Certificate No.

A61 CERTIFICATE OF INSURANCE

DATE: 14/02/2012

CERTIFICATE ISSUED TO:

Miclyn Express Offshore Pte Ltd and/or its Group companies and /or Ticwink Pte Ltd as Registered Owners c/o 3 Harbour Front Place #11-01/04 HarbourFront Tower 2 Singapore 099254

The information provided in this Certificate reflects the position as at the date of issuance stipulated herein only. This is to certify that the policies of insurance listed below have been effected for the insured named below for the policy period indicated. Notwithstanding any requirement, term or condition of any contract or other document with respect to which this certificate may be issued or may pertain, the insurance afforded by the policies described herein is subject to all the terms, exclusions and conditions of such policies. Limits shown may have been reduced by paid claims. Please note that should the insurance cover be cancelled, assigned or changed in any way during the policy period(s), neither Jardine Lloyd Thompson Private Limited nor the subscribing Insurer(s), accept any obligation to notify any recipient of this Certificate.

NAME OF ASSURED:

Miclyn Express Offshore Pte Ltd and/or its Group companies and /or Ticwink Pte Ltd as Registered Owners and/or others for their respective rights and/or interests as they may appear H&M/IV : Worldwide, subject to Institute Warranties Cl.26 dated 1/7/76 War Risks : JWC Listed Areas dated 8th December 2011 EXPRESS 65

TRADING:

VESSEL:

TYPE OF INSURANCE

POLICY NO.

POLICY PERIOD With effect from 20th February 2012 to 19th February 2013 both days inclusive, Singapore Local Time.

AGREED VALUE OR LIMITS OF LIABILITY (USD) 3,150,000

A)

Hull & Machinery

00016052/212-00

Institute Time Clauses - Hulls 1/10/83 Cl.280 excluding Collision Liability absolutely and as amended. Insured with: 50.0% Catlin Singapore Pte Ltd 32.5% Dutch Marine Insurance on behalf of Delta Lloyd Schadeverzekering N.V. 17.5% Royal & Sun Alliance Insurance Plc (Singapore Branch) --------100.0% ====

g~=i=q=m~=i= 1 Raffles Quay #27-01 One Raffles Quay North Tower Singapore 048583 Tel : 65 63336311 Fax : 65 63336511

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Certificate No. A61

TYPE OF INSURANCE POLICY NO. POLICY PERIOD With effect from 20th February 2012 to 19th February 2013 both days inclusive, Singapore Local Time. AGREED VALUE OR LIMITS OF LIABILITY (USD) 1,050,000

B)

Increased Value

00016052/212-00

Institute Time Clauses Hulls, Disbursements and Increased Value (Total Loss Only, including Excess Liabilities) 1/10/83 (Cl.290) and as amended. Insured with: 50.0% Catlin Singapore Pte Ltd 25.0% Royal & Sun Alliance Insurance Plc (Singapore Branch) 12.5% Ascot Underwriting Asia Pte Ltd 12.5% Travelers Asia Pte Ltd --------100.0% ==== C) War Risks and War P&I Risks 00016052/212-00 With effect from 20th February 2012 to 19th February 2013 both days inclusive, Singapore Local Time. 4,200,000

Institute War and Strikes Clauses Hulls Time 1.10.83, Cl.281 as amended; War P&I Clauses; subject to current London Market Joint War Committee published listed Areas of Perceived Enhanced Risk. Insured with: 50.0% Catlin Singapore Pte Ltd 25.0% Ascot Underwriting Asia Pte Ltd 25.0% Travelers Asia Pte Ltd --------100.0% ==== Several Liability Notice: The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations. This Certificate of Insurance is issued as a matter of information only and confers no rights upon the Certificate Holder. This Certificate of Insurance does not amend, extend or alter the coverage afforded by the policy(ies) shown hereon. Notwithstanding the issuance of this Certificate, Jardine Lloyd Thompson Private Limited are and remain solely the agent of the above named Assured in this matter and owe no duties to any recipient of this Certificate and shall have no liability to the recipient of this Certificate in the event that this Certificate is in any way inaccurate or incorrect. JARDINE LLOYD THOMPSON PRIVATE LIMITED

BY:____________________________________________
g~=i=q=m~=i= 1 Raffles Quay #27-01 One Raffles Quay North Tower Singapore 048583 Tel : 65 63336311 Fax : 65 63336511

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The Shipowners' Mutual Protection and Indemnity Association (Luxembourg) 16, Rue Notre-Dame L-2240 Luxembourg

