Release: Samudera debuts in LNG shipping

(Singapore, July 27, 2005) SGX main board listed Samudera Shipping Line said it is successful in being part of a very long term contract in LNG shipping. In a ceremony in Jakarta on 27th July marking the signing of the time charter party Samudera Chairman Randy Effendi said ?we are delighted to be involved in shipping of liquefied natural gas (LNG) out of Indonesia, which is the world?s largest exporter of LNG.? He added ?this is our first LNG project, and we are committed to participate actively in future LNG projects of Indonesia, which has a large reserve of this clean fuel?.

The consortium comprising of NYK, Sovcomflot and Samudera have been awarded two (2) ships by BP Berau Limited, the charterer, who in 2004 called for tenders from shipping companies for provision of up to seven (7) LNG carriers.

The project is to support the export of LNG from Tangguh liquefaction plant site near Berau / Bintuni Bay, Papua Province, Indonesia to Gwangyang, South Korea and Costa Azul, Baja California in North America.

Samudera will own 25 % of one ship and shall provide local liaison services for both the ships during the entire tenure of the contract. The ship of 145,700 CBM and Membrane type cargo containment system will be built by Daewoo Shipbuilding & Marine Engineering Co. Ltd., and is required to commence the service for the charterer in the 4th quarter of 2008.

The ship will be on a twenty (20) years time charter employment. Samudera Chairman Randy Effendi said ?we are very proud to be part of a consortium consisting of world-class companies like NYK and Sovcomflot. We are confident that these two LNG carriers of our consortium will serve well the customers i.e. BP Berau, another world-class company.? He added ?this is a very positive development for us, and this project is expected to be beneficial for the Group for a long period of time?.

Samudera?s industrial shipping business is done by its subsidiaries Foremost Maritime Pte Ltd and PT. Samudera Shipping Services, which provide contract-based shipping of industrial cargo such as coal, oil, chemicals, gas etc.

Samudera itself provides regional container shipping services . Being a major regional player it has an extensive service network in the Middle East, Indian Sub-continent, South East Asia and the Far East. It serves the trade through its offices in Dubai, Mumbai, Bangkok, Port Kelang, Singapore, Jakarta and Shanghai.

Samudera has been able to maintain its growth through opening of new routes in regional container shipping and addition of vessels against contracts in industrial shipping. Through its focused approach the Company expects to grow consistently. (end of release)