Document:

Exhibit 10.2

Hunter Maritime Acquisition Corp.

c/o MI Management Company

Trust Company Complex, Suite 206

Ajeltake Road

Majuro MH 96960

 Marshall Islands

27th April 2017

Ref: cv1/19537-17 

 

Dear Sirs,

In accordance with your request and subject to our Terms and Conditions, which you have accepted, we have made an assessment of the vessels by collating brokers' price ideas and using these, coupled with brokers' market knowledge, as our reference points. We seek then to validate these ideas and that knowledge, where possible and appropriate, from details held on our database, from information shown in the relevant works of reference in our possession and from particulars given to us for the preparation of these valuations.

We should make it clear that we have not made a physical inspection of the below vessels, nor have we inspected the vessel's Classification Records, but we have assumed, for the purpose of these valuations, that the vessels are in a good and seaworthy condition.

After consideration, we are of the opinion that the approximate market values of the below mentioned vessels on a charterfree basis and together with the balance of their current Charterparties, details of which have been provided to us for the preparation of these values, as at 27th April 2017, on the basis of prompt delivery, as between a willing Seller and a willing Buyer, for cash payment under normal commercial terms, are:

	
Name

	
Dwt

	
Built

	
Builder

	
Loa (m)

	
Beam(m)

	
Charter Details

	
Charterfree Value (US$)

	
With Charter Value (US$)

	 	 	 	 	 	 	 	 	 
	
CHARLOTTE SELMER

	
175,154

	
2011

	
New Times Shipbuilding

	
291.8

	
45.0

	
TC to Swiss Marine at $13,500/day, expiring min. Dec-17, max. Apr-18

	
27,750,000

	
27,000,000

	
GRETA SELMER

	
175,154

	
2011

	
New Times Shipbuilding

	
291.8

	
45.0

	
Voyage charter to Classic Maritime, expiring May-17 at freight rate $6,60 pmt for route CS Port Hedland / Qingdao

	
27,750,000

	
27,750,000

	
LENE SELMER

	
175,397

	
2010

	
New Times Shipbuilding

	
291.8

	
45.0

	
TC with Cargill at $12,000/day, expiring min. Jul-17, max. Oct-18

	
26,250,000

	
26,250,000

	
HUGO SELMER

	
175,397

	
2010

	
New Times Shipbuilding

	
291.8

	
45.0

	
TC to Swiss Marine at $8,100/day expiring min. Feb-18, max. Jul-18

	
26,250,000

	
24,000,000

	
TOM SELMER

	
175,219

	
2011

	
New Times Shipbuilding

	
291.8

	
45.0

	
TC to Swiss Marine at $7,700/day expiring min. Aug-17, max.Feb-18

	
27,750,000

	
26,750,000

The figures set out above relate solely to a subjective opinion of the approximate market values applying the methodology described in this valuation as at the above date and should not be taken to apply to any other date. Valuations do not include any assessment of the validity of the charter party - this is assumed to be in order.

PLEASE NOTE: There are relatively few vessels sold with time charters attached and we could find few records of vessels sold recently with charters, making an accurate assessment very difficult. With that in mind, we have valued the vessels with charter by calculating the differential between the estimated current market rates for the duration of the Time Charterparties. We have reviewed neither the operational standing nor the creditworthiness of the Charterers and have relied on the summary charter information provided to us.

All statements made are statements of opinion and are not representations of fact. Any person contemplating entering a transaction of any nature whatsoever or otherwise having regard to these valuations should satisfy himself by inspection of the vessels, an examination of the Time Charterparties and an investigation of the standing of the Charterers in operational and credit terms, or otherwise, as to the correctness of the statements which these valuations contain.

No assurance or representation is given that the valuations given will be sustained or that they would be realisable in any actual transaction.

The vessels have been valued individually. If two or more ships were to be placed on the market at the same time, no assurance may be given that the amount realisable would be equal to the total of the individual values.

This statement has been provided solely for the private use of the person to whom it is addressed. By accepting the provision of our services under this Valuation Certificate, you have accepted our Terms and Conditions, a further copy of which is available upon request. The valuation is not for circulation or publication without our prior written consent and no responsibility may be accepted for any other person.

