ITALIA CHARTERING

CHARTERING TERMS 1. Charterers shall have the option to lighten the Vessel via ship to ship transfer (weather permiting and subject to Master's approval which not to be unreasonably withheld) at anchor or underway off any port in the discharge port range as per Part I of this Charter Party. Charterers will provide all fenders, hoses and equipments, necessary to perform the lighterage operation. Owners to agree to allow supervisory personnel on board, including mooring Master to assist in the performance of the lighterage operation. All time consumed from vessel's arrival at the lighterage location to hoses off following 5ghtering is to count as used laytime. Freight payment is to be based on entire cargo quantity loaded from actual loadport(s) to the actual final discharge port(s). The lightering station shall not count as second discharge berth in the computation of freight rate from published Worldscale 100 rates, 2. Charterers shall have the option to load vessel via ship-to-ship transfer (weather permitting and subject to Masters approval which not to be unreasonably withheld) at anchor or underway off any port in the load port range as per Part I of this Charter Party. Charterers will provide all fenders, hoses and equipment necessary to perform the loading operation, Owners to agree to allow supervisory personnel onboard, including mooring Master to assist in the performance ct the loading operation. Time shall commence upon expiration of six hours after receipt of Notice of Readiness on lighterage location until hoses disconnected excluding deballast time. Freight payment is to be based on entire cargo quantity loaded from actual load port(s) to the actual final discharge port(s). 3. It lightering is required to berth at a discharge port, it may be necessary to lighter the vessel while anchored at anchorage. Laytime at anchorage (whether or not the Vessel is on demurrage) shall begin six hours after receipt of Notice of Readiness by Charterers or when first lighter barge arrives alongside, whichever occurs first, and shall end when vessel weighs anchor to proceed to a berth. Laytime shall begin again upon the vessel's arrival in berth (i.e. all fast at the discharging wharf). Although the time used in such lightering shall count as laytime, such anchorage shall not be considered a second discharge port or second discharge berth and running time from anchorage to such discharge port or berth shall not count as laytime (whether or not the vessel is on demurrage). 4. Discharge port shown in Bill of Lading not constitute a declaration of discharge port, ad Charterers to have the right to order the vessel to any port within terms of the Charter party. Charterers hereby indemnify owners against claims brought by holders of Bills of Lading against Owners by reason of change of destination. Should Bills of Lading not arrive at discharge port in time then Owners agree to release the entire cargo without presentation of the original Bills of lading against delivery by Charterers of mutually acceptable letter of indemnity which letter of indemnity shall be limited to deal exclusively with all claims of holders of original bill(s) of lading in relation to discharge of cargo without presentation of original bills of lading and shall automatically become null and void against presentation of one out of three original bills of lading or after 13 months after completion of discharge, whichever occurs first, provided within 13 months no legal preceedings have been instituted against Owners.. 5. In the event that any liquid cargo remains on board upon completion of discharge, Charterers shall have the right to deduct from freight an amount equal to the ROB port of loading value of such cargo plus freight and insurance due with respect thereto, In addition to any other rights which Charterer may have, Owner will be responsible for the full amount of any in-transit loss if in-transit loss exceeds 0.3% and Charterer shall have the right to deduct from freight an amount equal to the FOB port of loading value of such lost cargo plus freight and insurance due with respect thereto. In-transit loss is defined as the difference between nett Vessel volumes after loading at the loading port and before unloading at the discharge port, 6. Notwithstanding anything else to the contrary in this Charter Party and notwithstanding what loading and/or discharging ports may have been nominated and Bills of lading issued, Charterer shall have the right to change As nomination of the loading and/or discharging ports in accordance with Part 1, C and D of the charter. Any extra time and expenses incurred by Owner in complying with Charterer's orders shall be for Charterer's account and calculated in accordance with Part, 1, clause 1, plus any other proven expense of this charter. Freight is based on the voyage actually performed. Charterer shall have the right to make as many changes as it deems necessary. 7.

