Reference is made to the previous press releases from SinOceanic Shipping ASA (the "Company") relating to SinOceanic II AS' purchase of the 13,100 TEU vessel "MSC Altair" and the financing thereof. SinOceanic II AS ("SinO II") is a wholly owned subsidiary of the Company.

SinO II took delivery of MSC Altair today and she is placed on a 15 year charter with MSC, the 2nd largest container line in the world, at a rate of USD 60.250,- daily

The purchase price of "MSC Altair" (USD 154,425,000) and the initial working capital requirements of Sino II have been financed by the USD 100 million senior secured bond issue referred to in the Company's press releases of 8 and 17 February 2012 and by a junior secured loan in the amount of USD 60 million provided to Sino II by Oceanus International Investment AS ("Oceanus"), the largest shareholder in the Company. The second priority loan has a tenor of three years and carries interest at a rate of 19% p.a. In addition, a back-end fee in the amount of USD one million will be payable at maturity. The loan from Oceanus is without recourse to the Company. The loan will be re-financeable and it is the Company's intention to seek to re-finance this loan once the equity markets normalise. It is the objective of Sino II also to refinance the senior secured bond with bank financing in China as soon as practicably possible and in accordance with the terms of the bond, much the same way as was achieved with "YM Portland" (4.400TEU) late last year, when this vessel was refinanced at favourable terms.

For further details please contact Garup Meidell, Deputy CEO, on phone

+47 95160067

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This press release was issued by SinOceanic Shipping ASA and was initially posted at http://cws.huginonline.com/S/132386/PR/201203/1597920_5.html . It was distributed, unedited and unaltered, by noodls on 2012-03-28 15:41:30 PM. The issuer is solely responsible for the accuracy of the information contained therein.