DEED OF NOVATION THIS DEED OF NOVATION is made the 14 day of September August 2018 BETWEEN

EXECUTED AND DELIVERED AS A DEED by MERIDIAN 10 LIMITED acting by /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Its attorney-in-fact duly authorised In the presence of

/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Director

	Witness	/s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
	Name:	▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
	Address:	PO Box 1093 Boundary Hall, Cricket Square Grand Cayman KY1-1102, Cayman Islands

Description And Condition of Vessel	1.	At the date of delivery of the Vessel under this charter and throughout the Charter period:
		(a)	she shall be classified by a Classification Society which is a member of the international Association of Classification Societies;
		(b)	she shall be in every way fit to carry crude petroleum and/or its products see Additional Clause 9 Cargo;
		(c)	she shall be tight, staunch, strong, in good order and condition, and in every way fit for the service, with her machinery, boilers, hull and other equipment including but not limited to hull stress calculator, radar, computers and computer systems) in a good and efficient state;
		(d)	her tanks, valves and pipelines shall be oil gas-tight;
		(e)	she shall be in every way fitted for burning, in accordance with the grades specified in Clause 29 hereof:
			(i)	at sea, fuel oil for main propulsion and fuel oil/marine diesel oil* for auxiliaries;
			(ii)	in port, fuel oil/marine diesel oil* for auxiliaries;
		(f)	she shall comply with the regulations in force so as to enable her to pass through the Suez and Panama Canals by day and night without delay;
		(g)	she shall have on board all certificates, documents and equipment required from time to time by an applicable law to enable her to perform the charter service without delay;
		(h)	she shall comply with the description in Gas Form C the OCIMF Hamenlsed Vessel Particulars Questionnaire appended
			hereto as Appendix A, provided however that if there is any conflict between the provisions of this questionnaire and any other provision, including this Clause 1, of this charter such other provisions shall govern;
		(i)	her ownership structure, flag, registry, classification society and management company shall not be changed without Charterers’ prior approval which not to be unreasonably withheld;
Safety Management		(j)	Owners or Owners appointed Vessel Managers, will operate:
			(i)		a safety management system certified to comply with the International Safety Management Code (ISM Code) for the Safe Operation of Ships and for Pollution Prevention;
			(ii)		a documented safe working procedures system (including procedures for the identification and mitigation of risks);
			(iii)		a documented environmental management system;
			(iv)		documented accidental/incident reporting system compliant with flag state requirement;
		(k)	Owners shall submit to Charterers a monthly written report detailing all accidents/incidents and environmental reporting requirements, in accordance with the Shell Safety and Environmental Monthly Reporting Template appended hereto as Appendix B;
		(l)	Owners shall maintain Health Safety Environmental (HSE) records sufficient to demonstrate compliance with the requirements of their HSE system and of this charter, Charterers reserve the right to confirm compliance with SHE requirements by audit of Owners.
		(m)	Owners will arrange at their expense for a 3rd party SIRE inspection to be carried out at intervals of 5 six months plus or minus 15 (fifteen) thirty days after Charterer’s SIRE inspection. 3rd Party SIRE is for Owner’s account, but Shell SIRE is for Charterer’s account.
Shipboard Personnel	2.	(a)	At the date of delivery of the vessel under this charter and throughout the charter period:
			(i)		she shall have a full and efficient complement of master, officers arid crew for a

And their Duties			vessel of her tonnage, who shall in any event be not less than the number required by the laws of the flag state and who shall be trained to operate the vessel and her equipment competently and safely;
			(ii)	all shipboard personnel shall hold valid certificates of competence in accordance with the requirements of the law of the flag state;
			(iii)	all shipboard personnel shall be trained in accordance with the relevant provisions of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1995 or any additions, modifications or subsequent versions thereof;

			(iv)	there shall be on board sufficient personnel with a good working knowledge of the English language to enable cargo operations at loading and discharging places to be carried out efficiently and safely and to enable communications between the vessel and those loading the vessel or accepting discharge there from to be carried out quickly and efficiently;
			(v)	the terms of employment of the vessels staff and crew will always remain acceptable to The International Transport Workers Federation and the vessel will at all times carry a Blue card or its bona fide equivalent;
			(vi)	the nationality of the vessels officers given in the OCIMF Vessel Particulars Questionnaire referred to in Clause 1(h) will not change without Charterers prior agreement.
		(b)	Owners guarantee that throughout the charter service the master shall with the vessel’s officers and crew, unless otherwise ordered by Charterers;
			(i)	prosecute all voyages with the utmost despatch;
			(ii)	render all customary assistance; and
			(iii)	load and discharge cargo as rapidly as possible when required by Charterers or their agents to do so, by night or by day, but always in accordance with the laws of the place of loading or discharging (as the case may be) and in each case in accordance with any applicable laws of the flag state.
Duty to Maintain	3.	(a)	Throughout the charter service Owners shall, whenever the passage of time, wear and tear or any event (whether or not coming within Clause 27 hereof) requires steps to be taken to maintain or restore the conditions stipulated in Clauses 1 and (2a), exercise due diligence so to maintain or restore the vessel.
		(b)	If at any time whilst the vessel is on hire under this charter the vessel fails to comply with the requirements or Clauses 1, 2(a) or 10 then hire shall be reduced to the extent necessary to Indemnify Charterers for such failure. If and to the extent that such failure affects the time taken by the vessel to perform any services under this Charter, hire shall be reduced by an amount equal to the value calculated at the rate hire, of the time so lost. Any reduction of hire under this sub-Clause (b) shall be without prejudice to any other remedy available to Charterers, but where such reduction of hire is in respect of time lost, such time shall be excluded from any calculation under Clause 24.
		(c)	If Owners are in breach of their obligations under Clause 3(a)), Charterers may so notify Owners in writing and if, after the expiry of 30 days following the receipt by Owners of any such notice, Owners have failed to demonstrate to Charterers’ reasonable satisfaction the exercise of  due diligence as required in Clause 3(a), the vessel shall be off-hire, and no further hire payments shall be due, until Owners have so demonstrated that they are exercising such due diligence.
		(d)	Owners shall advise Charterers immediately, in writing, should the vessel fail an inspection by, but not limited to, a governmental and/or port state authority, and/or terminal and/or major charterer of similar tonnage. Owners shall simultaneously advise Charterers of their proposed course of action to remedy the defects which have caused the failure of such inspection.
		(e)	If, in Charterers reasonably held view:
			(i)	failure of an inspection, or,
			(ii)	any finding of an inspection,
			referred to in Clause 3(d), prevents normal commercial operations then Charterers have the option to place the vessel off-hire from the date and time that the vessel fails such inspection, or becomes commercially inoperable, until the data and time that the vessel passes a re-inspection by the same organisation, or becomes commercially operable, which shall be in a position no less favourable to Charterers than at which she went off-hire.
		(f)	Furthermore, at any time while the vessel is off-hire for a consecutive period of thirty (30) days under this Clause 3, (with the exception of Clause 3(e)(ii)), Charterers have the option to terminate this charter by giving notice in writing with effect from the date on which such notice of termination is received by Owners or from any later date stated in such notice. This sub-Clause (f) is without prejudice to any rights of

