Head Office: Regentlaan 37 Boulevard du Régent, 1000 Brussels

Telephone +32 2 504 82 22 • facsimile +32 2 504 82 00

UK Branch: 30 Fenchurch Street, London EC3M 3BD
Telephone +44(0) 20 7105 5555 • facsimile +44(0) 20 7105 4034
[email protected]
www.britishmarine.com

PROTECTION & INDEMNITY

POLICY OF INSURANCE
No:791542/001

Period of Insurance: Noon (GMT) on 13 March, 2023 to Noon (GMT) on 13 March, 2024.

In consideration of the premium payable in respect of this insurance, the Insurer undertakes to indemnify the Assured
for all liabilities, losses, costs or expenses that the Assured, in the capacity agreed in respect of the Insured Vessel(s)
named in this policy, is liable to pay, in respect of the liabilities, risks or events referred to herein.

This insurance covers only liabilities, losses, costs or expenses which arise out of events which occur during the policy
period, in respect of the Assured’s interest in the Insured Vessel(s) and only in connection with the operation of the
Insured Vessel(s).

THE ATTACHED CLAUSES FORM PART OF

THIS POLICY

To: MN Shipping Inc (Managers / Assured)

MN Talos Shipping S.A. (Registered Owner)

Ship Owner: MN Talos Shipping S.A.

Trust Company Complex
Ajeltake Road
Ajeltake Island
Majuro
Marshall Islands MH 96960

VESSEL SCHEDULE

Ref Gross Year IMO

Name of Ship Type Flag Port of Registry
No. Tonnage Built Number
791542 MN TALOS 4,380 1998 General Cargo BRB 9182411 Bridgetown, Barbados

Evidence of Insurance Clause

This Policy of Insurance or any Endorsement hereto is evidence only of the contract of indemnity insurance between the
above named Assured(s) 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 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.

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE
UK Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting
Services (UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE
Europe is authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudenti al Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL.
Continuation of Policy No.: 791542/001
Page 2 of 6

CONDITIONS Protection and Indemnity Risks in accordance with British Marine, Marine Liability,
Protection and Legal Expenses Terms and Conditions 2023 Edition section A Clauses 1-
32 incorporating sections B and C Clauses 40-82 attached thereto, including cover in
respect of collision, property damage, wreck removal and pollution liabilities in accordance
with the Policy Terms, Conditions and Exceptions and subject always to the Special
Conditions and Warranties set out hereunder.

LIMIT OF LIABILITY USD 500,000,000 each vessel, all claims inclusive of costs, fees and expenses either
approved and/or incurred by the Insurer, any one accident or occurrence or series of
accidents or occurrences arising out of one event, Combined Single Limit.

SPECIAL Pursuant to the provisions of Clause 13.1, it is noted and agreed that the cover hereunder
CONDITIONS is extended to include claims for 4/4ths collision.

Including liability crew but excluding claims recoverable from under any Workers
Compensation scheme or any similar Social Security Schemes

Steel Cargo Clause No.1

The Assured shall have no right of recovery from the Insurer in respect of steel cargoes
unless:

a) the Assured, at his expense, appoints a Insurer approved surveyor for each voyage
to:-
- certify the hatches and holds as fit for the carriage of steel cargo;
- survey each cargo prior to loading;
b) the Bills of Lading are claused with the findings of the surveyor.

In the event of either loss of or damage to such cargo which may lead to a claim on the
Insurer it is agreed that, the costs of the survey shall form part of the claim and subject to
the applicable cargo deductible.

It shall neither be deemed nor construed by complying with the above that there is a
waiver of any of the Insurers rights either to reduce or reject claims under the Terms and
Conditions of this Insurance.

Pre-shipment surveys are not required for Billets, Blooms, Scrap, Swarf, plain parallel
sided Pipes (ie without threads and/or flanges) and Pig Iron.

Coronavirus Clause

Notwithstanding the provisions of clause 81, cover hereunder is subject to a sub limit of
USD 1,000,000 each vessel, all claims inclusive of costs, fees and expenses either
approved and/or incurred by the Insurer, any one accident or occurrence or series of
accidents or occurrences arising out of one event, Combined Single Limit, for all claims
arising from any:

1) loss, damage, liability, cost, or expense directly arising from the transmission or
alleged transmission of Coronavirus disease
(COVID-19); or from any fear or threat of COVID-19.
2) liability, cost or expense to identify, clean up, detoxify, remove, monitor, or test for the
above.

