Bidding Announcement of MV FIRST FERRY X

Commissioned by our entrusting party, Guangzhou Shipping Exchange Co., Ltd. (GSE) and Hang Qing Bao Auction Co., Ltd. determines to organize an online bidding for one Ferry MV FIRST FERRY X. The announcement is stated as follows.

I.Bidding Subjects Description

Starting Price: HKD 4,000,000.00；

Auction Deposit: HKD 400,000.00

Increment:≥HKD 10,000.00.

All the static information (including subject description) provided in this announcement regarding the vessels is for reference only.

II. Qualifications and Registration of Bidders

Any corporation outside The People's Republic of China with full capacity for civil conduct and lawfully existing may participate in this bidding.No one has the preemptive right to this ship.

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

1.Transfer voucher or bank slip of Auction Deposit payment from the paying bank. 

2.Identity documents of the bidder: scanned copies of Certificate of Incorporation, Business Profile for shareholder identification, passport copy of Director and Power of Attorney and the specimen signature of bidder 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 if the bidder commissions a ship broker to service. 

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

Deadline for online bidding registration:16:00 July 10,2025.Please upload all foresaid files before this time.

A qualified bidder refers to a bidder finishing the following steps and be fully aware of, accepting and complying with the contents of this announcement and the measures for the implementation of the bidding of GSE:

a)Finish registration of a overseas member account

b)Pass the identity audit

c)Remit the Auction Deposit and upload the foresaid files 

d)The receipt of the Auction Deposit received by GSE

e)Pass the bidding registration audit

f)Get a bidding number 

Until the deadline for online bidding,if there is no intention to register with the bidder, the online bidding will not be auctioned. 

III. Auction Deposit

Bidders shall remit the Auction Deposit of HK$400,000.00 to GSE, and the fund should be received by the following accounts before 16:00 on July 10, 2025. In principle,the name of the deposit payer should be consistent with the bidder’s name and final buyer’s name. Any bidder remitted Auction Deposit shall be deemed to be fully aware of and accepting all the known and unknown defects of the ship.

HKD 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：3602056909200307338

Bank Name：Industrial and Commercial Bank of China,Guangzhou Nansha Sub-Branch

Bank Address: NO.3,Wangjiang 2nd Street, Huangge, Nansha District，Guangzhou，China

SWIFT CODE：ICBKCNBJGDG

Note: Auciton Deposit of M.V.FIRST FERRY X

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 the Deposit of the“Memorandum of Agreement”(MOA)after MOA is duly signed.Unsuccessful bidders’ Auction Deposits will be refunded in full amount free of interest within three working days upon the Buyer’s winning the bidding.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:10:00 to 10:30, July 11, 2025,the extension time bidding begins from 10:30. The last valid bidder shall be the “Buyer”. The termination of this bidding come in to force when no bidder bids before the countdown runs out.

This online bidding is organized at https://www.gse020.com/#/vesselbidding by 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 HKD 10,000.00.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 to bid.

The server time of https://www.gse020.com/#/vesselbidding is deemed as the official time of this bidding. GSE, Hang Qing Bao Auction Co., Ltd. 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, Hang Qing Bao Auction Co., Ltd.and the Entrusting Party assume no responsibility when website anomaly and suspension of bidding occurs due to force majeure or (and) the cause of third party. GSE and Hang Qing Bao Auction Co., Ltd. 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. Confirmation of Bidding Result

After the winning 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 signatory must match the bidder's specimen signature submitted during registration.The Buyer shall contact with the Seller and sign the Memorandum of Agreement as soon as possible after wining the bidding.In case of the Buyer refusing to sign the Letter of Affirmation of Bidding and (or)the Memorandum of Agreement within the time specified in this announcement 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. 

VI. Commission

The Buyer shall pay the commission of this bidding at 2.5% of the purchase price, the Commission must be remitted to GSE no later than 5 working days before delivery.

VII. Payment

After signing the Memorandum of Agreement, the Buyer shall pay the full transaction price in accordance with the terms of the MOA. Overdue payment will be deemed as default. The Buyer shall not be entitled to demand the refund of the Auction Deposit. GSE has the right to reorganize the bidding. In the case of re-bidding, the original Buyer shall pay the commission for the first bidding. Should the price of a re-bidding be lower than the price of the original bidding price, the original Buyer shall pay for the balance.

VIII. Delivery and Acceptance

The vessel shall be deliver basis of “as is, where is”.The scheduled delivery time is no later than August 31, 2025.The Buyer shall pay the full transaction amount and other related charges before signing the Protocol of Delivery and Acceptance (PODA).The vessel shall be delivered at SUN FERRY SERVICES COMPANY LIMITED(Cheung Sha Wan Shipyard).The specific time and conditions shall be agreed upon by the Buyer and Seller in the MOA.

IX.Invoices

The Seller will issue commercial invoices of the vessel and the bunker ROB. All taxes and fees arising from the transfer shall be borne by the Buyer.

X. Bunkers

The remaining fuel is not included in this bidding.The amount of the remaining bunkers and unopened lubricating and hydraulic oils and unused greases in storage tanks,daily tank, sump and unopened drums shall be jointly made on-site measurement by the Seller and the Buyer on the day of delivery. The settlement price of ROB shall be fulfilled as per the terms of MOA.The fuel payments shall be paid to the Seller's designated account on the date of the delivery.The price of the fuels do not include taxes, any taxes or fees incurred shall be on Buyer’s account. 

XI. Risks and Responsibilities

All expenses and custodial responsibility related to the ship is for the Seller before the signing of PODA. After signing the PODA, all the expenses, custodial responsibility and risks of the ship will be borne by the Buyer .  

XII. Disclaimer

All description, video and pictures provided about the ship is for reference only, GSE and Hang Qing Bao Auction Co.,Ltd. does not constitute any guarantee for the ship. 

The Entrusting Party sells this vessel basis of “as is, where is”. A bidder remits Auction Deposit 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 be entitled to 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 and 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

Inspection Place: Please contact the Contact Person in this announcement to arrange the Inspection, or read this announcement  to learn about the ship's condition.

Contact Person:Mr. Liao:+86 13580433746,liaoxuan@gse020.com.

Delivery Location:SUN FERRY SERVICES COMPANY LIMITED(Cheung Sha Wan Shipyard).

XIV. Contact

Mr. Luo:+86 15989038060,luozy@gse020.com.

Mr. Liao:+86 13580433746,liaoxuan@gse020.com.

Here by notice.

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

June 27, 2025

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