Shenghang Group: Reaches settlement with Siam, settlement amount is 4 million US dollars.

Sheng Hang shares announced that the company's "Sheng Hang 003" vessel had collided with a pier owned by Siam, causing damage to the pier and resulting in a lawsuit. Recently, a settlement agreement was reached with the plaintiff Siam and signed. Siam agreed to accept $4 million as the final settlement amount for the claim, which will be paid within fifteen days from the signing of the agreement. After receiving the payment, Siam will withdraw the lawsuit, and all parties agree not to make any further claims related to the accident. The company has insured the "Sheng Hang 003" vessel with a deductible of $8,000. Any amount exceeding this will be covered by the China Shipowners' Mutual Insurance Association, and subsequent claim procedures will be carried out.