(Update the information dated June 16, 2023.) Carmel Splendor Limited, a 100% invested subsidiary acquired a Kamsarmax bulker through bidding.

1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North 
  District, Taichung City): 
  81,112 DWT Kamsarmax Bulker, 2018 built by Chengxi Shipyard Co., Ltd.
2.Date of occurrence of the event:2023/07/25
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping), unit price, and 
  total transaction price:
  One Kamsarmax Bulker for US$28,490,000.
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):
  Jiawang International Ship Lease Co., Limited(the Seller), 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):NA
8.Terms of delivery or payment (including payment period and monetary amount), restrictive 
  covenants in the contract, and other important terms and conditions: 
  USD2,500,000 for auction deposit； the remaining balance to be paid no later than 3 
  banking days upon receipt of Notice of Readiness.
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: Tender invitation. The Board of Directors.
10.Name of the professional appraisal firm or company and its appraisal price: 
   Arrow Valuations, US$29,500,000.
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: Guangzhou Shipping Exchange Co., Ltd., 1% bidding commission
21.Concrete purpose or use of the acquisition or disposal: Fleet expansion.
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: Jun. 9, 2023
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: 
   Update the Seller's name and payment terms in accordance with Memorandum of Agreement.