SINGAPORE (2 August 2010)

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

ship repair & marine engineering and shipping group, today announced strong growth

for its financial results for the second quarter ended 30 June 2010.

Group turnover increased 33.9% to $962.5 million in Q2 2010 mainly due to higher

revenue recognized from ship building and marine engineering projects and higher dry

bulk shipping revenue. Turnover from shipyard operations increased 35.5 % to $923.5

million on the back of higher progressive revenue recognition for the Group’s ship

building and offshore marine engineering projects. Dry bulk shipping turnover

increased 6.3% to $35.6 million due to higher charter rates.

Gross profit surged 73.2% to $120.9 million due to higher dry bulk charter rates and

higher profit contributions from ship building and marine engineering projects on the

back of higher turnover. As a result, net profit attributable to equity holders of the

Company increased 84.7% to $68.4 million in Q2 2010 due to higher profit

contributions from dry bulk shipping and shipyard operations. Compared to 1H 2009,

net profit attributable to equity holders of the Company increased 42.6% from $70.2

million to $100.1 million in 1H 2010.

Mr. Jiang Li Jun, Vice Chairman and President of the Company said, “We are pleased

to achieve strong growth against a challenging backdrop for our entire industry. As

business, industry and private demand conditions remain uncertain, and as various

governments begin unwinding some of their stimulus measures amidst a fragile global

economic recovery pressured by the recent fiscal crisis and financial market turmoil in

parts of Europe, our Group maintains a cautious outlook for the rest of 2010.”

The Group successfully delivered 18 bulk carriers in the 1st half of 2010. Of these,

COSCO Guangdong shipyard delivered 4 bulk carriers, COSCO Dalian shipyard

delivered 7 bulk carriers and COSCO Zhoushan shipyard delivered 7 bulk carriers. In

addition, COSCO Nantong shipyard delivered 1 jack-up rig, “Super M2 “, in June

2010. The Group will continue to focus on deliveries while it upgrades its shipyard

capabilities to improve operational efficiency and productivity.

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