Exhibit 4.59

1.    Shipbroker N/A	2.    Place and date 29th March 2023
3.    Owners/Place of business (Cl. 1) GREAT SOMETHING CO, LTD of the republic of the Marshall Islands with registered adress at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960	4.    Bareboat Charterers/Place of business (Cl. 1) Knight Ocean Navigation Co. of Liberia with registered address at 80 Broad Street, City of Monrovia, Republic of Liberia guaranteed by Seanergy Maritime Holdings Corp., of the Republic of Marshall Islands
5.    Vessel’s name, call sign and flag (Cl. 1 and 3) M/V Knightship Call sign: D5MN5 Flag: Liberia
6.    Type of Vessel Bulk Carrier	7.    GT/NT 93,186 59,500
8.    When/Where built 2010 Hyundai Samho Heavy Industries Co. Ltd	9.    Total DWT (abt.) in metric tons on summer freeboard 178,978
10.  Classification Society (Cl. 3) BV	11.  Date of last next special survey by the Vessel’s classification society As per the requirements of the Classification Society
12.  Further particulars of Vessel (also indicate minimum number of months’ validity of class certificates agreed acc. to Cl. 3) As per Annex [4] hereto
13 . Port or Place of delivery (Cl. 3) As per Clause 32 (b) hereof.	14.  Time for delivery (Cl. 4) As per Clause 32 (b) hereof	15.  Cancelling date (Cl. 5) N/A
16.  Port or Place of redelivery (Cl. 15) Safely afloat at international waters or at any safe port/berth/anchorage or one safe port worldwide in Charterers' option	17.  No. of months' validity of trading and class certificates upon redelivery (Cl. 15) Minimum three (3) months
18.  Running days’ notice if other than stated in Cl. 4 N/A	19.  Frequency of dry-docking (Cl. 10(g)) As per Classification Society or flag state requirements
20.  Trading limits (Cl. 6) The Trading Range: Worldwide within International Navigating Limits with the Charterers' option to break same paying extra insurance, but always in accordance with Clauses 13 and 40.
21.  Charter period (Cl. 2) As per Clause 34 hereof	22.  Charter hire (Cl. 11) As per Clause 35 hereof
23.  New class and other safety requirements (state percentage of Vessel's insurance value acc. to Box 29)(Cl. 10(a)(ii)) N/A
24.  Rate of interest payable acc. to Cl. 11 (f) and, if applicable, acc. to PART IV As per Clause 34 hereof	25.  Currency and method of payment (Cl. 11) United States Dollars payable monthly in advance
26.  Place of payment; also state beneficiary and bank account (Cl. 11) As per Clause 36 hereof	27.  Bank guarantee/bond (sum and place) (Cl. 24) (optional) N/A
28.  Mortgage(s), if any (state whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12) As per Clause 44 hereof	29.  Insurance (hull and machinery and war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies) As per Clause 40 hereof
30.  Additional insurance cover, if any, for Owners’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) As per Cl. 40 hereof	31.  Additional insurance cover, if any, for Charterers’ account limited to (Cl. 13(b) or, if applicable, Cl. 14(g)) As per Clause 40 (c) hereof
32.  Latent defects (only to be filled in if period other than stated in Cl. 3) N/A	33.  Brokerage commission and to whom payable (Cl. 27) N/A
34.  Grace period (state number of clear banking days) (Cl. 28) As per Clause 41 hereof	35.  Dispute Resolution (state 30(a), 30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30) as per
	Clause 30 (a) English law, London arbitration

Rider Clauses to Bareboat Charter

Dated 29 March 2023

For the Bulk Carrier

M/V “Knightship”

(the “Charter”)

32.	MEMORANDUM OF AGREEMENT AND DELIVERY

(a)

A Memorandum of Agreement dated 29 March 2023 (the “MOA”) has been concluded between the Owners (in the MOA, the Owners are referred to as the “Buyers”) and the Bareboat Charterers, i.e., Knight Ocean Navigation Co (in the MOA, the Bareboat Charterers are referred to as the “Sellers”) for the sale and purchase of the Vessel.

