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EXHIBIT 10.8
MANAGEMENT AGREEMENT, AS AMENDED, DATED JUNE 1, 1992
BETWEEN TEEKAY SHIPPING LIMITED AND NASSAU SPIRIT INC.
This Agreement dated as of the 1st day of October 1993 and made between:
Teekay Shipping Limited, a Bahamian Corporation (hereinafter "TKS") and
Nassau Spirit Inc, a Liberian Corporation (hereinafter "Shipco").
WHEREAS:
a) TKS and Shipco entered into a Management Agreement in the form of
the Baltic and International Council Standard Ship Management Agreement
dated June 1, 1992 (the "Ship Management Agreement"), whereby TKS
agreed to provide Ship Management Services for the Vessel "Luzon Spirit";
b) the consideration for the said Ship Management Services was left to
be agreed upon by the parties;
c) it has been verbally agreed between the TKS and Shipco that
commencing October 1, 1993 Shipco shall pay to TKS the sum of U.S.
$17,000.00 per month in consideration for the Ship Management Services;
d) it is now desirable to document the consideration being paid
Now therefore this Agreement witnesseth that the parties hereto, for and in
consideration of the premises, do hereby agree as follows:
1) the consideration to be paid to TKS for the Ship Management
Services pursuant to Clause 15.1 of the Ship Management Agreement shall,
effective October 1, 1993 be and remain the sum of U.S. $17,000.00
per month;
2) in all other respects the parties hereby confirm the terms of the
Ship Management Agreement which shall remain in full force and effect.
In witness whereof the Parties hereto have executed this Agreement as of the
day and year first above written.
Teekay Shipping Limited
per:
X.X. XXXX
President
Nassau Spirit Inc.
per:
X.X. XXXXX
Vice-President
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1. Date of Agreement
June 1, 1992
2. Owners (name, place of registered office) 3. Managers (name, place of registered
office and law of registry)
NASSAU SPIRIT INC. TEEKAY SHIPPING LIMITED
Name Name
NASSAU, BAHAMAS P.O. BOX SS-6293
Place of registered office Place of registered office
BAHAMAS NASSAU, BAHAMAS
Law of registry Law of registry
4. Day and year of commencement of Agreement
Cl. 2.1.)
June 1, 1992
5. Crewing (state "yes" or "no" as agreed) 6. Technical Management (state "yes" or "no"
Cl. 2.3(I) and Cl. 3) as agreed) (Cl.2.3.(ff) and Cl. 4)
YES YES
7. Insurance (state "yes" or "no" as agreed) 8. Freight Management (state "yes" or "no" as agreed)
(Cl. 2.3.(III) and Cl. 6) (Cl. 2.3.(iv) and Cl. 6)
YES NO
9. Accounting (state "yes" or "no" as agreed) 10. Chartering (state "yes" or "no" as agreed; if
(Cl. 2.3.(v) and Cl.7) "yes", also state period of employment
(Cl. 2.3.(vi) and Cl. 8)
YES NO
period of employment in excess of which owners'
prior consent shall first be obtained
11. Sale or purchase of vessel (state "yes" or 12. Provisions (state "yes" or "no" as agreed)
"no" as agreed)(Cl. 2.3.(vii) and Cl. 9) (Cl. 2.3.(viii) and Cl. 10)
YES YES
13. Bunkering (state "yes" or "no" as agreed) 14. Operation (state "yes" or "no" as agreed)
(Cl. 2.3.(ix) and Cl. 11) (Cl.2.3.(x) and Cl. 12)
YES YES
15. Annual management fee (state lump sum amount) 16. Redundancy costs (state maximum amount)
(Cl. 15.1) (Cl. 15.3(b))
AS AGREED AS AGREED
17. Day and year of termination of Agreement
UNTIL REVOKED
18. Law and arbitration (state 24.1, 24.2 or 24.3 of Cl. 24, as agreed;
if 24.3. agreed also state place of arbitration)(if Box 18 not filled in 24.1 shall apply)(Cl. 24)
NASSAU, BAHAMAS
19. Notices (state postal and cable address, 20. Notices (state postal and cable address, telex
telex and telefax number for service of notice and telefax number for service of notice and
and communication to the Owners)(Cl. 25) communication to the Managers)(Cl. 25)
0XX XXXXX, XXXXXXXXXX XXXXXXXX XXXXXXXX XXX XXXXXX
P.O. BOX SS-6293 NASSAU, BAHAMAS
NASSAU, BAHAMAS TELEX: 20375
TELEX: 20374 FAX: (000) 000-0000
It is mutually agreed between the party mentioned in Box 2 (hereinafter called
"the Owners") and the party mentioned in Box 3 (hereinafter called "the
Managers") that this Agreement consisting of PART I and PART II as well as
ANNEX "A" or ANNEX "B" (as applicable) and ANNEX "C" attached hereto, shall be
performed subject to the conditions contained herein. In the event of a
conflict of conditions, the provisions of PART I shall prevail over those of
PART II and ANNEX "A" or ANNEX "B" (as applicable) and ANNEX "C" to the extent
of such conflict but no further.
