Dida Inc. — Interim / Quarterly Report 2015

Sep 16, 2015

CONTENT

Management Discussion and Analysis	2
on Report Review Interim of Financial Information	36
Condensed Consolidated Statement Profit of Loss or Other and Comprehensive Income	37
Condensed Consolidated Statement of Financial Position	39
Condensed Consolidated Statement of Changes Equity in	41
Condensed Consolidated Statement Cash of Flows	42
Notes the to Interim Financial Information	44

ANALYSIS AND DISCUSSION MANAGEMENT

THE DURING MARKETS SHIPPING DOMESTIC AND INTERNATIONAL OF ANALYSIS) I( PERIOD REPORTING

Market Shipping Oil the of Review 1.

the ,oil crude international of prices low continuous the from benefited 2015, of half first the In level tariff Average .recovery strong of pace accelerating an experienced market tanker international improvement significant in resulting ,year last of period same the over increased routes major all of three for index freight of value average annual the 2015, of half first the In .owners ship of earnings in Middle 3,TD East Far - East Middle (market") VLCC ("carrier oil crude large very the in routes typical annual the while ,year-on-year 22% by rose) 15TD China — Africa West 1,TD Gulf the and US the - East Japan - East Middle 1,TC Japan — East Middle (routes typical three for index freight of value average Medium and 2 Range Long 1, Range Long (vessels of types three for) 4TC Japan - Singapore 5,TC .year-on-year 14% by rose market oil clean international the in) Range

Corporation Chemical & Petroleum China of maintenance pipeline to due ,shipment oil domestic For demand strong a was there 2015, of half first the in prices oil international decreasing and") Sinopec(" ,shipment oil crude offshore route long from supply reduced and oil transit imported of transportation for .structure route shortened in resulted which

Market Shipping Bulk Dry the of Review 2.

shipment bulk dry international for demand and decreasing kept prices commodity 2015, early Since dry international ,capacity of supply over and demand market weak by Affected .significantly shrank of half first the in restricted severely became and down slow to continued market shipment cargo bulk decrease significant a representing ,points 623 of") BDI ("Index Dry Baltic of value average with 2015, 509 to fell BDI ,particular in 2015, February 18 On 2014. of period same the to compared as 47.2% of .released was index the since value lowest the was which ,points

s'China of restructuring and slowdown as such factors by affected ,market shipping bulk dry coastal For shipping bulk coastal in demand inadequate ,power thermal for demand domestic decreased ,economy continued cargoes bulk dry coastal for rates freight ,capacity of supply over continuous and market dry coastal for index rate freight integrated an ,")CBFI ("Index Freight Bulk Coastal with ,decline to was index the since point lowest the was which 2015, April 10 on points 808 to falling ,shipment bulk of decrease significant a representing ,points 860 was CBFI of value average The 2001. in released 2014. of period same the to compared as 18.9%

,"Company "the (Limited Company Development Shipping China ,environment market complicated the Facing leadership right the under management excellent implemented and" services comprehensive and operationco great ,clients major "of strategy the deepen to continued") Group "the ,subsidiaries its with together strategic "the on focus a with ,Company the of") Directors "the (directors of") Board "the (board the of in achievements and breakthroughs new obtaining ,work of keynotes general" driven-innovation and guidance significantly ,enhancement efficiency and control cost ,marketing ,management safety as such areas various .trend development stable overall our maintaining and Group the of conditions operating the improving

million 90.233 completed Group the ,")Period Reporting "the (2015 June 30 ended months six the During shipping freight of volume the; year-on-year 5.3% of decrease a representing ,shipment cargo of tonnes Revenue .year-on-year 7.4% of increase an representing ,miles nautical-tonne billion 244.22 was turnover ,million 5,809RMB was) below as same ,surcharge and tax business after (operations principal from ,million 4,764RMB to amounted operations principal of Costs .year-on-year 7.7% of decrease a representing net achieved Company the ,Period Reporting the During .year-on-year 13.0% of decrease a representing .million 304.38RMB of Company the of owners to attributable profit

OPERATIONS PRINCIPAL OF ANALYSIS 1.

during regions geographical and transported products of terms in operations principal the of analysis An :follows as is Period Reporting the

