Singapore – Wednesday, March 10, 2010

established shipping group listed on the Main-Board of the Singapore Exchange Securities Trading

Limited (“SGX-ST”), today announced the purchase of a pure car truck carrier, the MV Boheme from

the Wallenius Group. Details are set out in the attached announcement to the SGX-ST.

SSC’s Executive Chairman Mr Ow Chio Kiat said, “We patiently kept our powder dry all through the

recent global financial crisis. The purchase presents an excellent opportunity to strengthen our fleet of

car-carriers, and is in line with our strategy to re-fresh and acquire suitable tonnages, backed by top

quality charterers and attractive returns.”

Mr Ow noted, “The MV Boheme, which ranks amongst the most modern and largest vessels in the

global fleet of car-carriers, will be a good replacement for the much older and smaller car carrier that

the Group disposed of in December 2009. Moreover, Wallenius’ 15-year time-charter commitment for

the MV Boheme will help ensure a steady stream of income for the SSC Group. Wallenius and its

affiliates command the world’s largest car-carrier fleet with an estimated one-third share of the global

car-carrier market, and we are delighted to be partnering with them.”

Mr Ow added, “This investment alone should see SSC’s fleet through 15 years of continuous

employment and will be a fillip to SSC’s efforts to renew our fleet – after our most timely and

opportune divestment of 10 vessels, prior to the bottom falling out of global shipping asset prices.”