Cosco Corporation secures contract valued over USD 56 million for two (2) bulk carriers

13 August 2014

The Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) is pleased to announce that COSCO (Zhoushan) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract valued over USD56 million from an Asian buyer to build two (2) 64,000DWT bulk carriers.

The two vessels are scheduled for delivery in 4Q2016 and 1Q2017 respectively. Save for their respective shareholdings in the Company, none of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contract.

Barring any unforeseen circumstances, the contract is 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 2014.