXXX OF SALE in three (3) originals, notarised by the SELLER. (i) BILL OF SALE made BUILDER and legalised by the SELLERBUILDER and the Buyer’s cost, if required for the registration of the Vessel. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS PLANS, MANUALS AND INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) De-ratting Exemption Certificate (ix) IOPP Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificates. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that on the date of delivery the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery except as otherwise provided under this Contract. (g) COMMERCIAL INVOICE with main particulars of the VESSEL, made by the BUILDER. (h) COMMERCIAL INVOICE XXXX OF SALE made by the SELLERBUILDER, duly notarially attested and apostilled. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificateCERTIFICATE, duly notarially attested and apostilled.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon the BUILDER’s delivery and receipt thereof by the BUYER from of the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited subject to Paragraph 2 Article V hereof, to the following (subject to the provision contained in Article V-2 hereof) BUYER, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the OF THE VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 6 of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications ALL CERTIFICATES including three (If it is SELLER’s Obligation). (e3) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf originals of the Flag State Administration. BUILDER’s CERTIFICATE (fduly attested by notary public if necessary) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the certificates other certificates, except for BUILDER’s CERTIFICATE, shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent It is agreed that if, through no fault on the part of the BUILDER, the classification certificate or and/or other certificates are unable to be issued not available at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERVESSEL, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished accepted by the SELLER to BUYER, provided that the BUILDER shall furnish the BUYER with the formal certificates within three (3) months after delivery of the VESSEL however in any event before the expiry of such provisional certificates, unless otherwise mutually agreed. (ge) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryChinese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews crew, and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to delivery. (f) FINISHED DRAWINGS AND PLANS pertaining to the delivery VESSEL as stipulated in the Specifications. (g) COMMERCIAL INVOICE in triplicate, with main particulars of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLERBXXX OF SALE in three (3) originals, duly notarized and legally attested. (i) BILL PROTOCOL OF SALE made by the SELLERDEADWEIGHT DETERMINATION and inclining experiments. (j) BUILDER's certificateNON-REGISTRATION-CERTIFICATE, as a copy, issued by the competent local authority, stating that the VESSEL is not registered at the time of Delivery; the original instrument shall be delivered within thirty (30) business days after delivery of such copy; and (k) Any other reasonable document required by flag authority for the registration of the VESSEL; The BUILDER shall provide to the BUYER, at least fourteen (14) days prior to the Delivery Date, the drafts of the above-mentioned documents.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon Delivery and acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 V.2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications.; (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the SupervisorBUILDER; Shipbuilding Contract Hull No. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.H2855 (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof.; (d) FINISHED DRAWINGS AND PLANS AND MAKER’S INSTRUCTION MANUALS as per finished drawings pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).Specifications, made by the BUILDER; (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER; (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or , including but not limited to all Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. Certificates (g) All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. . (h) If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then (provided acceptable to the flag state and not affecting the lawful trading of the VESSEL) the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (gi) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssubcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial RunsRun(s), or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER.delivery; (j) COMMERCIAL INVOICE issued by the SELLER; (k) Three (3) original BILLS OF SALE, notarised (and if mandatory required by the flag state and upon reasonable request by the buyer in advance, legalised or apostilled), to assist the BUYER to register the VESSEL in its ownership under the laws and flag of the VESSEL; Shipbuilding Contract Hull No. H2855 (l) BUILDER's certificate’s Certificate, notarised in English by a Notary Public within the People’s Republic of China issued by the BUILDER, and the original shall be provided to the BUYER as required for the purpose of registration; Such other documents as the BUYER may reasonably require, and which the SELLER within its capability can reasonably provide and for which the BUYER gives reasonable notice to the SELLER, for the purpose of obtaining financing and/or for registration of the VESSEL, as applicable.