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Bidding Announcement of ZHONGYU 89
Bidding Ending Information
2020-05-13 09:00
2020-05-13 11:00
Total Bid:
0 times
Final Price:
Bidding Winner:
Bidding Status:
Starting Price:$7,140,000 USD
or¥49,980,000 CNY
Bid Increment:$10,000 USD
or¥70,000 CNY
Bidding Deposit:$700,000 USD
or¥5,000,000 CNY
Preemption Claimant:None
Evaluation Price:None
Bidding Period:2 hours
Extension Cycle:5 min/time
Reserved Price:None
Type: Others
Bidding History
Ship name
Type of vessel Bulk Carrier
Entrust institution ZHEJIANG SHIPPING EXCHANGE Reference price(USD) 7140000
State of the auction Second auction Auction date 2020-05-13
Ship's classification BV Length overall(m) 189.98
Port of registry Length(m)
Molded breadth(m) 32.26 Molded depth(m) 18.00
Gross tonnage 32390.00 Deadweight/
Reference capacity(t)
Type of main engine MAN B&W 6S50MC-C Total fixed power
(KW / h)
Shipyard Completion date 2010-07-31
completion date
Bidding Rules
Special Provisions
Technical Report
Bidding History


Entrusted by the transferor, we decide to hold an online public auction on from 9:00 to 11:00 on May 13th , 2020.


1. Auction Object: “ZHONGYU 89” Bulk Carrier

PoR: Panama; Class: BV; IMO number9579729LOA: 189.98m; MLB: 32.26m; MLD: 18.00m; GRT: 32390; NRT: 18118; DWT: 55000t; M/E: MAN B&W 6S50MC-C (STX-MAN) * 1 set 9480kW; Blt: Jiangsu Qinfeng Shipbuilding Co.,Ltd on Jul 31, 2010. (data above refers to the ship inspection certificate)

Remarks: The ship is on voyage.


2. Bidding Rules: it has no reserved price and bids with one or more bidders. The starting price is USD 7.14 million(or RMB 49.98 million), and the deposit is USD 0.7 million (or RMB 5 million ). Bid increase: a multiple of USD 0.01 million(or RMB 0.07 million).


3. Application: Application time: from the announcing time until Beijing Time 16:00 on May 12th, 2020 (subject to the time of deposit). After the deadline, no application will be accepted. This auction accepts the application of natural persons or companies. During the deadline, if no bidders are collected, the content will not be changed and the listing period will be extended for 5 working days. During the period, if only one bidder is collected, the bidder shall be identified as the transferee and sign the transaction confirmation within 2 working days. If two (or more than two) bidders are collected, we will confirm the transferee by auction according to the announcement, and the transferee shall sign the transaction confirmation within 2 working days.


4. Inspection time: Declare later; Inspection place: temporarily Yan Tai Port anchorage. For details, please confirm with the auctioneer. The risk of the surveyors in the process of inspection shall be borne by the intended transferee; Those who fail to participate in the on-site inspection and complete the registration procedures within the prescribed inspection time shall be deemed to have recognized and accepted the status quo and defects of the object.


5. Deposit Account:

USD Acct:

Bank: Industrial and Commercial Bank of China, Zhoushan Branch

Bank Add: No.628 Dingshen Road Lincheng Zhoushan China


Acct: 1206020129201407315

Beneficiary: Zhoushan Yi Ge Ship Auction Co., Ltd


RMB Acct:





6. Contacts: Mrs. Ye +86-580-2027516

          Mr. Zhou+86-580-2038333


Zhejiang Shipping Exchange Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

March 13th , 2020

Bidding Rules

Article 1 Bidding Rules is made by relevant laws, regulations and policies of our Country and with Shipbid practical situations, to standardize the bidding behaviors, maintain an open, fair and equal transaction order, and protect legitimate rights and interests for all the parties involved.


Article 2 The Transaction Rules of the ship bidding (hereafter to be referred as bidding) is suitable for standardizing all the online bidding behaviors. All the parties involved should abide by the Rules and bear legal responsibilities for their own behaviors.


Article 3 All legal personalities, natural persons and other organizations in and abroad PRC can participate in the bidding only if they have the qualifications of the auction announcement except those provided by laws and regulations.


Article 4 The auction announcement and other documents are formulated by the auctioneer.


Article 5 The auction information including videos, pictures and written introductions offered by the Seller will be uploaded through the Shipbid system after verified by the auctioneer.


Article 6 The Seller shall take all the legal responsibilities and economic losses if he provides with fake information.


Article 7 The bidders couldn’t participate in the bidding activities until they register as the buyers through the Shipbid system.  


The passwords should be kept safely. If forgotten, bidders could retrieve through the Shipbid system. And if divulged, bidders should login in time to change the passwords.


Article 8 Before submitting the application for the bidding, the bidders should carefully read the auction announcement, ship’s information, transaction rules and other relevant documents, then login the Shipbid system to fill in true and effective information as required.


Article 9 The bidders should submit the applications in accordance with the auction announcement before the Shipbid starts.


If legal personalities, natural persons and other organizations need joint-bidding, they should fill in related information and the proportion of capital contribution of each party as required and sign the Joint Bidding Statement.


Article 10 The bidders apply on the Shipbid system by themselves, and pay the deposit either on line or offline. Foreign bidders could also apply for bidding with the Guarantee Letter of bank as the auctioneer required. One deposit is only for one lot. And if the bidders want to bid several ships at the same time, corresponding deposits are required.


The bidders are entitled to bid only if the deposit fully paid to the nominated account (based on the arrival time of the deposit) or the original Letter of Guarantee delivered to the auctioneer (based on the arrival time of the Letter of Guarantee to persons in charge) within the required time. The bidders shall not be eligible for bidding if the deposit is delayed or not fully paid or the Letter of Guarantee is not received on time.


Article 11 The bidding shall be conducted with time limit. Qualified bidders can participate in the bidding. The initial offer shall not be lower than the starting price and each offer shall be no less than the specified bid increment.


If it is an auction with reserve price, “YES” will be revealed in the system. Otherwise it will display “NULL”.


Article 12 The bidder shall make a cautious bid, and the offer will be irrevocable once submitted.


Article 13 The last limited time of the Shipbid is FIVE (5) minutes. If there is a new bid within 5 minutes countdown, another 5 minutes will be set.


No new offers would be accepted after the final countdown, and the bidding history will be revealed.


Article 14 Once there is/are (a) bidder offer(s) in the Shipbid, the target bidder (hereinafter called the Buyer) shall be confirmed in accordance with the following rules


(1) Where there is no reserve price, the highest bidder would be the Buyer.


(2)Where there is a reserve price, the bidder with the highest offer and not lower than the reserve price would be the Buyer; If the highest offer is lower than the reserve price, the bidding will be pass.


When the time for the bidding is over, the bidding system will be automatically closed.


Article 15 The Buyer should confirm his qualification with the enterprise or individual valid certification to the auctioneer within 2working days after the bidding. After verification and confirmation, the Buyer should sign the Purchase Confirmation.


If the Buyer's qualification is not approved, the bidding result will be invalid, the deposit would be confiscated, and the lot should be bid again. The Buyer should pay the commissions for both parties due to his breach of the contract; Also, the previous Buyer should pay the balance of price if the final purchase price is lower than the first purchase one.


Article 16 The payment of balance shall be remitted to the nominated account in time according to the Purchase Confirmation.


Article 17 The Buyer should sign the Sale and Purchase Agreement by the Purchase Confirmation with the seller within the required time and make relevant transaction procedures.


Article 18 The auctioneer should publicize the bidding results through the Shipbid system after the bidding.


Article 19 After paying the balance, the Buyer himself should handover the lot and manage the transaction procedures in time. If the Buyer fails to manage within required time, he himself should pay the costs caused by the delay and afford the consequences of possible damage or losses.


Article 20 The Buyer himself should register the lot and bear all relevant expenses occurred according to the regulations and policies during the transaction procedures.


