【Bidding】Announcement of Hull No. NSZ0524-14

Entrusted by the transferor (the Sellers), we have decided to hold a public bidding on www.shipbid.net from 16:00 to 16:30 (Beijing Time) on November 29th, 2024.

1. Bidding Object:

(All the information and data refer to the Vessel provided in this Announcement, Special Provisions as well as the attachments are for reference only.)

2. Bidding Rules:

2.1 This bidding will be held without a reserved price. If there is only one bidder participating in the bidding, the potential Buyer of the Vessel will be confirmed automatically after the bidding period; If there are two or more bidders participating in the bidding, the potential Buyer of the Vessel will be carried out by bidding. No one has the preemptive right to the transfer of Vessel.

2.2 The starting price is USD 24.88 million, and the bidding deposit is USD 1.5 million (or RMB 10 million). Bid increment is a multiple of USD 0.02 million.

2.3 The bidding time will enter into Extension Bidding Cycle from 16:25 on the bidding date (Beijing Time) after the bidding officially starts. And the countdown timer will be automatically refreshed to 5 minutes once a new bidding price offered during the Extended Bidding Period.

2.4 The bidding currency is USD while the Purchase Price in MOA shall be settled in cross-border RMB. The final Purchase Price in cross-border RMB shall be exchanged by the Middle Rate of RMB-USD published by State Administration of Foreign Exchange (http://www.safe.gov.cn) on the Bidding Day.

The Buyers abroad have the right to pay the purchase funds in cross-border RMB or USD. If the Buyers decide to pay the purchase funds in USD, the full funds in cross-border RMB shall be exchanged by the Middle Rate of RMB-USD published by State Administration of Foreign Exchange (http://www.safe.gov.cn) ONE (1) working day before remittance, to make sure the Transaction Service Account receive enough purchase funds for the Sellers.

2.5 The time of this bidding activity shall be subject to Beijing time (unless otherwise expressly stated).

3. Registration requirements:

3.1 Registration is available from the date of this Announcement and ends before the auction starts (subject to the receipt of bidding deposit, the completion of online registration and the receipt of the bid number plate obtained on the platform. It is recommended that bidders pay the deposit 2-3 days in advance in order to avoid any issues resulting in missing the auction). No registration will be accepted after the 16:00 (Beijing Time) of the bidding date. After successful registration, the bidders shall be deemed to have fully known, accepted and complied with the contents of this announcement, bidding rules, special provisions, attachments and relevant agreements.

3.2 Any natural persons with full civil capacity in China and corporation or organization in and outside the People’s Republic of China with legally existing may participate in this bidding.

The bidder shall not subject to or affected by any sanction, embargoes, freezing provisions, prohibitions or other restriction relating to trading, doing business, investment, exporting, financing or making assets available (or other activities similar to or connected with any of the foregoing) imposed by law or regulation of the United Nations, the People's Republic of China, United States of America and European Union against any state, natural or legal person, body or entity and are capable of making the payments in cross-border RMB or US Dollars as required under this Agreement（When registration for bidding, the bidders shall provide supporting documents as required by bidding company, and supply additional evidence after bidding as required by the Seller and bidding company）.

3.3 The bidders shall submit the following documents for registration (including but not limited to):

(1) For domestic bidders:

● 营业执照扫描件（加盖公章）

● 法定代表人身份证扫描件（加盖公章）

● 经办人身份证扫描件及授权委托书（如有，需加盖公章）

● 《参拍承诺书》（详见附件）

● 竞拍保证金付款凭证

(2) For overseas bidders:

● Certificate of Incorporation

● Articles of Incorporation

● Copy of Director’s Passport

● Undertaking for Bidding

● Bank slip of bidding deposit

4. Inspection of the Object:

No inspection of the vessel will be arranged during the announcing period. After the MOA is duly signed and the purchase deposit is fully paid, the Buyers have the right to place up to two (2) observers as part of the Sellers’ site supervision team at their sole risk and expense. The observers shall not interfere in any respect with the construction, sea trial or operation of the ship or to be deemed as supervisors of shipbuilding.

