wo High Value Contracts Totaling
SINGAPORE (21st December 2005)
Singapore Exchange (?SGX?) mainboard listed COSCO Corporation (Singapore) Limited, a leading shipping and shipyard group, is pleased to announce that its 51%-owned subsidiary, COSCO Shipyard Group had successfully secured one high value contract and completed another totaling S$16.5 million.
Contract Commencing / Completed
Single to Double Bottom Conversion (Oil tanker) Commencing Jan 2006
Ore Bulk & Oil Carrier to Sea Bulk Transhipper Completed Dec 2005
The conversion of the single bottom oil tanker to double bottom at Cosco Dalian
Shipyard would be recognized in the first half of FY2006. In compliance with
International Maritime Organisation?s (IMO) safety regulations, more single hull
tankers will be phased out over the next few years. With an established track record in
double bottom and hull conversions, Cosco Shipyard Group expects more such high
Mr. Ji Hai Sheng, President of the Company and Vice Chairman of COSCO Shipyard
Group said, ?We are particularly pleased as the sea bulk transhipper conversion was
secured against stiff international competition. The project is technically complex and
demanding. As the conversion was successfully completed in good time, Cosco
Nantong Shipyard expects more Sea Bulk Transhipper conversions next year.?
COSCO Shipyard Group is the largest ship repair group in the People’s Republic of
China. The Group expects to attract more of such conversion contracts, as the
mandatory conversion of single hull tankers to anti-spill double hull gathers momentum
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
and earnings per share of the Company for the year ending 31st December 2005.
About COSCO Corporation (Singapore) Ltd
Listed on the main board of the Singapore Exchange, COSCO Corporation is a
diversified group with core activities in shipping and shipping related services.
The Group owns 14 bulk carriers and majority stake in the largest shipyard
group in China, operates shipping agencies as well as provides marine
engineering and ship repair services. COSCO Corporation is the listed
subsidiary of China Ocean Shipping (Group) Company, the largest shipping
group in China.