Common use of Notices, time and place of delivery Clause in Contracts

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' option. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, 7, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery delivery, in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vesselport to be mutually agreed within Vessel’s current trading area safely afloat at a safe berth in the Sellers' option. Expected time of delivery: 05/01/2005 Between 15th July 2007 and 15th August 2007 Date of cancelling (see Clauses 5 c), 6 b6b) (iii) and 14): 15/01/200514):15th August 2007 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. 51 a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 52 provide the Buyers with , , 30/20/15/10/7/5/3 approximate and 5 2 and 1 definite days notice notices of the estimated expected time and place of arrival at the 53 intended time and place of drydocking/underwater inspection/delivery. When the Vessel is at the 54 place of delivery and in every respect physically ready for delivery in accordance with this 55 Agreement, the Sellers shall give the Buyers a written Notice of Readiness NOR for delivery.. 56 b) The Vessel shall be delivered and taken over to the Buyers free of stowaways, free of cargo, with her present time-charter to X.X. Xxxxxx-Maersk A/S clean swept holds 57 safely afloat at a safe and accessible berth berth, port or anchorage at/in vessel’s current area in the Sellers' optionworldwide. 58 Expected time of delivery: 05/01/2005 17 August 2015 – 30 November 2015 or such later date at Buyers' option. 60 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530 November 2015 or such later date at Buyers' option. 61 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 62 Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in 63 writing stating the date when they anticipate that the Vessel will be ready for delivery and 64 propose a new cancelling date. Upon receipt of such notification the Buyers shall have the 65 option of either cancelling this Agreement in accordance with Clause 14 within 4 7 running 66 days of receipt of the notice or of accepting the new date as the new cancelling date. If the 67 Buyers have not declared their option within 4 7 running days of receipt of the Sellers' 68 notification or if the Buyers accept the new date, the date proposed in the Sellers' notification 69 shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling 70 date stipulated in line 61. 71 If this Agreement is maintained with the new cancelling date all other terms and conditions 72 hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full 73 force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any 74 claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by 75 the original cancelling date.. 76 d) Should the Vessel become an actual, constructive or compromised total loss before delivery 77 the deposit together with interest earned shall be released immediately to the Buyers where after 78 whereafter this Agreement shall be null and void.. 79

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 15, 7, and 5 3 days approximate notice and probable port and 2 and 1 days definite notice of delivery and port. of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S within the Vessel’s trading area, safely afloat at a safe and accessible berth or anchorage at/at/ Worldwide in vessel’s current area Sellers’ option. The vessel shall be delivered with a time charter attached as per clause 17 herein. in the Sellers' ’ option. Expected time of delivery: 05/01/2005 01 April to 30 June 2011 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th June 2011 in Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20, 15, 10, 7, 5, and 5 3 days approximate notice of delivery the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers 2 and 1 days definite notice before tendering actual a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area Singapore, Fujairah, N.W. Europe, Med, USEC, USG, Caribs., Argentina, or Brazil in the Sellers' option. Expected time of delivery: 05/01/2005 15th March - 1st May 2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/20051st May in Buyers’ Option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Vessel will be delivered on a mutually convenient agreed date as she is at such port or place as the Vessel may be located on the agreed date. 51 a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall 52 provide the Buyers with , , and 5 days notice of the estimated time of arrival at the 53 intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place 54 of delivery and in every respect physically ready for delivery in accordance with this 55 Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.. 56 b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' option. 57 Expected time of delivery: 05/01/2005 60 Date of cancelling (see Clauses 5 c), 6 b) (iiiClause 5c) and 14): 15/01/2005February 1, 2007 61 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 62 Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in 63 writing stating the date when they anticipate that the Vessel will be ready for delivery and 64 propose a new cancelling date. Upon receipt of such notification the Buyers shall have the 65 option of either cancelling this Agreement in accordance with Clause 14 within 7 running days 66 twenty-four hours of receipt of the notice or of accepting the new date as the new cancelling date. If the 67 Buyers have not declared their option within 7 running days twenty-four hours of receipt of the Sellers' ’ 68 notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification 69 shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling 70 date stipulated in line 61. 71 If this Agreement is maintained with the new cancelling date all other terms and conditions 72 hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full 73 force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any 74 claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by 75 the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.. 76

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, , 21 and 5 14 days approximate notice of the estimated time intended port and delivery date of arrival at and 7 and 3 days definite notice of the intended place delivery of drydocking/underwater inspection/deliverythe Vessel and her delivery port. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area the range of Singapore-Japan, UK-Cont, Med not east of Greece, USEC, USG in the Sellers' ’ option. The vessel is not to be delivered at any port in which an entity subject to U.S. laws is not permitted to accept delivery including Cuba, Iran, North Korea, Sudan, Syria and Burma/Myanmar. Expected time of delivery: 05/01/2005 15th of March 2010 — 31st of April 2010, exact time in sellers option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st of April, 2010 in Buyer’s option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, , 21 and 5 14 days approximate notice of the estimated time intended port and delivery date of arrival at and 7 and 3 days definite notice of the intended place delivery of drydocking/underwater inspection/deliverythe Vessel and her delivery port. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area the range of Singapore-Japan, UK-Cont, Med not east of Greece, USEC, USG in the Sellers' ’ option. The vessel is not to be delivered at any port in which an entity subject to U.S. laws is not permitted to accept delivery including Cuba, Iran, North Korea, Sudan, Syria and Burma/Myanmar. Expected time of delivery: 05/01/2005 15th of March 2010 — 31st of April 2010, exact time in sellers option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st of April, 2010 in Buyer’s option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary in accordance with schedule from the shipyard and shall provide the Buyers with 30/21/14, 10/7, and 5 days approximate notice of the estimated time delivery and 3/1 days definite notice of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or safe and accessible anchorage at/ex-yard in vesselaccordance with the Shipbuilding Contract (intention SWS-JNCX Shipyard, Shanghai / Changxing Island area). The Buyers shall have the obligation to remove the Vessel from the Builder’s current area in the Sellers' optionyard within maximum five running days after delivery. Expected time of delivery: 05/01/2005 between 1st October 2010 and 31st December 2010 in the Sellers’ option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st December 2010 in the Buyers’ option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 3 banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 3 banking days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 10, 5, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' optionSeller’s option worldwide concurrent with present employment in the Taurus Tankers LR2 Pool. Expected time of delivery: 05/01/2005 30th January, 2015 – 10th March, 2015 in Sellers option. Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/200510th March, 2015 in Buyers option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat either at sea or at a safe and accessible berth or anchorage at/in vessel’s current area any safe port or place worldwide in the Sellers' ’ option. Expected time Time of delivery: 05/01/2005 on or before January 31, 2011 Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/2005February 5, 2011 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with with________, , ________ and 5 __________ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically and legally ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at the place where the Vessel is located at the same time simultaneously with the delivery of the Vessel by the Buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) provided that the terms and conditions for the chartering of the Vessel by the buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) are satisfied. The delivery of the Vessel under this Agreement and the delivery of the Associated Vessels (as defined in the BBC) under the Associated BBCs (as defined in the BBC) shall take place on the same day. It is hereby agreed that the Vessel may be delivered at Sea. a safe and accessible berth berth, or anchorage at/in vessel’s current area _______________ in the the Sellers' option. Expected time of delivery: 05/01/2005 on or about 18 May 2018 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 1414 of this Agreement): 15/01/200530 June 2018, in the Buyers’ option to exercise. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall notificationshall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, in which case the Sellers shall compensate the Buyers all the costs and expenses properly documented and incurred by the Buyers arising out of or in connection with this Agreement.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/free of cargo in vesselSellers’ option worldwide excluding areas prohibited by the United States of America’s, UN’s current area or EU’s laws and regulations in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 15th June 2010 and 15th August 2010, a schedule to be mutually decided upon. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers or their brokers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those but excluding the requirement to give advance advice to Buyers of the expected readiness of the Vessel contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effecteffect however buyers do not waive right to receive applicable notices. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, , 10 and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area or at sea worldwide but always within IWL. in the Sellers' option. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005in buyers option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' Seller's notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, , 21 and 5 14 days approximate notice of the estimated time intended port and delivery date of arrival at and 7 and 3 days definite notice of the intended place delivery of drydocking/underwater inspection/deliverythe Vessel and her delivery port. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area the range of Singapore-Japan, UK-Cont, Med not east of Greece, USEC, USG in the Sellers' ’ option. The vessel is not to be delivered at any port in which an entity subject to U.S. laws is not permitted to accept delivery including Cuba, Iran, North Korea, Sudan, Syria and Burma/Myanmar. Expected time of delivery: 05/01/2005 15th of March 2010 – 31st of April 2010, exact time in sellers option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st of April, 2010 in Buyer’s option, however if the T/C period for the CP under which the vessel is performing, exceeds the cancelling date, then the Buyers will take delivery of the Vessel with the Charter attached, details of which the Buyers have sighted and accepted, or extend the cancelling date till June 30th 2010 and take delivery of the vessel Charterfree, in their option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. 61 If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20 / 15 / 10 /7, approximate days notice, and 5 3/ 2/ 1 definite days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. The Buyers shall take delivery of the Vessel within three (3) business days (Saturday/ Sunday/ holidays in England excluded) after the Sellers have tendered the Buyers a Notice of Readiness for Delivery, the date of tendering such notice being inclusive. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for deliverydelivery (anytime, day and night including Saturday, Sunday and holidays). b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth berth, buoy/port or anchorage and/ or in Dry-dock and/ or at sea at/in vessel’s current area within Worldwide range in the Sellers' option. Expected time of delivery: 05/01/2005 9th September 2015 and 30th September, 2015 in the Seller's option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th September 2015 in the Buyers' option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, , 21 and 5 14 days approximate notice of the estimated time intended port and delivery date of arrival at and 7 and 3 days definite notice of the intended place delivery of drydocking/underwater inspection/deliverythe Vessel and her delivery port. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area the range of Singapore-Japan, UK-Cont, Med not east of Greece, USEC, USG in the Sellers' ’ option. The vessel is not to be delivered at any port in which an entity subject to U.S. laws is not permitted to accept delivery including Cuba, Iran, North Korea, Sudan, Syria and Burma/Myanmar. Expected time of delivery: 05/01/2005 15th of March 2010 — 31st of April 2010, exact date in sellers option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st of April, 2010 in Buyer’s option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary in accordance with schedule from the shipyard and shall provide the Buyers with 30/21/14, 10/7, and 5 days approximate notice of the estimated time delivery and 3/1 days definite notice of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or safe and accessible anchorage at/ex-yard in vesselaccordance with the Shipbuilding Contract (intention SWS-JNCX Shipyard, Shanghai / Changxing Island area). The Buyers shall have the obligation to remove the Vessel from the Builder’s current area in the Sellers' optionyard within maximum five running days after delivery. Expected time of delivery: 05/01/2005 between 1st April 2010 and 31st May 2010 in the Sellers’ option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st May 2010 in the Buyers’ option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 3 banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 3 banking days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 20, 10, 5, and 5 3, 1 days approximate notice of the estimated time of arrival at the intended place of drydocking/drydocking/ underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area safe anchorage, safe port at /in Worldwide range in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 1st May 2007 and 30th June 2007 in Sellers’ option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th June 2007 in Buyers’ option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide. in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 between 1 September 2006 and 31 October 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 October 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 10, 5, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' optionSeller’s option worldwide concurrent with present employment in the Taurus Tankers LR2 Pool. Expected time of delivery: 05/01/2005 30th January, 2015 – 10th March, 2015 in Sellers option. Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/200510th March, 2015 in Buyers option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 aclauses 5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary ’s itineraryestimated time of delivery and shall provide the Buyers with 30, 15, 10 and 5 3 days approximate notice and 1 day definite notice thereof of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Subject to the Vessel having completed her sea trials in accordance with the Shipbuilding Contract and the Specifications and subject to the terms of this Agreement, Tthe Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and and-accessible berth or anchorage at/in vessel’s current area in the Sellers' ’ option, at the Shipyard alongside the Builder’s pier or Builder’s anchorage. If the Vessel is delivered to the Buyers at the Builders’ pier, the Buyers shall remove the same therefrom as soon as practically possible after being instructed by the Builder to do so. Expected time of delivery: 05/01/2005 upon delivery of the Vessel from the Intermediate Seller to the Sellers Date of cancelling canceling (see Clauses 5 c), 6 b5c) (iii6b)(iii) and 14): 15/01/200531 July 2007 c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, unless the Builder, in accordance with the relevant clauses of the Shipbuilding Contract, agrees to reconstruct the Vessel in which case the Buyers shall have the option to declare in writing that the deposit should not be released to it whereafter this Agreement shall remain in place.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 10 days approximate notice and 3, 2, and 5 1 days of definite notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. .When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and fully accessible berth or anchorage at/in vessel’s current area USG in the Sellers' ’ option. Expected time of delivery: 05/01/2005 August 17th - 31st 2009 in Sellers option. Date of cancelling (see Clauses 5 c5C), 6 b6b) (iii) and 14): 15/01/2005August 31st 2009 in Buyers option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 within 7 running days of receipt of the this notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their the option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' Sellers notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , 15,7,5, and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth berth/buoy or anchorage at/in vessel’s current area at (always within port limits) at one safe port Worldwide in the Sellers' ’ option. Expected time of delivery: 05/01/2005 to be mutually agreed (intention is to deliver at first convenient port or place after all subjects lifted). Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005within 60 days after declaration of Buyers IPO c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 3 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 3 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 15, 7, and 5 3 days approximate notice of the estimated time of arrival at the intended and place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area or port or buoy within ports limit and always within IWL in the Sellers' ’ option. The port of delivery shall not be within jurisdictions that are prohibited by the vessel’s flag state, the United Nations, the European Union and the United States of America. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531 August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running two (2) working days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running two (2) working days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , 20,15, and 5 days 7, 5,2 daysapproximate and 1 definite notice of the estimated time of arrival at the ________________ intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area ina port worldwide (range/s to be advised) ______________________________________________________________ in the Sellers' ’ option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage _________________ Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200514):as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due duo diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new now cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together together- with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , 15/10 days tentative notices and 5 7/5/3/2/1 days notice of the estimated time definitive notices of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreementagreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery along with the following documents: i) Originals of below documents evidencing the LDT of the vessel to remain on board at the time of delivery of the vessel - Trim ans Stability book issued by Builders approved by the Class Society. - Deadweight Scale and Builder´s Yard Capacity Plan - General Arrangement ii) Certificate signed by the Master stating that Master and Crew have no further claims against the vessel or her owners, at the time of delivery. iii) Certificate from Sellers Agents at the port of delivery that they have no further claims against the vessel or her owners, at the time of delivery. iv) Copy of the last port clearance and Port dues receipt till the time of Physical delivery of the Vessel. b) The Vessel vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' at 1SP or 1SA WCSA (NSOBI Pisco) or WCPANAMA or USG (at buyers option. ) Delivery place: Laycan: Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c5c), 6 b) 6b), (iiiIII) and 14): 15/01/2005): c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the The date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 615c). If this Agreement agreement is maintained with the new cancelling date and all other terms and conditions hereof including those contained in Clauses 5 aclause 5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel vessel become an actual, constructive or compromised total loss before delivery delivery, the deposit together with and its interest earned (Libor 30 days + 1%) earned. shall be released immediately to the Buyers where after whereafter this Agreement agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , 20 ,15 , and 5 7, 5,2 days approximate and 1 definite notice of the estimated time of arrival at the _____________________ intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area ina port worldwide (range/s to be advised) ___________ in the Sellers' ’ option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200514):as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either other cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this this-Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned eared shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, 7, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery delivery, in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vesselport to be mutually agreed within Vessel’s current trading area safely afloat at a safe berth in the Sellers' option. Expected time of delivery: 05/01/2005 Between 01st June 2008 and 31st July 2008 It is anticipated that the vessel shall be delivered on or about 27th June 2008 Date of cancelling (see Clauses 5 c), 6 b6b) (iii) and 14): 15/01/200514):31st July 2008 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20, 15, 10, 7, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in within vessel’s current area trading area, port to be mutually agreed subject to Buyers’ reasonable acceptance. Vessel shall be delivered under inert gas or vapors of last cargo in the Sellers' option. Expected time of delivery: 05/01/2005 15th February 2006 / 31st March 2006 60 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st march 200661 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage free of cargo at/in vesselSellers’ option worldwide excluding areas prohibited by the United States of America’s, UN’s current area or EU’s laws and regulations in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 15th June 2010 and 15th August 2010, a schedule to be mutually decided upon. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers or their brokers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those but excluding the requirement to give advance advice to Buyers of the expected readiness of the Vessel contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effecteffect however buyers do not waive right to receive applicable notices. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 15, 10, 5, and 5 3 days approximate notice and 1 days definite notice of the anticipated date of tendering Notice of Readiness for of the estimated time of arrival at the intended place of drydocking/underwater inspection/inspection/ delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for deliverydelivery Notices to be sent by e-mail/fax via brokers. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat safety afraid at a safe and accessible berth or being of anchorage at/in vessel’s current area San Cxxxxx anchorage, Philippines. in the Sellers' ’ option. Expected time of delivery: 05/01/2005 1st September – 30th September 2014, exact date in Sellers’ option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th September 2014, in Buyers’ option c) If the Sellers anticipate that, notwithstanding the exercise of fo due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within with 2 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within with 2 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery., b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/free of cargo in vesselSellers’ option worldwide excluding areas prohibited by the United States of America’s, UN’s current area or EU’s laws and regulations in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 15th June 2010 and 15th August 2010, a schedule to be mutually decided upon. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers or their brokers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those but excluding the requirement to give advance advice to Buyers of the expected readiness of the Vessel contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effecteffect however Buyers do not waive the right to receive applicable notices. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30 (thirty), 15 (fifteen), 7 (seven), 3 (three) days approximate notice and 5 days 48/24 hours more definite notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage anchorage. Time and place always at/in vessel’s current area in the Buyers’ Sellers' ’ option. Sellers’ to endeavour to nominate probable delivery port together with 15 (fifteen) days approximate notice. Expected time of delivery: 05/01/2005 between 01/02/2008 — 31/03/2008 Date of Cancelling: The 15th April 2008. Cancelling in Buyers’ option. The cancelling (see Clauses 5 c), 6 b) (iii) date refers to the last date that the notice of readiness can be presented and 14): 15/01/2005not the last date on which the Vessel may be delivered. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date Date of Cancelling they may are to notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their the option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and all reference in this Agreement to the Date of Cancelling shall be substituted for read as referring to the canceling date stipulated in line 61new cancelling date. In the event the Buyers elect to cancel this agreement the deposit together with earned interest to be returned to the Buyers immediately. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling dateDate of Cancelling. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released returned immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , 7, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in Anchorage, or at high sea by mutual agreement between the Buyers and the Sellers' option. Latest with the 3 days approximate notice of delivery Sellers to nominate exact delivery place. Expected time of delivery: 05/01/2005 Between 27th March, 2006 and 1st May, 2006 Date of cancelling (see Clauses 5 c), 6 b5c) (iii6b)(iii) and 14): 15/01/20052nd May 2006 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 2 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 2 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. -------- If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after delivery, whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 30 (thirty), 21 (twenty-one), 15 (fifteen) and 5 7 (seven) days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice 3 (three) days’ definite notice of Readiness for delivery. b) The Vessel shall be delivered to the Buyers ex SWS Shipyard Shanghai on a back-to-back basis and taken over simultaneously with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/delivery in vessel’s current area in accordance with the Sellers' optionShipbuilding Contract. Expected time of delivery: 05/01/2005 End March 2007 in Sellers’ option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/20051st September 2007 in Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days 48 hours of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days 48 hours of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. This procedure to be revived if Sellers anticipate that the Vessel will not be ready for delivery by the revised cancelling date. a) delay in delivery; b) deficiency in actual deadweight; c) deficiency in actual speed; d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and voiddeficiency in specific fuel consumption.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30 (thirty), 20 (twenty), 15 (fifteen), 7 (seven) and 5 3 (three) days notice of the estimated time of arrival and 1 (one) day definite notice at the intended place of drydocking/underwater inspection/inspection/ of delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth anchorage or berth-or anchorage at/in vessel’s current area Caribs, including Manzanillo and Balboa, West Coast South America (Panama, Columbia, Chile, Peru), UK, the Netherlands and Greece in the Sellers' ’ option. Expected time of delivery: 05/01/2005 20 May 2011 to 20 June 2011 in Sellers option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530 June 2011, in the Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. 51 a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 52 provide the Buyers with , , 30/20/15/10/7/5/3 approximate and 5 2 and 1 definite days notice notices of the estimated expected time and place of arrival at the 53 intended time and place of drydocking/underwater inspection/delivery. When the Vessel is at the 54 place of delivery and in every respect physically ready for delivery in accordance with this 55 Agreement, the Sellers shall give the Buyers a written Notice of Readiness NOR for delivery.. 56 b) The Vessel shall be delivered and taken over to the Buyers free of stowaways, free of cargo, with her present time-charter to X.X. Xxxxxx-Maersk A/S clean swept holds 57 safely afloat at a safe and accessible berth berth, port or anchorage at/in vessel’s current area in the Sellers' optionPR China range. 58 Expected time of delivery: 05/01/2005 17 August 2015 – 30 November 2015 or such later date at Buyers' option. 60 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530 November 2015 or such later date at Buyers' option. 61 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 62 Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in 63 writing stating the date when they anticipate that the Vessel will be ready for delivery and 64 propose a new cancelling date. Upon receipt of such notification the Buyers shall have the 65 option of either cancelling this Agreement in accordance with Clause 14 within 4 7 running 66 days of receipt of the notice or of accepting the new date as the new cancelling date. If the 67 Buyers have not declared their option within 4 7 running days of receipt of the Sellers' 68 notification or if the Buyers accept the new date, the date proposed in the Sellers' notification 69 shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling 70 date stipulated in line 61. 71 If this Agreement is maintained with the new cancelling date all other terms and conditions 72 hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full 73 force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any 74 claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by 75 the original cancelling date.. 76 d) Should the Vessel become an actual, constructive or compromised total loss before delivery 77 the deposit together with interest earned shall be released immediately to the Buyers where after 78 whereafter this Agreement shall be null and void.. 79

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 20, 15, 10, 7, 5 and 5 days 3 days’ notice of the estimated time of arrival and 1 day’s definite notice of the time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, and subject to the Parties having procured the Charterer’s and the Buyers’ execution of the Charterparty respectively, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered charter-free (subject to the Buyers’ obligations to charter the Vessel to the charterer at the time of delivery in accordance with the Charterparty without prejudice to the provisions of Clause 5(a) hereof) and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or accessible buoy or anchorage at/in vessel’s current area worldwide in the Sellers' ’ option. Expected time of delivery: 05/01/2005 between 15th of September and 31st of October 2014, in the Sellers’ option. TBD Date of cancelling (see Clauses 5 c5c), 6 b) (iii. 6b)(iii) and 14): 15/01/200531st of October 2014, in the Buyers’ option (“Cancelling Date”). c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date Cancelling Date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 5 days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 5 days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date Cancelling Date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit Deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void. This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not dearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed Informed of the Vessel's ’s itinerary and estimated time and place of delivery and shall provide the Buyers with , , 30/20/15/10/7/5 days approximate as possible (depending how soon Buyers lift subject) and 5 3/1 days definite notice of the vessel’s estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S free of cargo, safely afloat afloat, at a safe and port, safe accessible berth or anchorage at/at any convenient port Worldwide in vessel’s current area in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 30th April 2007 and 15th June 2007, in Sellers’ option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515thJune 2007, in Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Vessel will be delivered as is/where is at a safe anchorage or a port in Labuan, Malaysia at Seller's option. b) The Sellers are to give the Buyers 10/7/5/3/1 days approximate readiness for delivery at the nominated place of delivery. The Sellers shall keep tender (by email) the NOR to the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is delivery anchorage at the place of delivery delivery. The final NOR to be tendered during local business hours of a working day with the exact timing of service of the NOR shall be in Sellers' sole and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for deliveryabsolute discretion. bc) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S as is where is safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' option. place of delivery. d) Expected time of delivery: 05/01/2005 20th February 2018 – 15th March, 2018 in Sellers' option e) Date of cancelling cancelling: 15th March 2018 (see Clauses 5 cthe "Cancelling Date"), 6 b) (iii) and 14): 15/01/2005with cancellation being in the Buyers' option. cf) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date Cancelling Date, they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the The Buyers shall have the option option, exercisable within 24 running hours of receipt of the notice, of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 24 running days hours of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date stipulated in line 61Cancelling Date. If the Buyers decide not to extend the Cancelling Date, the Deposit shall be returned immediately to the Buyers. