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The Board wishes to announce that COSCO Dalian, following the request from the Shipowner, has entered into an agreement with the Shipowner to cancel one (1) unit of 82,000 DWT Bulk Carrier (originally scheduled for delivery on 1Q2016). Under the agreement, the other one (1) unit of 82,000 DWT Bulk Carrier under the shipbuilding contract, originally scheduled to be delivered in 4Q2015, will be rescheduled for delivery in 3Q2017. As at the date of this announcement, construction of neither vessel has commenced and the downpayment received by COSCO Dalian for the cancelled vessel will be applied towards the other vessel. Barring any unforeseen circumstances, the above transactions are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the financial year ending 31 December 2015. By Order of the Board Wu Zi Heng Vice Chairman and President 23 December 2015 Cosco Corporation (Singapore) Limited |
