The subsidiary, Newton Navigation Ltd. intends to sell one bulk carrier, Wah Shan, with delivery in December 2014

The subsidiary, Newton Navigation Ltd. intends to sell one bulk carrier, Wah Shan, with delivery in December 2014
  1. Name and nature of the subject: Wah Shan, capesize bulk carrier, 175,980 Dwt
  2. Facts occurrence date: November 28, 2014
  3. Trading unit and number, price per unit and total amount: one capsize bulk carrier for US$ 21,200,000
  4. The name of buyer and its relationship with the Company: Choloe Maritime S.A., not related parties
  5. If the buyer is related party, the reason of choosing him as the buyer, the name of previous owner and relationship between previous owner and the buyer, and previous transaction date and amount shall be announced: NA
  6. If the owner of the subject within last five years is the related party with the Company, the date of acquisition and disposal of subject by the related party, the trading price, and the relation with the Company shall be announced: NA
  7. The expected profit (or loss) (acquisition of assets is not applicable): Expected profit will be US$ 1,600,000
  8. Condition of delivery or payment (including payment period and amount), contractual restrictions and other important stipulations: 10% of payment when signing the contract and 90% of payment when delivering the ship
  9. The way of deciding this transaction (e.g. bidding, parity or bargaining), the reference of the price determination, and decision-making unit: bargaining, the Board of Directors of the subsidiary
  10. The name of professional valuation firm and the amount: Arrow Valuations, US$ 21,000,000
  11. The name of professional appraisers: NA
  12. Certificate number of professional appraiser: NA
  13. Is valuation report using specific market value, specified market value or special value: No
  14. Have not obtained the valuation report: No
  15. The reason of having not obtained the valuation report: NA
  16. The reason of big difference from transaction amount and the account comment: NA
  17. Broker and brokerage fee: Arrow Shipping, 1%
  18. Specific purpose of acquisition or disposition: to replace the ship
  19. Objection opinions of directors to this transaction: None
  20. Transactions among related parties: No
  21. The Board of Directors’ approval date: NA
  22. The Supervisors’ acknowledgement date or the audio committee’s approval date: NA
  23. Is this transaction obtained the real estate from the related party: No
  24. In accordance with Article 15 of Regulations Governing the Acquisition and Disposal of Assets by Public Companies to valuation: NA
  25. When the results of the Company’s appraisal conducted in accordance with the preceding Article are uniformly lower than the transaction price, the price shall be handled in compliance with Article 16 of the same regulation: NA
  26. Other necessary statements: none