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses Clause 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. dg) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit Deposit together with interest earned shall be released returned immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15,7, 5, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater /underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this AgreementAgreement including documentation reasonably required for registration, the Sellers shall give the Buyers a written Notice of Readiness for delivery., by facsimile and e-mail b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely and cargo free safety afloat at a safe and one accessible berth or anchorage at/in vessel’s current area one safe port in the United States East Coast / United States Gulf / UK or Cont/Med not east of Greece range (which port must be suitable for and where a class approved diver and surveyor are located It is expected that such port will be the next discharge port (or other mutually agreed place) after the Buyers IPO is completed in the Sellers' option. Expected time of delivery: 05/01/2005 ; Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200560 Days after the Buyers IPO completed as per clause 21 herein, in Buyers option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. da) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary ’s itineraryestimated time of delivery and shall provide the Buyers with 30, 15, 10 and 5 3 days approximate notice and 1 day definite notice thereof of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Subject to the Vessel having completed her sea trials in accordance with the Shipbuilding Contract and the Specifications and subject to the terms of this Agreement, Tthe Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and and-accessible berth or anchorage at/in vesselthe Seller’s current area in option, at the Sellers' optionShipyard alongside the Builder’s pier or Builder’s anchorage. If the Vessel is delivered to the Buyers at the Builders’ pier, the Buyers shall remove the same therefrom as soon as practically possible after being instructed by the Builder to do so. Expected time of delivery: 05/01/2005 upon delivery of the Vessel from the Intermediate Seller to the Sellers Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200515 December 2006. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void., unless the Builder, in accordance with the relevant clauses of the Shipbuilding Contract, agrees to reconstruct the Vessel in which case the Buyers shall have the option to declare in writing that the deposit should not be released to it whereafter this Agreement shall remain in place

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide, in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 between 1 September 2006 and 31 October 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 October 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 15 ,7, 5, and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth berth/buoy or anchorage at/in vessel’s current area at (always within port limits) at one safe port Worldwide in the Sellers' ’ option. Expected time of delivery: 05/01/2005 to be mutually agreed (intention is to deliver at first convenient port or place after all subjects lifted) Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005within 60 days after declaration of Buyers IPO c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 3 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 3 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20, 15, and 5 7, 5, 2 days approximate and 1 definite notice of the estimated time of arrival at the ____________________________ intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area ina port worldwide (range/s to be advised) _______________________________ in the Sellers' option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200514):as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new now date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary ’s itineraryestimated time of delivery and shall provide the Buyers with 30, 15, 10 and 5 3 days approximate notice and 1 day definite notice thereof of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Subject to the Vessel having completed her sea trials in accordance with the Shipbuilding Contract and the Specifications and subject to the terms of this Agreement, Tthe Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and and-accessible berth or anchorage at/in vessel’s current area in the Sellers' ’ option, at the Shipyard alongside the Builder’s pier or Builder’s anchorage. If the Vessel is delivered to the Buyers at the Builders’ pier, the Buyers shall remove the same therefrom as soon as practically possible after being instructed by the Builder to do so. Expected time of delivery: 05/01/2005 upon delivery of the Vessel from the Intermediate Seller to the Sellers Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200510 March 2007 c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, unless the Builder, in accordance with the relevant clauses of the Shipbuilding Contract, agrees to reconstruct the Vessel in which case the Buyers shall have the option to declare in writing that the deposit should not be released to it whereafter this Agreement shall remain in place.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 14, 10, 5, and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth port/berth/anchorage or anchorage at/at high sea in vesselSeller’s current area in the Sellers' option, but delivery at high seas, if applicable, shall be subject to Buyer’s financiers’ approval. Expected time of delivery: 05/01/2005 Between 20th June and 30th July 2007 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2007 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling canceling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling canceling date. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling canceling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling canceling date and shall be substituted for the canceling date stipulated in line 61. If this Agreement agreement is maintained with the new cancelling canceling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 2 days approximate notice of the estimated time of arrival at readiness for and of the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/or at high sea In the Sellers option. In case the Vessel be delivered with cargo on board the Sellers shall on delivery provide a confirmation from their P&I Club that the latter shall continue to cover the Vessel in vessel’s current area in every respect irrespective of the Sellers' optionVessel's transfer of ownership. Expected time of delivery: 05/01/2005 Between 15th March and 30th March 2006 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th March 2006, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 2 Banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 2 Banking days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 20 ,15 ,and 7, 5, 2 daysapproximate and 5 days 1 definite notice of the estimated time of arrival at the ________________ intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a port worldwide (range/s to be advised) ______________in the Sellers' ’ option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new now cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed doomed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel Vassal not being ready by the original cancelling datedata. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 20 , 15, and 5 7, 5,2 days approximate and 1 definite notice of the estimated time of arrival at the _________________________ intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a port worldwide (range/s to be advised) __________________ in the Sellers' ’ option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005as per Supplemental Agreement referenced in Clause 25 c) If the Sellers Seller anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers Buyer have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those these contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with with________, , ________ and 5 __________ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically and legally ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at the place where the Vessel is located at the same time simultaneously with the delivery of the Vessel by the Buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) provided that the terms and conditions for the chartering of the Vessel by the buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) are satisfied. The delivery of the Vessel under this Agreement and the delivery of the Associated Vessels (as defined in the BBC) under the Associated BBCs (as defined in the BBC) shall take place on the same day. It is hereby agreed that the Vessel may be delivered at Sea. a safe and accessible berth berth, or anchorage at/in vessel’s current area in the the Sellers' option. Expected time of delivery: 05/01/2005 on or about 18 May 2018 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 1414 of this Agreement): 15/01/200530 June 2018, in the Buyers’ option to exercise. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall notificationshall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, in which case the Sellers shall compensate the Buyers all the costs and expenses properly documented and incurred by the Buyers arising out of or in connection with this Agreement.