		Charterers or obligations of Owners under this charter or otherwise (including without limitation Charterers’ rights under Clause 21 hereof).
Period	4.	(a)	Owners agree to let and Charterers agree to hire the vessel for a period of Five (5) years (the "Firm Period"), plus three (3) optional periods of one (1) year each, the “First Optional Period”, “Second Optional Period” and “Third Optional Period” respectively, and each an "Optional Period" in Charterers’ option. Each Optional Period to be declared no later than one hundred twenty (120) days prior to expiry of the Firm Period or, as the case may be, the preceding Optional Period. The final period under this charter (whether the Firm Period or one of the Optional Periods) shall be
Trading Limits and Safe Places			plus or minus up to 30 days in Charterers option, commencing from the time and date of delivery of the vessel, for the purpose of carrying all lawful merchandise (subject always to Clause 28) including in particular;
			___________ In any part of the world, Worldwide always within INL (Institute Navigation Limits) and remain in, always afloat excluding Iraq, Iran, Cuba, Turkish-occupied Cyprus, Lebanon, Namibia, Syria, Sudan, Yemen, Cambodia, Ethiopia, North Korea, Somalia and countries sanctioned by the UN, USA and/or EU and/or the country of the vessel or countries being at war or warlike area. Vessel never trade in ice. Any current excluded area that during the course of the time charter becomes an industry standard and owners can accept to call at shall be reinstated as part of the trading range i.e. the time charter is for worldwide trading
			as Charterers shall direct, subject to the limits of the current British Institute Warranties and any subsequent amendments thereof. Notwithstanding the foregoing, but subject to Clause 35, Charterers may order the vessel to ice-bound waters or to any part of the world outside such limits provided that Owners consent thereto (such consent not to be unreasonably withheld) and that Charterers pay for any insurance premium required by the vessel’s underwriters as a consequence of such order.
		(b)	Any time during which the vessel is off-hire under this charter may be added to the charter period in Charterers option up to the total amount of time spent off-hire. In such cases the rate of hire will be that prevailing at the time the vessel would, but for the provisions of this Clause, have been redelivered.
		(c)	Charterers shall use due diligence to ensure that the vessel is only employed between and at safe places (which expression when used in this charter shall include ports, berths, wharves, docks, anchorages, submarine lines, alongside vessels or lighters, and other locations including locations at sea) where she can safely lie always afloat. Notwithstanding anything contained in this or any other clause of this charter, Charterers do not warrant the safety of any place to which they order the vessel and shall be under no liability in respect thereof except for loss or damage caused by their failure to exercise due diligence as aforesaid. Subject as above, the vessel shall be loaded and discharged at any places as Charterers may direct, provided that Charterers shall exercise due diligence to ensure that any ship-to-ship transfer operations shall conform to standards not less than those set out in the latest published edition of the ICS/OCIMF Ship-to-Ship Transfer Guide.
		(d)	Unless otherwise agreed, the vessel shall be delivered by Owners dropping outward pilot at a port in under vapours and heel of LPG, Commercial Propane and/or Butane, ready to load, at one safe berth/anchorage, safely afloat or at the Builder’s yard and provided the vessel has passed the Shell Ship Quality Assurance process prior to or concurrently with delivery of the vessel from the Builder to the Owner pursuant to the Shipbuilding Contract. Should the Owner elect to perform gas trials following delivery of the vessel to them from the Builder, delivery by Owners hereunder will be at the gas trial site in Korea. If the gas trials take place at any other location, then the alternative location to be nominated to the Charterer for their acceptance, such acceptance shall not be unreasonably withheld.
			________ at Owners’ option and redelivered Redelivery to owners shall be dropping outward pilot at a port in at last discharge port worldwide
			____________ at Charterers’ option.
		(e)	The vessel will deliver with last cargo(es) of N/A and will                redeliver with last cargo(es) of LPG
		(f)	Owners are required to give Charterers where applicable 30 days firm 15/10/5/3/1 days prior notice of delivery and Charterers are required to give Ownerswhere applicable 40, 30 days and firm 15/10/5/3/1 days prior notice of redelivery.

Laydays/ Cancelling	5.	The vessel shall not be delivered to Charterers before pursuant to the Shipbuilding Contract and Charterers shall have the option of cancelling this charter if the vessel is not ready and at their disposal on or before the cancelling date under the Shipbuilding Contract as this may be extended pursuant to the terms of the Shipbuilding Contract. The Owners shall keep the Charterers informed of any such extension of the cancelling date under the Shipbuilding Contract. Should the Owners elect to perform gas trials following delivery of the vessel to them from the Builder, the vessel shall be delivered to Charterers promptly following completion of the gas trials provided that the vessel has passed the Shell Ship Quality Assurance Process.
Owners to Provide	6.	Owners undertake to provide and to pay for all provisions, wages (Including but not limited to all overtime payments), and shipping and discharging fees and all other expenses of the master, officers and crew; also, except as provided in Clauses 4, and 34 and Additional Clause 4 hereof, for all insurance on the vessel, for all deck, cabin and engine-room stores, and for water; for all drydocking, overhaul, maintenance and repairs to the vessel: and for all fumigation expenses and de-rat certificates. Owners’ obligations under this Clause 6 extend to all liabilities for customs or import duties arising at any time during the performance of this charter in relation to the personal effects of the master, officers and crew, and in relation to the stores, provisions and other matters aforesaid which Owners are to provide and pay for and Owners shall refund to Charterers any sums Charterers or their agents may have paid or been compelled to pay in respect of any such liability, Any amounts allowable in general average for wages and provisions and stores shall be credited to Charterers insofar as such amounts are in respect of a Period when the vessel is on-hire.
Charterers to Provide	7.	(a)	Charterers shall provide and pay for all fuel (except fuel used for domestic services), towage and pilotage and shall pay agency fees, port charges, commissions, expenses of loading and unloading cargoes, canal dues and all charges other than those payable by Owners in accordance with Clause 6 hereof, provided that all charges for the said items shall be for Owners’ account when such items are consumed, employed or incurred for Owners’ purposes or while the vessel is off-hire (unless such items reasonably relate to any service given or distance made good and taken into account under Clause 21 or 22); and provided further that any fuel used in connection with a general average sacrifice or expenditure shall be paid for by Owners.
		(b)	In respect of bunkers consumed for Owners purposes these will be charged on each occasion by Charterers on a first-in-first-out basis valued on the prices actually paid by Charterers.
		(c)	If the trading limits of this charter include ports in the United States of America and/or its protectorates then Charterers shall reimburse Owners for port specific charges relating to additional premiums charged by providers or oil pollution cover, when incurred by the vessel calling at ports in the United States of America and/or its protectorates in accordance with Charterers orders.
Rate of Hire	8.	Subject as herein provided, Charterers shall pay for the use and hire of the vessel at the rate of United States Dollars Eight hundred Ninety Nine Thousand Nine Hundred (US$ 899,900) per month for the Firm Period; United States Dollars, Nine Hundred Seventy Five Thousand (US$ 975,000) per month for the First Optional Period; United States Dollars One Million Seventy Five Thousand (US$ 1,075,000) per month for the Second Optional Period; and United States Dollars, One Million One Hundred Seventy Five Thousand (US$ 1,175,000) per month for the Third Optional Period per day, and pro rata for any part of a month day; from the time and date of her delivery (GMT local time) to Charterers until the time and date of redelivery (GMT local time) to Owners. The respective option rate shall be charged from the anniversary date of the delivery of the vessel.
Payment of Hire	9.	Subject to Clause 3(c) and 3(e), payment of hire shall be made in immediately available funds to: Owners designated bank account without any discount.
		Payment of charter hire stipulated in this Charter Party to be assigned to the bank nominated by the Owners. Account:
		in United States Dollars per calendar month in advance, less:
			(i)	any hire paid which Charterers reasonably estimate to relate to off-hire periods, and;
			(ii)	any amounts disbursed on Owners’ behalf, any advances and commission thereon, and charges which are for Owners’ account pursuant to any provision hereof, and;
			(iii)	any amounts due or reasonably estimated to become due to Charterers under Clause 3(c) or 24 hereof
		any such adjustments to be made at the due date for the next monthly payment after the facts

