SALVAGE AGREEMENT

"NO CURE - NO PAY"                             "__"______________200__


     The present Agreement is made between ___________________________
                                                  (name of a Captain)
______________, the Captain of the vessel ____________________________,
                                             (name and port of registry)
owned by _____________________________________________________________,
                             (full name and address)
____________________________________, hereinafter called "the CAPTAIN",

and the Salvor  ______________________________________________________

______________________________________________________________________

in the person of _____________________________________________________,

hereinafter called "the SALVOR" on the following:

     1. The SALVOR undertakes fulfillment of  the salvage operation to
salvage the abovenamed  vessel,  its cargo  and  any other property on
board and to take the vessel into ____________________________________

___________________________________________________ or any other place
to be agreed upon later with the CAPTAIN.

     2. For the purpose of the salvage operations, the SALVOR may make,
free of cost,   duly use of the gear,   chains,  anchors   and   other
facilities of the vessel being salvaged.

     3. For  the  performance  of  the  operations,  provided  for  by
the clause 1  of  the present Agreement, if  the parties fail to agree
on amount of remuneration, the SALVOR, in a case of useful outcomes of
salvage, shall receive remuneration to the amount of _________________
______________________________________ or to the amount to be fixed by
the  Maritime  Arbitration  Commission  at  the  Ukrainian  Chamber of
Commerce and Industry in Kyiv (33, Velyka Zhytomirska Street).
     If  the certain amount of salvage remuneration is provided for by
the  parties  in   the  Agreement,   this  amount  can,   nevertheless,
be challenged  by  each  of  the parties  in  the Maritime Arbitration
Commission at the UCCI.  Any salvage Agreement concluded in the moment
and  under  the influence  of  danger may be declared invalid  at  the
request  of one  of  the parties  or  altered by the judicial order of
the Maritime Arbitration Commission at the UCCI  if  the terms  of the
Agreement be recognized unfair.
     The amount of remuneration  can  by decreased and in remuneration
can be refused  if  the SALVOR through his own fault  has created  the
necessity for salvage  or committed  theft, misappropriate property or
committed other illegal actions.
     Any other disputes arising between  the parties in this Agreement
shall  be  also  settled  by  the  Maritime  Arbitration Commission at
the UCCI.

     4. If  the SALVOR  wish to secure his claim  under this Agreement,
he shall,  immediately after the termination of the salvage operations,
notify  the Maritime Arbitration Commission at the UCCI about this and
state the amount of the requested by him security.
     The amount  and form of the security for the SALVOR'S claim shall
be determined by the President  of the Maritime Arbitration Commission
at the UCCI.

     5. When  submitting  a  dispute  based  on  this Agreement to the
Maritime Arbitration Commission at the UCCI,  each party must,  within
30 days  after termination  of  the salvage  operation  and  rendering
assistance,   inform   the President   of   the  Maritime  Arbitration
Commission  about  the  name   of   the  arbitrator  chosen  from  the
Recommendatory List of Arbitrators,  approved by the Ukrainian Chamber
of Commerce and Industry.
     If one of the parties fails to nominate an arbitrator within  the
above time limit,  the President  of the Ukrainian Chamber of Commerce
and Industry shall appoint an arbitrator at his own discretion.
     The parties may, by mutual consent,  leave the personal choice of
the arbitrators  to  the discretion  of the President of the Ukrainian
Chamber of Commerce and Industry,  who  can  in  this case assign  the
settlement of the dispute to a sole arbitrator,  appointed by him from
Recommendatory  List  of  Arbitrators   of  the  Maritime  Arbitration
Commission at the UCCI.

     6. The  arbitration  procedure  is  governed  by the Rules of the
Maritime  Arbitration  Commission,   approved  by   the  Presidium  of
the Ukrainian Chamber of Commerce and Industry.

     7. Upon the SALVOR'S  request the Maritime Arbitration Commission
at the UCCI can, before making the Award in the essence, decide on the
payment  to  the  SALVOR  of  his  expenses  actually  occurred   from
the amount provided as security.

     8. The CAPTAIN  enters  into this Agreement as the representative
of  the  ship-owners  and  the  cargo-owners  and  binds  each of them
(without   responsibility   one   for   other   and  without  personal
responsibility  of   the  CAPTAIN)   to  the  proper  performance   of
the Agreement.