COSCO SHIPPING Development Co., Ltd. — Earnings Release 2005

Oct 12, 2005

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(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock code: 2866)

QUARTERLY OPERATIONAL SUMMARY FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2005

The Board is pleased to announce the unaudited operational summary of the Group for the third quarter ended 30 September 2005.

Quarterly Operational Summary

The board of directors (the “Board”) of China Shipping Container Lines Company Limited (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce the unaudited operational summary of the Group for the third quarter ended 30 September 2005. Total container volume for the third quarter ended 30 September 2005 was 1,203,579 TEUs, representing an increase of 21.4% as compared with the same period last year. Total revenues increased by 25.2% to RMB7,776,569,000 as a result of the increase in container volume coupled with an increase in average freight rate by 3.1% as compared with the same period last year of RMB6,264/TEU to RMB6,461/TEU in the third quarter of 2005.

	CONTAINER VOLUME	CONTAINER VOLUME	(TEU)	TOTAL	REVENUE	(RMB’000)
			Increase/			Increase/
Principal market	Q3 2005	Q3 2004	decrease	Q3 2005	Q3 2004	decrease
America	294,690	237,244	+24.2%	3,223,219	2,412,668	+33.6%
Europe/Mediterranean	288,081	260,956	+10.4%	2,628,894	2,365,897	+11.1%
Around The World	58,092	11,486	+405.8%	489,275	112,573	+334.6%
Australia	53,479	42,946	+24.5%	365,263	303,847	+20.2%
East and Southeast Asia	144,227	121,184	+19.0%	407,819	358,046	+13.9%
China domestic	352,209	293,337	+20.1%	475,193	509,044	-6.7%
Others	12,801	24,662	-48.1%	186,906	250,349	-25.3%
Total	1,203,579	991,815	+21.4%	7,776,569	6,312,424	+23.2%

In the third quarter of 2005, 6 new vessels, each with a capacity of more than 4,000 TEU, totaling 26,938 TEU were delivered as scheduled. The Group’s fleet capacity was increased from 299,672 TEU on 30 June 2005 by 9.4% to 327,841 TEU at the end of the third quarter. It is expected that in 2005, fleet capacity will increase by 95,086 TEU as scheduled (including 20 vessels each with a capacity of more than 4,000 TEU and an aggregate capacity of 93,843 TEU). By the end of 2005, the Group’s fleet capacity is expected to increase from 254,207 TEU to 349,293 TEU, representing an increase of 37.4% from the beginning of the year.

		CAPACITY	INCREASE
	Q3 2005	Q4 2005	Q1 2006	Q2 2006
Vessel Type	(already	(expected to be	(expected to be	(expected to be
over 4,000 TEU	delivered)	delivered)	delivered)	delivered)
8,468 TEU	0	0	0	0
5,688 TEU	1	0	0	0
5,117 TEU	0	0	0	0
4,250 TEU	5	5	2	1
Total no. of vessels	6	5	2	1
Total (TEU)	26,938	21,250	8,500	4,250

Caution Statement

The Board wishes to remind investors that the operational summary for the third quarter ended 30 September 2005 is based on the Group’s internal records and management accounts and has not been reviewed or audited by the auditors. Investors are cautioned not to rely unduly on the operational summary for the third quarter ended 30 September 2005. In the meantime, investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board China Shipping Container Lines Company Limited Li Kelin

Chairman

Shanghai, the People’s Republic of China 12 October 2005

The Board as at the date of this announcement comprises of Mr. Li Kelin and Mr. Jia Hongxiang, Mr. Huang Xiaowen and Mr. Zhao Hongzhou, being executive directors, Mr. Li Shaode, Mr. Zhang Jianhua, Mr. Wang Daxiong, Mr. Yan Mingyi and Mr. Zhang Guofa, being non-executive directors, and Mr. Hu Hanxiang, Mr. Gu Nianzu, Mr. Wang Zongxi and Mr. Lam Siu Wai, Steven, being independent non-executive directors.

* The Company is registered as an oversea company under Part XI of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) under its Chinese name and the English name “China Shipping Container Lines Company Limited”.

“Please also refer to the published version of this announcement in South China Morning Post.”