		have been ascertained. Charterers shall not be responsible for any delay or error by Owners’ bank in crediting Owners’ account provided that Charterers have made proper and timely payment. In default of such proper and timely payment:
		(a)	Owners shall notify Charterers of such default and Charterers shall within seven days of receipt of such notice pay to Owners the amount due, including interest, failing which Owners may withdraw the vessel from the service of Charterers without prejudice to any other rights Owners may have under this charter or otherwise: and
		(b)	Interest on any amount due but not paid on the due date shall accrue from the day after that date up to and including the day When payment is made, at a rate per annum which shall be 1% above the U.S. Prime Interest Rate as published by the Chase Manhattan Bank Wall Street Journal in New York at 12.00 New York time on the due date, or, if no such interest rate is published on that day, the interest rate published on the next preceding day on which such a rate was so published, computed on the basis of a 360 day year of twelve 30-day months, compounded semi-annually
Space Available to Charterers	10.	The whole reach, burthen and decks on the vessel and any passenger accommodation (including Owners’ suite) shall be at Charterers’ disposal, reserving only proper and sufficient space for the vessel's master, officers, crew, tackle, apparel, furniture, provisions and stores, provided that the weight of stores on board shall not, unless specially agreed, exceed [to be confirmed prior to delivery] tonnes at any time during the charter period.
Segregated Ballast	11.	In connection with the Council of the European Union Regulation on the implementation of IMO Resolution A747(18) Owners will ensure that the following entry is made on the International Tonnage Certificate (1989) under the section headed “remarks”: “The segregated ballast tanks comply with the Regulation 13 of Annex 1 of the international Convention for the prevention of pollution from ships, 1973, as modified by the Protocol of 1978 relating thereto, and the total tonnage of such tanks exclusively used for the carriage of segregated water ballast is         The reduced gross tonnage which should be used for the calculation of tonnage based fees is    ”.
Instructions And Logs	12.	Charterers shall from time to time give the master all requisite instructions and selling directions, and the master shall keep a full and, correct log of the voyage or voyages, which Charterers or their agents may inspect as required. The master shall when required furnish Charterers or their agents with a true copy of such log and with property completed loading and discharging port sheets and voyage reports for each voyage and other returns as Charterers may require. Charterers shall be entitled to take copies at Owners’ expense of any such documents which are not provided by the master.
Bills of Lading	13.	(a)	The master (although appointed by Owners) shall be under the orders and direction of Charterers as regards employment of the vessel, agency and other arrangements, and shall sign Bills of Lading as Charterers or their agents may direct (subject always to Clauses 35 (a) and without prejudice to this charter. Charterers hereby indemnify Owners against all consequences or liabilities that may arise;
			(i)	from signing Bills of Lading in accordance with the directions of Charterers or their agents, to the extent that the terms of such Bills of Lading fall to conform to the requirements of this charter (including, without limitation, the provisions of Additional Clauses 3 and 42), or (except as provided in Clause 13(b) from the master otherwise complying with Charterers’ or their agents’ orders;
			(ii)	from any irregularities in papers supplied by Charterers or their agents.
		(b)	If Charterers by telex, facsimile or other form of written communication that specifically refers To this Clause request Owners to discharge a quantity of cargo either without Bills of Lading and/or at a discharge place other than that named in a ▇▇▇▇ of Lading and/or that is different from the ▇▇▇▇ of Lading quantity, then Owners shall discharge such cargo in accordance with Charterer’s instructions in consideration of receiving the following indemnity which shall be deemed to be given by Charterers on each and every such occasion and which is limited in value to 200% of the CIF value of the cargo carried on board;
			"(i)	Charterers shall indemnify Owners and Owners’ servants and agents in respect of any liability loss or damage of whatsoever nature (including legal costs as between attorney or solicitor and client and associated expanses) which Owners may sustain by reason of delivering such cargo in accordance with Charterers’ request.
			(ii)	If any proceeding is commenced against Owners or any of Owners’ servants or agents in connection with the vessel having delivered cargo in accordance with such request, Charterers shall provide Owners or any of Owners’ servants or agents from time to time on demand with sufficient funds to defend the safe proceedings.
			(iii)	If the vessel or any other vessel or property belonging to Owners should be arrested or detained, or if the arrest or detention thereof should be threatened, by reason of discharge in accordance with Charterers instruction as aforesaid, Charterers shall provide on demand such bail or other security as may be required to prevent such arrest or detention or to secure the

				release of such vessel or property and Charterers shall indemnify Owners in respect of any loss, damage or expenses caused by such arrest or detention whether or not same may be justified.
			(iv)	Charterers shall, if called upon to do so at any time while such cargo is in Charterers’ possession, custody or control, redeliver the same to Owners.
			(v)	As soon as all original Bills of Lading for the above cargo which name as discharge port the place where delivery actually occurred shall have arrived and/or come into Charterers’ possession, Charterers shall produce and deliver the same to Owners whereupon Charterers’ liability hereunder shall cease. Provided however, if Charterers have not received all such original Bills of Lading by 24.00 hours on the day 36 calendar months after the date of discharge, that this indemnity shall terminate at that time unless before that time Charterers have received from Owners written notice that:
				a)	Some person is making a claim in connection with Owners delivering cargo pursuant to Charterers request or,
				b)	Legal proceedings have been commenced against Owners and/or carriers and/or Charterers and/or any of their ·respective servants or agents and/or the vessel for the same reason. When Charterers have received such a notice, then this indemnity shall continue in force until such claim or legal proceedings are settled. Termination of this indemnity shall not prejudice any legal rights a party may have outside this indemnity.
			(vi)	Owners shall promptly notify Charterers if any person (other than a person to whom Charterers ordered cargo to be delivered) claims to be entitled to such cargo and/or if the vessel or any other property belonging to Owners is arrested by reason or any such discharge of cargo.
			(vii)	This indemnity shall be governed and construed in accordance with the English law and each and any dispute arising out of or in connection with this indemnity shall be subject to the Jurisdiction of the High Court of Justice of England.
		(c)	Owners warrant that the Master will comply with orders to carry and discharge against one or more Bills of Lading from a set of original negotiable Bills of Lading should Charterers so require,
Conduct Vessel’s Personnel	14.	If Charterers complain of the conduct of the master or any of the officers or crew, Owners shall immediately investigate the complaint. If the complaint proves to be well founded, Owners shall, without delay, make a change in the appointments and Owners shall in any event communicate the result of their investigations to Charterers as soon as possible.
Bunkers at Delivery and Redelivery	15.	Charterers shall accept and pay for all bunkers on board at the time of delivery, and Owners shall on redelivery (whether it occurs at the end of the charter or on the earlier termination of this charter) accept and pay for all bunkers remaining on board, at the price actually paid, on a first-in-first-out basis. Such prices are to be supported by paid invoices. Vessel to be delivered to and redelivered from the charter with, at least, a quantity of bunkers on board sufficient to reach the nearest main bunkering port but always with a minimum quantity of bunkers for nine (9) days full steaming at Service Speed pursuant to Clause 24 of this Charter Party. Owners shall provide an estimate of bunkers on board at Delivery with the seven (7) days firm delivery notice pursuant to Clause 4(e) of this Charter Party, and shall update estimated Bunkers at Delivery with each subsequent delivery notice. Notwithstanding anything contained in this charter all bunkers on board the vessel shall, throughout the duration of this charter, remain the property of Charterers and can only be purchased on the terms specified in the charter at the end of the charter period or, if earlier, at the termination of the charter.
Stevedores Pilots, Tugs	16.	Stevedores, when required, shall be employed and paid by Charterers, but this shall not relieve Owners from responsibility at all times for proper stowage, which must be controlled by the master who shall keep a strict account of all cargo loaded and discharged. Owners hereby indemnify Charterers, their servants and agents against all losses, claims, responsibilities and liabilities arising in any way whatsoever from the employment or pilots, tugboats or stevedores, who although employed by Charterers shall be deemed to be the servants of and in the service of Owners and under the instructions (even if such pilots, tugboat personnel or stevedores are in fact the servants of Charterers their agents or any affiliated company); provided, however, that;
		(a)	the foregoing indemnity shall not exceed the amount to which Owners would have been entitled to limit their liability if they had themselves employed such pilots, tugboats or stevedores, and;
		(b)	Charterers shall be liable for any damage to the vessel caused by or arising out of the use or stevedores, fair wear and tear excepted, to the extent that Owners are unable by the exercise of due diligence to obtain redress therefor from stevedores.
Super-Numeraries	17.	Charterers may send representatives in the vessel’s available accommodation upon any voyage made under this charter, Owners finding provisions and all requisites as supplied to officers, except alcohol, Charterer’s paying at the rate of United States Dollars 15 (fifteen) per day for each representative while on board the vessel. Such representatives to sign the LOI in Owners P&I club wording prior to

