Under the terms of the amendments, (i) the fee of 1% payable to SSH upon any future vessel sale or purchase has been eliminated; and (ii) in the event of the sale of one or more vessels, provided it does not amount to a sale of substantially all vessels, the notice period to terminate the commercial and technical management agreements is reduced from two years to three months and a fee equal to three months of management fees is now payable to SCM and SSM upon termination.
There is no consideration payable by the company for these amendments.
The independent members of the company's board unanimously approved the amendments, STI said..