RESCHEDULING OF VESSEL DELIVERIES

29 September, 2009

Further to the announcement made by the Company on 23 January 2009, the Board of Directors of COSCO Corporation (Singapore) Limited (the “Company”) wishes to announce that COSCO (Dalian) Shipyard Co., Ltd. (“COSCO Dalian”) and COSCO (Guangdong) Shipyard Co., Ltd. (“COSCO Guangdong”) (being two subsidiaries of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), have agreed, following requests from the European ship owner, to reschedule the delivery dates of 5 units of bulk carriers contracted by the ship owner.

The agreement on the rescheduling of vessels’ deliveries has been acceded to upon the request of and after negotiations with the ship owner.

Pursuant to the rescheduling, the delivery dates for those five vessels will now take place between four and thirteen months after their announced delivery dates, the last of which will now take place by 2012.

The above reschedulings are not expected to have any material impact on the net tangible assets (NTA) and earnings per share (EPS) of the Company and the Group for the year ending 31 December 2009.

For and on behalf of the Board
Jiang Li Jun
Vice Chairman / President

Cosco Corporation (Singapore) Limited