		joining the Vessel.
Sub-letting/	18.	Charterers may sub-let the vessel for voyage charter only, but shall always remain responsible to Owners for due fulfilment of
Assignment/Novation		this charter. Additionally Charterers may assign or novate this charter to any company of the Royal Dutch/Shell Group of Companies. Subject to Additional Clause 35 Owners may assign their benefits under this Charter to any bank or financial institution providing finance for the purchase of the vessel.
Final Voyage	19.	If when a payment of hire is due hereunder Charterers reasonably expect to redeliver the vessel before the next payment or hire would fall due, the hire to be paid shall be assessed on Charterers’ reasonable estimate of the time necessary to complete Charterers’ programme up to redelivery, and from which estimate Charterers may deduct amounts due or reasonably expected to become due for;
		(a)	disbursements on Owners’ behalf or charges for Owners’ account pursuant to any provision hereof, and;
		(b)	bunkers on board at redelivery pursuant to Clause 15.
		Promptly after redelivery any overpayment shall be refunded by Owners or any underpayment made good by Charterers.
		If at the time this charter would otherwise terminate in accordance with Clause 4 the vessel is on a ballast voyage to a port of redelivery or is upon a laden voyage, Charterers shall continue to have the use of the vessel at the same rate and conditions as stand herein for as long as necessary to complete such ballast voyage, or to complete such laden voyage and return to a port of redelivery as provided by this charter, as the case may be.
Loss of Vessel	20.	Should the vessel be lost, this charter shall terminate and hire shall cease at noon on the day of her loss; should the vessel be a constructive total loss, this charter shall terminate and hire shall cease at noon on the day on which the vessel’s underwriters agree that the vessel is a constructive total loss; should the vessel be missing, this charter shall terminate and hire shall cease at noon on the day on which she was last heard of. Any hire paid in advance and not earned shall be returned to Charterers and Owners shall reimburse Charterers for the value of the estimated quantity of bunkers m on board at the time of termination, at the price paid by Charterers at the last bunkering port.
Off-hire	21.	(a)	On each and every occasion that there is loss of time (whether by way of interruption in the vessel’s service or, from reduction in the vessel’s performance, or in any other manner);
			(i)	due to deficiency of personnel or stores; repairs; gas-freeing for repairs; time in and waiting to enter dry dock for repairs; breakdown (whether partial or total) of machinery, boilers or other parts of the vessel or her equipment (including without limitation tank coatings); overhaul, maintenance or survey; collision, stranding, accident or damage to the vessel; or any other similar cause preventing the efficient working of the vessel; and such loss continues for more than three consecutive hours (if resulting from interruption in the vessel’s service) or cumulates to more than three hours (if resulting from partial loss of service); or;
			(ii)	due to industrial action by ship’s crew or Owners appointed managers or agents, refusal to sail, breach of orders or neglect of duty on the part of the master, officers or crew; or;
			(iii)	for the purpose of obtaining medical advice or treatment for or landing any sick or injured ▇▇▇▇▇▇ (other than a Charterers’ representative carried under Clause 17 hereof) or for the purpose of landing the body of any person (other than a Charterers’ representative), and such loss continues for more than three consecutive hours; or;
			(iv)	due to any delay in quarantine arising from the master, officers or crew having had communication with the shore at any infected area without the written consent or instructions of Charterers or their agents, or to any detention by customs or other authorities caused by smuggling or other infraction of local law on the part of the master, officers, or crew; or;
			(v)	due to detention of the vessel by authorities at home or abroad attributable to legal action against or breach of regulation by the vessel, the vessel’s owners, or Owners (unless brought about by the act or neglect of Charterers); then; without prejudice to Charterers’ rights under Clause 3 or to any other rights of Charterers hereunder, or otherwise, the vessel shall be off-hire from the commencement of such loss of time until she is again ready and in an efficient state to resume her service from a position not less favourable to Charterers than that at which such loss of time commenced; provided, however, that any service given or distance made good by the vessel whilst off-hire shall be taken into account in assessing the amount to be deducted from hire.
		(b)	If the vessel fails to proceed at any guaranteed speed pursuant to Clause 24, and such failure arises wholly or partly from any of the causes set out in Clause 21(a) above, then the period for which the vessel shall be off-hire under this Clause 21 shall be the difference between;
			(i)	the time the vessel would have required to perform the relevant service at such guaranteed speed, and;
			(ii)	the time actually taken to perform such service (including any loss of time arising from

			Interruption in the performance of such service),
			For the avoidance of doubt, all time included under (ii) above shell be excluded from any computation under Clause 24.
		(c)	Further and without prejudice to the foregoing, in the event of the vessel deviating (which expression includes without limitation putting back, or putting into any port other than that to which she is bound under the instructions' of Charterers) for any cause or purpose mentioned in Clause 21(a), the vessel shall be off-hire from the commencement of such deviation until the time when she is again ready and in an efficient state to resume her service from a position not less favourable to Charterers than that at which the deviation commenced, provided, however, that any service given or distance made good by the vessels whilst so off-hire shall be taken into account in assessing the amount to be deducted from hire. If the vessel, for any cause or purpose mentioned in Clause 21 (a), puts into any port other than the port to which she is bound on the instructions of Charterers, the port charges, pilotage and other expenses at such port shall be borne by Owners. Should the vessel be driven into any port or anchorage by stress of weather hire shall continue to be due and payable during any time lost thereby.
		(d)	If the vessel’s flag state becomes engaged in hostilities, and Charterers in consequence of such hostilities find it commercially impracticable to employ the vessel and have given Owners written notice thereof than from the date of receipt by Owners of such notice until the termination of such commercially impracticability the vessel shall be off-hire and Owners shall have the right to employ the vessel on their own account.
		(e)	Time during which the vessel is off-hire under this charter shall count as part of the charter period except where Charterers declare their option to add off-hire periods under Clause 4 (b)).
		(f)	All references to time in this charter party shall be references to local time except where otherwise stated.
		(g)	Notwithstanding the provisions of Clause 21(a through f) hereof, loss of time due to any of the reasons specified therein or to cleaning of boilers and/or opening up of pistons and/or overhauling of engines, class survey and minor machinery repair, shall be allowed on hire up to a total calculated at the rate of 96 hours per year or pro rata for part of a year.
Periodical	22.	(a)	The vessels are newbuildings so no drydocking is planned during the initial main period of this Charter party, except for emergency. First drydocking is scheduled about sixty (60) months after delivery of each vessel Owners to keep Charterers closely advised about each ships dry docking schedule
			Owners shall propose the port of drydocking and such port is to be subject to Charterers acceptance which is not to be unreasonably withheld.
			Owners have the right and obligation to drydock the vessel, at regular intervals of Owners will provide Charterers with 60 days notice of any drydock intentions to allow Charterers to plan voyages accordingly.
			Charterers shall release the vessels at last discharge port to Owners for the purpose of owners dry-docking the vessel. Owners shall put the vessel in drydock at their expense as soon as practicable after Charterers place the vessel at Owners’ disposal clear of cargo including tank washings and residues.
			Offhire period to be assessed per Cl.21.a of the Agreement. Offhire claimable under the Charter shall be added to the Charter period, at Charterer’s option, at the prevailing charter rate at the time the offhire.
Drydocking			On each occasion Owners shall propose to Charterers a date on which they wish to drydock the vessel, not less than 30 days     before such date, and Charterers shall offer a port for such periodical drydocking and shall take all reasonable steps to make the vessel available as near to such date as practicable. Owners shall put the vessel in drydock at their expense as soon as practicable after Charterers place the vessel at Owners’ disposal clear of cargo other than tank washings and residues. Owners shall be responsible for and pay for the disposal into reception facilities of such tank washings and residues and shall have the right to retain any monies received therefor without prejudice to any claim for loss of cargo under any ▇▇▇▇ of Lading or this charter.