No person other than the named addressee of this valuation shall have any rights whatsoever against Clarkson Valuations Limited as arising out of or relating to this valuation under the Contract (Rights of Third Parties) Act 1999 or otherwise.Exhibit 10.3

 

TO: HUNTER MARITIME ACQUISITION CORP.

CERTIFICATE OF VALUATION

BULKCARRIER M/V "CHARLOTTE SELMER"

	
DEADWEIGHT:

	
175,154 tdw

	 	 
	
BUILT:

	
2011, New Times Shipbuilding, China

	 	 
	
CLASS:

	
NK

	 	 
	
MAIN ENGINE:

	
Man/13&W, 22,923 bhp

	 	 
	
EMPLOYMENT:

	
Time charter with Swiss Marine, expiring minimum December 2018, 2017, maximum April 17, 2018 at US$ 13,500 per day

	 	 

 (ALL PARTICULARS BELIEVED CORRECT, BUT NOT GUARANTEED)

WE HEREBY CERTIFY THAT we have examined our records for the purpose of ascertaining the value of the above mentioned vessel and are of the opinion that the approximate value, in good condition, safely afloat on the basis of a sale for prompt delivery for cash on normal commercial terms as between willing Sellers and willing Buyers as at 26th April 2017 is as follows:

Approximately US$ 28,785,000 including the above-mentioned Time charter

It is assumed for the purposes of this evaluation that the charter will run unaltered for the full period as described.

Wherever possible we follow our normal practice of comparison with recent prices achieved in the market for similar tonnage. However when there is a lack of such representative sales, then the price given would be a notional figure taking into account the perceived market levels at the relevant time.

We would like to further point out to you that our assessment is based upon limited information as provided to us which we assume is accurate and accept no responsibility to verify same, and without any inspection of the vessel nor her classification records and we would suggest, therefore that anyone wishing to utilise this figure should satisfy themselves of the vessel's condition with a full inspection of the vessel and/or its classification records.

This valuation relates solely to our opinion as to the market value on the date specified and no assurances can be given that such a figure will be sustained or can be realised in an actual transaction.

The above opinion has been given in good faith but neither the company nor its officers shall be held responsible for any errors or omissions. It has been provided solely for the use of the party who commissioned it and no responsibility can be accepted to any other parties. Furthermore this valuation is not to be used without our prior consent in any public/private offering in respect of shares, IPO's or bonds etc, or in any arbitration/ court proceedings and we reserve the right to withhold such consent without providing any reason for such refusal.

	 	
FOR SSY VALUATION SERVICES LTD

	 
	 	 	 
	 	
/s/ Stephen Boniface

	 
	 	
Valuations Director

	 
	 	
 

	 

TO: HUNTER MARITIME ACQUISITION CORP.

CERTIFICATE OF VALUATION

BULKCARRIER M/V "GRETA SELMER"

	
DEADWEIGHT:

	
175,181 tdw

	 	 
	
BUILT:

	
2011, New Times Shipbuilding, China

	 	 
	
CLASS:

	
NK

	 	 
	
MAIN ENGINE:

	
Man/B&W, 22,923 bhp

	 	 
	
EMPLOYMENT:

	
Voyage charter with Classic Maritime, expiring about May 18, 2017 at freight rate US$ 6,600 pmt for route C5 Port Hedland/Qingdao

	 	 

(ALL PARTICULARS BELIEVED CORRECT, BUT NOT GUARANTEED)

WE HEREBY CERTIFY THAT we have examined our records for the purpose of ascertaining the value of the above mentioned vessel and are of the opinion that the approximate value, in good condition, safely afloat on the basis of a sale for prompt delivery for cash on normal commercial terms as between willing Sellers and willing Buyers as at 26th April 2017 is as follows:

Approximately US$ 29,000,000 including the above-mentioned Voyage charter

It is assumed for the purposes of this evaluation that the charter will run unaltered for the full period as described.

Wherever possible we follow our normal practice of comparison with recent prices achieved in the market for similar tonnage. However when there is a lack of such representative sales, then the price given would be a notional figure taking into account the perceived market levels at the relevant time.

