Common use of SUPERVISION AND INSPECTION BY THE SUPERVISOR Clause in Contracts

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of the SELLER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's Shipyard, its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER a notice in writing as to such nonconformity, upon receipt of which the SELLER shall correct such nonconformity if the SELLER agrees with the BUYER. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection and approval by the BUYER or by the BUYER's representative and/or the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreed. The SELLER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding practice at, or in the immediate vicinity of the BUILDER's Shipyard. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLER, who are doing work, or storing materials in connection with the VESSEL's construction. The travel expenses for the said access to the SELLER's subcontractors shall be for the BUYER's account. The SELLER shall provide the Supervisor with detailed design plans, production drawings, schedules and other documents and information for the VESSEL, to enable the Supervisor to carry out inspections.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting outfittings shall be carried out by the Classification Society, and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the SELLER, without prejudice however to the BUYER’s right to submit the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval approved by the BUYER or by the BUYER's representative and/or Supervisor, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreedSpecifications. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's Shipyardshipyard, but the cost for the communication by telephone, telefax and email, whether for [***] Shipbuilding Contract Hull No. 0120833 Chinese domestic or international communication and/or for any communication outside the shipyard, shall be borne by the BUYER . At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's ’s subcontractors outside of Jingjiang shall be for the at BUYER's ’s account. The SELLER transportation, of any nature whatsoever, shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, to enable the Supervisor to carry out inspectionsBUYER.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of the SELLER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's SELLER’s Shipyard, the premises of its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. , In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER a notice in writing as to such nonconformity, upon receipt of which the SELLER shall correct such nonconformity if the SELLER agrees with the BUYER. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of or the VESSEL. The inspection and approval by the BUYER or by the BUYER's representative and/or the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreed. The SELLER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding SELLER’s practice at, or in the immediate vicinity of the BUILDER's ShipyardSELLER’s Shipyard as may he necessary to enable the Supervisor to effectively carry out his duties. All international communication charges (such as telephone and telefax charges) shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDERSELLER, and the premises of subcontractors of the SELLER, who are doing work, or storing materials in connection with the VESSEL's ’S construction. The travel expenses for the said access to the SELLER's subcontractors ’s subcontractors-outside of Fuzhou city shall be for the at BUYER's ’s account. The SELLER transportation within Fuzhou city shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, to enable the Supervisor to carry out inspectionsSELLER.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSELVessel, its her machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of other regulatory bodies and the SELLER Supervisors throughout the entire period of construction in order to ensure that the construction of the VESSEL Vessel is duly performed in accordance with the Contract and the Technical Specifications. The Supervisor Supervisors shall have, at in all times working hours during the construction and until delivery and acceptance of the VESSELVessel, the right to attend tests according free and ready access to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ShipyardVessel, its subcontractors or engines and accessories, and to any other place where work is done being done, or materials stored are being processed or stored, in connection with the VESSEL. In construction of the event that Vessel, including the Supervisor discovers any construction or material or workmanship which does not or will not conform to yards, workshops, stores and offices of the requirements of this Contract SELLER, and the Specificationspremises of subcontractors of the SELLER, the Supervisor shall promptly give the SELLER a notice who are doing work or storing materials in writing as to such nonconformity, upon receipt of which the SELLER shall correct such nonconformity if the SELLER agrees connection with the BUYERVessel's construction. However the The BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with shipyard’s schedule accepted by the agreed inspection procedure and schedule set out in Part I, Section 11 of BUYER (which cannot be unreasonably withheld by the Technical Specification BUYER) and usual international shipbuilding practice and in such a way as to minimize any increase in building costs and delays in the construction of the VESSEL. On other part the SELLER shall carry out all tests included in the Tests List in normal working hours. Any tests beyond normal working hours, if any, shall be treated as an exception and shall only be permitted if absolutely necessary for the construction of the VESSEL. The SELLER shall give notice to the Buyer reasonably in advance of the date and place of such tests and inspections. In case of inspections scheduled at the Shipyard or at SELLER’s fully owned facilities in Zhoushan