Bidding Announcement of MV“JY ATLANTIC”and 3 sister bulkers

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 four bulk carriers named “JY ATLANTIC”、“JY BULK”、“JY PACIFIC”、“JY HONGKONG”. The announcement is stated as follows.

I. Description

StartingPrice: 28,090,000.00USD;

AuctionDeposit:17,500,000.00 RMB / 2,500,000.00USD;

Increment：≥50,000 USD.

StartingPrice: 28,290,000.00USD;

AuctionDeposit:17,500,000.00 RMB / 2,500,000.00USD;

Increment：≥50,000 USD.

A qualified bidder refers toa bidder finish 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 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

III.Auction Deposit

Bidders’  Auction Deposit in full amount shall be received by GSE before the receiving deadline. 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.

Any bidders failedto 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 a Ship Deposit after the Memorandum of Agreement(MOA) is signed. 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

This online bidding is organized at https://www.gse020.com/#/vesselbidding by GSE. The first bid shall not be lower than the starting price, the increment of this bidding is 50,000 USD. 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 .The whole bidding process is consisted of a fixed time bidding and the extension time bidding. 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.

VI. Commission

TheBuyer will pay the commission of this bidding at 1% of the final price, the payment must be made to GSE no later than 5 working days before delivery.

VII.The Balance Payment

After signing the Memorandum of Agreement, theBuyer 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.

VIII. Ship Delivery and Acceptance

TheBuyer shall pay the full transaction amount and other related charges before signing the Protocol of Delivery and Acceptance (PODA).After the delivery of the ship, 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. The remaining fuel is not included in this bidding. The amount of fuel shall be jointly measured by the Seller and the Buyer on the day of delivery. The value of the remaining fuel is subject to the invoice price of the latest bunkering of this ship,the price of the fuels do not include taxes, any taxes or fees incurred shall be on Buyer’s account. The Buyer shall remit the value of remaining fuel in full amount to the Seller's designated account no later than the delivery day.

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

XI. 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 ship basis of “as is, where is”,a bidder remits Auction 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.

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

XII. Inspection

Caroline:+86 18613076955, biyu@gzport.com (by appointment);

Please read the inspection report to know the conditions.

The ship shall be delivered and accepted on an “as is where is” basis.

XIII. Contact

Caroline:+86 18613076955, biyu@gzport.com;

Daniel:+86 15918795024,zhouruoyu@gzport.com.

Here by notice.

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

May 15, 2023

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