ARGENTINE MERCHANT MARINE EMPLOYEES ASSOCIATION NEW COLLECTIVE BARGAINING AGREEMENT File N 1.383.052/10.

GENERAL CONDITIONS ARTICULO 1: Parties involved At Buenos Aires, on July seventh, 2011, a meeting is held between Roberto Barrero and Gustavo Hereu, representing the Centro de Navegacin, and Vctor Ral Huerta, Eduardo Villaverde, Juan Carlos Crpena, Carlos Fabin del Rio representing the Argentine Merchant Marine Employees Association and representing the workers, Marcelo Zabala, y Martn Csar Celario, represented by the attorney, Dr. Maria de los ngeles Bar.. ARTICULO 2: Period in force This agreement shall be in force for twenty four (24) months as from July 7, 2011. However, it shall be in force until such a time as it is replaced by a new Joint Labor Agreement. ARTICULO 3: Application Jurisdiction This Agreement shall be applicable in all Shipping Agencies and sub-agencies in Argentina. ARTICLE 4 Staff involved This Collective Bargaining Agreement applies to the staff of shipping agencies and other services rendered to shipowners under the Labor Act of the Merchant Marine Employees Association. The categories are detailed in article 5. This Agreement does not include the personnel who manage other staff members or who are directly responsible over a service, department or section as chiefs or managers, nor those professionals in the human resources, legal and finance areas. ARTICLE 5 Categories and Salaries 1- Janitors Beginner Janitor class A

Errand person The employee shall be considered as beginner for a period of six months. After this period the employee will automatically enter the category according to his/her work. 2- ADMINISTRATIVE Beginner Category A Category B Category C STAFF INVOLVED: - Beginner: The employee shall be considered as beginner for a period of six months. After this period the employee will automatically enter the category according to his/her work. - Category A: Receptionist, switchboard operator, secretaries, administrative staff. - Category "B": Computer and Communications Systems, Disbursements, Treasury, Import/Export documents. Category "C": This is the staff carrying out coordination and supervision tasks and responsible for the various sectors. Also, Those not included in categories A) or B), who the employers deem to be highly qualified to work in their respective areas 3- OPERATIONS AN CUSTOMS Those not included in categories A) or B), who the employers deem to be highly qualified to work in their respective areas Beginner Category A Category B Category C Category "D" STAFF INVOLVED:

- Beginner: new staff with no experience in the industry. After a year work the employee the employee will automatically enter the category according to his/her work. - Category "A" Documentation/Operator assistant. Staff that carries out documentation tasks, administrative tasks with Port Terminals, Customs, Cost Guard, Immigration, Health Authorities, etc. The drivers involved in these tasks shall be included in the same category. - Category "B" Ship Operators Ship Agent: Staff that attend vessels, clearing in and out inspections, visits, etc. - Category "C"- Customs Transport Agent (A.T.A.): This category is for those accredited with Customs as a Customs Transport Agent. - Category "D" Operations Coordinator: Staff that coordinate and oversee the work of the staff in the above categories. Only those who actually coordinate and supervise must be included in this category. The staff in this category shall be paid 20% more than those working in Category C. The workers included in this Joint Labor Agreement working in the provinces of Chubut, Santa Cruz and Tierra del Fuego shall receive and increase of 25% over the salaries detailed in this Agreement. ARTICLE 6 Working Hours The normal working hours shall total 44 hours per week. At the commencement of the work relationship the employee must determine, register and notify each worker of his/her working hours. 6.1- For the administrative and janitor staff Working hours shall total 44 hours weekly with a maximum of 9 hours per day, which shall be between 9 am and 6 pm from Monday to Friday and Saturdays from 9 am to 1 pm. Between one working day and the next there must be a pause of at least twelve (12) hours. All staff members can take in turns a 20 minute break per day, and the worker has the option to remain at the work place or leaving the office. 6.2. Operations and Customs staff and other subject to attending vessels in port.

The activity of the operations/customs staff shall be subject to the operation of vessels in port (clearance, serving the vessel in port) which task cannot be scheduled. Normal working hours shall be eight hours daily between 7 am and 6 pm, totaling 44 hours per week from Monday 7 am to Saturday 1 pm. 6.2.A. Calculation of working hours per week: For the calculation of the 44 weekly working hours the following parameters shall be considered: The hours worked from Monday to Friday from 6 pm to 7 am shall count as 1.5 hours per each hour worked. 2- The hours worked on holidays shall count as 2 hours per each hour worked. Overtime hours in this category shall count for each hour worked in excess of the 4 weekly hours, payable as per article 7, paragraph B of this agreement. Regarding the hours worked outside normal working hours, the minimum 12 continuous hours daily rest it is still applicable, and 36 unbroken hour weekly rest. The maximum daily working hours can not exceed 12 hours. At least once a month 48 continuous hours rest must be guaranteed. Regarding the weekly rest, at least one full Saturday or Sunday must be granted. In the case the worker, because of the vessels operation, had to work outside the normal working hours of 7 am to 6 pm, the 12 hour rest period must be complied with before the worker returns to work. When the 12 hour rest period takes place during the normal working hours, the worker must show up to work at the beginning of the next working day after his rest period. At the end of the working day, the employee is not bound to remain at the employers service under any circumstance, whether in person nor through any means of communication. ARTICLE 7 Overtime All working hours exceeding the legal normal working hours of 44 hours weekly and 9 hours daily shall be considered as overtime and shall be paid as follows: A- Administrative and janitor staff

