1.

Shipbroker BIMCO STANDARD BAREBOAT CHARTER

as Barecon A and Barecon B Revised and amaigamated 1989 Revised 2001 CODE NAME: BARECON 2001
The Baltic and International Maritime Council (BIMCO), Copenhagen, in 1974

PART I
2. Place and date

HOCHIMINH CITY, VIETNAM

MAY 4TH , 2006
3. Owners/Place of business (Cl.1) 4. Bareboat Charterers/Place of business (Cl.1)

KAWABATA SHOTEN CO., LTD DAI HAI SHIPPING JOINT STOCK COMPANY
ON BEHALF OF HOYO KAIUN K.K 135/17/23 Nguyen Huu Canh, W.22, Binh thanh Dist.,
4-43, 5-chome, Jibori, Imabari-city, Ehime- Hochiminh City, Vietnam
prefecture, Japan
5. Vessels name, call sign and flag (Cl. 1 and 3)

KOSHIN MARU NO 3
6. Type of vessel 7. GT/NT

LPG Carrier 695.00 G/T

8. When/where built 9. Total DWT (abt.) in metric tons on summer freeboard
First issued by

1986 by Iwagi Zosen Co.,Ltd. Japan 1,114.35 DWT

10. Classification society (Cl.3) 11. Date of last special survey by the Vessels clasification society

Nippon Kaiji Kyokai (NK) September 2005

12. Further particulars of vessel (also indicate minimum number of months validity of class certificates agreed acc. to Cl.3)
The baltic and international maritime Council (BIMCO), Copenhagen issued November 2001

13. Port or place of delivery (Cl.3) 14. Time of delivery (Cl.4) 15. Cancelling date (Cl.5)

ONE SAFE PORT IN JAPAN May 17th, 2006 May 30th, 2006

16. Port or place of redelivery (Cl.15) 17. No of months validity of trading and class certificates upon redelivery
(Cl. 15)

18. Running days notice if other than stated in Cl.4 19. Frequency of dry-docking (Cl.10(g))

20. Trading limits (Cl.6)

WITHIN ASIAN COUNTRIES

21. Charter period (Cl.2) 22. Charter hire (Cl. 11)

ONE CALENDAR YEAR See Additional clause 1

Copyright, publish by

23. New class and other safety requirements (state percentage of vessels insurance value acc. to box 29) (Cl.10)a)ii))

24. Rate of interest payable acc. to Cl.11(f) and, if applicable, 25. Currency and method of payment (Cl.11)
acc. to PART IV See Additional Clause 1

Printed and sold by Fr.G.Knudtzons bogfrykkeri A/S continued

Vallensbaekvej 61, DK-2625 Vallensbaek
 26. Place of payment also state beneficiary and bank account (Cl. 11) 27. Bank guarantee/bond (sum and place) (Cl.24)(Optional)

The Bank of Yokohama, Chuo-Ichiba Branch

A/c No. 1255 in favour of
KAWABATA SHOTEN CO., LTD
28. Mortgage(s), if any (state whether 12(a) or (b) applies, if 12 (b) 29. insurance (hull and machinery and war risk) sate value acc. To Cl.
applies state date of Financial instrument and name of mortgages (s) 13(b) or, if applicable, Cl. 14 (g))
place of business) (Cl.12)
JAPANESEYEN 148,000,000
30. Additional insurance cover, if any, for Ownersaccount limited to 31. Additional insurance cover, if any, for chartereraccount limited to (Cl.
(Cl.13 (b) or, if application, Cl. 14(g) 13 (b) or, if applicable, Cl. 14 (g)

32. Latent defects (only to be filled in if period other than stated in 33. Broker commission and to whom payable (Cl. 27)
Cl.3)

34. Grace period (state number of clear banking days) (Cl.28) 35. Dispute Resolution (state 30(a), 30(b), if 30(c), if 30(c) agreed Place of
Arbitration must be state (Cl.30)

LONDON ENGLISH LAW

36. War cancellation (indicate countries agreed) (Cl.28)

37. Newbuilding vessel (indicate with yes or no whether PART III 38. Name and place of builders (only to be filled in if PART III applies)
applies) (optional)
NO
39. Vessels Yard Building No (only to be filled in PART III applies) 40. Date of Building contract (only to be filled in if PART III applies)

41. Liquidated damages and costs shall accure to (state party acc. To Cl.1)
a)
b)
c)

42. Hire/Purchase agreement (indicate with yes or no whether 43. Bareboat charter Registry (indicate yes or no whether PART V
PART IV applies )(optional) applies) (optional)
YES NO
44. Flag and Country of the bareboat charter Registry (only to be 45.3 Country of the Underlying Registry (only to be filled in if PART V
filled in if PART V applies) applies)

46. Number of additional clauses covering special provisions, if agreed

09

PREAMBLE it is mutually agreed that this contract shall be performed subject to the conditions contained in this charter which shall include PART I
and PART II in the event of a conflict of conditions, the provisions of PART 1 shall prevall over those of PARTII to the extent of such conflict but no
further, it is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only from part of this charter if exxpressly
agreed and stated in the Boxes 37,42 and 43, if PART III and/or PART IV and/ or PART V apply, it is further agreed that in the event of a conflict of
conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extend of such conflict but
no further.

Signature (Owners) Signature (charterers)

KAWABATA SHOTEN CO., LTD. DAI HAI SHIPPING JOINT STOCK COMPANY

YASUO KAWABATA MANAGING DIRECTOR VU QUANG - DIRECTOR

Additional Clauses:

1. Charter Hire/Purchase and Payment

1.1. Charter Hire/Purchase:
JPY 11,100,000 per month
1.2. Payment : Charterers shall pay Charter Hire/Purchase as follows:
1.2.1. JPY 14,800,000 as Guarantee Amount shall be paid to the Owners
nominated Bank by TT within Ten (10) days after signing this Bareboat
Charter Party.
1.2.2. Payment of the Charter Hire/Purchase of the 1 st to 12th months
JPY11,100,000 each month (totally JPY133,200,000) shall be made by
TT within 5 last days of each previous month.
1.2.3. Payment can be made in Japanese Yen or equivalent in United States
Dollars in Charterers option.
1.2.4. Charterers have option to pay the balance of Charter Hire/Purchase at
any time during the Charter Period to take full possession of the vessel.
2. Charterers shall pay bunkers remained on board at current market price at the
place of delivery.
3. Charter Hire/Purchase is fixed for the whole Charter Period, regardlessly the
expenses on repairs of whatsoever nature.
4. Charterers shall bear all expenses for the voyage from the place of delivery to
Vietnam, including installation of communication equipment, bunkers,
provisions, port charges, agency fees, etc.
5. Charterers on their own account shall change the name and flag from
Japanese to Mongolian upon delivery of the vessel.
6. Charterers shall carry out all kinds of repairs and maintenance to the vessel
during Charter Period.
7. Charterers have right to sub-let the vessel, but all terms and conditions of this
charter party remain in force.
8. Owners shall deliver all instructions, books, manual/drawings etc as well as
class records that are in Sellers possession on board/ashore to the Charterers
at the time of delivery of the vessel. Owners have the right to keep the
logbooks but Charterers may take copies of the same.
9. This Bareboat Charter Party is kept confidential betwwen Charterers and
Owners.