O R I G I N A L

                                 ---------------

                TIME CHARTER Government Form APPROVED BY THE NEW YORK PRODUCE
EXCHANGE November 6th, 1913 -- Amended October 20th, 1921: August 6th, 1913:
October 3rd 1946

THIS CHARTER PARTY, made and concluded in ________________, ______ day of
_______________, 199__ between __________________________________________,
Owners of ____________________________________ of ___, of _______________ tons
gross register, and __________________ tons net register, having engines of
____________________ BHP indicated horse power and with hull, machinery and
equipment in a thoroughly efficient state, and classed __________, and to remain
so throughout duration of this Charter at ____________ of about _______ cubic
feet bale capacity, and about _________ deadweight capacity (cargo and bunkers,
including fresh water and stores not exceeding on a draft of ____________ on
___________ ___________ Summer freeboard, inclusive of permanent bunkers which
are of the capacity of about ________ tons of fuel, and capable of steaming,
fully laden, under good weather conditions about _________ knots on a
consumption of about ________ tons of best IFO _________ Plus _______ tons MDO
now Trading and ___________ Charterers of ______________.

         WITNESSETH, That the said Owners agree to let, and the said Charterers
agree to hire the said vessel, from the time of delivery, for about ________
Months (see Cl. 59) within below mentioned trading limits. Charterers to have
liberty to sublet the vessel for all or any part of the time covered by this
Charter, but Charterers remaining responsible for the fulfillment of this
Charter Party.

Vessel to be placed at the disposal of the Charterers, at
_____________________________________. Vessel on her delivery to be ready to
receive cargo with clean-swept holds and tight, staunch, strong and in every way
fitted for the service, having water ballast, winches and donkey boiler with
sufficient steam power, or if not equipped with donkey boiler, then other power
sufficient to run all the winches at one and the same time (and with full
complement of officers, seamen, and crew for a vessel of her tonnage), to be
employed, in carrying lawful merchandise, excluding (See Cl. 52) in such lawful
trades, between safe port and/or ports in British North America. World wide
trading, although intention is to dedicate the vessel for trading between
_____________________, but excluding: (see Cl. 50) as the Charterers or their
Agents shall direct, on the following conditions:
         1. That The Owners shall provide and pay for all provisions, wages and
consular shipping and discharging fees of the Crew; shall pay for the Insurance
of the vessel, also for all the cabin, deck, engine-room and other necessary
stores, including boiler water and lubricating oil and maintain her class and
keep the vessel whilst on hire in a thoroughly efficient state in hull,
machinery and equipment with inspection certificates necessary to comply with
current requirements at U.S.A. ports of call for and during the service.
         2. That the Charterers shall provide and pay for all the fuel except as
otherwise agreed, Port Charges, Pilotages, Agencies, Commissions, Consular
Charges (except those pertaining to the Crew), and/or vessel necessitated
because of the vessel's Flag and all other usual expenses except those before
stated, but when the vessel puts into a port for causes for which vessel is
responsible,








