CERTIFICATE OF INSURANCE

Reference number SO000695

Date Issued 26 Jul 2022

This is to certify that we have effected an insurance for your account as follows:

SECURITY Swiss Re International SE through EF Marine as authorized Underwriting

Agent

ASSURED DETAILS AND PERIOD

Assured PT. Pelayaran Nasional Pasifik Samudera Shipping

Assured domicile Indonesia

Period of Insurance From Noon GMT 12 Aug 2022 to Noon GMT 12 Aug 2023

INSURED OBJECT(S)

Name Fly Power 3008

Type Barge

GT 3,350

Built 2020

Class Registro Italiano Navale

Flag Indonesia

Port of Registry Batam

INSURANCE COVERS, TRADING LIMITS, TERMS AND CONDITIONS

Type of Insurance Shipowners’ P&I

Trading Limits The Insured Vessel is not allowed to trade to and from the U.S.A., its
dependencies and/or territories, Syria, Libya, Iran, Sudan, Yemen, Cuba,
Venezuela, Russia, Ukraine and the Democratic People’s Republic of Korea.

Warranted trading Indonesia, Malaysia, Vietnam, Singapore, Thailand,

Cambodia, always within International Navigating Conditions (01/11/2003)
and limitations of the Classification Society of the vessel and/or applicable
Statutory Regulations, whichever is the lesser.

Conditions Shipowners P&I Terms and Conditions Version 1/2022, as attached.

Parts 1, 2, 7, 9 - Applicable.

Part 2, Section 1 – Pollution – Applicable

Part 2, Section 2 – Wreck Removal – Applicable

Part 2, Section 3 - Collision with other ships and non-contact damage

amended to include 4/4th RDC.

NOT TRANSFERABLE

Email: info@efmarinegroup.com
EF Marine Pte. Ltd. | Singapore | 7 Temasek Boulevard #20-01 Suntec Tower One S (038987) | T: +65 62 59 75 02 | UEN No. 201700718K
EF Marine B.V. | Netherlands | Willemswerf Building, Boompjes 40 3011 XB Rotterdam | T: +31 10 79 86 990 | RSIN No.72490764

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CERTIFICATE OF INSURANCE

Part 8, Clause 6 - Timber Clause

Part 8, Clause 8 - H&M Clause - Applicable.

No lay-up returns.

Cancelling Returns Only (CRO).

BARGE CLAUSE
There shall be no right of recovery from the Company in respect of any claim
where failure to fulfill these conditions is in any way causative irrespective of
the extent of that causation.

1. Barge(s) display Navigation Lights and Shapes in accordance with the

International Regulations for Preventing Collisions at Sea, 1972 (as
amended), and
2. Barge(s) must have an approved Cargo Securing Manual (where
applicable) and all cargoes except bulk cargoes (e.g. coal or gypsum) must
be secured in accordance with this manual unless otherwise agreed by the
Company in writing, and
3. Barge(s) always operated within the limitations imposed by the approved
stability book and loadline certificates specific to each barge, and
4. Sideboards, where fitted, to be maintained in a serviceable condition, and
5. Tow, towing arrangements, and gear to be in accordance with industry
acceptable standards.

Additional Cover(s) Owners’ War Risks - Shipowners P&I Terms and Conditions Version 1/2022,
Part 4 – Applicable.

Exclusions Excluding liabilities costs and expenses in respect of Crew - Part 2, Section
4.

Express warranties Warranted Insured Vessel classed and class maintained throughout the
insurance period with a classification society approved by the Company.

Warranted no US and/or Democratic People’s Republic of Korea nationals

and/or residents to be employed on board.

Warranted fully completed and duly signed application form to be received

prior to inception and issuance of Certificate of Insurance.

The Assureds warrant that the ownership of the assured vessel does not and
will not have any ownership connection with the Democratic People’s
Republic of Korea, or any other sanction related entity or individual(s) for the
duration of the insurance policy.

It is a condition of cover hereunder that the BIMCO Solid Bulk Cargoes that
Can Liquefy Clause for Charter Parties is inserted in the Charter Party. It is
further warranted that all ore fines and/or mineral concentrates presented for
loading on the Insured Vessel are to be inspected prior to and in the course
of loading by a EF Marine approved surveyor at Assureds’ expense. The
results of the inspection to be presented by the surveyor to EF Marine for its
written approval prior to departure of the Insured Vessel - Applicable to
barges - This warranty is not applicable on carriage of coal cargoes.

