Proposed Bonus Issue

The Board of Directors of Samudera Shipping Line Ltd (the "Company") refers to its announcement on 28 December 2005 in relation to the proposed bonus issue of up to 89,855,200 new ordinary shares of S$0.10 each in the capital of the Company ("Bonus Shares"), on the basis of one (1) Bonus Share credited as fully paid for every five (5) existing ordinary shares held by the shareholders of the Company ("Proposed Bonus Issue").

The Board is pleased to announce that it has received the in-principle approval from the Singapore Exchange Securities Trading Limited ("SGX-ST") for the listing and quotation of the Bonus Shares on the official list of the SGX-ST. The in-principle approval is not an indication of the merits of the Proposed Bonus Issue.

Notice will be given at a later date on the closure of the Share Transfer Books and Register of Members of the Company for purposes of determining the entitlements of shareholders to the Proposed Bonus Issue.

By Order Of The Board

Anwarsyah, Executive Director
02 February 2006