then all such charges incurred shall be paid by the Owners. Fumigations ordered
because of illness of the crew to be for Owners account. (See Cl. 38)
         Charterers are to provide necessary dunnage and shifting boards, also
any extra fittings requisite for a special trade or unusual cargo, but Owners to
allow them the use of any dunnage and shifting boards already aboard vessel.
Charterers to have the privilege of using shifting boards for
dunnage, they making good any damage thereto.
         3. That the Charterers, at the port of delivery, and the Owners, at the
port of re-delivery (See Cl. 44).
         4. That the Charterers shall pay for the use and hire of the said
Vessel at the rate of (See Cl. 59) United States Currency, commencing on and
from the day of her delivery, as aforesaid, and at and after the same rate for
any part of a month; hire to continue until the hour of the day of her re-
delivery in like good order and condition, ordinary wear and tear excepted, to
the Owners (unless lost) at (See Cl. 59) unless otherwise mutually agreed. (See
Cl. 29)
         5. Payment of said hire to be made in New York in cash in United States
Currency, every
         days in advance, and for the last half month or part of the same
approximate amount of hire, and should same not cover the actual time, hire is
to be paid for the balance day by day, as it becomes due, if so required by
Owners, unless bank guarantee or deposit is made by the Charterers, otherwise
failing the punctual and regular payment of the hire, or bank guarantee, or on
any breach of this Charter Party, the Owners shall be at liberty to withdraw the
vessel from the service of the Charterers, without prejudice to any claim the
(the Owners) may otherwise have on the Charterers.
        Cash for vessel's ordinary disbursements at any port may be advanced as
required by the Captain, by the Charterers or their Agents, subject to 2 1/2%
commission and such advances shall be deducted from the hire. The Charterers,
however, shall in now way be responsible for the application
of such advances.
         6. That the cargo or cargoes be laden and/or discharged in any dock or
at any wharf or place that Charterers or their Agents may direct, provided the
vessel can safely lie always afloat at any time of tide, except at such places
where it is customary for similar size vessels to safely lie aground except .
         7. That the whole reach of the Vessel's Hold, Decks, and usual places
of loading (not more than she can reasonably stow and carry), also
accommodations for Supercargo, if carried, shall be at the Charterers' disposal,
reserving only proper and sufficient space for Ship's officers, crew, tackle,
apparel, furniture, provisions, stores and fuel. Charterers have the privilege
of Supercargo as far as accommodations allow, Charterers paying Owners _______
per day per passenger for accommodations and meals. However, it is agreed that
in case any fines or extra expenses are incurred in the consequence of the
carriage of passengers, Charterers are to bear such risk and expense.
         8. That the Captain shall prosecute his voyages with the utmost
despatch, and shall render all customary assistance with ship's crew and boats.
The Captain (although appointed by the Owners), shall be under the orders and
directions of the Charterers as regards employment and agency; and Charterers
are to load, stow, trim and discharge the cargo at their expense under the
supervision of the Captain. Bills of lading for all charges carried under this
C/P if required by Charterers without prejudice to the terms and conditions of
this C/P, Charterers and/or their agents are hereby authorized to sign Bills of
Lading on Owner's/Master's behalf according to Mate's receipts or Tally Clerk's
receipts.


                                                         2





         9. That if the Charterers shall have reason to be dissatisfied with the
conduct of the Captain, Officers, or Engineers, the Owners shall on receiving
particulars of the complaint, investigate the same, and if necessary, make a
change in the appointments.
         10. That the Charterers shall have permission to appoint a Supercargo,
who shall accompany the vessel and see that voyages are prosecuted with the
utmost despatch. He is to be furnished with free accommodation, and same fare as
provided for Captain's table. Owners to victual Pilots and Customs Officers, and
also, when authorized by Charterer or their Agents, to victual Tally Clerks,
Stevedore's Foreman, etc.. See Cl. 41.
         11. That the Charterers shall furnish the Captain from time to time
with all requisite instructions and sailing directions, in writing, and the
Captain shall keep a full and correct Log of the voyage or voyages, which are to
be patent to the Charterers or their Agents, and furnish the Charterers, their
Agents or Supercargo, when required, with a true copy of daily Logs, showing the
course of the vessel and distance run and the consumption of fuel, revolutions
of main engine, velocity and direction of the wind and sea, all in the English
language.
         12. That the Charterers shall have the option of continuing this
charter for a further period of (See Cl. 59).
         13. That if required by Charterers, time not to commence before as per
agreement and should vessel not have given written notice of readiness on or
before as per agreement but not later than 4 p.m. Charterers or their Agents to
have the option of cancelling this Charter at any time not later than the day of
vessel's readiness.
         14. That in the event of the loss of time from deficiency of men or
stores, fire, breakdown or damages to hull, machinery or equipment, grounding,
detention by average accidents to ship or cargo, drydocking for the purpose of
examination or painting bottom, or by any other cause preventing the full
working of the vessel, the payment of hire shall cease for the time thereby
lost; and if upon the voyage the speed be reduced by defect in or breakdown of
any part of her hull, machinery or equipment, the time so lost, and the cost of
any extra fuel consumed in consequence thereof, and all extra expenses shall be
deducted from the hire.
         15. That should the Vessel be lost, money paid in advance and not
earned (reckoning from the date of loss or being last heard of) shall be
returned to the Charterers at once. The act of God, enemies, fire, restraint of
Princes, Rulers and People, and all dangers and accidents of the Seas, Rivers,
Machinery, Boilers and Steam Navigation, and errors of Navigation throughout
this Charter Party, always mutually excepted.
         The vessel shall have the liberty to sail with or without pilots, to
tow and to be towed, to assist vessels in distress, and to deviate for the
purpose of saving life and property.
         16. That should any dispute arise between Owners and the Charterers,
the matter in dispute shall be referred to three persons at New York, one to be
appointed by each of the parties hereto, and the third by the two so chosen;
their decision or that of any two of them, shall be final, and for the purpose
of enforcing any award, this agreement may be made a rule of the Court. The
Arbitrators shall be commercial men and not Lawyers and to have their place of
business in New York.
         17. That the Owners shall have a lien upon all cargoes, and all
sub-freights for any amounts due under this Charter, including General Average
contributions, and the Charterers to have a lien on the Ship for all monies paid
in advance and not earned, and any overpaid hire or excess deposit to be
returned at once. Charterers will not suffer, nor permit to be continued, any
lien or encumbrance incurred by them or their agents, which might have priority
over the title and interest of the owners in the vessel.


