Rescheduling of Vessel Deliveries

27 February 2009

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Zhoushan) Shipyard Co., Ltd. (“COSCO Zhoushan”) (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has agreed, following request from an Asian ship owner, to reschedule the delivery dates of three units of 57,000 dwt bulk carriers contracted by the ship owner. Contracts on the three bulk carriers were announced by the Company on 8 June 2007.

The agreement on the rescheduling of vessels’ deliveries has been acceded to upon the request of and after negotiations with the ship owner.

Pursuant to the rescheduling, the delivery dates for the three vessels, which are being built by COSCO Zhoushan, will now take place between six and eight months after their original delivery dates, the last of which will now take place by May 2010 instead of September 2009. The above rescheduling is not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company and the Group for the year ending 31 December 2009. The above rescheduling does not result in any change to the Company’s current order book.

By Order of the Board
Jiang Li Jun
Vice Chairman/ President
Date: 27 February 2009

Cosco Corporation (Singapore) Limited