Cooperation Agreement :

This Agreement made on 18th, December 2019, between GULF TANKER COMPANY (KSC), having its place of business at Kuwait, Future Zone F-15, Inside Free Trade Zone, Postal Code 73061, Al Nozha, State of Kuwait. Represented by its Chairman Mr. Ali Al Bahar (hereinafter referred to as "First Party") and SHANGHAI DINGHENG SHIPPING CO., LTD. (SHDH), Company Address, Office 501, Building A, No.1, Lane 2889 Jinke Road,Pudong Shanghai, China. Represented by, Executive Director Mr. Ni Zhimin .

WHEREAS :

A. GTC intends to develop the chemical tanker business as the investor to build or buy the chemical tanker with the support of Shanghai Dingheng Shipping Co., Ltd.,(SHDH), and

B. SHDH intends to bare boat charter the vessel and pay the rate to the investor(GTC) to build a long term win-win cooperation with GTC.

NOW, THEREFORE, both parties hereby intend to enter into the cooperatio agreement (hereinafter called the "Agreement") on the following conditions.

- INTRODUCTION :

GULF TANKERS COMPANY (KSC) was founded in 2007 with a capital (KD 100 Million) and paid sum of (KD 27.900.000 million). The company activities include but not limited to, the management and operations of oil, gas and chemical tankers and sale and purchase of oil and gas commodities and its derivatives, oil and gas drilling and exploration, preparation of oil studies and consultations, building oil and gas refineries, operations maintenance, supply brand name of oil and gas equipment and services .

As the company is mainly involved in the management and operations of tankers engaged in transportation of oil and gas products and to meet Kuwait strategy to shift its focus onto chemical production and develop the industry to an extent that it accounts to 50 percent of the country's income generated from sectors other than oil and to meet the development of the country's chemicals industry and its pursuing growth both inside and outside the country, with a focus on increasingly popular chemicals products such as aromatics, olefins and other downstream outputs, GULF TANKERS COMPANY (KSC) has commenced building a modern balanced fleet of chemical tankers in China, to maintain a strategic coverage of Kuwait chemical exports to all corners of the globe .

SHDH founded in 2004 with registered capital (RMB100 Million), located in Pudong, Shanghai, the company mainly focuses on chemical tankers operations for domestic and international trading. Up to October of 2018, the chemical tankers fleet grew to 22 chemical tankers with over 160,000 DWT in total, which boasts now the second largest chemical tankers operator in China and the first thirtieth in the world. The company is one of COA logistics provider by total 18 oil and chemical majors, 80% of which are world TOP 500. By means of continuous efforts, and continuously strengthening the standardized management of the company and chemical tankers operation management ability, the company's management system has been approved by SHELL, BP and petrochemical major producers, and as specialized company that can provide global chemical transportation services for the major oil companies, the company management ability is fit for the standard of international community and is in the leading position in China. As a chemical tankers shipowner, SHDH can be called the best shipbuilder and best chemical tankers shipowner in China .

- SECTION ONE SCOPE AND DESCRIPTION :

1.1 The subject of this Agreement is to define the organization of the Cooperation by regulating the rights and obligations of both partners. SHDH, as an professional chemical tanker owner and operator having 15 years' of experience for chemical tanker operation in the Chinese domestic and International trading market, is mainly involved in the chemical tanker management chartering and chemical tanker building and has commenced building a modern balanced fleet of chemical tanker in China, to maintain a strategic coverage of chemical transportation to all corners of the globe. It is the intention of SHDH to cooperate with GULF TANKER COMPANY (KSC) to meet strategy to build up a new and high standard chemical tanker fleet for the globe chemical transportation market especially the mid-east, southeast and far-east areas. By this agreement, the parties create a cooperation to Invest, Manage and Operate Chemical Tanker for profit.

- SECTION TWO OBJECTIVES OF THE COOPERATION :

2.1 To build up the new and high standard chemical tanker fleet to provide clients with safe, environmentally sustainable, reliable, efficient and quality chemical shipping services, complying with all legal and other requirements.

2.2 To build high quality and cost-effective chemical tankers based on SHDH's shipbuilding and shipoperation experience, Chinese shipbuilding capacity and technology and especially competitive financing cost in the MENA region; O

2.3 To develop the chemical tanker chartering business in the Mid-east and Europe based on GULF TANKER COMPANY (KSC)'s resource and SHDH's capacity.