City, save for extraordinary circumstances (in which cases such notice shall be given as much in advance as practical), such notice shall be given at least one (1) day prior the commencement of such tests, and, in the case of tests to be conducted away from the Shipyard or SELLER’s fully owned facilities in Zhoushan City, such notice shall be given at least five (5) days prior to the commencement of such tests. The travel expenses for the said access to the SELLER’s facilities and the SELLER’s subcontractors on Zhoushan island shall be at SELLER’s account. Failure of the Supervisors to be present at such tests and inspections after the contractual notice has Date: 13th November, 2013 been given as above provided shall be deemed to be a waiver of the right to be present. In such circumstances, the SELLER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and approval such work so carried out shall be treated as approved by the BUYER or Supervisor provided that the results of the test are approved by the BUYER's representative and/or the Classification Society and in accordance with the Specifications and Contract. Associated travel expenses for the Supervisors travelling within City of Zhoushan shall be for the account of the SELLER while travel expenses for the Supervisors travelling outside of city Zhoushan Island shall be for the account of the Buyer. In the event that the Supervisors discover any construction or material or workmanship which they believe does not alter or will not conform to the SELLER's obligation under requirements of this Contract and the Technical Specifications, the Supervisors shall not relieve promptly give the SELLER from notice in writing as to such non-conformity, upon receipt of which the liability under Article IX SELLER will confirm its acknowledgement in writing within five (5) working days and shall promptly correct such non-conformity if the SELLER or the Classification Society agrees with the Buyer. In any circumstances, the SELLER shall be entitled to proceed with the construction of the Vessel even if there exists discrepancy in the opinion between the Buyer and the SELLER, without however prejudice to the Buyer’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions of ARTICLE XIII hereof. SELLER shall fully and promptly comply with any determination of the Classification Society and/or any arbitration decision. Once a test has been witnessed and approved by the Supervisors, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the classification society and specifications. It is specifically agreed that the SELLER shall reasonably schedule the inspections, so as to enable the Buyer’s supervisor to attend all such inspections on time. Notwithstanding any other provision of this Contract nor preclude article or this Contract, it is agreed that the BUYER from claiming adjustment decision of the Contract Price according Classification Society must be made in accordance with its prevailing rules and regulations relating to Article III the construction of this Contract unless otherwise mutually agreednewbuildings shall be binding on the parties. The SELLER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities according to SELLER’s practice, including separate IDD telephone (1 lines), separate IDD telefax (1 line) and but not limited to broadband internet broadband access, according international telephone and fax facilities at the Shipyard. The Buyer shall reimburse the SELLER for all call charges outside the Zhoushan Island district relating to usual international shipbuilding practice at, or in telephone and telefax calls at the immediate vicinity normal charge rate of the BUILDER's Shipyard. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLER, who are doing work, or storing materials in connection with the VESSEL's constructionrelevant telecommunications provider. The travel expenses for the said access to the SELLER's ’s facilities and the SELLER’s subcontractors on Zhoushan island shall be for at SELLER’s account. The transportation, in any nature whatsoever, shall be provided to the BUYER's accountSupervisor by the Buyer. The SELLER shall provide assist the Supervisor in finding suitable accommodation and translation services. During the last two (2) months of the period of construction of the Vessel, office space shall also be provided to accommodate the Vessel’s captain, chief engineer, and electrician if available. The SELLER is to be able to communicate with detailed design plansthe Supervisors in English at all time. Date: 13th November, production drawings, schedules 2013 19/61 The SELLER shall assist the BUYER to obtain the necessary visa and other documents and information invitation letter for the VESSEL, to enable the Supervisor to carry out inspectionsenter China and without delay provided that the Supervisor meets with the rules, regulations and laws of the People's Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa and invitation letter.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting outfittings shall be carried out by the Classification Society, and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. The BUILDER shall give the Supervisor one (1) working days advance notice in writing stating particulars of any tests or inspections which must be attended by the Supervisor . In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER agrees with the BUYERnonconformity. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection and approval by the BUYER or by the BUYER's representative and/or the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreed. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private proper office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, at the BUILDER’S Shipyard according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's ’s Shipyard, but the fees for the international communication like telephone, telex and telefax, etc. shall be born by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's ’s subcontractors outside of Shanghai shall be for the at BUYER's ’s account. The SELLER transportation within Shanghai shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, to enable the Supervisor to carry out inspectionsSELLER.