		(b)	If a periodical drydocking is carried out in the port offered accepted by Charterers or otherwise mutually agreed (which must have suitable accommodation for the purpose and reception facilities for tank washings and residues), the vessel shall be off-hire from the time she arrives at such port until drydocking is completed and she is in every way ready to resume Charterers’ service and is at the position at which she went off-hire or a position no less favourable to Charterers, whichever she first attains. However;
			(i)	provided that Owners exercise due diligence in gas-freeing, any time lost in gas-freeing to the standard required for entry into drydock for cleaning and painting the hull shall not count as off-hire, whether lost on passage to the drydocking port or after arrival there (notwithstanding Clause 21), and;
			(ii)	any additional time lost in further gas-freeing to meet the standard required for hot work or entry lo cargo tanks shall count as off-hire, whether lost on passage to the drydocking port or after arrival there.
				Any time which, but for sub-Clause (i) above, would be off-hire, shall not be included in any calculation under Clause 24.
				The expenses of gas-freeing, including without limitation the cost of bunkers, shall be for the Owners account.
		(c)	If Owners require the vessel, instead of proceeding to the offered port, to carry out periodical drydocking at a special port selected by them and not agreed by the Charterers, the vessel shall be off-hire from the time when she is released to proceed to the special port until she next presents for loading in accordance with Charterers’ instructions, provided, however, that Charterers shall credit Owners with the time which would have been taken on passage at the service speed had the vessel not proceeded to drydock. All fuel consumed shall be paid for by owners but Charterers shall credit Owners with the value of the fuel which would have been used on such notional passage calculated at the guaranteed daily consumption for the service speed, and shall further credit Owners with any benefit they may gain in purchasing bunkers at the special port.
		(d)	Charterers shall, insofar as cleaning for .periodical drydocking may have reduced the amount of tank-cleaning necessary to meet Charterers’ requirements, credit Owners with the value of any bunkers which Charterers calculate to have been saved thereby, whether the vessel drydocks at an offered or a special port.
Ship Inspection	23.	Charterers shall have the right at any time during the charter period to make such inspection of the vessel as they may consider necessary. This right may be exercised as often and at such intervals as Charterers in their absolute discretion may determine and whether the vessel is in port or on passage. Owners affording all necessary co-operation and accommodation on board provided, however:
		(a)	that neither the exercise nor the non-exercise, nor anything done or not done in the exercise or non-exercise, by Charterers of such right shall in any way reduce the master’s or Owners’ authority over, or responsibility to Charterers or third parties for, the vessel and every aspect of her operation, nor increase Charterers’ responsibilities to Owners or third parties for the same; and;
		(b)	that Charterers shall not be liable for any act, neglect or default by themselves, their servants or agents in the exercise of non-exercise of the aforesaid right.
		(c)	Charterers representatives to sign Owners P&I Club letter of indemnity prior to boarding.
Detailed Description and Performance	24.	(a)	Owners guarantee that the speed and consumption of the vessel shall be as follows:
			Average speed in knots		Maximum average bunker consumption per day
			Laden		Main propulsion fuel oil/diesel oil tonnes	Auxiliaries fuel oil/diesel oil tonnes
			11.0 12.0 13.0 14.0 15.0 16.0 16.5
			_________		____/_____	____/_____
			_________		____/_____	____/_____
			_________		____/_____	____/_____
			Ballast

			11.5 12.0 13.0 14.0 15.0 16.0 16.5
			_________		____/_____	____/_____
			_________		____/_____	____/_____
			_________		____/_____	____/_____
			Provisional speed and consumption range between 13.0 – 16.5 knots, ballast & laden, based the speed & consumption curves from the shipbuilding contract, to be reviewed six (6) months after delivery of the vessel.  Charterers to order the vessel at various speeds, laden & ballast, during that six (6) months after delivery period.  Final speed & consumption guarantees, up-to Beaufort wind and wave scale 4, basis about 13.0 to 16.5 knots (+/- 0.5 knots) to be agreed after six (6) months and based upon the actual performance of each vessel.
			The foregoing bunker consumptions are for all purposes except cargo heatingcooling and tank cleaning inerting And shall be pro-rated between the speeds shown. The service speed of the vessel if 16.5 knots laden and 16.5 knots in ballast and in the absence of Charterers’ order s to the contrary the vessel shall proceed at the service speed.  In Addition to the above Warranted Speeds and Consumptions, Charterers shall be entitled to order the Vessel to slow steam down to eleven knots laden (11.0 knts) and eleven point five knots ballast (11.5 knts), always excluding transits through recognized Piracy Zones.
			However if more than one laden and one ballast speed are shown in the table above Charterers shall have the right to order the vessel to steam at any speed within the range set out in the table (the “ordered speed”). If the vessel is ordered to proceed at any speed other than the highest speed shown in the table, and the average speed actually attained by the vessel during the currency of such order exceeds such ordered speed plus 0.5 knots (the “maximum recognised speed”), then for the purpose of calculating a decrease of hire under this Clause 24 the maximum recognised speed shall be used in place of the average speed actually attained.
			For the purposes of this charter the “guaranteed speed” at any time shall be the then-current ordered speed or the service speed, as the case may be. The average speeds and bunker consumptions shall for the purposes of this Clause 24 be calculated by reference to the observed distance from pilot station FAOP (full away on passage) to pilot station EOSP (end of sea passage) on all sea passages during each period stipulated in Clause 24 (c), but excluding any time during which the vessel is (or but for Clause 22 (b) (i) would be) off-hire and also excluding “Adverse Weather Periods”, being;
			(i)	any periods during which reduction of speed is necessary for safety in congested and/or draft restricted waters or in poor visibility and/or areas such as restricted channels;
			(ii)	any days, noon to noon, when winds or wave exceed force 48 on the Beaufort Scale for more than 12 hours.
		(b)	If during any year from the date on which the vessel enters service (anniversary to anniversary) the vessel falls below or exceeds the performance guaranteed in Clause 24 (a) then if such shortfall or excess results;
			(i)	From a reduction or an increase in the average speed of the vessel, compared to the speed guaranteed in Clause 24 (a), then an amount equal to the value at the hire rate of the time so lost or gained, as the case may be, shall be included in the performance calculation;
			(ii)	From an increase or a decrease in the total bunkers consumed, compared to the total bunkers which would have been consumed had the vessel performed as guaranteed in Clause 24 (a), an amount equivalent to the value of the additional bunkers consumed or

