COSCO Won Offshore and Shipbuilding Contracts

SINGAPORE (30 October 2008) – Singapore Exchange (“SGX”) mainboard-listed COSCO Corporation (Singapore) Limited (“COSCO” or the “Company”), a leading ship repair, shipbuilding & marine engineering and dry bulk shipping group, is pleased to announce that its 51%-owned COSCO Shipyard Group (“CSG”) had won new shipbuilding and offshore contracts.

The shipbuilding contracts totaling RMB1 billion (S$220.2 million) were awarded by two Chinese ship owners for the new building of three 57,000 dwt bulk carriers. Two of the vessels will be fabricated at COSCO Guangdong Shipyard and one at COSCO Dalian Shipyard for progressive delivery in 2010-2011. First 20% installment payments for all three vessels have been received.

CSG also signed an offshore contract with a Dutch customer to construct two windmill turbine installation vessels. The two units will be fabricated in COSCO Nantong Shipyard and are scheduled to be delivered separately in 2010 and 2011. 90% of the contract amount has been received.

Mr. Jiang Li jun, Vice Chairman and President of the Company said, “We are heartened by our success in securing new contracts and expanding our order book against the gloomy economic backdrop. No effort will be spared as we continue to prospect actively for more high-value contracts taking advantage of the softening raw material prices to enhance our profit margin.”

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the transactions.

The transaction is not expected to have a material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31st December 2008.

About COSCO Corporation (Singapore) Ltd
Listed on the main board of the SGX, COSCO Corporation (Singapore) Ltd (“COSCO”) is a leading ship repair, shipbuilding & marine engineering and dry bulk shipping group. The Group owns 51% of the largest shipyard group in China, COSCO Shipyard Group, and a fleet of 12 dry bulk carriers. It also operates shipping agencies. COSCO is the listed subsidiary of China Ocean Shipping (Group) Company, the largest shipping group in China.

Cosco Corporation (Singapore) Limited