Charterers shall be discharged and released from all liability in respect of any claims/invoice Owners may have/send to Charterers under this charier party unless a claim/invoice has been received by Charterers in writing with supporting documents within 90 days from completion of discharge of the cargo concerned under this Charter Party. Any claim/invoice which Owners may have under this Charter Party shall be deemed to be waived and absolutely barred, if claim/invoice as above specified is not received by Charterers within the agreed time bar. Demurrage if any shall be payable by the Charterers against Owners' invoice supported by Notices and Statement of Facts from loading and discharging port(s) duly signed by shippers/receivers respectively. 8. Owner warrants vessel is capable of discharging her entire cargo within 24 hours or maintaining 100 psi at ship's rail, provided shore facilities are capable of receiving same. Owner is requested to instruct Master to clarify by protest letter or remarks in time sheets, countersigned by receivers, whenever pumping time exceeds warranted period. Failing above Charterers will deduct excessive pumping time over and above warranted limit. If vessel performance is below above referred standard and pumping is delayed due to Vessel's deficiency, Charterers have the right of withdrawing the vessel from berth until such deficiencies are remedied. Time so lost shall not count as used laytime or time on demurrage. Alternatively Charterers have the right of charging Owners excessive berth occupancy as and if charged by the Terminal. 9. Vessel to give Charterer ETA immediately upon sailing previous discharge port and/or Charterer's load port. Vessel to give Charterer ETA seven (7) days and 72/48/24 hours in advance ad either Charterers load or discharge port. Should Owner fail to comply with the above, and delay at either load or discharge port result, such delay shall not be for Charterer's account. 10. The new revised P and I Tovalop Clause, effective April 1st, 1979, shall be deemed a part of this Charter Party. 11. Owner warrant to have secured and carries aboard the vessel a U.S. Federal Maritime Commission's Certificate of Financial Responsibility as required under the U.S. Water Quality improvement Act of 1970. In no case shall Charterer be liable for demurrage as a result of Owner's failure to obtain the aforementioned Certificate. 12. Vessel to comply with all U.S. coast Guard Regulations, 13. Owner warrant vessel has two (2) derricks, one on each side of vessel, having safe working capacity of minimum ten (10) tons each and duly certified. Derrick runners to be flexible steel wires secured to hoist on winch barrel. Derrick runners not to be hand held. Additionally, all vessels have to be fitted with five (6) stern mooring bitts minimum. 14. Deballasting and shifting time never to count as used laytime or demurrage. 15. Six (6) hours notice are always due even if vessel is already on demurrage. 16. In order to be considered an authorized document statement of facts must be signed by Master of vessel, vessel's Agent and Supplier and/or Receivers. If Owners nominate Agents at load and /or discharge ports said Agents to release port information to Chatterers if/and as requested and to forward to Charterers statement of facts and notice of readiness as soon as possible after vessel's discharge. 17. Vessel to arrive load port with clean ballast. 18. York/ Antwerp 1974 Rules, as amended 1990 to apply to this Charter Party. 19. Wordscale hours, terms and conditions to apply to this Charter Party. 20.

Owner warrants vessel will perform at speed of knots weather permitting on both ballast/laden passages. 21. Charterers shall have the option, declarable at any time prior to commencement of 1he laden voyage or at any time during the laden voyage, to order the vessel to perform the laden voyage at a normal speed of knots, If the option to perform at normal speed is exercised, the base freight rate shown in Part 1, Clause F, shall be increased by…. Worldscale percentage points, for the actual time the Vessel is operating at normal speed, In calculating the increased freight rate the following formula shall be used:

Worldscale original rate in Part I, clause F, plus miles steamed at normal speed, divided by total laden miles steamed, multiplied by Worldscale percentage point increase.

BP Worldwide Marine Distance Tables shall be used in obtaining Mileages.

Vessel's Master will radio Charterers advising date, time, Vessel's position when normal speed is effected, also Vessel's new speed and ETA discharge port.

Demurrage will remain unaltered and adjusted by original rate as shown in Part I, clause F.

