RESCHEDULING OF VESSEL DELIVERIES

30 December 2008

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that one of its subsidiaries, COSCO (Zhoushan) Shipyard Co., Ltd. (“COSCO Zhoushan”) has agreed, following requests from an European and an Asian ship owner respectively and separately, to reschedule the delivery dates of a total of 7 units of 57,000 dwt bulk carriers contracted by these ship owners.

The delivery dates of 4 of these vessels have been rescheduled from between February 2010 and June 2010 to between February 2011 and November 2011, and the delivery dates of the other 3 vessels have been rescheduled from between August 2009 and November 2009 to January 2012.

The above reschedulings are not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31 December 2008.

Additionally, the Company wishes to announce that COSCO Zhoushan has completed the construction of its first 57,000 dwt bulk carrier. The vessel is currently undergoing test and sea-trials. Upon successful completion of the sea-trials, the vessel will be delivered to its owner.

Cosco Corporation (Singapore) Limited