PST to acquire two new 24,000 DWT Multi-Purpose
Vessels to be chartered to Cosco Xiamen

SGX-ST Announcement

1. INTRODUCTION

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 8th October 2010, entered into:

(a) two ship building contracts (the “Ship Building Contracts”) with China Shipbuilding & Offshore International Co., Ltd. and Dalian Shipbuilding Industry Co., Ltd. China (the “Seller”), for the construction and acquisition of two new 24,000 DWT Multi-Purpose Vessels (Hulls No. MC 240-5 and MC 240-6) (“the New Vessels”, and the construction and acquisition of the New Vessels is referred to as the “Acquisition”) and

(b) two time charter agreements (the “Time Charter Agreements”) with Xiamen Ocean Shipping Company, China (“Cosco Xiamen”) pursuant to which the New Vessels will be time-chartered to Cosco Xiamen on delivery of the respective New Vessels, collectively, the “Transaction”.

Details of the Acquisition are as follows:



Detailed report at: www.pacificshippingtrust.com.

PST Management Pte. Ltd. press release.