EXHIBIT 10(c)(5)
AMENDMENT NO. 3 TO GENERAL SERVICES AGREEMENT
BETWEEN
OVERSEAS SHIPHOLDING GROUP, INC.
AND
MARITIME OVERSEAS CORPORATION
This Amendment No. 3 dated as of October 1, 1987 to General
Services Agreement dated December 31, 1969, as heretofore amended
(the "General Services Agreement") between Overseas Shipholding
Group, Inc., a Delaware corporation (the "Owner") and Maritime
Overseas Corporation, a New York corporation ("MOC").
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, the Owner and MOC acknowledge and agree that the
duties of MOC under the General Services Agreement relating to a
newbuilding begin earlier than keel laying or commencement of
erection on the building berth; and
WHEREAS, the Owner and MOC desire to amend the General
Services Agreement as hereinafter set forth:
NOW, THEREFORE, the parties hereto do mutually agree as
follows:
1. Section 5(c) of the General Services Agreement is
amended by deleting in its entirety the last sentence of the
Section and by substituting in its place the following sentence:
"Newbuilding vessels shall be deemed managed and
included in the computation from the date of
commencement of work on the vessel at the builder's
shipyard, in accordance with the advice received from
the builder."
2. Except as hereby amended, the General Services
Agreement shall remain unaltered and shall continue in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 3 to be executed and delivered as of the day and
year first above written.
OVERSEAS SHIPHOLDING GROUP, INC. MARITIME OVERSEAS CORPORATION
By: By:
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President Vice President & Secretary
