Bidding Announcement of MV “FAR EAST CHEER”

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 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: 16:00 August 10, 2023.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

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 $300,000.00 or ￥2,100,000.00 to GSE, and the fund should be received by the following accounts before 12:00 on August 11, 2023. 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.

USD Account:

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

BENE’s Address : R904,CGCC Building,No.162 Gangqian Avenue(South),Nansha District,Guangzhou,China

BENE’s Account No：FTE4532056929200461763

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：ICBKCNBJGDZ

Note: Deposit of MV FAR EAST CHEER.

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 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:14:00 to 14:30, August 11, 2023，the extension time bidding begins from 14:30. 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 USD10,000.00. 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. 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 Buyer shall contact with the Seller and sign the Memorandum of Agreement. The MOA is based on“Memorandum of Agreement Norwegian Sale Form 2012”or other text mutually agreed, and all trading terms state in this announcement and adding other terms both party agreed with. 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. 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 Buyer shall pay the commission of this bidding at 1% of the purchase price ,the payment must be remitted to GSE in full within five working days after signing the MOA .

VII.The 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.

VIII.Ship Delivery and Acceptance

The delivery time is August to October,2023 in the Sellers’ option. The Buyer shall pay the full transaction amount and other related charges before signing the Protocol of Delivery and Acceptance (PODA).

IX.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 .If the ship needs to be imported into PRC, the Buyer  shall be responsible for entrusting GSE as the agent to handle the import procedures and the Buyer shall pay all the expenses related. The Entrusting Party shall only be responsible for providing necessary documents and cooperating with the relevant procedures.

X.The remaining fuel is not included in this bidding. The amount of fuel shall be jointly made on-site measurement by the Seller and the Buyer on the day of delivery. The settlement price of ROB is subject to the invoice price of the latest bunkering of this ship. The Buyer shall remit the value of remaining fuel in full amount to the Seller's designated account on the delivery day.

XI.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 .

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 vessel on the basis of “as is, where is” at the time of delivery basis. 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: during the time of the ship berth at the port.

Delivery Location: at a safe and accessible berth or anchorage at/in a port in Singapore-Japan range in the Sellers' option, the details are to be confirmed basis the itinerary plan.

XIV.Contact

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

Mr.Luo:+86 15989038060,luozhenyu@gzport.com.

Here by notice.

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

July 21, 2023  

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