This announcement is made by COSCO Pacific Limited (“COSCO Pacific” or the “Company”) on a voluntary basis. The board of directors of the Company (the “Board”) is pleased to announce that, the Labour Unions announced on 17th October 2009 that the strike actions will terminate effective from 19th October 2009. It is expected that, following the resumption of work, the Piraeus
Container Terminal will also resume normal operations with effect from
19th October 2009.

The Board also announces that, on 17th October 2009, PCT and PPA entered into an

agreement for provision of services (“Provision of Services Agreement”)
which constitutes an addendum to the agreement for the rendering of
personnel services dated 30th September, 2009 (“Rendering of Personnel
Services Agreement”). The Provision of Services

Agreement is a technical arrangement with PPA and will facilitate the
smooth operation of the Piraeus Container Terminal. Pursuant to the
Provision of Services Agreement, for a period of 15 calendar days
between 19th October 2009 and 2nd November 2009 (both days inclusive),
PPA will provide to PCT invoicing services in relation to revenues from
users of the Piraeus Container Terminal generated from the operation of
the Piraeus Container

Terminal. No fees would be payable by PCT under the Provision of
Services Agreement in addition to that payable under the Rendering of
Personnel Services Agreement. Save as disclosed above, other terms of
the Rendering of Personnel Services Agreement remains fully effective.
Moreover, the entering into of the Provision of Services Agreement does
not affect any rights of the Company or PCT under the Concession
Agreement.

2 The Company is very pleased at the resolution of the strike action.
As stated in the Previous Announcement, PCT will implement its original
plans to improve the Piraeus Container Terminal’s facilities and
services so as to develop the terminal into a modern terminal providing
reliable, flexible and efficient container handling service to
international shippers.

Meanwhile, COSCO Pacific looks forward to joining hands with the port
and shipping communities in Greece to further enhance the function of
Piraeus Port serving the shipping industry as a “Gateway to Greece and
South Europe”.

COSCO Pacific is confident at Piraeus Container Terminal’s bright
future by creating value for its stakeholders including shareholders,
customers, employees and the Greek society.

Source: COSCO Pacific Limited

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• Cosco, the operation starts, Piraeus piers Monday-Greece

    China’s Cosco Pacific will start managing two piers in Hellas’ largest port Piraeus next week, the Greek economy minister said, after a strike by dock workers stopped the company from taking over earlier this month.

• Piraeus port workers continue to strike vote

    Dock workers in the Greek port of Piraeus voted Sunday to continue their strike for another 48 hours, in an attempt to pressure the newly elected socialist government to cancel an agreement with China’s Cosco Pacific to operate two container terminals. “After privatization, two thirds of personnel will no longer

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• Container turnover in FCT, St. Petersburg to 25.4%, 156.000 TEU in January-February

    In the first two months of this year the throughput of the First Container Terminal (FCT, St. Petersburg) amounted to 156.196 TEUs, 25.4% up from the same period a year earlier.

• Hamburg Sud West Coast calls Consolidated

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• PKT (St. Petersburg) box throughput by 16% in January-October 2009

    Box throughput of the First Container Terminal (PKT St.-Petersburg) decreased by 16% (to 749,591 TEU) within 10 months 2009 as compared to the corresponding of 2008, stated press-service of the National container company (which manages PKT). In October, 2009 container turnover of PKT almost reached 2008 figure and amounted to

• Horizon Terminal renewed agreement early

    Horizon Lines Inc.

• FCT Throughput of St. Petersburg to 20.7% – to 76.403 TEU in January this year

    Freight turnover at the First Container Terminal (FCT, St. Petersburg) in January 2010 increased by 20.7% compared with January last year, up to 76.403 TEUs. According to the press service of National Container Company (managed by FCT), this January, its terminals transshipped 37.392 TEUs of outbound commodities and 39.11 TEUs

• Boxes are stacked on the Strike-Bound Piraeus

     Thousands of containers sat unmoved Oct. 9 in Piraeus as dockworkers staged a ninth day of rolling strikes in a bid to pressure the new government to revisit an agreement with China’s Cosco Pacific to run container operations at Greece’s biggest port. Vessels are diverting to other Mediterranean ports as dockworkers

• Piraeus Port Authority reports financial results

    The Board of Directors of P.P.A.

• Commission approves public financing for the development of infrastructure in the port of Piraeus

    (ESPO news) – On 13 July the European Commission approved public financing for the construction of a pedestrian bridge and jetties in the passenger section of the Port of Piraeus. Read at Commission partly approves public financing for infrastructure development in the Port of Piraeus

• VOC Management Plan approved by DNV Maritime Service Center Piraeus

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• Matson hikes rates, fees

     Matson announced a rate increase for its Hawaii service and for its Guam and Micronesia services. The company is also hiking terminal handling charges

• NUTEP container throughput down 10.5% to 78,693 TEU in Jan-Sep 09

    In January-September 2009, container throughput of NUTEP (Nodal Transporting and Forwarding Company of Novorossiysk) fell by 10.5%, y-o-y, to 78,693 TEU, press center of National Container Company states. In September, the terminal handled 10,737 TEU (+96.9%) including 5,468 TEU of export containers and 5,269 TEU of import containers. Loaded and empty containers ratio

• FCT Freight (St. Petersburg) down from 13.6% in January-October 2009

    Cargo turnover of the First Container Terminal decreased by 13.6% (to 851, 395 TEU) within? 11 months 2009 as compared to the corresponding period of 2008, reported press-service of National Container Company (NCC manages FCT).