Factory Visit Report: Soybean Quality and Production Data - May 11-12

Please kindly note that we visited the receiver's factory on May 11 and 12, accompanied by the charterer surveyor. During our visit, we inquired about the measurement and statistical methods used for yield and energy consumption of various products in the factory. The receiver informed us that most of the data is recorded on a daily or per-shift basis, and statistical analysis is conducted at regular intervals. However, they declined to disclose the relevant records and information to us at this stage.

We also monitored the sampling on-site and collected the test report of soybeans and products. Based on the reports, we noted that only the acid value of the crude oil and protein solubility of soybean meal were unsatisfactory. The acid value of the crude oil ranged from 3.6-5.1, which is still within the limits of the GB standard (4.0). The protein solubility of soybean meal ranged from 65.3% - 73.6%. For more details, please refer to the enclosed survey report.

The receiver reported that approximately 16,000 tons of good quality soybeans from MV NAVIOS GALAXY II have arrived at the factory, but they have not disclosed specific storage information to us. The blending of beans from the two ships began on the afternoon of May 11, with a blending ratio of approximately 7:3 (our ship: NAVIOS GALAXY II). The test results for the new product from the blended soybeans are not yet available, and the receiver stated that they may adjust the blending ratio based on the test results.

As the receiver is still refusing to disclose production data, we will await further instructions on whether we should continue to stay at the factory. Additionally, regarding the product samples, please advise us on whether we should take them away for testing or if there are specific tests we need to conduct. We look forward to receiving further instructions from you and the expert.