				the bunkers saved, as the case may be, based on the average price paid by Charterers for the vessel’s bunkers in such period, shall be inducted in the performance calculation.
			The results of the performance calculation for laden and ballast mileage respectively shall be  adjusted to take into account the mileage steamed in each such condition during Adverse Weather  Periods, by dividing such addition or deduction by the number of miles over which the  performance has been calculated and multiplying by the same number of miles plus the miles  steamed during the Adverse Weather Periods, in order to establish the total performance calculation for such period.
			Reduction of hire under the foregoing sub-Clause (b) shall be without prejudice to any other remedy available to Charterers.
	(c)	Calculations under this Clause 24 shall be made for the yearly periods terminating on each successive anniversary of the date on which the vessel enters service, and for the period between the last such anniversary and the date of termination of this charter if less than a year. Claims in respect of reduction of hire arising under this Clause during the final year or part  year of the charter period shall in the first instance be settled in accordance with Charterers’ estimate made two months before the end of the charter period following agreement thereon between Charterers and Owners.  Any necessary adjustment after this charter terminates shall be made by payment by Owners to Charterers or by Charterers to Owners as the case may require.
	(d)	Owners and Charterers agree that this Clause 24 is assessed on the basis that Owners are not entitled to additional hire for performance in excess of the speeds and consumptions given in this Clause 24. Notwithstanding the above, Owners not to claim for over-performance but any claim from Charterers for under-performance is to be off-set against over-performance.
Salvage	25.	Subject to the provisions of Clause 21 hereof, all loss of time and all expenses (excluding any damage to or loss of the vessel or tortious liabilities to third parties) incurred in saving or attempting to save life or in successful or unsuccessful attempts at salvage shall be borne equally by Owners and Charterers provided that Charterers shall not be liable to contribute towards any salvage payable by Owners arising in any way out of services rendered under this Clause 25 . All salvage and all proceeds from derelicts shall be divided equally between Owners and Charterers after deducting the master’s, officers’ and crew’s share.
Lien	26.	Owners shall have a lien upon all cargoes and all freights, sub-freights and demurrage for any amounts due under this charter; and Charterers shall have a lien on the vessel for all monies paid in advance and not earned, and for all claims for damages arising from any breach by Owners of this charter.
Exceptions	27.	(a)	The vessel, her master and Owners shall not, unless otherwise in this charter expressly provided, be liable for any loss or damage or delay or failure arising or resulting from any act, neglect or default of the master, pilots, mariners or other servants of Owners in the navigation or management of the vessel; fire, unless caused by the actual fault or privity of Owners; collision or stranding; dangers and accidents of the sea; explosion, bursting of boilers, breakage of shafts or any latent defect in hull, equipment or machinery; provided, however, that Clauses 1. 2, 3 and 24 hereof shall be unaffected by the foregoing. Further, neither the vessel, her master or Owners, nor Charterers shall, unless otherwise in this charter expressly provided, be liable for any loss or damage or delay or failure in performance hereunder arising or resulting from act of God, act of war, seizure under legal process, quarantine restrictions, strikes, lock-outs, riots, restraints of labour, civil commotions or arrest or restraint of princes, rulers or people.
		(b)	The vessel shall have liberty to sail with or without pilots, to tow or go to the assistance of vessels in distress and to deviate for the purpose of saving life or property.
		(c)	Clause 27(a) shall not apply to, or affect any liability of Owners or the vessel or any other relevant person in respect of;
			(i)	loss or damage caused to any berth, jetty, dock, dolphin, buoy, mooring line, pipe or crane or other works or equipment whatsoever at or near any place to which the vessel may proceed under this charter, whether or not such works or equipment belong to Charterers, or;
			(ii)	any claim (whether brought by Charterers or any other person) arising out of any loss of or damage to or in connection with cargo. Any such claim shall be subject to the Hague-Visby Rules or the Hague Rules or the Hamburg Rules, as the case may be, which ought pursuant to Clause 38 hereof to have been incorporated in the relevant ▇▇▇▇ of Lading (whether or not such Rules were so incorporated) or, if no such ▇▇▇▇ of Lading is issued, to the Hague-Visby Rules unless the Hamburg Rules compulsorily apply in which case to the Hamburg Rules.
		(d)	In particular and without limitation, the foregoing subsections (a) and (b) of this Clause shall not apply to or in any way affect any provision in this charter relating to off-hire or to reduction of hire.
Injurious Cargoes	28.	No acids, explosives or cargoes injurious to the vessel shall be shipped and without prejudice to the foregoing any damage to the vessel caused by the shipment of any such cargo, and the time taken to

		(b)	if in the reasonable opinion of the master or Owners it becomes, for any of the reasons set out  in Clause 35(a) or by the operation of international law, dangerous, impossible or prohibited for the vessel to reach or enter, or to load or discharge cargo at, any place to which the vessel  has been ordered pursuant to this charter (a "place of peril"), then Charterers or their agents shall be immediately notified in writing or by radio messages, and Charterers shall thereupon  have the right to order the cargo, or such part of it as may be affected, to be loaded or discharged, as the case may be, at any other place within the trading limits of this charter (provided such other place is not itself a place of peril). If any place of discharge is or becomes a place of peril, and no orders have been received from Charterers or their agents  within 48 hours after dispatch of such messages, then Owners shall be at liberty to discharge the cargo or such part of it as may be affected at any place which they or the master may in their or his discretion select within the trading limits of this charter and such discharge shall be deemed to be due fulfilment of Owners' obligations under this charter so far as cargo so discharged is concerned.
		(c)	The vessel shall have liberty to comply with any directions or recommendations as to departure, arrival, routes, ports of call, stoppages, destinations, zones, waters, delivery or in any other wise whatsoever given by the government of the state under whose flag the vessel sails or any other government or local authority or by any person or body acting or purporting to act as or with the authority of any such government or local authority including any de facto government or local authority or by any person or body acting or purporting to act as or with the authority of any such government or local authority or by any committee or person having under the terms of the war risks insurance on the vessel the right to give any such directions or recommendations. If by reason of or in compliance with any such directions or recommendations anything is done or is not done, such shall not be deemed a deviation. if by reason of or in compliance with any such direction or recommendation the vessel does not proceed to any place of discharge to which she has been ordered pursuant to this charter, the vessel may proceed to any place which the master or Owners in his or their discretion select and there discharge the cargo or such part of it as may be affected. Such discharge shall be deemed to be due fulfilment of Owners’ obligations under this charter so far as cargo so discharged is concerned. Charterers shall procure that all Bills of Lading issued under this charter shall contain the Chamber of Shipping War Risks Clause 1952,
Both to Blame Collision Clause	36.	If the liability for any collision in which the vessel is involved while performing this charter fails to be determined in accordance with the laws of the United States of America, the following provision shall apply: “If the ship comes into collision with another ship as a result of the negligence of the other ship and any act, neglect or default of the master, mariner, pilot or the servants of the carrier in the navigation or in the management of the ship, the owners of the cargo carried hereunder will indemnify the carrier against all loss, or liability to the other or non-carrying ship or her owners in so far as such loss or liability represents loss of, or damage to, or any claim whatsoever of the owners of the said cargo, paid or payable by the other or non-carrying ship or her owners to the owners of the said cargo and set off, recouped or recovered by the other or non-carrying ship or her owners as part of their claim against the carrying ship or carrier.” “The foregoing provisions shall also apply where the owners, operators or those in charge of any ship or ships or objects other than, or in addition to, the colliding ships or objects are at fault in respect of a collision or contact.” Charterers shall procure that all Bills of Lading issued under this charter shall contain a provision in the foregoing terms to be applicable where the liability for any collision in which the vessel is  involved falls to be determined in accordance with the laws of the United States of America.
New ▇▇▇▇▇ Clause	37.	General average contributions shall be payable according to York/Antwerp Rules, 1994, as amended from time to time, and shall be adjusted in London in accordance with English law and practice but should adjustment be made in accordance with the law and practice of the United States of America, the following position shall apply: “In the event of accident, danger, damage or disaster before or after the commencement of the voyage, resulting from any cause whatsoever, whether due to negligence or not, for which, or for the consequence of which, the carrier is not responsible by statute, contract or otherwise, the cargo, shippers, consignees or owners of the cargo shall contribute with the carrier in general average to the payment of any sacrifices, losses or expenses of a general average nature that may be made or incurred and shall pay salvage and special charges incurred in respect of the cargo.” “If a salving ship is owned or operated by the carrier, salvage shall be paid for as fully as if the said salving ship or ships belonged to strangers. Such deposit as the carrier or his agents may deem sufficient to cover the estimated contribution of the cargo and any salvage and special charges thereon shall, if required, be made by the cargo, shippers, consignees or owners of the cargo to the carrier before delivery.” Charterers shall procure that all Bills of Lading issued under this charter shall contain a provision in the foregoing terms, to be applicable where adjustment of general average is made in accordance with the laws and practice of the United States of America

