Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online (www.shipbid.net) from 10:00 to 10:30 (Beijing time) on June 16th, 2023.

1. Bidding Object:

MV "XU YANG 15", General Dry Cargo Ship;

PoR: Tianjin, China;

Class: CCS;

Trading Area: offshore A1 + A2;

LOA:125.00m; MLB: 19.00m; MLD: 10.20m;

DWCC: 10122t / 424teu @ 7.60m draft;

Hold Capacity: 13046.68m3;

GRT: 6984; NRT: 3911;

M/E: Ningbo C.S.L GN8320ZC14B, 2970kW x 1 set;

Built :July 30th, 2008;

Builder: Ningbo Zhenhai Shipbuilding Co., Ltd;

(Data and relevant information provided in this announcement are for reference only)

2.Bidding rules:

2.1. This bidding will be held without a reserved price. If only one bidder is collected, the bidder shall be identified as the Buyers; If there are two or more bidders participating in the bidding, the potential transfer of the ship will be carried out by auction. No one has the preemptive right to the transfer of Vessel.

2.2. The starting price is RMB7.7 million, and the bidding deposit is RMB0.8 million (or US $0.12 million); Bid increment is a multiple of RMB 0.02million.

2.3. The bidding time will enter into Extension Cycle since 10:25 June 16th, 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. The Buyers shall sign an "Export Agency Agreement" with the designated agency company of the bidding company within 2 working days after the bidding is completed, and the bidding deposit shall automatically be converted into the ship purchase deposit under the MOA.

2.5. The time of this auction is subject to Beijing time (unless otherwise stipulated).

3.Registration requirements:

3.1. Registration is available from the date of this Announcement and ends on June 16th, 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 1-2 days in advance in order to avoid any issues resulting in missing the auction). No registration will be accepted after the deadline.

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 full capacity for civil conduct and legally existing may participate in this bidding..

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

●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 Vessel:

Inspection place is to be determined (according to specific voyage and port arrangement, and we will issue the notice in advance if possible) please confirm with the bidding company for details. Potential bidders can inspect the vessel 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 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:

USD Acct:

●Beneficiary: Ningbo Shipping Exchange Market Co, Ltd.

●Beneficiary Address: Room 702,7th Floor Building 1，No.5 Xing Ye 1st Road Bonded Zone Ningbo City, China

●Account No. : 3309040160000036919

●SWIFT (Beneficiary Bank): HZCBCN2H

●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: XU YANG 15

6.Contacts:

Mr. Zhou: +86 18058087036 /0580-2038333

Mr. Chen: +86 18058087030/ 0580-2027516

Email address: auction@shipbid.net

Zhejiang Shipping Exchange Market Co., Ltd.

May 31st, 2023