COSCO Corporation Secures Contracts Valued Over USD 51 Million For Two (2) Bulk Carriers

17 September 2010

The Board of Directors of COSCO Corporation (Singapore) Limited (the Company) wishes to announce that COSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD51 million to build two (2) bulk carriers of 57,000 dwt and 35,000 dwt. The contracts are effective following receipt of the initial deposits from the European ship owner.

The bulk carriers which will be built at COSCO (Guangdong) shipyards are scheduled for deliveries in August 2012 and December 2012 respectively.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.

The contracts are 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 2010.

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

Cosco Corporation (Singapore) Limited, press release