a) The value to be paid for overtime hours shall be determined dividing the full monthly salary by 180 (one hundred and eighty). b) For those hours worked on normal working days from 6pm to 9pm the surcharge shall be 50% and for those hours worked from 9m to 6am the next day the surcharge shall be 100%. c) For those hours worked on Saturdays alter 1 pm, Sundays and up to 9 am the next Monday and holidays the surcharge shall be 100% notwithstanding the weekly rest period considered by the Joint Labor Agreement for these cases B- Operations and Customs Staff For the operations and customs staff, once the 44 hour week is complete (which can happen on any day and time of the week) overtime hours are applicable, as follows: 1. From Monday to Friday the hours worked from 7 am to 9 pm with a 50% surcharge and those hours worked from 9 pm to 7 am with a 100% surcharge. 2. On Saturdays the overtime hours worked from t am to 1 pm shall be paid with a 50% surcharge and the hours worked after 1 pm, Sundays and up to 7 am on Monday and holidays, shall be paid with 100% surcharge. ARTICLE 8 Ordinary vacations The worker is entitled to an annual paid leave of at least the following periods: a.- 14 days for up to 5 years of service. b.- 21 days for over 5 years and under 10 years of service. c.- 28 days for over 10 years and under 20 years in service. d.- 35 days for over 20 years of service. To determine the extension of the vacation period the date considered to calculate the years in service shall be December 31 of the year when the vacations will be taken. The worker may request to split the vacation period. Special Leaves a.- For birth or adoption of a child, 3 days, two of which, at least, must be working days for each child. b.- For marriage, 10 days.

c.- For death of spouse, children, parents or siblings: 3 days. d.- For death of in laws, grand-children, grand-parents: 1 day. e.- For sitting for college exams two (2) days per exam up to a maximum of ten (10) days per calendar year. f.- For donating blood: 1 day. g.- For moving; 1 working day h.- For a serious incident to the employers criterion affecting a close relative (spouse, partner or children) who requires assistance, up to three (3) days each time and up to ten (10) days per year. ARTICLE 9 Natural Catastrophes In the case floods or severe weather made it impossible to reach the work place due to the lack of transportation, if this can be proved, then workers will get paid normally. ARTICLE 10 Leaves without pay The employer may, for duly justified and documented cases, grant leaves without pay for periods of up to ninety (90) days in the case of scholarships, sickness of relatives or any other circumstance that the employer deems justifiable. ARTICLE 11 Hygiene and Safety As per the Hygiene and Safety Law, the employer must provide the necessary safety elements to work on board ships and at port terminals, such as lifejackets, hard hat, adequate shoes, eyewear, masks, clothes and shoes for rain, etc. Also, the employee must provide the necessary elements to prevent infectious diseases and other that as a consequence of work could affect the workers health (for example fine dust, fumigation products, herbicides, etc.). In case the employer does not comply with this article the worker may be justified to refuse to carry out the task, and will not be liable to penalties. ARTICLE 12 Sick leave Any accident or sickness that prevents the worker from working shall not affect his or her right to get paid for a period of up to three months, if the years of service were under 5 years and 6 months in the case of over 5 years of service. In the case the worker had a family in charge the pay shall continue for six or twelve months, respectively. The worker, except in duly documented cases of force majeure, must report the accident or sickness during the first half of the day, so as to allow the company to send the medical control.