(b)

The Owners shall deliver and the Bareboat Charterers shall take delivery of the Vessel under the Charter on an “as is, where is” basis, simultaneously with delivery of the Vessel from Sellers to the Buyers under the MOA, without any settlement for any remaining bunkers and unused lubricating oils including hydraulic oils and greases, unbroached provisions, paints, ropes and other consumable stores which are excluded from the sale and taken over by the Bareboat Charterers from the Sellers directly. The delivery date for the purpose of this Charter shall be the same date and time as for the delivery of the Vessel from the Sellers to the Buyers under the MOA. The date when the Bareboat Charterers take delivery of the Vessel hereunder is referred to as the “Delivery Date”. The Owners and the Bareboat Charterers will sign in 2 originals (one for the Owners and one for the Bareboat Charterers) on the Delivery Date a Protocol of Delivery and Acceptance (in the form of Annex 5), evidencing the date, time and place of delivery of the Vessel from the Owners to the Bareboat Charterers under this Charter. The Protocols of Delivery and Acceptance will be exchanged by pdf copy on the Delivery Date with the originals to follow as soon as possible by courier.

(c)

Provided the Vessel has been delivered to the Owners in accordance with the terms of the MOA, the Bareboat Charterers shall not be entitled to refuse terms of acceptance of delivery of the Vessel under this Charter. Upon and after delivery of the Vessel, the Owners shall have no liability whatsoever for any fault or deficiency in their description of the Vessel or for any defects in the Vessel regardless of whether such defect were apparent or latent at the time of delivery and the Bareboat Charterers shall not be entitled to make any claim against the Owners in respect of any conditions, representations or warranties whether express or implied as to the condition of the Vessel, the seaworthiness of the Vessel or otherwise howsoever.

(d)

If:

then this Charter shall immediately terminate and be cancelled (provided that any provision hereof expressed to survive such termination or cancellation shall so do in accordance with its terms) without the need for either of the Owners or the Bareboat Charterers to take any action whatsoever. In case of a Termination Event or if the MOA expires, is cancelled, terminated, rescinded or suspended due to Sellers’ default under the MOA, the payment by Sellers of any indemnity and losses suffered by the Owners as per the provisions of Clause 14 of the MOA shall not be construed as a penalty but shall represent an agreed estimate of the loss and damage suffered by the Owners in entering into this Charter upon the terms and conditions contained herein and the MOA upon the terms and conditions contained therein, and shall therefore be paid as full and final compensation to the Owners. The same applies in case of an Owner’s Default or if the MOA expires, is cancelled, terminated, rescinded or suspended due to Owners’ default in their capacity as Buyers under the MOA.

33.

ISM CODE

During the currency of this Charter the Bareboat Charterers shall procure at the cost and time of the Bareboat Charterers that the Vessel and the "Company" (as defined by the ISM code and so defined in this Charter) shall comply with the requirements of the ISM Code. Upon request the Bareboat Charterers shall provide a copy of the relevant document of compliance (DOC) and safety management certificate (SMC) to the Owners.

34.	CHARTER PERIOD

35.	CHARTER HIRE

Subject to Clause 36, the Bareboat Charterers shall, throughout the Charter Period pay charter hire (hereinafter referred to as the "Charter Hire") to the Owners monthly in advance by telegraphic transfer for each successive month commencing with the Delivery Date and expiring on the redelivery of the Vessel.

The charter hire shall be comprised of the following components:

The Charter Hire shall be paid continuously throughout the Charter Period. For the last month the approximate amount of the Charter Hire covering the remaining period of the Charter Period shall be paid and should the same turn out to be higher or lower than the actual time used, the balance shall be made up as soon as possible following the conclusion of the Charter.