                                        3





         18. That all derelicts and salvage shall be for Owners' and Charterers'
equal benefits after deducting Owners' and Charterers' expenses and Crew's
proportion. General Average shall be adjusted, stated and settled, according to
Rules 1 to 15, inclusive, 17 to 22, inclusive, and Rule F of York-Antwerp Rules
1974 in the United States, according to the laws and usages at the port of New
York. In such adjustment disbursements in foreign currencies shall be exchanged
into United States money at the rate prevailing on the dates made and allowances
for damage to cargo claimed in foreign currency shall be converted at the rate
prevailing on the last day of discharge at the port or place of final discharge
of such damaged cargo from the ship. Average agreement or bond and such
additional security, as may be required by the carrier, must be furnished before
delivery of the goods. Such cash deposit as the carrier or his agents may deem
sufficient as additional security for the contribution of the goods and for any
salvage and special charges thereon, shall, if required, be made by the goods,
shippers, consignees or owners of the goods to the carrier before delivery. Such
deposit shall, at the option of the carrier, be payable in United States money
and be remitted to the adjuster. When so remitted the deposit shall be held in a
special account at the place of adjustment in the name of the adjuster pending
settlement of the General Average and refunds or credit balances, if any, shall
be paid in United States money.

         Provisions as to General Average in accordance with the above are to be
included in all bills of lading issued hereunder.
         19. Fuel used by the vessel while off hire, also for cooking,
condensing water, or for grates and stoves to be agreed to as to quantity, and
the cost of replacing same, to be allowed by Owners.
         20. If during this Charter, Drydock is required, than to be mutually
agreed, time and place, between Charterers and Owners.
         21. Owners shall maintain the gear of the ship as fitted, providing
gear (for all derricks) capable of handling lifts up to three tons, also
providing ropes, falls, slings and blocks. If vessel is fitted with derricks
capable of handling heavier lifts, Owners are to provide necessary gear for
same, otherwise equipment and gear for heaviest lifts shall be for Charterers'
account. Owners also to provide on the vessel lanterns and oil for night work,
and vessel to give use of electric light when so fitted, but any additional
lights over those on board to be at Charterers' expense. The Charterers to have
the use of any gear on board the vessel.
         22. Vessel to work night and day, if required by Charterers, Charterers
agreeing to pay officers, engineers, deck hands and donkeymen for overtime work
done in accordance with the working hours and rates stated in the ship's
articles. If the rules of the port, or labor unions, prevent crew from driving
winches, above Winchmen to be paid by Charterers. In the event of a disabled
winch or winches, or insufficient power to operate winches, Owners to pay for
shore engine, or engines, in lieu thereof, if required, and pay any loss of time
occasioned thereby.
         23.  U.S.A. Clause Paramount
         24. The vessel shall not be required to enter any ice-bound port, or
any port where lights or light-ships have been or are about to be withdrawn by
reason of ice, or where there is risk that in the ordinary course of things the
vessel will not be able on account of ice to safely enter the port or to get out
after having completed loading or discharging.
         25. Nothing herein stated is to be construed as a demise of the vessel
to the Time Charterers. The owners to remain responsible for the navigation of
the vessel, acts of Pilots and tug boats, insurance, crew, and all other matters
including cargo claims, if any, to be settled as per N.Y.P.E. interclub
agreement amended 1984, same as when trading for their own account.


                                        4





         26. A commission of 2 1/2 percent is payable by the Vessel and Owners
to _________________ on hire earned and paid under this Charter, and also upon
any continuation or extension of this Charter.