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE UK
Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting Services
(UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE Europe is
authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL
Continuation of Policy No.: 791542/001
Page 3 of 6

WARRANTIES Trading Mediterranean Sea and Black Sea excluding Russia, Ukraine, and Syria.

Warranted all Vessels to undergo loss prevention survey at owners expense within 30
days of attachment and all recommendation to be complied with.

Warranted vessel Classed and Class maintained.

DEDUCTIBLES (P&I) USD 17,000 from collision claims each accident or occurrence.

USD 17,000 from Fixed and Floating Objects Claims, each accident or occurrence.

USD 15,000 from all cargo claims each single voyag e each accident or occurrence.

25% from all claims in Turkish waters subject to a minimum USD 17,000 each accident or
occurrence.

USD 9,500 from all Crew claims, each accident or occurrence.

USD 7,000 from all other claims each accident or occurrence.

FIXED PREMIUM Fixed Premium as agreed.

Cancelling Returns Only.

For and on behalf of

BRITISH MARINE

Kevin Shallow, Director of Underwriting - Marine

03 March, 2023

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE UK
Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting Services
(UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE Europe is
authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL
Continuation of Policy No.: 791542/001
Page 4 of 6

War Risk (Protection and Indemnity) Endorsement (A)

Pursuant to the provisions of Clause 39.4.2, notice is hereby given that cover hereunder is subject to the following
special terms and conditions until further notice:

It is noted and agreed that cover is extended to include liabilities, costs and expenses in accordance with the
provisions of Clause 39 of the Policy Terms and Conditions.

It is a condition of cover that the Hull and Machinery is fully insured for the perils enumerated in the current Institute
War and Strikes Clauses - Hull - Time (1.11.95) (Cl.281) with Protection and Indemnity and Crew inclusion clauses
(or equivalent clauses in terms no less wide than the forgoing) for not less than the hull value of the insured vessel.

Whether or not notice of cancellation in terms of Clause 39.4.1 is given, cover hereunder in respect of War Risks etc.
shall TERMINATE AUTOMATICALLY on the expiry of notice given by any Underwriter of the above mentioned
Insurance(s). British Marine may agree however to reinstate cover subject to agreement with the Assured prior to the
expiry of such notice of cancellation as to new rate of premium and/or conditions and/or warranties.

Limit of Liability: USD 50,000,000 all claims in the aggregate inclusive of costs, fees and expenses either
approved and/or incurred by the Insurer, any one accident or occurrence, each vessel.

Trading Warranties: In the event of a vessel or craft insured hereunder sailing for, deviating towards, or being
within the Territorial Waters of any of the Countries or places described in the Exclusions
as set out below (including any Port or area that constitutes part of such a country or
place however it information may hereafter be described) additional premium shall be
paid at the discretion of the Insurer hereon. of such voyage or deviation shall be given to
the Insurer as soon as practicable, and the absence of prior advice shall no t affect the
cover hereon. In the event of the Assured not requiring continuation of coverage for a
vessel proceeding into or remaining within an excluded area, they shall so advise Insurers
hereon before the commencement of such voyage, deviation or period, and it shall be
at the Insurer's discretion whether and on what terms the insurance shall be reinstated.

Exclusions:
Africa
Benin
Cabo Delgado, waters as defined overleaf
Eritrea, but only South of 15° N
Gulf of Guinea, waters as defined overleaf
Libya
Nigeria
Somalia
Togo

Europe
Sea of Azov and Black Sea waters plus inland waters as defined overleaf

Indian Ocean, Gulf of Aden, and Southern Red Sea

Waters as defined overleaf

Asia
Pakistan

Russia

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE UK
Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting Services
(UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE Europe is
authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL
Continuation of Policy No.: 791542/001
Page 5 of 6

Middle East
Iran
Iraq, including all Iraqi offshore oil terminals
Israel
Lebanon
Oman (Musandam Governorate)
Persian or Arabian Gulf and adjacent waters as defined overleaf
Saudi Arabia (Gulf coast)
Saudi Arabia (Red Sea coast) excluding transits
Syria
United Arab Emirates
Yemen

South America
Venezuela, including all offshore installations in the Venezuelan EEZ.

