CERTIFICATE OF ENTRY

OWNER ENTRY
Class 1 – Protection and Indemnity

Negotiator Certificate No.

PICC Property & Casualty Company Limited 534315
Date of Issue
02 February 2024

Registered Owners and Operators

Bulk Union Shipping Limited (Registered Owner)
Dareon Logistics (HK) Co Ltd (Operators)
Tianjin Shun Xin Yuan Shipping Co., Ltd (Managers)
as Original Insured(s), of

Members
PICC Property & Casualty Company Limited (Primary Insurer)

Name and Principal Place of Business

Bulk Union Shipping Limited
Unit A, 21/F., CMA Building
64 Connaught Road
Central
Hong Kong

Vessel BRIO FAITH

IMO Gross Built Flag Port of Registry

Number Tons
9525429 7,460 2009 PAN Panama

Period of Entry Noon GMT 20ᵗʰ February 2024 to Noon GMT 20ᵗʰ February 2025

The West of England Ship Owners Mutual Insurance Association (Luxembourg)

R.C.S. Luxembourg B8963, 31 Grand Rue, L-1661 Luxembourg, G.D. Luxembourg

Managers West of England Insurance Services (Luxembourg) S.A.

R.C.S. Luxembourg B104783, 31 Grand Rue, L-1661 Luxembourg, G.D. Luxembourg
HK Branch 1302 YF Life Centre, 38 Gloucester Road, Wanchai, Hong Kong
Tel +(852) 2529 5724 Email [email protected] www.westpandi.com

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Certificate No: 534315
Date of Issue: 02 February 2024

This Certificate of Entry is evidence only of the contract of Indemnity Insurance between the above named Member(s)
and the Association and shall not be construed as evidence of any undertaking, financial or otherwise, on the part of
the Association to any other party.

If a Member tenders this Certificates as evidence of insurance under any applicable law relating to financial
responsibility, or otherwise shows or offers it to any other party as evidence of insurance, such use of this Certificate
by the Member is not to be taken as any indication that the Association thereby consents to act as guarantor or to be
sued directly in any jurisdiction whatsoever. The Association does not so consent.

The insurance provided by the Association for the vessel is governed by the Association’s Rules, Bye-Laws and
Constitution for the time being in force and by the Special Terms set out below. Such Rules, Bye-Laws and
Constitution are incorporated as if fully set forth in this Certificate and together with such Special Terms constitute
both the contract of indemnity insurance evidenced by this Certificate between the Association and each Member and
each Joint Member named herein and the cover provided by that contract to each Co-Assured named herein. Each
Member, Joint Member and Co-Assured is bound by and deemed to know the Rules, Bye-Laws and Constitution.
Members, Joint Members and Co-Assureds should ensure they read the Rules, Bye-Laws and Constitution, copies of
which are available from the Association. Members, Joint Members and Co-Assureds not having copies of these
documents should ask the Association’s Managers to provide them.

All the terms of the Rules, Bye-laws and Constitution are important, but particular attention is drawn to:-

- Rules 43, 45, 45(A), 45(B) and 45(C) which may require a Member or Joint Member to pay Supplementary
Calls, Overspill Calls, Releases, and contributions to a Solvency Margin and Guarantee Fund. There is no limit
to the liability of the Member or Joint Member for these calls, save for the limit per vessel provided in Rule
45(A) in respect of Overspill Calls.

- Rules 1 and 57 which establish that any difference or dispute between a Member and the Association, or
other matter relating to the Rules and all contract of insurance afforded by the Association or otherwise shall
be governed by English law and procedure in accordance with Rules 1 and 57. As set out therein, no Member
may bring or maintain any action, suit or other legal proceedings against the Association in connection with
any difference or dispute unless he has first obtained an Arbitration Award in accordance with Rule 57, or the
Association has exercised its option for such difference or dispute to be determined in Court in accordance
with Rule 57.

- Rule 3 (D) which sets out the terms on which the Association shall discharge and pay on the Member’s behalf
certain liabilities under the 2006 Maritime Labour Convention as amended (MLC 2006) or domestic legislation
by a State Party implementing MLC 2006.

- Rules 7 and 8 which set out the limits of the Association’s liability generally and also specifically in respect of
oil pollution, passengers and seamen, and consortium claims.

- Rule 10 which provides that the insurance is that of indemnity only. The Member or Joint Member or Co-
Assured has no right to recover funds from the Association for insured claims unless and until the Member,
Joint Member or Co- Assured has first paid the same.

- Rule 18 (Double Insurance) and Rule 2 Section 11 proviso (b) (Pollution) which contain restrictions on
cover for liabilities, costs and expenses insured by or recoverable from other insurers.

- Rule 19 and 19(A) which provide that cover may not be available for certain kinds of trade or other activity,
including but not limited to those which expose the Association to the risk of sanctions.

