Sinoceanic Shipping ASA Facilitates Newbuilding Orders for Containerships

Sinoceanic Shipping ASA announced that on behalf of foreign interests, the Company has entered into a contract with Jinhai Heavy Industries, China, to build 10 x 8800 TEU containerships for delivery from mid 2015. Upon delivery, all vessels will enter into long term, fixed charter parties. The vessels will be built to meet the latest IMO CSS Code for container vessels, where keels are laid on or after January 1, 2015. The total transaction, consisting of the combined value of the vessels and the charter parties, has a total gross value of approximately USD 2.4 billion. SinOceanic Shipping ASA will provide management services during the building process and after delivery of the vessels. The Company will receive a customary annual management fee for the services rendered.