We would like to further point out to you that our assessment is based upon limited information as provided to us which we assume is accurate and accept no responsibility to verify same, and without any inspection of the vessel nor her classification records and we would suggest, therefore that anyone wishing to utilise this figure should satisfy themselves of the vessel's condition with a full inspection of the vessel and/or its classification records.

This valuation relates solely to our opinion as to the market value on the date specified and no assurances can be given that such a figure will be sustained or can be realised in an actual transaction.

The above opinion has been given in good faith but neither the company nor its officers shall be held responsible for any errors or omissions. It has been provided solely for the use of the party who commissioned it and no responsibility can be accepted to any other parties. Furthermore this valuation is not to be used without our prior consent in any public/private offering in respect of shares, IPO's or bonds etc, or in any arbitration/ court proceedings and we reserve the right to withhold such consent without providing any reason for such refusal.

	 	
FOR SSY VALUATION SERVICES LTD

	 
	 	 	 
	 	
/s/ Stephen Boniface

	 
	 	
Valuations Director

	 
	 	
 

	 

TO: HUNTER MARITIME ACQUISITION CORP.

CERTIFICATE OF VALUATION

BULKCARRIER M/V "HUGO SELMER"

	
DEADWEIGHT:

	
175,401 tdw

	 	 
	
BUILT:

	
2010, New Times Shipbuilding, China:

	 	 
	
CLASS:

	
NK

	 	 
	
MAIN ENGINE:

	
Man/B&W, 22,923 bhp

	 	 
	
EMPLOYMENT:

	
Time charter with Swiss Marine, expiring April 25, 2017 at US$7,000 per day, thereafter in direct continuation expiring minimum February 10, 2018, maximum July 10, 2018 at US$8,100 per day

	 	 

(ALL PARTICULARS BELIEVED CORRECT, BUT NOT GUARANTEED)

WE HEREBY CERTIFY THAT we have examined our records for the purpose of ascertaining the value of the above mentioned vessel and are of the opinion that the approximate value, in good condition, safely afloat on the basis of a sale for prompt delivery for cash on normal commercial terms as between willing Sellers and willing Buyers as at 26th April 2017 is as follows:

Approximately US$ 26,350,000 including the above-mentioned Time charter

It is assumed for the purposes of this evaluation that the charter will run unaltered for the full period as described.

Wherever possible we follow our normal practice of comparison with recent prices achieved in the market for similar tonnage. However when there is a lack of such representative sales, then the price given would be a notional figure taking into account the perceived market levels at the relevant time.

We would like to further point out to you that our assessment is based upon limited information as provided to us which we assume is accurate and accept no responsibility to verify same, and without any inspection of the vessel nor her classification records and we would suggest, therefore that anyone wishing to utilise this figure should satisfy themselves of the vessel's condition with a full inspection of the vessel and/or its classification records.

"This valuation relates solely to our opinion as to the market value on the date specified and no assurances can be given that such a figure will be sustained or can be realised in an actual transaction.

The above opinion has been given in good faith but neither the company nor its officers shall be held responsible for any errors or omissions. It has been provided solely for the use of the party who commissioned it and no responsibility can be accepted to any other parties. Furthermore this valuation is not to be used without our prior consent in any public/private offering in respect of shares, IPO's or bonds etc, or in any arbitration/ court proceedings and we reserve the right to with-hold such consent without providing any reason for such refusal.

	 	
FOR SSY VALUATION SERVICES LTD

	 
	 	 	 
	 	
/s/ Stephen Boniface

	 
	 	
Valuations Director

	 
	 	
 

	 

TO: HUNTER MARITIME ACQUISITION CORP.

CERTIFICATE OF VALUATION

BULKCARRIER M/V "TOM SELMER"

	
DEADWEIGHT:

	
175,219 tdw

	 	 
	
BUILT:

	
2011, New Times Shipbuilding, China

	 	 
	
CLASS:

	
NK

	 	 
	
MAIN ENGINE:

	
Man/B&W, 22,923 bhp

	 	 
	
EMPLOYMENT:

	
Time charter with Swiss Marine, expiring minimum August 23, 2017, maximum February 22, 2018 at US$7,700 per day

	 	 

(ALL PARTICULARS BELIEVED CORRECT, BUT NOT GUARANTEED)

WE HEREBY CERTIFY THAT we have examined our records for the purpose of ascertaining the value of the above mentioned vessel and are of the opinion that the approximate value, in good condition, safely afloat on the basis of a sale for prompt delivery for cash on normal commercial terms as between willing Sellers and willing Buyers as at 26th April 2017 is as follows:

Approximately US$ 28,475,000 including the above-mentioned Time charter

It is assumed for the purposes of this evaluation that the charter will run unaltered for the full period as described.

