Amount repayable in one year or less, or on demand

As at 30/6/2004		As at 31/12/2003
Secured	Unsecured	Secured	Unsecured
S$ 15.50 mil	0	S$ 15.07 mil	0

Amount repayable after one year

As at 30/06/2004		As at 31/12/2003
Secured	Unsecured	Secured	Unsecured
S$ 43.29 mil	0	S$ 49.02 mil	0

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or
(ii) changes in equity other than those arising from capitalisation issues and
distributions to shareholders, together with a comparative statement for the
corresponding period of the immediately preceding financial year.

Statement of Changes in Equity for the three months ended 30 June

GROUP 2Q 2004	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 1 Apr 2004	45,768	53,432	504	267	3,065	97,102	200,138
Currency translation	-	-	-	-	1,099	-	1,099
Net profit for the period	-	-	-	-	-	5,637	5,637
Dividend paid	-	-	-	-	-	(2,288)	(2,288)
Balance as at 30 Jun 2004	45,768	53,432	504	267	4,164	100,451	204,586
GROUP 2Q 2003	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 1 Apr 2003	45,768	53,432	504	267	7,311	90,881	198,163
Currency translation	-	-	-	-	(451)	-	(451)
Net profit for the period	-	-	-	-	-	4,048	4,048
Dividend paid	-	-	-	-	-	(2,288)	(2,288)
Balance as at 30 Jun 2003	45,768	53,432	504	267	6,860	92,641	199,472
COMPANY 2Q 2004			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 1 Apr 2004			45,768	53,432	504	66,513	166,217
Net profit for the period			-	-	-	3,009	3,009
Dividend paid			-	-	-	(2,288)	(2,288)
Balance as at 30 Jun 2004			45,768	53,432	504	67,234	166,938
COMPANY 2Q 2003		Share capital	Share premium	Share redemption reserve	Translation reserve	Accumulated profits	TOTAL
		S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 1 Apr 2003		45,768	53,432	504	-	65,766	165,470
Currency translation		-	-	-	23	-	23
Net profit for the period		-	-	-	-	2,242	2,242
Dividend paid		-	-	-	-	(2,288)	(2,288)
Balance as at 30 Jun 2003		45,768	53,432	504	23	65,720	165,447

(d)(ii) Details of any changes in the company's share capital arising from rights issue,
bonus issue, share buy-backs, exercise of share options or warrants, conversion of
other issues of equity securities, issue of shares for cash or as consideration for
acquisition or for any other purpose since the end of the previous period reported
on. State also the number of shares that may be issued on conversion of all the
outstanding convertibles as at the end of the current financial period reported on
and as at the end of the corresponding period of the immediately preceding
financial year.


During the three months ended 30 June 2004, there was no change in the Company's share capital (2003: 457,675,000 shares).

2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.

The figures have not been audited or reviewed by the auditors.


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).

Not applicable.


4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.

The Group has applied the same accounting policies and methods of computation in the financial statements of the current financial reporting period as in the audited financial statements for the year ended 31 December 2003.


5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.

Not applicable.


6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.

	Group Figures
	2Q of 2004	2Q of 2003
Earnings per ordinary share for the period based on net profit attributable to shareholders:
(i) Based on weighted average number of ordinary shares in issue	1.23 cents	0.88 cents
(ii) On a fully diluted basis	1.23 cents	0.88 cents

7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the:-

(a) current financial period reported on; and
(b) immediately preceding financial year.

	Group		Company
	30 Jun 2004	31 Dec 2003	30 Jun 2004	31 Dec 2003
Net asset value backing per ordinary share based on issued share capital as at the end of the period	45.06 cents	43.09 cents	36.48 cents	35.52 cents

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:-

(a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and

(b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.

The turnover of the Group increased by 7.8% as compared to the same period last year. It is due mainly to the increase in freight rates of Container Shipping. The increase in the freight rates was caused by demand being greater than supply, and was necessary to overcome a noticeable increase in certain costs over the period, namely charter hire and stevedoring expenses. Additional revenue generated from sub-letting vessels contributed a significant share to the increase in turnover.

The deployment of an additional ship in Q2-2004 under Industrial Shipping contributed to the increase in the Group's turnover.

The Group's cost of services increased by 7.2% in the second quarter of 2004 as compared to the same period of 2003. The increase in charter hire rates, bunker price, and stevedoring are the main factors that led to the upsurge of costs. However the Group has improved the operational efficiency. Two container vessels that were owned by the Company and were not fully operational in Q2-2003 were disposed off in Q1-2004. The disposal eliminated maintenance costs and depreciation that the Company had to bear previously.

In 2004, the Group established new companies, Samudera Traffic Co Ltd in Bangkok, and Samudera Shipping Line (India) Pvt Ltd in Mumbai, both engaged in agency business. These new companies have started to contribute positively to the Group's results.

Foreign exchange gain in Q2-2004 is S$ 0.57 m as compared to a loss of S$ 0.23 m in Q2-2003, due to increase in USD denominated assets and appreciation of USD currency against SGD currency in the period.

The above factors have resulted better net profit attributable to shareholders from $4.05 million in Q2-2003 to $5.64 million in Q2-2004, or an increase of 39.3%.

9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

Not applicable.

10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.

The increase in freight rates and surcharges will continue to remain as important factors influencing the revenues and the results of the Container Shipping. As of now, the increase in revenue is expected to offset the increase in certain cost of services items such as stevedoring and charter hire, which may remain high till mid of the following year. The Company expects increase in freight charges due to higher rates charged by other shipping lines, and a higher container costs as a result of the high steel price.

The Company will continue to maintain a balance between the demand and supply of vessels space through an optimum combination of deployment of vessels and loading onto third party vessels as well as through joint-operation and slot swap with other players.

Industrial Shipping deployed additional one vessel in August 2003 and 3 units of special barges in December 2003 and these additional vessels will have a full year impact to the Group's performance in 2004. An additional vessel, which is expected to be delivered in Q3-2004 will also give positive contribution to the Group's turnover.

The subsidiaries in India and Thailand, which started operation in January and May 2004 respectively and the efficiency measures taken in the subsidiary in Dubai resulting in a lower overhead expenses are expected to contribute positively to the Group in the next quarter.

11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on?

None

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year?

None

(c) Date payable

Not applicable.

(d) Books closure date

Not applicable.


12. If no dividend has been declared/recommended, a statement to that effect.

No interim dividend has been declared for the period ended 30 June 2004.


PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year.

14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.

15. A breakdown of sales

16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year.

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)

	Latest Full Year ()	Previous Full Year ()
Ordinary	0	0
Preference	0	0
Total:	0	0

17. Interested Person Transactions

The aggregate value of the interested person transactions conducted pursuant to the shareholders' mandate obtained in accordance with Chapter 9 of the SGX-ST's listing manual were as follows:

Name of Interested Person	Aggregate value of all interested person transactions during the financial year under review		Aggregate value of all interested person transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual
	2Q of 2004	2Q of 2003	2Q of 2004	2Q of 2003
	S$'000	S$'000	S$'000	S$'000
Provision of services (by Holding Company)
Management Fees	-	-	186	174
Agency Commission	-	-	1,038	854
Provision of services (by Related Companies)
Agency Commission	-	-	8	6
Management Fees	-	-	-	12
Charter Hire	-	-	-	17
Ship Management Fees	-	-	258	301

BY ORDER OF THE BOARD

Anwarsyah
Executive Director
29/07/2004