22. A …………..commission on all monies earned under this charter party shall be payable to Charterers. 23. Owner warrants Vessel's position at time of fixture is .................................... and vessel proceeding at knots with ..................................................expected ETA at loadport of…. 24. Owner warrants that the Vessel is in all respects eligible for trading within, to and from ranges and areas specified in Charter Party, and that at all necessary times she shall have on board all cerlificates, records and other documents required for such service. 25. Vessel to arrive at loadport with all cargo tanks, pumps and pipes suitably clean to Charterer's inspectors satisfaction in accordance with clause 18 of this charter party, and further Owners to ensure that all traces of sediments, tank washings or chemicals if used, are removed from tanks, pumps and pipes intended for carriage of designated cargo. Any delays as a result of vessel arriving at loadport and not being in a suitable condition to load the designated cargo to be for Owners account, and time not to count. 26. Charterer's option for Vessel to call port enroute from load port(s) to discharge port(s) for sampling purposes. All costs in this connection to be used for Charterer's account based an demurrage rate for deviation plus bunker cost at replacement value. 27. The flat rate applicable to the calculation of demurrage shall be the one published by the WS, corresponding to the bill of lading quantity, plus ………..long tons, but minimum……long tons and maximum vessel's summer deadweight. The flat rate should be adjusted to the percentage of WS specified in Clause F, Part I of this charter party. Overage applicable to freight rates shall also apply lo the demurrage adjustment rate. In case fixed rate per day is applicable to demurrages, Clause 27 may be deleted. 28. All negotiating and details resulting in this fixture to be kept strictly private and confidential. 29. If, after disconnection of hoses, vessel remains at berth 'exclusively for ship's purposes, other than by reason of force majeure, owners will be responsible for direct or indirect costs charged to Charterers by terminal/suppliers/receivers. 30. At no time during the voyage shall cargo be transferred between vessel's tanks without the express consent of Charterers, Such consent shall be requested by means of written telex or radio communication specifying loaded and revised ullages and cargo quantities for the tanks concerned and reasons necessitating a cargo transfer. Consent of Charterers shall not be unreasonably withheld and shall be provided expeditiously by written telex or radio communication. Master to confirm to Charterers that operation has been carried out. In the event transfer of cargo unavoidable for emergency reasons involving risk to vessel’s structural integrity or safety of life or for safe navigation, the prior consent of Charterers shall not be, required. However, the Master shall inform Charterers of any such circumstances as soon as possible thereafter by written telex and radio communication. Master to confirm to Charterers that operation has been carried out.

31. Charterers shall not be liable for, nor pay freight on slops. 32. Extra insurance, if any, due Vessel's age shall be for Owner's account. 33. Owners to provide Charterers with last three cargoes grades carried on vessel. 34. Owner warrants vessel has operable inert gas system on board Vessel, and said systems shall be operational during duration of this Charter Party. In the event Master is required by terminal personnel or independent inspectors to breach the inert gas system for the purpose of gauging, sampling, temperature determination or determining the quantity of cargo remaining on board after discharge, Master shall comply with these requests, consistent with sale operation of the Vessel and regulations of the port, 35. Owners to allow Charterers independent inspector to survey and take samples from all vessel's spares at the time of vessel's loading and discharging with extra time, if any to count as laytime. 36. Owners shall be responsible for any time, costs, delays or loss suffered by Charterers due to failure to comply fully with Charterers voyage instructions. Owners shall be responsible lot any time, costs, delays or loss associated with vessel loading cargo quantity in excess of voyage orders. Additionally, Charterers shall not be responsible for any deadfreight for Owner's failure to lift minimum quantity specified in voyage orders. 37. Union IMCO Clause to apply to this Charter Party. 38. Murphy Sullom Voe clause to apply to this charter party, 39. Cargo overage, if any, shall be at one half the agreed rate for the voyage performed. Cargo overage rate shall also apply to demurrage. 40. After loading Master/Owners may elect to have vessel call at a port enroute to discharge port, for bunkers, supplies, spares, refuge etc. Any call at a port for the above reason will be treated according to Charter Party terms, conditions and exceptions. However, Master/Owners will inform Charterers immediately as call is scheduled as follows

• Scheduled call date and estimated length of stay • Reason for call • Arrival date/time • Departure date/Time • New ETA, load/discharge port

If Owners fail to immediately inform Charterers of the above, all time, delays and costs by reason of unexpected late arrival at discharge port will be for Owner's account. 41. Clause eight (8) of Part II, shall be amended to read "by reason of fire, explosion, storm, bad weather, etc". 42. Vessel not to tender notice of readiness or proceed to berth prior 00:01 hours on first layday unless otherwise instructed to do so by Charterers. Laytime shall not commence before 06:00 hours local time on the commencing date specified in Part I(B), unless with Charterers sanction. If the Vessel has not given notice of readiness to load by 16:00 hours local time on the cancelling date specified in Part I(B), Charterers shall have the option of cancelling this Charter Party within 24 hours, Cancellation or failure to cancel shall be without prejudice to any claims for damages Charterer may have for late tender of the Vessel's services. 43. Charterer shall have the right to require the Vessel, if it is so equipped, to crude oil wash the cargo tanks and, in such case, the allowed pumping hours shall be increased by hours. If less than all of the tanks are washed, the aforesaid extra hours shall be prorated on the basis of the number of tanks washed to the total number of cargo tanks and the hours resulting from such pro-ration shall be added, to the allowed pumping hours. If crude oil wash is not conducted, Charterer shall have the right to require vessel to remain al berth for clincage rundown or other cargo recovery technique. The time for such clincage rundown or other cargo recovery technique shall not exceed ten hours and the time so used shall count as laytime or, if Vessel is on demurrage, as time on demurrage. 44.