Signature(s)(Owners) Signature(s)(Managers)
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PART II
"XXXXXXX" STANDARD SHIP MANAGEMENT AGREEMENT
DEFINITIONS
In this Agreement save where the context otherwise requires, the following
words and expressions shall have the meanings hereby assigned to them.
"The Vessel" shall mean the vessel details of which are set out in Annex "A"
hereto.
"The Fleet" shall mean the vessels details of which are set out in Annex "B"
hereto.
"Crew Support Costs" shall mean all expenses of a general nature which are not
particularly referable to any individual vessel for the time being managed by
the Managers and which are incurred by the Managers for the purpose of
providing an efficient and economic management service and, without prejudice
to the generality of the foregoing, shall include the cost of crew standby pay,
training schemes for officers and ratings, cadet training schemes, sickpay,
study pay, recruitment and interviews.
1. MARGINAL HEADINGS
The Marginal Headings of this Agreement are for identification only
and shall not be deemed to be part hereof or be taken into
consideration in the interpretation or construction of this Agreement.
2. APPOINTMENT OF MANAGERS
2.1. With effect from the day and year stated in Box 4 and continuing
unless and until terminated as provided herein, the Owners hereby
appoint the Managers and the Managers hereby agree to act as the
Managers of the Vessel.
2.2. The Managers undertake to use their best endeavours to provide
the Management Services specified in sub-clause 2.3. on behalf of the
Owners in accordance with sound ship management practice and to
protect and promote the interests of the Owners in all matters
relating to the provision of services hereunder.
Provided however that the Managers in the performance of their
management responsibilities under this Agreement shall be entitled to
have regard to their overall responsibility in relation to all vessels
as may from time to time be entrusted to their management and in
particular, but without prejudice to the generality of the foregoing,
the Managers shall be entitled to allocate available supplies,
manpower and services in such manner as in the prevailing
circumstances the Managers in their absolute discretion consider to be
fair and reasonable.
2.3. Subject to the terms and conditions herein provided, during the
period of this Agreement, the Managers shall carry out, as agents for
and on behalf of the Owners, such of the following functions in
respect of the Vessel as shall have been indicated affirmatively in
Boxes 5 to 14 in PART I:
(i) Crewing (see Clause 3)
(ii) Technical Management (see Clause 4)
(iii) Insurance (see Clause 5)
(iv) Freight Management (see Clause 6)
(v) Accounting (see Clause 7)
(vi) Chartering (see Clause 8)
(vii) Sale or Purchase of Vessel (see Clause 9)
(viii) Provisions (see Clause 10)
(ix) Bunkering (see Clause 11)
(x) Operation (see Clause 12)
and shall have authority to take such actions as the Managers may from
time to time in their absolute discretion consider to be necessary to
enable them to perform this Agreement in accordance with sound ship
management practice.
2.3. (i) to (x) are options to be agreed, and Boxes 5 to 14 in PART I
should be filled in with either "yes" or "no" accordingly.
3. CREWING (only applicable if 2.3. (i) agreed according to Box 5)
The Managers shall provide adequate and properly qualified Crew for
the Vessel as required by the Owners, provision of which includes but
is not limited to the following functions:
(i) employment of Master, officers and crew (hereinafter
collectively referred to as "the Crew") of the Vessel;
(ii) arrangement of transportation of the Crew, including
repatriation;
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(iii) training of the Crew;
(iv) supervision of the efficiency of the Crew and
administration of all other crew matters such as
planning for the xxxxxxx of the Vessel;
(v) payroll arrangement;
(vi) arrangement and administration of pensions and Crew
insurance;
(vii) discipline and union negotiations;
(viii) enforcement of appropriate standing orders.
