Amendment No. 2 to Shipbuilding Contract
(▇▇▇▇ ▇▇ 460)
THIS AMENDMENT NO. 2 TO SHIPBUILDING CONTRACT is made as of October 28, 2005 by
and between ▇▇▇▇ PHILADELPHIA SHIPYARD, INC. (formerly Kvaerner Philadelphia
Shipyard Inc.) a corporation organized under the laws of Pennsylvania, having
its principal office at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (the
"BUILDER") and ▇▇▇▇▇▇ NAVIGATION COMPANY, INC., a corporation organization
under the laws of Hawaii, having its principal office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ (the "BUYER").
R E C I T A L S
WHEREAS, the parties entered into that certain Shipbuilding Contract
dated as of February, 14, 2005 for the purchase of one (1) CV 2500 type
container vessel, designated as Builder's Hull No. BN 460 (the "Shipbuilding
Contract"); and
WHEREAS, the parties wish to amend the Shipbuilding Contract to
reflect the change in BUILDER'S corporate name and identity.
NOW, THEREFORE, in consideration of the foregoing premises, and for
other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the parties hereby agree to amend the Shipbuilding Contract as
follows:
1. In the first Paragraph, delete the word "KVAERNER" and replace it
with the word "▇▇▇▇."
2. Description of Vessel. Paragraph 1 of Article I is hereby amended
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by deleting "KPSI" in the fourth line and replacing it with "APSI."
3. Notice Paragraph 1 of Article XIX is hereby amended by deleting
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"Kvaerner Philadelphia Shipyard Inc. in the Paragraph marked "TO THE BUILDER"
and replacing it with "▇▇▇▇ Philadelphia Shipyard, Inc."
4. No Additional Changes Except as otherwise herein expressly
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provided, all other provisions of the Shipbuilding Contract shall remain in full
force and effect.
5. Counterparts. The Amendment may be executed in any number of
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counterparts, each of which shall be deemed to be an original and all of which
when taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have duly executed this Amendment
No. 2 to Shipbuilding Contract as of the date first set forth.
▇▇▇▇ PHILADELPHIA SHIPYARD, INC.
By: /s/ Jan ▇▇▇▇ ▇▇▇▇▇▇▇
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Jan ▇▇▇▇ ▇▇▇▇▇▇▇
Title: Chief Financial Officer
▇▇▇▇▇▇ NAVIGATION COMPANY, INC.
By: /s/ ▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇'▇▇▇▇▇▇
Title: Senior Vice President