16 April, 2014

M.V CRYSTAL OCEAN

 M.V CRYSTAL OCEAN (48K/99 JPN - KOREA FLAG) - INSPECTION AT ROTA,
TURKEY O/A 25/28 APR

FURTHER TO OUR PRE-ADVICE, OWRS DAEWOO LOGISTICS WILLING TO DEVELOP
FOR SALE OF THE VESSEL WITH CHARTER FREE DELIVERY O/A END AUG/SEPT
2014

AND ASK FOR POTENTIAL BUYERS REQUEST (WITH THEIR BACKGROUND) FOR
SUPEFICIAL INSPECTION

AT ROTA TURKEY O/A 25/28 APR AS FLWG SELLERS BIDDING PROCESS:-

Re: Sale of MV Crystal Ocean.

We as Sellers of MV Crystal Ocean have decided to place the following
Bulker officially into the market for sale inviting best outright
offers in line with the Sellers' preferred terms and conditions which
are set out hereunder:

I.              Description of the Vessels

MV. Crystal Ocean

              BULKCARRIER

              KOREAN FLAG,

              BLT 1999, JAPAN

              48,913 MT ON 11.623 M SSW TPC 54.7

              GT/NT 28,073 / 16,065

              GRAIN 61553.2 / BALE 59844.3

              LOA 189.96 / BEAM

              32.2 5H/5H

              4 X 25 MT CR

              SPEED/CONSUMPTIONS , UNDER GOOD WEATHER CONDITIONS UP TO


              BEAUFORT SCALEFORCE 4 / DOUGLAS SEA STATE 3,

              NO ADVERSE CURRENT,

          ABT 12.50 K LADEN ABT 22.5MT (180 CST) + 2.4 MT OF MGO

          ABT 13.00 K BALLAST ABT 21.5MT(180 CST) + 2.4 MT OF MGO

          GEAR WORKING ABT 0.8 MT IFO PLUS 2.60 MT MGO

          IDLE ABT 0.8 MT IFO PLUS 1.95 MT MGO



            All details are about and without guarantee



II.            Basic Conditions of this Bidding

-          Sellers will only consider straight, charter free sales
from cash Buyers.

-          Sellers will reserve the right at all times to choose their
preferred bidder(s) according to the terms and conditions hereunder.



III.          Bidding Process

-          Register of Pre-purchase inspection: all potentially
interested parties are required to lodge their names, together with
brief company background as well as intention of pre-purchase
inspection basis to Daewoo Logistics Corp.  before 17:00 hours Seoul
time 21st April, 2014.

      The Seller will release the invitation letter to the Buyers who
qulified our screening based by their background.



-          Vessel inspection: Sellers will then release to them
vessel's latest class survey status, principal particulars and
itineraries for inspection inviting these Buyers to come forward and
carry out the same which we will aim to complete by end of April,
2014. Buyers' inspectors are allowed to access to the following
certificates and documents, etc., only onboard the vessel at the time
of physical inspection.



- Ship particulars

- Major drawings

      - Major certificate list

      - PSC record

      - Class Survey Status

      - Voyage memo

      - Thickness measurement record

      - Deck/Engine log book (taking photos is not allowed)

      - Machinery running hour record

      - Ballast Tank & Hold : one (1) or two (2) ballast tank(s) and
one
(1) cargo hold to be  nominated for inspection without interference in
any
respect with ships' work at all

      - Taking pictures is allowed during ship's tour but it is not
allowed
to operate any of ship's machinery and equipment during the tour.



-          Collecting Firm offer: Once physical inspections for vessel
is completed then Sellers will release their preferred sales terms and
invite offers to be received upon same with a view to reach a swift
conclusion to the highest bidder if the offered price get approval of
the BOD before Mid of May 2014.



-          Sales Agreement & Security Deposit: 10% of sale value as
deposit should be lodged into an escrow account three (3) banking days
after agreement on the MOA and opening of escrow account at Sellers'
bank and balance payment will be made against vessels physical
delivery.


Sellers are aiming to complete this process as soon as practically
possible after physical inspections are all completed with a view to
trying to maintain the physical deliveries within Sept, 2014.





IV.          Notes

By registering their interest and requesting to be invited to enter
the above bidding process, the following is hereby agreed and accepted
by the Bidders:



l  That Sellers have the right to vary the above bidding process as
they see fit or as may be necessary, for whatever reason such as the
Vessel's schedules being delayed etc

l  That each Bidder is proceeding at their own risk and expense
foregoing any rights to hold Sellers' liable in any way for the
failure or success of their bid accepting in full Sellers' final
decision.

l  Sellers maintain the right to consider all bids in their entirety,
not just the price, thus the other terms as well as the
credibility/proven track record of each Bidder shall be taken into
consideration.

l  That each Vessel's ownership will be transferred to the selected
successful Bidder on a strictly ''as is / where is'' basis and that
each Bidder is to carry out their own due diligence including all
inspections (both physical and class records) at their own risk and
expense with no warranty made by Sellers whatsoever as to the Vessels'
condition.

For any further information regarding this Bid kindly contact!


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