4. TECHNICAL MANAGEMENT (only applicable if 2.3.(ii) agreed according to
Box 6)
The Managers shall provide technical management which includes, but is
not limited to, the following functions:
(i) provision of competent personnel to supervise the
maintenance and general efficiency of the Vessel;
(ii) arrangement and supervision of drydockings, repairs,
alterations and the upkeep of the Vessel to the
standards required by the Owners provided that the
Managers shall be entitled to incur the necessary
expenditure to ensure that the Vessel will comply
with all requirements and recommendations of the
classification society, and with the laws and
regulations of the country of registry of the Vessel
and of the places where she trades;
(iii) arrangement of the supply of necessary stores, spares
and lubricating oil;
(iv) appointment of surveyors and technical consultants as
the Managers may consider from time to time to be
necessary.
5. INSURANCE (only applicable if 2.3. (iii) agreed according to Box 7).
The Managers shall arrange such insurances as the Owners shall have
instructed or agreed, in particular as regards insured values,
deductibles.
6. FREIGHT MANAGEMENT (only applicable if 2.3.(iv) agreed according to
Box 8).
The Managers shall provide freight management which includes but is
not limited to the following functions:
(i) provision of voyage estimates and accounts and calculation of
hire and freights and/or demurrage and despatch moneys due
from or due to the Charterers of the Vessel if required by the
Owners;
(ii) arrangement of the proper payment to Owners of all hire and/or
freight revenues or other moneys of whatsoever kind to which
Owners may be entitled arising out of the employment of or
otherwise in connection with the Vessel.
7. ACCOUNTING (only applicable if 2.3.(v) agreed according to Box 9).
The Managers shall:
(i) establish an accounting system which meets the requirements of
the Owners and provide regular accounting services, supply
regular reports and records in accordance therewith;
(ii) maintain the records of all costs and expenditures incurred
hereunder as well as data necessary or proper for the
settlement of accounts between the parties.
8. CHARTERING (only applicable if 2.3. (vi) agreed according to Box 10).
The Managers shall, in accordance with the Owners' Instructions,
provide chartering services which includes but is not limited to
seeking and negotiating employment for the Vessel and the conclusion
(including the execution thereof) of charterparties or other contracts
relating to the employment of the Vessel. If such a contract exceeds
the period stated in Box 10, consent thereto in writing shall first be
obtained from the Owners.
9. SALE OR PURCHASE OF VESSEL (only applicable if 2.3. (vii) agreed
according to Box 11).
The Managers shall, in accordance with the Owners' instructions,
supervise the sale or purchase of the Vessel, including the
performance of any sale or purchase agreement, but not negotiation of
the same.
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10. PROVISIONS (only applicable if 2.3. (viii) agreed according to
Box 12).
The Managers shall arrange for the supply of provisions.
11. BUNKERING (only applicable if 2.3. (ix) agreed according to Box 13).
The Managers shall arrange for the provision of bunker fuel of the
quality specified by the Owners as required for the Vessel's trade.
12. OPERATION (only applicable if 2.3. (x) agreed according to Box 14)
The Managers shall provide for the operation of the Vessel, as
required by the Owners, which includes but is not limited to the
following functions:
(i) provision of voyage estimates and accounts and
calculation of hire, freights, demurrage and/or
despatch moneys due from or due to the Charterers of
the Vessel;
(ii) issue of voyage instructions;
(iii) appointment of agents;
(iv) appointment of stevedores;
(v) arrangement of the surveying of cargoes.
13. INSURANCE POLICIES
All Insurances shall be in the joint names of the Owners and the
Managers provided that, unless the Managers give their express prior
consent, no liability to pay premiums or P&I Calls shall be imposed on
the Managers, notwithstanding the restrictions on P&I Cover which
would thereby result.
14. INCOME COLLECTED AND EXPENSE PAID ON BEHALF OF OWNERS
14.1. All moneys collected by the Managers under the terms of this
Agreement (other than moneys payable by the Owners to the Managers)
and shall be held to the credit of the Owners.
14.2. All expenses incurred by the Managers under the terms of this
Agreement on behalf of the Owners (including expenses as provided in
Clause 15) may be debited against the Owners in the account referred
to under Clause 14.1 but shall in any event remain payable by the
Owners to the Managers on demand.
15. MANAGEMENT FEE
15.1. The Owners shall pay to the Managers for their services as
Managers under this Agreement an annual basic Management Fee in the
lump sum amount as stated in Box 15 which shall be payable by equal
monthly instalments in advance, the first instalment being payable on
the commencement of this Agreement (see Clause 2.1 and Box 4) and
subsequent instalments being payable every month.
