----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

| TEXAS                                                         |   | 333-142908            |   |  20-5933927                  |
|---------------------------------------------------------------|--------|-----------------------|--------|-----------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (Commission File No.) |   | (IRS Employee Identification No.) |

----

----

| Large Accelerated Filer  ̈ | Accelerated Filer  ̈ | Non-Accelerated Filer x | Smaller Reporting Company  ̈ |
|--------------------------------|--------------------------|-------------------------|----------------------------------|

----

| PART I FINANCIAL INFORMATION |     |
|------------------------------|----------|
|                         |     |   |   |
|                         | ITEM 1.  | FINANCIAL STATEMENTS | F-1 |
|                         |     |   |   |
|                         | ITEM 2.  | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 3 |
|                         |     |   |   |
|                         | ITEM 3.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 13 |
|                         |     |   |   |
|                         | ITEM 4.  | CONTROLS AND PROCEDURES | 13 |
|                         |     |
| PART II OTHER INFORMATION    |     |
|                         |     |   |   |
|                         | ITEM 1.  | LEGAL PROCEEDINGS | 13 |
|                         |     |   |   |
|                         | ITEM 1A. | RISK FACTORS | 13 |
|                         |     |   |   |
|                         | ITEM 2.  | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 24 |
|                         |     |   |   |
|                         | ITEM 3.  | DEFAULTS UPON SENIOR SECURITIES | 24 |
|                         |     |   |   |
|                         | ITEM 4.  | SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS | 25 |
|                         |     |   |   |
|                         | ITEM 5.  | OTHER INFORMATION | 25 |
|                         |     |   |   |
|                         | ITEM 6.  | EXHIBITS | 25 |
|                         |     |
| SIGNATURES                   | 30       |

----

|                                                                                                                                              |   | Page   |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                                              |   |   |
| CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2011 AND DECEMBER 31, 2010 (UNAUDITED)                                                      |   | F-2    |
|                                                                                                                                              |   |   |
| CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED) |   | F-4    |
|                                                                                                                                              |   |   |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)                                    |   | F-6    |
|                                                                                                                                              |   |   |
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010 (UNAUDITED)                               |   | F-8    |

----

| ASSETS                             |   |
|------------------------------------|--------|
|                               |   |
|                               |   | March 31, 2011 |   |   | December 31, 2010 |   |
| CURRENT ASSETS                     |   |   |   |   |   |   |
| Cash and cash equivalents          |   | $ | 4,291,871 |   |   | $ | 8,253,476 |   |
| Accounts receivable                |   |   | 834,724 |   |   |   | 776,034 |   |
| Inventories                        |   |   | 3,117,400 |   |   |   | 1,771,838 |   |
| Prepayments                        |   |   | 1,590,283 |   |   |   | 839,708 |   |
| Other receivables and other assets |   |   | 487,230 |   |   |   | 808,520 |   |
| Due from related parties           |   |   | 3,662,165 |   |   |   | 1,102,581 |   |
| Discontinued operations            |   |   | - |   |   |   | 7,140,971 |   |
| Total current assets               |   |   | 13,983,673 |   |   |   | 20,693,128 |   |
|                               |   |   |   |   |   |   |   |   |
| Vessels, net                       |   |   | 67,854,491 |   |   |   | 37,702,976 |   |
| Vessels under construction         |   |   | 22,535,728 |   |   |   | 47,700,567 |   |
| Fixed assets, net                  |   |   | 10,337 |   |   |   | 9,195 |   |
| Deferred dry dock fees, net        |   |   | 7,533,897 |   |   |   | 7,891,710 |   |
| Discontinued operations            |   |   | - |   |   |   | 2,040,761 |   |
| Total long-term assets             |   |   | 97,934,453 |   |   |   | 95,345,209 |   |
|                               |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                       |   | $ | 111,918,126 |   |   | $ | 116,038,337 |   |
|                               |   |   |   |   |   |   |   |   |

----

| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                           |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                 |   |
|                                                                                                                                                 |   | March 31, 2011 |   |   | December 31, 2010 |   |
| CURRENT LIABILITIES                                                                                                                                  |   |   |   |   |   |   |
| Accounts payable                                                                                                                                     |   | $ | 7,940,877 |   |   | $ | 7,471,772 |   |
| Current portion of long-term loans                                                                                                                   |   |   | 6,597,160 |   |   |   | 6,627,576 |   |
| Current portion of long-term notes payable, net of discount of $2,390,855and $589,740 at March 31, 2011 and December 31, 2010, respectively          |   |   | 2,610,948 |   |   |   | 2,906,832 |   |
| Advance from customers                                                                                                                               |   |   | 2,140,299 |   |   |   | 854,902 |   |
| Payroll payable                                                                                                                                      |   |   | 1,230,061 |   |   |   | 1,363,287 |   |
| Payable to ship builder                                                                                                                              |   |   | 916,237 |   |   |   | - |   |
| Due to related parties                                                                                                                               |   |   | 8,231,536 |   |   |   | 3,753,933 |   |
| Other current and accrued liabilities                                                                                                                |   |   | 1,889,510 |   |   |   | 1,948,030 |   |
| Discontinued operations                                                                                                                              |   |   | - |   |   |   | 3,763,512 |   |
| Total current liabilities                                                                                                                            |   |   | 31,556,628 |   |   |   | 28,689,844 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                                                                                                                                |   |   |   |   |   |   |   |   |
| Long-term loans                                                                                                                                      |   |   | 38,602,598 |   |   |   | 40,031,919 |   |
| Long-term notes payable (including related parties), net of discount of$4,728,256 and $817,430 at March 31, 2011 and December 31, 2010, respectively |   |   | 14,277,828 |   |   |   | 14,084,609 |   |
| Payable to ship builder                                                                                                                              |   |   | 1,900,000 |   |   |   | 2,850,000 |   |
| Discontinued operations                                                                                                                              |   |   | - |   |   |   | 2,961,739 |   |
| Total long-term liabilities                                                                                                                          |   |   | 54,780,426 |   |   |   | 59,928,267 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                                                                                                                    |   |   | 86,337,054 |   |   |   | 88,618,111 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| SHAREHOLDERS’ EQUITY                                                                                                                           |   |   |   |   |   |   |   |   |
| Preferred stock, $0.001 per share;  20,000,000 shares authorized; 0 shareissued and outstanding                                            |   |   | - |   |   |   | - |   |
| Common stock, $0.001 per share; 400,000,000 shares authorized, 195,000,000shares issued and outstanding                                              |   |   | 195,000 |   |   |   | 195,000 |   |
| Additional paid-in capital                                                                                                                           |   |   | 3,257,966 |   |   |   | 3,257,966 |   |
| Accumulated other comprehensive income                                                                                                               |   |   | 924,970 |   |   |   | 919,494 |   |
| Retained earnings                                                                                                                                    |   |   | 21,203,136 |   |   |   | 23,047,766 |   |
| Total Shareholders’ Equity                                                                                                                     |   |   | 25,581,072 |   |   |   | 27,420,226 |   |
|                                                                                                                                                 |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                     |   | $ | 111,918,126 |   |   | $ | 116,038,337 |   |

----

|                                             |   | Three Months Ended March 31, |       |
|--------------------------------------------------|--------|--------------------------------------------------|------------|
|                                             |   | 2011                                             |       |   | 2010 |   |
|                                             |   |                                             |       |   |   |   |
| REVENUES                                         |   | $                                                | 13,260,830 |   |   | $ | 13,622,997 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| COSTS AND EXPENSES                               |   |                                             |       |   |   |   |   |   |
| Vessel operating costs                           |   |                                             | 9,613,454  |   |   |   | 9,373,124 |   |
| Depreciation and amortization                    |   |                                             | 1,632,283  |   |   |   | 1,635,001 |   |
| General and administrative                       |   |                                             | 580,901    |   |   |   | 439,269 |   |
| Selling                                          |   |                                             | 86,824     |   |   |   | 100,214 |   |
| TOTAL COSTS AND EXPENSES                         |   |                                             | 11,913,462 |   |   |   | 11,547,608 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| OTHER EXPENSES                                   |   |                                             |       |   |   |   |   |   |
|                                             |   |                                             |       |   |   |   |   |   |
| Interest expense, net                            |   |                                             | (480,648   | ) |   |   | (290,170 | ) |
| Other income (expense), net                      |   |                                             | 14,366     |   |   |   | (7,295 | ) |
|                                             |   |                                             |       |   |   |   |   |   |
| INCOME FROM CONTINUING OPERATIONS                |   |                                             | 881,086    |   |   |   | 1,777,924 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| DISCONTINUED OPERATIONS                          |   |                                             |       |   |   |   |   |   |
|                                             |   |                                             |       |   |   |   |   |   |
| Loss from disposition of discontinued operations |   |                                             | 2,603,403  |   |   |   | - |   |
| Loss from discontinued operations                |   |                                             | 112,931    |   |   |   | 125,702 |   |
| Income tax expense from discontinued operations  |   |                                             | 9,382      |   |   |   | 7,939 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| NET LOSS FROM DISCONTINUED OPERATIONS            |   |                                             | 2,725,716  |   |   |   | 133,641 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| NET (LOSS) INCOME                                |   |                                             | (1,844,630 | ) |   |   | 1,644,283 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME                       |   |                                             |       |   |   |   |   |   |
|                                             |   |                                             |       |   |   |   |   |   |
| Foreign currency translation gain                |   |                                             | 5,476      |   |   |   | 1,096 |   |
|                                             |   |                                             |       |   |   |   |   |   |
| COMPREHENSIVE (LOSS) INCOME                      |   | $                                                | (1,839,154 | ) |   | $ | 1,645,379 |   |

