COSFAIR SHIPPING LIMITED

First priority hong kong statutory mortgage in respect of M.V."cosco hamburg"

Created on 10 Oct 2001

Delivered on 30 May 2002

Status outstanding

Persons Entitled

Nedship Bank N.V. as Security Trustee for the Beneficiaries

Amount Secured

All monies,liabilities and obligations due or to become due from afuk to the chargee under the terms of the aforementioned instrument creating or evidencing the charge

Short Particulars

All rights title and interest in and to the vessel,official no hk-0753 with all her hull,machinery,engines,boats,etc; see form 395 for details.

Transactions

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A third priority assignment of insurances and requisition proceeds

Created on 10 Oct 2001

Delivered on 31 Oct 2001

Status outstanding

Persons Entitled

Cosco (UK) Limited

Amount Secured

All monies due or to become due from or by any relevant party (as defined in the app itself as hereinafter defined) to the chargee under or in connection with the transaction documents (as defined in the app) and/or any part thereof and/or any of the transaction documents as defined in each of the three participation agreements all terms as defined

Short Particulars

All rights title and interest present and future actual and contingent in to and under in respect of the vessel all policies of insurance and/or reinsurance the vessel being "cosco hamburg" with official number hk-0757. See the mortgage charge document for full details.

Transactions

A deed of covenant

Created on 10 Oct 2001

Delivered on 31 Oct 2001

Status outstanding

Persons Entitled

Cosco (U.K.) Limited

Amount Secured

All monies due or to become due from the company to the chargee under or pursuant to a loan agreement dated 11 december 2000 and made between cosco maritime (UK) limited (the borrower) and the mortgagee a loan agreement dated 11 december 2000 and made between river cosfair maritime inc.(river cosfair) and cosco (cayman) fortune holding co.LTD.(the lender) (the river cosfair loan agreement) the deed of covenant and a third priority mortgage of the hong kong registered ship M.V. "cosco hamburg" with official number hk-0757

Short Particulars

The companys right title and interest present and future in and to the hong kong registered ship M.V. "cosco hamburg" with official number hk-0757 and in her equipment and appurtenances and in any proceeds of sale thereof subject to the interests of nedship bank N.V. under the first mortgage and to the interests of barclays mercantile business finance limited under the second vessel mortgage.

Transactions

Mortgage

Created on 10 Oct 2001

Delivered on 31 Oct 2001

Status outstanding

Persons Entitled

Cosco (U.K.) Limited

Amount Secured

All monies due or to become due from the company to the chargee under or pursuant to a deed of covenant of even date and made between the company and the chargee

Short Particulars

The companys right title and interest present and future in and to the hog kong registered ship M.V. "cosco hamburg" with official number hk-0757 and in her equipment and appurtenances subject to the interests of nedship bank N.V. under the first mortgage and the interests of barclays mercantile business finance limited under the second vessel mortgage.

Transactions

A second priority assignment of insurances and requisition proceeds in respect of the vessel (the "assignment") between the owner,the partnership and the investor (as defined)

Created on 10 Oct 2001

Delivered on 22 Oct 2001

Status outstanding

Persons Entitled

Barclays Mercantile Business Finance Limited

Amount Secured

All moneys due or to become due from any relevant party (as defined) to the chargee (the "investor") under or in connection with the transaction documents (as defined)

Short Particulars

All rights,title and interest in,to and under (a) the insurances and any requisition compensation including all payments,all claims,rights and remedies therefrom and (b) the initial assignment,as defined,insofar as the same relates to the insurances see the mortgage charge document for full details. See the mortgage charge document for full details.

Transactions

A deed of covenants in respect of the vessel (as defined) between the owner, the partnership and the investor (as defined)

Created on 10 Oct 2001

Delivered on 22 Oct 2001

Status outstanding

Persons Entitled

Barclays Mercantile Business Finance Limited

Amount Secured

All moneys due or to become due from any relevant party (as defined) to the chargee (the "investor") under or in connection with the transaction documents (as defined)

Short Particulars

All rights, title and interest in, and to the vessel known as 5,250 teu container ship named "cosco hamburg". See form 395 for details. See the mortgage charge document for full details.

Transactions