2.4 To continually improve its efficiency and service in process and technology and to develop to be the leader chemical tankers operator in the MENA region.

2.5 To minimize risks and environmental impacts for achieving Safety, Health and Environmental performance.

2.6 To create wealth for the investors, local government and people.

- SECTION THREE DURATION OF THE COOPERATION AGREEMENT :

3.1 This Agreement shall come into force on the day when it has been signed by all parties but shall have retroactive effect from the start of the eligibility period. It shall remain in force for twenty (20) years.

- SECTION FOUR RIGHTS AND RESPONSIBILITIES OF THE PARTIES TO THE COOPERATION :

4.1 GULF TANKER COMPANY (KSC) - KUWAIT RESPONSIBILITIES

1) Pay 100% Equity - Against Investment of (1) Chemical Tankers

2) GULF TANKER COMPANY (KSC) shall take the due responsibility to seek the potential investors and financing to support the GTC-KUWAIT chemical tankers fleet development by acquiring good new tonnage or to build cost-effective chemical tankers with the support of SHDH.

3) GULF TANKER COMPANY (KSC) shall take due responsibility to develop the chemical tanker chartering business in MENA region with the support of SHDH.

4) GULF TANKER COMPANY (KSC) shall take due responsibility to maintain local relationship with the government, the clients and stakeholders.

5) Attending to all matters pertaining to the Kuwait government and municipal authorities for and onbehalf of SHDH.

6) Briefing and guiding SHDH on Kuwait government and authorities' requirements applicable to the implementation of the cooperation.

4.2 SHANGHAI DINGHENG SHIPPING COMPANY (LTD) - CHINA RESPONSIBILITIES Lo***RI

1) Build or selective purchasing of total QTY (1) Chemical Tanker.

2) Management and operations of chemical tankers engaged in transportation of petrochemical products from/to MENA Region and rest of the world.

3) SHDH shall be fully in charge of the project development, chemical tankers building, management and operations.

4) Focus Shipping Ltd. Which is 100% owned by SHDH shall bare boat charter the chemical tankers from GTC-KUWAIT and pay the charter rate on time according to the agreed bare boat charter contracts.

5) Obtains possession and full control of the chemical tankers along with the legal and financial responsibility for it. SHDH pays for all operating expenses, including fuel, crew, port expenses and P&I and hull insurance, administration and technical maintenance of chemical tankers under GTC-KUWAIT.

6) SHDH shall take due responsibility agreed in this agreement according to the Companies law and articles of association as per Kuwaiti Commercial Law.

- SECTION FIVE DETAILES OF PROPERTIES UNDER THE COOPERATION AGREEMENT :

5.0 Based on this cooperation agreement, both parties agree to buy or build the chemical tankers to build up the fleet and the following chemical tanker is the target ship to be invested.

- SECTION SIX STRUCTURE OF JOINT VENTURE :

- SECTION SEVEN TITLE TO PROPERTY :

7.1 The title of chemical tanker remains under GTC-KUWAIT and shall jointly incurs any debts, loan, charges, fines, costs, taxes, liability or obligation in relation to its activities related to its shipping business.

- SECTION EIGHT DIVISION OF PROFITS AND BENEFITS :

8.1 The net profits earned by the GTC-KUWAIT, calculated at the end of each fiscal year, shall bedivided among the parties as follows:

1) GULF TANKER COMPANY (KSC) shall receive 100% according to the agreed bare boatcontract; and

2) GULF TANKER COMPANY(KSC) and SHDH shall share 50% each if there is extra benefitfrom the fuel cost saving (if the fuel cost is lower than the market price because of the Kuwait flag).

8.2 GULF TANKER COMPANY (KSC) can share 50% the benefit from any contract GULFTANKER COMPANY (KSC) obtains if the contract freight is higher than the market level.

8.3 Service Fees: Agreement to for brokerage commission either directly or through brokers.

- SECTION NINE RECORDS AND ACCOUNTING :

All official fees and expenses in connection to obtaining work visas and residency permits for SHDH employees in Kuwait is in Dingheng's cost.

- SECTION TEN ASSIGNMENT OF INTEREST :

10.1 Neither GULF TANKER COMPANY (KSC) nor SHDH may assign any part of its interest orobligations in the cooperation agreement without the prior written consent of the other Party.

- SECTION ELEVEN CONFIDENTIALITY :

11.1 Each party hereto undertakes that they will hold in strict confidence any and all informationdisclosed or communicated to each other before or after the date of this cooperation Agreement and shall be subject to confidentiality obligations in the same degree as it care of its own information.

