ANNOUNCEMENTS
 

May 30, 2012

Sale Of Two Dry Bulk Carriers, Sinar Barito And Sinar Borneo

The Board of Directors (the "Board") of Samudera Shipping Line Ltd (the "Company") wishes to announce that the Company's subsidiary, PT. Samudera Shipping Services has entered into two Memorandum of Agreements ("MOA") with PT Alfa Trans Raya for the proposed sale of Sinar Barito and Sinar Borneo, dry bulk carriers built in 2003, with a capacity of 4,700 Dwt each, for a cash consideration of US$1,625,000 per vessel (the "Disposal"). The consideration was arrived at a willing seller willing buyer basis.

The net book value of Sinar Barito and Sinar Borneo, as at 30 April 2012, was approximately US$1,320,000 and US$1,270,000 respectively. The Disposal is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the Group and the Company for the current financial year ending 31 December 2012.

The Disposal is in line with the Group's strategy to maintain a balance business portfolio and to divest non-performing assets.

None of the Directors or Substantial Shareholders of the Company has any interest, direct or indirect, in the above transaction.

By order of the Board,

Hermawan Fridiana Herman
Executive Director
30 May 2012