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 VII hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. Shipbuilding Contract Hull No.H1596 (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract the Specifications each free of conditions, recommendations, restrictions and qualifications whatsoever (except for the Specificationsconditions, recommendations, restrictions and qualifications which are due to reasons attributable to the BUYER). Certificates shall be issued by relevant Authorities or Classification classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then the provisional certificate or certificates as issued by the The Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssub‑contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. Shipbuilding Contract Hull No.H1596 (h) COMMERCIAL INVOICE made by the SELLER. . (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 V 2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract contract and the Specifications. Certificates shall be issued by relevant Authorities or the Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of signing the VESSEL. Contract and any modifications if implemented under Article V. All the certificates shall be delivered in one (1) original to the VESSEL vessel and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then the provisional certificate or certificates as issued by the The Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssubcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLERSELLER duly notarized. (j) BUILDER's certificateA VALIDLY EXECUTED ASSIGNMENT IN ACCORDANCE WITH ARTICLE IX 6 if and to the extent that the BUYER has exercised its option under that clause before delivery. The Builders Certificate and Bill of Sale shall all be notarized.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Concurrently with delivery of the VESSEL by the BUYER SELLER to the BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts parts, tools and the like, all as specified in the Specifications made by the SELLER and confirmed by the SupervisorSpecifications. The equipment Shipbuilding Contract For Construction of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceOne 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by included in the SELLER and confirmed by the Supervisor original purchase price thereof referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS DRAWINGS, PLANS AND PLANS INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued clean by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the SELLER with the full term certificates to be furnished by the SELLER as promptly as possible after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances of whatsoever nature upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL BXXX OF SALE made by the SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) (j) BUILDER's certificate’s CERTIFICATE made by the BUILDER (k) Non-registration Certificate issued by the SELLER. (l) Any other documents (including notarization of any document as set out in this Article VII.3, if necessary) reasonably required by the BUYER in connection with the financing or registration of the VESSEL provided that (1) the BUILDER is able to provide such documents, (2) the BUYER agrees to bear all the reasonable documented costs and expenses which shall be paid by the BUYER (or the BUYER indemnifies the BUILDER if the BUILDER pays such costs and expenses) on or before the delivery (3) the BUYER shall provide its best cooperation and sufficient advance notice, and (4) if the construction and/or delivery is delayed by such BUYER’s requirement of additional documents, the SELLER is not liable in whatever nature and type for such delay All above documents shall be delivered in English and in triplicate. The documents mentioned in (i) and (j) above shall be duly notarized by the appropriate People’s Republic of China authorities. The SELLER shall assist the BUYER for obtaining the “customs clearance” for the VESSEL. The Seller shall also deliver to the BUYER’s site office at the time of delivery and acceptance of the VESSEL one 1:200 model of the VESSEL.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with the delivery and acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of following duly authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance:Acceptance (which shall be prepared in three originals and executed by each of the parties hereto): (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI 6 hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT LIGHTSHIP AND INCLINING EXPERIMENT, as per the Specification made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State AdministrationBUILDER. (f) ALL CLASSIFICATION AND OTHER CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with It is agreed that if through no fault on the above rules and regulations which are in force at the time of delivery part of the VESSEL. All SELLER the full terms Classification certificate and/or any other certificates shall be delivered referred to in one this sub-paragraph (1f) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to cannot be issued at the time of delivery of the VESSEL VESSEL, then provisional certificates as issued by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued shall be accepted by the Classification Society or such third party BUYER, provided that the BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with the full term formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible (but in any event before the expiry of such the provisional certificates). (g) the BUILDER’S CERTIFICATE issued by the SELLER in three (3) originals, each duly notarised (h) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances whatsoever upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes levies, dues or charges imposed by the relevant authorities of the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELand any other liabilities, debits or obligations whatsoever ensuing from any cause or reason whatsoever. (hi) COMMERCIAL INVOICE made by the SELLER. (ij) BILL XXXX OF SALE made by the SELLERSELLER in 3 originals, each duly notarised and apostilled. