1. The instant lawsuit shall be dismissed.

2. The costs of lawsuit shall be borne by the Plaintiff.

1. Basic facts

A. 1) On July 2008, the Plaintiff entered into a sales contract of this case with a lender owned by the Plaintiff (MV DAE ACE, hereinafter “instant vessel”).

(2) On August 6, 2008, the Plaintiff entered into a contract with the Defendant to sell the instant vessel to USD 3.8 million to the Defendant (hereinafter “instant contract”) on August 6, 2008, between the Plaintiff and the Indonesian Company (PT. Mkyapayi Peum Peut) and the Defendant to sell the instant vessel to USD 4,050,000.

B. According to the instant sales contract, the Plaintiff shall deliver the instant vessel to the Defendant without any obstacle, such as the charter party, mortgage, and lien, and the Plaintiff shall notify the Defendant of the completion of the preparation by November 15, 2008. The Defendant, by November 15, 2008, did not notify the Plaintiff of the completion of the preparation for the delivery of the instant vessel by November 15, 2008. The Defendant sent to the Plaintiff a certificate of the fact that the instant sales contract was cancelled on December 12, 2008, asserting that the Plaintiff delayed the implementation of the instant sales contract by failing to notify the Plaintiff of the completion of the preparation for the delivery of the instant vessel by November 15, 2008. The above content certification reached the Plaintiff at that time. 2) Thereafter, the Defendant filed an application with the Plaintiff for arbitration against the Plaintiff under Article 0911-016 of the Korean Commercial Arbitration Board No. 0910, Jan. 30, 2009.

C. The plaintiff 1 filed a counterclaim, even though the plaintiff notified the defendant of the completion of preparation for delivery of the ship of this case several times, the defendant on September 2008.