- SECTION TWELVE FORCE MAJEURE AND TERMINATION :

12.1 Should any event beyond the control of either Party delays or renders impossible the performance ofthat Party's obligations under this Agreement, such obligation shall be postponed for such time as such performance had to be suspended or delayed on account thereof. In such event, both Parties shall promptly meet to determine an equitable solution to the effects of any such event.

12.2 Events of Force Majeure shall include, without limitation, war, revolution, invasion, insurrection,riots, mob violence, sabotage, or other civil disorders, acts of God, strikes or other labour disputes, acts, laws, regulations or rules of any government or governmental agency, limitations imposed by exchange control regulations and any other circumstances beyond the control of the Party the obligations of which are affected thereby.

12.3 Neither Party shall be considered in default nor responsible for any failure, damage, loss, cost or compensation for reasons attributable to Force Majeure events or for reasons beyond his reasonable control.

12.4 In the event the Force Majeure event continues for period of six months, this Agreement shall automatically terminate. The termination hereof shall not affect any antecedent rights or obligations of either Party prior to termination.

12.5 This Agreement may be terminated before the expiry of its term by either of the Parties hereto in the event of material breach, default or non-compliance by the other Party of any of the provisions contained in this Agreement, provided there shall have been written notice from the aggrieved party specifying the breach, default or non-compliance and failure of the other party to remedy or cure such breach, default or non-compliance within thirty (30) days of receipt of such notice .

- SECTION THIRTEEN GOVERNING LAW AND JURISDICTION :

13.1 All issues relating to the execution, validity, interpretation and performance of this Agreement shall be governed by the laws of Kuwait. Any dispute arising out of or in connection to this Agreement shall be settled under the exclusive jurisdiction of the Kuwaiti courts.

13.2 Notwithstanding the exclusive jurisdiction of the Kuwaiti courts, any Party hereto may seekimplementation of the Kuwaiti court verdict in any jurisdiction.

The GTC Tankers :

Chemical Tankers Transportation and Oily Waste Reception Facility Services Proposal :

1. Brief Company Introduction

Shanghai Dingheng Shipping Co., Ltd. was founded in 2004 with registered capital RMB100 Million, located in Pudong, Shanghai; the company mainly focuses on chemical tanker operation for domestic and international trading.

Up to May of 2018, the chemical tanker fleet grew to 20 chemical tankers with over 120,000 DWT in total, which boasts now the second largest chemical tanker operator in China and the first thirtieth in the world. The company is one of COA logistics provider by total 18 oil and chemical majors, 80% of which are world TOP Up to May of 2018, the chemical tanker fleet grew to 20 chemical tankers with over 120,000 DWT in total, which boasts now the second largest chemical tanker operator in China and the first thirtieth in the world. The company is one of COA logistics provider by total 18 oil and chemical majors, 80% of which are world TOP 500.

By means of continuous efforts, and continuously strengthening the standardized management of the company and chemical tanker operation management ability, the company's management system has been approved by SHELL, BP and so on; and as a specialized company that can provide global chemical transportation services for the major oil companies, the company management ability is fit for the standard of international community and is in the leading position in China.

Keep working hard, keep thinking and improving, Dingheng is the most efficient and researching and

developing chemical tankers operator in China; we do the best in China as a chemical tankers owner in term

of operation cost control, our total return on assets can be at least 5 to 10% higher than the state-owned

companies in China and the companies from the developed countries, such as the European, Japan, Korea and

so on.

And, as a chemical tanker builder, Dingheng can be called the best shipbuilder in China, and as the shipowner, Dingheng can be called the best chemical tanker shipowner in China.

2. Company Culture & Strategy

A. People-oriented;

B. With integrity, harmony, kindness company philosophy;

C. Win-win Cooperation and symbiotic marketing philosophy;

D. Building a National Brand;

E. To be one of the best ship management company in Safety, Health, Environmental Protection, Service;

F. To be one of the best tonnage suppliers to the outstanding shipowners all over the world, and create more economic benefits for all the parties;

G. To be one of the best shipping company in the world to create the good life for all the Dingheng's investors and staffs.

