COSCO (Dalian) Shipyard Co., Ltd (a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd), has secured a contract from an Asian company to build an oil tanker of 22,000 dwt.

The tanker is scheduled for delivery in the fourth quarter of 2014.

Separately, COSCO (Zhoushan) Shipyard Co., Ltd (which is also a subsidiary of COSCO Shipyard Group Co., Ltd.) has secured a contract from one European company to build a stinger barge.

The barge is scheduled for delivery in the first quarter of 2014.

The total value for the above two contracts is over $36 million.