China Rongsheng Heavy Industries Delivers Eighth VLOC

China Rongsheng Heavy Industries Group Holdings Limited announced today the delivery of their eighth 380,000 DWT class Very Large Ore Carrier (“VLOC”).

With further enhancements in their overall shipbuilding process, the Group continues to deliver more shipbuilding products in line with low-carbon and green concepts.

Christened “VALE SAHAM”, the new Rongsheng-built VLOC delivered to Oman Shipping Company S.A.O.C. today adopts an environmentally friendly design to lower oil consumption and reduce the emission of CO2, while its operating efficiency exceeds that of most existing ore carriers. With Energy Efficiency Design Index (“EEDI”) recorded at approximately 1.99 during sea trials, Rongsheng-built VLOCs are in line with low-carbon green product initiative and meets the benchmark requirements on emission reduction set by International Maritime Organization (“IMO”), which came into effect as of 1 January 2013.

As of 3 January 2013, China Rongsheng Heavy Industries has delivered a total of eight VLOCs, with one completed in 2011, six in 2012 and one in 2013.The figure represents that the Group has delivered half of the 16 380,000 DWT class VLOCs ordered. Despite ongoing challenges in the shipbuilding industry brought about by the global financial crisis and the European debt crisis, the delivery schedule of China Rongsheng Heavy Industries has not been readily impacted. We are very pleased with the improvement in production efficiency our team has achieved so far. The Group expects 2013 to be still the peak delivery period for Rongsheng-built VLOCs.

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RSHI, January 3, 2013