3. Main Founder

- Mr. Li Duozhu, Chief Engineer; graduated from Shanghai Maritime College, Bachelor Degree, registered ship inspector of Republic of Marshall Islands, and ISM auditor of China; Main founder of Sinochem Shipping, Dingheng Shipping and AVIC Dingheng Shipbuilding. As a Chairman of Dingheng Group, he is mainly in charge of the daily management of the company, with more than 25 years working experience on shipping business. Recognized and awarded as the No.67 of the 100 most eye-catching Chinese of the Shipping Industry in 2017.

- Mr. Ni Zhimin, Naval Architect; graduated from Shanghai Jiaotong University, Bachelor Degree; special tanker coating expert; main founder of Dingheng Shipping and AVIC Dingheng Shipbuilding. As the Managing Director of Dingheng Group, mainly in charge of the shipbuilding and business developing of the Group, more than 20 years coating application experience and 15 years shipbuilding experience, more than 10 years chemical tanker building market developing experience in Europe; has developed the stainless steel chemical tanker and Type C gas carrier building business for AVIC Dingheng Shipbuilding Co., Ltd. and is one of the pioneers in Chinese shipbuilding market for such type of chemical tankers.

4. Top Management Team

5. Dingheng Team on Shore

Since April 2004, Dingheng Family has grown up from 5 persons to more than 60 persons up to now; the whole team is in charge of ship management, crew management, chartering, supplying of the materials and spare parts, shipbuilding and company management.

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In Dingheng Shipping, More than 90% of the staffs can speak good English, and more than 60% of the staffs started working for the company since 2010.

6. Company History

2004: Established Shanghai Dingheng Shipping Co., Ltd in March; mainly focusing on the waterway chemical transportation, we started the business from one 1,500 DWT chemical tanker;

2005: Established Zhoushan Dingheng Shipbuilding Co., Ltd and started building 6 x 3,500 DWT chemical tankers for our owner fleet; established Shanghai Right Seaman Co., Ltd to be in charge of the crew management for Dingheng Shipping;

2006: Dingheng expanded the fleet to 5 chemical tankers by building 2 x 2,000 DWT and bare boat chartering 2 x 2,200 DWT chemical tankers, the total tonnage increased to 11,600 DWT; In December, established Dingheng (Jiangsu) Shipbuilding Co., Ltd in Yangzhou to focus on the small & medium stainless steel chemical tanker and gas carriers building business;

2007: Zhoushan Dingheng Shipbuilding Co., Ltd delivered the first vessel "Dingheng 1" to the fleet; started Crew Training project- first 100 crews to be enrolled in Dingheng Class for 3 years in the College;

2008: The fleet developed to 8 chemical tankers, the total tonnage grew to 21,100 DWT;

2009: Bare boat chartering 3 x 13,000 DWT coated chemical tankers from the Singapore owner, starting the international trading business; Reached the agreement to sell the main share of Dingheng (Jiangsu) Shipbuilding to AVIC International (Shanghai), and established AVIC Dingheng Shipbuilding Co., Ltd after the financial crisis happened in 2008;

2010: Solved the Somali Pirate Hijacking in November, released the vessel and the 19 crews successfully; the fleet developed to 13 chemical tankers, and the total tonnage grew up to 74,450 DWT；

2011: "GOLDEN COVENANT" passed USCG inspection with no comment in November; In December, Shanghai Dingheng Shipping is elected as the executive member of the council of China ship owner's Association of chemical tanker owner branch;

2012: Approved by DNV for ISO9001:2008 in June, and gained the Certificate of quality management system issued by DNV;

2014: The fleet grew to 15 chemical tankers, total tonnage is more than 100,000 DWT; and started building one 2,250DWT stainless steel chemical tanker for the domestic trading;

2015: In August, started building one more 2,250 DWT stainless steel chemical tanker and 4x8,500 DWT + 2 x 13,000 DWT stainless steel chemical tankers;

2016: "Dingheng 15" joined the fleet in June, and bought two 3,000DWT stainless steel chemical tankers from Sinochem Shipping; Company management system is approved by SHELL;

2017: "Dingheng 16" joined the fleet in Feb.; In November, signed the contract with Angel shipping tankers from Sinochem Shipping; Company management system is approved by SHELL;

2017: "Dingheng 16" joined the fleet in Feb.; In November, signed the contract with Angel shipping which is invested by Ningbo Xinle Shipbuilding Co., Ltd. to bare boat charter 3 x 7,500 DWT + 1 x 17,000 DWT coated chemical tankers and 2 x 13,200 DWT stainless steel chemical tankers for 10 years; and ordered 2 x 9,000 DWT stainless steel chemical tankers in Ningbo Xinle shipyard;

2018: Company management system is approved by BP in March; In May, first 8,500DWT new building vessel joined the fleet. "Angel No. 11" passed the USCG inspection with no comment in June 2018.

