HERE IS THE FULL RECAP WITH ALL SUBJECTS DULY LIFTED.

PRIVATE AND CONFIDENTIAL

------------------------
-CHARTER PARTY DATE: 11TH JAN 2008

-BROKER:

-CHARTERER:

-OWNER:

-VESSEL DESCRIPTION:

VESSEL'S NAME:
BUILT:
FLAG:
REGISTRY:
CLASSED: D.N.V.
P AND I CLUB: WEST OF ENGLAND
SUMMER DEADWEIGHT:
SUMMER DRAFT: METRES
LENGTH OVERALL: METRES
BEAM: METRES
TPC ON SUMMER DRAFT: METRIC TONNES
KEEL TO MAST HEIGHT: METRES
BOW TO CTR MANIFOLD: METRES
CUBIC CAP AT 98 PCT: CUBIC METRES
EXCLUDING SLOPTANKS
SLOP TANKS CAP 98%: CUBIC METRES
CARGO TANK COATINGS: YES-TAR EPOXY
INERT GAS SYSTEM: YES
VENTING SYSTEM: HIGH VELOCITY VENTS
SBT/CBT: SBT
HOSE HANDLING CRANES: 2 X 15 METRIC TONNES
H+M VALUE(INSURED VALUE): USD MILLION
(OTHER DESCRIPTION AS PER QUESTIONNAIRE 88 AND FORM B)

-POSITION: EXPECTED F.O.C. SINGAPORE 25 MARCH 2008 AGW WSNP

-SPEED AND CONSUMPTIONS, GIVEN IN METRIC TONNES ARE BASIS

WEATHER AND SAFE NAVIGATION UP TO AND INCLUDING BEAUFORT FOUR(4).
THIS ONLY FOR REFERENCE, WITHOUT GUARANTEE.

ALL PERFORMANCES UPTO AND INCLUDING BEAUFORT FORCE FOUR(4)

SPEED AND CONSUMPTION ARE BASED ON 24 HRS UP TO FOUR(4) BEAUFORT SCALE
BASIS FULL AWAY ON SEA PASSAGE (FAOP) TILL END OF SEA PASSAGE (EOSP),
EXCLUDING FOG AND/OR PASSAGE IN RESTRICTED AND/OR CONGESTED WATERS,
TRANSITING CANALS, AND/OR ADVERSE CURRENT AND/OR WHEN COMPLYING WITH
SLOW STEAMING INSTRUCTIONS AND/OR ALL SHORT VOYAGES OF LESS THAN 8
HOURS
THAT MAY HAVE BEEN ISSUED BY CHARTERERS

-LADEN BALLAST AUXILLIARIES:

13.0K 43.0 41.5 3.5
13.5K 44.5 42.5 3.5
14.0K 45.5 43.0 3.5

-SPEED AND WARRANTIES TO APPLY FOR:

13.0 KNOTS/LADEN AND 13.5 KNOTS/BALLAST@BEAUFORT SCALE 4

-CONSUMPTION FOR LOADING:

BOILER CONSUMPTION - 16 METRIC TONNES PER DAY
[Link] CONSUMPTION: 4.0 METRIC TONNES PER DAY

-CONSUMPTION FOR DISCHARGING OF FULL CARGO:

57 METRIC TONNES PER DAY INCLUDING [Link] CONSUMPTION

-CONSUMPTION WHILST IDLE/PORT STAY:

FOR BOILERS WITH FWG RUNNING BY STEAM- ... METRIC TONNES PER DAY
WITHOUT FWG RUNNING - 6.0 METRIC TONNES PER DAY
FOR AUXILIARY ENGINE - 3.0 METRIC TONNES PER DAY

-CONSUMPTION FOR HEATING:

8-25 METRIC TONNES PER DAY
AUXILIARY ENGINE - 3.3-3.7 METRIC TONNES PER DAY

-INERTING ALL TANKS:

25 METRIC TONNES PER DAY
TANK CLEANING: 60 METRIC TONNES PER DAY

-QUANTITY OF FRESH WATER DISTILLED BY VESSEL PER DAY:

16 -17 METRIC TONNES PER DAY
AVERAGE QUANTITY OF FRESH WATER CONSUMED BY VESSEL PER DAY
14 METRIC TONNES PER DAY

-CHARTER PERIOD:
SIX(6) CONSECUTIVE MONTHS (ORIGINAL PERIOD) TIME CHARTER
WITH CHARTERER'S OPTION ANOTHER SIX(6) CONSECUTIVE MONTHS
(OPTIONAL PERIOD) WITH UPTO MAXIMUM TWENTY(20) DAYS MORE
OR LESS IN CHARTERER'S OPTION IF EXERCISED BY THE CHARTERER,
THE MAXIMUM TWENTY(20) DAYS PERIOD IS APPLICABLE ONCE ONLY
AND SHALL BE APPLIED AT THE END OF THE CHARTER.
OPTIONAL PERIOD SHALL BE DECLARED BY CHARTERER NOT LATER THAN
THIRTY(30) DAYS PRIOR TO EXPIRY OF THE ORIGINAL PERIOD.

-CARGO:
GRADE: CRUDEOIL AND/OR DIRTY PETROLEUM PRODUCTS INCLUDING
FUELOIL AND CONDENSATE BUT EXCLUDING CARBON BLACK FEEDSTOCK

HEATING:
VESSEL ABLE MAINTAIN LOADED TEMPERATURE AND OR HEAT
UP FROM LOADED TEMPERATURE UPTO MAXIMUM 135 DEGREES
FAHRENHEIT.
VESSEL ABLE TO RECEIVE CARGO WITH TEMPERATURE UPTO
MAXIMUM 160 DEGREES FAHRENHEIT
SEGREGATION:
ONE TO THREE GRADES WITH DOUBLE SEGREGATION
WITHIN VESSEL'S NATURAL SEGREGATION.

-TRADING AREA:
ALWAYS LAWFUL AND WITHIN INTERNATIONAL (NON CABOTAGE) TRADE,
WORLDWIDE VIA SAFE PORT(S), SAFE BERTH(S), SAFE ANCHORAGE(S)
ALWAYS WITHIN I.W.L. AND ALWAYS SAFELY AFLOAT, BUT ALWAYS
EXCLUDING ISRAEL, ALBANIA, ERITREA, HAITI,
CUBA, ORINOCO RIVER, ALASKA, MAINE, GULF OF BOTHNIA, SEA OF
AZOV, TURKISH OCCUPIED CYPRUS, IRAQ, ALBANIA, SERBIA/MONTENEGRO,
NORTH KOREA, SYRIA, LEBANON, SIERRA LEONE, CONGO, LIBERIA,
ANGOLA, SOMALIA AND ANY UNITED NATIONS SANCTIONED AREA OR COUNTRY
AND ANY COUNTRY WHICH FROM TIME TO TIME BE PROHIBITED BY THE
VESSEL'S FLAG STATE OR ANY COMPETENT AUTHORITY
IF TRADING US, ALL COST/EXPENSES TO APPLY FOR PAPERS/DOCUMENTS FOR
US ENTRY WILL BE FOR CHTRS A/C.

CHARTERERS SHALL NOT REQUIRE THE VESSEL TO:

1. FORCE ICE
2. FOLLOW ICE BREAKERS
3. TRADE THROUGH ICE (WHETHER THICK OR THIN, SOLID OR BROKEN UP
IN SMALL FLAKES)
4. SAIL THROUGH, OR TO, AREAS AT A TIME WHEN THERE IS A RISK OF
THE VESSEL BECOMING TRAPPED IN OR OTHERWISE EXPOSED TO ICE.

ALL WAR RISK INSURANCE, IF REQUIRED BY OWNER, TO BE FOR CHARTERER'S

ACCOUNT

NO DIRECT TRADING BETWEEN P.R.C. AND TAIWAN OR VICE VERSA.

