INTERIM MANAGEMENT AGREEMENT
of Majuro, Marshall Islands, lawfully represented (hereinafter sometimes
Cardiff Marine Inc.
of Monrovia, Liberia, lawfully represented (hereinafter sometimes
the Interim Manager)
Whereas the Owner shall be engaged through subsidiaries in the ownership and operation of
cargo vessels trading worldwide estimated to commence in April 2007.
Whereas the Owner is pursuing a process of an Initial Public Offering (IPO) and listing of its
common shares on the Nasdaq Global Market.
Whereas the Owner will require interim management services in connection with the delivery and
operation of the Owner’s initial fleet of up to seven (7) drybulk carriers (each a “Vessel” and
collectively, the “Vessels”) to be purchased by respective wholly owned subsidiaries of the Owner.
Whereas the Interim Manager has established a reputation and a record as a provider of safe and
efficient shipmanagement services.
Whereas the Owner and the Interim Manager desire to enter into an interim management
agreement on the terms and conditions provided herein.
IT IS HEREBY AGREED THAT
1. Interim Management Fee . Owner shall provide an advance payment of U.S. Dollars
Two Hundred Thousand ($200,000) on the date of the closing of the Owner’s initial
public offering of common shares in consideration of interim management services
2. Interim Management Services . As may be requested the Interim Manager shall
assist the Owner to take delivery of the Vessels and commence operation of the
Vessels during the term of this Agreement. In furtherance thereof, the Interim
Manager shall perform the following services:
Interim Management Agreement
a) PURCHASE AND SALE OF VESSELS
The Interim Manager shall identify vessels for purchase, perform class records review
and physical inspection and make recommendations to the Owner as to whether any