----

|                                        |   | Three Months Ended March 31, |        |
|---------------------------------------------|--------|--------------------------------------------------|-------------|
|                                        |   | 2011                                             |        |   | 2010 |   |
|                                        |   |                                             |        |   |   |   |
| Weighted average shares outstanding         |   |                                             |        |   |   |   |
| - Basic                                     |   |                                             | 195,000,000 |   |   |   | 195,000,000 |   |
| - Diluted                                   |   |                                             | 195,000,000 |   |   |   | 195,000,000 |   |
|                                        |   |                                             |        |   |   |   |   |   |
| Income per share from continuing operations |   |                                             |        |   |   |   |   |   |
| - Basic                                     |   | $                                                | 0.00        |   |   | $ | 0.01 |   |
| - Diluted                                   |   | $                                                | 0.00        |   |   | $ | 0.01 |   |
|                                        |   |                                             |        |   |   |   |   |   |
| Loss per share from discontinued operations |   |                                             |        |   |   |   |   |   |
| - Basic                                     |   | $                                                | (0.01       | ) |   | $ | 0.00 |   |
| - Diluted                                   |   | $                                                | (0.01       | ) |   | $ | 0.00 |   |
|                                        |   |                                             |        |   |   |   |   |   |
| Net (loss) income per share                 |   |                                             |        |   |   |   |   |   |
| - Basic                                     |   | $                                                | (0.01       | ) |   | $ | 0.01 |   |
| - Diluted                                   |   | $                                                | (0.01       | ) |   | $ | 0.01 |   |

----

|                                                                                     |   | Three Months Ended March 31, |       |
|------------------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                                                     |   | 2011                                             |       |   | 2010 |   |
|                                                                                     |   |                                             |       |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                    |   |                                             |       |   |   |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Net (loss) income                                                                        |   | $                                                | (1,844,630 | ) |   | $ | 1,644,283 |   |
| Net loss from discontinued operations                                                    |   |                                             | 2,725,716  |   |   |   | 133,641 |   |
| Income from continuing operations                                                        |   |                                             | 881,086    |   |   |   | 1,777,924 |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |   |                                             |       |   |   |   |   |   |
| Depreciation                                                                             |   |                                             | 835,914    |   |   |   | 729,986 |   |
| Amortization of deferred dry dock fees                                                   |   |                                             | 796,369    |   |   |   | 905,015 |   |
| Amortization of long-term notes payable discount                                         |   |                                             | 158,065    |   |   |   | 181,520 |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Changes In Operating Assets and Liabilities:                                             |   |                                             |       |   |   |   |   |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| (Increase) Decrease In:                                                                  |   |                                             |       |   |   |   |   |   |
| Accounts receivable                                                                      |   |                                             | (58,690    | ) |   |   | (184,234 | ) |
| Inventories                                                                              |   |                                             | (1,345,562 | ) |   |   | (87,744 | ) |
| Prepayments                                                                              |   |                                             | (750,575   | ) |   |   | (232,324 | ) |
| Other receivables and other assets                                                       |   |                                             | 321,290    |   |   |   | (105,195 | ) |
| Deferred dry dock fees                                                                   |   |                                             | (438,556   | ) |   |   | (233,834 | ) |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Increase (Decrease) In:                                                                  |   |                                             |       |   |   |   |   |   |
| Accounts payable                                                                         |   |                                             | 469,105    |   |   |   | 40,711 |   |
| Advance from customers                                                                   |   |                                             | 1,285,397  |   |   |   | (258,105 | ) |
| Payroll payable                                                                          |   |                                             | (133,226   | ) |   |   | 12,012 |   |
| Other current and accrued liabilities                                                    |   |                                             | (58,520    | ) |   |   | (433,906 | ) |
| Net cash provided by continuing operations                                               |   |                                             | 1,962,097  |   |   |   | 2,111,826 |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Net cash provided by discontinued operations                                             |   |                                             | 2,541,184  |   |   |   | 399,324 |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| Net cash provided by operating activities                                                |   |                                             | 4,503,281  |   |   |   | 2,511,150 |   |
|                                                                                     |   |                                             |       |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                    |   |                                             |       |   |   |   |   |   |
| Payments for vessels under construction                                                  |   |                                             | (5,855,262 | ) |   |   | - |   |
| Purchases of fixed assets                                                                |   |                                             | (2,232     | ) |   |   | - |   |
| Proceeds from disposition of discontinued operations                                     |   |                                             | 151,319    |   |   |   | - |   |
| Net cash used in investing activities                                                    |   |                                             | (5,706,175 | ) |   |   | - |   |

----

|                                                     |   | Three Months Ended March 31, |       |
|----------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                     |   | 2011                                             |       |   | 2010 |   |
|                                                     |   |                                             |       |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                    |   |                                             |       |   |   |   |
| Repayments of  long-term loans                 |   |                                             | (1,459,737 | ) |   |   | (1,032,237 | ) |
| Repayments of long-term notes payable                    |   |                                             | (260,730   | ) |   |   | (260,730 | ) |
| Proceeds from/(repayments to) related parties            |   |                                             | 1,918,019  |   |   |   | (1,680,699 | ) |
| Net cash provided by (used in) financing activities      |   |                                             | 197,552    |   |   |   | (2,973,666 | ) |
|                                                     |   |                                             |       |   |   |   |   |   |
| Net financing cash flows used in discontinued operations |   |                                             | (2,961,739 | ) |   |   | - |   |
|                                                     |   |                                             |       |   |   |   |   |   |
| Net cash used in financing activities                    |   |                                             | (2,764,187 | ) |   |   | (2,973,666 | ) |
|                                                     |   |                                             |       |   |   |   |   |   |
| NET DECREASE IN CASH AND CASH EQUIVALENTS                |   |                                             | (3,967,081 | ) |   |   | (462,516 | ) |
| Effect of exchange rate changes on cash                  |   |                                             | 5,476      |   |   |   | 1,096 |   |
| Cash and cash equivalents at beginning of year           |   |                                             | 8,253,476  |   |   |   | 1,934,993 |   |
|                                                     |   |                                             |       |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD               |   | $                                                | 4,291,871  |   |   | $ | 1,473,573 |   |
|                                                     |   |                                             |       |   |   |   |   |   |
| SUPPLEMENTARY CASH FLOW INFORMATION:                     |   |                                             |       |   |   |   |   |   |
| Interest paid                                            |   | $                                                | 720,529    |   |   | $ | 342,979 |   |

----

----

| a) | SkyAce is a wholly-owned subsidiary of WLOL and incorporated under the law of British Virgin islands (“BVI”). |
|----|---------------------------------------------------------------------------------------------------------------------------|

| b) | Plentimillion Group Limited (“PGL”) is a wholly-owned subsidiary of SkyAce and incorporated in BVI. |
|----|-----------------------------------------------------------------------------------------------------------------|

| c) | Best Summit Enterprise Limited (“BSL”) is a wholly-owned subsidiary of SkyAce and incorporated in BVI. |
|----|--------------------------------------------------------------------------------------------------------------------|

| d) | Hong Kong Wallis Development Limited (“Wallis”) is registered in Hong Kong and is a wholly-owned subsidiary of BSL. |
|----|---------------------------------------------------------------------------------------------------------------------------------|

| e) | Beijing Huate Xingye Technology Limited (“Huate”) is registered in PRC on March 18, 2008 and is a wholly-owned subsidiary of Wallis. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| f) | Winland Shipping Co., Limited, is registered in Hong Kong. |
|----|------------------------------------------------------------|

| g) | Win Star Shipping Co., Limited, is incorporated and registered in St. Vincent and the Grenadines (“S.V.G.”). |
|----|--------------------------------------------------------------------------------------------------------------------------|

| h) | Bodar Shipping Co., Limited, is incorporated and registered in S.V.G. |
|----|-----------------------------------------------------------------------|

| i) | Winland Dalian Shipping S.A. is incorporated in Panama and registered in Hong Kong, |
|----|-------------------------------------------------------------------------------------|

| j) | Treasure Way Shipping Limited is incorporated and registered in Hong Kong. |
|----|----------------------------------------------------------------------------|

| k) | Win Eagle Shipping Co., Limited, is incorporated and registered in Valletta, Malta. |
|----|-------------------------------------------------------------------------------------|

| l) | Win Ever Shipping Co., Limited, is incorporated and registered in Valletta, Malta. |
|----|------------------------------------------------------------------------------------|

