SANMAR SHIPPING S.A.

Long Haul Rebate :

In order minimize effort and correspondence for both the Suez Canal Authority ( SCA ) and clients requesting on normal Suez

Canal transit tolls, the following procedures shall be implemented as of November 1 , 1998

On receiving fax request for rebate, covering all trip and vessels details as per the "Rebate Request Form" together with any

information that may be deemed necessary by the client, SCA shall study the case and notify the client of the proposed rebate

as soon as possible.

The client will notify SCA of his acceptance or his final counter proposal by fax.

SCA will restudy the case for the last time and either maintain its previous rebate, or submit the rock bottom rebate which

will not be subject to any further negotiations.

The applicant will fax his decision to SCA together with ETA.

SCA hopes that all its clients will follow the a.m procedures

Information and documents required for granting rebate

******************************************************************

1. A telex to the attention of "director of planning, research Dept", before starting the voyage or at least before deviation

point by 48 hours with the following data :-

AA.Vessel's particulars :

Name, Type, Dwt, Last transit, S.C.NET, Beam, Transit draft, Speed, Bunker consumption / price ( FO & DO )

BB.Voyage details

Weather conditions at sea - Port of origin / destination - Nature and quantity of cargo loaded if any - Daily chartering rate -

Bunkering ports - Deviation point

CC- Your detailed calculations of voyage costs via each route (Cape/Suez Canal/other alternative route) and proposed rebate

from normal tolls.

2. S.C tolls, without any reduction, to be submitted before transiting by your agent