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting outfittings shall be carried out by the Classification Society, and/or and inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list list, review respective reports and inspect the VESSEL, her engines, accessories and materials at the BUILDER's Shipyard, its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to with the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. However In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to the BUYER’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. If in such case the Classification Society or the arbitrator decides in favor of the BUYER, then the SELLER is obliged to correct the discrepancy at SELLER’s risk, time and expense. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The Once an inspection and/or a test has been witnessed and approval approved by the BUYER or by the BUYER's representative BUYER`s Representatives and/or the Classification Society shall Society, the same inspection and/or test should not alter have to be repeated, provided it has been carried out in compliance with the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment requirements of the Contract Price according to Article III of this Contract unless otherwise mutually agreedclassification society and Specifications. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER's practice at, or in the immediate vicinity of the BUILDER's Shipyard. But the fees for the communication like telephone, telefax, international internet communication and telex, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's construction. The travel expenses for the said access to the SELLER's subcontractors outside of Shanghai shall be for the at BUYER's account. The SELLER transpor-tation, of any nature whatsoever, shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, BUYER. The transportation within Shanghai shall be provided to enable the Supervisor by the SELLER. Should the Supervisor fail to conduct any inspection or attend any test (after notice by the BUILDER of the same) due to whatever reason, the BUILDER shall be entitled to carry out inspectionsthe construction and/or test without inspection and/or attendance of Supervisor and such work so carried out shall be treated as approved by the Supervisor.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, Society or by other applicable regulatory bodies and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors subcontractors’ premises or any other place where work is done or materials are stored in connection with the VESSEL. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and and/or the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. In case of dispute between the BUILDER and the BUYER in respect of the notified nonconformity either party may submit the issue to the Classification Society or to arbitration in accordance with Article XIII hereof. In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the BUILDER, without however prejudice to the BUYER’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER BUILDER that the Supervisor shall carry out his inspections in accordance with the Specifications with mutually agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval by the BUYER or approved by the BUYER's representative and/or ’s Representatives, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and specifications. The working hours of the Supervisor shall be arranged in accordance of the working schedule of the BUILDER. Except in the event of exceptional circumstances, inspections, tests and shop trials will be held during normal working hours which are defined as: Monday to Friday from 0800 hrs to 1730 hrs Saturday from 0800 hrs-1200 hrs The BUILDER shall provide the Supervisor with at least one (1) day advance notice in writing of tests and inspections, including shop tests, which the Supervisor shall attend within the BUILDER’s Shipyard and at least three (3) days advance notice with respect to any other locations within China and at least fifteen (15) days outside of China. Failure by the Supervisor to be present at such tests, trial and inspections after due notice to him as aforesaid shall be deemed to be a waiver of the Supervisor’s right to be present. In the event that BUILDER needs an inspection to be made during non-working hours for smooth progress of work, the Supervisor shall exercise his reasonable endeavors to attend such inspection provided that SELLER has given a reasonable advance notice to the Supervisor. If the BUYER’s Supervisor does not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude attend any such tests having been given due notice to attend, the BUYER from claiming adjustment shall be obliged to accept the results of such tests on the basis of acceptance of such tests by the Classification Society as the case may be. Shipbuilding Contract Price according to Article III For Construction of this Contract unless otherwise mutually agreed. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1144) The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces space and other reasonable facilities including separate IDD which shall include air conditioning, telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's ’s Shipyard. But the fees for the communication like telephone, telefax, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and all accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's BUILDER’s subcontractors outside of Jiangsu Province shall be at BUYER’s account. The transportation, of any nature whatsoever, shall be provided to the Supervisor by the BUYER except for the BUYER's accounttransportation to such subcontractors’ premises within Jiangsu Province which shall be paid by BUILDER. The SELLER shall promptly provide to each Supervisor and shall ensure that its subcontractors shall promptly provide all such information, as each Supervisor may reasonably request in connection with the Supervisor with detailed design plansconstruction of the VESSEL and her engines, production drawings, schedules equipment and other documents and information for the VESSEL, to enable the Supervisor to carry out inspectionsmachinery.