The Bidding Announcement MV “HIGH SD YIHE”

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 one Oil Tanker named “HIGH SD YIHE”. The announcement is stated as follows.

I.Description

Starting Price:USD 15,060,000.00;
Auction Deposit: USD 760,000.00 or RMB5,320,000.00
Increment：≥USD20,000.00

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 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. There is no preemptive right to purchase for the 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 the bidding:

1.Voucher of deposit payment from the paying bank. 

2.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.

3.ID documents, Power of Attorney and other files approved by GSE and the Entrusting Party are needed for a broker commissioned to participate. 

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

Deadline for online bidding registration: 12:00, 17 June, 2025.

A qualified bidder refers to a bidder finishingthe 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 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 

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 USD760,000.00 or RMB5,320,000.00 to GSE, and the fund should be received by the following accounts before 12:00 on June 17, 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.

RMB Account:

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

BENE’s Addres：R701,Nansha International Talent Port Building,No.167,Haibin Avenue,Nansha District, Guangzhou,China.

BENE’s Account No：736778081317

Bank Name：Bank of China Limited Guangzhou Nansha Science and Technology Park Sub-branch

Bank Address：Unit 101, First Floor, No.162 Gangqian Avenue South, Nansha Street, Nansha District, Guangzhou, China

USD Account:

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

BENE’s Addres：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 lst Avenue, Hengli town, Nansha District, Guangzhou, Guangdong, China

SWIFT CODE：BKCHCNBJ400

Note: Deposit of MV“HIGH SD YIHE”

Any bidders failed to remit the Auction Deposit as required will be deemed as invalid bidders. The bidding 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 free of interest within 3 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:16:00 to 16:30, 17 June, 2025，the extension time bidding begins from 16:30. The last valid bidder shall be the “Purchaser”. 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/#/ 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 https://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 abnomaly 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. Confirmation of Bidding Result

Afterthe 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 signature and stamp has to be in line with the specimen signatures submitted. The Buyer shall contact with the Seller and sign the Memorandum of Agreement within 2 weeks after the Buyer won the bidding. The MOA is based on “Memorandum of Agreement Norwegian Sale Form 2012” (NSF’2012) and the Sellers’ terms attached to this announcement 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 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 Buyershall pay the commission of this bidding at 1% of the final price, the payment must be remitted to GSE no later than 5 working days before the delivery of the vessel

VII. The Payment

After signing the MOA, The Buyer shall pay the full transaction price to the escrow account according to the terms of the MOA and the terms of the escrow agreement. 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 of the subject ship shall be no earlier than July 1, 2025, and no later than December 31, 2025. Port or berth or anchorage in worldwide range by the Seller’s option, force majeure factors are excluded. The Buyer shall pay the full transaction amount and other related charges to the escrow account before signing the Protocol of Delivery and Acceptance (PODA).

IX.Invoices

The Seller will issue commercial invoices of the vessel and the bunker. 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. 

XI.Special Note

1.Upon delivery, the Purchaser needs to change the name of this vessel and alter funnel markings within 20 working days.

2.Delivery status:"as is, where is".

XII. 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.

XIII. Disclaimer

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

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.

XIV. Inspection

Berth ports during the annoucement period. Please read the inspection reports to know the conditions.

Delivery Location: Port or berth or anchorage in worldwide range by the Seller’s option.

XV. Contact

Caroline：+86 18613076955, biyu@gse020.com

Mr.Li: +86 13411664073, lyh@gse020.com

Here by notice.

Guangzhou Shipping Exchange Co., Ltd.

Guangzhou Hang Qing Bao Auction Co.,Ltd.

May 30, 2025

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