5. Account of Bidding Company:

(1) RMB Acct:

● 户名：浙江拍船网航运交易股份有限公司

● 账号：3309040160000036844

● 开户行：杭州银行舟山分行

(2) Cross-border RMB Acct:

● Beneficiary Name: Zhejiang Shipping Exchange Co., Ltd.

● Beneficiary Address: 6th Floor, Zhoushan Bulk Commodity Exchange Center, No.555 Wengshan Rd, Lincheng, Zhoushan, Zhejiang Province, China

● Account No.: 3309040160000036844

● Beneficiary Bank: BANK OF HANGZHOU CO., LTD

● Bank Address: No. 46, Qingchun Road, Hangzhou, P.R. China

● SWIFT: HZCBCN2HXXX

● Intermediary Bank: BANK OF CHINA (QINGCHUN SUB-BRANCH)HANGZHOU ZHEJIANG CHINA（SWIFT: BKCHCNBJ92C）

● Remittance Reference: NSZ0524-14

(3) USD Acct:

● Beneficiary: Zhejiang Shipping Exchange Co., Ltd.

● Beneficiary Address: 6th Floor, Zhoushan Bulk Commodity Exchange Center No. 555 Wengshan Road Lincheng, Zhoushan City, Zhejiang, P.R.China

● Account No. : 3309040160000036851

● SWIFT (Beneficiary Bank): HZCBCN2HXXX

● Beneficiary Bank: Bank of Hangzhou Co, Ltd. Zhoushan

Beneficiary Bank Address: No.619, Dingshen Road, Ganghang building B zone Zhoushan city, Zhejiang Prov. PR China

● Remittance Reference: NSZ0524-14

6. Contacts:

Ms. Wen: +86 18058087023/ 0580-2038333

Mr. Gao: +86 18058087033/ 0580-2038333

E-mail: auction@shipbid.net

Zhejiang Shipping Exchange Co., Ltd.

Zhoushan Yi Ge Ship Auction Co. Ltd.

October 14th, 2024

1. This additional provision is a supplement to the bidding announcement and rules, which has the same legal effect.

2. Bidding Object:

(All the information and data refer to the Vessel provided in this Announcement, Special Provisions as well as the attachments are for reference only.)

All the information and data provided in the Bidding Announcement, Special Provision as well as any other channel related to the Vessel are for reference only. The bidding object is to be delivered and accepted basis on “as is where is” at the time of delivery. If there is any discrepancy between the actual situation and the information and data above shall not affect the bidding and bidding price. Once the bidding is concluded, the Seller and us shall not assume take any liability for defects or quality problems of the bidding vessel.

3. After Bidding:

3.1. After a successful bidding, the Buyers shall send an Auction Confirmation to the Bidding Company on the same day (the ”Bidding Day”) by email or facsimile. The Buyers shall sign an original Auction Confirmation with the Bidding Company within TWO (2) Working Days of the Bidding Day.

3.2 The bidding deposits of the unsuccessful bidders shall be returned within 2 working days after the bidding without interests.

3.3 The sales and purchases agreement (MOA) has been amended basis on SALESFORM 2012 made by Norwegian Shipbrokers’ Association and announced as a part of Bidding Announcement, which has the same effect as the terms in Bidding Announcement.

The Bidders who applied for the auction shall be deemed to accept the full terms of the attached Sales and Purchase Agreement drafted by the Sellers.

The Buyers shall sign MOA with the Sellers within FIVE (5) Working Days after completion of biding.

No modification of MOA will be allowed, except filling with the necessary information (e.g. Buyers’ information, Purchase Price, signing date, etc.), or others terms mutually agreed between the Sellers and the Buyers. In the event of any conflict or ambiguity between MOA and this public auction regulations (including the bidding announcement, bidding rules, special provision, etc), this MOA signed both by the Sellers and the Buyers shall prevail.

