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(2) Delivery of Vessel 15 February 2011 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 three (3) firm plus one (1) optional contracts valued over USD113 million to build special purpose carriers. The three (3) firm contracts are effective following receipt of the initial deposits from the European ship owner. One (1) optional contract may be exercised by the ship owner by the end of June 2011. The special purpose carriers which will be built at COSCO (Guangdong) shipyards are scheduled for deliveries between February 2013 and February 2014. 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 2011. Separately, the Board of Directors also wishes to announce that COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian "), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co, has delivered a bulk carrier of 80,000 dwt, "MEGA STAR", to its Asian buyer. The delivery documents were signed by and between COSCO Dalian and the buyer on 11 February 2011. The bulk carrier measures 229 meters in LOA (length of all), 32.26 meters in breadth and 20.25 meters in depth. By Order of the Board Jiang Li Jun Vice Chairman and President Cosco Corporation (Singapore) Limited, press release |
