Cosco corporation secures contracts valued over usd55 Million for two bulk carriers

The Board of Directors of COSCO Corporation (Singapore) Limited (the Company) wishes to announce that COSCO (Guangdong) Shipyard Co. Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co. Ltd., has secured contracts valued over USD55 million to build two (2) bulk carriers of 57,000 dwt each. The contracts are effective following receipt of the initial deposits from the Asian ship owner.
The bulk carriers which will be built at COSCO (Guangdong) shipyards are scheduled for deliveries in September 2011 and March 2012 respectively.
None of the directors or controlling shareholders of the Company has any interest, direct or indirect in the contracts.
The contracts are not expected to have a material impact on the net tangible assets and earnings per share of the Company for the year ending 31st December 2010.