----

| m) | Win Bright Shipping Co., Limited, is incorporated and registered in Valletta, Malta. |
|----|--------------------------------------------------------------------------------------|

| n) | Kinki International Industrial Limited is registered in Hong Kong, managing chartering business of vessels. |
|----|-------------------------------------------------------------------------------------------------------------|

| o) | Bestline Shipping Limited is registered in Hong Kong, managing chartering business of vessels. |
|----|------------------------------------------------------------------------------------------------|

| p) | Lancrusier Development Co., Limited is registered in Hong Kong, management and accounting of the above companies. |
|----|-------------------------------------------------------------------------------------------------------------------|

| q) | Win Glory S.A. is incorporated in Panama, registered in Hong Kong. |
|----|--------------------------------------------------------------------|

| r) | Win Grace Shipping Co., Limited is incorporated and registered in Malta. |
|----|--------------------------------------------------------------------------|

| s) | Win Hope Shipping Co., Limited is incorporated and registered in Malta. |
|----|-------------------------------------------------------------------------|

| t) | Win Moony Shipping Co., Limited is incorporated and registered in Malta. |
|----|--------------------------------------------------------------------------|

| u) | Bodar Shipping S.A. is incorporated and registered in Panama. |
|----|---------------------------------------------------------------|

| v) | Win Moony Shipping S.A. is incorporated and registered in Panama. |
|----|-------------------------------------------------------------------|

| w) | Bao Shun Shipping S.A. is incorporated and registered in Panama. |
|----|------------------------------------------------------------------|

| x) | Winland International Shipping Co., Limited is incorporated and registered in Hong Kong. |
|----|------------------------------------------------------------------------------------------|

| y) | Kin Ki International Industrial Limited is incorporated and registered in BVI. |
|----|--------------------------------------------------------------------------------|

| z) | Fon Tai Shipping Co., Limited is incorporated and registered in Hong Kong. |
|----|----------------------------------------------------------------------------|

| aa) | Won Lee Shipping Co., Limited is incorporated and registered in Hong Kong. |
|-----|----------------------------------------------------------------------------|

| bb) | Win Ever Shipping S.A. is incorporated and registered in Panama. |
|-----|------------------------------------------------------------------|

| cc) | Win Bright Shipping S.A. is incorporated and registered in Panama. |
|-----|--------------------------------------------------------------------|

----

|                    |   | Revenues                                                         |   |   | Accounts Receivable                                         |   |
|-------------------------|--------|------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
| Major Customers    |   | For The ThreeMonths EndedMarch 31, 2011 |   |   | For The ThreeMonths EndedMarch 31, 2010 |   |   | March 31, 2011 |   |   | December 31,2010 |   |
| G U Shipping Pte., Ltd. |   | 20.43%                                                           |   |   | -                                                                |   |   | - |   |   | 14.64% |   |

|                                          |   | Oil Purchases                                               |   |   | Accounts Payable                                            |   |
|-----------------------------------------------|--------|------------------------------------------------------------------|--------|--------|------------------------------------------------------------------|--------|
| Major Suppliers                          |   | For The ThreeMonths EndedMarch 31, 2011 |   |   | For The ThreeMonths EndedMarch 31, 2010 |   |   | March 31, 2011 |   |   | December 31,2010 |   |
| A/S Dan-Bunkering Ltd.                        |   | 27.35%                                                           |   |   | 40.06%                                                           |   |   | 7.39% |   |   | 0.35% |   |
| Seabridge Bunkering Pte Ltd.                  |   | 18.92%                                                           |   |   | 12.91%                                                           |   |   | 3.39% |   |   | - |   |
| United Bunkering & Trading (HK) Ltd.      |   | 16.90%                                                           |   |   | -                                                                |   |   | 0.74% |   |   | 4.07% |   |
| Chimbusco Pan Nation Petro-Chemical Co., Ltd. |   | 14.03%                                                           |   |   | 5.91%                                                            |   |   | 0.32% |   |   | 1.32% |   |

----

| (I) | Level 1—defined as observable inputs such as quoted prices in active markets; |
|-----|------------------------------------------------------------------------------------------|

| (II) | Level 2—defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| (III) | Level 3—defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Fair Value Measurements at Reporting Date Using |       |
|----------------------------------------|--------|-------------------------------------------------------------------------------|------------|
|                                   |   | Carrying Value as ofMarch 31, 2011                   |       |   | Quoted Prices inActive Marketsfor IdenticalAssets(Level 1) |   |   | Significant OtherObservableInputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
| Long-term bank loans and notes payable |   | $                                                                             | 52,880,426 |   |   | $ | - |   |   | $ | 52,880,426 |   |   | $ | - |   |

----

----

|                             |   | March 31, 2011 |   |   | December 31, 2010 |   |   | March 31, 2010 |   |
|---------------------------------------|--------|--------------------------|--------|--------|-----------------------------|--------|--------|--------------------------|--------|
| Period end RMB: US$ exchange rate     |   | 6.5501                   |   |   | 6.6118                      |   |   | -                        |   |
| Average period RMB: US$ exchange rate |   | 6.5713                   |   |   | -                           |   |   | 6.8367                   |   |

----

|                                      |   |   |   | March 31, 2011 |        |   | December 31, 2010 |   |
|-------------------------------------------|--------|--------|--------|--------------------------|-------------|--------|-----------------------------|--------|
| At cost:                                  |   |   |   |                     |        |   |                        |   |
| Win Hope                                  |   | (a)    |   | $                        | 2,679,285   |   |                        | $      | 2,679,285 |   |
| Win Ever                                  |   | (a)    |   |                     | 1,737,966   |   |                        |   | 1,737,966 |   |
| Win Bright                                |   | (a)    |   |                     | 1,739,258   |   |                        |   | 1,739,258 |   |
| Win Eagle                                 |   | (a)    |   |                     | 3,560,852   |   |                        |   | 3,560,852 |   |
| Win Glory                                 |   | (a)    |   |                     | 2,503,697   |   |                        |   | 2,503,697 |   |
| Win Grace                                 |   | (a)    |   |                     | 3,677,861   |   |                        |   | 3,677,861 |   |
| Win Moony                                 |   | (a)    |   |                     | 3,682,178   |   |                        |   | 3,682,178 |   |
| Win Star                                  |   | (a)    |   |                     | 3,336,600   |   |                        |   | 3,336,600 |   |
| Winland Dalian                            |   | (b)    |   |                     | 18,243,139  |   |                        |   | 18,243,139 |   |
| Win Honey                                 |   | (b)    |   |                     | 4,500,000   |   |                        |   | 4,500,000 |   |
| Bodar                                     |   | (b)    |   |                     | 4,985,441   |   |                        |   | 4,985,441 |   |
| Baoshun                                   |   | (c)    |   |                     | 20,881,125  |   |                        |   | 20,881,125 |   |
| Fon Tai                                   |   | (c)    |   |                     | 30,986,337  |   |                        |   | - |   |
|                                      |   |   |   | $                        | 102,513,739 |   |                        | $      | 71,527,402 |   |
|                                      |   |   |   |                     |        |   |                        |   |
|                                      |   |   |   | March 31, 2011 |        |   | December 31, 2010 |   |
| Less:  Accumulated depreciation |   |   |   |                     |        |   |                        |   |   |   |
| Win Hope                                  |   | (a)    |   | $                        | 2,310,882   |   |                        | $      | 2,250,597 |   |
| Win Ever                                  |   | (a)    |   |                     | 1,564,169   |   |                        |   | 1,564,169 |   |
| Win Bright                                |   | (a)    |   |                     | 1,565,332   |   |                        |   | 1,565,332 |   |
| Win Eagle                                 |   | (a)    |   |                     | 3,204,767   |   |                        |   | 3,204,767 |   |
| Win Glory                                 |   | (a)    |   |                     | 2,253,328   |   |                        |   | 2,253,328 |   |
| Win Grace                                 |   | (a)    |   |                     | 3,310,075   |   |                        |   | 3,310,075 |   |
| Win Moony                                 |   | (a)    |   |                     | 3,313,961   |   |                        |   | 3,313,961 |   |
| Win Star                                  |   | (a)    |   |                     | 3,002,940   |   |                        |   | 3,002,940 |   |
| Winland Dalian                            |   | (b)    |   |                     | 6,111,452   |   |                        |   | 5,837,805 |   |
| Win Honey                                 |   | (b)    |   |                     | 1,839,375   |   |                        |   | 1,776,094 |   |
| Bodar                                     |   | (b)    |   |                     | 4,486,897   |   |                        |   | 4,486,897 |   |
| Baoshun                                   |   | (c)    |   |                     | 1,510,153   |   |                        |   | 1,258,461 |   |
| Fon Tai                                   |   | (c)    |   |                     | 185,917     |   |                        |   | - |   |
|                                      |   |   |   | $                        | 34,659,248  |   |                        | $      | 33,824,426 |   |
| Vessels, net                              |   |   |   | $                        | 67,854,491  |   |                        | $      | 37,702,976 |   |