SEA PILOTS, WHETHER THE USE OF THESE ARE COMPULSORY, RECOMMENDED

OR OPTIONAL ARE ALWAYS TO BE ENGAGED AT OWNER'S/MASTER'S DISCRETION
(EXCEPT WHEN COMPULSORY) AND THE COST OF ENGAGING THEM SHALL ALWAYS
BE FOR CHARTERER'S ACCOUNT.

TRADING TO, THROUGH AND FROM WAR ZONES AREAS ALWAYS SUBJECT TO OWNER'S
PRIOR APPROVAL, WHICH NOT TO BE UNREASONABLY WITHHELD.

CHARTERERS MAY ORDER THE VESSEL TO TRADE BEYOND INSTITUTE WARRANTY

LIMITS SUBJECT TO THE OWNERS' PRIOR CONSENT, WHICH SHALL NOT BE
UNREASONABLY WITHHELD AND CHARTERERS SHALL PAY FOR ANY ADDITIONAL
INSURANCE PREMIUMS REQUIRED BY THE VESSEL'S UNDERWRITERS.

-LAYCAN:
COMMENCING: 0001 HOURS LOCAL TIME ON 10 APRIL 2008
CANCELLING: 2359 HOURS LOCAL TIME ON 12 APRIL 2008

-HIRE:
USD PER DAY OR PRO RATA INCLUDING OVERTIME, PLUS
MONTHLY LUMPSUM OF USD2,500.00 TO COVER OWNER'S
COMMUNICATION COSTS, PAYABLE IN ADVANCE EVERY 30 DAYS
-DELIVERY:
ON DROPPING LAST OUTBOUND SEA PILOT OR ON ARRIVAL PILOT STATION OR AT
ONE SAFE ANCHORAGE EC AUSTRALIA RANGE IN OWNER'S OPTION

-DELIVERY NOTICE:
OWNERS TO GIVE CHARTERERS TENTATIVE DATE AND PLACE OF DELIVERY 15/12/10
DAYS PRIOR DELIVERY FOLLOWED BY FIRM DATE AND PLACE OF DELIVERY 7/5/3/1
DAYS PRIOR TO DELIVERY

-REDELIVERY:
IN CHARTERER'S OPTION ON DROPPING LAST OUTBOUND SEA PILOT OR
ON ARRIVAL PILOT STATION OR AT ONE SAFE ANCHORAGE, SINGAPORE

-REDELIVERY NOTICE:
CHARTERERS ARE TO GIVE OWNERS TENTATIVE DATE AND PLACE OF
DELIVERY 20/15/10 DAYS PRIOR DELIVERY FOLLOWED BY FIRM DATE
AND PLACE OF DELIVERY 7/5/3/1 DAYS PRIOR TO DELIVERY

-SPECIAL PROVISIONS:

-1. OIL MAJORS APPROVAL / ELIGIBILITY CLAUSE:

VESSEL IS IN ALL RESPECT ELIGIBLE FOR TRADING WITHIN, TO AND
FROM ANY PORT(S), PLACE(S) AND AREA(S) PROVIDED FOR IN THIS
CHARTER AND THAT AT ALL TIMES SHE HAS ON BOARD ALL VALID
CERTIFICATES, RECORDS OR OTHER DOCUMENTS REQUIRED FOR THE
CHARTER'S SERVICE, INCLUDING I.T.F. REQUIREMENTS OR EQUIVALENT.
ALL TIME LOST AS A DIRECT CONSEQUENCE OF VESSEL'S NON-COMPLIANCE
WITH AFORESAID GUARANTEE WILL BE FOR OWNERS ACCOUNT.
OWNERS ADVISED TO THE BEST OF THEIR KNOWLEDGE THAT VESSEL'S MAJOR
APPROVAL STATUS AS FOLLOWS:
…..

OWNERS SHALL SECURE AND MAINTAIN ACCEPTABILITY BY MINIMUN TWO OF

FOLLOWING MAJOR OIL COMPANY. BP, EXXONMOBIL, SHELL AND PETRONAS
THROUGHOUT THE ENTIRETY OF THE CHARTER PERIOD.

