Announcement for disposal of Vessel “V.K.Eddie”held by subsidiary-Seven Seas Shipping Ltd.

Announcement for disposal of Vessel “V.K.Eddie”held by subsidiary-Seven Seas Shipping Ltd.

1.Name and nature of the subject matter (e.g.land located at Sublot XX, Lot XX, North District, Taichung City):”V.K.Eddie” VLCC, 305,261 DWT.

2.Date of the occurrence of the event:2016/11/01

3.Transaction volume (e.g.XX square meters, equivalent to XX p’ing), unit price, total transaction price:One VLCC for US$39,000,000.-

4.Counterparty to the trade and its relationship with the company (if the trading counterpart is a natural person and is not an actual related party of the Company, the name of the trading counterpart is notrequired to be disclosed):Euronav Luxembourg S.A. , non-related party.

5.Where the counterpart to the trade is an actual related party, a public announcement shall also include the reason for choosing the related party as trading counterpart and the identity of the previous owner (including its relationship with the company and the trading counterpart), price of transfer and the date of acquisition:NA

6.Where a person who owned the property within the past five years has been an actual related person of the company, a public announcement shall also include the dates and prices of acquisition and disposal by the related person and the person’s relationship to the company at those times:NA

7.Anticipated loss or profit from the disposal (not applicable in cases of acquisition of assets) (where originally deferred, the status or recognition shall be stated and explained):Anticipated gain will be US$3,000,000.-(Attribute to Owners of the parent: US$1,500,000.-)

8.Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important stipulations:100% upon delivery.

9.The manner of deciding on this transaction (such as tender invitation , price comparison, or price negotiation), the reference basis for the decision on price and the decision-making department:Bargaining. The Board of Directors of the subsidiary.

10.Name of the professional appraisal institution and its appraisal   amount:Arrow Valuations,US$39,000,000.-.E.A. Gibson Shipbrokers Ltd. ,US$36,000,000.-.

11.Reason for any significant discrepancy with the transaction amount,   and opinion of the certifying CPA:NA

12.Is the appraisal report price a limited price or specific price?:NA

13.Has an appraisal report not yet been obtained?:NA

14.Reason for an appraisal report not been obtained:NA

15.Broker and broker’s fee:Arrow Shipping (Hong Kong) Limited US$97,500.-

16.Concrete purpose or use of the acquisition or disposal:Vessel replacement.

17.Do the directors have any objection to the present transaction?:No.

18.Any other matters that need to be specified:None.