Title XI Funding
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Marine Log

June 8, 2007

Cosco Zhousan books orders worth $1.2 billion

China's Cosco (Zhoushan) Shipyard Co., Ltd. has received newbuilding orders worth nearly $1.2 billion. $669 million of this is accounted for by contracts from Cosco International Ship Trading for twelve 57,000 dwt bulkers and four 5,000-vehicle PCTC's (pure car truck carriers).

The ships are scheduled to be delivered between December 2008 and October 2009

In addition Cosco Zhousan has entered into building contracts worth a further $525 million for a total of 14 more 57,000 dwt bulkers for various shipowners from Turkey, Portugal, Greece and India for a total contract value of approximately $525 million.

Deliveries are scheduled to be between August 2008 and March 2010.

The Cosco group has previously announced that it will expand its shipyard operations and says the entry into the contracts announced today is "another step in that direction."