FULL RECAP

DATED : 12 September 2012

IT IS THIS DAY MUTUALLY AGREED BETWEEN THE SHIPOWNERS AND THE CHARTERERS FOR THE CARRIAGE OF 40,000MT BULK COAL 10PCT MORE OR LESS AT OWNERS OPTION FROM ONE SAFE ANCHORAGE MUARA SATUI, SOUTH KALIMANTAN TO ONE SAFE ANCHORAGE KOH SICHANG-THAILAND UNDER THE FOLLOWING TERMS AND CONDITIONS:

1. OWNERS: TONGLI SAMOA SHIPPING CO.,LTD 20F RUNLI BUILDING NO.3 HUANSHAN ROAD  YANTAI  CHINA AS AGTCHTRS PNI CLUBS NAME : THE SWEDISH CLUBTEL:+86-535-6622767FAX:+86-535-6622762

2. CHARTERERS: SING HENG SENG CO.,LTD8/3 RATCHADAPISEK RD. KLONGTOEY,BANGKOKTHAILAND 10220TEL. 662-229-4990-2FAX. 662-229-4914

3. PERFORMING VESSEL: MV. NEMTAS 2 OR SUBSEX: MV CAPTAIN ADAMS2005 BLT, JAPAN, BC / IMO NO: 9299915TURKISH FLAG, CLASS NKSUMMER DWT 48.857 MT / 11,623 MTRS LOA 189,96 MTRS / BEAM 32,20 MTRS / DEPTH MOULDED: 16,5 MTRSINT GRT / NRT: 28.171 / 16.065SUEZ GRT / NRT: 29.014,22 / 25.760,78HATCH COVERS : MC GREGOR FREE FOLDER - END FOLDING HATCH SIZES: 1:17.6X17M - 2,3,4,5: 20X17MHOLD SIZES (LXA-FXH): H1 29,60 32,20 17,20 14,72 MH2 29,60 32,20 32,20 14,72 MH3 29,60 32,00 32,20 14,72 MH4 30,40 32,00 32,20 14,72 MH5 28,00 27,20 32,20 14,72 MGRAIN / BALE: 2.125.356 / 2.113.381 CFT 5 HO / HA4X30MTS CRN + 4X12CBM RADIO CONTROLLED GRABSBUNKERS:

(L) ABT 13,0 KT ON ABT 27,0 MT IFO RME 180 + ABT 0,2 MT MGO(B) ABT 13,5 KT ON ABT 26,0 MT IFO RME 180 + ABT 0,2 MT MGOWW W/CRANE ABT 3,0 MT IFO RME 180 + ABT 0,2 MT MGOWW W/CRANE+GRAB 4,0MT IFO RME 180 + ABT 0,2 MT MGOIDLE ABT 2,5 MT IFO 180 + ABT 0,2 MT MGO(THE VESSEL MAY CONSUME MGO FOR START/CHANGEOVER OF GENERATOR AND HARBOUR STEAMING IN/OUT PORT, SHIFTING BERTH/ANCHORAGE, MAIN ENGINE CONSUMPTION, ENGINE'S START/STOP AND WARMING UP THE SYSTEM, BOILER FIRE IGNITED) ALL DETAILS ARE ABOUT

owners guarantee vessel is self-trimmer, single deck, bulk carrier without any horizontal obstacle, max 30 years old and vessel suitable for self load/discharge with her own cranes 4x25T /grabs 4x10cbm. (due to ROM Coal)

owners option to nomi named vsl as substitute not less than 5 days before commencement of laycan subject to Chrtrs/Shippers/Receivers approval.

4. cargo: 40,000mt coal in bulk 10% moloo OR maximum vessel’s full capacity CHOPT 5. laycan: 20-30 November 2012.- 14 days from 1st date of laycan agreed, the laycan will be narrowed to 5 days- Owner will guarantee with subs vsl with the same spect or even better than. 6. loading port: 1SA 1SB 1SP AAAA Muara Satui, Indonesia 7. discharging port: 1SA 1SB 1SP AAAA Koh Sichang, Thailand

8. freight: usd 8.90pmt fiost bss 1/1

payment of freight: 100% freight to be paid by T/T to owners nominated bank account within 3 banking days after completion of loading, and sign / release of original bill(s) of lading marked "freight payable as per C/P" and always before breaking bulk.

9. loading rate: 8,000mt pwwd shincbss  10.discharging rate: 5,500mt shinc bss                         11.demurrage/despatch: usd9,000 despatch half demurrage PDPR BENDS. demurrage/despatch at loading/discharging port if any to be settled within 7 working days after completion of discharge and against owner's supporting docs such as notice of readiness/time sheet/statement of fact.. 12.laytime to commence after 12 hours of tendering N.O.R. BENDS. draft survey and vsl pilot bends are not counted as laytime, laytime to be ended till completing loading/discharging. Detention : USD. 9000 per day pro rate if cargo and/or cargo

documents not ready for loading/discharging when vessel arrive to loading/discharging port 13.if shifting is required by chrtrs/shippers/consignee, the time and charge to be for chrtrs' account.

14.Charterer’s Agent at Loading port and owner's agent at discharging port 15.cargo to be released against ocean bill of lading. in the event of non-presentation of original bill of lading at discharge port owing to the delay in arrival of the original bill of lading, owners will discharge the entire cargo against chrtrs' single LOI in accordance with owners' P&I club wording. but releasing cargo always against the original bill of lading. 16.owner guarantee vessel's equipments are in good condition for chrtrs free used and sufficient facities fully suitable for loading bulk cargoin holds and to provide sufficient lights as on board for night works and free use of which in good working conditions. 17.vessel's cargo holds shall be ready for loading cargo before commencement of loading, if cargo holds are not ready for loading, laytime not count untill all holds ready. 18.any taxes/dues on cargo to be chrtrs account, and any taxes/dues/whrfage on vessel/freight/flag to be for owners account at both ends. 19.master to give agents and chrtrs vessel's 7/5/3/2/1 days eta notice before vessel's arrival at loading/discharging port where applicable. 20. GA arbitration if any to be settled in hong kong with english law to apply. 21.otherwise as per gencon 94  

THE CHARTERERS: THE SHIPOWNERS

( VARISA ) ( ZHOA )Sing Heng Seng Co.,Ltd. Tongli Samoa Shipping CO,LTD