OWNERS TO MAKE EVERY REASONABLE ENDEAVOUR TO OBTAIN AND/OR MAINTAIN

OTHER OIL COMPANY APPROVALS REQUIRED BY CHARTERERS FROM TIME TO TIME AT
OWNER'S TIME AND COST. CHARTERERS ARE TO MAKE THE VESSEL AVAILABLE FOR
INSPECTION FOR SUCH APPROVALS IF SUCH INSPECTION DOESNT INTERFERE WITH
HER INTENDED TRADING PATTERN.

IF THE VESSEL IS FOUND BY A MAJOR OIL COMPANY TO BE UNACCEPTABLE

DUE TO OWNERS/VESSELS DEFAULT, WHICH SHALL NOT INCLUDE CHANGE OF
REQUIREMENT, OWNERS WILL IMMEDIATELY, UPON RECEIPT OF NOTICE OF
THE SAME, TAKE STEPS TO RECTIFY ANY OUTSTANDING ITEM(S) AT OWNERS'
TIME AND EXPENSE AND NOTIFY THE INVOLVED MAJOR OIL COMPANY (FOR THE
PURPOSE OF THIS CHARTER, MAJOR OIL COMPANIES ARE DEFINED AS ABOVE)
FOR A NEW INSPECTION AT OWNERS' COSTS, IF ANY. IF THE VESSEL
REMAINS UNACCEPTABLE SUCH WILL BE A DEFAULT UNDER THIS CHARTER
PARTY AND CHARTERERS SHALL HAVE THE RIGHT TO TERMINATE THIS
CHARTER IN WRITING WITHIN 7 DAYS FROM OWNERS NOTIFICATION OF SUCH
CONTINUING UNACCEPTABILITY, OTHERWISE THIS CHARTER SHALL REMAIN IN
FULL FORCE AND EFFECT. IT IS UNDERSTOOD THAT VESSEL WILL REMAIN ON
HIRE TILL WHEN OWNERS RECEIVE NOTICE OF CANCELLATION FM CHARTERERS.
UNAVAILABILITY BY OIL MAJORS TO INSPECT OR DELAY CAUSED BY OIL MAJORS
IN UPLOAD SIRE SHALL NOT BE DEEMED A DEFAULT OF OWNER’S OBLIGATION
UNDER THIS CLAUSE.

-2. CHARTER ADMINISTRATIVE CLAUSE:

UNLESS OTHERWISE SPECIFICALLY REQUESTED BY EITHER OWNER OR CHARTERER,
NO FORMAL CHARTER PARTY SHALL BE PREPARED AND SIGNED. THE TERMS AND
CONDITIONS OF THIS CHARTER PARTY SHALL BE RECORDED AND EVIDENCED BY
THE PRODUCTION OF A "FIXTURE RECAP" PREPARED AND SENT BY THE
CHARTERER'S AND OR OWNER'S BROKER TO BOTH OWNER AND CHARTERER, WITHIN
TWENTY FOUR(24) WORKING HOURS OF FIXTURE BEING CONCLUDED.

THE RECAP SHALL STATE THE NAME AND DATE OF THE PRE-PRINTED CHARTER
PARTY FORM, ON WHICH THE CHARTER IS BASED, ALONG WITH ALL
AMENDMENTS/ADDITIONS/ DELETIONS TO SUCH CHARTER PARTY FORM. THE FIXTURE
RECAP SHALL BE CONFIRMED AS CORRECT BY RETURN FROM BOTH PARTIES THROUGH
THE RESPECTIVE CHARTERER'S OR OWNER'S BROKERS WITHIN TWO(2) WORKING
DAYS, FAILING WHICH SHALL BE CONCLUSIVELY DEEMED TO CONSTITUTE THAT
PARTY'S UNQUALIFIED ACCEPTANCE OF THE FIXTURE CONFIRMATION NOTICE AND
OR RECAP.