         27. Clauses 28 through 66, inclusive as attached, are to be considered
fully incorporated in this Charter Party.

The original Charter Party in our possession.
OWNERS                            As                              For CHARTERERS







































                                        5





              RIDER TO
              --------------------------------------------------------
                            DATED                  , 199
                            ------------------------------
29.
Owners to give charterers notice of vessel's delivery; on fixing,
___________________ days and ________ hours definite notice.

Charterers to give owners notices of vessel's redelivery: ___________ and
__________ hours definite notice.

30.
Vessel's hold to be thoroughly dried, swept and cleaned. Owners to have the
liberty to complete such cleaning during the ballast voyage to the delivery
port, but on arrival vessel to be cleaned and ready to load cargo, if required
Charterers. Any time lost, such as waiting time of stevedores and/or equipment
and/or cleaning expenses to make the vessel acceptable for loading to be for the
Owners account. Holds to be watertight. Hatch covers, hatch coaming and any
openings to be in good condition and watertight to the surveyor satisfaction who
may carry out a Water Hose test if he considers same to be necessary. Any damage
to be determined by an independent surveyor and Charters to be compensated
within maximum 60 days.

Vessel's crew are responsible to clean the vessel every voyage from cement or
petcoke and/or another cargo carried by the vessel. For each cleaning Charterers
to compensate Owners at the amount of US$ ____________per voyage/cleaning.
Vessel to remain on-hire during cleaning period but the crew to do utmost to
minimize the time of cleaning.

31.
Owners agree that Charterers hold an inspection to ensure that the vessel
complies with the requirements as stipulated in this C/P. Owners and master
rendering every facility and assistance in carrying out such an inspection.

32.
Vessel to be selftrimmer single deck, with surfaces of all holds floors to be
completely smooth and with no obstacles and deck free of Cardecks, pontoon
racks, timber racks, permanent stanchions or any other special fitting including
hatch skirts not connected with the carriage of cement in bulk. Holds to be
fully accessible when hatches are fully open. Holds are conventional, free of
hindrances or obstacles; no horizontal metal stabs on ribs and tank top smooth
and free of any obstructions of any type. Tunnels, exposed cables and pipes
shall be entirely protected. Charterers shall not be responsible for damage to
sweat battens, trimming hatch covers or other objects if stored in such way that
are exposed to contact with the cargo, neither shall they be responsible for
damages sustained to any other protrudences and appendages such as, but not
limited to, ladders and batten clips, whether removable or unremovable.

Vessel is suitable in all respects for carrying bulk cement and Siwertoll
discharge to the extent a single deck selftrimming logger or bulkcarrier can be.


                                        6





Owners warrant that the vessel is suitable for working of bulldozers and/or
payloaders in the vessel's holds not exceeding vessel's tanktop strength.

Vessel to have holes in the hatches to load bulk cement with hatches fully
closed. If the proposed vessel does not have the deck hatch manholes where
Charterers shooter can run through down into the vessels holds for loading
and/or hose connections for dust collector, then Charterers to have the option
to cut up to maximum _______ holes in each hatch designated for cargo.

Holes to be cut within same framespace with existing grain feeding holes and
only to be cut at the suitable place of hatch covers in accordance with vessel
builders specification. All cutting and restoring of the holes to be fully in
accordance with Class recommendation at Owners time and expense. Charterers to
use terminal reducers for pipe/conveyor loading to minimize size of holes cut in
vessel's deck/hatch. Vessel to be fully cooperative in helping with the
connections of pipes, hoses and dust collectors by means of any advise or
recommendations in order to minimize time spent for these operations.

Vessel to be delivered with holds grain clean and to be freshly painted, as well
as to paint vessel's exterior including Charterers emblem on the funnel and new
name of the vessel.

Vessel is able to load about _____________ m/t of cement in maximum _________
holds excluding hold no. ________ and about ____________ m/t cement in 3 holds.
Vessel can load about _____________ m/t of petcoke in __________ holds.

Package with Blue Print and description should be sent by Express Courier to:






33.
During Charter period Owners/Master to keep Charterers and Charterers agents
advised of vessel position on a daily basis unless otherwise directed by
Charterers/agents.

Crew to open and close hatches throughout loading/discharging operations if and
when required by Charterers or their representatives directions, provided
permitted by local regulations.