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of the SELLER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, the premises of its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection and approval by the BUYER or by the BUYER's representative and/or the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreed. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's Shipyard’s Shipyard as may be necessary to enable the Supervisor to effectively carry out his duties. All international communication charges (such as telephone and telefax charges) shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to SELLER’s subcontractors outside of Fuzhou city shall be at BUYER’s account, The transportation within Fuzhou city shall be provided to the Supervisor by the SELLER's subcontractors shall be for the BUYER's account. The SELLER shall provide the Supervisor with detailed design plans, production drawings, schedules and other documents and information for the VESSEL, to enable the Supervisor to carry out inspections.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of the SELLER BUILDERS throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests and inspections according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's SSC’s Shipyard, its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. The BUILDERS shall, at the BUILDERS’ practice, give reasonable notice in advance of all tests and/or inspections on the agreed test list to enable the Supervisor to attend. In the event that the Supervisor discovers any construction or material or workmanship which does Date: 19/63 Shipbuilding Contract Hull No. not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDERS a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDERS shall correct such nonconformity if such nonconformity is not in line with the Specifications. In any circumstances, the SELLER agrees shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to the BUYER’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval by the BUYER or approved by the BUYER's representative and/or ’s Representatives, the Classification Society shall same test should not alter have to be repeated, provided it has been carried out in compliance with the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment requirements of the Contract Price according to Article III of this Contract unless otherwise mutually agreedclassification society and specifications. The SELLER agrees BUILDERS agree to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD a direct international telephone (1 lines), separate IDD telefax (1 line) and facsimile line and internet broadband access, access according to usual international shipbuilding SSC’s practice at, or in the immediate vicinity of the BUILDER's SSC’s Shipyard. The communication cost on such telephone and facsimile line shall be for the account of the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDERSSC, and the premises of subcontractors of the SELLERBUILDERS, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's ’s subcontractors within Shanghai shall be for the BUYER's at SELLER’s account. The SELLER transportation within Shanghai shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information by the SELLER for the VESSEL, to enable purpose of carrying on the Supervisor to carry out inspectionsSupervisor’s duties.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of the SELLER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, the premises of its subcontractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection and approval by the BUYER or by the BUYER's representative and/or the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreed. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's Shipyard’s Shipyard as may be necessary to enable the Supervisor to effectively carry out his duties. All international communication charges (such as telephone and telefax charges) shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's ’s subcontractors outside of Qingdao city shall be for the at BUYER's ’s account. The SELLER transportation within Qingdao city shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, to enable the Supervisor to carry out inspectionsSELLER.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, Society or by other applicable regulatory bodies and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors subcontractors’ premises or any other place where work is done or materials are stored in connection with the VESSEL. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and and/or the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. In case of dispute between the BUILDER and the BUYER in respect of the notified nonconformity either party may submit the issue to the Classification Society or to arbitration in accordance with Article XIII hereof. In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the BUILDER, without however prejudice to the BUYER’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER BUILDER that the Supervisor shall carry out his inspections in accordance with the Specifications with mutually agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval by the BUYER or approved by the BUYER's representative and/or ’s Representatives, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and specifications. The working hours of the Supervisor shall be arranged in accordance of the working schedule of the BUILDER. Except in the event of exceptional circumstances, inspections, tests and shop trials will be held during normal working hours which are defined as: Monday to Friday from 0800 hrs to 1730 hrs Saturday from 0800 hrs-1200 hrs The BUILDER shall