无单放货保函

LETTER OF INDEMNITY

TO: HONG SHUN SHIPPING MANAGEMENT LIMITED

THE OWNERS OF MV GUO SHUN 16

DATE: 2010-6-23 DEAR SIRS:

SHIP: GUO SHUN 16

VOYAGE: V.1012

CARGO: MILL SCALE 6650MT

B/L : JYHP01. JIANGYIN, CHINA 19. JUN.2010

CONSIGNEE: CONSIGNEE’S FULL STYLE

THE ABOVE CARGO WAS SHIPPED ON THE ABOVE VESSEL BY JIANGSU HUAIGANG IMPORT & EXPORT CO.,LTD. AND CONSIGNED TO HOA DANG JOINT STOCK COMPANY. FOR DELIVERY AT THE PORT OF HAIPHONG PORT, VIETNAM BUT THE BILLS OF LADING HAVE NOT ARRIVED AND WE,JIANGSU HUAIGANG IMPORT & EXPORT CO.,LTD, HEREBY REQUEST YOU TO DELIVER THE SAID CARGO TO INSERT NAME OF PARTY TO WHO DELIVERY IS TO BE MADE

第1页

WITHOUT PRODUCTION OF THE ORIGINAL BILL(S) OF LADING.

IN CONSIDERATION OF YOUR COMPLYING WITH OUR ABOVE REQUEST, WE HEREBY AGREE AS FOLLOWS:

1). TO INDEMNIFY YOU, YOUR SERVANTS AND AGENTS AND TO HOLD ALL OF YOU HARMLESS IN RESPECT OF ANY LIABILTY, LOSS, DAMAGE OR EXPENSES OF WHATSOEVER NATURE WHICH YOU MAY SUSTAIN BY REASON OF DELIVERING THE CARGO IN ACCORDANCE WITH OUR REQUEST.

2). IN THE EVENT OF ANY PROCEEDING BEING COMMENCED AGAINST YOU OR ANY OF YOUR SERVANTS OR AGENTS IN CONNECTION WITH THE DELIVERY OF THE CARGO AS AFORESAID TO PROVIDE YOU OR THEM ON DEMAND WITH SUFFICIENT FUNDS TO DEFEND THE SAME.

3). IF, IN CONNECTION WITH THE DELIVERY OF THE CARGO AS AFORESAID, THE SHIP OR ANY OTHER SHIP OR PROPERTY IN THE SAME OR ASSOCIATED OWNERSHIP, MANAGEMENT OR CONTROL, SHOULD BE ARRESTED OR DETAINED OR SHOULD THE ARREST OR DETENTION THEREOF BE THREATENED, OR SHOULD THERE BE ANY INTERFERENCE IN THE USE OR TRADING OF THE VESSEL (WHETHER BY VIRTUE OF A CAVEAT BEING ENTERED ON THE SHIP’S REGESTRY OR OTHERWISE HOWSOEVER), TO PROVIDE ON DAMAND SUCH BAIL OR OTHER SECURITY AS MAY BE REQUIRED TO PREVENT SUCH ARREST OR DETENTION OR TO SECURE THE RELEASE OF SUCH VESSEL OR PROPERTY OR TO REMOVE SUCH INTERFERENCE AND TO INDEMNIFY YOU IN RESPECT OF ANY LIABILITY, LOSS,

第2页

DAMAGE OR EXPENSE CAUSED BY SUCH ARREST OR DETENTION OR THREATENED ARREST OR DETENTION OF SUCH INTERFENCE, WHETHER OR NOT SUCH ARREST OR DETENTION OR THREATENED ARREST OR DETENTION OR SUCH INTERFERENCE MAY BE JUSTIFIED.

4). AS SOON AS ALL ORIGINAL BILLS OF LADING FOR THE ABOVE CARGO SHALL HAVE COME INTO OUR POSSESSION, TO DELIVER THE SAME TO YOU, OR OTHERWISE TO CAUSE ALL ORIGINAL BILLS OF LADING TO BE DELIVERED TO YOU, WHEREUPON OUR LIABILITY HEREUNDER SHALL CEASE.

5). THE LIABILITY OF EACH AND EVERY PERSON UNDER THIS INDEMNITY SHALL BE JOINT AND SEVERAL AND SHALL NOT BE CONDITIONAL UPON YOUR PROCEEDING FIRST AGAINST ANY PERSON, WHETHER OR NOT SUCH PERSON IS PARTY TO OR LIABLE UNDER THIS INDEMNITY.

6）THE LIABILITY OF EACH AND EVERY PERSON UNDER THIS INDEMINITY SHALL IN NO CIRCUMSTANCE LESS THAN 150% OF THE CIF VALUE OF THE ABOVE CARGO.

7). THIS INDENMITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH CHINESE LAW AND EACH AND EVERY PERSON LIABLE UNDER THIS INDEMNITY SHALL AT YOUR REQUEST SUBMIT TO THE JURISDICTION OF THE HIGH COURT SHANGHAI.

YOURS FAITHFULLY.

第3页

FOR AND ON BEHALF OF FOR AND ON BEHALF OF

STAMP & SIGNATURE STAMP & SIGNATURE

_______________________ ________________________

INSERT NAME OF REQUESTOR INSERT NAME OF SHIPPER

第4页