34.
The cargo shall be brought into the holds, stowed and trimmed by charterers,
free of risk, liability and expense to the vessel, provided owners make
available an officer from the crew 24 hours a day to assist the terminal in the
loading procedures and supervise the loading operation. Precise instructions to
the terminal on changes in loading lines for correct stowage and trimming of the
vessel to be the responsibility of the Officer On Duty. In case of vessel's pump
undercapacity or failure of ballast tanks, which disables the vessel to
self-trim and interfere with loading operations,


                                        7





all additional expenses such as personnel and equipment for trimming as well as
the required time will be for the Owners account.

No cargo is to be loaded into areas inaccessible to Siwertel and/or Grab
discharge, otherwise any additional expenses incurred and extra time used to be
for owners account.

In case of vessel's pump undercapacity or failure of ballast tanks, which
disables the vessel to self- trim interfering with loading operations, all
additional expenses such as personnel and equipment for trimming shall be
deducted from the next Charter payment and the time for such operation to be
considered as Off - Hire. Deballast rate shall be determined according to the
cadence of Shippers loading rate, so as not to affect ship's connection from
shore. Any damages to ship or shore equipment due to crews negligence or lack of
supervision regarding deballasting rates to be for owners account. At the end of
loading operations if the vessel is not correctly trimmed it is to be the
vessel's Master responsibility and any time and expense to correct trimming of
the ship to be for Owners Account.

35.
The cargo shall be taken from the holds by Charterers/Receivers free of any
risk, liability and expense to the vessel provided an officer from the crew is
available to assist terminal for discharging procedure and supervision 24 hours
a day. Master and crew to be fully cooperative in shifting vessel alongside the
berth if required to complete unloading and in reporting to Charterers/Agents
information on loading and discharge daily operations.

Master and crew to cooperate with Charterers/Receivers to avoid dust and
spillage, but Charterers/Receivers to be responsible for the handling and
discharging of cement on board to satisfy the U.S. Environmental Authorities
Regulations.

Owners to provide motive power as on board. Vessel to be free of responsibility
for damage to equipment. Vessel to provide 440AC volt electric power and
compressed air for portable on board dust collectors, if compressed air is not
available alternatively a suitable pump to be purchased and cost of same to be
mutually shared. Vessel crew to assist in placing and removing plastic covers
for hatch openings as requested by U.S. Environmental Authorities provided shore
regulations permit.

Charters/Receivers shall be responsible for any pollution claims related with
the cement discharge operation, and Charterers/Receivers to be responsible for
any action taken against vessel or crew, but vessel to be full responsible for
any contamination caused by excessive smoke from stack.

36.
The officers and crew will render customary assistance in preparing the vessel
for discharging without delay and keeping delays during cargo operations to a
minimum.

Vessel crew to render hold cleaning assistance. Light and motive power as on
board. Equipment in vessel's holds to be compatible, with vessel's tank top
strength and vessel to be free of


                                        8





responsibility for damage to equipment. Vessel to be left in shovel clean
condition if required, after discharge.

37.

Charterers option, on redelivery, to pay Owners in lieu of hold cleaning on
redelivery a lumpsum of U.S. _______________.

38.
a. Vessel and all other equipment should comply with the regulations of the
countries in which vessel will be employed. The owner is to insure that the
vessel is at all times in possession of valid up to date certificates of
efficiency to comply with such regulations. If stevedores, longshoremen, or
other workers are not permitted to work for to failure of Master and/or Owners,
and/or Owners Agents to comply with the aforementioned regulations or because
vessel is not in possession of such valid and up to date certificates, then
Charterers may suspend hire for the time thereby lost and Owners to pay all
expenses incurred incidental to and resulting from such failure.

b. Vessel to supply valid fumigation and deratization certificate on delivery of
the Vessel and if it does not cover the whole period of this Charter, and
fumigation or deratization is necessary, cost of same and all detention to be
for Owners account.

c. Vessel shall have a valid certificate of financial responsibility under
United States regulations enabling her to use the navigable water of the United
States.

Vessel is eligible for bunkers in the United States.

39.
Vessel to be classed highest Llyods or equivalent, possess valid ITF Certificate
or equivalent, U.S. Oil Pollution Certificate of Responsibility and all and any
other Certificate to enable her to enter and discharge in U.S. Ports.

It is the Master's responsibility to have on board the necessary documentation
for navigation, approaching loading and discharge ports, as well as complete and
correct immigration documents for him and his crew. Any time lost due to
incomplete documentation of vessel and/or crew or any fine imposed to be for
Owners account.

