Cancellation Of Ship Building Contract

15 March 2011

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that its subsidiary, COSCO (Dalian) Shipyard Co., Ltd. (“COSCO Dalian”) (being a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd) has, following the request from an Asian shipowner, entered into a cancellation agreement (the “Cancellation Agreement”) to cancel the ship building contract for one unit of bulk carrier vessel of 79,500 DWT.

The cancellation is made after negotiations with the shipowner. Construction of the vessel being the subject of the Cancellation Agreement has commenced for some time. As part of the agreement to cancel the order for the vessel, the shipowner has paid compensation to COSCO Dalian.

The above cancellation is not expected to have a significant impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company for the year ending 31 December 2011.

Cosco Corporation (Singapore) Limited, press release