Increase in Paid-up capital of Foremost Maritime Pte Ltd, a wholly owned subsidiary

The Board of Directors of Samudera Shipping Line Ltd (the "Company") wishes to announce that Foremost Maritime Pte Ltd ("Foremost"), a wholly owned subsidiary of the Company, has on 20 October 2004 increased its paid-up capital from S$68,685,250.00 to S$72,962,011.00 by allotment of an additional 4,276,761 ordinary shares of S$1.00 each, issued at par for USD2,498,052.00 (equivalent to S$4,276,761.00) to the Company.

The proceeds of USD2,498,052.00 from the allotment of shares by Foremost were to finance part payment for the purchase of a vessel, "SINAR TOKYO", for a consideration of ¥841,645,000.00.

None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the above transactions.


Submitted by
Anwarsyah, Executive Director
on 22/10/2004 to the SGX