Auction Announcement of Yongxiang15 from Ningbo Maritime Court

1. We will hold a public selling of Yongxiang15 on www.shipbid.net from 10:00 16:00 on June 28, 2016 (except for the delay).

2. Selling Object:

Yongxiang15

Port of Registry: Zhoushan; Hull Form: Chemical Bulk Ship;

Length overall: 81.65m; Molded breadth: 12m; Molded depth: 5.6m; Gross Tonnages: 1574t; Nett Tonnages: 881t; Completion: March 9, 2006. Dinghai, Zhoushan, Zhejiang. Owner of ship: Zhoushan Yongxiang Shipping Co, ltd.

Currently the ship anchored in Mazhi anchorage, Zhoushan.

The above information is for reference only according to the registration information. The object of auction shall be based on the present condition of it.

3. From now on, the consultation and viewing is accepted. Interested bidders could bring your valid identification to Ningbo maritime court, Zhoushan Court (No. 305 Dingshen road, Lincheng district, Zhoushan,) to register and pay the deposit of 200 thousand yuan, or register through the Internet and pay the deposit. (Bank Name: Agricultural Bank of China, Zhoushan Metro Branch; Account: 19405601040003325; Account Name: Ningbo Maritime Court Zhoushan Court Business Expenditure Account) The deadline of registration is 16:00 on June 27, 2016.

Bidders should carefully read the auction notice issued by the court before auction.

4. Bidding Rules:

This auction has reserve price. It won’t be sold until reaching the reserve price. (The specific parameters should take what published on the internet as standard.)

5. Registration of Creditor's Rights: the creditor's rights relating to the ship shall be registered to the Ningbo Maritime Court, Zhoushan Court within sixty days from the date of this announcement.

6. Contacting Person and Phone:

Auction and Creditor Right Registrater Phone: Huanglan 0580-2323358

The online registration process and whether the application succeed or not, shall contact and confirm with the Ningbo Ship Exchange Market and Shipbid. Contacting Phone: 0580—2027516

May 23, 2106.

TRANSACTION RULES FOR THE SHIPBID

Article 1 The Transaction Rules is made by relevant laws, regulations and policies of our Country and with shipbid practical situations, to standardize the shipbid behaviors, maintain an open, fair and equal transaction order, and protect legitimate rights and interests for the parties involved.

Article 2 The Transaction Rules of the Shipbid (hereinafter called the Shipbid) is suitable for standardizing all the behaviors. All the parties involved should abide by each term of the Rules and bear legal responsibilities for their own behaviors.

Article 3 All legal personalities, natural persons and other organizations in and abroad PRC can participate in the shipbid only if they have the qualifications of the auction announcement except those provided by laws and regulations.

Article 4 The auction announcement and other documents will be formulated by the auctioneer.

Article 5 The lot information including videos, pictures and written introductions offered by the Seller will be uploaded through the shipbid system after verified by the auctioneer.

Article 6 The Seller shall take all the legal responsibilities and economic losses if he provides with fake information.

Article 7 The bidders could not participate in the shipbid activities until they register as the buyers through the shipbid system.   

The passwords should be kept safely. If forgotten, bidders could retrieve through the shipbid system. And if divulged, bidders should login in time to change the passwords.

Article 8 Before submitting the application for the shipbid, the bidders should carefully read the auction announcement, ship’s particulars, transaction rules and other relevant documents, then login the shipbid system to fill in true and effective information as required.

Article 9 The bidders should submit the applications in accordance with the auction announcement before the shipbid starts.

If legal personalities, natural persons and other organizations need joint-bidding, they should fill in related information and the proportion of capital contribution of each party as required and sign the Joint Bidding Statement.

Article 10 The bidders themselves apply on the shipbid system, and pay the deposit either on line or offline. Foreign bidders could also apply for bidding against the Letter of Guarantee of bank with the auctioneer’s word.

One deposit for one lot. And if the bidders want to bid several ships at the same time, corresponding deposits are required.

The bidders are entitled to bid only if the deposit fully paid to the nominated account (based on the arrival time of the deposit) or the original Letter of Guarantee delivered to the auctioneer (based on the arrival time of the Letter of Guarantee to persons in charge) within the required time. The bidders shall not be eligible for bidding if the deposit is delayed or not fully paid or the Letter of Guarantee is not received on time.

Article 11 The shipbid shall be conducted at a time limit. Qualified bidders can participate in the bidding. The initial offer shall not be lower than the starting price and each offer shall be no less than the specified bid increment.

If it is a bid with reserve price, “YES” will be revealed in the system. Otherwise it will display “NILL”.

Article 12 The bidder shall make a cautious bid, and the offer will be irrevocable once submitted.

Article 13 The last limited time of the shipbid is FIVE (5) minutes. If there is a new bid within 5 minutes countdown, another 5 minutes will be reset.

No new offers would be accepted after the final countdown, and the bidding records will be revealed.

Article 14 Once there is/are (a) bidder offer(s) in the shipbid, the target bidder shall be confirmed in accordance with the following rules (hereinafter called the Buyer)

(1) Where there is no reserve price, the highest bidder would be the Buyer.

(2)Where there is a reserve price, the bidder with the highest offer and not lower than the reserve price would be the Buyer; If the highest offer is lower than the reserve price, the auction will be pass.

When the time for the shipbid is over, the bidding system will be automatically closed.

Article 15 The Buyer should confirm his qualification with the enterprise or individual valid certification to the auctioneer within 3 working days after the bidding. After verification and confirmation, the Buyer should sign the Purchase Confirmation.

If the Buyer's qualification is not approved, the bidding result should be invalid, the deposit would be confiscated, and the lot should be bid again. The Buyer should pay the commissions for both parties due to his breach of the contract; Also, the previous Buyer should pay the price differences if the final purchase price is lower than the first purchase one.

Article 16 The payment of balance shall be remitted to the nominated account in due time against the Purchase Confirmation.

Article 17 The Buyer should sign Sale and Purchase Agreement against the Purchase Confirmation with the seller within the required time and make relevant transaction procedures.

Article 18 The auctioneer should publicize the auction results through the shipbid system after the bidding.

Article 19 After paying the balance, the Buyer himself should accept of subject lot and apply the transfer formalities in time. If the Buyer fails to apply within required time, he himself should pay the costs caused by delay acceptance and afford the consequences of possibility of damage or losses.

Article 20 The Buyer himself registers the subject lot and bear all relevant expenses incurred against the regulations and policies in the transaction procedures.

Article 21 The currency of the auction is denominated in RMB. Both the starting price and purchase price do not include any expenses and taxes incurred during transaction registration.

Article 22 If the bidder obstruct others to bid, manipulate or monopoly the bidding price, or malicious collusion, the bidding qualification will be cancelled once above behaviors are found and relevant legal responsibility will be borne by the bidder.

Article 23 If the bidder cannot normally login the shipbid system to apply, offer or bid because of following reasons such as virus invasion, hardware failure, network congestion or passwords forgotten and divulge, etc., he himself should bear the consequences and the shipbid will not suspend.

Article 24 The auctioneer has the right to suspend or withdraw the auction before it starts according to the laws and regulations.

As for time concerned in the shipbid, except arrival time of deposit into the account that should be subject to the banking record time, others shall be subject to the shipbid system serve time.

Zhejiang Shipping Exchange Co Ltd is responsible for the interpretation of the Rules.