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 between 1 September 2006 and 31 October 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 October 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , 20,15,10,7 , and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspectionInspection/delivery and 48 hours definite notice of delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. The Setters will use their best endeavours to declare the actual port of delivery latest within the 15 (fifteen) day notice of expected delivery but in any event as soon as same is known to them. b) The Vessel shall be delivered to the Buyers charter free, cargo free, free of stowaways and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage at/in vessel’s current area in the Sellers' option. Expected time following range; (A) Singapore/Japan range including Taiwan, Philippines, Indonesia Malaysia, Australia and PRC (B) India (C) Gibraltar/Skaw/full Mediterranean range including UK and Ireland excluding Libya, Morocco, Tunisia, Algeria, Lebanon, Syria, Albania, Georgia, Abhazia (D) Boston/Bahia Bxxxxx range including full Gulf of delivery: 05/01/2005 Date of cancelling Mexico and US Gulf (see Clauses 5 c), 6 bE) Pacific coastal/North and South America (iiiF) and 14): 15/01/2005South Africa c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 4 working running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 4 working 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 2 days approximate notice of the estimated time of arrival at readiness for and of the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/or at high sea In the Seller's option. In case the Vessel be delivered with cargo on board the Sellers shall on delivery provide a confirmation from their P&I Club that the latter shall continue to cover the Vessel in vessel’s current area in every respect irrespective of the Sellers' optionVessel's transfer of ownership. Expected time of delivery: 05/01/2005 Between 15th March and 30th March 2006 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th March 2006, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 2 Banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 2 Banking days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. SEE ALSO CLAUSE 17 HEREUNDER a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, 10, and 5 7 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area A PORT TO BE NOMINATED BY THE SELLERS in the Sellers' option. Expected time of delivery: 05/01/2005 28TH FEBRUARY - 29TH MARCH 2002 - DATE IN SELLERS' OPTION. Date of cancelling (see Clauses 5 c), 6 b) (iiib)(iii) and 14): 15/01/200529TH MARCH 2002 - SEE CLAUSE 17 HEREUNDER c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. (a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary expected delivery date under the Contract and shall provide the Buyers buyers with 30, 20, and 5 10 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When 3 (three) banking days prior to the Vessel is at date of the place signing of delivery the Protocol of Delivery and in every respect physically ready for delivery in accordance with this AgreementAcceptance between the Sellers and the Buyers, the Sellers shall give the Buyers a definite written Notice notice of Readiness for deliverysuch signing date whereupon the 90% (ninety per cent) deposit shall be made pursuant to Clause 3 above. (b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' option. Daedong Shipbuilding Co. Ltd. Expected time of delivery: 05/01/2005 Date of cancelling Back-to-back with delivery to the Sellers under the Contract. (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005 c) If the Sellers anticipate that, notwithstanding shall have the exercise of due diligence by them, right to cancel the Vessel will not be ready for delivery by the cancelling date Contract pursuant to Article (III.1(c) or Article VIII.4 thereof they may shall notify the Buyers in writing stating starting the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling datedelivery. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 within 7 3 running days of receipt of the notice of or of accepting the new date as the new cancelling delivery date. If the Buyers have not declared their option within 7 3 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date stipulated in line 61delivery date. If this Agreement is maintained with the new cancelling delivery date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. (d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, 7, 5, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater /underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this AgreementAgreement including documentation reasonably required for registration, the Sellers shall give the Buyers a written Notice of Readiness for delivery., by facsimile and e-mail b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S and cargo free safely afloat at a safe and one accessible berth or anchorage at/in vessel’s current area one safe port in the United States East Coast / United States Gulf / UK or Cont/Med not east of Greece range (which port must be suitable for and where a class approved diver and surveyor are located. It is expected that such port will be the next discharge port (or other mutually agreed place) after the Buyers IPO is completed (see clause 21) in the Sellers' option. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200560 Days after the Buyers IPO completed as per clause 21 herein, in Buyers option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 25, 20, 15, 7, and 5 3 days approximate notice and 1 day definite notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. Sellers to give minimum 10 (ten) days notice of the port of delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and fully accessible berth or Safe anchorage at/in vessel’s current area a safe port free of cargo, free of dunnage, free of stowaways, in the Sellers' ’ option. Vessel to be delivered in a country where International / local laws allow and it is practically feasible for repatriation/embarkation of Seamen plus registration of the Vessel. Expected time of delivery: 05/01/2005 delivery between October 3rd 2007 to October 21st 2007 in Sellers’ option. Date of cancelling (see Clauses 5 c5C), 6 b6b) (iii) and 14): 15/01/200521st October 2007 in Buyer’s option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the this notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their the option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30 (thirty), 20 (twenty), 15 (fifteen), 7 (seven) and 5 3 (three) days notice of the estimated time of arrival and 1 (one) day definite notice at the intended place of drydocking/underwater inspection/inspection/ of delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth anchorage or anchorage berth-or ancherage at/in vessel’s current area Caribs, including Manzanillo and Balboa, West Coast South America (Panama, Columbia, Chile, Peru), UK, the Netherlands and Greece in the Sellers' ’ option. Expected time of delivery: 05/01/2005 20 May 2011 to 20 June 2011 in Sellers option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530 June 2011, in the Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, , 10 and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area or at sea worldwide but always within IWL. in the Sellers' option. Expected time of delivery: 05/01/2005 1st oct-10th nov 2005 [FOOTER] This contract is a computer generated copy of the SALEFORM 1993 form, printed under license from the Norwegian Shipbrokers' Association, using the BIMCO Charter Party Editor. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the preprinted text of this document, which is not clearly visible, the original document, as recommended by BIMCO, shall apply. The Norwegian Shipbrokers' Association and BIMCO assume no responsibility for any loss or damage caused as a result of discrepancies between the original document and this document. [END FOOTER] Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200510th November 2005 in buyers option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' Seller's notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat either at sea or at a safe and accessible berth or anchorage at/in vessel’s current area any safe port or place worldwide in the Sellers' ’ option. Expected time Time of delivery: 05/01/2005 on or before February 15, 2011 Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/2005February 18, 2011 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of when they intend to deliver the Vessel's itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/deliveryRig. When the Vessel Rig is at the place of delivery and in every respect all respects physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written or faxed Notice of Readiness for delivery. b) The Vessel Subject to the terms of this Agreement, the Rig shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat on an "as is where is" basis at a safe and accessible berth or anchorage at/in vessel’s current area the Rig's location in the Sellers' optionNorth Sea. Expected time Delivery of delivery: 05/01/2005 the Rig is to take place between 1st and 31st July, 1997. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th September, 1997, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel Rig will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel Rig will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If lf the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61Clause 5 b). If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim claims for damages the Buyers may have under Clause 14 for the Vessel Rig not being ready by the original cancelling date. d) Should the Vessel Rig become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20 , 15 , and 5 7, 5, 2 days approximate and 1 definite notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area ina port worldwide (range/s to be advised) _____________________________ in the Sellers' option. Expected time of delivery: 05/01/2005 as soon as practically possible following the effective date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 Clauses-5 c), 6 b) (iii) and 14): 15/01/2005as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be bad substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide. in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 between 1 September 2006 and 31 October 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 October 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well well-informed of the Vessel's ’s itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a port worldwide within IWL to be agreed. in the Sellers' ’ option. Expected time of delivery: 05/01/2005 upon and subject to redelivery of the Vessel by Buyers as charterers to Exmar Excalibur Shipping Company Ltd as owners under the time charter party dated 10th October 2006. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005one month from the date of redelivery of the Vessel by Buyers as charterers to Exmar Excalibur Shipping Company Ltd as owners under the time charter party dated 10th October 2006. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary reactivation status and shall provide the Buyers with with18/15/10/7, , approximate notice of the expected time of delivery and 5 5/3/2/1 definite days notice notice. of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. The Buyers shall take delivery of the Vessel within 3 (three) business days (Saturdays/ Sundays/ holidays in England, USA, Malta, Cyprus and Greece excluded) after the Sellers have tendered to the Buyers a Notice of Readiness for Delivery. The Notice of Readiness for Delivery shall be submitted by the Sellers to the Buyers (any business day latest by 17:00 hrs Greek time) once the Vessel is ready for delivery. The Sellers shall not tender Notice of Readiness prior to completion of the underwater inspection unless Buyers have waived same. b) The Vessel shall be delivered and taken over charter free, cargo free with her present time-charter to X.X. Xxxxxx-Maersk A/S cargo holds clean swept, safely afloat at a safe berth buoy/port and accessible berth or anchorage and/or in Dry-Dock at/in vessel’s current area Pireaus Roads or Elefsis Roads, Greece in the Sellers' Seller's option. Expected time of delivery: 05/01/2005 between 4th and 10th November 2016 in Sellers'option. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200510th November 2016 in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 3 working running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 3 working running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary ’s itineraryestimated time of delivery and shall provide the Buyers with 30, 15, 10 and 5 3 days approximate notice and 1 day definite notice thereof of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Subject to the Vessel having completed her sea trials in accordance with the Shipbuilding Contract and the Specifications and subject to the terms of this Agreement, Tthe Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and and-accessible berth or anchorage at/in vessel’s current area in the Sellers' option’ option at the Shipyard alongside the Builder’s pier or Builder’s anchorage. If the Vessel is delivered to the Buyers at the Builders’ pier, the Buyers shall remove the same therefrom as soon as practically possible after being instructed by the Builder to do so. Expected time of delivery: 05/01/2005 upon delivery of the Vessel from the Intermediate Seller to the Sellers Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200520 January 2007 c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, unless the Builder, in accordance with the relevant clauses of the Shipbuilding Contract, agrees to reconstruct the Vessel in which case the Buyers shall have the option to declare in writing that the deposit should not be released to it whereafter this Agreement shall remain in place.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 25/20/15//10/7, approximate days notice of the expected time of delivery, and 5 3/2/1 definite days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. The Buyers shall take delivery of the Vessel within 3 (three) banking days (Saturdays/Sundays/holidays in England, Germany, U.S.A., Malta, China and Greece excluded) after the Sellers have tendered to the Buyers a Notice of Readiness for Delivery, the date of tendering such Notice being exclusive. The Notice of Readiness for Delivery shall be submitted by the Sellers to the Buyers (any business day, day and night) once the Vessel is ready for delivery. The Sellers shall not tender Notice of Readiness prior to completion of the underwater inspection unless Buyers have waived same. Sellers to keep Buyers closely informed of the port of delivery which in any case Sellers to do their best to declare such port not latest than 15 days prior delivery. However, Sellers to declare latest along with the 15 days notice at least the country of delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S free, cargo free, free of stowaways, safely afloat at a safe berth buoy/port and accessible berth or anchorage and/or Dry-Dock at/in vessel’s current area within Singapore/Japan range between 1st November and 15th December 2016 in the Sellers' option. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) 1st November and 14): 15/01/2005 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers 15th December 2016 in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling dateSellers'option. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with with________, , ________ and 5 __________ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically and legally ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at the place where the Vessel is located at the same time simultaneously with the delivery of the Vessel by the Buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) provided that the terms and conditions for the chartering of the Vessel by the buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) are satisfied. The delivery of the Vessel under this Agreement and the delivery of the Associated Vessels (as defined in the BBC) under the Associated BBCs (as defined in the BBC) shall take place on the same day. It is hereby agreed that the Vessel may be delivered at Sea. a safe and accessible berth berth, or anchorage at/in vessel’s current area _______________ in the the Sellers' option. Expected time of delivery: 05/01/2005 on or about 18 May 2018 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 1414 of this Agreement): 15/01/200530 June 2018, in the Buyers’ option to exercise. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, in which case the Sellers shall compensate the Buyers all the costs and expenses properly documented and incurred by the Buyers arising out of or in connection with this Agreement.

Notices, time and place of delivery. 51 a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall 52 provide the Buyers with 10, 7, 5 and 5 3 days approximate notice and 1 (one) day definite 53 notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/deliveryinspection/ date of delivery at the port of deliver as mentioned here below. When the Vessel is at the place 54 of delivery and in every respect physically ready for delivery in accordance with this 55 Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.. 56 b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at50 xxxxxxxxx xx/in vessel’s current area xx Xxxxxx, Xxxxxxxx 58 in the Seller's option. If the Vessel is not delivered in Penang, Malaysia, it will be delivered at her next discharge port, such port to be advised by Sellers' 14 days prior to Vessels' anticipated delivery day. 59 Expected time of deliver: upon completion of current voyage, in Sellers' option. Expected time of delivery: 05/01/2005 60 Date of cancelling (see Clauses 5 c5c), 6 b) (iii) and 14): 15/01/200517th February 2012, in Buyers' option. 61 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the 62 Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in 63 writing stating the date when they anticipate that the Vessel will be ready for delivery and 64 propose a new cancelling date. Upon receipt of such notification the Buyers shall have the 65 option of either cancelling this Agreement in accordance with Clause 14 within 7 2 running 66 3 banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the 67 Buyers have not declared their option within 7 2 running 3 banking days of receipt of the Sellers' 68 notification or if the Buyers accept the new date, the date proposed in the Sellers' notification 69 shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling 70 date stipulated in line 61. 71 If this Agreement is maintained with the new cancelling date all other terms and conditions 72 hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full 73 force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any 74 claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by 75 the original cancelling date.date 76 d) Should the Vessel become an actual, constructive or compromised total loss before delivery 77 the deposit together with interest earned shall be released immediately to the Buyers where after 78 whereafter this Agreement shall be null and void.void 79

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary Itinerary and shall provide the Buyers with 30/21/14/7/3, 2 , and 5 1 days notice of the estimated time of arrival at the intended Intended place of drydockingdry-docking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a port in Sellers’ option within the following ranges: In tho Sellers' option’ option Vessel to be delivered charterfree and free of cargo. The vessel xxxx be delivered upon completion of her present charter, but Sellers have the right to perform one, ballast voyage to the port of delivery, should the Sellers deem this to be necessary. Expected time of delivery: 05/01/2005 between 01/05/2007 and 15/07/2007, actual date in Sellers’ option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515/07/2007 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose Propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 3 (three) 7 running runing days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 3 (three) 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 2 days approximate notice of the estimated time of arrival at readiness for and of the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/or at high sea. In the Seller's option. In case the Vessel be delivered with cargo on board the Sellers shall on delivery provide a confirmation from their P&I Club that the latter shall continue to cover the Vessel in vessel’s current area in every respect irrespective of the Sellers' optionVessel's transfer of ownership. Expected time of delivery: 05/01/2005 Between 15th March and 30th March 2006 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th March 2006, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 2 Banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 2 Banking days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide. in the Sellers' ’ option, but always (1)within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 20 July 2006 and 31 August 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 August 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage free of cargo at/in vesselSellers’ option worldwide excluding areas prohibited by the United States of America’s, UN’s current area or EU’s laws and regulations in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 15th June 2010 and 15th August 2010, a schedule to be mutually decided upon. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers or their brokers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those but excluding the requirement to give advance advice to Buyers of the expected readiness of the Vessel contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effecteffect however buyers do not waive right to receive applicable notices. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , 7, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in Anchorage, or at high sea by mutual agreement between the Buyers and the Sellers' option. Latest with the 3 days approximate notice of delivery Sellers to nominate exact delivery place. Expected time of delivery: 05/01/2005 Between 27th March, 2006 and 1st May, 2006 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005) 2nd May 2006 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 2 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 2 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 (a) and 5 (c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after delivery, this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary MACAPA is and shall provide the Buyers with will be kept at Rio de Janeiro port, , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/deliverywhere she will be delivered. When the Vessel BOA VISTA is at the place of delivery Xxxxxx port and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for deliverywill bring her to Rio de Janeiro port where she will be delivered. b) The Vessel Vessels shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' optionPort of Rio de Janeiro. Expected time of delivery: 05/01/2005 at the closing (Clause 8). Date of cancelling (see Clauses 5 cClause 5c), 6 b) (iii) and 14): 15/01/200531/JAN/2008 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel Vessels will not be ready for delivery by the cancelling date date, they may notify the Buyers in writing stating the date when they anticipate that the Vessel Vessels will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice notice, or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) 5 b) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel Vessels not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide, in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. * Notes, if any, in the surveyor’s report which are accepted by the Classification Society without condition/recommendation are not to taken into account. Expected time of delivery: 05/01/2005 between 20 July 2006 and 31 August 