PST To Acquire Two New 180,000 DWT Capesize Bulk Carriers

28/06/10

The board of directors of PST Management Pte. Ltd. (“PSTM” or “Trustee-Manager”), the trustee-manager of Pacific Shipping Trust (“PST”), is pleased to announce that it has on 25th June 2010, entered into:

(a) two ship sales contracts (the “Ship Sales Contracts”) with Mitsubishi Corporation, Japan (“Mitsubishi”), for the acquisition (the "Acquisition") of two new 180,000 DWT Capesize Bulk Carriers (Hulls No. 2408 and 2409) (“the New Vessels”) to be built by Hyundai Heavy Industries Co., Ltd., Korea (“HHI“) and

(b) two Time Charter Agreements (the “Time Charter Agreements”), for a ten year time charter for each of the New Vessels to Jiangsu Shagang Group Co., Ltd., China (“Shagang”), or its nominee, commencing on delivery of the respective New Vessels, collectively, the “Transaction”.



Shagang, was founded in 1975 and is headquartered in Zhangjiagang City, Jiangsu Province. It prides itself as China’s largest private steel enterprise, with more than 35,000 employees and an annual production capacity of 29 million tons of iron, 35 million tons of steel and 33 million tons of steel rolled products. In 2009, the Shagang Group recorded revenue of RMB146.3 Billion with pre-tax profit of RMB7.3 Billion and reported total assets exceeding RMB130 billion. Shagang Group was1 the only private enterprise from PRC to be included in the Fortune Global 500 list in 2009.

Detailed report at: www.pacificshippingtrust.com

About Pacific Shipping Trust

Pacific Shipping Trust is the first business trust listed on the SGX-ST. It provides structured financing solutions to established shipping companies, thereby generating visible and stable cashflow stream through long-term charters. By acquiring vessels and leasing them to reputable charterers on long-term bareboat or time charters, PST seeks to generate a steady stream of high-yielding income for its Unitholders. The trustee-manager of PST is PST Management Pte. Ltd., a wholly-owned subsidiary of Pacific International Lines (Private) Limited, one of the largest private shipowner and operator in South East Asia.

PST Management Pte. Ltd. press release.