provide the Supervisor with at least one (1) day advance notice in writing of tests and inspections, including shop tests, which the Supervisor shall attend within the BUILDER’s Shipyard and at least three (3) days advance notice with respect to any other locations within China and at least fifteen (15) days outside of China. Failure by the Supervisor to be present at such tests, trial and inspections after due notice to him as aforesaid shall be deemed to be a waiver of the Supervisor’s right to be present. In the event that BUILDER needs an inspection to be made during non-working hours for smooth progress of work, the Supervisor shall exercise his reasonable endeavors to attend such inspection provided that SELLER has given a reasonable advance notice to the Supervisor. If the BUYER’s Supervisor does not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude attend any such tests having been given due notice to attend, the BUYER from claiming adjustment shall be obliged to accept the results of such tests on the basis of acceptance of such tests by the Classification Society as the case may be. Shipbuilding Contract Price according to Article III For Construction of this Contract unless otherwise mutually agreed. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1145) The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces space and other reasonable facilities including separate IDD which shall include air conditioning, telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's ’s Shipyard. But the fees for the communication like telephone, telefax, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and all accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's BUILDER’s subcontractors outside of Jiangsu Province shall be at BUYER’s account. The transportation, of any nature whatsoever, shall be provided to the Supervisor by the BUYER except for the BUYER's accounttransportation to such subcontractors’ premises within Jiangsu Province which shall be paid by BUILDER. The SELLER shall promptly provide to each Supervisor and shall ensure that its subcontractors shall promptly provide all such information, as each Supervisor may reasonably request in connection with the Supervisor with detailed design plansconstruction of the VESSEL and her engines, production drawings, schedules equipment and other documents and information for the VESSEL, to enable the Supervisor to carry out inspectionsmachinery.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting shall be carried out by the Classification Society, Society or by other applicable regulatory bodies and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors subcontractors’ premises or any other place where work is done or materials are stored in connection with the VESSEL. Shipbuilding Contract For Construction of One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and and/or the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. In case of dispute between the BUILDER and the BUYER in respect of the notified nonconformity either party may submit the issue to the Classification Society or to arbitration in accordance with Article XIII hereof. In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the BUILDER, without however prejudice to the BUYER’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER BUILDER that the Supervisor shall carry out his inspections in accordance with the Specifications with mutually agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval by the BUYER or approved by the BUYER's representative and/or ’s Representatives, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and specifications. The working hours of the Supervisor shall be arranged in accordance of the working schedule of the BUILDER. Except in the event of exceptional circumstances, inspections, tests and shop trials will be held during normal working hours which are defined as: Monday to Friday from 0800 hrs to 1730 hrs Saturday from 0800 hrs-1200 hrs The BUILDER shall provide the Supervisor with at least one (1) day advance notice in writing of tests and inspections, including shop tests, which the Supervisor shall attend within the BUILDER’s Shipyard and at least three (3) days advance notice with respect to any other locations within China and at least fifteen (15) days outside of China. Failure by the Supervisor to be present at such tests, trial and inspections after due notice to him as aforesaid shall be deemed to be a waiver of the Supervisor’s right to be present. In the event that BUILDER needs an inspection to be made during non-working hours for smooth progress of work, the Supervisor shall exercise his reasonable endeavors to attend such inspection provided that SELLER has given a reasonable advance notice to the Supervisor. If the BUYER’s Supervisor does not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude attend any such tests having been given due notice to attend, the BUYER from claiming adjustment shall be obliged to accept the results of such tests on the basis of acceptance of such tests by the Classification Society as the case may be. Shipbuilding Contract Price according to Article III For Construction of this Contract unless otherwise mutually agreed. One 82,000 DWT Bulk Carrier (Hull No.YZJ2013-1142) The SELLER BUILDER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces space and other reasonable facilities including separate IDD which shall include air conditioning, telephone (1 lines), separate IDD telefax (1 line) and internet broadband access, according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's ’s Shipyard. But the fees for the communication like telephone, telefax, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and all accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLERBUILDER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's BUILDER’s subcontractors outside of Jiangsu Province shall be at BUYER’s account. The transportation, of any nature whatsoever, shall be provided to the Supervisor by the BUYER except for the BUYER's accounttransportation to such subcontractors’ premises within Jiangsu Province which shall be paid by BUILDER. The SELLER shall promptly provide to each Supervisor and shall ensure that its subcontractors shall promptly provide all such information, as each Supervisor may reasonably request in connection with the Supervisor with detailed design plansconstruction of the VESSEL and her engines, production drawings, schedules equipment and other documents and information for the VESSEL, to enable the Supervisor to carry out inspectionsmachinery.