SinOceanic Shipping ASA has entered into a contract with Jinhai Heavy Industries, China, to build 10 x 8800 TEU state-of-the art super eco 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 1 January 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.

For further information, please contact Garup Meidell, Deputy CEO, on telephone +47 95 16 00 67.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.