The Board of Directors of Cosco Corporation (Singapore) Limited wishes to refer to the Company's announcement of 1 December 2003 relating to the signing of the Memorandum of Understanding ("MOU") with the holding company, China Ocean Shipping (Group) Company ("China Ocean") to lease two 74,000 dead weight tonnes Panamax vessels on a long term basis from China Ocean when the vessels are delivered to China Ocean in the third quarter of 2005.
The Company wishes to announce that one of the 74,000 dead weight tonnes Panamax vessels was delivered to China Ocean on 2 June 2005.
The early delivery of the vessel to China Ocean means earlier commencement of the lease agreement thus will generate an earlier revenue stream for the Company.
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