EGM"), the stock exchange notice regarding the EGM issued on 26 June 2013, the stock exchange notice dated
3 June 2013, and the notice for the EGM dated 3 June 2013.

As set out in the Company's stock exchange notice dated 26 June 2013, the EGM resolved to carry out a private placement of 65 009 497 shares to Sinindo (the "Private Placement"). As contemplated by the board, the Private Placement will constitute the final step of a refinancing of SinOceanic I AS, as further described in the stock exchange notice dated 3 June 2013 (the "Vega Refinancing"). Still, not all relevant parties have provided the consents needed to complete the Vega Refinancing, or the Private Placement. However, the Company expects that the Vega Refinancing and the Private Placement will be completed by the end of July 2013 (the subscription period for the Private Placement expires on 31 August 2013).

Pursuant to a separate undertaking from Sinindo Holdings Limited ("Sinindo") dated 27 May 2013 ("Sinindo's Undertaking"), the board of SinOceanic Shipping ASA (the "Company") could until 8 p.m. (local time) on 26 June 2013 instruct Sinindo to offer shares in the Company corresponding to a proportionate part of shares issued in the Private Placement to shareholders of the Company who (i) no later than 16.30 hrs local time in Oslo on 26 June 2013 had notified the board that they were interested in receiving such an offer; and (ii) were shareholders as at the end of 26 June 2013, (the "Relevant Shareholders").

In total, there are no more than 4 Relevant Shareholders who collectively have expressed an interest in receiving offers to buy up to 500,799 shares ("Shares") in the Company from Sinindo. Consequently, even if the board instructs Sinindo to offer the Shares for sale and all the Relevant Shareholders accept to purchase the Shares, Sinindo's shareholding in the Company will not be reduced by more than 0,64%, to a total of 96,28%.

On 26 June 2013, Sinindo submitted a new undertaking (the "New Undertaking") to the board, pursuant to which Sinindo inter alia undertakes to carry out a compulsory acquisition of all shares in the Company, if Sinindo subscribes to and receives the shares to be issued in the Private Placement (the "New Shares"). Therefore, any shares offered to the Relevant Shareholders by Sinindo, will in any event be subject to a compulsory acquisition by Sinindo.

In the New Undertaking, Sinindo also undertakes with the board and each of the Relevant Shareholders to pay the latter relevant compensation in the event that the purchase price payable to them by Sinindo for their shares in Sinindo's compulsory acquisition, exceeds the subscription price for the New Shares. The potential right to such compensation is personal for each Relevant Shareholder who transfer shares to Sinindo in the compulsory acquisition, and is not attached to any share in the Company. Further information on the New Undertaking and the Relevant Shareholders' potential right to compensation will be provided by Sinindo in connection with the compulsory acquisition.

The board believes that any financial interest that the Relevant Shareholders may have had in purchasing shares from Sinindo pursuant to Sinindo's Undertaking will be adequately protected through the New Undertaking. At the same time, this procedure is more cost efficient for the Company, the Relevant Shareholders and Sinindo. The board has therefore decided not to instruct Sinindo to offer shares for sale pursuant to Sinindo's Undertaking.

If Sinindo completes a compulsory acquisition of all shares in the Company, the board will propose to the general meeting of the Company that the shares of the Company be delisted.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act.

For further details please contact Garup Meidell, Deputy CEO, on phone +47 951 60 067.

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