Sinoceanic Shipping ASA to Propose Delisting Conditional upon Completion of Compulsory Acquisition by Sinindo; Updates on Sale Lease Back for MSC Vega

Sinoceanic Shipping ASA announced that the refinancing of the Company's subsidiary, SinOceanic I AS (SinO I) as described in the Company's stock exchange notice dated June 3, 2013 was completed on June 28, 2013. SinO I entered into a sale lease back arrangement for the MSC Vega with Grand Indus Shipping Limited. The MSC Vega was sold from SinO I to Grand Indus Shipping against a purchase price of USD 154,425,000. At the same time, the parties entered into a bare boat charter agreement pursuant to which SinO I will charter the MSC Vega from Grand Indus Shipping for a period of 15 years. Additionally, as previously communicated by the Company, Sinindo Holdings Limited (Sinindo) has undertaken to complete a compulsory acquisition of all shares in the Company following the registration of the share capital increase resulting from the Private Placement. After such mandatory acquisition, the Board will propose to the General Meeting of the Company that the shares of the Company be delisted.