Defined Waters:
Europe
1) Sea of Azov and Black Sea waters enclosed by the following boundaries:
a) On the west, around Romanian waters, from the Ukraine-Romania border at
45° 10.858'N, 29° 45.929'E to high seas point 45° 11.235'N,29° 51.140'E
b) thence to high seas point 45° 11.474'N, 29° 59.563'E and o n to high seas point
45° 5.354'N, 30° 2.408'E
c) thence to high seas point 44° 46.625'N, 30° 58.722'E and on to high seas point
44° 44.244'N, 31° 10.497'E
d) thence to high seas point 44° 2.877'N, 31° 24.602'E and on to high seas point
43° 27.091'N, 31° 19.954'E
e) and then east to the Russia-Georgia border at 43° 23.126'N, 40° 0.599'E

2) All inland waters of Ukraine

3) Inland waters of Russia within the following areas:

a) Crimean Peninsula
b) River Don, from Sea of Azov to vertical line at 41° E
c) River Donets, from River Don to Ukraine border

4) All inland waters of Belarus south of horizontal line at 52° 30’ N

Cabo Delgado
The waters within 50 nautical miles of Mozambique and Tanzania enclosed
by the following boundaries:
a) To the north, from Mnazi Bay at 10°19.6'S, 40°18.9'E to high seas point at
9°50.7'S, 41°7.6'E.
b) To the south, from Baía do Lúrio at 13°30’S, 40°31.6’E to high seas point
13°30’S, 41°28.8’E.

Gulf of Guinea
The waters enclosed by the following boundaries:
a) On the west, from the coast of Togo 6° 06’ 45” N, 1° 12’E, south to
b) high seas point 0° 40’ S, 3° 00’ E
c) and then east to Cape Lopez Peninsula, Gabon 0° 40’S, 8° 42’E.

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE UK
Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting Services
(UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE Europe is
authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL
Continuation of Policy No.: 791542/001
Page 6 of 6

Indian Ocean, Gulf of Aden and Southern Red Sea

The waters enclosed by the following boundaries:
a) on the northwest, by the Red Sea, south of Latitude 15° N
b) on the northeast, from the Yemen border at 16°38.5’N, 53°6.5’E to
high seas point 14°55’N, 53°50’E
c) on the east, by a line from high seas point 14°55’N, 53°50’E to high seas point
10°48’N, 60°15’E, thence to high seas point 6°45’S, 48°45’E
d) and on the southwest, by the Somalia border at 1°40’S, 41°34’E, to high seas point
6°45’S, 48°45’E

excepting coastal waters of adjoining territories up to 12 nautical miles offshore

unless otherwise provided.

Persian or Arabian Gulf

Persian or Arabian Gulf and adjacent waters including the Gulf of Oman and waters
west of the line from Oman’s territorial limit off Cape al -Ḥadd at 22°42.5'N, 59°54.5'E
northeast to the Iran -Pakistan border at 25°10.5'N, 61°37.5'E

excepting coastal waters of adjoining territories up to 12 nautical miles offshore

unless otherwise provided.

Definitions:
Named Countries shall include their coastal waters up to 12 nautical miles offshore,
unless specifically varied above.

Named Ports shall include all facilities/terminals within areas controlled by the
relevant port authority/ies (or as may be more precisely defined by Insurers)
including offshore facilities/terminals, and all waters within 12 nautical miles of such,
but not exceeding 12 nautical miles offshore unless specifically stated.

Cover in respect of the risks of war, etc., shall not become effective if, subsequent to acceptance by British Marine
and prior to the intended time of attachment of risk, there has occurred any event which would have automatically
terminated cover under the provisions of this clause.

All other terms and conditions continue without amendment.

Ref.War P&I (A) April, 2022

For and on behalf of

BRITISH MARINE

Kevin Shallow, Director of Underwriting - Marine

03 March, 2023

British Marine is a trading name of QBE Europe SA/NV, VAT BE 0690.537.456, RPM/RPR Brussels, IBAN No. BE53949007944353 and SWIFT/BIC No. HSBCBEBB, ('QBE Europe'), and of (1) QBE UK
Limited, no. 01761561 (‘QBE UK’), (2) QBE Underwriting Limited, no. 01035198 ('QUL'), (3) QBE Management Services (UK) Limited, no. 03153567 ('QMSUK') and (4) QBE Underwriting Services
(UK) Limited, no. 02262145 ('QSUK'), all four companies having their registered offices at 30 Fenchurch Street, London, EC3M 3BD, and being incorporated in England and Wales. QBE Europe is
authorised by the National Bank of Belgium under licence number 3093. QBE UK and QUL are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority. QUL is a Lloyd's managing agent. QMSUK and QSUK are both Appointed Representatives of QBE Europe and QUL