Acquisition Of Two Bulk Carriers

The Board of Directors of Samudera Shipping Line Ltd ( “the Group”) is pleased to announce that the Group has entered into contract to acquire two bulk carriers from Korea-based STX Shipbuilding for a total consideration of US$ 97.6 million.

The carriers will each have a carrying capacity of 57,700 dwt (deadweight tons) and are scheduled for delivery by the first half of 2011. Upon delivery, the carriers will be deployed on time-charter contracts.

The Group currently operates a total of 20 vessels under its industrial shipping division. Of these, five are bulk carriers.

The addition of these newbuildings will enable the Group to gear up for the dry bulk boom, in view of the upsurge in demand for global resources and will help the Group to better serve its expanding customer base.

The Group had also previously entered into two other separate agreements to purchase three container vessels worth US$ 111.9 million in all. The Group’s aggregate investment in purchase of these 5 vessels – 3 container vessels and 2 bulk carriers, thus stands at US$ 209.5 million.

This acquisition is not expected to have any material financial impact to the Group for the current year ending 31 December 2008.

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

By Order of the Board

Dhrubajyoti Das
15 January 2008