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSEL, its machinery, equipment and outfitting outfittings shall be carried out by the Classification Society, and/or inspection team of the SELLER BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the Contract and Specifications. The Supervisor shall have, at all times until delivery of the VESSEL, the right to attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ’s Shipyard, its subcontractors sub-contractors or any other place where work is done or materials stored in connection with the VESSEL. In the event that the Supervisor discovers any construction or material or workmanship which does not or will not conform to the requirements of this Contract and the Specifications, the Supervisor shall promptly give the SELLER BUILDER a notice in writing as to such nonconformity, upon receipt of which the SELLER BUILDER shall correct such nonconformity if the SELLER BUILDER agrees with the BUYER. In any circumstances, the SELLER shall be entitled to proceed with the construction of the VESSEL even if there exists discrepancy in the opinion between the BUYER and the SELLER, without prejudice however to the BUYER’s right to submit the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with the agreed inspection procedure and schedule set out in Part I, Section 11 of the Technical Specification and usual international shipbuilding practice and in a way as to minimize any increase in building costs and delays in the construction of the VESSEL. The inspection Once a test has been witnessed and approval approved by the BUYER or by the BUYER's representative and/or Supervisor, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society shall not alter the SELLER's obligation under this Contract and shall not relieve the SELLER from the liability under Article IX of this Contract nor preclude the BUYER from claiming adjustment of the Contract Price according to Article III of this Contract unless otherwise mutually agreedSpecifications. The SELLER BUILDER agrees to furnish free of charge the Supervisor with private furnished and air conditioned office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities including separate IDD telephone (1 lines)access to telephones, separate IDD telefax (1 line) e-mails and internet broadband access, facsimile as may be necessary to enable the supervisor to carry out their work under this contract and according to usual international shipbuilding BUILDER’s practice at, or in the immediate vicinity of the BUILDER's ’s Shipyard, but the cost for the communication by telephone, telefax and email, whether for Chinese domestic or international communication and/or for any communication outside the BUILDER’s Shipyard, shall be borne by the BUYER and payment by the BUYER shall be effected as provided for in Article II 4 (d) of this Contract when the final instalment is paid. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her Date: 15/58 Shipbuilding Contract Hull No. engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors sub-contractors of the SELLER, who are doing work, or storing materials in connection with the VESSEL's ’s construction. The travel expenses for the said access to the SELLER's subcontractors ’s sub-contractors outside of Jiangyin and/or Nantong shall be for at the BUYER's ’s account. The SELLER transportation, of any nature whatsoever, shall provide be provided to the Supervisor with detailed design plans, production drawings, schedules and other documents and information for by the VESSEL, to enable the Supervisor to carry out inspectionsBUYER.

SUPERVISION AND INSPECTION BY THE SUPERVISOR. The necessary inspection of the VESSELVessel, its her machinery, equipment and outfitting shall be carried out by the Classification Society, and/or inspection team of other regulatory bodies and the SELLER Supervisors throughout the entire period of construction in order to ensure that the construction of the VESSEL Vessel is duly performed in accordance with the Contract and the Technical Specifications. The Supervisor Supervisors shall have, at in all times working hours during the construction and until delivery and acceptance of the VESSELVessel, the right to attend tests according free and ready access to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER's ShipyardVessel, its subcontractors or engines and accessories, and to any other place where work is done being done, or materials stored are being processed or stored, in connection with the VESSEL. In construction of the event that Vessel, including the Supervisor discovers any construction or material or workmanship which does not or will not conform to yards, workshops, stores and offices of the requirements of this Contract SELLER, and the Specificationspremises of subcontractors of the SELLER, the Supervisor shall promptly give the SELLER a notice who are doing work or storing materials in writing as to such nonconformity, upon receipt of which the SELLER shall correct such nonconformity if the SELLER agrees connection with the BUYERVessel's construction. However the The BUYER undertakes and assures the SELLER that the Supervisor shall carry out his inspections in accordance with shipyard’s schedule accepted by the agreed inspection procedure and schedule set out in Part I, Section 11 of BUYER (which cannot be unreasonably withheld by the Technical Specification BUYER) and usual international shipbuilding practice and in such a way as to minimize