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TIME CHARTER AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Time Charter Agreement is hereby executed by and between:

____________________________________________________________
hereinafter referred to as Charteree

and

__________________________________, hereinafter referred to as


the CHARTERER.

WITNESSETH:

WHEREAS, the CHARTEREE, makes an irrevocable firm


commitment to let the vessel described herein to the CHARTERER
for the hauling of its non-toxic liquid residue under the terms and
conditions specified and agreed upon by signatories hereafter.

WHEREAS, the CHARTERER, with financial capability hereby


agrees and makes an irrevocable firm commitment to hire the
vessel herein mentioned under the terms and conditions specified
and agreed upon by signatories hereafter.

I. VESSELS PARTICULARS:

TANKER VESSEL:

Whereas, the Charterer requires the services of the VESSEL in


the port of Wawa, Nasugbu, Batangas, Philippines.

II. COMMENCEMENT AND TERMINATION OF TIME CHARTER


AGREEMENT:

This Time Charter Agreement shall be for a minimum


guaranteed period of ONE(1) MONTHand to commence when the
vesseldeparts fromthe PORT of ORIGINand ends when vessel
arrives at the PORT of Origin. In the event that renewal or
extension of the Contract shall be made, Charterer shall advise the
Owner ONE (1) week prior to the expiration of the ONE (1) MONTH
Contract period. In the event that the contract shall be renewed or

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extended, payment of the charter fee shall be made FOUR (4) days
before the end of the Charter period specified herein without need
of demand.

It shall be understood that the subject vessels will be


deployed ONE (1) day after receipt of payment.

III. TENDER and ACCEPTANCE.

Execution of this charter agreement shall constitute full


performance by the CHARTEREE of its obligation to provide
seaworthy and cargo worthy vessel and the CHARTERERs
acceptance of the condition and suitability of the vessel for the
intended cargo.Thereafter, the CHARTERER shall not be entitled to
make or assert against the CHARTEREE any claim on account of any
representation or warranties, expressed or implied, with respect to
the Vessel.

IV. MONTHLY RATE:

The sum of TEN MILLION PESOS (P 10,000,000.00)VAT


EXCLUDED equivalent to 30 DAYS or prorated on a daily basis
whichever is applicable payable upon the execution of this contract.

For purposes of payment, checks shall only produce the effect of payment upon
encashment.

V. TRADE AND CARGO

The vessel is to be employed in lawful trade for the carriage of


the Charterers lawful merchandize that are being transported
between authorized, good and safe ports or places where she can
safely lie always afloat along navigational routes within the
territorial waters of the Republic of the Philippines. For purposes of
monitoring, the Charterer shall inform the Charteree of the route
that the vessel will ply and shall not change such route unless with
prior clearance from the Charteree.

No livestock or injurious, flammable, dangerous or illegal


goods, logs, and rock boulders shall be shipped. No passenger,
whether paying or non-paying, or cargo, in excess of the allowed
number or weight designated by the proper port authorities, shall be
allowed to be carried or caused to be carried. The Charterer shall
not suffer or permit anything to be done which can or might impair
or unduly affect the registration of the Vessel in the name of the
Chartereeand shall not remove the Vessel beyond the jurisdictional
waters of the Philippines without the prior written consent of the
Charteree.

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VI. CHARTEREE/OPERATOR TO PROVIDE:

The Charteree/Operator shall provide and pay for all


provisions and wages of the regular crew, the insurance of the
vessel, all deck and engine room stores and shall maintain her in an
efficient state in hull and machinery during service.

VII. CHARTERER TO PROVIDE:

The Charterer shall provide ADO Fuel, Lube/Hydraulic Oil,


Fresh Water, Coolant, Battery Solution and Port Charges, Pilotage,
Loading/Unloading of cargo, Lashing including all the materials for
securing of cargo, Arrastre, Stevedoring, Wharfage and Garbage
charges and all other fees that may be imposed by the government
or private and entity during the period of Agreement including
entrance and clearance fees in Ports indicated including
docking/undocking dues and all other port obligations.The Vessel
shall be redelivered with no less than the amount of fuel/lubricant
existing in the Vessel at the time of its departure from the Port of
Origin. It shall be understood that the Fuel consumption for the
delivery and redelivery of the vessel shall be for the account of the
CHARTERER and shall be computed and paid at the execution of this
agreement apart from the charter rate.