----

|           |   | March 31, 2011 |       |   | December 31, 2010 |   |
|----------------|--------|--------------------------|------------|--------|-----------------------------|--------|
| Net Book Value |   |                     |       |   |                        |   |
| Winland Dalian |   | $                        | 12,131,687 |   |                        | $      | 12,405,334 |   |
| Win Honey      |   |                     | 2,660,625  |   |                        |   | 2,723,906 |   |
| Baoshun        |   |                     | 19,370,972 |   |                        |   | 19,622,664 |   |
| Fon Tai        |   |                     | 30,800,420 |   |                        |   | - |   |
| Total          |   | $                        | 64,963,704 |   |                        | $      | 34,751,904 |   |

|                                    |   |     |        |   | Premium Expense                                               |   |
|-----------------------------------------|--------|----------|-------------|--------|--------------------------------------------------------------------|--------|
| Insurance                               |   | Coverage |        |   | For The Three Months Ended March 31, |   |
|                                    |   |     |        |   | 2011                                                               |   |   | 2010 |   |
| Hull insurance                          |   | $        | 100,890,000 |   |                                                               | $      | 267,679 |   |   | $ | 260,748 |   |
| Protection & indemnity insurance    |   |     | 94,740,000  |   |                                                               |   | 297,972 |   |   |   | 256,463 |   |
| Freight demurrage and defense insurance |   |     | 61,510,000  |   |                                                               |   | 27,566 |   |   |   | 22,061 |   |
| Delay insurance                         |   |     |        |   |                                                               |   | 41,407 |   |   |   | 11,274 |   |
| Total                                   |   |     |        |   |                                                               | $      | 634,624 |   |   | $ | 550,546 |   |

| VesselName |   | Delivery Date |   | ContractAmount |       |   | ConstructionCosts |   |       | OtherDirect Costs |   |   | Finder’sFees |   |   | CapitalizedInterest |      |   | Total  |   |
|------------|--------|--------------------|--------|----------------|------------|--------|-------------------|--------|------------|------------------------|--------|--------|--------------------|--------|--------|---------------------|-----------|--------|--------|--------|
| HT074      |   | May, 2011          |   | $              | 29,950,000 |   |              | $      | 19,950,000 |                   |   | $      | 509,241            |   |   | $                   | 1,425,000 |   |   | $      | 651,487 |   |   | $ | 22,535,728 |   |

----

|                           |   | March 31, 2011 |       |   | December 31, 2010 |   |
|--------------------------------|--------|--------------------------|------------|--------|-----------------------------|--------|
| Cost                           |   | $                        | 15,965,901 |   |                        | $      | 15,527,345 |   |
| Less: Accumulated amortization |   |                     | 8,432,004  |   |                        |   | 7,635,635 |   |
| Deferred dry dock fees, net    |   | $                        | 7,533,897  |   |                        | $      | 7,891,710 |   |

| Periods Ended March 31, |   | Amount |      |
|----------------------------------------|--------|--------|-----------|
| 2012                                   |   | $      | 3,117,116 |   |
| 2013                                   |   |   | 2,212,301 |   |
| 2014                                   |   |   | 1,491,223 |   |
| 2015                                   |   |   | 536,770   |   |
| 2016                                   |   |   | 176,487   |   |
| Total                                  |   | $      | 7,533,897 |   |

|                        |   | March 31, 2011 |      |   | December 31, 2010 |   |
|-----------------------------|--------|--------------------------|-----------|--------|-----------------------------|--------|
| Beginning balance           |   | $                        | 7,891,710 |   |                        | $      | 9,255,111 |   |
| Addition of deferrals       |   |                     | 438,556   |   |                        |   | 2,071,389 |   |
| Less: Amortization expense  |   |                     | (796,369  | )      |                        |   | (3,434,790 | ) |
| Deferred dry dock fees, net |   | $                        | 7,533,897 |   |                        | $      | 7,891,710 |   |

----

| (I)   Due From Related Parties |   |   |   | March 31, 2011 |      |   | December 31, 2010 |   |
|-----------------------------------------------|--------|--------|--------|--------------------------|-----------|--------|-----------------------------|--------|
| Winland Container Lines Ltd.                  |   | a)     |   | $                        | 3,457,946 |   |                        | $      | 1,088,359 |   |
| Dalian Winland Shipping Co., Ltd              |   | b)     |   |                     | 93,758    |   |                        |   | 14,222 |   |
| DWIS                                          |   | g)     |   |                     | 110,461   |   |                        |   | - |   |
| Total due from related parties                |   |   |   | $                        | 3,662,165 |   |                        | $      | 1,102,581 |   |
|                                          |   |   |   |                     |      |   |                        |   |   |   |
| (II)   Due To Related Parties  |   |   |   | March 31, 2011 |      |   | December 31, 2010 |   |
| Dalian Winland Group Co., Ltd                 |   | c)     |   | $                        | 1,811,348 |   |                        | $      | 2,194,746 |   |
| Dalian Master Well Ship Management Co., Ltd   |   | d)     |   |                     | 129,115   |   |                        |   | 28,824 |   |
| Winland Shipping Japan Co., Ltd               |   | e)     |   |                     | 8,803     |   |                        |   | 6,803 |   |
| Rich Forth Investment Limited                 |   | f)     |   |                     | 2,182,587 |   |                        |   | 1,523,560 |   |
| DWIL                                          |   | h)     |   |                     | 4,081,098 |   |                        |   | - |   |
| DSON                                          |   | i)     |   |                     | 18,585    |   |                        |   | - |   |
| Total due to related parties                  |   |   |   | $                        | 8,231,536 |   |                        | $      | 3,753,933 |   |