-3. FREIGHT PAYABLE IN [Link] VIA TELEGRAPHIC TRANSFER TO:

-4. COMMISSION:
1.25 PERCENT ADDRESS COMMISSION TO CHARTERERS DEDUCTABLE AT SOURCE
1.25 PERCENT BROKERAGE COMMISSION PAYABLE BY OWNERS TO BROKER

-5. BUNKERS:
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 "FIRST-IN-FIRST-OUT" BASIS. SUCH PRICES ARE
TO BE SUPPORTED BY PAID INVOICES. BUNKERS QUANTITY REMAINING ON BOARD
ON DELIVERY / REDELIVERY SHALL BE DECLARED BY MASTER.

-SHELLTIME 4 CHARTER PARTY, ISSUED DECEMBER 1984 AMENDED DECEMBER 2003

TO APPLY WITH THE FOLLOWING AMENDMENTS/DELETION/ADDITIONS:-

-ADDITIONAL CLAUSES:

-TAX CLAUSE:
ANY TAXES AND/OR DUES ON CARGO AND/OR FREIGHT AND/OR CHARTER HIRE
TO BE FOR CHATTERERS’ ACCOUNT. AND TAXES AND/OR DUES ON THE VESSEL
TO BE FOR OWNERS’ ACCOUNT.

-SLOP CLAUSE:
ALL SLOPS ON BOARD THE VESSEL SHALL BE KEPT SEGREGATED FROM CARGO.
CHARTERERS SHALL PAY DIRECT COST FOR SLOP DISPOSAL EXCEPT THAT
DISPOSAL IS DUE TO OWNERS PURPOSE SUCH AS PERIODICAL OR EMERGENCY
DOCKING. VESSEL SHALL BE FREE OF SLOPS FOR DELIVERY AND REDELIVERY.
-STS CLAUSE:
CHARTERERS SHALL HAVE THE RIGHT TO REQUIRE THE VESSEL TO PERFORM SAFE
LIGHTERAGE OPERATIONS AND/OR SHIP-TO-SHIP TRANSFER OPERATIONS AT SAFE
POSITION AND/OR ANCHORAGE AND/OR AT SAFE SEA ENROUTE THERETO AND THESE
LIGHTERAGE/SHIP-TO-SHIP SHALL BE CONDUCTED IN ACCORDANCE WITH THE
PROVISIONS OF THE LATEST ISC/OCIMIF TRANSFER GUIDE(PETROLEUM). ALL
EXTRA EQUIPMENT REQUIRED FOR SUCH TRANSFER OPERATIONS SHALL BE PROVIDED
BY CHARTERERS AT THEIR EXPENSES AND CHARTERERS SHALL REIMBURSE OWNERS
FOR ANY ADDITIONAL INSURANCE PREMIUMS OCCURRED, IF ANY. ABOVE ALWAYS
SUBJECT TO MASTER'S APPROVAL, FOR WHICH REASONS NOT TO BE UNREASONABLY
WITHHELD.

-B/L RE-ISSUE CLAUSE:

OWNERS SHALL AGREE BILLS OF LADING TO BE REISSUED IN ACCORDANCE WITH
CHARTERERS' REQUEST PROVIDED THAT THE FIRST-ISSUED BILLS OF LADING HAVE
BEEN DULY COLLECTED BY MASTER OR OWNERS OR THEIR AGENTS, AND THAT
CHARTERERS HAVE ISSUED A LETTER OF INDEMNITY AS PER OWNERS' PROTECTION
AND INDEMNITY CLUB WORDING.
-COMMINGLING/BLENDING/ADDING DYES ALLOWED AS PER OWNER'S P&I CLUB LOI
WORDINGS.

-CHARTERERS’ LIABILITY AND INDEMNIFICATION CLAUSE:

CHARTERERS IS FULLY LIABLE AND INDEMNITY OWNERS FOR ALL ACTIONS OF
CHARTERERS ON BOARD REPRESENTATIVES WHICH MAY CAUSE DAMAGE TO VESSEL
HERSELF, HER CREW, HER OPERATION.

-IT IS MUTUALLY UNDERSTOOD THAT THE VESSEL IS STRICTLY PROHIBITED TO BE

EMPLOYED AS DEDICATED FLOATING STORAGE OR DEDICATED SHIP TO SHIP
TRANSFER VESSEL.

END RECAP