Entrusted by the transferor (the Seller), we have decided to hold a public bidding on www.shipbid.net from 16:00 to 16:30 (Beijing Time) on April 3rd, 2025.

1.Bidding Object:

MT "DING HENG 17", Chemical tanker (Type 2);

IMO: 9424077;

Flag/Port: Shanghai, China;

Class: CCS, SS 06/26;

Trading Area: A1+A2+A3;

LOA: 91.03m; MLB: 13.50m; MLD: 6.50m;

GRT: 2252; NRT: 1024;

DWT: 3379t; Scantling Draft: 5.10m;

Cargo Tanks: 12; Total Tanker Capacity: 3817.36m3;

Cargo Tanks Type: Stainless steel;

M/E: Ningbo C.S.I. G8300ZC18B, 1 set×1765kW@550r/min;

A/E: TFX-280L4-H, 2 sets×120kW;

BWTS: Cyeco-B200Ex, 200m3/h;

Built Time: January 12th, 2007;

Builder: Zhejiang Dongpeng Ship Building & Repairing Co., Ltd.;

Remarks: The ship is in service.

(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 with a reserved price. if the highest price offered by the bidder is lower than the reserved price, the auction will be deemed as invalid. No one has the preemptive right to the transfer of Vessel.

2.2 The starting price is RMB25.00million, and the bidding deposit is RMB2.50million (or USD0.35 million). Bid increment is a multiple of RMB20,000.00.

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 Deposit of the unsuccessful bidders shall be returned within Two (2) Working Days after the bidding without interest.

2.5 If the successful bidder/buyer (the “Buyers”) is an overseas enterprise, he has the right to use US dollars as the settlement currency with the middle rate published by Bank of China on the Bidding Day. The final price of bidding will be deemed to be the Purchase Price if the Buyers decide to pay with cross border RMB.

2.6 The time of this auction activity shall be subject to Beijing time. “Working Days" are days (which is not a Saturday or Sunday) on which banks are open for general business at China (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 3-5 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.

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):

(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 (please find the wording in the Supplement)

● Bank slip of bidding deposit

4. Inspection of the Object:

Inspection is to be determined, please contact with the bidding company for details.

Intended bidders may inspect the Vessel within the stipulated time. All the expenses, risks and responsibilities of the inspectors during the process shall be borne by the potential bidders. The bidding company and the Seller 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 Vessel, including but not limited to all known and unknown defects related to the vessel certificates and the vessel condition, etc. Potential bidders shall not object to defects, such as the quality, of the Vessel for any reason.

5.Account of Bidding Company:

(1) RMB Acct.：

● 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

(2) 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. : 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: DING HENG 17

 6. Contacts:

Ms. Wen: +86 18058087023/ 0580-2038333

Ms. Wang: +86 18267365565/ 0580-2038333

E-mail: auction@shipbid.net

Zhejiang Shipping Exchange Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

March 13th, 2025

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

1.Bidding Object:

MT "DING HENG 17", Chemical tanker (Type 2);

IMO: 9424077;

Flag/Port: Shanghai, China;

Class: CCS;

Trading Area: A1+A2+A3;

LOA: 91.03m; MLB: 13.50m; MLD: 6.50m;

GRT: 2252; NRT: 1024;

DWT: 3379t; Scantling Draft: 5.10m;

Cargo Tanks: 12; Total Tanker Capacity: 3817.36m3;

Cargo Tanks Type: Stainless steel;

M/E: Ningbo C.S.I. G8300ZC18B, 1 set×1765kW@550r/min;

A/E: TFX-280L4-H, 2 sets×120kW;

BWTS: Cyeco-B200Ex, 200m3/h;

Built Time: January 12th, 2007;

Next SS：June 16th, 2026

Builder: Zhejiang Dongpeng Ship Building & Repairing Co., Ltd.;

Remarks: The ship is in service.

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 subject to the status at the time of inspection, fair wear and tear excepted . 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 Sellers and us shall not assume take any liability for defects or quality problems of the bidding vessel.

2. After Bidding:

2.1 Following a successful bidding, the Buyers shall send an executed Auction Confirmation to the Bidding Company on the same day ( the ”Bidding Day”) at the email address or facsimile number. The Buyers shall sign 4 original Auction Confirmation with the Bidding Company within Two (2) Working Days of the Bidding Date.

2.2 The Sales and Purchase Agreement (MOA) shall be signed as attached, which forms part of Bidding Announcement and has the same effect as the terms in Bidding Announcement. Upon successful registration for the purposes of participating in the bidding (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 Sales and Purchase Agreement (MOA) and be bound by and accepts all the terms and conditions contained therein and herein without any amendments thereto.

The Buyers shall sign the Sales and Purchase Agreement (MOA) and all other ancillary agreements (if any) with the Sellers within Seven (7) Working Days after the bidding is completed.

The Sales and Purchase Agreement (MOA) shall not be amended or negotiable other than to insert relevant and necessary information (such as the company name etc.) unless otherwise agreed to by the Sellers in its absolute discretion. If there is any conflict or ambiguity between the terms and conditions of the Bidding Announcement, the signed Sales and Purchase Agreement (MOA) shall prevail.

2.3 It’s acknowledged the Transaction Service account designated by the ZHEJIANG SHIPPING EXCHANGE CO., LTD.（“Transaction Service Agent”）for the Buyers and the Sellers to hold and release the funds of the purchase amount without interests in accordance with the Sales and Purchase Agreement (MOA) and the Transaction Service Agreement. The Transaction Service Agreement shall be signed on the day the Sales and Purchase Agreement (MOA) signed by the Buyers, the Sellers, the Transaction Service Agent.

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

2.4 Payment and Release requirements:

(1)Purchase Deposit：

The bidding deposit paid by the Buyers shall be automatically converted to the purchase deposit after signing the Sales and Purchase Agreement (MOA), the Transaction Service Agreement and the Transaction Service Account has been opened.

(2)The Balance Amount：

The Buyers shall lodge the balance of the Purchase Price, estimated ROB charges and other delivery monies (if any) to the Transaction Service Agreement no later than Three (3) Working Days prior to the Vessel’s expected delivery date.

(3)The Transaction Service Agent shall within THREE (3) Banking Days upon receipt of the scanned true copy of the original Certificate of Deletion from Sellers, transfer the Purchase Price and all other monies payable (if any) paid by the Buyers transfer to the account designated by the Sellers.

(4)Refund:

The excess money paid by the Buyers shall be returned to the Buyers by the Transaction Service Agent within Three (3) working days after the delivery of the Vessel is completed (subject to the PODA signed by the Buyers and the Sellers) and all Transaction amounts are released.

2.5 If the Buyers fail to sign the Sales and Purchase Agreement (MOA) or the Transaction Service Agreement as scheduled, the Buyers is deemed to be in default, the Sellers has the right to unilaterally cancel this transaction and has the right to confiscate all the bidding deposit paid by the Buyers but without prejudice to the Sellers’ right to claim their losses against the Buyers. No later than Two (2) Working Days after breaching the bidding rules (such as not signing Auction Confirmation / the Sales and Purchase Agreement(MOA) / the Transaction Service Agreement on schedule and so on), the bidding company shall release the bidding deposit with deducting 1% of the Purchase Price as the bidding service fee to the Sellers.

2.6 After the signing of the Sales and Purchase Agreement(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 the Purchase Price, estimated ROB charges and other delivery monies (if any) on time as prescribed in the Sales and Purchase Agreement(MOA), the Sellers shall have the right to cancel the Sales and Purchase Agreement(MOA) and be entitled to confiscate all the Purchase Deposit paid by the Buyers.

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

3.1 The original owner (as the Sellers) shall complete all the deletion procedures relating to the Vessel within TEN (10) Banking Days after signing the Protocol of Delivery and Acceptance and receiving the original Buyers’ delivery documents required by the China MSA.

3.2 The Earliest Delivery Date: April 24th, 2025

The Latest Delivery Date: May 16th, 2025

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

3.3 Delivery Place: The Vessel shall be delivered at a port or area in China at the Sellers’ option. The Sellers shall send the Ten (10) Days' approximate notice with intended delivery time. The provisions of the Sales and Purchase Agreement (MOA) shall prevail.

The Vessel shall be delivered and taken over by the Buyers.

3.4 Delivery Condition: The vessel shall be delivered according to the status quo at the time of inspection, fair wear and tear excepted. When the bidders complete the registration procedures and participates in the bidding, it shall be deemed to have fully understood all the information of the subject matter of the bid, including but not limited to all known and unknown defects related to the vessel’s certificate, condition, etc. The Buyers shall not raise objections to the defects such as the quality of the vessel for any reason. The Buyers shall be deemed to confirm accepting the vessel’s condition and taken over on ”as is where is” at the time of delivery if they did not inspect the vessel at the nominated time within the prescribed inspection time.

3.5 The items on board which on hire or owned by third party, are excluded from the sale without compensation: the Sales and Purchase Agreement (MOA) shall prevail.

3.6 Two (2) attachments in total (Undertaking for Bidding, Sales and Purchase Agreement (MOA)). Please download and check the details.

4. Related expenses:

4.1 Bidding service fee: the Buyers must pay the bidding company 1% of the Purchase Price as bidding service fee before 1600 Beijing Time April 7th, 2025 , overdue shall be punished as breach of contract(The collection account of bidding service fee will be notified by the Bidding Company separately).

4.2 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.

4.3 The Sellers provide with VAT invoice (3% tax rate) with the invoice value of the purchase price and the delivery ROB charges. All the taxes, expenses and costs incurred after the vessel delivery shall be borne by the Buyers themselves.

4.4 The remaining fuel/lubricating oils/hydraulic oils/grease is not included in this bidding. On delivery, 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 not available from the Sellers, the latest price for Shanghai Port (excluding taxes) published by 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 tax and 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 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.

4.5 If the Buyers are of an overseas enterprise, the Purchase Price shall be exchanged against the middle exchange rate announced by the Bank of China on the bidding day. At the same time, both the Sellers and the Buyers shall jointly appoint the export agent designated by the bidding company for exporting matters. The Sellers shall be responsible for exporting matters, and the export-related expenses shall be borne by the Buyers. Port disbursement before delivery (if any) shall be borne by the Sellers, while that after delivery to be for the Buyers’ account.

4.6 The Vessel with everything belonging to her shall be at the Sellers’ account, while the Vessel’s risk and expenses shall be for the Buyers’ account after signing the Protocol of Delivery and Acceptance under the Sales and Purchase Agreement (MOA).

5. Other Disclosures:

i) The Sellers (consignor) is now the actual operator of the Vessel and has been performing the Finance Leasing Contract (hereinafter referred to as the "Lease Contract") entered between the Sellers and WanJiang Financial Leasing Co., LTD. dated on October 29th, 2021.

The Sellers undertakes to pay off all debts under the Lease Contract and obtain the ownership of the Vessel before physical delivery of the Vessel.

ii) The current registered owner of the vessel (WanJiang Financial Leasing Co., LTD.) will cooperate with the Sellers in handling the relevant formalities required for the sale and transfer of the vessel after the Sellers has paid off all debts under the lease contract.

iii) The spare parts on board, excluding remaining oils, with a total value of approximately RMB 2.5 million will be delivered to the Buyers for free. The quantities and quality of the spare parts shall be based on the actual condition at the time of delivery.

6. The announcement in Chinese and English respectively, in the event of any discrepancies between the Chinese and English versions, the 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 Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

March 13th, 2025