With reference to the interest component, and in case that the 3M CME Term SOFR ceases to be available, the Owners shall reasonably designate the alternative interest rate after consultation and agreeing with the Bareboat Charterers, but such rate shall result in an interest component that (i) shall not exceed the cost to the Mortgagee of funding the outstanding loan balance on the Vessel from any reasonable source and (ii) will be in alignment with standard market practice. The Owners also undertake to replace the benchmark rate with no additional surcharge or adjustment spread.

(Definition of 3M CME Term SOFR)

“3M CME Term SOFR” means the Term SOFR Reference Rate for a tenor comparable to three (3) months period on the day that is fifteen U.S. Government Securities Business Days prior to the relevant due date of charter hire or other amount, as such rate is published by the Term SOFR Administrator; provided that if the relevant Term SOFR is less than zero percent (0%), such Terms SOFR shall be deemed to be zero percent (0%).

“Term SOFR Reference Rate” means the forward-looking term rate based on SOFR;

“SOFR” means Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate);

“Term SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Owner in its reasonable discretion);

“U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities;

36.

PAYMENTS

(i)

not later than 11:00 a.m. (New York time) one Banking Date prior to the date on which the relevant payment is due under the terms of this Charter; and

(ii)

in United States Dollars to the bank account of the Owner with THE CHUGOKU BANK, LTD. KURE BRANCH (or such other bank or banks as may from time to time be notified by the Owners to the Bareboat Charterers by not less than fourteen (14) days' prior written notice) for the account of the Owners.

37.	FLAG AND CLASS

The Vessel shall upon the Delivery Date be registered in the name of the Owners under the Liberian flag.

The Owners shall have no right either to transfer the flag of the Vessel from the Liberian Ship Registry to any other registry or to require the Bareboat Charterers to transfer the Vessel’s Classification Society. The Bareboat Charterers shall, at any time after the Delivery Date and at the Bareboat Charterers’ expense, have the right to transfer the Vessel’s Classification Society to any classification society being a member of IACS.

Further, Bareboat Charterers can change the flag with the Owners’ consent (such consent not to be unreasonably withheld or delayed), provided however that any expenses and time (including but not limited to legal charges for finance documents for the Vessel and fees for discharging the current mortgage over the Vessel and fees for registration of the new mortgage with the new flag state registry) shall be for the Bareboat Charterers’ account.

The Bareboat Charterers are entitled to establish standard bareboat registration on the Vessel at the costs, expense and time of the Bareboat Charterers with the Owners’ consent (such consent not to be unreasonably withheld or delayed). The Bareboat Charterers warrant to the Owner that the bareboat registration on the Vessel (if registered) will not prejudice the registration of the ownership of the Vessel and the mortgage thereof with the underlying registry.

If, during the Charter Period, there are modifications to be made to the Vessel which are compulsory for the Vessel and her operation to comply with certain requirements imposed by any changes to any applicable rules and regulations, such modifications shall be effected by the Bareboat Charterers at their cost and time.

38.	IMPROVEMENT, MODIFICATIONS AND ADDITIONS

The Bareboat Charterers shall maintain, equip and operate the Vessel so as to comply with the provisions of the Vessel’s flag state.

The Bareboat Charterers shall have the right to fit additional equipment and to make severable improvements, modifications and additions at their expense and risk. Such additional equipment, improvements, modifications and additions shall be removed from the Vessel at the Owners’ prior written request (acting reasonably), if possible, before the Vessel’s redelivery, without causing any material damage to the Vessel, provided however that the Bareboat Charterers may redeliver the Vessel without removing such additional equipment, improvements, modifications and additions if the Owners consent to Bareboat Charterers request for non-removal before the redelivery (such consent not to be unreasonably withheld or delayed).