2006 Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200531 August 2006 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30 (thirty), 20 (twenty), 15 (fifteen), 7 (seven) and 5 3 (three) days notice of the estimated time of arrival and 1 (one) day definite notice at the intended place of drydocking/underwater inspection/inspection/ of delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth anchorage or berth-or anchorage at/in vessel’s current area Caribs, including Manzanillo and Balboa, West Coast South America (Panama, Columbia, Chile, Peru), UK, the Netherlands and Greece in the Sellers' ’ option. Expected time of delivery: 05/01/2005 20 May 2011 to 20 June 2011 in Sellers option. Date of cancelling (see Clauses 5 c), 6 b) (iiib)(iii) and 14): 15/01/200530 June 2011, in the Buyers’ option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ This document is a computer generated SALEFORM 1993 form printed by authority of the Norwegian Shipbrokers’ Association. Any insertion or deletion to the form must be clearly visible. In the event of any modification made to the pre-printed text of this document which is not clearly visible, the text of the original approved document shall apply. BIMCO and the Norwegian Shipbrokers’ Association assume no responsibility for any loss, damage or expense as a result of discrepancies between the original approved document and this computer generated document. notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including Including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with _____, _____, ____ and 5 ____ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in EX YARD JAPAN In the Sellers' ’ option. Expected time of delivery: 05/01/2005 1ST MARCH TO 15TH MAY 2009 This contract is a computer generated copy of the SALEFORM 1993 form, printed under license from the Norwegian Shipbrokers’ Association, using the BIMCO Charter Party Editor. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the preprinted text of this document, which is not clearly visible, the original document, as recommended by BIMCO, shall apply. The Norwegian Shipbrokers’ Association and BIMCO assume no responsibility for any loss or damage caused as a result of discrepancies between the original document and this document. Date of cancelling 15TH MAY 2009 in buyers option (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005): c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' Seller’s notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20, 15, 10, 7, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in within vessel’s current area trading area, port to be mutually agreed subject to Buyers’ reasonable acceptance. Vessel shall be delivered under inert gas or vapors of last cargo in the Sellers' option. Expected time of delivery: 05/01/2005 15th February 2006 / 31st March 2006 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st march 2006 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage free of cargo at/in vesselSellers’ option worldwide excluding areas prohibited by the United States of America’s, UN’s current area or EU’s laws and regulations in the Sellers' ’ option. Expected time of delivery: 05/01/2005 Between 15th June 2010 and 15th August 2010, a schedule to be mutually decided upon. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers or their brokers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those these but excluding the requirement to give advance advice to Buyers of the expected readiness of the Vessel contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effecteffect however buyers do not waive right to receive applicable notices. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with _____, ______, ______ and 5 ______ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area WW option in the Sellers' option. Expected time of delivery: 05/01/2005 delivery 20 may to 25th july 2007 Date of cancelling 25 july 2007 in buyers option (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005): c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' Seller's notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with , , 15/10 days tentative notices and 5 7/5/3/2/1 days notice of the estimated time definitive notices of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreementagreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery along with the following documents: i) Originals of below documents evidencing the LDT of the vessel to remain on borad at the time of delivery of the vessel - Trim ans Stability book issued by Builders approved by the Class Society. - Deadweight Scale and Builder´s Yard Capacity Plan - General Arrangement ii) Certificate signed by the Master stating that Master and Crew have no further claims against the vessel or her owners, at the time of delivery. iii) Certificate from Sellers Agents at the port of delivery that they have no further claims against the vessel or her owners, at the time of delivery. iv) Copy of the last port clearance and Port dues receipt till the time of Physical delivery of the Vessel. b) The Vessel vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in the Sellers' at 1SP or 1SA WCSA (NSOBI Pisco) or WCPANAMA or USG (at buyers option. ) Delivery place: Laycan: Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c5c), 6 b) 6b), (iiiIII) and 14): 15/01/2005): c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the The date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 615c). If this Agreement agreement is maintained with the new cancelling date and all other terms and conditions hereof including those contained in Clauses 5 aclause 5a) and 5 c5c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel vessel become an actual, constructive or compromised total loss before delivery delivery, the deposit together with and its interest earned (Libor 30 days + 1%) earned. shall be released immediately to the Buyers where after whereafter this Agreement agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with ____, ____, ____and 5 ____ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area EX YARD JAPAN in the Sellers' ’ option. This contract is a computer generated copy of the SALEFORM 1993 form, printed under license from the Norwegian Shipbrokers’ Association, using the BIMCO Charter Party Editor. Any insertion or deletion to the form must be clearly visible. In event of any modification being made to the preprinted text of this document, which is not clearly visible, the original document, as recommended by BIMCO, shall apply. The Norwegian Shipbrokers’ Association and BIMCO assume no responsibility for any loss or damage caused as a result of discrepancies between the original document and this document. Expected time of delivery: 05/01/2005 1ST SEPTEMBER TO 15TH NOVEMBER 2008 Date of cancelling 15TH NOVEMBER 2008 in buyers option (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005): c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' Seller’s notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of when they intend to deliver the Vessel's itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/deliveryRig. When the Vessel Rig is at the place of delivery and in every respect all respects physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written or faxed Notice of Readiness for delivery. b) The Vessel Subject to the terms of this Agreement, the Rig shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat on an "as is where is" basis at a safe and accessible berth or anchorage at/in vessel’s current area the Rig's location in the Sellers' optionNorth Sea. Expected time Delivery of delivery: 05/01/2005 the Rig is to take place between 1st and 31st July, 1997. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th September, 1997, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel Rig will not be ready for delivery by the cancelling canceling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel Rig will be ready for delivery and propose a new cancelling canceling date. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling canceling date. If lf the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling canceling date and shall be substituted for the canceling date stipulated in line 61Clause 5 b). If this Agreement is maintained with the new cancelling canceling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel Rig not being ready by the original cancelling date. d) Should the Vessel Rig become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 15, 7, and 5 3 days approximate notice of the estimated time of arrival at the intended and place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area or port or buoy within ports limit and always within IWL in the Sellers' ’ option. The port of delivery shall not be within jurisdictions that are prohibited by the vessel’s flag state, the United Nations, the European Union and the United States of America. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531 August 2010 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running two (2) working days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running two (2) working days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void. If the Vessel is delivered at a port or place where bunkers and lubricants are not available, the Vessel will be delivered with sufficient quantity of bunkers and lubricant to sail to the nearest port where bunkers and lubricants are available for the Vessel.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken with clean/swept holds and clean bilges over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area Changjiang River such as Zhangjiagang, Yangzhou etc, China in the Sellers' ’ option. Expected time of delivery: 05/01/2005 July 20, 2009 Date of cancelling (see Clauses 5 c)canceling: July 20, 6 b) (iii) and 14): 15/01/20052009 in the Buyers’ option if the Sellers do not deliver the Vessel on July 20, 2009 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling canceling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling canceling date. Upon receipt of such notification the Buyers shall have the option of either cancelling canceling this Agreement in accordance with Clause 14 10 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling canceling date. If the Buyers have not declared their his option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling canceling date and shall be substituted for the canceling date stipulated in line 61[Section 4b]. If this Agreement is maintained with the new cancelling canceling date all other terms and conditions hereof including those contained in Clauses 5 a4a) and 5 c4c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 10 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after delivery, this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20 / 15 / 10 /7, approximate days notice, and 5 3/ 2/ 1 definite days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. The Buyers shall take delivery of the Vessel within three (3) business days (Saturday/ Sunday/ holidays in England excluded) after the Sellers have tendered the Buyers a Notice of Readiness for Delivery, the date of tendering such notice being inclusive. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for deliverydelivery (anytime, day and night including Saturday, Sunday and holidays). b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth berth, buoy/port or anchorage and/ or in Dry-dock and/ or at sea at/in vessel’s current area within Worldwide range in the Sellers' option. Expected time of delivery: 05/01/2005 9th September 2015 and 15th December, 2015 in the Seller's option Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200515th December 2015 in the Buyers' option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 15, 7, 5, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, including documentation usually required for registration the Sellers shall give the Buyers a written Notice of Readiness for deliverydelivery by facsimile and e-mail. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S and cargo free safely afloat at a safe and one accessible berth or anchorage at/in vessel’s current area one safe port in the United States East Coast / United States Gulf / UK or Cont/Med not east of Greece range (which port must be suitable for and where a class approved diver and surveyor are located. It is expected that such port will be the next discharge port (or other mutually agreed place) after the Buyers IPO is completed in the Sellers' option. Expected time of delivery: 05/01/2005 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200545 Days after the Buyers IPO completed as per clause 21 herein, in Buyers option c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20 , 15,and 7, 5, 2 days approximate and 5 days 1 definite notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a port worldwide (range/s to be advised) in the Sellers' option. Expected time of delivery: 05/01/2005 as soon as practically possible following the Effective Date of the Merger (as defined in the Supplemental Agreement referenced in Clause 25) but not later than the last discharging port of the last laden voyage Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200514):as per Supplemental Agreement referenced in Clause 25 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those these contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 30, 20, 10, 5 and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S charterfree, free of cargo, free of stowaways, safely afloat at a safe and accessible berth alongside or anchorage atwithin harbour limits at one safe port within full ATLANTIC/in vessel’s current area MED/BLACKSEA/BALTIC/CARIBBEAN range always in the Sellers' option. option Expected time of delivery: 05/01/2005 between 1st April, 2005 and 31st May, 2005 in the Sellers option. Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/200524:00 hours local time, 31st May, 2005 in the Buyers option. Sellers undertake to deliver the Vessel to the Buyers after performing one further voyage after her present fixture to Nigeria. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , , and 5 2 days approximate notice of the estimated time of arrival at readiness for and of the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/or at high sea. In the Seller's option. In case the Vessel be delivered with cargo on board the Sellers shall on delivery provide a confirmation from their P&I Club that the latter shall continue to cover the Vessel in vessel’s current area in every respect irrespective of the Sellers' optionVessel's transfer of ownership. Expected time of delivery: 05/01/2005 Between 15th March and 30th March 2006 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th March 2006, in Buyers' option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running 2 Banking days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running 2 Banking days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 7, 5, and 5 3 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vesselworldwide at a mutually agreed port In the Seller’s current area in the Sellers' option. Expected time of delivery: 05/01/2005 December 2005 Date of cancelling canceling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200531st January 2006 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 10, 5, and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area a safe port worldwide or in international waters in the Sellers' ’ option. Expected time of delivery: 05/01/2005 [ ] Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/2005[ ] c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If if the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 aa ) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary ’s itinerary/movements and shall provide the Buyers with 15, 7, and 5 3 days approximate and 1 day definite notice of the estimated time of arrival at the anticipated place and date of delivery, intended place of drydocking/underwater undcrwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-by the Buyers after diver’s inspection, charter to X.X. Xxxxxx-Maersk A/S free, free of cargo excluding slops, safely afloat at a safe and accessible port/berth or anchorage at/in vessel’s current area the Atlantic Basin range (including but not limited to USEC/USG/Caribs/Central America/EC South America / UK, Continent, Mediterranean Sea) or Arabian Gulf / Japan range, in the Sellers' ’ option. Expected time of delivery: 05/01/2005 ; in Sellers’ option between 15th March, 2010 and 30th May, 2010, provided Buyers’ representatives have boarded at least 10 days prior to the initial delivery notice sent by the Sellers to the Buyers. In case this is not feasible the Sellers will procure that the necessary number of officers will remain on board to assist the Buyers’ crew for familiarization. The Buyers to cover the Sellers’ crew related costs during that period. Sellers are to narrow these dates. Date of cancelling (see Clauses 5 c), 6 b) (iii) and 14): 15/01/200530th May, 2010 in Buyers’ option. The cancelling date refers to the last date that the readiness can be presented and not to the last date on which the Vessel may be delivered. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 3 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 3 running days of receipt of the Sellers' ’ notification or if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with , 7, and 5 3 days approximate notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible berth or anchorage at/in vessel’s current area in Anchorage, or at high sea by mutual agreement between the Buyers and the Sellers' option. Latest with the 3 days approximate notice of delivery Sellers to nominate exact delivery place. Expected time of delivery: 05/01/2005 delivery Between 27th March, 2006 and 1st May, 2006 Date of cancelling (see Clauses 5 c), ) 6 b) (iii) and 14): 15/01/20052nd May 2006 c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 2 7-running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 2 7- running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after delivery, whereafter-this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's ’s itinerary and shall provide the Buyers with 30, 15, 3 and 5 1 days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at a safe and accessible port, berth or anchorage atanchorageat/in vessel’s current area anywhere world-wide. in the Sellers' ’ option, but always (1) within Institute Warranty Trading Limited, (ii) outside of war zones, (iii) outside the territorial waters of a country which has been blacklisted by any other nation or organisation (national or international) and (v) excluding USA ports due to immigration requirements. Expected time of delivery: 05/01/2005 between 1 September 2006 and 10 January 2007 but in any event concurrently with the delivery of the Vessel to the Sellers by the Other Charterer Date of cancelling canceling (see Clauses 5 c), 6 b5c) 6b) (iii) and 14): 15/01/200510 January 2007 provided always that if the Charterer has ordered the Vessel to undertake a voyage the duration of which exceeds the said cancelling date, then the said cancelling date shall be extended until the next day the Vessel can be delivered to the Buyers and provided further however that the cancelling date under this Agreement shall never be extended for this reason by more than 10 running days. c) If the Sellers anticipate anticipated that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the extended cancelling date (i.e. plus the said up to ten (10) running days) they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' ’ notification or of if the Buyers accept the new date, the date proposed in the Sellers' ’ notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling canceling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with with_________, _____________, and 5 ________________ days notice of the estimated time of arrival at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically and legally ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S safely afloat at the place where the Vessel is located at the same time simultaneously with the delivery of the Vessel by the Buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) provided that the terms and conditions for the chartering of the Vessel by the Buyers to the Sellers under the BBC (as defined in Clause 17 of this Agreement) are satisfied. The delivery of the Vessel under this Agreement and the delivery of the Associated Vessels (as defined in the BBC) under the Associated BBCs (as defined in the BBC) shall take place on the same day. It is hereby agreed that the Vessel may be delivered at Sea. a safe and accessible berth or anchorage at/in vessel’s current area ___ in the Sellers' Seller's option. Expected time of delivery: 05/01/2005 on or about 18 May 2018 Date of cancelling (see Clauses 5 c), 6 b) (iii) and 1414 of this Agreement): 15/01/200530 June 2018, in the Buyers' option to exercise. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void, in which case the Sellers shall compensate the Buyers all the costs and expenses properly documented and incurred by the Buyers arising out of or in connection with this Agreement.

Notices, time and place of delivery. a) The Sellers shall keep the Buyers well informed of the Vessel's itinerary and shall provide the Buyers with 20, 15, and 5 days 10, 7 approximately delivery notice of the estimated time of arrival and 3 (three) days definite delivery notices at the intended place of drydocking/underwater inspection/delivery. When the Vessel is at the place of delivery and in every respect physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. b) The Vessel shall be delivered and taken over with her present time-charter to X.X. Xxxxxx-Maersk A/S free, safely afloat at a safe and accessible berth or safe and freely accessible anchorage at/at one safe port on completion of one laden voyage from South Africa to Ushant-Hamburg range in vessel’s current area in the Sellers' option. Expected time of delivery: 05/01/2005 Between 15th April to 6th May 2005 in Sellers' option. (dates between 27/04/05 and 02/05/05 to be excluded due to Greek easter) Date of cancelling (see Clauses 5 c5c), 6 b) (iii6b)(iii) and 14): 15/01/20056th May 2005 in Buyer's option. c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the cancelling date they may notify the Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and propose a new cancelling date. Upon receipt of such notification the Buyers shall have the option of either cancelling this Agreement in accordance with Clause 14 within 7 (seven) running days of receipt of the notice or of accepting the new date as the new cancelling date. If the Buyers have not declared their option within 7 (seven) running days of receipt of the Sellers' notification or if the Buyers accept the new date, the date proposed in the Sellers' notification shall be deemed to be the new cancelling date and shall be substituted for the canceling cancelling date stipulated in line 61. If this Agreement is maintained with the new cancelling date all other terms and conditions hereof including those contained in Clauses 5 a) and 5 c) shall remain unaltered and in full force and effect. Cancellation or failure to cancel shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 for the Vessel not being ready by the original cancelling date. d) Should the Vessel become an actual, constructive or compromised total loss before delivery the deposit together with interest earned shall be released immediately to the Buyers where after whereafter this Agreement shall be null and void.