Commercial Management Agreement Shipping

Another important consideration is the direction of skills. The legislative and regulatory provisions contained in the Vessel Management Agreement should, where possible, be aligned with similar provisions in related contracts, such as charter parties and related joint venture agreements or joint enterprise agreements, with management characteristics. For example, if the corresponding investment agreements, joint venture or charter agreements for the managed fleet are subject to U.S. law and New York arbitration, it makes no sense to choose English law and London arbitration for SHIPMAN 2009, as consolidation of arbitration procedures becomes almost impossible in such circumstances and increases the potential for inconsistent outcomes. The company pays the trustee an administrative tax (“administrative tax”) on services provided by the administrator as part of the business management agreement and an administrative fee to the administrator (“administrative fees”). All of the above tasks, which we carry out using current naval IT solutions, ship management and accounting software, are essential to the profitability of the maritime business. Our contractual relationship with Technomar is based on arm length, conditions and conditions of the biMCO ShipMan Form. Technomar is paid for each ship managed a fixed daily fee covering both technical administration and complementary services. Technomar is owned by our executive chairman George Youroukos.

1. Maritime Links under U.S. law, ship managers have the legal authority to order the “necessities” of a ship.7The provision of needs by a supplier or seller leads to a maritime pawn right against the ship by the operation of U.S. law and, unless discharge, such a right of bet against the vessel is enforceable in the United States by a judicial procedure in handing over.8 Consequently. , it is important that investor owners take into account the reasons of their managers who are at a shipping in the U.S. and elsewhere. In addition, subject to their obligation to finance the administrator in accordance with the terms of the agreement, the owners should endeavour to prevent the administrator from creating, adopting or authorizing non-usual maritime rights against the vessel, such as wage pawns and salvage operations. One of the related issues is whether the administrator has an enforceable maritime wagering right against the vessel for the administrative costs charged to the owners and the advances that were made on behalf of the vessel.

While most U.S. courts that have considered the issue have held that a manager has no maritime pledge right,9 such judgments do not bind non-U.S. law. The courts and the courts. Accordingly, a negotiated waiver of the administrator`s maritime foreclosure applications (and the agreement not to sue the vessel) would be a prudent and advantageous complement to SHIPMAN 2009 from the perspective of the investor owners. The technical management of the global ship leasing fleet is provided by a specialized external ship manager, Technomar Shipping, Inc. Technomar is committed to managing quality safety and best environmental practices and has the following certifications: With the exception of the Commercial Management Agreement, this agreement contains the full agreement between each member and the manager with respect to the purpose of this agreement. In addition to the technical administration and crew of the ships themselves, Technomar, under the supervision of the ship`s lake management team, also offers a number of additional services that allow us to minimize our fixed overhead costs. This includes: We have an exclusive brokerage agreement with ConChart Commercial, Inc. to support Global Ship Lease`s day-to-day business operations.

Prior to our merger with Poseidon Containers in November 2018, the global vessel leasing fleet was managed by three independent ship managers. With the transition from technical management to Technomar, our average daily OPEX per ship has been reduced by almost 5%, from $6,420 in 2018 to $6,128 in 2019.