any increase in building costs and delays in the construction of the VESSEL. On other part the SELLER shall carry out all tests included in the Tests List in normal working hours. Any tests beyond normal working hours, if any, shall be treated as an exception and shall only be permitted if absolutely necessary for the construction of the VESSEL. The SELLER shall give notice to the Buyer reasonably in advance of the date and place of such tests and inspections. In case of inspections scheduled at the Shipyard or at SELLER’s fully owned facilities in Zhoushan City, save for extraordinary circumstances (in which cases such notice shall be given as much in advance as practical), such notice shall be given at least one (1) day prior the commencement of such tests, and, in the case of tests to be conducted away from the Shipyard or SELLER’s fully owned facilities in Zhoushan City, such notice shall be given at least five (5) days prior to the commencement of such tests. The travel expenses for the said access to the SELLER’s facilities and the SELLER’s subcontractors on Zhoushan island shall be at SELLER’s account.Failure of the Supervisors to be present at such tests and inspections after the contractual notice has been Date: 13th November, 2013 given as above provided shall be deemed to be a waiver of the right to be present. In such circumstances, the SELLER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and approval such work so carried out shall be treated as approved by the BUYER or Supervisor provided that the results of the test are approved by the BUYER's representative and/or the Classification Society and in accordance with the Specifications and Contract. Associated travel expenses for the Supervisors travelling within City of Zhoushan shall be for the account of the SELLER while travel expenses for the Supervisors travelling outside of city Zhoushan Island shall be for the account of the Buyer. In the event that the Supervisors discover any construction or material or workmanship which they believe does not alter or will not conform to the SELLER's obligation under requirements of this Contract and the Technical Specifications, the Supervisors shall not relieve promptly give the SELLER from notice in writing as to such non-conformity, upon receipt of which the liability under Article IX SELLER will confirm its acknowledgement in writing within five (5) working days and shall promptly correct such non-conformity if the SELLER or the Classification Society agrees with the Buyer. In any circumstances, the SELLER shall be entitled to proceed with the construction of the Vessel even if there exists discrepancy in the opinion between the Buyer and the SELLER, without however prejudice to the Buyer’s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions of ARTICLE XIII hereof. SELLER shall fully and promptly comply with any determination of the Classification Society and/or any arbitration decision. Once a test has been witnessed and approved by the Supervisors, the same test should not have to be repeated, provided it has been carried out in compliance with the requirements of the classification society and specifications. It is specifically agreed that the SELLER shall reasonably schedule the inspections, so as to enable the Buyer’s supervisor to attend all such inspections on time. Notwithstanding any other provision of this Contract nor preclude article or this Contract, it is agreed that the BUYER from claiming adjustment decision of the Contract Price according Classification Society must be made in accordance with its prevailing rules and regulations relating to Article III the construction of this Contract unless otherwise mutually agreednewbuildings shall be binding on the parties. The SELLER agrees to furnish free of charge the Supervisor with private office space, with lighting, heat and air conditioning; equipped with six (6) desks, chairs, filing cabinets, personal lockers, and meeting table and chairs; access to toilet facilities maintained by the SELLER; parking spaces and other reasonable facilities according to SELLER’s practice, including separate IDD telephone (1 lines), separate IDD telefax (1 line) and but not limited to broadband internet broadband access, according international telephone and fax facilities at the Shipyard. The Buyer shall reimburse the SELLER for all call charges outside the Zhoushan Island district relating to usual international shipbuilding practice at, or in telephone and telefax calls at the immediate vicinity normal charge rate of the BUILDER's Shipyard. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall with the assistance of the SELLER be given free and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops, stores of the BUILDER, and the premises of subcontractors of the SELLER, who are doing work, or storing materials in connection with the VESSEL's constructionrelevant telecommunications provider. The travel expenses for the said access to the SELLER's ’s facilities and the SELLER’s subcontractors on Zhoushan island shall be for at SELLER’s account. The transportation, in any nature whatsoever, shall be provided to the BUYER's accountSupervisor by the Buyer. The SELLER shall provide assist the Supervisor in finding suitable accommodation and translation services. During the last two (2) months of the period of construction of the Vessel, office space shall also be provided to accommodate the Vessel’s captain, chief engineer, and electrician if available. The SELLER is to be able to communicate with detailed design plansthe Supervisors in English at all time. Date: 13th November, production drawings, schedules 2013 19/61 The SELLER shall assist the BUYER to obtain the necessary visa and other documents and information invitation letter for the VESSEL, to enable the Supervisor to carry out inspectionsenter China and without delay provided that the Supervisor meets with the rules, regulations and laws of the People's Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa and invitation letter.