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Bidding Announcement of “TW JIANGSU”
Bidding Ending Information
Total Bid:
Final Price:
Bidding Winner:
Bidding Status:
Starting Price:$17080000 USD
Bid Increment:$20000 USD
Bidding Deposit:$1800000 USD
Preemption Claimant:None
Evaluation Price:Unrevealed
Bidding Period:──
Extension Cycle:5 min/time
Reserved Price:Yes
Type: Others
Bidding History
Reserved price hasn't been reached.
The Sellers have lowered the Reserved Price
Ship name
Type of vessel Bulk Carrier
Entrust institution ZHEJIANG SHIPPING EXCHANGE Reference price(USD) 17080000
State of the auction Auction date 2023-05-31
Ship's classification LR Length overall(m) 229.20
Port of registry Liberia Length(m)
Molded breadth(m) 38.00 Molded depth(m) 20.70
Gross tonnage 51265.00 Deadweight/
Reference capacity(t)
Type of main engine 韩国STX MAN B&W 6S60MC-C Total fixed power
(KW / h)
Shipyard JIANGSU NEW YANGZI SHIPBUILDING CO.,LTD Completion date 2012-01-13
completion date
Bidding Rules
Special Provisions
Technical Report
Bidding History

Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online ( from 16:00 to 16:30 (Beijing Time) on May 31st, 2023.


1.    Bidding Object:

MV ”TW JIANGSU”, Bulk Carrier;

IMO: 9603532;

Flag: Liberia;  Class: LR;

LOA: 229.20m;  MLB: 38.00m;  MLD: 20.70m;

Summer DWT: 93225t at Draft 14.9m;

GRT: 51265;  NRT: 31203;

M/E: STX MAN B&W 6S60MC-C * 1 set, 13560kW@105r/min;

A/E: B&W 6L23/30H * 3 sets, 780kW@720r/min;

BWTP: Headway HMT-1500 installed;

Next DD: Jan., 2025;  Next SS: Jan., 2027;

Built Date: Jan 13th, 2012;


Remarks: The ship is under navigation.


All the information and data refer to the bidding object provided in this Announcement as

well as the attachments are for reference only. If there is any discrepancy, the class certificates and trading certificates and actual condition shall prevail.


2.  Bidding Rules:

2.1 The bidding will be held with a reserved price. If there are less than two bidders participating in the bidding, the auction will be deemed as invalid after the expiration of the announcement period. If there are two or more bidders participating in the bidding, the potential transfer of the Ship will be carried out by auction. However, if the highest price offered by the bidder is lower than the reserved price, the auction will be deemed as invalid.

2.2 The starting price is USD 17.08 million, and the bidding deposit is USD 1.8 million (or RMB 12 million). Bid Increment is a multiple of USD 0.02 million.

2.3 The bidding time will enter into Extension Cycle since 16:25, May 31st, 2023 (Beijing Time) after the bidding officially starts. And then the ending time will be refreshed to 5 minutes once each new bidding price offered.

2.4 If the Buyers pay the deposit in US dollars when applying for the bidding, it will be automatically converted as part of purchase deposit after the bidding. If the Buyers pay the deposit in CNY, Buyers shall pay another USD 1.8 million separately to the bidding company’s designated US dollar account within 2 working days upon the completion of the bidding. The bidding company shall return the CNY deposit fully back to the Buyers within 1 working day after the receipt of the US deposit.

2.5 The time of this auction activity shall be subject to Beijing time.


3.  Registration Requirements:

3.1 Registration is available from the date of this Announcement and ends on May 31st, 2023 (Beijing Time) 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 3-5 days in advance in order to avoid any issues). No registration will be accepted after the deadline. 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 and relevant agreements.

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

3.3 The bidders 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 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.)

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

3.4.1 For domestic bidders

  Copy of Business License sealed with the company chop

  Copy of Legal Person's ID card sealed with the company chop

  Power of Attorney (if have), and scanning copy of the authorized person's ID card with the company chop

  Undertaking for Bidding

  Bank slip of bidding deposit


3.4.2 For overseas bidders

  Certificate of Incorporation certified as true copy by the director

  Articles of Incorporation

  Copy of Director’s Passport

  Undertaking for Bidding

  Bank slip of bidding deposit


4.  Date and Place for Inspection of the Ship:

Inspection time is to be determined (according to specific voyage and port arrangement, and we will issue the notice in advance), and please confirm with the bidding company for details. Potential bidders can inspect the Ship within the stipulated time. The risk and expenses in relation to the inspection shall be borne by the potential bidders. The bidding company and the Sellers shall only be responsible for coordination work. Potential bidders who fail to participate in the on-site inspection yet complete the registration procedure within the prescribed inspection time shall be deemed to have recognized and accepted the status quo and defects of the Ship, including but not limited to all known and unknown defects related to the ship certificates and the ship condition, etc. Potential bidders shall not object to defects, such as the quality, of the Ship for any reason.


5. Account of Bidding Company:

(1) USD Acct:

Beneficiary: Zhejiang Shipping Exchange Market Co., Ltd.

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

Account No. : 3309040160000036851

SWIFT (Beneficiary Bank): HZCBCN2HZSB

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

Beneficiary Bank Address: No.619, Dingshen Road, Ganghang Building B Zone, Zhoushan city, Zhejiang Prov. P.R. China

Remittance Reference: TW JIANGSU


(2) CNY Acct:

Beneficiary: 浙江船舶交易市场有限公司

Account No.: 3309040160000036844

Beneficiary Bank: 杭州银行舟山分行


6. Contacts:

Ms Chen +86 15958087305 / 0580-2038889

Mr Zhang: +86 15088890506 / 0580-2627109



Zhejiang Shipping Exchange Market Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

April 27th, 2023




Bidding Rules

Article 1 Bidding Rules is made by relevant laws, regulations and policies of the People's Republic of China and with Shipbid practical situations, to standardize the bidding behaviors, maintain an open, fair and equal transaction order, and protect legitimate rights and interests for all the parties involved.

Article 2 The Transaction Rules of the ship bidding (hereafter to be referred as bidding) is suitable for standardizing all the online bidding behaviors. All the parties involved should abide by the Rules and bear legal responsibilities for their own behaviors.Disputes, if any, shall be settled by the parties through friendly negotiation. If the negotiation fails,parties concerned may file a lawsuit with the people's court where the auction organizer (Zhejiang Ship Exchange Market Co.,Ltd) is located.

Article 3 All legal persons or organizations that exist legally can participate in the bidding only if they have the qualifications of the auction announcement except those provided by laws and regulations.

Article 4 The auction information including videos, pictures and written introductions offered by the Seller will be uploaded through the Shipbid system after verified by the auctioneer.

The Seller shall take all the legal responsibilities and economic losses if he provides with fake information.

Article 5 The bidders couldn’t participate in the bidding activities until they register as the buyers through the Shipbid system.  

The username and passwords should be kept safely. If forgotten, bidders could retrieve through the Shipbid system. And if divulged, bidders should login in time to change the passwords.

Article 6 Before submitting the application for the bidding, the bidders should carefully read the auction announcement, ship’s information, transaction rules and other relevant documents, then login the Shipbid system to fill in true and effective information as required.

Article 7 The bidders should submit the applications in accordance with the auction announcement before the Shipbid starts.If legal personalities, natural persons and other organizations need joint-bidding, they should fill in related information and the proportion of capital contribution of each party as required and sign the Joint Bidding Statement.

Article 8 The bidders apply on the Shipbid system by themselves, and pay the deposit either on line or offline. One deposit is only for one lot. And if the bidders want to bid several ships at the same time, corresponding deposits are required.

The bidders are entitled to bid only if the deposit fully paid to the nominated account (based on the arrival time of the deposit within the required time. The bidders shall not be eligible for bidding if the deposit is delayed or not fully paid on time.

Article 9 The bidding shall be conducted with time limit. Qualified bidders can participate in the bidding. The initial offer shall not be lower than the starting price and each offer shall be no less than the specified bid increment.

If it is an auction with reserve price, “YES” will be revealed in the system. Otherwise it will display “NULL”.

Article 10 The bidder shall make a cautious bid, and the offer will be irrevocable once submitted.

Article 11 The last limited time of the Shipbid is FIVE (5) minutes. If there is a new bid within 5 minutes countdown, another 5 minutes will be set.

No new offers would be accepted after the final countdown, and the bidding history will be revealed.

Article 12 Once there is/are (a) bidder offer(s) in the Shipbid, the target bidder (hereinafter called the Buyer) shall be confirmed in accordance with the following rules

(1) Where there is no reserve price, the highest bidder would be the Buyer.

(2)Where there is a reserve price, the bidder with the highest offer and not lower than the reserve price would be the Buyer; If the highest offer is lower than the reserve price, the bidding will be pass.

When the time for the bidding is over, the bidding system will be automatically closed.

Article 13 The Buyer should confirm his qualification with the enterprise or individual valid certification to the auctioneer within 2 working days after the bidding. After verification and confirmation, the Buyer should sign the Purchase Confirmation. If the buyer fails to sign the Auction Transaction Confirmation for reasons, the auction result shall not be affected.


If the buyer fails to pass the qualification due to submitting false registration materials, the bidding result is invalid or the buyer breaches the contract, he shall pay the bidding service fee of both the buyers and the sellers; If the price of the re-auction is lower than the transaction amount, the buyer must make up the difference.


Article 14 If the bidding is completed, but the transaction is suspended or terminated, if there is a dispute between the buyer and the seller, the auction deposit shall be properly kept by Zhejiang Shipping Exchange Market until it is paid according to the settlement agreement between the two parties or the effective court judgment or the ruling of the arbitration institution.

Article 15 The payment of balance shall be remitted to the nominated account in time according to the Purchase Confirmation.

Article 16 The Buyer should sign the Sale and Purchase Contract by the Purchase Confirmation with the seller within the required time and make relevant transaction procedures.

Article 17 After paying the balance, the Buyer himself should handover the lot and manage the transaction procedures in time. If the Buyer fails to manage within required time, he himself should pay the costs caused by the delay and afford the consequences of possible damage or losses.

Article 18 The Buyer himself should register the lot and bear all relevant expenses occurred according to the regulations and policies during the transaction procedures.

Article 19 The bidding currency is US dollar. Both the starting price and purchase price do not include the expenses and taxes occurred during transaction procedures.

Article 20 If the bidder obstruct others to bid, manipulate or monopoly the bidding price, or make malicious collusion, the auction will be cancelled once above behaviors are found, and relevant legal responsibility will be borne by the bidder.

Article 21 If the bidder cannot normally login the Shipbid system to apply, offer or bid because of following reasons such as virus invasion, hardware failure, network congestion or passwords forgotten and divulge, etc., he himself should bear the consequences and the bidding will not be suspended.

Article 22 The auctioneer reserves the right to suspend or withdraw the bidding before it starts according to the laws and regulations.

Article 23 The auctioneer reserves the right to suspend or withdraw the bidding if force majeure or accident has caused the online auction to fail.

Article 24 The seller and the auctioneer shall not bear any responsibility for the abnormal service of the website or the interruption of the auction activity due to force majeure or any third party.  After that, the auctioneer will issue a supplementary announcement and explain the reasons for the interruption. A new auction announcement will be issued until the website service returns to normal, and the online auction will be organized and completed according to the new auction announcement. 

Article 25 These rules are general rules for online auction transactions of ships. In case of any conflict with the announcement or agreement of a single item, the terms of a single item shall prevail.

Article 26 If the bidding announcement, additional provision, inspection report or technical status report of the subject object is described and publicized in Chinese and English (or other languages), in case of contradiction or inconsistency, The Chinese version shall prevail.

Article 27 If the person with the right of preemption participates in the bidding, he/she shall submit legal and effective certificates to the auctioneer before the auction begins. After the auctioneer confirms the qualification, he/she can obtain the right of preemption to participate in the bidding. If he/she fails to submit within the time limit, he/she shall be deemed to have given up the right of preemption of the subject matter. 

Article 28 The time concerned in the bidding all depends on Shipbid system service time, except the deposit arriving time which depending on the bank recording time. All the time of information arriving is subject to the time when the information received by Shipbid.

Zhejiang Shipping Exchange Market Co Ltd is responsible for the interpretation of the Rules.

Special Provisions

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


2.  Bidding Object:

MV ”TW JIANGSU”, Bulk Carrier;

IMO: 9603532;

Flag: Liberia;  Class: LR;

LOA: 229.20m;  MLB: 38.00m;  MLD: 20.70m;

Summer DWT: 93225t at Draft 14.9m;

GRT: 51265;  NRT: 31203;

M/E: STX MAN B&W 6S60MC-C * 1 set, 13560kW@105r/min;

A/E: B&W 6L23/30H * 3 sets, 780kW@720r/min;

BWTP: Headway HMT-1500 installed;

Next DD: Jan., 2025;  Next SS: Jan., 2027;

Built Date: Jan 13th, 2012;


Remarks: The ship is under navigation.


The above data are recorded in the ship's inspection certificate. All the information and data provided in the Bidding Announcement, Special Provision, Technical Report as well as any other channel related to the Ship are for reference only. The bidding object is subject to the status at the time of delivery. If there is any discrepancy between the actual situation and the data above, the bidding and bidding price won’t be disturbed. Once the bidding is concluded, the bidding company and the Sellers shall not assume any liability for defects or quality problems of the bidding ship.


3. After Bidding

3.1 Following a successful bidding, the Buyers shall send an Auction Confirmation to the Bidding Company on the same day (the “Bidding Day”) at the email address or facsimile number. The Buyers shall sign an original Auction Confirmation with the Bidding Company within two (2) Banking Days of the Bidding Day, and sign Memorandum of Agreement (hereinafter called “MOA”) and Escrow Agreement with the Sellers within five (5) Banking Days after signing the Auction Confirmation.

3.2 The bidding deposits of the unsuccessful bidders shall be returned within 2 working days after the bidding without interests. The bidding deposit paid by the Buyers will be automatically converted as the purchase deposit after the bidding without interests.

3.3 It is acknowledged that the interests-free dollar account designated by the bidding company is the escrow account for the Buyers and Sellers to hold and release the funds of the Purchase Price. The Escrow Agreement shall be signed at the same time as signing the MOA. After signing the Protocol of Delivery and Acceptance (PODA) and Joint Release Letter, the bidding company shall release all the purchase funds which received from the Buyers, including but not limited to purchase price, ROB charges and other delivery monies to the Sellers within 3 working days without interests. The bidding company shall not charge any additional fee for the escrow service of funds. 

Considering the actual needs from the Buyers, the Sellers may agree Ince & Co Hong Kong as the Escrow Agent, all relevant costs will be borne by the Buyers. The bidding deposit paid by the Buyers is automatically converted as the purchase deposit after the bidding, which will not be transferred into Ince & Co Hong Kong’s account and will be released by the bidding company within 3 working days without interests upon the receipt of the Protocol of Delivery and Acceptance (PODA) and Joint Release Letter mutually signed by the Sellers and the Buyers. As for the balance of the purchase price, as well as ROB charges and other delivery monies shall be released by Ince & Co Hong Kong.


4. Transfer (Deletion) and Delivery of the Ship

4.1 The original ship owner (as the Sellers) should complete all the deletion procedures relating to the ship within 10 working days after signing PODA.

Notice of Readiness shall not be tendered beforeJune 20th, 2023

The latest Delivery Date: July 31st, 2023.
If the Delivery indeed to be extended due to the influence of any force majeure factors, a new Cancelling Date should be fixed between the Sellers and the Buyers.

4.2 Delivery Place: Singapore – Japan range (including China) at Sellers’ option. The Sellers shall provide the Buyers twenty (20), ten (10), five (5), three (3) days’ notice with approximate delivery date and intended delivery place in advance, and provide one (1) day definite Notice of Readiness for delivery. The Sellers are not responsible for any time and cost for Buyers to take delivery of the Ship which shall be for the Buyers’ account.

The ship shall be delivered and taken over as she was at the time of inspection, fair wear and tear excepted. However, the Buyers shall be deemed to confirm and accept the ship’s condition if they did not inspect the ship at the nominated time within the prescribed inspection time and the ship will be delivered and taken over as she was at the time of the latest inspection carried out by IDWAL before bidding, fair wear and tear excepted. 

4.3 The MOA shall be signed as attached. In principleno modification of the MOA will be allowed, except filling with the necessary information (e.g. Buyers' information, purchase price, 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 notice (including the bidding Announcement, bidding rules, special provision, etc), the terms in such public notice shall prevail.

4.4 Documents provided by the Sellers and the Buyers on Closing shall be refer to MOA.

4.5 Two attachments in total. 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 service fee not later than 16:00 p.m. June 5th, 2023 (Beijing Time), and pay the balance of the Purchase Price, estimated ROB charge and other delivery monies (if any) to the escrow account nominated by the Sellers, at least two (2) working days prior to the Vessel’s expected delivery date. Any delay or failure to pay fees mentioned above shall be deemed as a breach of the Bidding Announcement and the MOA.

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 would provide with commercial invoice 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 final quantities of remaining fuel oils, unused lubricating and hydraulic oils and greases in storage tanks and unopened drums shall be measured jointly and agreed by Sellers’ and Buyers’ representatives 1 day prior to the date of Delivery with an agreed allowances of consumption up to the time of closing/physical delivery. The Buyers shall take over remaining fuel oils and unused lubricating and hydraulic oils and grease in storage tanks and unopened drums and pay with the last actual net price (exclude barging expenses) as evidenced by invoices or vouchers; or if the invoices or vouchers of remaining fuel oils are not available, the Platts Singapore price on the 3rd business days prior to the date of delivery to be applied; or else if the invoices or vouchers of other non-fuel oil are not available, the selling price published by the same suppliers on the 3rd business days prior to the date of delivery to be applied.

5.5 Any taxes, fees and expenses in connection with the purchase and registration in the Buyers' Nominated Flag State shall be for the Buyers' account, whereas similar charges in connection with the closing of the Sellers’ register shall be for the Sellers' account. The Ship with everything belonging to her shall be at the Sellers' risk and expense until she is delivered to the Buyers, while the Ship’s risk and expenses shall be for the Buyers’ account after the delivery of the vessel. If there is any other terms agreed in the MOA, the MOA signed by the Buyers and the Sellers shall prevail.


6. This Announcement is described in both Chinese and English. In case of any discrepancy between the two languages, Chinese version shall prevail.


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



Zhejiang Shipping Exchange Market Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

April 27th, 2023


Technical Report
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