Certificate of Entry

Incorporated in Luxembourg R.C. Luxembourg B14228 Registered office as above

Certificate Number : 607 Dated : 06-Feb-2012 With effect from : 20-Feb-2012 Page Number : 1
The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)

MUTUAL FIRST SCHEDULE Member

23939 MICLYN EXPRESS OFFSHORE PTE LTD (as MANAGER and OPERATOR) TICWINK PTE LTD (as OWNER)

Vessel No. Name 106074 EXPRESS 65 106075 EXPRESS 66

Entered Vessel Entered Actual Date Flag Type Built Tons GT 28-Jul-11 PAN OC 2011 230 230 28-Jul-11 PAN OC 2011 230 230

SECOND SCHEDULE
The Terms and Conditions of the Insurance in respect of the said vessel or vessels named in the First Schedule are those contained in the Rules of the Association except to the extent that those Rules are modified by the Special Terms set out below :-

TRADING
Far East not North and East of Japan, Not South of Australia and Not West of Cape Town, including Persian Gulf, Middle East and the whole of Australia waters.

CONDITIONS
As per Rules

WARRANTIES
Classed and class maintained.

SUBJECT TO
Cancelling Returns Only, notwithstanding the provisions of Rule 55. Affiliated Company Clause (see below) War Risk Extension Clause (see below) Co-Insured Clause (see below) Loss Payable Clause (see below)

INCLUDING
Liabilities for Towage in accordance with the Note to Rule 2 Section 10 C. Full collision liability (4/4ths RDC) in accordance with Rule 2 Section 7 A. Liabilities in respect if seamen (Rule 2 Section 1) - excluding barges. Liabilities in respect of passengers (Rule 2 Section 2). Liabilities in respect of persons other than seamen or passengers (Rule 2 Section 3). Pollution (Rule 2 Section 9). Removal of Wreck (Rule 2 Section 12).

This Certificate of Entry is evidence only of the contract of indemnity insurance between the above named Member(s) and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of the Association to any other party. In the event that a Member tenders this Certificate as evidence of insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be sued directly in any jurisdiction whatsoever. The Association does not so consent. Nothing in this contract is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce a term contained in this contract.

Certificate Number : 607 Dated : 06-Feb-2012 With effect from : 20-Feb-2012 Page Number : 2
The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)

EXCLUDING
Liability to cargo and property - Rule 2 Sections 14, 15 and 17, except in respect of crewboats which in accordance with information detailed below. .

DEDUCTIBLES
Crew Claims USD 1,000 each incident except in respect of claims arising directly out of the terms of POEA contracts of employment for which a deductible of USD 7,500 each incident will apply (Rule 2 Section 1). RDC & FFO claims USD 15,000 each incident except in relation to damage to rigs, platforms and other offshore structures which USD 25,000 each incident is to apply. All other claims USD 5,000 each incident.

INFORMATION
It is noted that the members entered crewboats may be required to carry cargo/property onboard from time to time for and on behalf of Charterers and/or offshore workers etc. Such cargo always being carried in accordance with the provisions to Rule 2 Section 14 and/or in accordance with contracts of carriage as seen and agreed by the Association. It is noted that in most cases the charter parties/contracts entered into will contain a knock-for knock provision in relation to cargo/property onboard being property owned by the Charterers or their other sub-contractors.

CLAUSE WORDINGS
AFFILIATED COMPANY CLAUSE
Should a claim in respect whereof a Member named in the Certificate of Entry is insured by the Association be made or enforced through a person or company affiliated or associated with such Member, the Association shall, if so requested by the Member, indemnify such person or company against any loss which as a consequence thereof such person or company shall have incurred in that capacity provided always that nothing herein contained shall be construed as extending to any amount which would not have been recoverable from the Association by the Member had such claim been made or enforced against him. Once the Association has made such indemnification it shall not be under any further liability and shall not make any further payment to any person or company whatsoever, including the Member, in respect of that claim.

WAR RISK EXTENSION

Cover excluded under Rule 25 is hereby reinstated, subject always to the following conditions: 1. NOTICE OF CANCELLATION Automatic Termination of Cover and War Exclusions Clause Cover hereunder in respect of the risks set out under Rule 25 may be cancelled by the Club giving 7 days notice (such cancellation becoming effective on the expiry of 7 days from midnight on the day on which notice of cancellation is issued by the Club).