3.4 It’s acknowledged the Transaction Service account designated by the Zhejiang Shipping Exchange Co., Ltd. (ZSE) for the Buyers and the Sellers to hold and release the funds of the Purchase Price without interests and the Transaction Service Agreement shall be signed after completion of biding by the Buyers, the Sellers and ZSE on the same day of signing MOA.

ZSE does not charge any additional fees for the fund custody services related to this project, and all the custody funds are free of interest.

3.5 Payment

3.5.1 Purchase Deposit

The Purchase Price shall be settled in cross-border RMB. As security for the correct fulfillment of the MOA the Buyers shall lodge a deposit of 10% of the Purchase Price after effective MOA:

1) If the bidding deposit was paid in cross-border RMB, it will be automatically converted to part of purchase deposit after the MOA signed by both parties. The Buyers shall remit the balance of purchase deposit to the transaction service account within TWO (2) working days after both the MOA and Transaction Service Agreement signed by all parties.

2) If the bidding deposit was paid in USD, the Buyers shall remit 10% of the Purchase Price as the purchase deposit to the transaction service account within TWO (2) working days after both the MOA and Transaction Service Agreement signed by all parties. The bidding deposit in USD paid by the Buyers will be return without interest within TWO (2) working days after the purchase deposit lodged.

3) If the Buyers decide to pay the purchase deposit in USD, the full purchase deposit in cross-border RMB shall be exchanged by the Middle Rate of RMB-USD published by State Administration of Foreign Exchange (http://www.safe.gov.cn) ONE (1) working day before remittance. The bidding deposit will be automatically converted to part of purchase deposit after the MOA signed by both parties and the balance purchase deposit shall be remit within TWO (2) working days after both the MOA and Transaction Service Agreement signed by all parties.

3.5.2 the 2nd Payment

The Buyers shall pay 10% of Purchase Price as the 2nd payment within THREE (3) working days after the keel laid (Attestation of Keel Laying issued by the Classification Society shall prevail).

3.5.3 the 3rd Payment

The Buyers shall pay 20% of Purchase Price as the 3rd payment within THREE (3) working days after the Vessel launched (Attestation of Launching issued by the Classification Society shall prevail).

3.5.4 the 4th Payment

The Buyers shall pay 60% of Purchase Price, the estimate ROB charges and other delivery monies (if any) to the transaction service account within ONE (1) working day after the Sellers send 5 days’ notice with approximate delivery date to the Buyers. The exchange rules of the balance purchase price shall be the same as the purchase deposit.

The Buyers shall pay the purchase funds in full as prescribed in the bidding announcement and MOA. The Transaction Service Agent shall hold and release the funds as specified in the MOA and Transaction Service Agreement.

3.6 If the domestic Buyers win the bidding, they shall appoint the import agent designated by the bidding company to finish importing formalities relating to the Vessel (including but not limited to cross-border RMB exchanging and payment) and all the importing charges and risks shall be for the Buyers’ account.

3.7 If the Buyers fail to sign the MOA or the Auction Confirmation as scheduled, the Sellers shall have the right to cancel the sales and purchase case and be entitled to and confiscate all the bidding deposit paid by Buyers but without prejudice to the Sellers’ right to claim their losses against the Buyers.

If, after the signing of the MOA and the Transaction Service Agreement, the transaction service account is failed to open due to the Buyers’ reasons, or the Buyers fail to pay the balance of Purchase Price on time as prescribed in the Sales and Purchase Agreement, the Sellers shall have the right to cancel the MOA and be entitled to confiscate all the Purchase Deposit paid by Buyers but without prejudice to the Sellers’ right to claim their losses against the Buyers.