Article 21 The bidding currency is RMB/USD. Both the starting price and purchase price do not include the expenses and taxes occurred during transaction procedures.


Article 22 If the bidder obstruct others to bid, manipulate or monopoly the bidding price, or make malicious collusion, the auction will be cancelled once above behaviors are found, and relevant legal responsibility will be borne by the bidder.


Article 23 If the bidder cannot normally login the Shipbid system to apply, offer or bid because of following reasons such as virus invasion, hardware failure, network congestion or passwords forgotten and divulge, etc., he himself should bear the consequences and the bidding will not be suspended.


Article 24 The auctioneer reserves the right to suspend or withdraw the bidding before it starts according to the laws and regulations.


Article 25 The auctioneer reserves the right to suspend or withdraw the bidding if force majeure or accident has caused the online auction to fail.


Article 26 These rules are general rules for online auction transactions of ships. In case of any conflict with the announcement or agreement of a single item, the terms of a single item shall prevail.


The time concerned in the bidding all depends on Shipbid system service time, except the deposit arriving time which depending on the bank recording time. All the time of information arriving is subject to the time when the information received by Shipbid.


Zhejiang Shipping Exchange Co Ltd is responsible for the interpretation of the Rules.


Special Provisions


1. This additional provision is a supplement to the bidding rules and has the same legal effect as the bidding rules.


2. Auction Ship:

ZHONGYU 89” Bulk Carrier

PoR: Panama; Class: BV; IMO number9579729LOA: 189.98m; MLB: 32.26m; MLD: 18.00m; GRT: 32390; NRT: 18118; DWT: 55000t; ME: MAN B&W 6S50MC-C (STX-MAN) * 1 set 9480kW; Blt: Jiangsu Qinfeng Shipbuilding Co.,Ltd on Jul 31, 2010. (data above refers to the ship inspection certificate)

Remarks: The ship is on voyage.


The above data are recorded in the ship's inspection certificate for reference only. The bidding object is subject to the status at the time of inspection. If there is any discrepancy between the actual situation and the data above, the bidding and bidding price won’t be disturbed. Once the auction is concluded, the bidding company and the transferor shall not assume any liability for defects or quality problems of the bidding target.


3. Application

The bidders shall pay the bid deposit when signing up, and provide other documents required by the transferor or the bidding company.


4. After Auction


4.1 After the auction finished, the buyer must confirm the result of auction by email or fax on the same day, and signed the Purchase Confirmation with the bidding company within 2 working days after the auction.


4.2 The bid deposits of the unsuccessful bidders shall be returned within 2 working days after the auction, and the bid deposit shall not bear interest.


4.3 The exchange rate between USD and RMB is fixed as 1:7; That is, 1 US dollar equal to 7 RMB.


5. Transfer (cancellation) and Delivery of the Ship

5.1 The buyer must pay 20% of the purchase price and all the commission before 16:00 (Beijing Time) May 20th, 2020, while the buyer must pay the balance of the purchase price and ROB charge and any other sums payable on the delivery. Any delay shall be deemed as breach of contract.


5.2 The original ship owner (as Seller) shall, within 10 working days after signing the Protocol of Delivery and Acceptance Ship, complete all the procedures of cancellation relating to the ship.

The buyer shall not start the ship or shift it to other sea areas (except for force majeure such as weather) until obtain the ship's cancellation certificate.

The latest delivery date: June 18th, 2020. If the Delivery indeed to be extended due to the influence of Novel Coronavirus Pneumonia or other force majeure factors, the seller will negotiate with the transferee and fix a new delivery date.


5.3 Delivery Place: 1SAP Bohai Bay, or 1SAP Zhoushan Port, at sellers choice on basis of last voyage. The seller shall send NOR with fixed delivery time and place 10 working days ahead. The ship would deliver against the inspected condition. The buyer is deemed to confirm the ships condition if he did not inspect the ship at the nominated time.