Vessel Owner to ensure that accurate up-to-date deadweight scale, trim data,
fuel and ballast tank tables are on board and available to the surveyor to
facilitate calculation of cargo weights. The Captain of the vessel will always
provide to Charterers the arriving survey, prior to the commencement of
loading/unloading operations.

Vessel owner will ensure that all ship's tables and marking are correct and in
all respects reliable to produce accurate weight measurements at both loading
and discharging ports. Any expenses by non compliance of this requirement will
be for Owners Account.



                                        9





40.
At loading and discharging ports, any time lost by the vessel for the reasons of
not all being on board when the vessel is ready to sail or for crew strike to be
for Owners account.


41.
The Charterers shall have the privilege to appoint a supercargo who shall
accompany the vessel at his own risk, and see that the voyage is performed with
the utmost despatch.

He is to be furnished with free accommodations with same fare as provided for at
the Captain's tables. Charterer to pay US$ ______ per month or pro rata in lieu
of cables, representations, authorize meals and boarding due on Charterers
behalf.

42.
Charterers to provide the Captain of the vessel with instructions stating the
duties and responsibilities of the vessel and crew. Charterers will provide
Owners with a copy of the instructions in order to ascertain that Charterers
instructions to the Captain are executed.

In the event that Charterers instructions are not adhered to, then Charterers to
request from Owners to remove the Captain and appoint a replacement within days.

43.
Owners guarantee vessel to be always in safe ballast condition.

44.
Vessel to be delivered with about Metric Ton IFO and about Metric Tons of MDO,
and to be redelivered with about same Metric Tons IFO and about same Metric Tons
of MDO similar quantities.

The Bunker prices will be the current market prices as per respective invoice
receipt, on delivery and on redelivery. The Charterers will add to the first
payment the value of the bunkers on delivery per Owners cost US$ per Metric
Ton/IFO and US$ per Metric
Ton/MDO
as on board on the delivery. Charterers have the privilege on bunkering the
Vessel prior delivery into this time charter and Owners have the privilege of
bunkering the vessel prior redelivery from this time charter, always provided
such bunkering is not interfering with Vessel's
loading/discharging operations.

45.
The charterers to have the benefit of Owners P&I Cub over as far as the
Association's rules permit. Charterers to have the benefit of any return of
Insurance premium received by the Owners.

DUMPING: Should dumping action be enforced against cement imported from Spain,
Charterers to have the sold option to cancel the CHARTER with days notice that
such action has been enforced (or activated). The petcoke imports to Spain will
be allocated to the vessel with rate


                                       10





based on the T/C rate at the time and the voyage calculation for such a voyage.
The return cargo or the substitute employment Owners and Charterers to share
equally profit or loss. Sunward Shipping to be the exclusive broker in such a
case. The equity share by Charterers to be foregone in such circumstances unless
the share was already earned (after the first months).


47.
A joint on and off-hire survey for bunker quantities and physical inspection of
vessel to be held by an independent surveyor and costs to be mutually shared
between Owners and Charterers. The On-Hire bunker survey will be carried out at
first loading port in Charterers time. The Off-Hire bunkers survey will be
carried out at last discharging port concurrently with discharging operations.

48.
Stevedore damages are to be settled directly between owners and stevedores.
Notice shall be given to Stevedores in writing at the time damage has occurred,
failing which the stevedore will not be responsible. Proved damages to be
repaired by the stevedores without intervention of the Charterers, Shippers or
Receivers.

49.
Delivery of vessel shall take place at _________, in charterers option,
___________ or in Charterers option __________. Owners to take delivery of
vessel from this time charter _____________, in Charterers option,
________________.

50.
Owners warrant that this vessel has not called Cuba or North Vietnam under their
ownership and will not call at these countries prior delivery into this Time
Charter.

Following countries are to be excluded: Cuba, North Korea, Libya, Iran and Iraq.

51.
Owner to maintain the vessel in good state and to keep her well painted with all
the marks clearly readable at all times.

52.
VESSEL TO CARRY HARMLESS LAWFUL CARGOES EXCEPT:
Logs, Asphalt, Pitch in bulk, Expellers, Petroleum and it's products, Calcium
Carbide, Hides, Charcoal, Fishmeal, Resin in bulk Copra, Explosives, Livestock,
Acids, Dangerous and/or Inflammable cargoes, Arms, Ammunition, Nuclear and/or
Radioactive materials, Ammonium Nitrates except bulk harmless fertilizers grade
ammonium nitrate to be allowed, Sunflower Seeds, Sulphur, Pyrites, Garbage or
waste. All liquid cargoes, all Garbage or Waste of any type, all cargoes deemed
hazardous by IMO.