3.8 If the Buyers' breach of contract as mentioned above leads to the cancellation of the transaction, the bidding company shall release the bidding deposit with the deduction of bidding service fee to the Sellers no later than THREE (3) workking days after the Buyers breaching the bidding rules (such as not signing Auction Confirmation / Sales and Purchase Agreement / Transaction Service Agreement and so on). Zhejiang Shipping Exchange Co., Ltd. shall have the right to re-organize the bidding activity for the object Vessel against the instructions of the Sellers.

4. Transfer (Deletion) and Delivery of the Ship:

4.1 The original owner (as the Sellers) should complete all the deletion procedures relating to the Vessel within Ten (10) working days after the Protocol of Delivery and Acceptance signed, dated and timed arrive at the Sellers. The Buyers have no right to shift the Vessel without deletion certificate provided by the Sellers (except for majeure such as bad weather).

The Earliest Delivery Date: October 18th, 2025

The Last Delivery Date: January 29th, 2026

If the Delivery indeed has to be postponed due to force majeure factors or emergencies, a new Last Delivery Date should be mutually agreed by the Sellers and the Buyers.

4.2 Delivery Place: The Vessel shall be delivered and taken over by the Buyers at a safe port or anchorage in Zhoushan port of China, at the Sellers’ option. The Sellers shall send TWENTY (20) days’ notice with intended delivery time and place in advance.

4.3 Delivery Condition: The Vessel is under construction, and will be delivered and taken on an “as is where is” as the time of delivery basis at Nignshing Ship Building & Repairing Co., Ltd. The Sellers ensure to equip enough spare parts to meet the codes and standards.

4.4 The delivery documentation provided by the Sellers and the Buyers on Closing shall be mutually agreed by the addendum to the MOA.

4.5 TWO (2) attachments in total (Undertaking for Bidding, MOA). Please download and check the details.

5. Related expenses:

5.1 Bidding service fee: The Buyers shall pay the bidding company 1% of the purchase price as the bidding service fee in TWO (2) working days after completion of bidding.

5.2 The bank charges related to the bidding deposit shall be borne by the bidders; and the bank charges related to the purchase price shall be borne by the Buyers.

5.3 The Sellers shall provide the Buyers with commercial invoices of the purchase price and ROB charges. All the taxes, expenses and costs incurred after the ship delivery shall be borne by the Buyers themselves.

5.4 The remaining fuel/lubricating oils/hydraulic oils/grease is not included in this bidding. On delivery, the representatives from the Buyers and the Sellers shall take measurement of the remaining bunkers and unused lubricating/hydraulic oils/grease.

The Buyers shall take over the remaining bunkers at:

(a) The last actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or if such invoices or vouchers not available, the newest bunker price published by Shanghai CHIMBUSCO prior to the delivery date shall be applied.

The Buyers shall take over remaining unused lubricating and hydraulic oils and grease in storage tanks and unopened drums and pay:

(b) The last actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or if such invoices or vouchers not available, the marketing price published by the makers on the Three (3) working day prior to the date of delivery date shall be applied.

The actual charges shall be settled according to the actual measured amount on the day of delivery, and any excess payment shall be refunded and deficiency shall be repaid.

5.5 The Vessel with everything belonging to her shall be at the Sellers' risk and expense until she is delivered to the Buyers, while the Vessel’s risk and expenses shall be for the Buyers’ account after signing Protocol of Delivery and Acceptance under Sales and Purchase Agreement.

6. Other:

Shipbuilding Supervision of this Vessel: IMC Ship Services Pte. Ltd..

7. The announcement in Chinese and English respectively, in the event of any discrepancies between the Chinese and English versions, the Chinese version shall prevail.

8. Matters not covered herein shall be settled through negotiation by the bidding company, the Sellers and the Buyers.

Zhejiang Shipping Exchange Co., Ltd.

Zhoushan Yi Ge Ship Auction Co. Ltd.

October 14th, 2024