15.2. The Managers shall, at no extra cost to the Owners, provide
their own office accommodation, office staff and stationery. Without
limiting the generality of Clause 14 the Owners shall reimburse the
Managers for postage and communication expenses, travelling expenses,
and other out-of-pocket expenses properly incurred by the Managers in
pursuance of the Management Services.
15.3. In the event of the appointment of the Managers being
terminated by the Owners or the Managers in accordance with the
provisions of Clause 23 other than by reason of default by the
Managers, or if the Vessel is lost, sold or otherwise disposed of, the
Management Fee payable to the Managers according to the provisions of
sub-clause 15.1. shall continue to be payable for a further period of
three calendar months. In addition, provided that the Managers
provide Crew for the Vessel in accordance with Clause 3.
(a) the Owners shall continue to pay Crew Support Costs during the
said further period of three calendar months and
(b) the Owners shall pay an equitable proportion of any redundancy
costs which may materialize not exceeding the amount stated in
Box 16.
15.4. Whilst this Agreement remains in subsistence, if the Owners
decide to (MISSING LINE ON COPY) appropriate reduction of the
Management Fee for the period exceeding three months until one month
before the Vessel is again put into service shall be mutually agreed
between the parties.
15.5. All discounts and commissions obtained by the Managers in the
course of the management of the Vessel shall be credited to the
Owners.
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16. BUDGETS AND MANAGEMENT OF FUNDS
16.1. The Managers shall present to the Owners budget for the [ ]
in such form as the Owners require. The budget for the first year
hereof is set out in Annex "C" hereto. Subsequent [ ] budgets
shall be prepared by the Managers and submitted to the Owners. (see
Clause 2.1. and Box 4).
16.2. The Owners shall indicate to the Managers their acceptance and
approval of the budget within one month of presentation and in the
absence of any such indication the Managers shall be entitled to
assume that the Owners have accepted the said budget.
16.3 Following the agreement of the budget, the Managers shall
prepare and present to the Owners their estimate of the working
capital requirement of the Vessel and the Managers shall up-date this
estimate. Based thereon, the Managers shall request the Owners for
the Funds required to run the Vessel for the ensuing __?__, including
the payment of any occasional or extraordinary item of expenditure,
such as emergency repair costs, additional insurance premiums, bunkers
or provisions. Such Funds shall be received by the Managers within
ten days after the receipt of such request and shall be held to the
credit of the Owners.
16.4.
16.5. The Managers shall produce a monthly comparison between
budgeted and actual income and expenditure of the Vessel as required
by the Owners.
16.6. Notwithstanding anything contained herein, the Managers shall
in no circumstances be required to use or commit their own funds to
finance the provision of the Management Services.
17. MANAGERS' RIGHT TO SUB-CONTRACT
The Managers shall not sub-contract any of their obligations hereunder
to a third party without the consent of the Owners.
18. RESPONSIBILITIES
18.1. Force Majeure.-- Neither the Owners nor the Managers shall be
under any liability for any failure to perform any of their
obligations hereunder by reason of any cause whatsoever of any nature
or kind beyond their reasonable control.
18.2. Liability to Owners.-- Without prejudice to sub-clause 18.1.,
the Managers shall be under no liability whatsoever to the Owners for
any loss, damage, delay or expense of whatsoever nature, whether
direct or indirect, (including but not limited to loss of profit
arising out of or in connection with detention of or delay to the
Vessel) and howsoever arising in the course of performance of the
Management Services.
UNLESS same is proved to have resulted solely from the negligence,
gross negligence or wilful default of the Managers or their employees
or agents, or sub-contractors employed by them in connection with the
Vessel, in which case (save where loss, damage, delay or expense has
resulted from the Managers' personal act or omission committed with
the intent to cause same or recklessly and with knowledge that such
loss, damage, delay or expense would probably result) the Managers'
liability for each incident or series of incidents giving rise to a
claim or claims shall never exceed a total of ten times the annual
management fee payable hereunder.
18.3. Indemnity.-- Except to the extent and solely for the amount
therein set out that the Managers would be liable under sub-clause
18.2. the Owners hereby undertake to keep the Managers and their
employees, agents and sub-contractors indemnified and to hold them
harmless against all actions, proceedings, claims, demands or
liabilities whatsoever or howsoever arising which may be brought
against them or incurred or suffered by them arising out of or in
connection with the performance of the Agreement, and against and in
respect of all costs, loss, damages and expenses (including legal costs
and expenses on a full indemnity basis) which the Managers may suffer
or incur (either directly or indirectly) in the course of the
performance of this Agreement.
