ERG CHARTERING TERMS JANUARY 2009

As per “SHELLVOY 6” March 2005 (BIMCO printout), with the following deletions and additions
(that prevail on the standard form where inconsistent with it, even if the relevant clauses has
not been amended accordingly).

Preamble

Line 6 ADD:
Erg Raffinerie Mediterranee SpA, company under the direction and coordination of Erg SpA,
having its registered office in Priolo Gargallo SR (Italy) / Erg Petroli SpA, company under the
direction and coordination of Erg SpA, having its registered office in Rome (Italy) (DELETE ONE
AS APPLICABLE)

Part I

Lines 31, 32 and 33 ADD (three times): date of loading

Line 67 ADD: 16.00; DELETE Noon

Line 68 ADD: 1/2 port(s)/sealine(s) ____________

Line 69 ADD: 1/2 port(s)/sealine(s) Euromed not east of but including Greece; and/or in
charterers’ option: UK Continent Gibraltar - Hamburg range; and/or in Charterers’ option: Black
Sea; and/or in Charterers’ option _______

After line 83 ADD: Overage. Freight payable at 50 pct of the agreed rate in respect of cargo
loaded above the contractual minimum.
Line 85 REPLACE ALL WITH: 72 running hours SHINC

Line 87 ADD: numbers and addresses that shall be indicated in the voyage instructions.

Line 98 DELETE: do not apply

Line 109 ADD:

1) BUNKER CLAUSE. Owners warrant that the vessel shall proceed to loading port(s) and shall
sail from the loading port(s) with sufficient bunkers to perform the ballast passage and the
entire laden voyage, failing that any losses, costs or expenses shall be for Owners’ account.

2) WEATHER CLAUSE: any delay before berthing and/or during berthing, and/or after berthing
including any delay due to shifting which is the result of bad wheather and/or bad sea
conditions and/or berth closure by port authority shall count as half lay time, or if the vessel
is on demurrage as half time on demurrage.
At Fiumicino/ Falconara/ Ravenna/ Gaeta/ La Nouvelle, delays before berthing and/or
during berthing and/or after berthing due to bad whether and/or bad sea conditions to count
as above only for the first 24 (twenty four) hours of bad whether and/or bad sea conditions
and/or berth closure by port authority, and therafter to count as full laytime or as full
demurrage if the vessel is on demurrage

3) CLINCAGE CLAUSE: Owners and Charterers recognize that, if the Vessel is ex dry-dock,
clincage of a greater degree than normal can be anticipated. Therefore value of crude as well
as freight for any short outturn cargo quantity (as determined by an independent Surveyor by
comparing the bill of lading quantity with the quantity actually discharged ashore on the
basis of shore tanks gauges) shall be deducted from freight to the extent that such quantity
exceeds 0.3 pct of the B/L quantity.

4) TERMINATION CLAUSE: in the event that Owners are put into bankruptcy and/or liquidation
and/or are otherwise unable to perform their obligations under this Charter, Charterers shall
have the right to terminate this Charter immediately without any liability to Owners other than
the liability the parties incurred prior to the termination hereof.

5) VESSEL’S COMPLIANCE CLAUSE : Owners and vessel are complying and will comply in full
with Erg Vessel’s Acceptance Policy and Erg Marine Safety Criteria during the whole duration
of this Charter.
PART II

Line 129, after “under this Charter” ADD: or from termination of the Charter, as the case may
be.

Line 154 REPLACE “Charterers” with Owners

Line 177 DELETE: “noon”, ADD 16.00

Line 181, after “Owners” ADD: or master

Line 181 DELETE: “noon”, ADD 16.00

Line 186 DELETE: “confirm”, ADD accept

After line 188 ADD:

Any acceptance or agreement under (ii) or (iii) shall provide that laytime shall commence upon
beginning of loading or 48 hours after receipt of notice of readiness, whichever occurs earlier.
In case Charterers do not terminate this Charter under (i) and there is no acceptance under (ii) or
nor agreement under (iii) laytime shall commence upon beginning of loading or 48 hours after
receipt of notice of readiness, whichever occurs earlier.

Line 222 ADD a new line order (
) between the words “Charter, ” and “then”.

Line 230 DELETE: two; ADD: three

Line 233 DELETE: two; ADD: three

Line 246 DELETE: operations are; ADD loading/discharging is

Line 253 ADD: or mooring men

Line 269 after “completion of discharge” ADD: or from termination of this Charter, as the case
may be.

Line 271 after “completion of discharge” ADD: or from termination of this Charter, as the case
may be

After Line 273 ADD:

the parties shall in any event be discharged from all liability and obligation whatsoever in respect
of any claim (including claim for freight and demurrage) unless arbitration proceedings are
brought within twelve (12) months after completion of discharge or from termination of this
Charter, as the case may be.

Lines 316 and 317 REPLACE ALL WITH:

Any additional insurance and/or any additional premium on the cargo required because of the
age of the vessel shall be for Owners’ account and shall be deducted from freight.

Line 380 after “shall” ADD: reimburse Owners for such purpose at the rate of USDollars ____ for
every 2.8 degrees C. (5 degrees F.) increase in temperature or pro rata.

Line 380 DELETE: “pay at replacement costs for any addition bunkers consumed”.

Line 381 ADD:

Should it become necessary to withdraw the vessel form berth because of Owners’ failure to
maintain the required temperature, all time and expenses to be for Owners’ account.

Line 398 after “any consequences” ADD: of delay or losses of time

Line 413 and 414 DELETE: “Additionally Charterers may novate this charter to any company of
the Royal Dutch/Shell Group of companies”.

Line 452 DELETE: “shall”, ADD: may not

Line 469 ADD:

Letter of Indemnity issued by the Charterers themselves (not by a bank) whose text shall be as
per the usual Owners’ P&I Club wording.
Such Letter of Indemnity shall automatically become null and void against presentation of one (1)
out of three (3) original of Bills of Lading, duly endorsed, or after thirteen (13) months from
completion of discharge, whichever first occurs, provided that no legal proceeding have been
instituted against Owners and no notice thereof is given to Charterers within said period of
thirteen (13) months.
If Charterers shall receive such notice within said period, then the Letter of Indemnity shall
continue in force until such legal proceedings are settled.

Lines 470 to 502 DELETE all.

Lines 508 to 510 DELETE all.

Line 523 DELETE “or their agents”

Lines 621 and 622 DELETE all.
Lines 788 to 790 DELETE all and REPLACE with:
Owners will cooperate with Charterers to ensure that the Code of Ethics of ERG Group (as posted
in the Charterers’ website www.erg.it under “Shareholders”) is complied with, as far as
applicable.

Lines 793 to 818 (London Arbitration Clause) shall apply.

Genova, January 2009