Further to the stock exchange announcement of SinOceanic Shipping ASA ("SinOceanic") on 8 February 2012 relating to a 100 MUSD bond loan, SinOceanic notes that the bond loan referred to therein will formally be issued by SinOceanic's wholly owned subsidiary SinOceanic II AS. The repayment of the bond loan will however be guaranteed by SinOceanic for an amount up to 120 MUSD.

The bond loan will be issued at 97.5% of its par value, and carry 10% annual interest. The loan will be repaid through a cash sweep arrangement every six month covering 75% of the free and unrestricted cash of the borrower (SinOceanic II AS), and a final payment of any residual amount on 17 February 2015. The bond loan will be secured by customary security, including a first priority pledge over the MSC Altair and the guarantee from SinOceanic referred to above. An application will be made for the bonds to be
listed on Oslo ABM.

The bond loan was fully subscribed on 8 February 2012, and is expected to be issued and paid up on Friday 17 2012. The proceeds from the bond loan will be placed on an escrow account pending the satisfaction of certain additional conditions, including that SinOceanic II AS must be provided with additional second priority financing in the amount of approximately 62 MUSD, and that the financing for the SinOceanic group's purchase of the 13,100 TEU containership MSC Regulus must be established. SinOceanic expects that the conditions precedent for the release of the proceeds from escrow account will be satisfied by the end of the next week. As announced on 8 February 2012, the proceeds of the bond issue will ultimately be used to finance the 13,100 TEU containership MSC Altair to be held by SinOceanic II AS.

For further information, please contact Garup Meidell, Deputy CEO, on telephone + 47 95 16 00 67

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