This Certificate of Entry is evidence only of the contract of indemnity insurance between the above named Member(s) and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of the Association to any other party. In the event that a Member tenders this Certificate as evidence of insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be sued directly in any jurisdiction whatsoever. The Association does not so consent. Nothing in this contract is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce a term contained in this contract.

Certificate Number : 607 Dated : 06-Feb-2012 With effect from : 20-Feb-2012 Page Number : 3
The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)

CLAUSE WORDINGS (continued):

2. AUTOMATIC TERMINATION OF COVER Whether or not such notice of cancellation has been given cover hereunder in respect of the risks set out under Rule 25 shall TERMINATE AUTOMATICALLY 2.1 upon the outbreak of war (whether there be a declaration of war or not) between any of the following: United Kingdom, United States of America, France, the Russian Federation, the People's Republic of China. 2.2 in respect of any vessel, in connection with which cover is granted hereunder, in the event of such vessel being requisitioned either for title or use.

3.

FIVE POWERS WAR EXCLUSIONS This insurance excludes loss damage liability or expense arising from the outbreak of war (whether there be a declaration of war or not) between any of the following: United Kingdom, United States of America, France, the Russian Federation, the People's Republic of China; Requisition either for title or use. Cover in respect of the risks set out under Rule 25 shall not become effective if, subsequent to acceptance by the Club and prior to the intended time of attachment of risk, there has occurred any event which would have automatically terminated cover under the provisions of this clause.

4.

CHEMICAL, BIO-CHEMICAL, ELECTROMAGNETIC WEAPONS AND COMPUTER VIRUS EXCLUSION CLAUSE This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith. In no case shall this insurance cover liabilities, costs, losses and expenses directly or indirectly caused by or contributed to, by or arising from 1. any chemical, biological, bio-chemical or electro-magnetic weapon; 2. the use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any other electronic system.

5. LIMIT Cover hereunder shall be subject to any limits set out elsewhere in this certificate, provided always that cover hereunder in respect of the risks set out under Rule 25 shall not in any event exceed US$ 500,000,000 any one accident, each vessel. PROVIDED ALWAYS that: where a ship entered in the Club by or on behalf of any person is also separately insured in the name of or on behalf of the same or any other person by the Club or by any other insurer which is a party to the Pooling Agreement in respect of the losses, liabilities or the costs and expenses incidental thereto which are covered pursuant to the terms of this Clause and/or the equivalent policy provisions of such other insurer, the aggregate recovery in respect of all such losses,

This Certificate of Entry is evidence only of the contract of indemnity insurance between the above named Member(s) and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of the Association to any other party. In the event that a Member tenders this Certificate as evidence of insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be sued directly in any jurisdiction whatsoever. The Association does not so consent. Nothing in this contract is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce a term contained in this contract.

Certificate Number : 607 Dated : 06-Feb-2012 With effect from : 20-Feb-2012 Page Number : 4
The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)

CLAUSE WORDINGS (continued):

liabilities and the costs and expenses incidental thereto shall not exceed US$500 million, each ship, any one event, and the liability of the Club to each such person insured by the Club shall be limited to such proportion of US$500 million as the maximum claim otherwise recoverable by such person from the Club bears to the aggregate of all such claims otherwise recoverable from the Club and all such insurers, or the limit applicable to the claim under that person's individual terms and conditions of entry if less.

6. This cover shall pay claims only in excess of the US dollar equivalent of such insured value as the Committee determines represents the market value of the insured vessel disregarding any charter or other engagement to which she may be committed, or, the amount recoverable from a participating Member's underlying war risk underwriters, whichever is the greater. However, such an excess shall not apply where any insured vessel is entered solely in the name of a charterer, other than a charterer by demise or Bareboat charterer, and in any case the excess shall be deemed to be no more than US$ 100 million per entered vessel. The Committee shall retain an absolute discretion to pay claims within this excess. 7. This cover shall not provide insurance for any losses, liabilities, costs or expenses if the provision of such insurance would create a liability for the insured owner under the Tanker Oil Pollution Indemnification Agreement 2006 to contribute to the IOPC supplementary fund.

