Exhibit 99.10
ADDENDUM No.1
To
MV Navios Alegria
Bareboat Charter Party dated 15th November, 2022
This Addendum, is made and entered into this 28 day of June, 2023 by and between Vatselo Enterprises Corp. of the Republic of the Marshall Islands (hereinafter called the “Charterers”) and Sealift Maritime S.A. of the Republic of Panama (hereinafter called the “Owners”),
WITNESSETH;
WHEREAS, the Charterers and the Owners have entered into a certain bareboat charter party and rider clause dated 15th November, 2022 (hereinafter called the “BBCP”) for the bareboat charter of one (1) 84,852 DWT BULK CARRIER named as MV Navios Alegria, and
WHEREAS, the Financial Conduct Authority (FCA) responsible for supervising LIBOR has announced on 5th March, 2021 that the publication of USD LIBOR will cease, and 1 month ICE LIBOR will cease to be published on 30th June 2023, and
WHEREAS, due to the upcoming cessation of USD LIBOR publication, the Charterers and the Owners desire to agree to change interest rate of the charter hire of the BBCP from “1 month ICE LIBOR + 2.0%” to “1 month CME TERM SOFR + (2.0%+0.11448%)”.
NOW THEREFORE, notwithstanding anything contained in the BBCP, it is mutually agreed and confirmed by the parties hereto that:
1. | Clause 35(ii) shall be amended as per following. |
35. CHRTER HIRE
Monthly Hire Rate
(ii) Monthly Variable Hire is calculated from the number of the days in any relevant month, and daily variable hire in accordance with the following formula:
Monthly Variable Hire = Daily Variable Hire x the number of the days in the relevant month Daily Variable Hire = Charter Principal Balance x (2.11448% + one (1) month CME TERM SOFR as applicable for the month in respect of which such Daily Variable Hire is to be calculated) / 360
Applicable one (1) month CME TERM SOFR to be confirmed fourteen (14) Banking Days prior to hire due date. The Owners shall notify the Charterers in writing of the Monthly Variable Hire due on any due date for hire by sending to the Charterers a duly issued invoice for that Monthly Variable Hire and Monthly Fixed Hire at least four () Banking Days before such due date.