COSCO CORP ($0.955) - Prices have probably discounted the worst news with the stock's collapse last year. Since October, the counter has been in a multi-month sideways-consolidation range. The probability that this is a base formation is rising by the day.

The long-term annual momentum indicator has turned up, as has its weighted moving averages - a rare signal and the first time this has occurred in five years. ADX is rising on positives DIs. The daily and weekly Guppy multiple moving averages (GMMAs) are turning up. Volume is expanding on white-candle days.

Support has been established, first at 72cts and then at 83cts. Strong resistance remians at $1. If this can be successfully challenged, the minimum upside target is $1.50.

The Baltic Dry Index rises 1% ,ends 22 day slide.The index is a measure of shipping costs for commodities rose for the first time in 22 datys as rate increased for capsize and panamic vessels that haul coal,iron ore and grains.This index also a measure of world trade routes surged 1% or 15 points to 1478points It ends the slongest slide since NOv 2008.

Besides singapore first quarter sharp contraction also means our economy has bottomed...we've seen the worst...most probably..Time to keep this for the long haul

COSCO CORPORATION (SINGAPORE) LIMITED

9 Temasek Boulevard, #07-00 Suntec Tower Two, S038989

Tel: 68850888 Fax: 63369006

RCB REG NO: 196100159G

Press Release

FY2008 Results: Full-year ended 31 December 2008

Rising Up to Challenges

FY2008 FY2007 Chg

S$’000 S$’000

Turnover 3,476,009 2,261,700 +54%

Gross profit 630,134 610,193 +3%

Pre-tax profit 451,388 498,073 -9%

Net profit attributable to equity holders 302,588 336,568 -10%

EPS (cents) - diluted 13.50 15.02 -10%

Dividend per share

- Ordinary first & final

- Special

4.0

3.0

4.0

3.0

-

-

Highlights:

•

segments.Group turnover jumped 54% on broad-based expansion across all business

•

strong order book.Ship repair, ship building and marine engineering turnover up 57% on

•

rates locked in.Dry bulk shipping turnover up 24% on high dry bulk shipping charter

•

allowance for impairment of trade and other receivables and the higher

costs incurred in shipbuilding and offshore marine engineering projects.Net profit attributable to equity holders of the Company fell 10% on

•

long-term growth strategies.Group will focus on cost management while cautiously implementing its

2

SINGAPORE (23 February 2009)

COSCO Corporation (Singapore) Limited (“COSCO” or the “Company”), a leading

ship repair & marine engineering and shipping group, today announced the results for

the financial year ended 31 December 2008.

Group turnover jumped 54% to $3.5 billion driven by expansion of the ship repair, ship

building and marine engineering segment and stronger dry bulk shipping performance.

Turnover from the Group’s biggest revenue segment, ship repair, ship building and

marine engineering, grew 57% to $3.2 billion in FY2008 buoyed by strong ship

conversion and shipbuilding, and offshore marine engineering project order book. Dry

bulk shipping turnover rose 24% to $257.4 million in FY2008 lifted by higher charter

rates locked in on a one-plus-one year basis on charter renewal in the first half of 2008.

Gross profit rose 3% to $630.1 million in FY2008 lifted by higher turnover which more

than offset the higher operational costs in shipbuilding and offshore marine engineering

business.

In light of the adverse global economic climate, the Group made provisions for

impairment of trade and other receivables of $61.3 million as the shipping industry

faces deteriorating market conditions, and amidst requests for payment delays by

several ship owners.

As a result, net profit attributable to equity holders of the Company decreased 10% to

$302.6 million in FY2008.

The Group expects market conditions to remain challenging in 2009 as credit

conditions tighten and global trade slows down due to the global economic crisis. Its

contract flow and dry bulk charter rate are highly dependent on the overall pace of

recovery of the global economy and restoration of international trade.

Mr. Jiang Li Jun, Vice Chairman and President of the Company said, “Supported by the

sound business foundation we have built up over the years, we believe that our Group is

well-placed to ride out the current economic slump. To strengthen our competitiveness,

3

our Group will focus on cost management while cautiously implementing our longterm

growth strategies.”

The Group currently has an order book of US$7.3 billion for progressive delivery up to

2012 which will keep its shipyards busy. COSCO Guangdong and COSCO Dalian

shipyards had also begun to undertake new shipbuilding work in addition to COSCO

Zhousan shipyard. COSCO Nantong shipyard, which enjoys a strong surrounding

marine-supporting industry, remains as the Group’s premier shipyard in leading the

diversification of business into the offshore marine engineering, whose industry longterm

outlook are expected to remain fundamentally strong as the demand for oil are

expected to strengthen in the long term.

“Our Group will stay focused on improving our operational efficiencies by scaling the

technology-learning curve and leveraging on our land and labor comparative cost

advantage as we gains further experience and momentum in our diversified business.

Our Group will closely monitor our ongoing capital investment projects in light of the

challenging market developments and will continue to seek out opportunities to

strengthen our business position,” added Mr. Jiang.– Singapore Exchange (“SGX”) mainboard-listed

About COSCO Corporation (Singapore) Ltd

Listed on the main board of the SGX, COSCO Corporation (Singapore) Ltd (“COSCO”) is a

leading ship repair, shipbuilding & marine engineering and dry bulk shipping group. The Group

owns 51% of the largest shipyard group in China, COSCO Shipyard Group, and a fleet of 12

dry bulk carriers. It also operates shipping agencies. COSCO is the listed subsidiary of China

Ocean Shipping (Group) Company, the largest shipping group in China.

For further information, please contact:

Company:

COSCO Corporation (Singapore) Ltd

Mr. Li Jian Xiong

Vice President

Tel: 65-6885 0888 / Fax: 65-6336 9006

Email: lijianxiong@cosco.com.sg

IR Consultant to the Company:

SPIN Capital Asia

Mr. Michael Tan

Tel: 62277790 / Email: michael@spin.com.sg