- Rule 21 which provides that, although the Rules are subject to the Insurance Act 2015, the Association has
exercised its right to contract out of a number of Sections in the Act, including Section 13A which introduced
damages for the late payment of a claim.

- Rule 24 and Rule 25 which include the requirement for prompt notification of every casualty, event or matter
which is liable to give rise to a claim on the Association, and the conditions under which a claim on the
Association may be Time Barred.

- Rules 36 and 58 which define Members, Joint Members and Co-Assureds. Rule 42 which provides that the
obligations of a Member are cumulative throughout the period of membership and that obligations of a
Member may continue after membership has ceased.

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Certificate No: 534315
Date of Issue: 02 February 2024

The Association is subject to the laws and regulations of the Grand Duchy of Luxembourg and is therefore subject to
a duty of professional secrecy in its activities carried out from the Grand Duchy of Luxembourg pursuant to Article
300 of the law of 7 December 2015 on the insurance sector, as amended.

The Association may, in order to fulfil its obligations and to provide a suitably high level of service, need to share
certain information regarding the Members with its service company regulated by the Luxembourg Commissariat aux
Assurances, West of England Insurance Services (Luxembourg) S.A., and with that company's branches in the UK,
Hong Kong and Singapore or other entities within the group situated in the U.S.A., in Luxembourg and in Greece
(together the “Service Providers”). Certain services are indeed outsourced by the Association to the Service
Providers in the areas of underwriting, claims management and back-office services such as IT, finance, compliance,
internal audit and payment.

Information that may be shared by the Association with the Service Providers includes (without limitation): the
Member's name, registered office, date of incorporation and description of activities; personal data of the Member's
staff (e.g. first name, surname, date and place of birth, passport or ID card number and contact details; the beneficial
owner(s); the authorised representative; and general information relating to the Members’ assets and funds that have
been provided by the Member to the Association (the “Data”). Data is shared only on a strict need-to-know and least
privilege basis with a limited number of relevant specialists within the Service Providers. Please note that the
aforementioned list of Service Providers may be updated from time to time. The Member will be duly informed in
writing, in accordance with the means of communication agreed upon between the Association and the Members with
respect to any changes thereto.

The Member hereby expressly authorises, and confirms its consent to, the sharing, transmission and disclosure of
the Data with or to the Service Providers by the Association and its directors, officers, employees and agents. The
Member hereby acknowledges that the transfer of the Data to the Service Providers under the present
consent/instruction does not entail any breach by the Association of its professional secrecy obligation.

In addition, the Association and the Service Providers must comply at all times with the local legal and regulatory
framework of the jurisdictions in which they operate. Certain jurisdictions may require Data to be shared. In such
cases, Data is shared by the Association and/or the Service Providers only on a strict need-to-know and least
privilege basis with a judicial or regulatory public authority which is legally authorised to request such disclosure
under the local legal and regulatory framework.

The Member hereby expressly authorises, and confirms its consent to the sharing, transmission and disclosure of the
Data by the Association and the Services Providers to local judicial or regulatory public authorities, as exposed above.
The Member hereby acknowledges that the transfer of the Data to local judicial or regulatory public authorities under
the present consent/instruction does not entail any breach by the Association of its professional secrecy obligation.

The Member irrevocably waives any claim it might have under any applicable law against the Association, its
directors, officers, employees and agents for disclosing Data to the Service Providers within the context of this
instruction. The present consent/instruction shall remain in full force and effect as long as the Member maintains a
relationship with the Association. Even after the termination of the relationship between the Member and the
Association, Data which fell within the scope of or was transferred by virtue of this consent/instruction prior to such
termination, will remain subject to this consent/instruction.

The Member shall ensure that they (and/or their nominated representative(s)) are entitled under the General Data
Protection Regulation (GDPR) (EU) 2016/679 (“GDPR”) to transfer relevant personal data to the Association to
facilitate lawful processing of personal data. The Service Providers shall treat personal data provided by the Member
in accordance with the GDPR and in accordance with the Association’s Privacy policy available at
https://www.westpandi.com/privacy-policy/

The terms and conditions of the insurance afforded by the Association in respect of the aforesaid vessel are upon
and in accordance with this Certificate and the Rules, Bye-laws and the Constitution of the Association for the time
being in force except to the extent that the said Rules are modified by the Special Terms set out below:-

Special Terms

Deductibles Apply To Costs And Expenses

Deductibles set out in this certificate, whether as a Special Term or otherwise, shall apply to costs and expenses
incurred under Rule 2, including but not limited to, Rule 2 Section 24.