Clause Paramount	38.	Charterers shall procure that all Bills of Lading issued pursuant to this charter shall contain the following: “(1)Subject to sub-clause (2) or (3) hereof, this ▇▇▇▇ of Lading shell be governed by, and have  effect subject to, the rules contained in the International Convention for the Unification of Certain Rules relating to Bills of Lading signed at Brussels on 25th August 1924 (hereafter the “Hague Rules”) as amended by the Protocol signed at Brussels on 23rd February 1968 (hereafter the “Hague-Visby Rules”). Nothing contained herein shall be deemed to be either a surrender by the carrier of any of his rights or immunities or any increase of any of his responsibilities or liabilities  under the Hague-Visby Rules.” “(2)If there is governing legislation which applies the Hague Rules compulsorily to this ▇▇▇▇ of Lading, to the exclusion of the Hague-Visby Rules, then this ▇▇▇▇ of Lading shall have effect subject to the Hague Rules. Nothing therein contained shall be deemed to be either a surrender by the carrier of any of his rights or immunities or an increase of any of his responsibilities or liabilities under the Hague Rules.” (3) If there is governing legislation which applies the United Nations Convention on the Carriage of Goods by Sea 1978 (hereafter the Hamburg Rules) compulsorily to this ▇▇▇▇ of Lading, to the  exclusion of the Hague-Visby Rules, then this ▇▇▇▇ of Lading shall have effect subject to the Hamburg Rules. Nothing therein contained shall be deemed to be either a surrender by the carrier of any of his  rights or immunities or an increase of any of his responsibilities or liabilities under the Hamburg Rules.” “(4)If any term of this ▇▇▇▇ of Lading is repugnant to the Hague-Visby Rules, or Hague Rules, or Hamburg Rules, as applicable, such term shall be void to that extent but no further.” “(5)Nothing in this ▇▇▇▇ of Lading shall be construed as in any way restricting, excluding or  waiving the right of any relevant party or person to limit his liability under any available legislation and/or law.”
Insurance/ITOPF	39.	Owners warrant that the vessel is now, and will, throughout the duration of the charter:
		(a)	be owned or demise chartered by a member of the international Tanker Owners Pollution Federation Limited;
		(b)	be properly entered in _____ P&I Clubs; (Owners to confirm P&I Club latest one month prior to  delivery of the vessel)
		(c)	have in place insurance cover for oil pollution for the maximum on offer through the International Group of P&I Clubs but always a minimum of United States Dollars 1,000,000,000 (one thousand million);
		(d)	have in full force and effect Hull and Machinery insurance placed through reputable brokers on institute Time Clauses or equivalent for the value of United States Dollars                as from time to time may be amended with Charterers approval, which shall not be unreasonably withheld. (Owners to advise H+M value latest one month prior to delivery of the vessel)
		Owners will provide, within a reasonable time following a request from Charterers to do so, documented evidence of compliance with the warranties given in this Clause 39.
Export Restrictions	40.	The master shall not be required or bound to sign Bills of Lading for the carriage of cargo to any place to which export of such cargo is prohibited under the laws, rules or regulations of the country in which the cargo was produced and/or shipped. Charterers shall procure that all Bills of Lading issued under this charter shall contain the following clause; “If any laws rules or regulations applied by the government of the country in which the cargo was produced and/or shipped, or any relevant agency thereof, impose a prohibition on export of the cargo to the place of discharge designated in or ordered under .this ▇▇▇▇ of Lading, carriers shall be entitled to require cargo owners forthwith to nominate an alternative discharge place for the discharge of the cargo, or such part of it as may be affected, which alternative place shall not be subject to the prohibition, and carriers shall be entitled to accept orders from cargo owners to proceed to and discharge at such alternative place. If cargo owners fail to nominate an alternative place within 72 hours after they or their agents have received from carriers notice of such prohibition, carriers shall be at liberty to discharge the cargo or such part of it as may be affected by the prohibition at any safe place on which they or the master may in their or his absolute discretion decide and which is not subject to the prohibition, and such discharge shall constitute due performance of the contract contained in this ▇▇▇▇ of Lading so far as the cargo so discharged is concerned”. The foregoing provision shall apply mutatis mutandis to this charter, the references to a ▇▇▇▇ of Lading being deemed to be references to this charter.
Business Principles	41.	Owners will co-operate with Charterers to ensure that the Business Principles, as amended from time to time, of the Royal Dutch/Shell Group of Companies, which are posted on the Shell Worldwide Web (▇▇▇.▇▇▇▇▇.▇▇▇), are complied with.
Drugs and Alcohol	42.	(a) Owners warrant that they have in force an active policy covering the vessel which meets or exceeds the standards set out in the “Guidelines for the Control of Drugs and Alcohol On Board Ship” as published by the Oil Companies International Marine Forum (OCIMF) dated

		January 1990 (or any subsequent modification, version, or variation of these guidelines) and that this policy will remain in force throughout the charter period, and Owners will exercise due diligence to ensure the policy is complied with. (b) Owners warrant that the current policy concerning drugs and alcohol on board is acceptable to ExxonMobil and will remain so throughout the charter period.
Oil Major Acceptability	43.	If, at any time during the charter period, the vessel becomes unacceptable to any Oil Major, Charterers shall have the right to terminate the charter.  See Additional Clause 21 – SIRE/CDI Inspection/Approvals
Pollution and Emergency Response	44.	Owners are to advise Charterers of organisational details and names of Owners personnel together with their relevant telephone/facsimile/e-mail/telex numbers, including the names and contact details of Qualified individuals for OPA 90 response, who may be contacted on a 24 hour basis in the event of oil spills or emergencies.
ISPS Code/US MTSA 2002	45.	(a)	(i)	From the date of coming into force of the International Code for the Security of Ships and of Port Facilities and the relevant amendments to Chapter XI of SOLAS (ISPS Code) and the US Maritime Transportation Security Act 2002 (MTSA) in relation to the Vessel and thereafter during the currency of this charter, Owners shall procure that both the Vessel and “the Company” (as defined by the ISPS Code) and the owner(as defined by the MTSA) shall comply with the requirements of the ISPS Code relating to the Vessel and "the Company" and the requirements of MTSA relating to the vessel and the owner. Upon request Owners shall provide documentary evidence of compliance with this Clause 45(a) (1).
			(ii)	Except as otherwise provided in this charter, loss, damage, expense or delay, caused by ‘failure on the part of Owners or “the Company/owner to comply with the  requirements of the ISPS Code/MTSA or this Clause shall he for Owners’ account.
		(b)	(i)	Charterers shall provide Owners/Master with their full style contact details and shall  ensure that the contact details of all sub-charterers are likewise provided to Owners/Master. Furthermore, Charterers shall ensure that all sub-charter parties they  enter into during the period of this charter contain the following provision: “The Charterers shall provide the Owners with their full style contact details and, where sub-letting is permitted under the terms of the charter party, shall ensure that the  contact details of all sub-charterers are likewise provided to the Owners”.
			(ii)	Except as otherwise provided in this charter, loss, damage, expense or delay, caused by failure on the part of Charterers to comply with this sub-Clause 45(b) shall be for Charterers’ account.
		(c)	Notwithstanding anything else contained in this charter costs or expenses related to security regulations or measures required by the port facility or any relevant authority in accordance with the 1SPS Code/MTSA including, but not limited to, security guards, launch services, tug escorts, port security fees or taxes and inspections, shall be for Charterers’ account, unless such costs or expenses result solely from Owners’ negligence in which case such costs or expenses shall be for Owners account. All measures required by Owners to comply with the security plan required by the ISPS Code/MTSA shall be for Owners’ account.
		(d)	Notwithstanding any other provision of this charter, the vessel shalt not be off-hire where there is a loss of time caused by Charterers failure to comply with the ISPS Code/MTSA(when in force ).
		(e)	If either party makes any payment which is for the other party’s account according to this Clause, the other party shall indemnify the paying party.
Law and Litigation	46.	(a)	This charter shall be construed and the relations between the parties determined in accordance with the laws of England.
		(b)	All disputes arising out of this charter shall be referred to Arbitration in London in accordance with the Arbitration ▇▇▇ ▇▇▇▇ (or any re-enactment or modification thereof for the time being in force) subject to the following appointment procedure:
			(i)	The parties shall jointly appoint a sole arbitrator not later than 28 days after service of a request in writing by either party to do so.
			(ii)	If the parties are unable or unwilling to agree the appointment of a sole arbitrator in accordance with (i) then each party shall appoint one arbitrator, in any event not later than 14 days after receipt of a further request in writing by either party to do so. The two arbitrators so appointed shall appoint a third arbitrator before any substantive hearing or forthwith if they cannot agree on a matter relating to the arbitration.
			(iii)	If a party fails to appoint an arbitrator within the time specified in (ii) (the Party in Default), the party who has duly appointed his arbitrator shall give notice in writing to the Party in Default that he proposes to appoint his arbitrator to act as sole arbitrator.
			(iv)	If the Party in Default does not within 7 days of the notice given pursuant to (iii) make The required appointment arid notify the other party that he has done so the other party may appoint his arbitrator as sole arbitrator whose award shall be binding on both parties as if he had been so appointed by agreement.
			(v)	Any Award of the arbitrator(s) shall be final and binding and not subject to appeal.

