Online Bidding Announcement of MV “Century Shanghai”

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 “Century Shanghai”. The announcement is stated as follows.

I. Description

（all data above for reference only）

Starting Price:USD25,020,000.00

Deposit: USD1,000,000.00/ RMB 7,000,000.00 

Increment:≥USD 20,000.00

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.

Please note that the current Charterer has the preemptive right to buy this vessel. From the closing date of the auction, the Charterer has 6 banking days to decide whether to match the highest offer price in bidding to purchase the vessel.

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.Letter of Commitment. Access: contact of this Announcement.

2.Voucher of deposit payment from the paying bank. 

3.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.

4.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. 

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

Deadline for online bidding registration: 14:00 January 6 , 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 USD1,000,000.00 or  RMB7,000,000.00 to GSE,and the fund should be received by the following accounts before 14:00 on January 6, 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 Century Shanghai.

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 10% 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. If the Buyer pays  Auction Deposit in RMB, the Buyer shall remit the Ship Deposit in USD to GSE within 3 working days after signing the MOA, GSE shall refund the RMB Auction Deposit in full within 1 working day after the Ship Deposit in USD is received.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:16:00 to 16:30, January 6, 2026，the extension time bidding begins from 16:30. 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 USD20,000.00. 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

As required by our entrusting party,the current Charterer shall have the right to declare their decision to or not to buy the Vessel upon the basis of the Purchase Price and the terms and conditions of this announcement,within 6 banking days from the winning biding price generated.Guangzhou Shipping Exchange Co., Ltd will issue the Notification of Award to the bid winner on January 13, 2026 according to the written confirmation from the Entrusting Party, and the final bidding result will be released in Guangzhou shipping trading platform.

The Buyer must sign the Letter of Affirmation of Bidding by Email on the day when the result of bidding is generated. The Buyer shall contact with the Seller and sign the Memorandum of Agreement within 1 month after signing the Letter of Affirmation. The MOA attached to this announcement is based on “Memorandum of Agreement Norwegian Sale Form 2012” (NSF’2012), no other modification shall be made in the MOA except to input the necessary information of the Buyer and the Seller and the terms agreed upon by both parties. In case of the Buyer refusing to sign the Letter of Affirmation of Bidding and (or)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. 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.

VI. Commission

The commission of this bidding must be made to GSE no later than 5 working days before delivery by the Buyer, detailed in Letter of Commitment (Access:contact of this Announcement).

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 later than April 30, 2026. in a worldwide range by Seller's option. Force majeure factors are excluded.The Buyer shall pay the full transaction amount and other related charges before signing the Protocol of Delivery and Acceptance (PODA).After receiving the PODA and the formal Release Instruction，GSE will release the full amount of the ship without interest to the Entrusting Party’s account within 3 working days.

IX. 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 Buyer shall prepay the ROB payment to the Escrow account before the delivery of the vessel. 

X. Special Note

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

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

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 

XV. Contact

Caroline：+86 18613076955, biyu@gse020.com

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

Mr. Fu：+86 13828432696, fty@gse020.com

Here by notice.

1. MOA-Century Shanghaim.v. Century Shanghai - MOA.pdf

2.Inspection report--Century ShanghaiCENTURY SHANGHAI - Inspection Report (English).pdf

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

December 8, 2025

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