Online Bidding Announcement of MV “HUAN YA1”

Commissioned by our entrusting party, Guangzhou Shipping Exchange Co., Ltd. (GSE) and Guangzhou Hang Qing Bao Auction Co., Ltd. determines to organize the online bidding for a bulker named “HUAN YA1”. The announcement is stated as follows.

I. Description

（all data above for reference only）

Starting Price:RMB52,000,000.00

Deposit: USD750,000.00/ RMB 5,200,000.00 

Increment:≥RMB50,000.00

All the static information(including description) about the ships are for reference only.

II. Qualifications and Registration of Bidders

Any corporation inside and outside The People's Republic of China with full capacity for civil conduct and lawfully existing , not sanctioned by the United Nations and major countries, organizations, institutions may participate in this bidding.

Interested bidders shall visit https://www.gse020.com to register a member account and become a qualified bidder. The following documents are required to upload in the process of applying for a bidding:

1.Voucher of deposit payment from the paying bank. 

2.Identity documents of the bidder: scanned copies of Certificate of Incorporation, Business Profile, passport copy of Director, Power of Attorney and specimen signatures are needed.

3.ID documents, Power of Attorney，Certificate of Incorporation, Business Profile, passport copy and other files approved by GSE and the Entrusting Party are needed for a broker commissioned to participate. 

4.All time stated in this announcement are Beijing time.

Deadline for online bidding registration: 12:00 May 12 , 2026. Please upload all foresaid files before this time.

A qualified bidder refers to a bidder finish the following steps. Any bidder who applies for this bidding shall be deemed as fully aware of, accepting and complying with the contents of this announcement, the Sellers’ terms attached, and the measures for the implementation of the bidding of GSE:

a)Finish registration of member account

b)Pass the identity audit

c)Remit the deposit and upload the payment voucher 

d)Deposit received by escrow account of GSE

e) Pass the bidding registration audit 

f)Get a bidding number 

III. Auction Deposit

Bidders shall remit the Auction Deposit of USD750,000.00 or RMB5,200,000.00 to GSE,and the fund should be received by the following accounts before 12:00 on May 12, 2026. Bidders’  Auction Deposit in full amount shall be received by GSE before the receiving deadline. The deposit payer should be consistent with the bidder’s name. In the event that the deposit is remitted from a third party account on behalf of the bidder, bidders shall upload proof documents recognized by GSE when registering. Any bidder remitted auction deposit shall be deemed to be fully aware of and accepting all the known and unknown defects of the ship.

USD Account:

BENE’s Name：Guangzhou Shipping Exchange Co.,Ltd.

BENE’s Address：R701, Nansha International Talent Port Building, No.167, Haibin Avenue, Nansha District, Guangzhou, China.

BENE’s Account No：82140078814400002922

Bank Name：Shanghai Pudong Development Bank Guangzhou Branch

Bank Address：NO.12 ZHUJIANG XI ROAD TIANHE DISTRICT GUANGZHOU

SWIFT CODE：SPDBCNSH010

Note: Deposit of HUAN YA1.

Any bidders failed to remit the Auction Deposit as required will be deemed as invalid bidders. The bid winner is called the“Buyer”. The Auction Deposit paid by the Buyer will be automatically converted into part of the Ship Deposit after the Memorandum of Agreement(MOA) is signed, the Ship Deposit is 15% of the final transaction price. The Buyer shall make up the balance of Ship Deposit to the Seller within 3 working days after the signing of MOA.Unsuccessful bidders’ Auction Deposits will be refunded in full amount within 3 working days free of interest. In the event that the transaction between the Buyer and the Seller is suspended or terminated and disputes arises, GSE shall hold the Auction Deposits until it is paid in accordance with a settlement agreement between the parties, or a final enforceable court judgment, or an arbitration award. 

IV. Bidding Time and Rules

The whole bidding process is consisted of a fixed time bidding and the extension time bidding. The fixed time bidding:14:00 to 14:30, May 12, 2026，the extension time bidding begins from 14:30. The last valid price offered shall be the “Purchase Price”. The termination of this bidding come in to force when no bidder bids before the countdown runs out.

This online bidding is organized at www.gse020.com by the “Commercial bidding” mode of Guangzhou Shipping Exchange Platform(GSEP). The first bid shall not be lower than the starting price, the increment price on the next offer is no less than RMB50,000.00. The countdown shall automatically restart from 4 minutes when a bidder bids in the extension time bidding stage. At the end of countdown, the latest bidder who offers the highest price shall become the Buyer.

Bidders must bid with cautious, and bidders are responsible for all operations under this account. Each member account can only be logged in on one terminal device. In order to ensure the normal operations of bidders, it is recommended to use a computer with 360 browser or IE browser . Do not use mobile phone browser to bid.

The server time of www.gse020.com is deemed as the official time of this bidding. GSE and the Entrusting Party assume no responsibility when reasons lead to the failure of bidders participating in the bidding due to personal time inconsistency, terminal device or network failure.

GSE and the Entrusting Party assume no responsibility when website abnormally and suspension of bidding occurs due to force majeure or (and) the cause of third party. GSE will release a supplement announcement for the suspension of bidding. A new bidding announcement will be released after the website service comes back up.

V. Result Confirmation and MOA Signing

After the end of the bidding, the Buyer must sign the Letter of Affirmation of Bidding by Email on the day when the result of bidding is generated, the signature and stamp has to be in line with the specimen signatures submitted. After signing the Letter of Affirmation, the Buyer must contact with the Seller and sign the MOA within 2 weeks after signing the said Letter of Affirmation. The MOA text shall be drafted and signed on the basis of the Seller' s Terms and the MOA attached to this announcement. In case of the Buyer refusing to sign the Letter of Affirmation of Bidding and  the Memorandum of Agreement shall be deemed as the behavior of default, the Buyer must compensate for the loss, assume legal liability and the Auction Deposit will not be refunded. GSE has the right to reorganize the bidding. The original Buyer shall bear all costs incurred in reorganizing the bidding. Should the price of a re-bidding be lower than the price of the original bidding price, the original Buyer shall pay the difference.

VI. Commission

The bidding service fee for this auction shall be 1% of the final transaction price. Such fee will be directly deducted from the bidding deposit already paid by the successful Buyer. After such deduction, the remaining balance of the deposit will automatically become part of the 15% Purchase Price of the MOA.

VII. The balance payment

After signing the “Memorandum of Agreement”, the Purchaser shall pay the full transaction price in accordance with the terms of the MOA. Overdue payment will be deemed as default. The Purchaser shall not be entitled to demand the refund of the deposit. 

VIII. Ship Delivery and Acceptance

The delivery time of the subject ship shall be no earlier than May 30, 2026, and no later than July 30, 2026, at a port or anchorage within the range from India to Japan (including China, South Korea, India, Bangladesh, Vietnam, the Philippines, Malaysia, Indonesia, Taiwan region, etc.) as decided by the Seller, force majeure factors being excluded. The Buyer shall pay the full transaction amount and other related charges before signing the Protocol of Delivery and Acceptance (PODA).

IX. Invoices

The final transaction price is exclusive of tax. The VAT amount shall be borne by the Buyer separately and paid to the Seller together with the contract payment. All other taxes and fees arising from the transfer and registration of ownership shall be borne by the Buyer.

X. Bunkers

The remaining fuel is not included in this bidding. The amount of the remaining bunkers, unopened lubricating and hydraulic oils, and unused bulk lubricating oil stored in storage tanks, daily tanks, settling tanks, and unopened drums shall be jointly measured and calculated on-site by the Seller and the Buyer on the day of delivery. The settlement of the ROB shall be fulfilled as per the terms of the MOA. The Buyer shall prepay the ROB payment to the Seller designated account before the delivery of the vessel. 

XI. Risks and Responsibilities

The time of delivery and acceptance shall be subject to the time signed in the Protocol of Delivery and Acceptance. All expenses,risks and responsibility related to the vessel is for the Seller before the signing of PODA. After mutual signing the PODA, all the expenses, risks and responsibility arising from the vessel shall be borne by the Buyer. The details of the MOA shall prevail.

XII. Disclaimer

Delivery status:"as is, where is" by time of delivery.

All description, video and pictures provided about the ship is for reference only, GSE does not constitute any guarantee for the ship. 

The Entrusting Party sells this ship basis of “as is, where is”.A bidder remits deposit to GSE is deemed as fully understood all the circumstances of the ship, including but not limited to certificates, status and all known and unknown defects of the ship. Bidders shall not demur to the quality and defects of the ship with any reason.

Obstructing other bidders from bidding, manipulating or monopolize the bidding price and collusion of bidders are prohibited. Once discovered, the bidder will be disqualified, investigated, and affixed legal liabilities.

GSE Hang Qing Bao Auction Co., Ltd., the Entrusting Party and the Winning Bidder may negotiate matters not mentioned herein.If all parties fail to reach an agreement regarding matters related to this bidding announcement and transaction, they shall refer to and resolved by arbitration in Guangzhou Maritime Court .

This announcement is described in both Chinese and English. If any discrepancy occurs between the two languages, the Chinese version shall prevail. 

XIII. Inspection 

Caroline:+86 18613076955, biyu@gse020.com 

XIV. Contact

Caroline:+86 18613076955, biyu@gse020.com

Ms Cai:+86 18802003831, cxy@gse020.com

Here by notice.

1. MOA-HUAN YA11.船舶买卖合同.doc

2. Sellers' Terms2.卖方条款.pdf

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

April 13, 2026

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