7. Fleet in Operation

8. Dingheng Chemical Tankers Unique Features

A. Very low hull resistance hull line developed by Marin Tank Holland;

B. With higher propulsion efficiency, the fuel consumption is at least 5-7Tons/Day less comparing with the similar type of existed chemical tankers at the same speed by installing the smallest cylinder bore two stroke diesel engine which has the lowest fuel consumption per kilowatt and lowest RPM comparing with the similar type engines;

C. The electricity power system is more reliable by installing one unit of 400-500kw shaft generator on board and reduced a lot of Auxiliary engine running time, save the fuel cost and spare part cost, and increased the design speed to 13.50 knots; and increased the DWT and the tanks capacity.

D. Very good cargo fitness by carrying the special cargo such as the P.O, MDI / TDI, sulphuric acid and so on;

E. At least 20% lower building cost comparing with the similar other project.

F. Improved the layout of the engine room and the accommodation;

9. Dingheng Shipping Business Model

Based on our development and successful experience, Dingheng shipping has built up very good reputation in the market and also good relationship with many good petrochemical companies; and with the fast development of Dingheng fleet, we continue to develop business models to suit regional market requirement:

- Positioning at High-end Market

By great effort in the past several years, the company has been approved by SHELL, BP and EXXONMOBIL, and we have signed 18 COA contracts for domestic trading and one COA contract with SHELL Singapore for the international trade, and we are trying to develop more COA contract with the oil Majors in Asia based on our competitiveness in the management ability & efficiency and the cost control advantage.

- Ship Owning and Ship Operation

For the special market such as the domestic trading and special cargo transportation such as MDI/TDI and P.O, we own the chemical tankers and operate the chemical tankers by ourselves, because it is not easy to find the suitable tonnage and we must control the tonnage 100%, so that we can supply the tonnage and service to the clients stably. In this way, Dingheng owns now 11 chemical tankers in operation for domestic trading after 14 years business development, and the business is mainly supported by 18 COAs and also the license to trade between Main land China and Taiwan is also strong and stable. We are also one of the main tonnage suppliers for the spot market for the special cargoes such as MDI/TDI in China due to of our special designed chemical tankers and the size of the fleet.

For domestic trading, the tonnage increment is controlled by the government, which the total tonnage increment of about 60,000 DWT per year, and we can get about 20% of it to keep our domestic trading business developing stably for the long term.

For the international trading, we have developed and built the 8,700 DWT, 9,000 DWT and 13,000 DWT stainless steel chemical tankers which are energy efficient, environment friendly and with special fitness of cargoes, we control these special tonnages to serve the oil majors for the special cargoes.

At the same time, by operating these special chemical tankers, we keep training our management team and crews to be the professional managers and operators, and this kind of business can also enhance our profitability and competitiveness.

- Ship Management and Commercial Management

Based our professional ship management capacity and business development, we can bare boat or time charter the tonnage from some other owners or investors for the long term or short time to develop the market and the business.

Since 2009, we started the international chemical tanker trading business by bare boat chartering 4x13,000 charter the tonnage from some other owners or investors for the long term or short time to develop the market and the business.

Since 2009, we started the international chemical tanker trading business by bare boat chartering 4x13,000 DWT chemical tankers from the Singapore Owner, and ; in 2017, we bare boat chartered 3 x 7,500 DWT coated chemical tankers,1 x 17,000 DWT coated chemical tanker and 2 x 13,200 DWT stainless steel chemical tankers from Angel Shipping to expand our tonnage volume rapidly to meet our business demands.

- Tonnage Supply and Ship Management Supply to the Market

Based on our professional ship management capacity and tonnage expanding, we can time charter our chemical tankers to some of the owners who have the COA contracts or market in Asia or in Europe.

We have chartered out one 13,200 DWT stainless steel chemical tanker to the Norwegian Owner Seatrans for 2+1 years in the good rate,and we can do more if we have more tonnages because of the lack of the new tonnage in European market.

10. Advantages of Dingheng Shipping

- Dingheng's Ship Building Technical and Geographical Advantages

By optimizing the ship design,rationalizing the equipment configuration and purchasing on a large scale, we can build the higher cost performance chemical tankers, and build the absolutely competitive advantage in the world; We have also built the good relationship with the rich experienced European engineers, the research institute, and shipowners to develop the projects according to the market demands.