The Bareboat Charterers shall also have the right to make structural or non-severable improvements, changes and additions to the Vessel at their own time, costs and expense and risk provided that such improvements and additions do not diminish the market value of the Vessel in any material respect and are not reasonably likely to diminish the market value of the Vessel in any material respect during or at the end of the Charter Period and do not in any way affect or prejudice the marketability of the Vessel in any material respect and are not reasonably likely to affect or prejudice the marketability of the Vessel in any material respect during or at the end of the Charter Period. In the case of any material structural change of the Vessel, the Bareboat Charterers shall give a prior notice to the Owner to obtain the Owners’ consent (such consent not to be unreasonably withheld or delayed).

39.	UNDERTAKINGS FOR INSPECTION AND QUIET ENJOYMENT

The Bareboat Charterers undertake and agree that throughout the Charter Period they will afford the Owners, after receiving from the Owners reasonable notice at reasonable times without interfering with the Vessel’s schedule, to inspect the Vessel at a time and place mutually agreed at Owners’ cost, risk and arrangement at maximum one time a year (if a Termination Event shall have occurred and be continuing, four times a year) for which the Bareboat Charterers will assist and subject to the provisions of Clause 8.

The Owners hereby undertake to the Bareboat Charterers throughout the term of this Charter that, as long as no Termination Event shall have occurred and be continuing, the Owners shall not disturb or interfere in any way whatsoever with the quiet and peaceful use, enjoyment, possession and employment of the Vessel by the Bareboat Charterers.

40.	INSURANCE, TOTAL LOSS AND COMPULSORY ACQUISITION

(ii)

they will be properly entered in and keep entry of the Vessel with a P&I Club that is a member of the International Group of Protection and Indemnity Association for the full tonnage of the Vessel and against all prudent P&I risks in accordance with the rules of such association or club including, in case of oil pollution liability risks equal to the highest level of cover from time to time available under the basic entry with such P&I Club;

(iii)

that so long as the Vessel is mortgaged by the Mortgage (as defined in Clause 44) the policies in respect of the insurances against fire and usual marine risks and the policies or entries in respect of the insurances against war risks shall, in each case, include the loss payable clause as contained in the “Assignment of Insurance” to be entered between the Owners and the Bareboat Charterers as assignors and the Mortgagee as assignee;

(iv)

the Bareboat Charterers shall procure that the insurers and the war risk and protection and indemnity associations with which the Vessel is entered shall supply to the Owners such information in relation to the insurances effected, or to be effected, with them as the Owners may from time to time reasonably require.

(ii) For the purpose of ascertaining the Date of Loss:

(B)

a constructive, compromised, agreed, or arranged total loss of the Vessel shall be deemed to have occurred at the date that notice of abandonment of the Vessel is given to the insurers (provided a claim for such constructive total loss is admitted by the Insurers), or, if the insurers do not admit such a claim, at the date and time at which a total loss is subsequently admitted by the insurers or adjudged by a competent court of law or arbitration tribunal to have occurred. Either the Owners or, with the prior written consent of the Owners (such consent not to be unreasonably withheld), the Bareboat Charterers shall be entitled to give notice claiming a constructive total loss but prior to the giving of such notice shall be supplied with all such information as such party may request; Each of the Owners and the Bareboat Charterers, upon the request of the other, shall promptly execute such documents as may be required to enable the other to abandon the Vessel and claim a constructive total loss and shall give all possible assistance in pursuing the said claim; and

(C)

Compulsory Acquisition shall be deemed to have occurred at the time of occurrence of the relevant circumstances described in Clause 25 (b) hereof.

FIRSTLY, in towards Owners costs incidental to the collection thereof,

SECONDLY, in or towards payment to the Owners (to the extent that the Owners have not already received the same in full) of a sum equal to the aggregate of (i)  Outstanding Lease Amount at the Date of Loss plus accrued Interest Component until the date of receipt of the Total Loss Compensation (ii) any other amounts due but unpaid to the Owners under this Charter and (iii) any break fee payable by the Owners under Owners' financing of the Vessel (collectively the “Total Loss Compensation”),

THIRDLY, in payment of any surplus to the Bareboat Charterers by way of compensation for early termination.

