COSCO Signed Shipbuilding Contracts/Letters Of Intent For 15 Bulk Carriers

15 June 2010

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Dalian) Shipyard Co., Ltd. and COSCO (Guangdong) Shipyard Co., Ltd. (being two subsidiaries of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) have today signed 11 contracts and 4 letters of intent totaling over US$440 million with 4 European shipowners to build 15 units of bulk carriers. 4 units of the bulk carriers are 82,000 dwt each and 11 units of the bulk carriers are 57,000 dwt each.

Deliveries of the vessels to the shipowners are expected to take place between the end of 2011 and the middle of 2013.

In accordance with normal operational procedure, the shipbuilding contracts will take a period of time before they become effective. The effectiveness of the contracts is dependent on certain conditions, including, inter alia, the receipt of the initial deposit from the shipowners. The Company will make an announcement as and when the shipbuilding contracts become effective.

By Order of the Board
Jiang Li Jun
Vice-Chairman and President

Cosco Corporation (Singapore) Limited, press release