Warranted on carriage of heavy cargoes or project cargoes the Assured will

appoint a marine warranty surveyor before loading, on his expenses and all
surveyor’s recommendations in respect of lashing, stowage, stability

NOT TRANSFERABLE

Email: info@efmarinegroup.com
EF Marine Pte. Ltd. | Singapore | 7 Temasek Boulevard #20-01 Suntec Tower One S (038987) | T: +65 62 59 75 02 | UEN No. 201700718K
EF Marine B.V. | Netherlands | Willemswerf Building, Boompjes 40 3011 XB Rotterdam | T: +31 10 79 86 990 | RSIN No.72490764

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CERTIFICATE OF INSURANCE

calculation to be complied with.

Warranted where barges are not towed by owned or entered tugs, excluding
absolutely loss of damage to and wreck removal of the towing vessel,
including any injury, loss of life and personnel effects thereon.

Warranted no double tows.

Condition survey
No pre-entry condition survey required.
warranty

LIMITS OF COVER AND DEDUCTIBLES

Max. limit of liability USD 12,000,000 any one accident or occurrence, combined single limit as
overall limit, each vessel.

Deductible(s) USD 10,000 each single voyage, in respect of Cargo claims - Part 2, Section
7 and Section 8.

USD 15,000 any one accident or occurrence, in respect of RDC / FFO claims
- Part 2, Section 3 and Section 9.

USD 5,000 any one accident or occurrence in respect of any other types of
claims.

When one accident gives rise to claims of a different nature, the aggregate of
all claims shall be subject to the highest deductible applicable to any one
such claim.

ADDITIONAL ASSURED(S)

IMPORTANT INFORMATION

Incorporation | The terms and conditions of the applicable policy wording are incorporated in their
entirety into this contract of insurance.

Fair Presentation | You have a duty to make a fair presentation of the risk, by disclosing all material
matters which you know or ought to know or, failing that, by giving the Company sufficient information
to put us, as a prudent insurer, on notice that we need to make further enquiries in order to reveal
material circumstances. Your attention is drawn to the provisions of the policy wording concerning the
exclusion of certain provisions of the Insurance Act 2015, but only in respect of Policies which incept
on or after 12th August 2016.

Claims Procedure | In case of an incident which may give rise to a claim under the insurance, prompt
notification must be given to the Company in accordance with Section 37.

NOT TRANSFERABLE

Email: info@efmarinegroup.com
EF Marine Pte. Ltd. | Singapore | 7 Temasek Boulevard #20-01 Suntec Tower One S (038987) | T: +65 62 59 75 02 | UEN No. 201700718K
EF Marine B.V. | Netherlands | Willemswerf Building, Boompjes 40 3011 XB Rotterdam | T: +31 10 79 86 990 | RSIN No.72490764

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CERTIFICATE OF INSURANCE

Evidence of Insurance Clause | The Policy of Insurance or any Endorsement hereto is evidence only
of the contract of indemnity insurance between the above named Assured and the Insurer and shall
not be construed as evidence of any undertaking, financial or otherwise, on the part of the Insurer to
any other party. In the event that an Assured or Insurer tenders this Policy/Endorsement as evidence
of insurance under any applicable law relating to financial responsibility, including but not limited to the
Oil Pollution Act 1990 or any similar Federal or State Laws, or otherwise shows or offers it to any other
party as evidence of insurance, such use of the Policy/Endorsement by the Assured is not to be taken
as any indication that the Insurer thereby consents to act as guarantor or to be sued directly in any
jurisdiction whatsoever. The Insurer does not so consent.

E. & O.E.

Mihai Blajan

NOT TRANSFERABLE

Email: info@efmarinegroup.com
EF Marine Pte. Ltd. | Singapore | 7 Temasek Boulevard #20-01 Suntec Tower One S (038987) | T: +65 62 59 75 02 | UEN No. 201700718K
EF Marine B.V. | Netherlands | Willemswerf Building, Boompjes 40 3011 XB Rotterdam | T: +31 10 79 86 990 | RSIN No.72490764

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