41.	TERMINATION EVENTS

(i)

if any Charter Hire payment or any other sum payable by the Bareboat Charterers under this Charter (including any sum expressed to be payable by the Bareboat Charterers on demand) shall not be paid on the due date of payment and such failure to pay is not remedied in full within ten (10) Banking Days of receipt by the Bareboat Charterers of written notice from the Owners notifying the Bareboat Charterers of such failure and requesting that payment is made; or

(ii)

if either (A) the Bareboat Charterers shall fail at any time to effect or maintain any insurances required to be effected and maintained under this Charter, or any insurer shall avoid or cancel any such insurances (other than where the relevant avoidance or cancellation results from an event or circumstance outside the reasonable control of the Bareboat Charterers and the relevant insurance are reinstated or re-constituted in a manner meeting the requirements of this Charter) or the Bareboat Charterers shall commit any breach of or make any misrepresentation in respect of any such insurances the result of which is to entitle the relevant insurer to avoid the policy or otherwise to be excused or released from all or any of its liability thereunder to the Owners (unless, prior to the relevant insurer exercising any such right, the insurer expressly and irrevocably waives the breach or misrepresentation in question), or (B) any of the said insurances shall cease for any reason whatsoever to be in full force and effect (other than where the reason in question is outside the reasonable control of the Bareboat Charterers and the relevant insurances are reinstated or re-constituted in a manner meeting the requirements of this Charter); or

(iii)

if the Bareboat Charterers shall at any time fail to observe or perform any of their material obligations under this Charter, other than those obligations referred to in sub-clause (i) or sub-clause (ii) of this Clause 41 (a), and  if capable of remedy, such failure to observe or perform any such obligation is not remedied within fourteen (14) Banking Days of receipt by the Bareboat Charterers of a written notice from the Owners requesting remedial action; or

(iv)

if any material representation or warranty or statement by the Bareboat Charterers in connection with this Charter or in any document or certificate furnished to one party hereto by the other party hereto in connection herewith or therewith shall prove to have been untrue, inaccurate or misleading in any material respect when made and, if capable of remedy, such occurrence continues unremedied for a period of fourteen (14) Banking Days after receipt by the Bareboat Charterers of written notice from the Owners requesting remedial action; or

(v)

if an application or petition is filed for bankruptcy, rehabilitation or reorganization or other legal action of a similar nature is taken against the Bareboat Charterers or by themselves unless such application or petition is being contested in good faith and on substantial grounds and is stayed, dismissed or withdrawn within sixty (60) days after the presentation of the application or petition or any resolution passed by the Bareboat Charterers for the appointment of any liquidator, receiver, trustee, curator or sequestrator (or similar official) of the Bareboat Charterers in respect of all or a substantial part of their respective assets (save for the purposes of an amalgamation, merger, demerger or reconstruction not involving insolvency, the terms of which shall have received the prior written approval of the Owners or an amalgamation, merger, demerger or reconstruction where the Bareboat Charterers or their parent company is the surviving entity, whereby the approval of the Owners shall not be required) unless such resolution are revoked within sixty (60) days: or

(vi)

if the Bareboat Charterers shall stop payments on a substantial proportion (by value) of their financial credit obligations by reason of the Bareboat Charterers’ fault or shall cease to carry on or suspend all or a fundamental part of their business or shall make an official declaration of bankruptcy or insolvency or shall otherwise become or be adjudicated insolvent; or

(vii)

if any consent, authorization, license or approval necessary for this Charter to be or remain the valid legally binding obligations of the Bareboat Charterers, or to the Bareboat Charterers to perform their obligations hereunder or thereunder, is not granted or is revoked, suspended, withdrawn or terminated or expires and is not renewed (provided that the occurrence of such circumstances shall not give rise to a Termination Event if capable of remedy, and the same are remedied within thirty (30) days of the date of their occurrence), other than as would not be reasonably expected to result in a material adverse event.