| a) | Winland Container Lines Ltd. is controlled by the relatives of the Chairman and Chief Executive Officer of the Company. The Company provided shipping agency and freight forwarding services to Winland Container Lines Ltd. For the three months ended March 31, 2011 and 2010, the Company recognized charter income for the vessel Winland Dalian of $0 and $153,507, respectively; the Company recognized service revenues of $414,420 and $992,839, respectively. For the three months ended March 31, 2011 and 2010, the Company paid $14,015,396 and $1,362,482 of expenses to ports, and received $12,060,228 and $2,462,729 of payments from ports on behalf of Winland Container Lines Ltd., respectively. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured and they were subsequently settled. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b) | Dalian Winland Shipping Co., Ltd (“DWSC”) is controlled by the Chairman and Chief Executive Officer of the Company. It operates as a vessel management company for the Company. It operated one vessel for the Company for three months ended March 31, 2011 and 2010. The vessel management fees were $2,357 and $4,500 for the three months ended March 31, 2011 and 2010, respectively. The rental fees for the offices of the Company were $11,376 and $0 for the three months ended March 31, 2011 and 2010, respectively. For the three months ended March 31, 2011 and 2010, on behalf of DWSC, the Company paid $1,981,810 and $0, and received $1,888,541 and $0, respectively. The Company recognized interest expense of $0 and $14,354 for the three months ended March 31, 2011 and 2010, respectively. Also see Note 10. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured and have no fixed repayment term. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c) | Dalian Winland Group Co., Ltd (“DWIG”) is controlled by the Chairman and Chief Executive Officer of the Company. The Company paid $4,314,435 and $9,356,152 of expenses on behalf of DWIG for the three months ended March 31, 2011 and 2010, respectively. The Company collected $3,931,039 and $8,651,608 on behalf of DWIG for the three months ended March 31, 2011 and 2010, respectively. The Company recognized interest expense of $0 and $22,674 for the three months ended March 31, 2011 and 2010, respectively. Also see Note 10. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured and have no fixed repayment term. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| d) | Dalian Master Well Ship Management Co., Ltd is controlled by the Chairman and Chief Executive Officer of the Company. It operates as the vessel management company for the Company. The vessel management fees for the three months ended March 31, 2011 and 2010 were $53,700 and $58,500, respectively. The Company collected $46,590 and $8,400 on behalf of Dalian Master Well Ship Management Co., Ltd, for the three months ended March 31, 2011 and 2010, respectively. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured, and have no fixed repayment term. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e) | Winland Shipping Japan Co., Ltd is controlled by the Chairman and Chief Executive Officer of the Company. The Company recognized relevant agency service fees of $0 and $29,856 for the three months ended March 31, 2011 and 2010, respectively. The Company paid $2,000 and $43,377, and received $4,000 and $28,147 on behalf of Winland Shipping Japan Co., Ltd, for three months ended March 31, 2011 and 2010, respectively. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured and have no fixed repayment term. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| f) | Rich Forth Investment Limited is controlled by the relatives of the Chairman and Chief Executive Officer of the Company. It operates as a vessel management company for the Company. The vessel management fee was $23,400 and $12,600 for the three months ended March 31, 2011 and 2010, respectively. The Company paid $720,265 and $8,400, and collected $1,254,115 and $0 for the three months ended March 31, 2011 and 2010, respectively. The Company recognized interest expense for long-term notes payable of $101,777 and $0 for the three months ended March 31, 2011 and 2010, respectively. The outstanding balances at March 31, 2011 and December 31, 2010 are interest-free, unsecured and have no fixed repayment term. Also see Note 9 for long-term notes payable to related parties. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g) | DWIS is controlled by the Chairman and Chief Executive Officer of the Company. On February 16, 2011, DWIS was disposed by the Company. DWIS provided shipping agency services to the Company. During February 17 to March 31, 2011, the Company recognized agency fee for agency service of $12,568, and paid $328,408 and collected $145,272 on behalf of DWIS. The outstanding balance at March 31, 2011 is interest-free, unsecured and has no fixed repayment term. Also see Note 11. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| h) | DWIL is controlled by the Chairman and Chief Executive Officer of the Company. On February 16, 2011, DWIL was disposed by the Company. During February 17 to March 31, 2011, the Company paid $36,235 and collected $297,223 on behalf of DWIL. The outstanding balance at March 31, 2011 is interest-free, unsecured and has no fixed repayment term. Also see Note 11. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| i) | DSON is ultimately controlled by the Chairman and Chief Executive Officer of the Company. On February 16, 2011, DSON was disposed by the Company. During February 17 to March 31, 2011, the Company paid $19,950 and collected $19,950 on behalf of DSON. The outstanding balance at March 31, 2011 is interest-free, unsecured and has no fixed repayment term. Also see Note 11. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | March 31,2011 |       |   | December 31,2010 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|--------|-----------------------|--------|
| Loans from Dialease Maritime S.A.:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |               |       |   |                  |   |
| Due on August 1, 2011, monthly interest payment is at 1-month USD LIBOR plus 1.75% per annum (2.03% at March 31, 2011), secured by the vessel Winland Dalian (also see Note 4), assignment of insurance of the vessel, and guaranteed by the Chairman of the Company. Principal is repaid every month in 72 equal installments from September 2005.                                                                                                                                                                                                        |   | $                  | 879,876    |   |                  | $      | 1,407,792 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Due on July 21, 2012, monthly interest payment is at 1-month USD LIBOR plus 1.75% per annum (2.03% at March 31, 2011), secured by the vessel Win Honey (also see Note 4), assignment of insurance of the vessel, and guaranteed by the Chairman of the Company. Principal is repaid every month in 72 equal installments from August 2006.                                                                                                                                                                                                                 |   |               | 933,296    |   |                  |   | 1,108,298 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Term of the loan is 7 years with interest at the 1-month JPY LIBOR plus 2.30% per annum (2.44% at March 31, 2011), monthly payment of principal is fixed at $109,773, initial payment on October 24, 2009, secured by the vessel Baoshun (also see Note 4).                                                                                                                                                                                                                                                                                                |   |               | 12,514,086 |   |                  |   | 12,843,405 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Loan facility of $37,000,000 from China Merchants Bank:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |               |       |   |                  |   |   |   |
| Drawdown from the loan facilities due on September 21, 2012, with interest rate at the 3-month USD LIBOR plus 1.5% per annum (1.80% at March 31, 2011). The principal payment is fixed at $497,500 quarterly for 5 quarters, starting from June 21, 2011, with final payment of $312,500 on September 21, 2012. The interest is accrued from June 29, 2010 and paid quarterly starting December 21, 2010 till the principal is paid. The loan is secured by the vessel HT074, and guaranteed by the Chairman and the CEO of the Company (also see Note 5). |   |               | 14,200,000 |   |                  |   | 14,200,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Drawdown from the loan facilities due on June 21, 2014, with interest rate at the 3-month USD LIBOR plus 1.5% per annum (1.80% at March 31, 2011). The principal payment is fixed at $427,500 quarterly for 13 quarters, starting March 21, 2011, with final payment of $142,500 due June 21, 2014. The interest is accrued from July 9, 2010 and paid quarterly starting December 21, 2010 till the principal payoff. The loan is secured by the vessel Fon Tai, and guaranteed by the Chairman and the CEO of the Company (also see Note 5).             |   |               | 16,672,500 |   |                  |   | 17,100,000 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Total long-term loans                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 45,199,758 |   |                  |   | 46,659,495 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Less: Current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |               | 6,597,160  |   |                  |   | 6,627,576 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |               |       |   |                  |   |   |   |
| Long-term portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                  | 38,602,598 |   |                  | $      | 40,031,919 |   |

----

| Periods Ended March 31, |   | Amount |       |
|----------------------------------------|--------|--------|------------|
| 2012                                   |   | $      | 6,597,160  |   |
| 2013                                   |   |   | 4,753,064  |   |
| 2014                                   |   |   | 5,017,276  |   |
| 2015                                   |   |   | 5,017,276  |   |
| 2016                                   |   |   | 5,514,776  |   |
| Thereafter                             |   |   | 18,300,206 |   |
| Total                                  |   | $      | 45,199,758 |   |

----

|                                                                                                                                                                                                                                                                                   |   |   |   | March 31, 2011 |       |   | December 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------------------------|------------|--------|-----------------------------|--------|
| Notes payable to unrelated party:                                                                                                                                                                                                                                                      |   |   |   |                     |       |   |                        |   |
| Sea Carrier Shipping Co., Ltd., net of discount of $1,249,105 and $1,407,170 at March 31, 2011 and December 31, 2010, respectively, due September 25, 2014, fixed repayment of $2,897 per day, monthly payment due one month in advance.                                               |   | a)     |   | $                        | 2,438,776  |   |                        | $      | 2,541,441 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Sea Carrier Shipping Co., Ltd., due March 31, 2016, net of discount of $2,935,003 and $0 at March 31, 2011 and December 31, 2010. Started from April 1, 2011, fixed repayment of $3,718 per day, due at month end.                                                                     |   | b)     |   |                     | 3,850,000  |   |                        |   | 3,850,000 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Sea Carrier Shipping Co., Ltd., due March 31, 2016, net of discount of $2,935,003 and $0 at March 31, 2011 and December 31, 2010. Started from April 1, 2011, fixed repayment of $3,718 per day, due at month end.                                                                     |   | c)     |   |                     | 3,850,000  |   |                        |   | 3,850,000 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Subtotal                                                                                                                                                                                                                                                                               |   |   |   |                     | 10,138,776 |   |                        |   | 10,241,441 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Notes payable to related party:                                                                                                                                                                                                                                                        |   |   |   |                     |       |   |                        |   |   |   |
| Rich Forth Investment Limited, due March 31, 2016, monthly interest at an interest rate of 5.841% on unpaid principal balance per annum paid from June 1, 2010 to March 31, 2016. Started June 30, 2011, interest payment and fixed $215,000 repayment of principal paid quarterly.    |   | f)     |   |                     | 4,300,000  |   |                        |   | 4,300,000 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Rich Forth Investment Limited, due June 30, 2016, monthly interest at an interest rate of 5.841% on unpaid principal balance per annum paid from June 1, 2010 to June 30, 2016. Started September 30, 2011, interest payment and fixed $122,500 repayment of principal paid quarterly. |   | g)     |   |                     | 2,450,000  |   |                        |   | 2,450,000 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Subtotal                                                                                                                                                                                                                                                                               |   |   |   |                     | 6,750,000  |   |                        |   | 6,750,000 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Total long-term notes payable                                                                                                                                                                                                                                                          |   |   |   |                     | 16,888,776 |   |                        |   | 16,991,441 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Less: Current portion                                                                                                                                                                                                                                                                  |   |   |   |                     | 2,610,948  |   |                        |   | 2,906,832 |   |
|                                                                                                                                                                                                                                                                                   |   |   |   |                     |       |   |                        |   |   |   |
| Long-term portion                                                                                                                                                                                                                                                                      |   |   |   | $                        | 14,277,828 |   |                        | $      | 14,084,609 |   |

----

| Periods Ended March 31, |   | Amount |       |
|----------------------------------------|--------|--------|------------|
| 2012                                   |   | $      | 2,610,948  |   |
| 2013                                   |   |   | 3,120,769  |   |
| 2014                                   |   |   | 3,617,290  |   |
| 2015                                   |   |   | 3,687,581  |   |
| 2016                                   |   |   | 3,729,688  |   |
| Thereafter                             |   |   | 122,500    |   |
| Total                                  |   | $      | 16,888,776 |   |

| Period  Ended March 31, |   | Amount |   |
|---------------------------------------------|--------|--------|--------|
| 2012                                        |   | $      | 46,964 |   |
| Total                                       |   | $      | 46,964 |   |

| Periods Ended March 31, |   | Amount |      |
|----------------------------------------|--------|--------|-----------|
| 2012                                   |   | $      | 5,700,000 |   |
| 2013                                   |   |   | 950,000   |   |
| 2014                                   |   |   | 950,000   |   |
| 2015                                   |   |   | 950,000   |   |
| Total                                  |   | $      | 8,550,000 |   |