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Acceptance of the VESSEL by the BUYER shall be conditional conditioned upon the BUILDER’s delivery and receipt thereof by the BUYER from of the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited subject to Paragraph 2 Article V hereof, to the following (subject to the provision contained in Article V-2 hereof) BUYER, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the OF THE VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 6 of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications ALL CERTIFICATES including three (If it is SELLER’s Obligation). (e3) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf originals of the Flag State Administration. BUILDER’s CERTIFICATE (fduly attested by notary public if necessary) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the certificates other certificates, except for BUILDER’s CERTIFICATE, shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent It is agreed that if, through no fault on the part of the BUILDER, the classification certificate or and/or other certificates are unable to be issued not available at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERVESSEL, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished accepted by the SELLER to BUYER, provided that the BUILDER shall furnish the BUYER with the formal certificates within three (3) months after delivery of the VESSEL however in any event before the expiry of such provisional certificates, unless otherwise mutually agreed. (ge) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryChinese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews crew, and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to delivery. (f) FINISHED DRAWINGS AND PLANS pertaining to the delivery VESSEL as stipulated in the Specifications. (g) COMMERCIAL INVOICE in triplicate, with main particulars of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLERXXXX OF SALE in three (3) originals, duly notarized and legally attested. (i) BILL PROTOCOL OF SALE made by the SELLERDEADWEIGHT DETERMINATION and inclining experiments. (j) BUILDER's certificateNON-REGISTRATION-CERTIFICATE, as a copy, issued by the competent local authority, stating that the VESSEL is not registered at the time of Delivery; the original instrument shall be delivered within thirty (30) business days after delivery of such copy; and (k) Any other reasonable document required by flag authority for the registration of the VESSEL; The BUILDER shall provide to the BUYER, at least fourteen (14) days prior to the Delivery Date, the drafts of the above-mentioned documents.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS (including results of Main Engine Shop Trials) of the VESSEL made by the SELLER pursuant to this CONTRACT and the SpecificationsSPECIFICATIONS. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSPECIFICATIONS. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4 hereof. (d) FINISHED DRAWINGS AND DRAWINGS, PLANS and MANUALS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished famished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including but not limited to: (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate, duly notarially attested (viii) De-ratting Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All , provisional certificates shall, if this can be done without affecting the VESSEL’s trading, be accepted by the BUYER, provided that the BUILDER shall furnish the BUYER with formal certificates shall be delivered in one as promptly as possible, after such formal certificates have been issued. (1f) original XXXX OF SALE transferring title to the VESSEL free of all liens, claims, mortgages and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificatesencumbrances whatsoever. (g) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, mortgages or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery of the VESSELexcept as otherwise provided under this CONTRACT. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the SELLER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI 6 hereof. (d) FINISHED DRAWINGS AND PLANS AND MANUALS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State AdministrationBUILDER. Shipbuilding Contract Hull No. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of signing this Contract. It is agreed that if the VESSEL. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent Classification certificate or and/or other certificates are unable to be issued not available at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERVESSEL, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished accepted by the SELLER to BUYER, provided that the BUILDER shall furnish the BUYER in any event before with the expiry of formal certificates as promptly as possible after such provisional certificatesformal certificates have been issued. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of impostsimposts , taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL XXXX OF SALE made by the SELLER. (j) BUILDER's certificateAny other documents necessary for registration of the vessel as mutually agreed between SELLER and BUYER.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon acceptance of the VESSEL by the BUYER BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following documents (subject to the provision contained in Article V-2 VII hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts part and the like, all as specified in the Specifications Specifications, made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceBUILDER. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor BUILDER referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications, made by the BUILDER. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration.BUILDER (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract the Specifications each free of conditions, recommendations, restrictions and qualifications whatsoever (except for the Specificationsconditions, recommendations, restrictions and qualifications which are due to reasons attributable to the BUYER). Certificates shall be issued by relevant Authorities or Classification classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLERBUILDER, then the provisional certificate or certificates as issued by the The Classification Society or such the third party shall other than the BUILDER with the full term certificates to be furnished by the SELLER BUILDER after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractorssub‑contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. . (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeshare parts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS PLANS, MANUALS AND INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radiotelegraphy Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) De-ratting Exemption Certificate (ix) IOPP Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificates. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that on the date of delivery the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to the delivery except as otherwise provided under this Contract. (g) COMMERCIAL INVOICE with main particulars of the VESSEL., made by the BUILDER, (h) COMMERCIAL INVOICE XXXX OF SALE made by the SELLERBUILDER, duly notarially attested and apostilled. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificateCERTIFICATE, duly notarially attested and apostilled.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 3(b) of Article VI hereof, including the original purchase price thereof. (d) FINISHED DRAWINGS AND PLANS pertaining to The BUILDER’s CERTIFICATE issued by the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)SHIPYARD notarized and apostilled. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with It is agreed that if, through no fault on the above rules and regulations which part of the BUILDER, the classification certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with the formal certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of as promptly as possible after such provisional certificatesformal certificates have been issued. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of deliveryJapanese governmental authorities, as well as of all liabilities of the SELLER BUILDER to its sub-contractorssubcontractors, employees and crews and/or crew, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial tuns, or otherwise, prior to the delivery of the VESSELdelivery. (hg) COMMERCIAL INVOICE made by DRAWINGS AND PLANS pertaining to the SELLERVESSEL as stipulated in the Specifications. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of each Vessel, the VESSEL by Builder shall provide and deliver to the BUYER shall be conditional upon receipt by Buyer at its expense the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS Protocol of the VESSEL Trials made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY Protocol of Inventory and Equipment of the equipment of the VESSEL Vessel, including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceSpecifications. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor Protocol of Surplus Consumable Stores referred to under Paragraph 4 of Article VI VII hereof. (d) FINISHED DRAWINGS AND PLANS Drawings and Plans pertaining to the VESSEL Vessel together with all necessary instruction manuals, as further stipulated in the Specifications (If it is SELLER’s Obligation)Specifications. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTAll Certificates including the Builder's Certificate are required to be furnished upon Delivery and Acceptance of the Vessel. It is agreed that if, made through no fault on the part of the Builder, the Classification Certificate and/or other required certificates are not available at the time of delivery, provisional certificates shall be accepted by the SELLERBuyer, TRIM AND STABILITY BOOKLET and LOADING MANUALprovided that the Builder at its expense shall furnish the Buyer with final certificates as promptly as possible. If final certificates are not provided or obtained within a reasonable time, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf Buyer shall arrange to obtain the same at the cost of the Flag State AdministrationBuilder and the same shall be adjusted against final payment due, to be paid to the builder. (f) ALL CERTIFICATES required to be furnished upon delivery Declaration of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be issued at the time of delivery of the VESSEL Warranty by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER Builder that the VESSEL Vessel is delivered to the BUYER free and clear of any liens, claims, charges, claims, mortgages, or mortgages and other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free encumbrances. The vessel shall be under performance warranty for a period of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSEL1 year. (g) Commercial invoice (h) COMMERCIAL INVOICE made by Xxxx of Sale or other relevant document that certifies that the SELLERtitle of the Vessel passes on to the Buyer. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance Concurrently with delivery of the VESSEL by the BUYER SELLER to the BUYER, the SELLER shall be conditional upon receipt by deliver to the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) documents which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER BUILDER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts parts, tools and the like, all as specified in the Specifications made by the SELLER and confirmed by the SupervisorSpecifications. The equipment Shipbuilding Contract For Construction of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practiceOne 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by included in the SELLER and confirmed by the Supervisor original purchase price thereof referred to under Paragraph 4 5 of Article VI hereof. (d) FINISHED DRAWINGS DRAWINGS, PLANS AND PLANS INSTRUCTION BOOKS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)Specifications. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued clean by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSELsigning this Contract. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent the full term certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates as issued by the Classification Society or such the third party shall other than the SELLER with the full term certificates to be furnished by the SELLER as promptly as possible after delivery of the VESSEL and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such the provisional certificatescertificates shall be acceptable to the BUYER. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances of whatsoever nature upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSELdelivery. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL BXXX OF SALE made by the SELLER. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) (j) BUILDER's certificate’s CERTIFICATE made by the BUILDER (k) Non-registration Certificate issued by the SELLER. (l) Any other documents (including notarization of any document as set out in this Article VII.3, if necessary) reasonably required by the BUYER in connection with the financing or registration of the VESSEL provided that (1) the BUILDER is able to provide such documents, (2) the BUYER agrees to bear all the reasonable documented costs and expenses which shall be paid by the BUYER (or the BUYER indemnifies the BUILDER if the BUILDER pays such costs and expenses) on or before the delivery (3) the BUYER shall provide its best cooperation and sufficient advance notice, and (4) if the construction and/or delivery is delayed by such BUYER’s requirement of additional documents, the SELLER is not liable in whatever nature and type for such delay All above documents shall be delivered in English and in triplicate. The documents mentioned in (i) and (j) above shall be duly notarized by the appropriate People’s Republic of China authorities. The SELLER shall assist the BUYER for obtaining the “customs clearance” for the VESSEL. The Seller shall also deliver to the BUYER’s site office at the time of delivery and acceptance of the VESSEL one 1:200 model of the VESSEL.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The acceptance of the VESSEL by the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and Acceptance: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to the Specifications. (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare parts and the like, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice. (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by the SELLER and confirmed by the Supervisor referred to under Paragraph 4 of Article VI hereof. (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation). (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract and the Specifications. Certificates shall be issued by relevant Authorities or Classification Society. The VESSEL shall comply with the above rules and regulations which are in force at the time of delivery of the VESSEL. All the certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to the BUYER. If any permanent certificate or certificates are unable to be issued at the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party shall be furnished by the SELLER and acceptable to the BUYER provided that permanent certificates shall be furnished by the SELLER to the BUYER in any event before the expiry of such provisional certificates. (g) DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or country of the port of delivery, as well as of all liabilities of the SELLER to its sub-contractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runs, or otherwise, prior to the delivery of the VESSEL. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL XXXX OF SALE made by the SELLER. (j) BUILDER's certificate.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Upon delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated following documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained in Article V-2 hereof) which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks if its cost is charged to the SELLER BUYER, and confirmed by all consumed lubricating oils and greases if its cost is charged to the Supervisor referred to BUILDER, in each case under Paragraph 4 of Article VI VI.4. hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation).SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENTALL CERTIFICATES, made clean and free of recommendations (unless otherwise mutually agreed by the SELLERparties), TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER's Certificate (viii) Ship Sanitation Control Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued and in any event before the expiry of such the provisional certificatescertificates unless otherwise mutually agreed. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, contractors and employees and crews and/or of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery. (g) COMMERICAL INVOICE (issued by the delivery of the VESSELBUILDER). (h) COMMERCIAL INVOICE made BXXX OF SALE (issued by the SELLERBUILDER). (i) BILL OF SALE made BUILDER's CERTIFICATE (issued by the SELLERBUILDER). (j) Any other documents reasonably required by the BUYER to be supplied by the BUILDER's certificate. All such documents shall be in the English language and the documents listed in (g), (h) and (i) above, shall be notarized and/or legalized as may be required by the BUYER in order for the BUYER to register the VESSEL in its name in accordance with Article 1.5.

