MASTER AGREEMENT DATED 11TH JULY 2007
Exhibit
10.1
MASTER
AGREEMENT DATED 11TH
JULY
2007
This
master agreement covers the agreement reached between Messrs. Metrostar
Management Corporation (‘the Sellers’), for and on behalf of the owning
companies of the vessel’s mentioned hereunder, and Messrs. Genco Shipping and
Trading Limited, New York (‘the Buyers’) for and on behalf of the nominated
companies to acquire the vessel’s mentioned hereafter.
It
is
this day agreed between the parties to proceed with the purchase of the fleet
of
vessels mentioned hereunder on the following main terms:
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1.
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Buyers
have waived inspections of the vessels, but have already undertaken
review
of the specifications as follows:
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|
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a)
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M.V.
‘FERRO GOA’/Built 2007
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|
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b)
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M.V.
‘FERRO FOS’/ Built 2007
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|
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c)
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M.V.
‘HULL 1044’ – SWS/Built 2007/2008
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|
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d)
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M.V.
‘HULL 1118’ - SWS/Built 2007/2008
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|
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e)
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M.V.
‘HULL 8071’ - IMABAR/Built 2008
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f)
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M.V
‘HULL 1032’ - SUNGDONG/ Built 2008
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g)
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M.V
‘HULL 1033’ – SUNGDONG / Built
2008/2009
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h)
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M.V
‘HULL 1034’ – SUNGDONG / Built 2009
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i)
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M.V
‘HULL 1041’ - SUNGDONG / Built 2009
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The
sale
of the vessels as a fleet referred to hereunder is enbloc on a clean basis
subject to the satisfactory review by the Buyers/Sellers of documentation of
the
individual sales and transfers of the charter on the first four Vessels
mentioned above.
|
2.
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The
sale is to be based upon the attached MOAs and any changes to be
mutually
agreed by the Buyers and the Sellers. Relevant Charter Parties
and Specifications of undelivered ships as
attached.
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3.
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The
Vessel’s deliveries will be in accordance with the terms of the attached
MOAs. The Vessels are all to be delivered at a safe berth or
safe anchorage at one safe port worldwide, excluding ports where
the
Buyers are prohibited from accepting delivery by the United States
of
America laws and regulations, always free of cargo and in the case
of
undelivered ships at or close to place of delivery
ex-yard.
|
|
4.
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The
sales of the vessels are independent to each other. Individual
Memorandum’s of Agreement as attached are to apply for each Vessel and it
is agreed that the following prices shall
apply:
|
|
Vessel
|
Value
(USD)
|
|
Ferro
Goa
|
125,000,000
|
|
Ferro
Fos
|
125,000,000
|
|
Hull
1044
|
125,000,000
|
|
Hull
1118
|
125,000,000
|
|
Hull
8071
|
129,000,000
|
|
Hull
1032
|
121,000,000
|
|
Hull
1033
|
121,000,000
|
|
Hull
1034
|
120,000,000
|
|
Hull
1041
|
120,000,000
|
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5.
|
Within
three New York banking days of signing these MOAs deposits as referred
to
in the MOAs shall be placed with the Sellers nominated bank in London
and
held by them in a joint account for the Sellers or their nominee
and the
Buyers or their nominees, with interest to be for the Buyers
account. The appointment by the Sellers of each bank where a
deposit will be paid is subject to the approval of the Buyer’s
bankers.
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6.
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This
Master Agreement and attached MOAs are always to be based upon Arbitration
in London with English Law to
apply.
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7.
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The
delivery schedule for M.V. ‘Ferro Fos’ and M.V. ‘Ferro Goa’ is as
follows:
|
M.V.
‘Ferro Goa’ is scheduled to complete discharge on her next cargo loading in
Punto Maderia in Fos on approximately 30th
July. It is anticipated that the vessel will be delivered to the
Buyer on completion of that discharge. However, for whatever reason
if that is not practicably possible then the vessel will have to deliver to
the
Buyers after completion of the next laden voyage for which purpose the Buyers
will agree to automatically extend the cancelling date beyond September 1st to that
which is
practicably appropriate. In the event of the vessel proceeding from
Brazil to China, for example, the Sellers would require October 1st 2007.
M.V.
‘Ferro Fos’ is now in Sepetiba Bay loading to China where she is scheduled to
arrive about the middle of August. It is anticipated that the vessel
would complete discharge before the end of August, however, again in the event
of the vessel being delayed the Buyers will agree to automatically extend the
cancelling date beyond September 1st and it
is agreed
that the Buyers will take delivery immediately upon completion of the
discharge.
For
the
Sellers: For
the Buyers:
Metrostar
Management
Corporation Genco
Shipping and Trading Limited
/s/
X X
Xxxxxxx-Xxxxx /s/
Xxxx Xxxxxxxxxx
X
X
Xxxxxxx-Xxxxx
Attorney-In-Fact
