MEMORANDUM

OF

AGREEMENT

Dated

1ST/DEC/2007

no:sSp071201

BRIEFPARTICULAROFTHEVESSEL:

11,500DWTBULKCARRIERUNDERBUILDINGINZHEJIANGZHAOBAOSHIPYARD

BUILDER:

VESSELNAME:

CLASS:

FLAG:

GROSSTONNAGE:

NETTONNAGE:

L/B/D:

DRAFT:

M/E:

HULLNUMBER:

SELLERS:

BUYER:

ADDRESS:

DEFINITION:

01.

PURCHASEPRICE:USD14,850,000(SAYUSDFOURTEENMILLIONEIGHTHUNDREDANDFIFTYTHOUSANDONLY)

02.

PAYMENTTERMS:

2.1

DEPOSIT:

ASSECURITYFORTHECORRECTFULFILLMENTOFTHISAGREEMENTTHEBUYERSSHALLPAYADEPOSITOF15%(FIFTEENPERCENT)OFTHEPURCHASEPRICE,I.E.USD2,227,500(USDTWOMILLIONTWOHUNDREDANDTWENTYSEVENTHOUSANDFIVEHUNDREDONLY)WITHIN3(THREE)BANKINGDAYSFROMTHEDATEOFTHISAGREEMENTSIGNEDBYBOTHTHESELLERSANDBUYERSANDSUBJECTSLIFTED.THISDEPOSITSHALLBEPLACEDWITHHOLMAN,FENWICKWILLAN,15THFLOOR,TOWERONE,LIPPOCENTRE,89QUEENSWAY,HONGKONG(ASSTAKEHOLDERS).SAIDDEPOSITTOBEHELDINCLIENTACCOUNTNUMBER102-190063-274WITHTHEHONGKONGANDSHANGHAIBANKINGCORPORATIONLIMITED(HUTCHISONHOUSEBRANCH),SWIFT:HSBCHKHHHKH

ANDHELDBYTHEMINANINTERESTEARNINGESCROWACCOUNTUPONTRUSTFORTHESELLERSANDTHEBUYERS,TOBERELEASEDINACCORDANCE

WITHJOINTWRITTENINSTRUCTIONSOFTHESELLERSANDTHEBUYERS.INTEREST,IFANY,TOBECREDITEDTOTHEBUYERS.ANYFEECHARGEDFORESTABLISHMENTOFTHEESCROWACCOUNT,HOLDINGSAIDDEPOSITANDFORTHECLOSINGSHALLBEBORNEEQUALLYBYTHESELLERSANDTHEBUYERS.

ANYFEE/CHARGESINTHESELLERSBANKTOBEFORSELLERSACCOUNT.ANYFEE/CHARGESINTHEBUYERSBANKTOBEFORBUYERSACCOUNT。