The technical and day-to-day commercial management of our fleet is currently the responsibility of our wholly-owned subsidiary, Globus Shipmanagement Corp. ("GSC"), which currently has ship management agreements in place with each of our vessel-owning companies. Under the various ship management agreements, GSC provides the wholly-owned shipowning subsidiaries with the following specific services:

• arranging the employment of the ships;
• recruiting and employing seamen and arranging for the execution of the contracts of employment;
• settling and attending the payment of all salaries and related compensation;
• attending to the due and regular operation and performance of the ships and following operations concerning loading and discharging, settlements of claims and surveys;
• settling any fiscal or tax charges concerning the ships;
• attending to the maintenance, repairs, modifications, supply and classification requirements of the ships;
• carrying out the supply of the bunkers, lubricants and other kind of materials, stores and provisions;
• appointing shipping agents at any port and processing the reimbursement of the said local port agents subject to the applicable accounting and representation principles;
• attending to all matters concerning social security provisions concerning the ships' crews;
• receiving and paying monies in the name of the vessel-owning company and maintaining accounts at any bank in any country in any currency; and
• negotiating and executing contracts for the modification or repairs in shipyards worldwide, subject to the previous consent of the vessel-owning company and its final approval and generally performing every and all actions necessary for the accomplishment of the above or in connection therewith.