Repair Of Russian-Owned Fish Processing Vessels
2 November 2008
The Board of Directors of Cosco Corporation (Singapore) Limited (the “Company”) wishes to
announce that Cosco (Zhoushan) Shipyard Co., Ltd (“Cosco Shipyard”), a company owned by
the Company’s 51%-owned subsidiary, Cosco Shipyard Group Co., Ltd, undertook ship repair of
3 Russian-owned fish processing vessels, during the period from August 2007 to October 2008.
On 20 October 2008, a trial voyage was conducted after repairs of the vessels were completed.
The vessels were supposed to return to Ma Zhi anchorage point in the afternoon of 21 October
2008 but the navigation routes were changed during the trial voyage without permit from the
Chinese costal authorities. On board the vessels included 15 shipyard staff members of Cosco
Shipyard. Taking into consideration concerns regarding the safety of the 15 shipyard staff
members, the Company has hitherto refrained from making any comments on this matter.
With the assistance of the Chinese government, the 15 shipyard staff members returned safely to
Cosco Shipyard on 2 November 2008.
Of the aggregate contractual price for the repair of US$16.2 million, US$3.8 million had been paid,
leaving an outstanding sum of US$12.4 million. Cosco Shipyard has asked for payment of the
outstanding sum in accordance with the terms of the contract entered into with the owner of the
vessels.
The outstanding sum is not expected to have a material impact on the net tangible assets and
earnings per share of the Company for the year ending 31 December 2008.
By Order of the Board
Mr. Jiang Li Jun
Vice Chairman and President
2 November 2008
Cosco Corporation (Singapore) Limited
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