18.4. "Himalaya".-- It is hereby expressly agreed that no employee or
agent of the Managers (including every sub- contractor from time to
time employed by the Managers) shall in any circumstances whatsoever be
under any liability whatsoever to the Owners for any loss, damage or
delay of whatsoever kind arising or resulting directly or indirectly
from any act, neglect or default on his part while acting in the course
of or in connection with his employment and, without prejudice to the
generality of the foregoing provisions in this Clause, every exemption,
limitation, condition and liberty herein contained and every right,
exemption from liability, defence and immunity of whatsoever nature
applicable to the Managers or to which the Managers are entitled
hereunder shall also be available and shall extend to protect every
such employee or agent of the Managers acting as aforesaid and for the
purpose of all the foregoing provisions of this Clause 18 the Managers
are or shall be deemed to the acting as agent or trustee on behalf of
and for the benefit of all persons who are or might be his servants or
agents from time to time (including sub-contractors as aforesaid) and
all such persons shall to this extent be or be deemed to be parties to
this Agreement.
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19. GENERAL ADMINISTRATION
19.1. The Managers shall handle and settle all claims arising out of
the Management Services hereunder and keep the Owners informed
regarding any incident of which the Managers become aware which gives
or may give rise to claims or disputes involving third parties.
19.2. The Managers shall, as instructed by the Owners, bring or
defend actions, suits or proceedings in connection with matters
entrusted to the Managers according to this Agreement.
19.3. The Managers shall also have power to obtain legal or technical
or other outside expert advice in relation to the handling and
settlement of claims and disputes or all other matters affecting the
interests of the Owners in respect to the Vessel.
19.4. The Owners shall arrange for the provision of any necessary
guarantee bond or other security.
19.5. Any costs incurred by the Managers in carrying out their
obligations according to Clause 19 shall be reimbursed by the Owners.
20. AUDITING
The Managers shall at all times maintain and keep true and correct
accounts and shall make the same available for inspection and auditing
by the Owners or their nominee at such times as may be mutually
agreed.
21. INSPECTION OF VESSEL
The Owners shall have the right at any time after giving reasonable
notice to the Managers to inspect the vessel for any reason they
consider necessary.
22. COMPLIANCE WITH LAW AND REGULATIONS
The Managers will not do or permit anything to be done which might
cause any breach or infringement of the laws and regulations of the
country of registry of the Vessel, and of the places where she trades.
23. DURATION OF THE AGREEMENT
23.1. This Agreement shall come into effect on the date stated in Box
4 and shall continue until the date stated in Box 17. Thereafter it
shall continue until terminated by either party giving to the other
notice in writing. In which event the Agreement shall terminate upon
the expiration of a period of two months from the date upon which such
notice was given.
23.2. Termination by default.-- The Managers shall be entitled to
terminate the Agreement by notice in writing if any moneys payable by
the owners of any vessel in the Fleet, whether under this or any other
Management Agreement, shall not have been received in the Managers'
nominated account within ten days of payment having been requested in
writing by the Managers.
The Managers shall also be entitled to terminate the Agreement by
notice in writing if after receipt of written notice of objection
thereto from the Managers the owners of any vessel in the Fleet
whether under this or any other Management Agreement proceed with
employment of or continue to employ their vessel in a trade or in a
manner which is, in the opinion of the Managers, likely to be
detrimental to their reputation as Managers or (otherwise than by
virtue of ordinary business competition) be prejudicial to the
commercial interest of the Managers.
This Agreement shall terminate forthwith in the event of an order
being made or resolution passed for the winding up, dissolution,
liquidation or bankruptcy of either party (otherwise than for the
purpose of reconstruction or amalgamation) or if a receiver is
appointed, or if it suspends payment, ceases to carry on business or
makes any special arrangement or composition with its creditors.
23.3. Extraordinary Termination.-- This Agreement shall be deemed to
be terminated in the case of the sale of the Vessel of if the Vessel
becomes a total loss or is declared as a constructive or compromised
or arranged total loss or is requisitioned.
23.4. For the purpose of sub-clause 23.3. hereof:
a) the date upon which the Vessel is to be treated as having been
sold or otherwise disposed of shall be the date on which the
Owners cease to be registered as Owners of the Vessel;
b) the Vessel shall not be deemed to be lost unless either she
has become an actual total loss or agreement has been reached
with here Underwriters in respect of her constructive,
compromised or arranged total loss or if such agreement with
her Underwriters is not reached it is adjudged by a competent
tribunal that a constructive loss of the Vessel has occurred.
