(1st June 2010, Hong Kong) COSCO International Holdings Limited (“COSCO International” or “the Company”, SEHK stock code: 00517) held its 2010 Annual General Meeting today at the Multi-purpose room on 47/F, COSCO Tower. Mr. Zhang Fusheng, Chairman of the board of COSCO International chaired the meeting. Shareholders cast their votes on all resolutions, including approval of audited financial statements for the year ended 31st December 2009 together with the directors’ report and independent auditor’s report, declaration of a final dividend of 8.40 HK cents, re-election of directors, re-appointment of auditors, as well as authorisation of the Board to determine their respective remunerations. All the resolutions were passed.

Chairman Zhang Fusheng said at the meeting, “The global economy is gradually recovering this year. International trade volumes have recovered at a fast pace and the shipping industry has regained strong momentum. In particular, increases in China’s imports and exports have driven shipping demand. We are glad to see that the shipping sector has successfully bottomed out after more than a year of trough and it therefore provides favourable conditions for the development of our shipping services businesses. Though there are uncertainties still lurking in this recovery, such as debt crisis in the Euro-zone, changes in the shipping market demand and the actual delivery of new vessels, etc, we are still confident that the overall shipping market will improve over last year.”

Chairman Zhang continued, “In 2010, the sales volume of every segment of the Group’s core shipping services business either maintained stable or grew at different extent as compared to the same period of last year. According to data from Clarkson Research, the volume of global new vessel deliveries in the first four months of 2010 reached 47,000,000 DWT, up 34% over the same period of last year, among which China shipyards’ new build deliveries increased by 106% to 18,300,000 DWT. Numerous new vessels are expected to be delivered in the second half of this year, and the second-hand vessel markets will also remain active. These will bring growth momentum to our ship trading agency, marine insurance brokerage, supply of marine equipment and spare parts and marine coatings businesses. In addition, the production volume of new containers was approximately 450,000 TEUs in China for the first fourth months of 2010, an 8-fold increase over the same period in 2009. If this growth persists, we expect that the production volume of new containers in China for this year will exceed our previous estimate of 1,000,000 TEUs in early 2010. Hence demand for container coatings will also increase significantly as compared to last year. For our newly established business segment, trading and supply of marine fuel, the sales volume achieved solid growth and met our target resulted from our aggressive marketing strategy of developing new customers.”

Looking ahead, Chairman Zhang commented, “In the era of post-financial crisis, the focus of world’s shipping and ship-building industries has been moving to Asia, especially China. There will be enormous growth opportunities available for the development of COSCO International’s core shipping services business. We will continue to maintain a stable development strategy while considering expanding our shipping services in a comprehensive approach. The Group will actively identify new projects, strengthen its asset structure through capital operation and optimise its service network to create synergies. We strive to develop a supply chain of shipping services whose industries are correlated, self-contained and cyclically complementary so as to enhance our core competitiveness. Our aim is to become a China-based shipping services provider with global presence and make contribution to maximise our shareholders’ values.”

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