                                       11





53.
During the Charter period any extra war risk insurance premium due to trade or
place of trade and/or any extra or increase war risk crew bonus if for such
trade and/or place of trade to be for Charterers account, but rates never to
exceed those quoted by Llyods London and any payment requested to be supported
by vouchers.

54.
Vessel to be allowed to use Diesel Oil when maneuvering in narrow water,
straits, canals, rivers and/or roads.




                                       12





                               M MANSA DESCRIPTION

NAME:
Ship's Class:
Summer Draft:
DWT on Summer draft:
GRT/NRT:
L.O.A./L.P.P.:
Hold/Hatch:



                                    Hatch Dimensions:








Main Engine:
IFO Capacity:
F. Water Capacity:
Speed and Consumption Ballast
                              Laden
                              Port consumption
Cargo Space:                  Hold No.                  Grain Capacity in Cu.ft








                              Total
Draft:



                              Above drafts are approximate depending on amount
                              of Bunkers on board. 

                              Height from water line _______ Ballasted to top of
                              Hatch coaming. a) No. _______ hatch Fore:


                                       13





                                b) No. ______ Hatch Aft:

55.
In case vessel is required to berth alongside another vessel for load/discharge
Charterers to provide sufficient fenders to Master's satisfaction.

56.
Owners will ensure there will be no obstruction between vessel's hatches and the
side of the vessel which would interfere with the efficient working of the
shoreside/dockside discharge equipment.

57.
Owners/Master will cooperate with Charterers prior to arrival at load port in
arranging cargo stowage plan to facilitate efficient discharge and clean out.

58.
Charterers to have the privilege to sublet the vessel under the terms and
conditions of this Charter Party.

59.
Minimum ______ months _______ month more or less in Charterers option.
Charterers option to extend the time charter for __________ years always _____
month more or less in Charterers option and to be declared ______ months in
advance.


The time charter rate shall be:

In all cases the rate shall be per day or pro rata and must include overtime of
crew and officers, and luboil, payable 15 days in advance, less commission.

CHANGE OF RATE: After the first year Charterers have the option to change the
rate in accordance to the following formulation.

The ____________ INDEX _________________________________________________________
_______________________________________________________________________________.

Charterers have the privilege to discount any expenses paid on Owners behalf,
such vouchers to be sent to Owners as soon as possible, but Owners to reply
within 10 days.

As long as Charterers pays the hire and performs under the Charter Party,
Mortgagee will not enforce it's right under mortgage by arresting or detaining
the vessel or otherwise interfere with Charterers quiet enjoyment of the vessel
under this charter.


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Any mortgage on the vessel shall contain this provision and Owners shall furnish
Charterers with copies.

In the event of the loss of time from deficiency and/or default of the officers
or crew or deficiency of stores, fire, breakdown of, or damage to hull,
machinery or equipment, grounding, detention by average accident to ship or
cargo, drydocking for the purpose of examination or painting bottom or any other
similar cause preventing the full working of the vessel, the payment of the
hire, if any, shall cease for the time thereby lost. Should the vessel deviate
or put back during a voyage, contrary to the orders or directions of the
Charterers, for any reason other than accident to the cargo, the hire is to be
suspended from the time of the deviating or putting back until she is again in
the same equidistant position from the destination and the voyage resume
therefrom. All fuel used by the vessel while off hire shall be for Owner's
account. If upon the voyage the speed be reduced by defect in, or breakdown of,
any part of the hull, machinery or equipment, the time so lost, and the cost of
any extra fuel consumed in consequence thereof, and all extra expenses shall be
deducted from the hire.

When the vessel is on off hire condition, nothing whatsoever to be paid by
Charterers.

Should the vessel go off-hire during the currency of this Charter, Charterers to
have the option of adding any such time to the Charter period.