(viii)

if the Vessel is arrest or detained or otherwise captured by any third party and the Bareboat Charterers fails to take all necessary actions to release the Vessel within thirty (30) days of occurrence of such event (excluding the arrest or detention of the Vessel which the Owners shall be responsible for in accordance with Clause 17 (b) hereof).

(ix)

if the guarantee provided by Seanergy Maritime Holdings Corp. (the “Charterers’ Guarantor”) to guarantee the Bareboat Charterers’ obligations hereunder is rescind, canceled, terminated or otherwise becomes null and void for any reason and the new guarantee is not provided by the Charterers’ Guarantor within one (1) month of occurrence of such event.

(x)	if any event as referred to in (v) or (vi) above has occurred with respect to the Charterers’ Guarantor.

Provided no Termination Event has occurred and is continuing, if an Owners’ Default occurs (and in respect of which any grace period or other period of time is granted, such period has elapsed), as long as such Owners’ Default is continuing, the following provisions shall apply:

42.	OWNERS' RIGHTS ON TERMINATION

Termination Compensation shall mean the aggregate of (A) all Charter Hire due and payable, but unpaid, under this Charter to (and including) the Termination Date together with interest accrued thereon pursuant to Clause 36 (c) and (d) hereof from the due date for payment thereof to the Termination Date, (B) any sums, other than Charter Hire, due and payable by the Bareboat Charterers, but unpaid, under this Charter (including but not limited to the Owners’ reasonable costs incurred due to the relevant Termination Event) together with interest accrued thereon pursuant to Clause 36 (c) and (d) to the Termination Date, and (C) any break costs payable under Owners' financing of the Vessel incurred due to the Termination Event.

For the avoidance of doubt, except for the Termination Compensation, the Owners shall not have any right to claim further compensation from the Bareboat Charterers to recover any other direct or indirect, punitive or consequential, loss or damage to the Owners caused by the termination of this Charter in accordance with the applicable laws.

If the Bareboat Charterers exercise the purchase option, the Bareboat Charterers shall declare the exercise of such purchase option within 15 Banking Days of the Termination Date, failing which the Bareboat Charterers shall lose the purchase option. In the event that the Charterers declare the exercise of such purchase option after 10 Banking Days of the Termination Date, the Charterers shall reimburse the Owners for all costs and expenses incurred for arrangement of valuation of the Vessel under 42(d) hereof within ten (10) Banking Days of Owner’s demand.

If the Bareboat Charterers declared the exercise of the purchase option, the Bareboat Charterers shall purchase the Vessel in accordance with Clause 49 within two (2) months of the Termination Date, failing which the Bareboat Charterers shall lose the purchase option.

43.

NAME

The Bareboat Charterers shall, subject only to prior notification to the relevant authorities of the jurisdiction in which for the time being the Vessel is registered and at least fourteen (14) days prior written notice to the Owners, be entitled from time to time to change the name of the Vessel at the Bareboat Charterers’ cost and time. In such case, the Owners undertake to sign any required forms reasonably requested by the relevant authorities. During the Charter Period, the Bareboat Charterers shall have the liberty to paint the Vessel in their own colors, install and display their funnel insignia and fly their own house flag. Painting and installment shall be at Bareboat Charterers’ expenses and time.

The Owners shall have no right to change the name of the Vessel during the Charter Period.

