Total Loss of one 17,224dwt Bulk Carrier,M.V. Beagle III

Date of announcement
Time of announcement
Total Loss of one 17,224dwt Bulk Carrier,M.V. Beagle III
Date of events
To which item it meets
article 2 paragraph 49
1.Date of occurrence of the event: 2014/03/18 2.Company name: Beagle Marine S.A. 3.Relationship to the Company (please enter "head office" or "subsidiaries"): Subsidiary 4.Reciprocal shareholding ratios: Wholly-owned 5.Name of the reporting media: Not Applicable 6.Content of the report: Not Applicable 7.Cause of occurrence: A 17,224 dwt bulk carrier, MV Beagle III, under Wisdom fleet sunk after collision with one South Korea registered container carrier, Pegasus Prime near Tokyo, Japan today. 8.Countermeasures: Announcment 9.Any other matters that need to be specified: 11 crew have been found and sent to hospital while the rescue operation is on-going. There was no Taiwanese crew on board. The insured value of the vessel is about 128% of her book value and is sufficient to cover asset loss and relevant expenses. There is no significant impact to finance and operation of the Company.