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23.5. The termination of this Agreement shall be without prejudice to
all rights accrued due between the parties prior to the date of
termination.
24. LAW AND ARBITRATION
24.1. This Agreement shall be governed by English law and any dispute
arising out of this Agreement shall be referred to arbitration in
London, one arbitrator being appointed by each party. In accordance
with the Arbitration Acts 1950 and 1979 or any statutory modification
or re-enactment thereof for the time being in force. On the receipt
by one party of the nomination in writing of the other party's
arbitrator, that party shall appoint their arbitrator within fourteen
days, failing which the decision of the single Arbitrator appointed
shall apply. If two Arbitrators properly appointed shall not agree
they shall appoint an umpire whose decision shall be final.
24.2. Should any dispute arise out of this Agreement, the matter in
dispute shall be referred to three persons at New York, one to be
appointed by each of the parties hereto, and the third by the two so
chosen; their decision or that of any two of them shall be final, and
for purpose of enforcing any award, this agreement may be made a rule
of the Court. The arbitrators shall be members of the Society of
Maritime Arbitrators, Inc. of New York and the proceedings shall be
conducted in accordance with the rules of the Society.
24.3. Any dispute arising out of this Agreement shall be referred to
arbitration at the place indicated in Box 18, subject to the law and
procedures applicable there.
24.4. If Box 18 in PART I is not filled in, sub-clause 24.1. of this
Clause shall apply.
24.1., 24.2. and 24.3. are alternatives; indicate alternative agreed
in Box 18.
25. NOTICES
25.1. Any communication may be sent by telex, telefax, registered or
recorded mail or by personal service.
25.2. The address of the Parties for service of such (UNREADABLE).
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SCHEDULE TO EXHIBIT 10.8
The Management Agreements not required to be filed because each of
them is substantially identical to Exhibit 10.8, and the material details by
which each such Management Agreement differs from Exhibit 10.8 are as follows:
1. Management Agreement dated August 8, 1995 between VSSI Oceans Inc. and
Teekay Shipping Limited.
a. Name of Owner: VSSI Oceans Inc.
b. Name of vessel owned by VSSI Oceans Inc.:
Poul Spirit, Official No. 10328
2. Management Agreement dated December 3, 1993 and amendments thereto, between
VSSI Atlantic Inc. and Teekay Shipping Limited.
a. Name of Owner: VSSI Atlantic Inc.
b. Name of vessel owned by VSSI Atlantic Inc.
Torben Spirit, Official No. 723526
3. Management Agreement dated December 3, 1993 and amendments thereto, between
Senang Spirit Inc. and Teekay Shipping Limited.
a. Name of Owner: Senang Spirit Inc.
b. Name of vessel owned by Senang Spirit Inc.
Senang Spirit, Official No. 723521
4. Management Agreement dated February 1, 1992 and amendments thereto, between
VSSI Appian Inc. and Teekay Shipping Limited.
a. Name of Owner: VSSI Appian Inc.
b. Name of vessel owned by VSSI Appian Inc.
Mayon Spirit, Official No. 720752
5. Management Agreement dated August 27, 1992 and amendments thereto, between
Exuma Spirit Inc. and Teekay Shipping Limited.
a. Name of Owner: Exuma Spirit Inc.
b. Name of vessel owned by Exuma Spirit Inc.
Leyte Spirit, Official No. 720796
6. Management Agreement dated November 26, 1992 and amendments thereto,
between Andros Spirit Inc. and Teekay Shipping Limited.
a. Name of Owner: Andros Spirit Inc.
b. Name of vessel owned by Andros Spirit Inc.
Samar Spirit, Official No. 723134
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ANNEX A TO EXHIBIT 10.8
Date of Agreement: June 1, 1992
Name of Vessel: LUZON SPIRIT
Particulars of Vessel: PORT OF REGISTRY: NASSAU, BAHAMAS
OFFICIAL NO: 720776
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ANNEX B (FLEET) TO EXHIBIT 10.8
Date of Agreement: June 1, 1992
Name of Vessel: LUZON SPIRIT
Particulars of Vessel: PORT OF REGISTRY: NASSAU, BAHAMAS
OFFICIAL NO: 720776
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ANNEX C TO EXHIBIT 10.8
Date of Agreement: June 1, 1992
Managers' Budget for the first year with effect from the Commencement Date
of this Agreement:
