Entrusted by the Seller, our company is scheduled to conduct an online public auction commencing at 16:00 on 14th January 2025 (“Auction Day”) on www.shipbid.net, which is hereby announced as follows:

1. Auction Target:

This auction is for the Seven Champion and its attached Bareboat Charter:

Name: SEVEN CHAMPION (the “Vessel”);

IMO No.:9377377;

Type: Accommodation and Pipelay Barge;

Class: LR;

Class Notation:*100A1 ACCOMODATION BARGE/PIPE LAYING BARGE, HELICOPTER LANDING AREA, DECK STRENGTHENED FOR 17 TONNES PER SQUARE METRE UNIFORM DISTRIBUTED LOADING, LA, *IWS.

Flag: Singapore;     

LOA: 142.0m; MLB: 40.0m; MLD: 10.0m;

GRT: 25112; NRT: 7533;

DWT: 16258t;

Summer Draft (max): 6.5m;

Clear Deck Area: 4000㎡;

Deck Loading: 17t/㎡;

Deck Cargo Capacity: 6464t;

Accommodation: Total 360-470 men, 140 cabins and 470 beds;

Main Generator: 6x Bergen B32:40L8A, rated 3,840kW / 6,600V / 60Hz / 3Ph;

Auxiliary Generator: 2x Bergen KRMB-6, rated 1,325kW / 440V / 60 Hz / 3Ph;

Emergency Generator: 1x CAT 3408, rated 350kW / 440V / 50Hz / 3Ph;

Dynamic Positioning: DP2;

Main Crane: Offshore Mast Crane x 2,200 MT SWL(Manufactuer: Huisman Offshore);

Date of built: 2nd August, 2007;

Builder: Nanindah Mutiara Shipyard, Indonesia;

(The information provided in this announcement, Special Provisions and its annexes (if any) is for reference only.)

For details of the bareboat charter attached to the SEVEN CHAMPION, please refer to the Special Provisions (Paragraph 5. Other Disclosures).

2. Auction Rules:

2.1 In this Announcement, the following capitalized words shall have the following meaning:

“Auction Confirmation” means the purchase confirmation signed and tendered by the successful bidder on the Auction Day to confirm the purchase of the Vessel, payment of auction service fee, and other related fees and performance of other obligations in relation to the purchase of the Vessel as specified in this Announcement, the Special Provisions or related annexes.

“Banking Days” means days (which is not a Saturday or Sunday) on which banks are open for general business at the registered address and the beneficiary banks of the Seller and the Bidding Company (unless otherwise expressly stated).

“Special Provisions” mean the special provisions separately published on www.shipbid.net, the content of which also applies to this Announcement.

A “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership.

2.2 The Auction will be held with a  reserve price (which is the starting / opening price) (“Reserve Price” or “Starting Price”). If there is only one bidder registers for the Auction, such bidder shall be determined as the successful buyer of the Vessel on the Auction Day with the purchase price equal to the Starting Price. If two or more bidders register for the Auction, the successful buyer of the Vessel will be determined during the course of the Auction. There is no right of first refusal in the Auction.

2.3 Starting Price/Reserve Price: US$55 million; Bidding deposit: US$5.5 million (or RMB40 million) (the “Bidding Deposit”). Each increment of the bidding price will be in an integral multiple of US$20,000.

2.4 The Auction will commence from 1600 hours on the bidding date (Beijing Time) (the “Bidding Date”) will continue until 1625 hours on the Bidding Date (Beijing Time) after which time (A) if there is no new bid offered 5 minutes thereafter, the Auction will be deemed completed or (B) if there are further bids after 1625 hours then the Auction will only be deemed completed when 5 minutes elapses from the time of the last entered bid.

2.5 The Bidding Deposit of each unsuccessful bidder will be refunded within 2 Banking Days after the end of the Auction, and each such Bidding Deposit will not accrue any interest. Bank or other charges incurred in relation to the remittance of each Bidding Deposit shall be borne by the relevant unsuccessful bidder.

2.6 The successful bidder shall be required to sign by email and submit the signed Auction Confirmation on the Auction Day and within 2 Business Days the successful bidder shall send (as evidenced by a courier airway bill number) 6 original signed copies of the Auction Confirmation to the Bidding Company. If the successful bidder pays the Bidding Deposit in RMB (the “RMB Bidding Deposit”), it shall be required to remit the Bidding Deposit again in USD to the designated account of the company hosting the Auction (the “Bidding Company”) within Three (3) Banking Days of the Auction Date and the Bidding Company shall thereafter refund the RMB Bidding Deposit (without interest) previously paid by the successful buyer within two (2) Banking Days after receiving the Bidding Deposit in US dollars.

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

3. Registration Requirements:

3.1 The potential bidders may each register to participate in the Auction at any time from the date of this Announcement to the time the Auction starts on the Auction Date but will only be treated as or deemed to have successfully registered for the Auction when the Bidding Company has received its Bidding Deposit and such potential bidder has completed the registration for the Auction on the auction website and has been provided with an auction number plate. It is therefore recommended that each potential bidder pays the Bidding Deposit and completes the registration 2-3 Banking Days in advance of the Auction Date to avoid missing registering in time for the Auction. No registration will be accepted after the 16:00 (Beijing Time) of the Auction Day. After successful registration (as evidenced by obtaining an auction number plate), the potential bidders shall be deemed to be fully aware of and to have accepted and complied with (and will continue to comply with) the provisions of this Announcement, the ancillary auction rules, special provisions and relevant annexes.

3.2 The Auction is open to any person who is duly incorporated and in good standing and registers successfully in accordance with this Announcement. None of the potential bidders, its affiliates and the respective directors, officers or employees:

(a)shall be subject to or affected by or in breach of Sanctions;

(b)is a Prohibited Person or is otherwise owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person; or

(c)owns or controls or is an affiliate of a Prohibited Person,

and in this Clause,

"Prohibited Person" means any person who is the subject of Sanctions (whether designated by name or by reason of being included in a class of persons to whom the applicable Sanctions apply in accordance with their terms); and

"Sanctions" means any sanction, embargoes, freezing provisions, prohibitions or other restriction, relating to trading, conducting 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, the United Kingdom and European Union and the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Asset Control of the United States Department of Treasury (OAC), the United States Department of State and the Office for Financial Sanctions Implementation (OFSI) of His Majesty’s Treasury (HMT).

Further, all potential bidders should be capable of making payments in US Dollars as required under this Announcement (and during the auction process or after the completion of the Auction, each potential bidder shall provide relevant explanations or supporting materials as reasonably required by the Bidding Company) and shall be in compliance with the sanction provisions in the Bareboat Charter, Novation Agreement and MOA (each as defined in the Special Provisions) and must execute the sanctions undertaking (in the form provided in the Special Provisions, the “Undertaking for Sanctions Compliance”).

3.3 Bidders are required to submit the following documents (including but not limited to):

(1)Domestic bidders (i.e., a person who is a citizen or national of or incorporated or formed in the People’s Republic of China):

● Scanned copy of business license (with official seal)

● Scanned copy of the ID card of the legal representative (with official seal)

● Scanned copy of the ID card and power of attorney (if any, with official seal)

● An executed Undertaking for Sanctions Compliance representing and undertaking that it has and will comply with (and not in breach of) Sanctions, and an executed Undertaking for Bidding

● Bank slip or other documentary evidence (acceptable to the Bidding Company) that the Bidding Deposit has been paid

● (in relation to successful bidder), corporate authorities in relation the MOA, the Novation Agreement and other related documents in relation to the purchase of the Vessel as required by Seller

(2) Any other bidders:

● Certificate of Incorporation

● Articles of Incorporation

● Copy of Director’s Passport

● An executed Sanctions Undertaking representing and undertaking that it has and will comply with (and not in breach of) Sanctions, and an executed Undertaking for Bidding

● Bank slip or other documentary evidence (acceptable to the Bidding Company) that the Bidding Deposit has been paid

● Other relevant constitutional documents in the relevant jurisdictions

● (in relation to successful bidder), corporate authorities in relation the MOA, the Novation Agreement and other related documents in relation to the purchase of the Vessel as required by Seller

4. Inspection:

Any inspection arrangement will be notified and agreed by the Seller. The successful bidder shall be deemed to accept the Vessel and its classification records in its prevailing condition on an “as is where is” and shall not need or require any inspection of the Vessel whatsoever. Prospective bidders who have completed the registration procedures as outlined above and have successfully registered for the Auction shall be deemed to have fully understood and accepted the prevailing status, condition and all circumstances of the Vessel, including but not limited to all known and unknown defects relating to the Vessel’s certificates and condition. Prospective bidders therefore shall not be permitted to raise objections to the quality or other defects or any condition whatsoever of the Vessel for any reason whatsoever at any time.

5. Bidding Deposit Account:

(1)USD Account：

● 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.: 3420 0200 1142 0100 0321 30

● SWIFT (Beneficiary Bank): ZJCBCN2N

● Beneficiary Bank: China Zheshang Bank

● Beneficiary Bank Address: No.88, Lv Dao Road, Dinghai Dist., Zhoushan City, Zhejiang Prov., P.R. China

● Remittance Reference: SEVEN CHAMPION

(2)RMB Account：

● Beneficiary: 浙江拍船网航运交易股份有限公司

● Account No.: 3420020010120100378739

● Beneficiary Bank: 浙商银行舟山分行

6. Contact Information:

Ms. Wen: +86 18058087023/0580-2038333

Ms. Wang: +86 18267365565/0580-2038333

Email: auction@shipbid.net

Zhejiang Shipping Exchange Co., Ltd.

13th December, 2024

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 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 Buyer 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”.
If the bidding has a rule of “first bidder”, such bidder who completes the registration and obtains a bidding number firstly will be regarded as the “first bidder”. If no one bids within 5 minutes after the bidding starts, the platform will automatically bid for the “first registrant” with the starting price.

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 Auction Confirmation. If the Buyer fails to sign the Auction Confirmation for any 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 Buyer and the Seller; 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 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 Auction Confirmation.

Article 16 The Buyer should sign the Memorandum of Agreement (MOA) and the Auction 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 USD. 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 as soon as possible the website service returns to normal, and the online auction will be organized and completed according to the new auction announcement. 

The starting price and reserve price (if any) for re-organizing the bidding due to the above reasons shall be consistent with the original 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 Co., Ltd is responsible for the interpretation of the Rules

This Special Provisions is supplemental to the Bidding Announcement and the bidding rules and have the same legal effect. Capitalised terms defined in the Bidding Announcement when used in this Special Provisions shall have the same meaning as defined in the Bidding Announcement unless otherwise defined herein and this is the “Special Provisions” as defined in the Bidding Announcement.

1. Auction Target:

This auction is for the Seven Champion and its attached Bareboat Charter:

Name: SEVEN CHAMPION (the “Vessel”)

IMO No.: 9377377;

Type: Accommodation and Pipelay Barge;

Class: LR;

Class Notation:*100A1 ACCOMODATION BARGE/PIPE LAYING BARGE, HELICOPTER LANDING AREA, DECK STRENGTHENED FOR 17 TONNES PER SQUARE METRE UNIFORM DISTRIBUTED LOADING, LA, *IWS.

Flag: Singapore;     

LOA: 142.0m; MLB: 40.0m; MLD: 10.0m;

GRT: 25112; NRT: 7533;

DWT: 16258t;

Draught (max)：6.5m；

Clear Deck Area: 4000㎡;

Deck Loading: 17t/㎡;

Deck Cargo Capacity：6464t；

Accommodation: Total 360-470 men, 140 cabins and 470 beds;

Main Generator: 6x Bergen B32:40L8A, rated 3,840kW / 6,600V / 60Hz / 3Ph;

Auxiliary Generator: 2x Bergen KRMB-6, rated 1,325kW / 440V / 60 Hz / 3Ph;

Emergency Generator: 1x CAT 3408, rated 350kW / 440V / 50Hz / 3Ph;

Dynamic Positioning: DP2;

Main Crane: Offshore Mast Crane x 2,200 MT SWL (Manufacture: Huisman Offshore);

Date of built: 2 August, 2007;

Shipyard: Nanindah Mutiara Shipyard, Indonesia;

Please refer to clause 5 (Other Disclosures) of this Special Provisions for the details in relation to the bareboat charter of “SEVEN CHAMPION” (the “Bareboat Charter”).

The Bidding Announcement, the Special Provisions and the relevant ship information and data parameters provided through other channels (the “Information”) are for the reference of the bidders only and do not constitute any guarantee, representation or assurance for the condition of the Vessel as at the time of sale and delivery of the Vessel. The Vessel shall be delivered and accepted by the successful bidder in its prevailing condition and state and therefore on an "as is where is" basis. Any discrepancy between the actual condition of the Vessel as at the time of sale and delivery of the Vessel and the Information will not affect the auction or the sale of the Vessel (including without limitation the purchase price of the Vessel). After the auction is concluded, our company and the seller of the Vessel (the “Seller”) will not be liable for any defects or any issue whatsoever arising in relation to the Vessel and shall not be liable in relation to any matter relating to the Vessel whatsoever.

2. Procedures after Auction:

2.1 After the auction is concluded, the successful bidder/buyer (the “Buyer”) must confirm the purchase of the Vessel by email to the following address [auction@shipbid.net] on the same day as the auction (the “Bidding Confirmation Date”) and sign six (6) originals of the official "Auction Confirmation" with our company within 2 Banking Days of the Bidding Confirmation Date (as evidenced by a courier airway bill number).

2.2 The auction is for the Vessel and its attached Bareboat Charter. The terms and conditions applicable to the sale and purchase of the Vessel shall be based on the Norwegian Shipbrokers' Association's version of SALEFORM 2012 attached as an annex hereto (the “MOA”). The Vessel is sold with the Bareboat Charter and therefore to effect the transfer of the Seller’s rights and obligations in the Bareboat Charter to the Buyer, the Buyer shall be required to execute the novation agreement also attached as an annex to this Special Provisions (the “Novation Agreement”) which shall govern the transfer of rights and obligations of the Seller in the Bareboat Charter to the Buyer.

Upon successful registration for the purposes of participating in the Auction (as evidenced by obtaining a bidding number plate) as described in the Bidding Announcement, each bidder shall be deemed to have confirmed and accepted all the terms and conditions of the Bidding Announcement, this Special Provisions, the MOA and the Novation Agreement (collectively, the “Sale Documents”) and be bound by and accepts all the terms and conditions contained therein and herein without any amendments thereto.

The Buyer shall sign the MOA and the Novation Agreement and all other ancillary agreements with the Seller and such other relevant parties within 10 Banking Days after the Auction is completed.

The MOA and the Novation Agreement shall not be amended or negotiable other than to insert relevant and necessary information (such as the company name, purchase price, date of signing, etc.) unless otherwise agreed to by the Seller in its absolute discretion. If there is any conflict or ambiguity between the terms and conditions of (i) the MOA, (ii) the Novation Agreement and/or (iii) the Bidding Announcement, the terms and conditions of the MOA shall prevail and if there is any conflict or ambiguity between the terms and conditions of the Novation Agreement and the Bidding Announcement, the Novation Agreement shall prevail.

2.3 The Buyer and the Seller accept that Zhejiang Shipping Exchange Co., Ltd. (“ZSE”) will provide transaction service in relation the auction. The Buyer and the Seller shall jointly sign the transaction service agreement (the “Transaction Service Agreement”) with ZSE on the same day as signing the MOA, the Novation Agreement and other agreements related to such sale and purchase of the Vessel. All funds provided in connection with this transaction will not bear any interest. ZSE does not charge any additional fees for transaction services related to this sale auction of the Vessel other than as expressly stated or agreed.

2.4 Payment and Release Requirements:

(1)Deposit for Ship Purchase:

The Bidding Deposit paid by the Buyer shall be deemed as the deposit referred to in the MOA upon the Buyer and Seller executing the MOA and the Transaction Service Agreement and the Novation Agreement.

(2)Remaining Funds for the Purchase of Vessel:

The Buyer shall, upon receipt (and in any case within 2 days of the receipt) of the 5-days’ notice of readiness for delivery of the Vessel from the Seller or at the latest within 3 Banking Days before the delivery date of the Vessel, remit the remaining purchase price and all other amounts payable (including bank charges or fees or other deduction or withholding and any fees payable to any third party) (the “Remaining Purchase Price”) to the transaction service account designated for this transaction. In accordance with the MOA and the Transaction Service Agreement, ZSE shall, within 3 Banking Days after receiving the original or scanned copy of protocol of delivery and acceptance of the Vessel (the “PODA”), transfer the full purchase price by bank transfer/ wire transfer to the account designated by the Seller free of bank charges or fees or other deduction or withholding and any fees payable to any third party. The Buyer shall bear all bank and other charges related to the payment of the full purchase price (or any part thereof).

2.5 If the Buyer fails to sign the MOA or the Novation Agreement within 10 Banking Days after the Bidding Confirmation Date or fails to open the Transaction Service Account (as defined in the MOA) or fails to sign or comply with undertakings or has misrepresented an information in the Sanctions Undertaking (in the form annexed to this Special Provision) or fails to sign the Transaction Service Agreement as required, or fails to take delivery of the Vessel or fails to pay the Remaining Purchase Price (or any part thereof) pursuant to the terms of the Sale Documents or the bidding regulations or fails to open a transaction service account, in each case for any reason whatsoever (including without limitation credit or sanctions issues), the Buyer shall be deemed to have materially breached its obligations to complete the purchase of the Vessel which it is bound to do and the Seller shall have the right to terminate and cancel the sale of the Vessel to the Buyer and the Bidding Deposit paid by the Buyer shall be released to the Seller within 2 Banking Days after the Seller issues such notice of termination and the Seller shall be entitled to retain the Bidding Deposit as compensation for the loss suffered in the non-performance of such purchase by the Buyer. If the Bidding Deposit or the purchase deposit does not cover loss, costs and expenses (the “Losses”) of the Seller, the Seller shall be entitled to claim for further compensation from the Buyer for all the Losses and expenses together with any interest thereon.

2.6 After the auction is concluded, the Buyer of the Vessel shall be the same entity as the successful bidder at the auction, the MOA signatory, the payer and the registered owner (at delivery) of the Vessel. The Buyer however has the right to nominate another company (the “Nominated Buyer”) with goodstanding provided such company provides and executes all necessary full registration documents as the final buyer within 5 Banking Days of the Auction Date (including without limitation, the Sanction Undertaking) and both the Buyer and the Nominated Buyer shall sign the nomination letter (in such form required by the Seller) with the Seller and provided that the Nominated Buyer shall comply in all respects with all provisions and requirements under the Auction Announcement, this Special Provisions and annexes of this Special Provisions. The Buyer (the bidder) shall continue to be the sole paying party and shall remain fully responsible for the purchase of the Vessel and all other obligations in relation to the Auction Announcement, this Special Provisions and relevant annexes, while the Nominated Buyer may be appointed to take delivery of the Vessel and register ownership of the Vessel in its name as the new owner. The Nominated Buyer must be a wholly-owned subsidiary of the Buyer or the Nominated Buyer must be wholly legally and beneficially owned by the same entity which wholly legally and beneficially owns the Buyer provided, in each case, such KYC documents as requested by the Seller in respect of the Nominated Buyer must be provided immediately to the Seller. If no Nominated Buyer is specified by the Buyer within a time period specified by the Seller to the Buyer in writing then the Buyer shall be deemed to have waived its right to effect any such nomination. None of the Nominated Buyer, its affiliates and the respective directors, officers or employees:

(a) shall be subject to or affected by or in breach of Sanctions;

(b) is a Prohibited Person or is otherwise owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person; or

(c)owns or controls or is an affiliate of a Prohibited Person,

and in this Clause,

"Prohibited Person" means any person who is the subject of Sanctions (whether designated by name or by reason of being included in a class of persons to whom the applicable Sanctions apply in accordance with their terms); and

"Sanctions" means any sanction, embargoes, freezing provisions, prohibitions or other restriction, relating to trading, conducting 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 United Kingdom, the People's Republic of China, United States of America and European Union and the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Asset Control of the United States Department of Treasury (OAC), the United States Department of State and the Office for Financial Sanctions Implementation (OFSI) of His Majesty’s Treasury (HMT).

Further, the Nominated Buyer shall be in compliance with the sanction provisions in the Bareboat Charter, Novation Agreement and MOA (each as defined in this Special Provisions).

3. Transfer (cancellation) and transfer of the Vessel:

In this sale of the Vessel, the Seller shall only be responsible for and will deal with transferring legal and beneficial title of the Vessel to the Buyer and transferring the rights and obligations in the Bareboat Charter to the Buyer and shall not be responsible for the physical delivery and handover of the Vessel. The following Vessel handover refers only to the transfer of Vessel documentary title ownership.

3.1 The Seller shall complete the procedures for deletion of registration of the Vessel (if required) and the deletion of title of the Vessel in its name within twenty (20) Banking Days after signing the PODA and receiving the full purchase price.

The earliest vessel delivery date of the Vessel is from the date of MOA signed.

The latest vessel delivery date of the Vessel: 31st March 2025.

Should the Seller fail to be ready to validly complete a legal transfer by the Cancelling Date (as defined in the MOA), unless such failure is caused by the Buyer's default, the Buyer shall have the option of cancelling the MOA subject to the terms of the MOA. In the event that the Buyer elects to cancel the MOA, the Bidding Deposit/Deposit (without interest) shall be released to the Buyer immediately, and the Buyer shall not claim for further losses.

3.2 The place of handover and delivery of the Vessel: Wherever the Vessel is currently operating upon execution of the PODA whether International waters, UAE waters or the Persian Gulf, and the Seller shall keep the Buyer informed of the Vessel's itinerary and shall provide the Buyer with twenty (20), fifteen (15), ten (10), five (5) and three (3) days’ approximate notice and one (1) day's definite notice of the date and the place the Seller intend to deliver the Vessel. The Seller shall tender Notice of Readiness on the date of delivery. The above delivery notices are used to inform the Buyer the location of the Vessel at the time of delivery, but not subject to physical delivery of the Vessel.

3.3 Method of delivery: The Vessel shall be delivered in its prevailing condition and status and accordingly accepted by the Buyer (and delivered by the Seller) on an "as is where is" basis, as she is and where she is at the time that the Buyer takes legal title to the Vessel whether at one safe port or anchorage or pilot station or any water of UAE or Persian Gulf or international waters. Once the legal title of the Vessel is transferred, it is deemed that the physical delivery and transfer of the Vessel from the Seller to the Buyer is also completed.

3.4 The following equipment or items excludes from the sale/this auction: Please refer to the MOA.

3.5 This Special Conditions are accompanied by 8 annexes (Undertaking for Bidding, Undertaking for sanctions compliance, Non-Disclosure Agreement, the MOA, the Excluded Item List, the Novation Agreement, BBC (only disclosed after the Non-disclosure Agreement is executed with the Seller) and Technical Status Report) which you must download and review.

4. Related Fees:

4.1 Bidding service fee: After the auction is concluded, the Buyer must pay 1% of the final purchase price (see clause 2.3 of the Bidding Announcement) of the Vessel to our company as the bidding service fee before 16:00 (Beijing time) within 5 banking days post bidding date.

4.2 In this bidding, the Seller only provides the commercial proforma invoices for the Vessel's purchase price and any handover miscellaneous charges. The Buyer shall bear any taxes and fees incurred as a result of the purchase of the Vessel and its registration in the flag State as designated by the Buyer. The Seller shall bear all handling fees and transaction verification fees (if any) related to the sale of the Vessel, the discharge of the mortgage, and the transfer of title or (if required) the de-registration of the Vessel.  

4.3 The remaining fuel/lubricating oils/hydraulic oils/grease is not included in the auction and sale of the Vessel. The bunkers and lubricating oils on board the Vessel shall belong to the Charterer (as defined under the MOA) under the Bareboat Charter and the same shall not be transferred to or belong to the Buyer.

4.4 The delivery and transfer of title and interest in the Vessel from the Seller to the Buyer shall be evidenced by the execution of the PODA. All costs, risks and liabilities relating to the Vessel prior to delivery to the Buyer shall remain with the Seller but after delivery of the Vessel as evidenced by the signing of the PODA, all such costs, risks and liabilities relating to the Vessel shall rest with and be borne by the Buyer.

5. Other Disclosures:

This Auction Announcement has attached with 8 annexes as below listed:

5.1 Non-Disclosure Agreement

5.2 Technical Report (for reference only)

5.3 Undertaking for Sanctions Compliance

5.4 Undertaking for Bidding

5.5 MOA

5.6 Bareboat Charter – please refer to annex of this Special Provisions (to be disclosed after Non-disclosure Agreement executed with Seller)

5.7 Novation Agreement

5.8 Excluded Item List

Annex 5.6, annex 5.7 and annex 5.8 will be provided by bidding company after the Non-Disclosure Agreement has been duly signed by the potential bidders.

6. This Special Provisions are in both Chinese and English, and if there is any discrepancy between the two versions, the Chinese version shall prevail.

7. Matters not covered herein shall be resolved through negotiation between our company, the Seller and the Buyer.

8. This announcement shall be governed by Chinese Law. Disputes, if any, arising from this announcement shall be requested at the Arbitration Center of China Maritime Arbitration Commission with the arbitration rules currently in force at the time of application for arbitration.

Zhejiang Shipping Exchange Co., Ltd.

13th December, 2024

1）Non-Disclosure Agreement（保密协议）.pdf

2）Technical Report（技术报告，仅供参考）.pdf

3）Undertaking for Sanctions Compliance（不涉制裁承诺书）.pdf

4）Undertaking for Bidding（参拍承诺书）.pdf

5）MOA（船舶买卖合同）.pdf