			(vi)	For the purposes of this clause 46(b)any requests or notices in writing shall be sent by fax, e-mail or telex and shell be deemed received on the day of transmission.
		(c)	It shall be a condition precedent to the right of any party to a stay of any legal proceedings in which maritime property has been, or may be, arrested in connection with a dispute under this charter, that that party furnishes to the other party security to which that other party would have been entitled in such legal proceedings in the absence of a stay.
Confidentiality	47.	All terms and conditions of this charter arrangement shall be kept private and confidential save to the extent either party is obliged to disclose the terms of this charter arrangement by a court of competent jurisdiction, government department or agency thereof or any regulatory body having jurisdiction. In addition, either party is entitled to disclose the terms of this charter (including the outcome of any arbitration proceedings relating thereto) to its professional advisers as well as to the Owner’s guarantor.
Construction	48.	The side headings have been included in this charter for convenience of reference and shall in no way affect the construction hereof.
		Appendix A:		OCIMF Vessel Particulars Questionaire Gas Form C and Q88 for the vessel, as attached, shall be incorporated herein. (Owners to provide when produced)
		Appendix B:		Shell Safety and Environmental Monthly Reporting Template, as attached, shall be incorporated herein.
		Appendix C:		Deed of Quiet Enjoyment, as attached, shall be incorporated herein.
		Appendix D:		Shipbuilding Contract and Technical Specifications for Hull No. S882, between VLGC BETA Owning Ltd. and Hyundai Samho Heavy Industries Co. Ltd, dated 10th September 2015, with commercial terms blacked out of Shipbuilding Contract, shall be deemed incorporated herein and shall be made available by Owner upon request.
		Appendix E:		Guarantee of TCP obligations, as attached, shall be incorporated herein.
Additional Clauses:		As attached, Additional Clauses 1-47 shall be incorporated herein.

SIGNED FOR OWNERS /s/ Nicolas Tirogalas		SIGNED FOR CHARTERERS /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
FULL NAME ▇▇▇▇▇▇▇ TIROGALAS		FULL NAME  ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
POSITION  Attorney-in-fact		POSITION  Regionals Team Leader

Shall Safety and Environmental Monthly Reporting Template	Return to: Shell Trading HSE & Shipping Standards Charterers marked for the attention of:           OTS/43
	Fax:	▇▇▇(▇)▇▇ ▇▇▇▇ ▇▇▇▇
	Phone:	▇▇▇(▇)▇▇ ▇▇▇▇ ▇▇▇▇
	Emails:  ▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇

Time Chartered Vessel Name
Management Company
Month

OIL SPILLS INCIDENTS (Any amount entering the water) Approximate volume in barrels and brief details
ANY OTHER INCIDENTS resulting in or having potential for injury, damage or loss

A. No. Of Crew:
B. Days in month / period:
EXPOSURE HOURS (A x B x 24):

LOST TIME INJURIES (LTI’S) Including brief details/any treatments

TOTAL RECORDABLE CASE INJURIES (TRC’S) including brief details/any treatments

Name:

Phone:

Fax:

Email:

Shall Safety and Environmental Monthly Reporting Template	Return to:  Shell Trading HSE & Shipping Standards Charterers marked for the attention of: OTS/43
	Fax: ▇▇▇(▇)▇▇ ▇▇▇▇ ▇▇▇▇
	Phone: ▇▇▇(▇)▇▇ ▇▇▇▇ ▇▇▇▇
	Emails:  ▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇.▇▇▇

Time Chartered Vessel Name
Management Company
Month

Notes:	Please enter zero i.e. “0” where any amount is nil (rather than entering “NiI· or N/A”)
	Please do not enter a % sign in the entry boxes for Fuel Sulphur content i.e. if it is 3% then just enter “3”.
	Cargo loaded for LNG vessels should also be reported as tonnes and not as m3.
	If not possible to measure your refrigerants accurately by weighing, please use best estimate

Monthly Consumption - Fuel Oil mt
Sulphur content of Fuel Oil (percentage weight)
Monthly Consumption - Diesel and/or Gas Oil mt
Monthly Consumption (LNG ships only) - Fuel Gases mt

Monthly Distance Steamed
Monthly Cargo Loaded - mt

Halon Release - (ltrs)
Refrigerant Gas - Type
Refrigerant Gas - ROB carried fwd from end last month (kgs)
Refrigerant Gas - Received (kgs)
Refrigerant Gas Consumption - (kgs)
Refrigerant Gas- ROB end of this month (kgs)

Garbage Disposal m3 - At Sea
Garbage Disposal m3 - Incinerated on Board
Garbage Disposal m3 - Sant Ashore

OIL SPILL INCIDENTS (Other than those entering the water) Approx. volume & brief details

DEED OF QUIET ENJOYMENT m.v. “[                    ]”

1     Insert country of vessel’s registration.

	if to be sent to the Owner, to it at
	[
			]
	Fax:	[	]
	Attention:	[	]

	if to be sent to the Charterer, to it at
	[
			]
	Fax:	[	]
	Attention:	[	]

	if to be sent to the Bank, to it at
	[
			]
	Fax:	[	]
	Attention:	[	]

SIGNED and DELIVERED	)
as a deed by	)
the duly authorised	)
attorney for and on behalf of	)
[NAME OF OWNER]	)
in the presence of:-	)

SIGNED and DELIVERED	)
as a deed by	) ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
the duly authorised	) Regional Team Leader
attorney for and on behalf of	) /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
[NAME OF CHARTERER]	)
in the presence of:-	) ▇▇▇▇▇ ▇▇▇▇▇▇
	) /s/ ▇▇▇▇▇ ▇▇▇▇▇▇

SIGNED and DELIVERED	)
as a deed by	)
the duly authorised	)
attorney for and on behalf of	)
[NAME OF BANK]	)
in the presence of:-	)

By:

By:

Point A:	04°22’N 007° 45’W	Cape Palmas
Point B:	01°22’N 007° 45’W	200 nautical miles south of Cape Palmas
Point C:	01° 42’ N 002° 05’W	200 nautical miles south of Cape Three Points
Point D:	03° l0’N 002° 45’E	200 nautical miles SSW of Lagos and 200 nautical miles SW of Cape ▇▇▇▇▇▇▇
Point E:	00°00’N 005° 55’E	45 nautical miles W of southern tip Sao Tome
Point F:	00° 00’N 009° 15’ E	Approx. 30 nautical miles south of Libreville, Gabon

Speed (kts)	Ballast	Laden
13	28.6	29.3
13.5	30.3	31.0
14	32.1	32.8
14.5	34,0	34.8
15	36.0	36.9
15.5	38,2	39.1
16	40.5	41.4
16.5	42.8	44.0