Announcement for disposal of Vessel “Mineral Antwerpen” held by subsidiary Peg Shipping Company Ltd.

1.Name and nature of the underlying asset (e.g., land located at Sublot XX,
Lot XX, North District, Taichung City):
”Mineral Antwerpen” Capesize Bulker, 172,424 DWT.
2.Date of occurrence of the event:2020/10/08
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping),
unit price, and total transaction price:
One capesize bulker for US$10,000,000.-
4.Trading counterparty and its relationship with the Company (if the trading
counterparty is a natural person and furthermore is not a related party of
the Company, the name of the trading counterparty is not required to be
disclosed):
Nicholas G. Moundreas Shipping SA or nominee, non-related party.
5.Where the trading counterparty is a related party, announcement shall also
be made of the reason for choosing the related party as trading counterparty
and the identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:
NA
6.Where an owner of the underlying assets within the past five years has
been a related party of the Company, the announcement shall also include the
date and price of acquisition and disposal by the related party, and its
relationship with the Company at the time of the transaction:
NA
7.Projected gain (or loss) through disposal (not applicable for
acquisition of assets; those with deferral should provide a table
explaining recognition):
Anticipated loss will be US$1.25M.
8.Terms of delivery or payment (including payment period and
monetary amount), restrictive covenants in the contract,
and other important terms and conditions:
10% of the purchase price within 3 days after signing the MOA.
 On delivery of the vessel but not later than 3 business days
 after the date that Notice of Readiness has been given,
 Buyers should pay in full free of bank charges to
 the Sellers's account of the balance of the purchase price and
 all sums payable on delivery.
9.The manner of deciding on this transaction (such as invitation to tender,
price comparison, or price negotiation), the reference basis for the
decision on price, and the decision-making unit:
Bargaining. The Board of Directors of the subsidiary.
10.Name of the professional appraisal firm or company and
its appraisal price:NA
11.Name of the professional appraiser:NA
12.Practice certificate number of the professional appraiser:NA
13.The appraisal report has a limited price, specific price,
or special price:NA
14.An appraisal report has not yet been obtained:NA
15.Reason for an appraisal report not being obtained:NA
16.Reason for any significant discrepancy with the appraisal reports
and opinion of the CPA:NA
17.Name of the CPA firm:NA
18.Name of the CPA:NA
19.Practice certificate number of the CPA:NA
20.Broker and broker's fee:
2% of sale price for Arrow and 1% of sale price for Oak Agencies Limited
21.Concrete purpose or use of the acquisition or disposal:
Vessel replacement.
22.Any dissenting opinions of directors to the present transaction:No.
23.Whether the counterparty of the current transaction is a
related party:No.
24.Date of the board of directors resolution:NA
25.Date of ratification by supervisors or approval by
the audit committee:NA
26.The transaction is to acquire a real property or right-of-use
asset from a related party:No.
27.The price assessed in accordance with the Article 16 of the
Regulations Governing the Acquisition and Disposal of Assets
by Public Companies:NA
28.Where the above assessed price is lower than the transaction price,
the price assessed in accordance with the Article 17 of the same
regulations:NA
29.Any other matters that need to be specified:None.