DOCUMENTS TO BE DELIVERED TO THE BUYER. The Concurrently with delivery and acceptance of the VESSEL by VESSEL, the BUILDER shall deliver to the BUYER shall be conditional upon receipt by the BUYER from the SELLER of authenticated documents, certificates as required in this Contract and also in the Specifications including but not limited to the following (subject to the provision contained duly authenticated documents in Article V-2 hereof) English, which shall accompany the aforementioned Protocol of Delivery and AcceptancePROTOCOL OF DELIVERY AND ACCEPTANCE: (a) PROTOCOL OF TRIALS of the VESSEL made by the SELLER pursuant to this CONTRACT and the Specifications.SPECIFICATIONS, (b) PROTOCOL OF INVENTORY of the equipment of the VESSEL VESSEL, including spare parts and the likeparts, all as specified in the Specifications made by the SELLER and confirmed by the Supervisor. The equipment of the VESSEL must follow international standard ISO and CB, GB, and first class Chinese shipbuilding practice.SPECIFICATIONS, (c) PROTOCOL OF STORES OF CONSUMABLE NATURE made by NATURE, such as all fuel oil and fresh water remaining in tanks and items listed in Article VI.4 if its cost is charged to the SELLER and confirmed by the Supervisor referred to BUYER under Paragraph 4 of Article VI VI.4 hereof., (d) FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications (If it is SELLER’s Obligation)FULL SPECIFICATIONS, which shall be furnished to the BUYER at no additional cost, and DRAWINGS AND PLANS in triplicate pertaining to the VESSEL, including List of Finished Plans and As Built Specs and the trim and stability booklet, technical descriptions, test results and other data, information and documents in the possession of the BUILDER concerning the design and construction of the VESSEL which shall be forwarded to the BUYER at no additional cost as stipulated in the SPECIFICATIONS. (e) PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the SELLER, TRIM AND STABILITY BOOKLET and LOADING MANUAL, and GRAIN LOADING STABILITY MANUAL, all approved by the Classification Society on behalf of the Flag State Administration. (f) ALL CERTIFICATES required to be furnished upon delivery of the VESSEL pursuant to this Contract CONTRACT, the SPECIFICATIONS and the Specifications. Certificates shall be issued customary shipbuilding practice, including (i) Classification Certificate (ii) Safety Construction Certificate (iii) Safety Equipment Certificate (iv) Safety Radio Certificate (v) International Loadline Certificate (vi) International Tonnage Certificate (vii) BUILDER’s Certificate (viii) De-ratting Exemption Certificate However, it is agreed by relevant Authorities or the parties that if the Classification Society. The VESSEL shall comply with the above rules and regulations which Certificate and/or other certificates are in force not available at the time of delivery of the VESSEL. All the , provisional certificates valid for at least five (5) months shall be delivered in one (1) original to the VESSEL and two (2) copies to accepted by the BUYER. If any permanent certificate or certificates are unable to be issued at , provided that the time of delivery of the VESSEL by the Classification Society or any third party other than the SELLER, then the provisional certificate or certificates issued by the Classification Society or such third party BUILDER shall be furnished by the SELLER and acceptable to furnish the BUYER provided that permanent with formal certificates shall be furnished by the SELLER to the BUYER as promptly as possible after such formal certificates have been issued but in any event before the expiry of such the provisional certificates. All certificates to be delivered to the BUYER hereunder shall be valid in every respect, unless the recommendation or notation has been approved by the BUYER, in its sole discretion, in writing, in which case the BUILDER shall remain responsible for as promptly as possible removing such recommendation or notation. (gf) DECLARATION OF WARRANTY issued by of the SELLER BUILDER that the VESSEL is delivered to the BUYER free and clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER's ’s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes taxes, or charges imposed by the province Korean Governmental authorities, or by the prefecture or country of the port of delivery, as well as of all liabilities of the SELLER BUILDER to its sub-contractors, suppliers, employees and crews and/or crews, and of all liabilities arising from the operation of the VESSEL in Trial Run or Trial Runstrial runs, or otherwise, prior to delivery except as otherwise provided under this CONTRACT. In case the BUILDER fails to deliver the VESSEL free and clear of all liens, charges, mortgages and encumbrances on the date the BUILDER offers or tenders the VESSEL for delivery, the BUYER is not obliged to take delivery of the VESSEL. If the BUYER accepts delivery of the VESSEL with such liens, charges, mortgages and encumbrances, the BUYER shall be entitled to any rights, powers, and remedies in this CONTRACT and/or law, at equity or otherwise to recover any damages caused by such liens, charges, mortgages and encumbrances. (h) COMMERCIAL INVOICE made by the SELLER. (i) BILL OF SALE made by the SELLER. (j) BUILDER's certificate.