Shipbuilding Contract Becomes Effective For One (1) Bulk Carrier

14 July 2010

The Board of Directors (the “Board”) of COSCO Corporation (Singapore) Limited (the “Company”) refer to the announcement made by the Company on 15 June 2010 in relation to the 11 contracts and 4 letters of intent signed by COSCO (Dalian) Shipyard Co., Ltd and COSCO (Guangdong) Shipyard Co., Ltd. to build a total of 15 units of bulk carriers.

The Board wishes to announce that another one (1) of the shipbuilding contract for one (1) 57,000 dwt bulk carrier has become effective following inter alia, the payment of the initial deposit by the Greek ship owner.

COSCO (Guangdong) shipyard will build this bulk carrier and delivery is expected in November 2011.

By Oder of the Board
Jiang Li Jun
Vice Chairman and President

Cosco Corporation (Singapore) Limited, press release