EXHIBIT 10.3.12
AMENDMENT NO. 1
TO
TIME CHARTER PARTY
April 11, 2005
Reference is hereby made to the Time Charter Party, dated October
20, 2004 (the "Time Charter"), between Vision Ltd., a company incorporated in
the Islands of Bermuda (the "Owners") and CM V-MAX I Ltd., a company
incorporated in the Islands of Bermuda (the "Charterers"). Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Time
Charter.
The Owners and the Charterers hereby agree that the provisions of
the Time Charter shall be amended as follows:
1. The schedule set forth in Clause 47 shall be deleted and replaced
by the following:
"Period Basic Hire
1 (Delivery Date - November 10, 2005) $ 35,700
2 (November 11, 2005 - November 10, 2006) $ 36,075
3 (November 11, 2006 - November 10, 2007) $ 36,469
4 (November 11, 2007 - November 10, 2008) $ 36,882
5 (November 11, 2008 - November 10, 2009) $ 37,316
Option 1 (November 11, 2009 - November 10, 2010) $ 37,772
Option 2 (November 11, 2010 - November 10, 2011) $ 38,251
Option 3 (November 11, 2011 - November 10, 2012) $ 38,753"
This Amendment shall be governed by and construed in accordance with
the laws of England. Except as provided herein, the Time Charter shall remain
unchanged.
OWNERS CHARTERERS
Vision Ltd. CM V-MAX I Ltd.
By: /s/ Xxxxxx X. Xxxxx By: /s/ Mats Xxxxxxxx
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Name: Xxxxxx X. Xxxxx Name: Mats Xxxxxxxx
Title: President and CEO Title: Director
