CHARTER PARTY AGREEMENTS

Charter Party Agreements

Risk and Insurance Specifications

May 1, 2006

Owner’s Obligation to Indemnity. Owner agrees to indemnify and hold harmless the

Charterer, its officers and employees, against any claims, expense or liability for

loss or damage to the Vessel and any other property, including Owner’s, or from

death or injury to any person or persons, including Owner’s employees and agents,

arising out of performance of this charter or the use of Vessel, save and except

that Owner shall not be liable for acts of negligence of Charterer’s employees

acting within the scope of their employment.

Charter’s Obligations to Indemnity. The Charterer agrees to indemnify and hold

harmless the Owner from any and all claims and demands, suits, loss or liability to

third persons by reason of any accident, illness, injury or death, arising from (a) the

negligent installation of equipment on the Vessel by the Charterer or its subcontractors,

(b) the equipment itself, or (c) the negligent use or operation of the said equipment, or (d)

any other negligence of the Charterer in the performance of this Agreement.

Insurance. The owner shall, at its own expense, maintain insurance in companies

reasonably acceptable to Charterer in accordance with the following specifications:

Hull and Machinery insurance to the value of the vessel including Collision Liability

subject to current form American Institute Hull Clauses with navigation limits

adequate for the vessel’s contemplated operations.

Protection & Indemnity, including crew, with limits of liability not less than

$1,000,000 unless otherwise agreed by the parties. Such insurance shall be written

subject to current form Protection and Indemnity (P&I) Clauses with navigation

limits adequate for the Vessel’s contemplated operations.

Such Excess Protection & Indemnity and Collision Liability as may be dictated and as

agreed by the parties.

The Charterer and any additional parties designated by Charterer shall be named as

additional assureds on all of the foregoing policies or such policies shall contain

a provision denying underwriters any subrogated right of recovery from the Charterer.

Policies shall provide for fifteen (15) days notice of cancellation to Owner.

Certificates or other evidence of current insurance shall be filed with the Owner prior to

the commencement of the voyage.