5.4 The following documents shall be delivered by the seller to the buyer in exchange for the payment of the Purchase Price of the Vessel:

(1)  4 Original of Bills of Sale in British Form 10A notarized by the local legal notary office in Hong Kong;

(2) 1 Original written resolutions of the transferor’s Board of Directors resolving the sale and transfer notarized by the local legal notary office in Hong Kong;

(3) 1 Original Power of Attorney duly executed by the transferor, authorizing certain persons to sign the MOA, the Protocol of Delivery and Acceptance and all other required documentation as per the terms of the MOA. It shall be notarized by the local legal notary office in Hong Kong;

(4)  Copy of the Certificates of the transferor’s company, including the Articles of Association and the bylaws and any other amendments or adjustments;

(5) Original of the Good standing certificate of the transferor issued by the Registrar of Corporation in Hong Kong, to be presented to Buyers, dated not earlier than 10 working Days prior to the date of the transferors tendering the Notice of Readiness and if applicable duly translated into English;

(6) Original Certificate of Incumbency issued by the transferor’s company, dated not more than 10 working days prior to the date of delivery of the Ship.

(7) Original of Certificate of Ownership and Encumbrance (the “COE”) dated on the delivery day, issued by Panama registry, in their standard form, evidencing that the Vessel is registered in the ownership of the transferor free from all registered encumbrances. If the original cannot be provided at the closing, the transferor shall provide a copy of the said Certificate of Ownership and Encumbrance and the original shall be provided to the Buyers within 5 working days from the date of delivery.

(8) Letter of undertaking by the transferor in writing signed and stamped by the authorized person to indemnify the buyer against any maritime liens and other debts whatsoever arising prior to the time of the Delivery of the Vessel to the Buyers.

(9) Original Permission for Sale and Cancellation issued by the Panama Registry and dated not more than 6 working days prior to the Delivery.

(10) Class Maintenance Certificate issued by BV evidencing that the Ship maintains her class, dated not more than 6 working days prior to the date of the transferor’s tendering the Notice of Readiness;

(11) Deletion Certificate issued by the Panama registry within 10 working days after signing the Protocol of Delivery and Acceptance;

(12) Any additional document as may reasonably be required by the competent authorities for purpose of registering the ship provided the transferor.

5.5 The following documents shall be delivered by the buyer to the transferor:

(1) A Copy of Business License & Articles of Association and duly translated into English by the qualified translation company;

(2) Original written resolutions of the buyer’s Board of Directors resolving the purchase and transfer of the Ship notarized by a buyer’s local competent authority. Also, the resolutions shall be duly translated into English by the qualified translation company;

(3) Power of Attorney duly executed by the buyer, authorizing certain persons to sign the MOA, the Protocol of Delivery and Acceptance and all other required documentation as per the terms of the MOA. The Power of Attorney shall be duly translated into English by the qualified translation company.

5.6 The sales and purchases contract will be negotiated, revised and signed basis on SALEFORM 2012 made by Norwegian Shipbrokers’ Association.


6. Related expenses

6.1 Auction commission: After the auction is completed, the buyer must pay the bidding company 1% of the purchase price as commission.


6.2 The transferor would provide with commercial invoice of the purchase price. All expenses incurred after the ship delivery shall be borne by the buyer himself.


6.3 When the ship is delivered, the buyer and the transferor shall make on-site measurement of the remaining oil on the ship, and the price of oil shall refer to the last 2 days of the listed price in the Singapore Platts. On the day of delivery, the buyer shall pay for the ROB directly to the account nominated by the transferor. The transferor would provide with ROB proforma invoice.


6.4 All expenses and the custody responsibility incurred before the handover of the object ship shall be borne by the transferor; After the handover of the ship, the expenses and risks incurred by the object shall be borne by the buyer, and the custody of the object shall also be borne by the buyer.


7. Matters not covered herein shall be settled through negotiation by the bidding company, the transferor and buyer.


Zhejiang Shipping Exchange Co., Ltd.

Zhoushan Yi Ge Ship Auction Co., Ltd.

March 13th, 2020

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