----

|                              |   | Three Months Ended March 31, |     |
|-----------------------------------|--------|--------------------------------------------------|----------|
|                              |   | 2011                                             |     |   | 2010 |   |
| Revenue                           |   | $                                                | 589,713  |   |   | $ | 1,063,704 |   |
| Costs and expenses                |   |                                             | (702,644 | ) |   |   | (1,189,406 | ) |
| Income tax expense                |   |                                             | (9,382   | ) |   |   | (7,939 | ) |
| Loss from discontinued operations |   | $                                                | 122,313  |   |   | $ | 133,641 |   |

|                      |   | February 16, 2011 |       |
|---------------------------|--------|-----------------------------|------------|
| Assets:                   |   |                        |       |
| Cash and cash equivalents |   | $                           | 3,266,836  |   |
| Accounts receivable       |   |                        | 2,231,363  |   |
| Other current assets      |   |                        | 4,376,091  |   |
|                      |   |                        |       |   |
| Vessel, net               |   |                        | 1,758,770  |   |
| Other long-term assets    |   |                        | 126,101    |   |
|                      |   |                        |       |   |
| Total assets              |   |                        | 11,759,161 |   |
|                      |   |                        |       |   |
| Liabilities:              |   |                        |       |   |
| Accounts payable          |   |                        | 811,631    |   |
| Short-term bank loan      |   |                        | 1,513,936  |   |
| Other current liabilities |   |                        | 3,717,133  |   |
|                      |   |                        |       |   |
| Long-term notes payable   |   |                        | 2,961,739  |   |
|                      |   |                        |       |   |
| Total liabilities         |   |                        | 9,004,439  |   |
|                      |   |                        |       |   |
| Total net assets disposed |   |                        | 2,754,722  |   |
| Consideration             |   |                        | 151,319    |   |
| Loss on disposition       |   | $                           | 2,603,403  |   |

|                                   |   | Three Months Ended March 31, |    |
|----------------------------------------|--------|--------------------------------------------------|---------|
|                                   |   | 2011                                             |    |   | 2010 |   |
| Net income                             |   | $                                                | 881,086 |   |   | $ | 1,777,924 |   |
| Basic and diluted net income per share |   | $                                                | 0.00    |   |   | $ | 0.01 |   |

----

| The Three Months EndedMarch 31, 2011 |   | Dry BulkShipping |       |   | CharteringBrokerage |   |       | Corporate andEliminations |   |   | Consolidated |   |
|---------------------------------------------------------------|--------|-----------------------|------------|--------|---------------------|--------|------------|--------------------------------|--------|--------|--------------|--------|
| Sales to unaffiliated customers                               |   | $                     | 8,718,057  |   |                | $      | 4,574,969  |                           |   | $      | (32,196      | )      |   | $ | 13,260,830 |   |
| Intersegment sales                                            |   |                  | -          |   |                |   | 268,478    |                           |   |   | (268,478     | )      |   |   | - |   |
| Net sales                                                     |   |                  | 8,718,057  |   |                |   | 4,843,447  |                           |   |   | (300,674     | )      |   |   | 13,260,830 |   |
| Costs                                                         |   |                  | 5,912,788  |   |                |   | 4,001,340  |                           |   |   | (300,674     | )      |   |   | 9,613,454 |   |
| Depreciation and amortization                                 |   |                  | 1,632,189  |   |                |   | 94         |                           |   |   | -            |   |   |   | 1,632,283 |   |
| Other expenses                                                |   |                  | 1,008,800  |   |                |   | 71,930     |                           |   |   | 53,277       |   |   |   | 1,134,007 |   |
| Operation income (loss)                                       |   |                  | 164,280    |   |                |   | 770,083    |                           |   |   | (53,277      | )      |   |   | 881,086 |   |
| Income (loss) from discontinued operations                    |   |                  | 75,491     |   |                |   | -          |                           |   |   | (2,801,207   | )      |   |   | (2,725,716 | ) |
| Net income (loss)                                             |   | $                     | 239,771    |   |                | $      | 770,083    |                           |   | $      | (2,854,484   | )      |   | $ | (1,844,630 | ) |
| March 31, 2011                                                |   |                  |       |   |                |   |       |                           |   |   |         |   |   |   |   |   |
| Identifiable assets                                           |   | $                     | 98,090,177 |   |                | $      | 14,600,735 |                           |   | $      | (772,786     | )      |   | $ | 111,918,126 |   |

| The Three Months EndedMarch 31, 2010 |   | Dry BulkShipping |        |   | CharteringBrokerage |   |       | Corporate andEliminations |   |   | Consolidated |   |
|---------------------------------------------------------------|--------|-----------------------|-------------|--------|---------------------|--------|------------|--------------------------------|--------|--------|--------------|--------|
| Sales to unaffiliated customers                               |   | $                     | 9,069,580   |   |                | $      | 4,576,689  |                           |   | $      | (23,272      | )      |   | $ | 13,622,997 |   |
| Intersegment sales                                            |   |                  | -           |   |                |   | -          |                           |   |   | -            |   |   |   | - |   |
| Net sales                                                     |   |                  | 9,069,580   |   |                |   | 4,576,689  |                           |   |   | (23,272      | )      |   |   | 13,622,997 |   |
| Costs                                                         |   |                  | 5,418,112   |   |                |   | 3,978,284  |                           |   |   | (23,272      | )      |   |   | 9,373,124 |   |
| Depreciation and amortization                                 |   |                  | 1,635,001   |   |                |   | -          |                           |   |   | -            |   |   |   | 1,635,001 |   |
| Other expenses                                                |   |                  | 685,533     |   |                |   | 90,813     |                           |   |   | 60,602       |   |   |   | 836,948 |   |
| Operation income (loss)                                       |   |                  | 1,330,934   |   |                |   | 507,592    |                           |   |   | (60,602      | )      |   |   | 1,777,924 |   |
| (Loss) from discontinued operations                           |   |                  | (92,555     | )      |                |   | -          |                           |   |   | (41,086      | )      |   |   | (133,641 | ) |
| Net income (loss)                                             |   | $                     | 1,238,379   |   |                | $      | 507,592    |                           |   | $      | (101,688     | )      |   | $ | 1,644,283 |   |
| December 31, 2010                                             |   |                  |        |   |                |   |       |                           |   |   |         |   |   |   |   |   |
| Identifiable assets                                           |   | $                     | 105,578,924 |   |                | $      | 11,538,814 |                           |   | $      | (1,079,401   | )      |   | $ | 116,038,337 |   |

----

|                             |   | Three Months Ended March 31, |       |
|----------------------------------|--------|--------------------------------------------------|------------|
|                             |   | 2011                                             |       |   | 2010 |   |
|                             |   | (Unaudited)                                      |       |   | (Unaudited) |   |
| Sales to unaffiliated customers: |   |                                             |       |   |   |   |
| Japan, Korea and Russia          |   | $                                                | 4,641,291  |   |   | $ | 7,529,584 |   |
| PRC (including Hong Kong)        |   |                                             | 3,400,080  |   |   |   | 3,488,148 |   |
| Southern and Eastern Asia        |   |                                             | 3,230,336  |   |   |   | 1,868,748 |   |
| Other                            |   |                                             | 1,989,123  |   |   |   | 736,517 |   |
| Total                            |   | $                                                | 13,260,830 |   |   | $ | 13,622,997 |   |

----

|   | (a) | Winland Shipping Co., Ltd. was organized under the laws of Hong Kong on August 11, 2000 (“Winland Shipping”); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Kinki International Industrial Limited was organized under the laws of Hong Kong on May 2, 2006 (“Kinki”); |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | Bestline Shipping Limited was organized under the laws of Hong Kong on January 27, 1994 (“Bestline”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (d) | Lancrusier Development Co., Limited was organized under the laws of Hong Kong on July 11, 1995 (“Lancrusier”); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Win Star Shipping Co., Ltd. Was organized under the laws of St. Vincent and the Grenadines (“SVG”) on June 21, 2000 (“Win Star”); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Bodar Shipping Co., Ltd. was organized under the laws of SVG on January 7, 2004 (“Bodar”); |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (g) | Winland Dalian Shipping S.A. was organized under the laws of Panama on June 8, 2005 (“Winland Dalian”); and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Treasure Way Shipping Limited was organized under the laws of Hong Kong on May 27, 2002 (“Treasure Way”). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (i) | Win Eagle Shipping Co., Ltd. was organized under the laws of Malta on July 29, 2002 (“Win Eagle”); |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (j) | Win Bright Shipping Co., Ltd. was organized under the laws of Malta on February 8, 2002 (“Win Bright”); |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (k) | Win Ever Shipping Co., Ltd. was organized under the laws of Malta on February 8, 2002 (“Win Ever”); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (l) | Win Glory S.A. was organized under the laws of Panama on April 2, 2003 (“Win Glory”); and |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (m) | Win Moony Shipping Co., Ltd. was organized under the laws of Malta on September 26, 2003 (“Win Moony”). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (n) | Win Grace Shipping Co., Ltd. Was organized under the laws of Malta on September 4, 2003 (“Win Grace”); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (o) | Win Hope Shipping Co., Ltd. was organized under the laws of Malta on June 14, 2001 (“Win Hope”). |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (p) | Bodar Shipping S.A. was incorporated and registered in Panama on February 12, 2009 (“Bodar Shipping”); |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (q) | Win Moony Shipping S.A. was incorporated and registered in Panama on April 30, 2009 (“Win Shipping”); |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (r) | Bao Shun Shipping S.A. was incorporated and registered in Panama on June 10, 2009 (“Bao Shun”); and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