44.	MORTGAGE and ASSIGNMENT

The Bareboat Charterers agrees that, so long as the Owners’ lenders are a bank or similar financial institution with investment grade rate or an affiliate of the Owners, the Owners shall be entitled, at any time during the term of this Charter and without requiring consent of, but with at least fifteen (15) Banking Days prior written notice to the Bareboat Charterers, to grant to their lenders or an agent or security trustee of their lenders (i) mortgage(s) securing its interest over the Vessel (the “Mortgage”) and/or (ii) one or more assignment(s) of any or all the rights, title, interests and benefit of the Owners in this Charter or any Security Document, the earnings generated by this Charter, the Insurances over the Vessel and all other rights of the Owners, as security for any facility in relation to the financing or re-financing of the Vessel subject to such mortgage and assignment(s) being in favor of the lenders or an agent or security trustee of the lenders or an affiliate of the Owners, PROVIDED ALWAYS that such Mortgage or assignment or other security documents shall only be provided for the purpose of financing or re-financing the acquisition of this Vessel. On delivery date of the Vessel hereunder, Owners will establish the Mortgage in favour of THE CHUGOKU BANK, LTD. being the financier for purchasing cost of the Vessel and the Mortgagee, and the Bareboat Charterers hereby give their consent thereto.

Bareboat Charterers agree that the Bareboat Charterers and the Charterers’ Guarantor to sign an acknowledgement to any such assignment(s) or any other comparable document reasonably required by the Mortgagee, in favor of the Mortgagee. Any cost incurred by the Bareboat Charterers shall be for Owners' account.

Except as set out above, neither party shall assign its right or obligations or parts thereof to any third party without the written consent of the other.

In respect of the Vessel the Owners undertake not to borrow more than the respective purchase option prices as set out at the relevant milestone in Clause 49 hereof and the amount of any Mortgage(s) to be granted in favor of the Owners’ Lender shall not exceed the purchase price of the Vessel under the MOA.

The Owners procure that the Mortgagee shall duly execute and deliver a quite enjoyment letter in favour of the Bareboat Charterers in the form indicated in Annex 4 hereof or otherwise agreed by and between the Bareboat Charterers and the Mortgagee.

45.	NOT IN USE

46.	NOT IN USE

47.	NOT IN USE

48.	NOT IN USE

49.	BAREBOAT CHARTERERS' OPTION TO PURCHASE VESSEL

(a) The Bareboat Charterers or their guaranteed nominee shall have the option to purchase the Vessel at any time from the end of 2^nd year after the Delivery Date onwards throughout the Charter Period on a strictly "as is where is" basis (physically) (the “Purchase Option”).

(b) The Purchase Option may be exercised from the 2nd anniversary of the Delivery Date provided however that the Owners are given by the Bareboat Charterers a minimum three (3) months prior written irrevocable notice, executed by a duly authorized officer or attorney-in-fact, of their intention to exercise the Purchase Option.

(c) The price to be paid by the Bareboat Charterers for the Vessel shall be as set out in Annex 2 hereto and shall between relevant year-end dates be adjusted and calculated on a pro-rata basis.

(d) Upon the Owners’ receipt in full of the payment of the applicable Purchase Option price and other amounts due and payable to the Owners under this Charter (until such full payment, the Owners shall not be obligated to transfer tile to the Vessel to the Bareboat Charterers), the Owners shall (except in case of Total Loss) transfer the legal and beneficial ownership of the Vessel on an “as is where is” basis to the Bareboat Charterers or their guaranteed nominees free of all debts, encumbrances, mortgages and maritime liens which have been created or incurred by the Owners, and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document necessary to transfer the title of the Vessel to the Bareboat Charterers (and to the extent required for such purposes the Vessel shall be deemed first to have been redelivered to the Owners). Upon delivery, the Bareboat Charterers shall provide the Owners with the documents as the Owners may reasonably require for the sale of the Vessel under this Clause 49 (such as minutes and POA). No separate Memorandum of Agreement will be required for the sale and purchase of the Vessel pursuant to this Clause 49.

(e) Any security granted by the Bareboat Charterers in favor of the Owners, any of the Owners' financiers or to any other persons to the benefit of the Owners shall be released prior to the time of delivery of the Vessel to the Bareboat Charterers pursuant to this Clause 49. Any costs for release of security granted by the Bareboat Charterers in favor of the Owners shall be for Bareboat Charterers’ account.

(f) Further, the following provisions shall apply to the sale and purchase of the Vessel under this Clause 49: