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 a 75,395 dwt bulk carrier named “LT OCEAN STAR”. The announcement is stated as follows.
I. Description
Reserve Price: USD14,800,000.00
Auction Deposit: USD1,500,000.00
Increment: ≥USD 20,000.00
All the static information about the ship are for reference only.
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.
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 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 for a broker commissioned to participate.
4.All time stated in this announcement are Beijing time.
Deadline for online bidding registration: 10:00 December 17, 2021.
A qualified bidder refers to a 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
f) Get a bidding number
III. Auction Deposit
Bidders shall remit the Auction Deposit of USD1,500,000.00 to GSE, and the fund should be received by the following accounts before 10:00 on December 17, 2021. 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: ICBKCNBJGDG
Note: Deposit of MV LT OCEAN STAR.
Subject to the time of receipt of the account, 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 shall be returned to the Buyer within seven working days from the date that the payment of the deposit under the “Memorandum of Agreement” ("MOA Deposit") is made. The Auction Deposit paid by the unsuccessful bidders will be refunded in full amount within seven 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
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, December 17, 2021，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/#/boatbidding by GSE. The first bid shall not be lower than the starting price, the increment of this bidding is 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.
The server time of https://www.gse020.com/#/boatbidding 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 end of the bidding, the Buyer must sign the “Purchase Confirmation” by Email on the day when the result of bidding is generated. The Buyer must contact the Seller and negotiate the terms of “Memorandum of Agreement”. In case of the Buyer refusing to sign the “Purchase Confirmation” and (or)“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
Agreed by the Entrusting Party, the Buyer will pay the commission of this bidding at 1.2% of the final price, the payment must be made to GSE within 10 working days from the date of signing the “Memorandum of Agreement”.
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 of MOA Deposit will be deemed as default. The Buyer shall not be entitled to demand the refund of the Auction Deposit.
VIII. Memorandum of Agreement and Delivery
The estimated delivery date of MV LT OCEAN STAR is in late January 2022, The final time and place of delivery and acceptance shall be negotiated by both Seller and Buyer in the MOA. The “Memorandum of Agreement” is based on “Memorandum of Agreement Norwegian Sale Form 2012” (NSF’2012), all trading terms state in this announcement and adding other terms both party agreed with. The Buyer shall pay the full transaction amount and other related charges before signing the PODA.
IX. The Entrusting Party will only issue proforma invoice of the ship and the remaining fuel. All taxes and fees arising from the transfer shall be borne by the Buyer.
X. The remaining fuel is not included in this bidding. The amount of fuel shall be jointly measured by the Entrusting Party 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 Buyer shall remit the value of remaining fuel in full amount directly to the Entrusting Party's 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 this ship basis of “as is, where is”, bidders can organize ship inspection at their own expense within the announcement period. If bidder waive the right of inspection is deemed as fully understood the ship status. 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 spanvail.
XIII. Inspection
Inspection Location: Berth ports during the announcement period, subject to the ports restrictions of covid-19. Due to the impact of the epidemic and port spanvention and restrictions policies, on-site inspection cannot be arranged. Please read the inspection report to know the conditions.
Delivery Location: China ports (mailand), to be confirmed basis voyage plan and negotiation of both parties.
XIV. Contact
Ms.Qin:+86 13802779424,
qiny@gse.net.cn;
Mr.Zhou:+86 15918795024,
zry@gse.net.cn.
Here by notice.
Guangzhou Shipping Exchange Co., Ltd.
Guangzhou Hang Qing Bao Auction Co.,Ltd.
November 24, 2021
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