Based on the 20 years development of the Chinese shipbuilding industry and our knowledge about the Chinese marine equipment, we can choose the right Chinese equipment to lower the building cost and also the operation cost, to consolidate and enlarge our competitivness advantages. Dingheng's new building technical team designs internally the cargo handling system combined with our operation experience, ensuring the reasonableness and economy of the cargo handling system and improvements of the operating efficiency of the ship.

The shipbuilding market moved from Japan & Korea to China since 2000, especially small and medium size stainless steel chemical tanker building business, only Japan still keeps part of the capacity for the large size(larger than 20,000 DWT) stainless steel chemical tanker building business; this movement makes Dingheng have more advantages to develop the fleet.

- Dingheng's Cost-performance Advantage

Dingheng's professional management team, the hard working attitude, and also the efficient management system, makes Dingheng be more efficient for the ship management; comparing with the state-own companies in China, our ROA(return of asset) is at least 10% higher; comparing with the shipowner from the developed countries, our management cost is at least 10% lower.

Based on the rich resource in China in ship design, marine equipment producing, shipbuilders and shipyards, Dingheng can easily get more support from them technically and commercially; and we can build the high cost performance ships for different market; our new building price can be at least 20% lower than the market

price for the same size and same standard chemical tankers.

Dingheng's new fleet developed since 2014 after the financial crisis, is at least 20% cheaper than the similar chemical tankers built by the European owners, and our fuel consumption is at least 30% less than the existed old tonnage for the similar size chemical tankers in the same speed.

- Dingheng's Human Resource and Strategy

Dingheng is the first private shipping company in China to train own crews in the college three years after the company established in 2004; We do realize that crews are the key point for the shipping company, and we have paid high attention to the crew team building since the company established; we have trained 100 crews in 2007 in the University, and we keep doing so up to now.

most of our human resource keep working in the company like the Dingheng family member, and they keep growing up together with the company, some of them grew up as the captain and chief engineer on board after 9 years working experience, this makes the company running more stable and more efficient! growing up together with the company, some of them grew up as the captain and chief engineer on board after 9 years working experience, this makes the company running more stable and more efficient! Dingheng has made the reward policy for all the management team and the high rank crews that they can get more reward when they create more, and they can even have the opportunity to buy the company share according to the company reward policy after 5 years working in the company; For the best person who has the best company appraisal record in 5 years, they can get 90% discount to pay for the company share.

11. Main Clients

12. COA Contract

GTC Finance Proposal :

SHIPPING PROJECT FINANCE REQUEST :

GULF TANKERS COMPANY (KSC) was founded in 2007 with a capital (KD 100 Million) and paid sum of (KD 27.900.000 Million). The company activities include but not limited to, the management and operations of oil, gas and chemical tankers and sale and purchase of oil and gas commodities and its derivatives, oil and gas drilling and exploration, preparation of oil studies and consultations, building oil and gas refineries, operations maintenance, supply brand name of oil and gas equipment and services.

As the company is mainly involved in the management and operations of tankers engaged in transportation of oil and gas products and to meet Kuwait strategy to shift its focus onto chemical production and develop the industry to an extent that it accounts to 50 percent of the country's income generated from sectors other than oil and to meet the development of the country's chemicals industry and its pursuing growth both inside and outside the country, with a focus on increasingly popular chemicals products such as aromatics, olefins and other downstream outputs, GULF TANKERS COMPANY (KSC) has commenced building a modern balanced fleet of chemical tankers in China, to maintain a strategic coverage of Kuwait chemical exports to all corners of the globe.

GULF TANKERS COMPANY (KSC) has joint ventured with SHANGHAI DINGHENG SHIPPING COMPANY (LTD); a reputed shipping company mainly focuses on chemical tankers operations for domestic and international trading and considered the second largest chemical tankers operator in China and the first thirtieth in the world. The company's management system has been approved by SHELL, BP and chemical major producers.

In view of the above I would request that a fund of ($) 27,500,000.00 - United States Dollar Twenty-Seven Million and Five Thousand to be granted to our company for a period of twenty (8-10) years. I have attached all documents as required by your respected bank. In principle, our company is committed to fulfilling all commitments, which are necessary to secure the fund.

I would appreciate your consideration of our request to fund our project and look forward to a favorable response in the very near future.

Thanking you in anticipation.