To : Whom it may concern

From : SINOKOR Merchant Marine Co., Ltd.

Subject  : Notice of General Rate Increase (GRI) due to Rising Bunker Costs

1. First of all, we would like to express our sincere appreciation for your continued support and cooperation. We wish your company continued success and prosperity.

2.     Due to the recent escalation of geopolitical tensions in the Middle East and the unstable situation around the Strait of Hormuz, global oil prices have surged, and the supply conditions for marine bunker fuel have consequently deteriorated.

3.     Under these circumstances, in order to maintain stable and sustainable transportation services, we regret to inform you that we will implement an Emergency General Rate Increase (GRI) as outlined below.

4. We will continue to make every effort to provide you with the highest level of service and to arrange your valuable shipments with the most efficient connections.

5. Your kind understanding and cooperation in this matter would be highly appreciated. Should you have any questions or require further information, please do not hesitate to contact us.