Hire payments to be made to owners bank as follows:

Bank:



Account:
Account number:
Swift Code:
For Credit to:
Account Number:

60.
Vessel's Description:
Ex C. Nurfan
GEARLESS:
DWT:
LOA/BEAM:
GRT:                                NRT:
BUILT:                              FLAG:
CLASS:
GRAIN CAPACITY:
HOLDS/HATCHES:
DECKS:


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DISTANCE BETWEEN TOP OF HATCH COAMING AND TOP OF TOP TANKS:

ENGINE:
SPEED/CONSUMPTION:                  BALLAST -
                                    LADEN -


Additional description - see enclosed

Owners warrant speed and consumption in loaded condition of about:

SPEED AND CONSUMPTION:
Speed and Consumption as stated in line 10 of NYPE of this Charter Party,
reflects the performance of the main engine when operating at minimum RPM
corresponding to BHP. The Owners guarantee that the vessel shall proceed with
the utmost dispatch and shall be capable of performing at least the stated speed
at all times during the sea voyage, except when the vessel encounters more fresh
breeze (Beaufort Scale). "Good Weather Conditions" and "about" in line 9 and 10
of NYPE shall mean maximum Beaufort 4 (four) wind plus/minus 0.5 (one half) knot
respectively. The Charterers may instruct the vessel to stream at any slow speed
within the safety limits of the engines design.

61.
If the vessel is arrested, boycotted or in any way detained because of matters
of Owner's or Crew's concern, including troubles with unions or similar
institutions, no hire is due for the time lost thereby.

62.
The Charterers are not responsible for smuggling by Officers and Crew. All
detention and expenses incurring therefrom to be for Owners' account, and any
time lost shall be deducted from the hire.

63.
It is expressly understood that the pilots, canal steersmen, boatage and tug
assistance will only be used by the Master when customary and highly advisable.
Captain to keep these services to a minimum.

64.
That should any dispute arise between Owners and Charterers, then Law to apply
and the matter in dispute shall be referred to persons in : one to be appointed
by each of the parties hereto, and the third by the two so chosen, their
decision or that of any two of them shall be final, and for the purpose of
enforcing the award, this agreement may be made a rule of the court. The
Arbitrators shall be commercial men.





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65.
Owners will comply with US Public Law 85-742 (safety and health regulations for
longshoremen), or such similar regulations as may be in effect. Any delay due to
the vessel by the reason of noncompliance with such regulations shall be for
Owners' account.

66.
New Jason Clause, New Both to Blame Collision Clause, USA Clause Paramount,
Chamber of Shipping War Risk Clause 1952 1,2, and 3 deemed to form part of this
Charter Party and to be incorporated in Bills of Lading.

67.
Neither party hereto shall be liable for loss to the other party hereto in case
the party concern is unable to fulfil the whole or any part of its obligations
hereunder or is prevented from or delayed in fulfilling such obligations owing
to Act of God or any other reason beyond the control of the party concerned,
such as any act of national or local government or any agency thereof, voluntary
or involuntary compliance with mandatory rules, regulations or others (including
priority request or order) of any government authority or any agency department,
officers or instrumentality thereof, political disturbances, fire, storm, flood,
frost or snow, bad weather, intervention of sanitary, customs and/or other
constituted authorities, partial or total stoppage on rivers, canals or railway,
earthquake, epidemics, quarantine, explosion, accident, act of public and
foreign enemies, insurrection, rebellion, tumults, civil commotions, military
usurpation of power, riot, war, warlike situations, hostilities (whether war be
declared or not), embargo, sabotage, invasion, any sort of slowdown or stoppage
of labor for any cause, strike or lockout, commotion disorder unprecedented
stoppages on production, miners, workmen lightermen, barges, tugboatmen or other
unforeseen reason which would affect the working, carriage, delivery, shipment,
transfer or discharge of the said cargo from Shipper's facilities, vessels
loading, or shifting from transfer point to Receivers terminals whether this is
partial or general, whether similar to the foregoing or not; or accidents at the
factories, at receivers work or wharf, landship, etc.

Should any of the events referred to in the preceding paragraph occur, the party
whose performance is affected shall give notice to the other party as promptly
as practicable of the nature, probable duration and the express cause of such
prevention from or suspension of or delay in its performance and shall use due
diligence to resume full performance of its obligations at the earliest
practicable date.

Should any event of those referred to above continue for a period exceeding
__________ months, either party may, at its option, terminate this agreement, in
which case neither party may claim damage for performance.

In the event of outbreak of war involving Mexico or any of the major powers or
in the event of war or warlike situation in the countries where loading or
discharging occurs, Owners or Charterers shall have the right to cancel this
voyage. For the purpose of this Clause the term MAJOR POWERS shall be deemed to
include but not excluding the U.S.A., Russia, Great Britain, France, Germany and
Mexico.



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