Vessel shall meet all Nigerian port and task force regulations as amended from time to time, In the event that the Vessel does not meet Nigerian port and task force regulations and/or is refused for any reason whatsoever to enter Nigerian territorial waters, then all damages, demurrage, expenses, losses and related costs are for the Owner's account. In addition Charterers shall have the right to cancel subject Charter Party as well as recourse to Owners for any and all damages, demurrage, expenses and losses related to such cancellation. 45. All claims arising under bill of lading contracts by affiliates of Charterer for non-delivery or damage to cargo carried pursuant to this charter party shall be subject to arbitration in accordance with the terms of the arbitration clause of this Charter Party, and affiliates having authorized Charterer to so agree on their behalf(s), and the affiliates to be substituted for Charterer in the terms of the arbitration clause and at the arbitration proceeding. 46. General Average shall be adjusted according to York-Antwerp Rules 1974, as amended 1990. If requested by Charterers, Owners will forego general, average deposits from, one or more cargoes and will accept a general average undertaking from Charterers' underwriters or Charterers themselves in the customary form. If requested by Charterers, Owners agree to release one or more cargoes to Charterers for transhipment from a port of refuge by and at the expense of Charterers. in exchange for a non separation of interest agreement and a general average expenses were thereby saved. If freight at risk, Charterers to be credited for the vessel's daily manning and insurance cost, bunker and port expenses saved for any pail of the voyage not required to be made by reason of the transhipment. Bills of lading for transhipped cargoes are deemed to be accomplished on completion of transfer to the transhipping vessel, and port of refuge where transfer is (o made is to be treated as a discharge port for purposes of Scandports Clause 4. 47. Notwithstanding any other provisions of this Charter Party, Charterer may assign all of Its rights and obligations under this Charter Party to any affiliated which may in turn reassign to any other affiliate. 48. A grace. time of 3 (three) hours shall be granted to the Charterers free of any demurrage for the purpose of putting the documents onboard, Should this operation exceed 3 (three) hours, then time in excess of the 3(three) hours shall be paid to the Owners at the demurrage rate, UNION OIL IMCO CLAUSE: Owner warrants that the vessel fully complies with the requirements of the United Statement Port and Tanker safety Act of 1978 and any regulations promulgated thereunder (hereinafter called U.S. REGULATIONS) and/or the International Convention for the Prevention of Pollution from Ships (Marpol 1973) and/or the 1978 Protocol thereto and/or the International Convention for Safety of Lives at Seas (Solas 1974) and/or the 1978 Protocol thereto (the foregoing conventions and Protocols hereinafter in this Clause called "IMCO regulations'): Owner warrants that the vessel carries on board or has applied for certifications of compliance with U.S. Regulations and IMCO Regulations and any other records, or documentations as may be required by the U.S. Government Authorities, Flag States Authorities, or Port and Government Authorities for any port and load and discharge areas as described in Part I Sections C and D- Any delays, losses, expenses or damages arising as a result of failure to comply with this Clause shall be for Owner's account, EXXON DRUG ANQ ALCOHOL-POLICY CLAUSE Owner warrants that it has a policy on Drug and Alcohol Abuse ("Policy") applicable to the vessel which meets or exceeds the standards in the Oil Companies International Maritime Forum Guidelines for the Control of Drugs and Alcohol onboard Ship. Under their Policy, alcohol impairment shall be defined as a blood alcohol content of 40 mg/100 ml or greater: the appropriate seafarers to be tested shall be all Officers and the drug/alcohol testing and screening shall include unannounced testing in addition to routine medical examinations. An objective of the Policy should be that the frequency of the unannounced testing be adequate to act as an effective abuse deterrent, and that all officers be tested at least once a year through a combined program of unannounced testing and routine medical examinations. Owner further warrants that the Policy will remain in effected during the term of this Charter and that Owner shall exercise due diligence to ensure that the Policy is complied with. It is understood that an actual impairment or any test finding or impairment shall not in and of itself mean the Owner has failed to exercise due diligence.