STX: Shipbuilding contract of new bulkers

STX Pan Ocean Co., Ltd. wishes to announce that the Company has on 21 June 2010 decided on entering into a shipbuilding contract with a Chinese shipyard, in respect of the construction of Kamsarmax Bulkers approximately at a total price of approximately US$138million . The construction of these new bulkers is to strengthen the competitiveness of the Company’s dry bulk fleet and to secure vessels for the long-term contracts of
affreightment(COAs). These transactions are not expected to have any material effect on the net tangible assets per share or earnings per share of the Company for the current financial year ending 31 December 2010.
None of the Company’s Directors or Substantial Shareholders has any interest, direct or
indirect in the said transactions.