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THIS AGENCY AGREEMENT made and entered this “mm/dd/yy” by and between (hereinafter called the "PRINCIPAL") and NIPPON SHIO KAISO CO.,LTD. Tokyo,Japan (hereinafter called the "AGENT").Whereas it is agreed as follows;-

top page The PRINCIPAL appoint The AGENT as its general agent for all ports in Japan in connection with The PRINCIPAL's vessel(which hereinafter includes any vessels owned,chartered or managed by The PRINCIPAL and collectively called the "VESSEL") and The AGENT agrees to act as such upon the terms and conditions hereinafter set forth.

top page The Agent shall act as vessel's husbanding agent for The PRINCIPAL's vessels in the above area,and shall perform the services normally incident thereto, including arranging for fuel, water, provisions, emergency repairs, port charges and other similar matters, and arranging for stovedoring and other cargo handlings; and shall issue bills of loading to shippers, shall agent delivery of cargo to consigness as agent for The PRINCIPAL as required; and shall use their best efforts in soliciting and securing cargo for The PRINCIPAL's vessels.

top page The AGENT shall as vessel's husbanding agent for The PRINCIPAL's vessels in the above mentioned area, be resposibles and liable for any loss or damage incurred by The PRINCIPAL by any act, default,mistake, error and/or negligence done or committed by AGENT.

top page The PRINCIPAL shall defend The AGENT against any claims or suits arising against the latter in carring out the terms of this Appointment Agreement or any specific instructions of The PRINCIPAL and shall reimburse The AGENT for all cost of defending itself against such claims, suits, etc.

top page The remuneration of "The AGENTS" from The PRINCIPAL shall be covered of by a Rider to this agency Agreement to be called "AGENCY REMUNERATION".

top page The PRINCIPAL shall provide The AGENT with sufficient fund to cover all disbursements for account of the vessel, including stevedoring and any all expenses incurred in connection with work on board and supplies and repairs furnished to The PRINCIPAL's vessels., as well as custom house charged,pilotage, harbour dues on The PRINCIPAL's vessels and other port charges expended, and also advance to Master, telegram, telephone charges. advertising and airmail charges used in behalf of The PRINCIPAL, shall be borns by The PRINCIPAL.

top page The AGENT shall be resposible for collection of all freight,hires,demurrages,and other earnings due to The PRINCIPAL,and shall immediately pay the same to The PRINCIPAL as designated.

top page The AGENT are to investigate all damages to cargo,vessel and personnel as required by The PRINCIPAL and to make,adjust,apportion or settls any salvage,damage average or other claims in favour of or against any such vessels or to refer the same to arbitration.

top page In the event of an average accident(either Particular or General)The AGENTS will perform the necessary services. In the event such servicee extend beyond the ordinary husbanding services,The AGENTS and The PRINCIPAL will confer with reference thereto and arrange an amicable fee for the extra services.

top page A statement of account supported by vouchers in duplicate itemized each service for each vessel shall be submitted by the AGENT to the PRINCIPAL promptly after the departure of each Vessel.

top page Should any dispute whatsoever arise between The PRINCIPAL and The AGENT out of or in connection with this Agency Agreement,the same shall be settled by mutual faithful negotiation, but, if not settled, shall be referred to arbitration by the Nippon Shipping Exchange,inc. in Tokyo conducted in accordance with the Rules of the said Exchange then prevailing and the award given by the arbitrators appointed thereunder shall be final and binding.

top page This Agency Agreement shall be and remain effect from the date hereof subject to modification or amendment at any time when both parties hereto mutually consent,and shall continue in force until terminated by either party at six(6) months'notice in writing. And, this Agency Agreement is effective without Notarial Certificate.

IN WITNESS WHEREOF, the parties hereto have caused this Agency Agreement to be duly executed the day and year first above written.

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