ARTICLE 13 Maternity leave Pregnant workers have a maternity leave of 90 days, split in two periods of 45 days, one before and one after the childbirth. The worker may opt to take 30 days before and 60 days after childbirth. Thirty days prior to childbirth the pregnant worker may not work and the employer may force the worker to take her maternity leave. Worker must communicate their pregnancy to the employer presenting a medical certificate with the possible childbirth date. ARTICLE 14 Holidays For the purposes of this Agreement the holidays shall be as established by standing laws and regulations, as well as 25th November, Merchant Marine Day, which shall be calculated dividing the full monthly salary into 25. On holidays, and particularly on November 25, workers are not obliged to go to their work place. ARTICLE 15 Seniority Each beneficiary of this Joint Agreement shall collect a seniority bonus of 1% of the basic monthly salary for each year worked up to a maximum of 25 years. ARTICLE 16 Punctuality and Assistance Bonus Each worker shall receive for punctuality and assistance a 5% bonus on their basic salary. The worker will not lose this bonus in the case the lack of punctuality is under twenty minutes (20) accumulated for each month, nor in the case of absence for justified illness for up to 72 hours. If the worker were to be absent due to an accident then the bonus will still be paid disregarding the length of the leave. ARTICLE 17 Cash shortage An additional 10% shall be paid to treasury and cashier employees or those who have to handle cash. This shall not be applicable in the case of companies that do not discount any shortages. ARTICLE 18: Carriage of money For security reasons, operations staff may not under any circumstances carry cash or other valuables to the vessels. ARTICLE 19: Authorities transportation The ship operators working in the areas of San Lorenzo, Puerto General San Martn, Tlmbes, San Nicols, Baha Blanca and/or any other part of the country where they

must travel over three kilometers to transport authorities of any public or private institution, this transport shall not be part of their work. ARTICLE 20: Handling of heavy packages It is forbidden for the workers included in this agreement to transport, handle or deliver heavy packages on board vessels. ARTICLE 21: Expenses refunds The employer must pay for all transport, food and lodging expenses necessary for the workers to attend vessels in port. In this connection workers must present duly documented vouchers, and these expenses must be paid upon presentation of the vouchers. ARTICLE 22 Additional for titles Workers with high school degrees shall be paid an additional 5% on their basic salary and workers with college degrees shall be paid an additional 10% on their basic salary. The additional for college degree does not add to the additional for high school degree. ARTICLE 23 Replacements Those workers who temporarily work on a higher category, shall get paid the pertinent salary difference for the corresponding period. These replacements may in no case exceed four months. Should this limit be exceeded then the worker shall be promoted to the next category. ARTICLE 24: Union Activity. Union delegates in the company Union representation within the company shall adjust to law 23.551 (Union Associations Law) based on articles 40, 41, 42 and 43 of this law. The employer must: a) Provide a specific and adequate space to promote the communication of activities, news and union rights by placing a union billboard. b) Carry out the periodic meetings assisting personally or through a representative. c) Grant each of the delegates a credit of paid hours per month in accordance with the applicable agreement. ARTICLE 25 Delegates

The election of delegates shall be ruled by the Law of Professional Associations and these shall be elected from within the staff. The companies shall not interfere with the election and may not take any actions in connection with the purpose of these delegates. ARTICLE 26 Union Dues The company shall retain the union dues of the employees from the salary, which must be deposited in the account indicated by the union and/or against receipt ARTICLE 27 Extraordinary Contribution The parties agree that the employers shall make a monthly contribution to the AAEMM (Merchant Marine Employee Argentine Association) of 1% of all salaries of the staff covered by this Agreement to be destined to Social Actions and endeavoring to achieve the goals promoted in its bylaws (ARTICLE 9, Law 23.551 and ARTICLE 4 Decree 467/88). This contribution shall be applicable for a period of two (2) years as from the moment this Agreement comes into force and the sums shall be deposited by the employers together with the payment of all applicable levies and duties in the Unions account. ARTICLE 28: Solidary contribution The union organization establishes the implementation of a solidary contribution, equivalent to 50% of the union charges on the total monthly income, as per article 37 of law 23.551 and article 9 of law 14.250. This contribution is in force for the duration of this agreement twenty four (24) months as from the signing of this agreement, and the resulting amounts shall be deposited by the employers together with the other charges and contributions into the account determined by the Union or against receipt. ARTICLE 29 Joint union/workers committee For the purposes of interpreting and applying this agreement a three member permanent committee shall be formed and reported to the Labor Ministry and subject to current legislation. ARTICLE 30 Application Organism The Labor Ministry shall be the application organism and shall control the compliance with this agreement, and the parties are subject to the strict observance of The conditions of this agreement. ARTICLE 31: Compliance with Resolution 140/06

The employers must adhere strictly to Resolution 140/06 of the National work Ministry, according to which the activity must fall under the reaches of Decree 5912/72 in connection with setting in the pertinent books all necessary certifications to eventually guarantee the pension process. ARTICLE 32 Social peace The companies, without limiting their faculty to increase or decrease the number of staff, shall commit to endeavor to provide stable labor relations counting with the cooperation of the personnel and the Merchant Marine Employee Argentine Association, who in turn commit to avoid confrontations and any measures that may affect work. ARTICLE 33 Better benefits The benefits and clauses in this Agreement are considered to be minimal, and any better rights and conditions the workers are already receiving or will receive are considered applicable.