On November 10, 2020, Dongguan Fenghai Shipping Co., Ltd. (hereinafter referred to as “Fenghai Shipping”) and China Shipping Chemical Carrier Co., Ltd. (hereinafter referred to as “China Shipping Chemical Carrier”) signed a “Fenghai Ship Time Charter Agreement” in Shanghai, and leased two domestic coastal chemical carriers under Fenghai Shipping to China Shipping Chemical Carrier. The chairman of DCL Investments, Hualing Zheng, led the management team of Fenghai Shipping to hold friendly talks with chairman and general manager of Shanghai COSCO Shipping, Bangtao Zhao, deputy general manager of Shanghai COSCO Shipping, chairman of China Shipping Chemical Carrier, Yumin Gu, and general manager of China Shipping Chemical Carrier, Xiaolin Yuan. The two parties actively and deeply discuss on further cooperation.

The bankruptcy reorganization of Fenghai Shipping, in which DCL Investments participated as a reorganization investor, is a typical case of rescuing distressed companies through bankruptcy. After the court formally ruled to approve the reorganization plan of Fenghai Shipping on February 3, 2020, DCL Investments assigned new management team to the company, fully intervened in the company’s day to day operations, and worked closely with multiple charters. The ship leasing cooperation with China Shipping Chemical Carrier is a major breakthrough and exploration of Fenghai Shipping in the market after its rebirth.

Chairman Bangtao Zhao congratulated Fenghai Shipping on its rebirth and looked forward to the cooperation between the two parties. The signing of the time charter agreement will further promote the common view of two parties and achieve mutual benefit and win-win results in a wider, deeper and higher level.