Phoenix Shipping: Intends to dismantle "Changlianghai, Changjinghai", and is expected to realize disposal income of about 70 million yuan.

Phoenix Shipping Announcement: The board of directors of the company has approved the proposal to dismantle the vessels "Changlianghai" and "Changjinghai". The total income from the disposal of scrap steel from the two ships is approximately 30 million yuan, and the total government subsidy income is approximately 40 million yuan. It is expected to achieve disposal income of approximately 70 million yuan. The transaction is expected to result in a total profit of approximately -18 million yuan, negatively impacting the company's current earnings, but beneficial for improving cash flow and reducing the operating costs of the vessels in the future. The company will replace the two ships with new vessels in the market, and the dismantling will not affect the existing production plans.