Norley Corporation, a subsidiary of the Company, changed its investment in Pacifica, a 180,000 bulk carrier order to a 300,000 VLCC order, and cancelled its investment in Dynasty, a 180,000 bulk carrier order.

Norley Corporation, a subsidiary of the Company, changed its investment in Pacifica, a 180,000 bulk carrier order to a 300,000 VLCC order, and cancelled its investment in Dynasty, a 180,000 bulk carrier order.
  1. Name and nature of the subject: One very large crude carrier, 300,000 DWT
  2. Facts occurrence date: January 26, 2015
  3. Trading unit and number, price per unit and total amount: One very large crude carrier for US$ 95,000,000
  4. The name of buyer and its relationship with the Company: China Shipbuilding Trading Co., Ltd and Shanghai Waigaoqiao, 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): NA
  8. Condition of delivery or payment (including payment period and amount), contractual restrictions and other important stipulations: Separated in 4 payments, 10% of total price for first 3 periods, 70% of total price in last period
  9. The way of deciding this transaction (e.g. bidding, parity or bargaining), the reference of the price determination, and decision-making unit: the Board of Directors of the subsidiary
  10. The name of professional valuation firm and the amount: NA
  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: Yes
  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: NA
  18. Specific purpose of acquisition or disposition: Expand business
  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: Applicable
  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