Hellenic Shipmanagement Corp. (Hellenic Shipmanagement)
The day-to-day commercial and financial management of the fleet is the responsibility of the wholly-owned subsidiary, Hellenic Shipmanagement, which has ship management agreements in place with each vessel-owning company. Under these ship management agreements, Hellenic Shipmanagement provides the relevant wholly-owned subsidiary with the following specific services:

Commercial management services including the negotiation of charter parties;
Accounting services;
Supervising the sale and purchase of vessels in accordance with the ship owning Company’s instructions;
Implementation, monitoring and audit of the safety management system in connection with the ISM certification.

Mantinia Shipping Company S.A. (Mantinia)
The day-to-day technical and operational management of the fleet is sub-contracted by Hellenic Shipmanagement to Mantinia, a Company which is ultimately controlled by the controlling shareholders. Under the Mantinia Management Agreements, Mantinia provides Hellenic Shipmanagement with the following specific services:

Attending to the maintenance, repairs, modifications, supply and classification requirements of the vessels;
Attending to the due and regular operation and performance of the vessels and the handling of claims;
Attending to all matters with regard to supply of bunkers, lubricants and other kind of materials, stores and provisions;
Negotiating and executing contracts for the repairs or conversions/modifications in shipyards worldwide subject to the previous consent of the vessel-owning Company and generally performing all actions necessary for the accomplishment of the above;
Arranging of insurance for all the vessels;
Recruiting and employing seamen, arranging for the execution of the contracts of employment and attending to all relevant social security matters;
Currently under the Mantinia Management Agreements, Hellenic Shipmanagement Corp. pays Mantinia Management fees in the amount of $652 per day per vessel.