Rongfeng United Holdings Limited (the Group) is mainly engaged in the leasing business of its own ships. Of the four vessels registered under the name of the Group, two Panama-type dry bulk carriers and one Cape of Good Hope dry bulk carrier, respectively, are named GH FORTUNE, GH POWER and GH RESOURCES, with a total capacity of about 275,138 dwt, are owned by the Group and are not subject to any financial lease arrangement. The Group's remaining Panamanian dry bulk carrier, GREAT HARVEST (with a capacity of about 68,192 dwt), is currently leased under a financial lease arrangement and is expected to be delivered to an independent third party in December 2013 Buyers. The Group provides customers with global shipping services through chartered vessels for dry bulk transportation. The Group is headquartered in Hong Kong, and all vessels in the fleet are registered and flying the Hong Kong flag in accordance with Hong Kong law. All ships of the Group are leased on fixed-term leases. According to the Group's term lease agreement, the Group's ships will be leased to the charterer for the period specified in the contract. During this period, the Group is generally required to provide and pay all crew, ship insurance, repair and maintenance costs, while the charterer must bear the costs directly related to the voyage, such as marine fuel costs (unless otherwise agreed), port fees, pilotage fees and other daily expenses for the charters' business. The Group's success depends on the following key competitive advantages: Experienced management team and excellent track record Younger fleet to cater to customer needs High maintenance standards provide a safe and reliable fleet
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