On 31 August 2008, a grand ceremony was held in Shanghai for signing the strategic cooperation agreement among CCS, Minsheng Financial Leasing Co., Ltd. and Fujian Guohang Ocean Shipping (Group) Company Ltd. and for officially launching the financial leasing initiative for 18 Panamax bulk carriers, all of which will hold CCS single class. The signing of the agreement marks that Minsheng Financial Leasing Co. has formally entered into domestic ship financing market and CCS has achieved another breakthrough in exploring shipbuilding market since its establishment of a comprehensive strategic cooperation relationship with financial institutions.

Mr. Xu Zuyuan, Vice Minister of Transport, Mr. Cao Desheng, Deputy Director of Department of Water Transport, as well as representatives from relevant administrations and companies attended the ceremony. Mr. Sun Licheng, CCS Senior Vice President extended warm congratulations on the signing and formal implementation of agreement, while Mr. Gao Zhaojie, CCS Vice President signed the agreement on behalf of CCS.

This is the first cooperation between CCS and Minsheng Financial Leasing Co. in the shipbuilding sector. As per the agreement, Minsheng Financial Leasing Co. will not only provide financial leasing service in the next three years for the 18 Panamax bulk carriers built for Shanghai Guodian Shipping Co. Ltd, a holding company by Fujian Guohang Ocean Shipping (Group) Company Ltd., but also promote a comprehensive cooperation with the company, including cooperation on management of delegated ship operation, financial policies and exchange of shipping market information. CCS will provide an all-around information and technical support during the course.

Fujian Guohang Ocean Shipping (Group) Company Ltd., another strategic cooperation partner of CCS, is the first private stock-holding shipping company in Fujian Province and one of the Top 10 ocean shipping companies in China. Both sides have maintained a good and long-standing cooperation relation.