BROKERING AGREEMENT
-------------------
THIS AGREEMENT is made on this 4th day of March 2005.
BETWEEN:
(1) EXCEL MARITIME CARRIERS LTD. (the "Company") a company incorporated in
Liberia whose registered office is at 00, Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx;
(2) EXCEL MANAGEMENT LTD. (the "Broker") a company incorporated in Liberia whose
registered office is at 00, Xxxxx Xxxxxx, Xxxxxxxx, Xxxxxxx.
WHEREAS
The Company wishes to appoint the Broker to provide all necessary broking
services to the Company and its various ship-owning subsidiaries, which include,
but are not limited to, seeking and negotiating employment for the Company's
vessels and the conclusion (including the execution thereof) of charterparties
or other contracts relating to the employment of all the Company's Vessels (the
Company's Vessels).
NOW THEREFORE IT IS HEREBY AGREED:
1. In consideration of the payment of the brokering fees hereinafter described,
the Broker is appointed as the Company's broker to provide services for the
employment and chartering of the Company's Vessels;
2. This Agreement shall be effective as of 1.1.2005 and shall continue for an
initial period of one year and shall be automatically extended for successive
one year periods, unless written notice by either party is given at least one
(1) year prior to the commencement of the applicable one year extension period.
In case the Broker fails to perform his obligations hereunder, the Company is
entitled to terminate this agreement by thirty (30) days prior written notice.
3. For services performed hereunder by the Broker, the Broker shall receive a
commission fee of one and a quarter of one percent (1.25%) calculated on the
hire/ freight/earnings of the Company's Vessels.
4. Any notice or other communication required to be given or made hereunder
shall be in writing and may be served by sending the same by registered airmail,
letter or telex or by delivering the same (against receipt) to the address or
telex number (as the case may be) of the party to be served as set out below or
to such other address or telex number as may from time to time be notified by
that party for the purpose:
THE COMPANY: Excel Maritime Carriers Ltd
Par La Ville Place
14 Par La Ville Road
Xxxxxxxx HMJX
Bermuda
Tel: (000) 0000000
Fax: (000)0000000, 0000000
Tlx: 3758 CHAIR BA
THE BROKER: Excel Management Ltd
67, Akti Miaouli
Piraeus
Tel: 000-0000000
Fax: 000-0000000
5. Any other services to be rendered against payment of customary fees and any
dispute arising out of or in connection with this agreement shall be resolved by
arbitration as per clause 19.1.of the standard management Agreement approved by
BIMCO under code name XXXXXXX, which is deemed to be incorporated herein in
extension.
IN WITNESS WHEREOF, the parties hereinabove have caused this Agreement to be
signed in duplicate by their respective and duly authorized representatives as
of the date first written hereinabove.
EXCEL MARITIME CARRIERS LTD.
By: ________________________
Mr. ....................
EXCEL MANAGEMENT LTD.
By: ________________________
Mr. ....................
02545.0001 #556246