VIII. LIABILITY:

Charterer shall hold Charteree free and harmless from any and all
suits, actions and proceedings arising out of or in connection with
the use and operation by the Charterer of the Vessel. In the event
of a law suit filed against the Charteree on account of the use and
operation of the Vessel by the Charterer, the latter agrees to
indemnify the Charteree for all expenses and damages that the
Charteree may incur in prosecuting its claim or in defending itself.

IX. FORCE MAJEURE/ENGINE REPAIR/DECK DAMAGES:

Standby time or delays caused by force majeure like typhoon


and the like or repairs on deck damages caused during loading and
unloading operations are not deductible from the monthly rental.
However, engine repair in excess of Twenty-Four (24) hours from any
single event is deductible from the Monthly Agreement period by
such time as consumed for engine repair.

The Charteree shall not be responsible for the loss, damage,


delay or failure to perform against the contractdue to force majeure,
acts of God, perils of the sea, acts of man, trouble or hostilities, war,
epidemic quarantine, restriction, embargo, restraint from

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government or people and/or for any latent defect in the hull of the
vessel not discoverable by the exercise of due diligence.

X. DAMAGES TO VESSEL:

Damage to vessel caused by carelessness or negligence of the


Charterer shall be the liability of the Charterer. In case of any
damage affecting the Vessels seaworthiness and/or safety of the
crew and/or the trading capabilities of the Vessel, the Charterer shall
immediately arrange for the repairs of such damage/s at its sole
expense and the Vessel shall remain on hire until such repairs are
completed and, if required, passed by the Vessels classification
society.

XI. FAILURE OF PAYMENT:

In the event the CHARTERER fails to pay the charter fee on the period agreed
upon as stipulated in herein, the CHARTEREE shall have the right to stop and hold
the operation of the chartered vessel. In the event the CHARTEREE exercises this
option to stop and hold the operation of the chartered vessel, the CHARTEREE shall
be free and harmless from any liability arising from any delay caused to the
CHARTERER or any of its agents, representatives or contractors for causes arising
from the decision of the CHARTEREE to stop and hold the operation of the chartered
vessel for failure of the CHARTERER to pay the charter fee.

An additional sum equivalent to Twenty Five percent (25%)


of the amount unpaid shall be charged for attorneys fees and cost
of collection without prejudice to the lien over the goods which the
CHARTEREE may exercise.

XII. OTHER TERMS AND CONDITIONS:

a) Insurance of cargo and cost of freight shall be for


Charterers account. Charteree shall be free from any
liability for delay, partial and or total loss or damage on
the cargo due to mishaps or accidents on vessel,
including but not limited to, sinking, floundering, tidal
wave and all other causes attributable to force majeure.
b) Charterer to provide one safe berthing area at load port
and discharge port.
c) Freight to be deemed earned whether vessel and or
cargoes are lost or not lost.
d) All ropes, slings and special runners actually used for
loading and discharging and any special gear including
special ropes, hawsers and chains required by the
customs of the port for mooring shall be for Charterers
account.

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e) The vessel shall be re-delivered empty of cargoes and in
the same good order as when delivered to the Charterer
(fair wear and tear excepted) The cost of (a) re-delivery,
(b) any and all repairs necessary to put the vessel in the
same good condition as when delivered to the Charterer
(fair wear and tear excepted) and (c) hire for the number
of days elapsed discharging remaining cargoes on board,
and/or undertaking repairs, shall be for Charterers
account.
f) If the Charterer has reason to be dissatisfied with the
conduct of the Officers/Crew of the said vessel, the
Charteree on receiving particulars of the complaint, shall
promptly investigate the matter and make the necessary
changes.

g) Any dispute or legal action arising from this Agreement


shall be brought solely in the proper courts of Muntinlupa
City, to the exclusion of other courts.

IN WITNESS WHEREOF, we hereby set our hands in


_________________ this _____thday of February, 2017.

Charteree Charterer

Signed in the presence of:

___________________________ ___________________________

(REPUBLIC OF THE PHILIPPINES


_________________________ ) S.S

Before me, a Notary Public for and within the Municipality of


________________, Philippines, this _________________day of
___________________, 2016.

The following persons personally appeared before me with their residence


certificate:

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NAME GOVERNMENT ID NO.
DATE ISSUED

Known to me same person who executed this Charter Agreement


Contract consisting of FIVE (5) pages. Signed by the parties and witnessed
at the left margin of all pages hereof and acknowledge that the same is
their free and act of deed.

WITNESSED MY HAND AND SEAL at the place and date first above
written.

Doc. No. _____________


Page No._____________
Book No. _____________
Series of 2017.

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