Wherever possible we follow our normal practice of comparison with recent prices achieved in the market for similar tonnage. However when there is a lack of such representative sales, then the price given would be a notional figure taking into account the perceived market levels at the relevant time.

We would like to further point out to you that our assessment is based upon limited information as provided to us which we assume is accurate and accept no responsibility to verify same, and without any inspection of the vessel nor her classification records and we would suggest, therefore that anyone wishing to utilise this figure should satisfy themselves of the vessel's condition with a full inspection of the vessel and/or its classification records.

This valuation relates solely to our opinion as to the market value on the date specified and no assurances can be given that such a figure will be sustained or can be realised in an actual transaction.

The above opinion has been given in good faith but neither the company nor its officers shall be held responsible for any errors or omissions. It has been provided solely for the use of the party who commissioned it and no responsibility can be accepted to any other parties. Furthermore this valuation is not to be used without our prior consent in any public/private offering in respect of shares, IPO's or bonds etc, or in any arbitration/ court proceedings and we reserve the right to withhold such consent without providing any reason for such refusal.

	 	
FOR SSY VALUATION SERVICES LTD

	 
	 	 	 
	 	
/s/ Stephen Boniface

	 
	 	
Valuations Director

	 

TO: HUNTER MARITIME ACQUISITION CORP.

CERTIFICATE OF VALUATION

BULKCARRIER M/V "LENE SELMER"

	
DEADWEIGHT:

	
175,397 tdw

	 	 
	
BUILT:

	
2010, New Times Shipbuilding, China

	 	 
	
CLASS:

	
NK

	 	 
	
MAIN ENGINE:

	
Man/B&W, 22,923 bhp

	 	 
	
EMPLOYMENT:

	
Time charter with Cargill, expiring minimum July 3, 2017, maximum October 2018, at US$12,000 per day

	 	 

(ALL PARTICULARS BELIEVED CORRECT, BUT NOT GUARANTEED)

WE HEREBY CERTIFY THAT we have examined our records for the purpose of ascertaining the value of the above mentioned vessel and are of the opinion that the approximate value, in good condition, safely afloat on the basis of a sale for prompt delivery for cash on normal commercial terms as between willing Sellers and willing Buyers as at 26th April 2017 is as follows:

Approximately US$ 27,395,000 including the above-mentioned Time charter

It is assumed for the purposes of this evaluation that the charter will run unaltered for the full period as described.

Wherever possible we follow our normal practice of comparison with recent prices achieved in the market for similar tonnage. However when there is a lack of such representative sales, then the price given would be a notional figure taking into account the perceived market levels at the relevant time.

We would like to further point out to you that our assessment is based upon limited information as provided to us which we assume is accurate and accept no responsibility to verify same, and without any inspection of the vessel nor her classification records and we would suggest, therefore that anyone wishing to utilise this figure should satisfy themselves of the vessel's condition with a full inspection of the vessel and/or its classification records.

This valuation relates solely to our opinion as to the market value on the date specified and no assurances can be given that such a figure will he sustained or can be realised in an actual transaction.

The above opinion has been given in good faith but neither the company nor its officers shall be held responsible for any errors or omissions. It has been provided solely for the use of the party who commissioned it and no responsibility can be accepted to any other parties. Furthermore this valuation is not to be used without our prior consent in any public/private offering in respect of shares, IPO's or bonds etc, or in any arbitration/ court proceedings and we reserve the right to withhold such consent without providing any reason for such refusal.

	 	
FOR SSY VALUATION SERVICES LTD

	 
	 	 	 
	 	
/s/ Stephen Boniface

	 
	 	
Valuations Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00270-of-00352.parquet"}]]