Restricted Cover under Rule 14 in Respect of War Risk Liabilities Arising in Russia, Ukraine, Belarus and
Moldova (2024)

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Certificate No: 534315
Date of Issue: 02 February 2024

Notwithstanding the terms and limit of liability set out in Rule 14 (2) (b) and (c), for vessels transiting and/or calling
within all Russian waters including their coastal waters up to 12 nautical miles offshore, and certain European waters
as defined below, cover is sub-limited to USD 80 million any one event, each vessel. The limitation in respect to
certain European waters is as follows:

1) Sea of Azov and Black Sea waters enclosed by the following boundaries
a) On the west, around Romanian waters, from the Ukraine-Romania border at 45° 10.858'N, 29° 45.929'E to high
seas point 45° 11.235'N, 29° 51.140'E
b) thence to high seas point 45° 11.474'N, 29° 59.563'E and on to high seas point 45° 5.354'N, 30° 2.408'E
c) thence to high seas point 44° 46.625'N, 30° 58.722'E and on to high seas point 44° 44.244'N, 31° 10.497'E
d) thence to high seas point 44° 2.877'N, 31° 24.602'E and on to high seas point 43° 27.091'N, 31° 19.954'E
e) and then east to the Russia-Georgia border at 43° 23.126'N, 40° 0.599'E

2) All inland waters of Ukraine, including inland waters within Crimea and other Ukrainian territories under Russian
control

3) Inland waters of Russia within the following areas:

a. River Don, from Sea of Azov to vertical line at 41° E
b. River Donets, from River Don to Ukraine border

4) All inland waters of Belarus south of horizontal line at 52° 30’ N

Wreck Liabilities Including Removal

There is cover for liabilities, costs and expenses in respect of Wreck Liabilities in accordance with Rule 2 Section 14.

Limit Of Liability - Oil Pollution

The Association's limit of liability for pollution is set out within Rule 7. All conditions and provisions within Rule 7
"Limits Of The Association's Liability Other Than In Respect Of Overspill" apply to this entry, including Paragraph (3)
b) where the Association's liability in respect of an Owner's Entry including all Co-Assureds insured under that
Owner's Entry for any and all claims in respect of oil pollution in respect of one vessel in respect of one incident shall
not exceed in the aggregate the amount of US$ 1,000,000,000.

Loss Payable (4) - 1st Priority

Payment of any recovery the Member is entitled to make out of the funds of the Association
in respect of any liability, costs or expenses incurred by him shall be made to the Member or to his order unless and
until the Association receives notice from:

FORTUNE HLC SHIPPING LIMITED

80 Broad Street
Monrovia
Liberia

that the Members are in default under the Mortgage, in which event all recoveries shall thereafter be paid to the
Mortgagees or their order, provided always that no liability whatsoever shall attach to the Association, its Managers or
their Agents for failure to comply with the latter obligation until after the expiry of two clear business days from the
receipt of such notice.

Notwithstanding anything contained herein, the Association shall (unless and until the Mortgagees shall have given
notice in writing to the contrary) be at liberty at the request of the members to provide bail or other security to prevent
the arrest or obtain the release of the vessel.

Fleet Clause - PICC

For the purposes of Rule 31 the vessel belongs to the People's Insurance Company of China fleet

PICC Reinsurance Terms

1. PICC agrees to reinsure and the Association agrees to accept reinsurance of the protection and indemnity cover
provided by PICC to the Shipowner as follows:

a) 70 percent of all liabilities, costs and expenses for claims within US$ 0 to US$ 10,000,000
b) 100 percent of all liabilities, costs and expenses for claims excess of $10,000,000 up to the limits of cover set out
in the Association's Rules of Class 1.

2. The reinsurance will be on the following terms:

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Certificate No: 534315
Date of Issue: 02 February 2024

(i) In accordance with the Association's Class 1 Rules, Bye-Laws and Constitution
(ii) There is no cover under Rule 2 Section 9 & 10 for liabilities, costs & expenses to the extent that such liabilities are
covered by hull insurers
(iii) The deductible in respect of liabilities, costs and expenses in respect of all claims is US$ 20,000 each incident

3. If during the period of this agreement PICC wishes to include any additional vessel, PICC shall advise the
Association, which undertakes to enter into immediate discussion with PICC for the reinsurance of such vessels.

4. Claims Handling
(i) Claims will be dealt with by PICC in conjunction with the shipowner
(ii) PICC will notify the Association immediately of any claim which exceeds or is likely to exceed the deductible set
out in 2. above
(iii) Without prejudice to PICC's right to deal with all claims in accordance with sub-paragraph (i) PICC will discuss
with the Association claims which exceed or are likely to exceed the deductibles
(iv) When PICC decides to appoint one of the Association's representatives to assist in the handling of such a claim,
PICC will ensure that the Association is kept fully informed of any communication between PICC and the
Association's representative

5. Before January each year, discussions will take place between the parties hereto as to the terms and conditions on
which this agreement can be renewed to cover the ensuing policy year.

Issued in Hong Kong for and on behalf of:

THE WEST OF ENGLAND SHIP OWNERS MUTUAL INSURANCE ASSOCIATION
(LUXEMBOURG)
by
West of England Insurance Services (Luxembourg) S.A.
(As Managers)

Richard Macnamara
Hong Kong Branch CEO

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