LOSS PAYABLE CLAUSE

"Payment of any recovery the Member is entitled to make out of the funds of the Association in respect of any liability, costs or expenses incurred by him shall be made to the Member or to his order unless and until the Association receives notice from Standard Chartered Bank (Hong Kong) Limited (the first Mortgagees) that the Members are in default under the Mortgage, in which event all recoveries shall thereafter be paid to the Mortgagees or their order, provided always that no liability whatsoever shall attach to the Association, its Managers or their Agents for failure to comply with the latter obligation until after the expiry of two clear business days from the receipt of such notice. "Notwithstanding anything contained herein, the Managers shall (unless and until the Mortgagees shall have given notice in writing to the contrary) be at liberty at the request of the Members to provide bail or other security to prevent the arrest or obtain the release of the vessel." The Association undertakes:(a) to inform the Mortgagee if the Managers give the Member notice under Rule 44. (b) to give the Mortgagee fourteen days notice of the Association's intention to cancel the Insurance of the Member by reason of his failure to pay when due and demanded any sum due from him to the Association.

This Certificate of Entry is evidence only of the contract of indemnity insurance between the above named Member(s) and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of the Association to any other party. In the event that a Member tenders this Certificate as evidence of insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be sued directly in any jurisdiction whatsoever. The Association does not so consent. Nothing in this contract is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce a term contained in this contract.

Certificate Number : 607 Dated : 06-Feb-2012 With effect from : 20-Feb-2012 Page Number : 5
The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)

CERTIFICATE OF ENTRY relating to vessel or vessels specified in the First Schedule, entered for insurance in the Association in accordance with the particulars set out in the First Schedule and upon the terms and conditions of the rules for the time being in force, except to the extent that those terms and conditions are modified by the special terms set out in the Second Schedule. For the Shipowners' Mutual Protection & Indemnity Association (Luxembourg)

Signed ____________________________________________________________________ For Shipowners' Asia Pte Limited, agents for the Managers

This Certificate of Entry is evidence only of the contract of indemnity insurance between the above named Member(s) and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of the Association to any other party. In the event that a Member tenders this Certificate as evidence of insurance under any applicable law relating to financial responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be sued directly in any jurisdiction whatsoever. The Association does not so consent. Nothing in this contract is intended to confer any benefit on any third party (whether referred to herein by name, class, description or otherwise) or any right to enforce a term contained in this contract.

The Shipowners' Mutual Protection and Indemnity Association (Luxembourg) 16, Rue Notre-Dame L-2240 Luxembourg

Vessel Type Codes

BARGES
BA BC BG BJ BP BS BT ACCOMMODATION BARGE CRANE GENERAL BARGE JACK UP PONTOON SPECIALIST BARGE TANK FST FT FISHING SUPPORT TRAWLING GENERAL

PASSENGER VESSELS
PCV PE PF PHS PT PV PASSENGER CRUISE VESSEL PASSENGER EXCURSION/TOUR VSL CONVENTIONAL FERRY HIGH SPEED FERRY TALL SHIP/TRAINER VEHICULAR PASSENGER FERRY

HARBOUR CRAFT
HCT HD HIT HM HT HU COASTAL TUG DREDGER TUG INLAND TOWAGE/PUSH MISC HARBOUR TUGS/PUSH UTILITY HARBOUR

TANKERS

DRY CARGO VESSELS

DC DF DG DM DR DRY CONTAINER REFRIGERATED GENERAL MISC CARGO RO-RO

FISHING VESSELS
FC FD FF FFP FI FL FS CHARTER/SPORT FISHING DREDGING (FISHING) FISH FARM VESSELS FISHING FACTORY/PROCESSOR INSHORE FISHING LONG LINES SEINING

TBC BUNKERING (CLEAN) TBD BUNKERING (DIRTY) OFFSHORE CRAFT TC CHEMICAL OA AHTS TD PRODUCTS DIRTY OBA OFFSHORE ACCOMMODATION BARGE TG GAS CARRIER OBG OFFSHORE GENERAL BARGE TM MISC TANKER OBS SPECIALIST OFFSHORE BARGE TP PRODUCTS CLEAN OC CREWBOAT OD DRILLING YACHTS OM MISC OFFSHORE YA YACHT CHARTER 13+ PAX OP PLATFORM SUPPLY VESSEL YB YACHT CHARTER MAX 12 PAX OS SEISMIC SURVEY YC YACHT COMPANY OWNED NO CHARTER OT OFFSHORE TUG YOO YACHT OWNER OPERATED OX STANDBY YP YACHT PRIVATE OWNED NO CHARTER

Agents for the Managers:

Shipowners' Asia Pte Limited

6 Temasek Boulevard, #36 - 05 Suntec Tower Four, Singapore 038986 Tel: +65 65930420 Fax: +65 65930449 e-mail: info@shipowners.com.sg Company No. 200813550K