|   | (s) | Winland International Shipping Co., Ltd. was incorporated and registered in Hong Kong on August 27, 2009 ("Winland International"). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (t) | Fon Tai Shipping Co., Limited was incorporated and registered in Hong Kong on March 1, 2010 (“Fon Tai”); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (u) | Won Lee Shipping Co., Limited was incorporated and registered in Hong Kong on March 1, 2010 (“Won Lee”); |
|--------|-----|----------------------------------------------------------------------------------------------------------------------|

|   | (v) | Kin Ki International Industrial Limited was incorporated and registered in BVI on January 4, 2010 (“Kin Ki International”); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (w) | Win Bright Shipping S.A. was incorporated and registered in Panama on November 15, 2010 (“Win Bright Shipping”); and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------|

|   | (x) | Win Ever Shipping S.A. was incorporated and registered in Panama on December 3, 2010 (“Win Ever Shipping”). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | (I) | The amount of revenue can be measured reliably; |
|--------|-----|-------------------------------------------------|

|   | (II) | It is probable that the economic benefits will flow to the Company; |
|--------|------|---------------------------------------------------------------------|

|   | (III) | The stage of completion at the balance sheet date can be measured reliably; |
|--------|-------|-----------------------------------------------------------------------------|

|   | (IV) | The costs incurred, or to be incurred can be measured reliably. |
|--------|------|-----------------------------------------------------------------|

----

|                                        |   | For The Three Months Ended March 31, |   |   |              |   |
|--------------------------------------------------|--------|--------------------------------------------------------------------|--------|--------|-------------------|--------|
|                                             |   | 2011                                                               |   |   | 2010              |   |   | Change |   |
|                                             |   | Amount                                                             |   |   | % ofRevenues |   |   | Amount |   |   | % ofRevenues |   |   | InAmount |   |   | In % |   |
| Revenues                                         |   | 13,260,830                                                         |   |   | 100.0%            |   |   |   | 13,622,997 |   |   | 100.0% |   |   | (362,167) |   |   | (2.7)% |   |
| Vessel operating costs                           |   | 9,613,454                                                          |   |   | 72.5%             |   |   |   | 9,373,124 |   |   | 68.8% |   |   | 240,330 |   |   | 2.6% |   |
| Depreciation and amortization                    |   | 1,632,283                                                          |   |   | 12.3%             |   |   |   | 1,635,001 |   |   | 12.0% |   |   | (2,718) |   |   | (0.2)% |   |
| General and administrative                       |   | 580,901                                                            |   |   | 4.4%              |   |   |   | 439,269 |   |   | 3.2% |   |   | 141,632 |   |   | 32.2% |   |
| Selling                                          |   | 86,824                                                             |   |   | 0.7%              |   |   |   | 100,214 |   |   | 0.7% |   |   | (13,390) |   |   | (13.4)% |   |
| Interest expense, net                            |   | 480,648                                                            |   |   | 3.6%              |   |   |   | 290,170 |   |   | 2.1% |   |   | 190,478 |   |   | 65.6% |   |
| Income from continuing operations                |   | 881,086                                                            |   |   | 6.6%              |   |   |   | 1,777,924 |   |   | 13.1% |   |   | (896,838) |   |   | (50.4)% |   |
| Loss from disposition of discontinued operations |   | 2,603,403                                                          |   |   | 19.6%             |   |   |   | - |   |   | - |   |   | 2,603,403 |   |   | 100% |   |
| Loss from discontinued operations                |   | 112,931                                                            |   |   | 0.9%              |   |   |   | 125,702 |   |   | 0.9% |   |   | (12,771) |   |   | (10.2)% |   |
| Net (loss) income                                |   | (1,844,630)                                                        |   |   | (13.9)%           |   |   |   | 1,644,283 |   |   | 12.1% |   |   | (3,488,913) |   |   | (212.2)% |   |
|                                             |   |                                                               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding              |   | 195,000,000                                                        |   |   |              |   |   |   | 195,000,000 |   |   |   |   |   | - |   |   | - |   |
| Net (loss) income per share                      |   | (0.01)                                                             |   |   |              |   |   |   | 0.01 |   |   |   |   |   | (0.02) |   |   | (200.0)% |   |

----

----

----

|                                     |   |        |   |   | Payments Due by Period |   |
|-----------------------------------------------|--------|-------------|--------|--------|---------------------------------------|--------|
|                                          |   | Total       |   |   | LessThan 1Year                   |   |   | 1-3Years |   |   | 3-5 Years |   |   | MoreThan 5Years |   |
| Lont-term loans obligations                   |   | $45,199,758 |   |   | 6,597,160                             |   |   | 9,770,340 |   |   | 10,532,052 |   |   | 18,300,206 |   |
| Interest payments of long-term loans          |   | $3,843,479  |   |   | 884,791                               |   |   | 1,418,284 |   |   | 1,003,652 |   |   | 536,752 |   |
| Long-term notes payable obligations           |   | $16,888,776 |   |   | 2,610,948                             |   |   | 6,738,059 |   |   | 7,417,269 |   |   | 122,500 |   |
| Interest payments of long-term notes payables |   | $8,191,365  |   |   | 2,761,943                             |   |   | 4,009,669 |   |   | 1,417,969 |   |   | 1,784 |   |
| Non-cancelable leases obligations             |   | $46,964     |   |   | 46,964                                |   |   | - |   |   | - |   |   | - |   |
| Ship building, obligations                    |   | $8,550,000  |   |   | 5,700,000                             |   |   | 1,900,000 |   |   | 950,000 |   |   | - |   |

----

----

----

----

|   | · | offer new and innovative services; |
|--------|--------|------------------------------------|

|   | · | respond effectively to competitive pressures and address the effects of strategic relationships or corporate combinations; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

----

|   | · | maintain our current, and develop new, strategic relationships; |
|--------|--------|-----------------------------------------------------------------|

|   | · | increase awareness of our services and continue to build customer loyalty; and |
|--------|--------|--------------------------------------------------------------------------------|

|   | · | attract and retain qualified management, consultants and employees. |
|--------|--------|---------------------------------------------------------------------|

----

|   | · | reduce our investments; |
|--------|--------|-------------------------|

|   | · | limit our expansion efforts; and |
|--------|--------|----------------------------------|

|   | · | decrease or eliminate capital expenditures. |
|--------|--------|---------------------------------------------|

----

----

----

----

|   | · | announcements of technological innovations by us or our competitors; |
|--------|--------|----------------------------------------------------------------------|

|   | · | our ability to obtain additional financing and, if available, the terms and conditions of the financing; |
|--------|--------|----------------------------------------------------------------------------------------------------------|

|   | · | our financial position and results of operations; |
|--------|--------|---------------------------------------------------|

|   | · | litigation; |
|--------|--------|-------------|

|   | · | period-to-period fluctuations in our operating results; |
|--------|--------|---------------------------------------------------------|

----

|   | · | changes in estimates of our performance by any securities analysts; |
|--------|--------|---------------------------------------------------------------------|

|   | · | new regulatory requirements and changes in the existing regulatory environment; |
|--------|--------|---------------------------------------------------------------------------------|

|   | · | the issuance of new equity securities in a future offering; |
|--------|--------|-------------------------------------------------------------|

|   | · | changes in interest rates; |
|--------|--------|----------------------------|

|   | · | changes in environmental standards; |
|--------|--------|-------------------------------------|

|   | · | market conditions of securities traded on the OTCBB; |
|--------|--------|------------------------------------------------------|

|   | · | investor perceptions of us and the shipping industry generally; and |
|--------|--------|---------------------------------------------------------------------|

|   | · | general economic and other national conditions. |
|--------|--------|-------------------------------------------------|

|   | · | investors may have difficulty buying and selling or obtaining market quotations; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | market visibility for our Common Stock may be limited; and |
|--------|--------|------------------------------------------------------------|

|   | · | a lack of visibility for our Common Stock may have a depressive effect on the market for our Common Stock. |
|--------|--------|------------------------------------------------------------------------------------------------------------|

----

----

| EXHIBITNO. |   | DESCRIPTION                                                                                                                               |   | LOCATION                                                                                                                                  |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 2.1        |   | Share Exchange Agreement, dated August 12, 2008, by and among Trip Tech, Inc., SkyAce Group Limited and Pioneer Creation Holdings Limited |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.1        |   | Articles of Incorporation of Trip Tech, Inc.                                                                                              |   | Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form SB-2 as filed with the SEC on May 14, 2007 |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.2        |   | Amended and Restated Bylaws of Trip Tech, Inc. dated as of August 27, 2008                                                                |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on September 29, 2008                   |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.3        |   | Memorandum and Articles of Association of SkyAce Group Limited                                                                       |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.4        |   | Certificate of Incorporation of SkyAce Group Limited                                                                                      |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.5        |   | Memorandum and Articles of Association of Plentimillion Group Limited                                                                     |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.6        |   | Certificate of Incorporation of Plentimilllion Group Limited                                                                              |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |
|       |   |                                                                                                                                      |   |                                                                                                                                      |
| 3.7        |   | Memorandum and Articles of Association of Best Summit Enterprises Limited                                                                 |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                      |

