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The Board of Directors of COSCO Corporation (Singapore) Limited (the Company) wishes to announce that COSCO (Zhoushan) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD 100 million to build four (4) bulk carriers of 57,000 dwt each. The contracts are effective following receipt of the initial deposits from the European ship owner. The bulk carriers which will be built at COSCO (Zhoushan) shipyard are scheduled for deliveries from August 2012 to March 2013. 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 31st December 2010. (2) Letters of Intent Become Effective for Two (2) Bulk Carriers The Board further refers 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 2 of the letters of intent for 2 bulk carriers of 57,000 dwt each have become effective following, inter alia, the payment of the initial deposits by the ship owners. Deliveries of these two bulk carriers are expected to take place on January 2012 and April 2013. As announced by the Company on 18th June 2010, 5th July 2010, 14th July 2010, 22nd July 2010, 1st November 2010 and including this Announcement, a total of 9 contracts and 2 letters of intent valued had become effective. The contracts and letters of intent valued over USD 300 million. The remaining 2 contracts and 2 letters of intent have lapsed/expired and therefore will not be effective. By Order of the Board Jiang Li Jun Vice Chairman / President 30 December 2010 Cosco Corporation (Singapore) Limited, press release |
