Investment in 4 VLCCs: 783.4 Billion KRW Fleet Expansion

Purpose: Enhance competitiveness in Wet Bulk business by expanding VLCC fleet
Investment size: Total 783.4 billion KRW (13.7% of equity), approx. $131 million per vessel (based on exchange rate 1,495.10 KRW/USD)
Period: 2026.05.29 ~ 2030.11.19 (from contract signing to delivery)
Board resolution date: 2026.05.14, all 4 outside directors present
Investment amount subject to exchange rate fluctuations; delivery date may change per construction schedule