----

| 3.8    |   | Certificate of Incorporation of Best Summit Enterprises Limited      |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                 |   |                                                                                                                 |
| 3.9    |   | Memorandum and Articles of Association of Wallis Development Limited |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

| 3.10   |   | Certificate of Incorporation of Wallis Development Limited                                                                                            |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.11   |   | Articles of Association of Beijing Huate Xingye Keji Co. Ltd.                                                                                         |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.12   |   | Certificate of Incorporation of Beijing Huate Xingye Keji Co. Ltd.                                                                                    |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.13   |   | Certificate of Correction to Trip Tech’s Articles of Incorporation, dated August 11, 2008                                                       |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.14   |   | Certificate of Amendment to Certificate of Incorporation of the Company, dated September 24, 2008                                                     |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on September 29, 2008             |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.15   |   | Certificate of Corporate Resolutions Designating Series A Preferred Stock of the Company, dated August 12, 2008                                       |   | Incorporated by reference to Exhibit 3.15 to the Company’s Annual Report on Form 10-K as filed with the SEC on March 31, 2009 |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 3.16   |   | Certificate of Amendment to Certificate of Incorporation of the Company, dated March 11, 2011 (name change, increase of authorized and forward split) |   | Incorporation by reference to the Company’s Current Report on Form 8-K as filed with the SEC on March 28, 2011                |
|   |   |                                                                                                                                                  |   |                                                                                                                                |
| 10.1   |   | Exclusive Technology Consultation Service Agreement, dated March 31, 2008, by and among Beijing Huate Xingye Keji Co. Ltd. and Winland International  |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                |

| 10.2   |   | Exclusive Technology Consultation Service Agreement, dated March 31, 2008, by and among Beijing Huate Xingye Keji Co. Ltd. and Winland Logistics |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                             |   |                                                                                                                 |
| 10.3   |   | Exclusive Technology Consultation Service Agreement, dated March 31, 2008, by and among Beijing Huate Xingye Keji Co. Ltd. and Shipping Online   |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

----

| 10.4   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and among Wallis Development Limited, Dalian Winland International Shipping Agency Co., Ltd. and Dalian Winland Group Co., Ltd.          |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                            |   |                                                                                                                 |
| 10.5   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and among Wallis Development Limited, Dalian Winland International Shipping Agency Co., Ltd. and Dalian Weihang Logistic Agent Co., Ltd. |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

| 10.6   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and among Wallis Development Limited, Dalian Winland International Shipping Agency Co., Ltd. and Dalian Winland Shipping Co., Ltd.                 |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                      |   |                                                                                                                 |
| 10.7   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and between Wallis Development Limited, Dalian Winland International Logistic Co., Ltd. and Dalian Winland Group Co., Ltd.                         |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|   |   |                                                                                                                                                                                                                      |   |                                                                                                                 |
| 10.8   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and between Wallis Development Limited, Dalian Winland International Logistic Co., Ltd. and Dalian Winland Shipping Co., Ltd.                      |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|   |   |                                                                                                                                                                                                                      |   |                                                                                                                 |
| 10.9   |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and between Wallis Development Limited, Dalian Winland International Logistic Co., Ltd. and Dalian Winland International Shipping Agency Co., Ltd. |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|   |   |                                                                                                                                                                                                                      |   |                                                                                                                 |
| 10.10  |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and among Wallis Development Limited, Dalian Shipping Online Network Co., Ltd. and Li Honglin                                                      |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|   |   |                                                                                                                                                                                                                      |   |                                                                                                                 |
| 10.11  |   | Exclusive Equity Interest Purchase Agreement, dated March 31, 2008, by and among Wallis Development Limited, Dalian Shipping Online Network Co., Ltd. and Xue Ying                                                        |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

| 10.12  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Dalian Winland Group Co.          |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                            |   |                                                                                                                 |
| 10.13  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Dalian Winland Shipping Co., Ltd. |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

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| 10.14  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Dalian Weihang Logistic Agent Co., Ltd.         |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                          |   |                                                                                                                 |
| 10.15  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Dalian Winland International Logistic Co., Ltd. |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008 |

| 10.16  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Dalian Winland Group Co.                                                                                                                                                |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.17  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Winland Shipping Co., Ltd.                                                                                                                                              |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.18  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Li Honglin                                                                                                                                                              |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.19  |   | Equity Interest Pledge Agreement, dated March 31, 2008, by and between Beijing Huate Xingye Keji Co. Ltd. and Xue Ying                                                                                                                                                                |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.20  |   | Powers of Attorney, dated March 31, 2008, executed by Dalian Winland Group Co., Ltd., Dalian Winland Shipping Co., Ltd. and Dalian Weihang Logistic Agent Co., Ltd. in favor of Beijing Huate Xingye Keji Co. Ltd. For Dalian Winland International Shipping Agency Co., Ltd.         |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.21  |   | Powers of Attorney, dated March 31, 2008, executed by Dalian Winland Group Co., Ltd., Dalian Winland Shipping Co., Ltd. and Dalian Winland International Shipping Agency Co., Ltd. in favor of Beijing Huate Xingye Keji Co. Ltd. for Dalian Winland International Logistic Co., Ltd. |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.22  |   | Powers of Attorney, dated March 31, 2008, executed by Li Honglin and Xue Ying in favor of Beijing Huate Xingye Keji Co. Ltd. and Dalian Shipping Online Network Co., Ltd.                                                                                                             |   | Incorporated by reference to the Company’s Current Report on Form 8-K as filed with the SEC on August 12, 2008                       |
|   |   |                                                                                                                                                                                                                                                                                  |   |                                                                                                                                       |
| 10.23  |   | Memorandum of Agreement, dated June 3, 2009, by and between Mario Shipping Corporation and Winland Shipping Co. Ltd.                                                                                                                                                                  |   | Incorporated by reference to Exhibit 10.23 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |

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| 10.24  |   | Addendum No. 1 to Memorandum of Agreement dated June 4, 2009 (Bao Shun)  |   | Incorporated by reference to Exhibit 10.24 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |
|--------|--------|--------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                     |   |                                                                                                                                       |
| 10.25  |   | Addendum No. 2 to Memorandum of Agreement dated July 14, 2009 (Bao Shun) |   | Incorporated by reference to Exhibit 10.25 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |

| 10.26  |   | Loan Agreement (Mitsubishi UFJ Lease Finance Co., Ltd.)                                                                |   | Incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 10.27  |   | Amendment to Loan Agreement (Mitsubishi UFJ Lease Finance Co., Ltd.)                                                   |   | Incorporated by reference to Exhibit 10.27 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 10.28  |   | First Preferred Panamanian Ship Mortgage                                                                               |   | Incorporated by reference to Exhibit 10.28 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 10.29  |   | Deed of Guarantee                                                                                                      |   | Incorporated by reference to Exhibit 10.29 to the Company’s Quarterly Report on Form 10-Q as filed wit hthe SEC on November 13, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 14.1   |   | Code of Ethics                                                                                                         |   | Incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-KSB as filed with the SEC on March 28, 2008      |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 21     |   | List of Subsidiaries                                                                                                   |   | Incorporated by reference to Exhibit 21 to the Company’s Annual Report on Form 10-K as filed with the SEC March 30, 2011             |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 31.1   |   | Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   |  Provided herewith                                                                                                                    |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 31.2   |   | Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   | Provided herewith                                                                                                                          |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 32.1   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                          |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 32.2   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                          |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 99.1   |   | Audit Committee Charter, dated January 15, 2009                                                                        |   | Incorporated by reference Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on January 20, 2009         |
|   |   |                                                                                                                   |   |                                                                                                                                       |
| 99.2   |   | Compensation Committee Charter, dated January 15, 2009                                                                 |   | Incorporated by reference Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on January 20, 2009         |

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| 99.3 |   | Corporate Governance and Nominating Committee Charter, dated January 15, 2009 |   | Incorporated by reference Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on January 20, 2009 |
|------|--------|-------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|          | WINLAND OCEAN SHIPPING CORP. |
|--------------------|------------------------------|
|               |                         |   |
| Date: May 11, 2011 | By:                          | /s/ Xue Ying |
|               | Name:                   | Xue Ying |
|               | Its:                         | Chief Executive Officer, Principal ExecutiveOfficer,Secretary and Director |
|               |                         |   |
| Date: May 11, 2011 | By:                          | /s/ Jing Yan |
|               | Name:                        | Jing Yan |
|               | Its:                         | Chief Financial Officer, Principal FinancialandAccounting Officer |

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