Bidding Announcement of one Cable Laying Vessel CHANG SHENG 6 HAO

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 Cable Laying Vessel named “ CHANG SHENG 6 HAO”. The announcement is stated as follows.

I. Description

Starting Price: CNY 18,147,800.00;

Auction Deposit: USD 260,000.00 or CNY 1,820,000.00;

Increment：≥CNY 20,000.00.

All the static information about the ships are for reference only,bidders can make inspections for the ship at the prescribed location within the announcement period.

II.  Qualifications and Registration of Bidders

Any corporation inside or 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 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, Company licenses 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: 12:00 March 4, 2026.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 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 $260,000.00 or ¥1,820,000.00 to GSE, and the fund should be received by the following accounts before 12:00 on March 4,2026. In principle,the name of the auction 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.

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：662678070674

Bank Name：Bank of China Guangdong Pilot Free Trade Zone Nansha Branch

Bank Address：Room 101&201,Mingzhu 1st Avenue, Hengli town, Nansha District, Guangzhou, Guangdong, China

SWIFT CODE：BKCHCNBJ400

Note: Auction Deposit of CHANG SHENG 6 HAO.

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 a performance security after the Memorandum of Agreement(MOA) is duly signed. Unsuccessful bidders Auction Deposits will be refunded in full amount free of interest within five working days upon the Buyers 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:16:00 to 16:30, March 4, 2026，the extension time bidding begins from 16:30. 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 athttps://www.gse020.com/#/vesselbidding 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 CNY 20,000.00. 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 shall bid carefully and keep their own accounts and passwords properly. All operations conducted via the bidding account shall be deemed as the Bidder's own operations, and the Bidder shall bear the relevant consequences of such operations on their own. 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 bidding 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.The MOA is based on “Memorandum of Agreement Norwegian Sale Form 2012” (NSF’2012) and all trading terms state in this announcement and adding other terms mutually agreed.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 1% of the purchase price, the payment must be remitted to GSE no later than 5 working days before delivery. 

VII. The Payment

The Auction Deposit paid by the Successful Bidder shall be automatically converted into the deposit under the MOA upon the signing of the MOA. After signing the MOA, the Successful Bidder shall pay the full amount of the transaction price in accordance with the terms of the MOA.If the Successful Bidder fails to make payment within the stipulated time (i.e., delays payment), it shall be deemed to be in breach of the MOA, and the Successful Bidder shall have no right to claim the refund of the Auction Deposit. GSE shall have the right to reorganize and conduct the bidding again.The defaulting Successful Bidder shall bear all expenses incurred from the reorganization and conduct of the bidding. If the transaction amount of the re-conducted bidding is lower than that of the original bidding result, the defaulting Successful Bidder shall be liable for paying the difference (in amount) between the two.

VIII. Ship Delivery and Acceptance

The subject vessel shall be delivered in the condition as it was listed.The delivery place is the berth of Yangzhou Yaoming Marine Industry Co., Ltd. The vessel delivery time shall be no earlier than March 10, 2026 and no later than April 30, 2026.The final time of delivery and acceptance shall be negotiated by both Seller and Buyer in the MOA. The Buyer 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 Seller’s account within 3 working days. 

IX. Taxes

The Seller can issue 13% VAT invoice of the ship value. The RMB purchase price has included tax. All taxes and fees arising from the transfer shall be borne by the Buyer. If the vessel needs to be exported outside the People's Republic of China, both the Seller and the Buyer shall jointly entrust Guangzhou Shipping Exchange Co., Ltd. to handle the vessel export procedures. The Buyer shall separately bear and pay all the expenses required for the vessel export procedures. The Seller is only responsible for providing necessary documents and cooperating with the Buyer to handle relevant procedures.

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 price of the fuels do not include taxes, any taxes or fees incurred shall be on Buyer’s account. The Seller will issue commercial invoices of the vessel and the bunker ROB.

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 and Hang Qing Bao Auction Co.,Ltd. does not constitute any guarantee for the ship. 

The Seller shall sell the vessel in the condition as it was listed.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 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 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.

XIII. Delivery

Inspection Place: The vessel’s berthing location during the listing period (the berth of Yangzhou Yaoming Marine Industry Co., Ltd.)

Contacts: Ms.Qin:+86 13802779424

Delivery Location: The berth of Yangzhou Yaoming Marine Industry Co., Ltd.

XIV. Contact

Mr.Yin:+86 13011867557,yinlei@gse020.com

Ms.Qin:+86 13802779424,qinyi@gse020.com;

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

Here by notice.

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

January 27, 2026 

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