		/Increase
		decrease in
		operating
		turnover
		as compared	Gross profit	margin
	Operating	with same the	first The	first The
Sub business- sub or product-	Turnover	period 2014 in	half 2015 of	half 2014 of
	(000'RMB(	(%)	(%)	(%)
Domestic	1,057,477	1.2	44.6	33.3
oil Crude shipment	936,414	4.3	47.9	38.2
oil Refined shipment	74,855	-36.9	23.5	-0.5
Charter income	46,208	62.1	12.1	18.8
International	1,950,081	9.9	29.3	3.4
oil Crude shipment	998,458	-4.4	29.6	4.4
oil Refined shipment	604,668	-5.0	35.9	3.0
Charter income	346,955	272.8	17.2	-4.2
Sub oil of total- Shipment	3,007,558	6.7	34.7	14.5
Domestic	1,162,847	-16.0	-2.5	-1.6
Coal shipment	657,684	-36.0	-0.6	3.1
ore Iron shipment	72,185	-41.5	-67.9	-44.9
Other bulk dry cargoes shipment	126,121	-26.0	-13.1	-3.4
Charter income	306,857	398.1	13.0	10.9
International	1,638,404	-21.5	1.9	20.6
Coal shipment	93,296	-51.8	-3.8	3.5
ore Iron shipment	1,034,258	-22.6	17.1	32.1
Other bulk dry cargoes shipment	153,065	18.5	-7.2	-15.5
Charter income	357,785	-16.6	-37.0	3.5
total-Sub bulk dry of shipment	2,801,251	-19.3	0.0	11.8
Total	5,808,809	-7.7	18.0	13.0

(Continued (PERIOD REPORTING THE DURING RESULTS OPERATING OF REVIEW) II(

(Continued (OPERATIONS PRINCIPAL OF ANALYSIS 1.

shipments Oil — business Shipping) 1(

the ,strategy" operation-co great and clients major "the to adherence in 2015, of half first the In management and operation of reform deepen further to opportunities market seize to strived Group and management safety of models and concepts innovative promote further ,mechanism in improvement continuous with ,efficiency cost improving to devoted and development operation .fleet tanker the of efficiency transportation

the ,market oil crude domestic the of liberalisation full the at targeting ,shipment oil domestic For consolidate to strived and model operation and model service customer innovated actively Group the of effectiveness and efficiency shipping the improving significantly ,position leading market its Company) Group (Shipping China of support great the with 2014, In .fleet shipment oil domestic Shanghai in interest equity 40% of acquisition the completed Company the ,")Shipping China(" of opportunities the seizing 2015, In .")Beihai Shanghai ("Limited Company Shipping Beihai with cooperation round-all promoted actively Group the ,Beihai Shanghai into injection capital shrinkage structural of face the In .Beihai Shanghai and Corporation Oil Offshore National China while strategy exit strategic a adopted Group the ,years recent in market oil refined domestic of allocation adjust timely to markets trading offshore and domestic of advantages joint the utilising operating the improve to effort no sparing while capacities shipment oil foreign and domestic of .fluctuation market to response in vessel single of efficiency

the ,organisations advisory international with cooperation through ,shipment oil international For .opportunities market grasp to strived and judgement and research market strengthened Group significantly and ,strategy operation diversified implemented actively Group the ,Meanwhile 2015, of half first the In .structure route and structure market ,structure owner the optimised cooperating in progress considerable made Group the ,marketing global strengthening through business its increased significantly only not and ,companies oil renowned internationally with significantly ,business chartering vessel term-long in breakthrough a made also but ,turnover .influence market and image brand s'Group the enhancing

(Continued (OPERATIONS PRINCIPAL OF ANALYSIS 1.

(Continued (shipments Oil — business Shipping) 1(

2015 of Half First the in Segment Shipment Oil for Conditions Operating Showing Table

	Transportation	volume	Revenue		profit Gross	margin
	Billion tonne	YOY /Increase		YOY /Increase
	nautical miles	Decrease	000'RMB	Decrease	2015 H1	2014 H1
Domestic	7.32	-4.3%	1,057,477	1.2%	44.6%	33.3%
Crude shipment oil	6.93	0.4%	936,414	4.3%	47.9%	38.2%
Refined shipment oil	0.39	-47.9%	74,855	-36.9%	23.5%	-0.5%
Charter income	—	—	46,208	62.1%	12.1%	18.8%
International	80.45	-11.3%	1,950,081	9.9%	29.3%	3.4%
Crude shipment oil	59.88	-18.9%	998,458	-4.4%	29.6%	4.4%
Refined shipment oil	20.57	21.6%	604,668	-5.0%	35.9%	3.0%
Charter income	—	—	346,955	272.8%	17.2%	-4.2%
Total	87.77	-10.8%	3,007,558	6.7%	34.7%	14.5%

shipments bulk Dry — business Shipping) 2(

to continued and challenges market to responded actively Group the ,shipment cargo bulk dry For .loss reducing and efficiency promoting to itself devoting ,reform deepen

domestic on efforts marketing its strengthened Group the ,shipment cargo bulk dry domestic For early negotiations") COA ("Affreightment of Contract of arrangement early by customers major Group the ,Meanwhile .contracts the of rate performance the increase to strived and ,year the in competitive with vessels bulk leased actively and vessels chartering on efforts its strengthened the of efficiency shipping improve to striving ,cost higher with vessels own its replace to advantage .vessels

(Continued (PERIOD REPORTING THE DURING RESULTS OPERATING OF REVIEW) II(

(Continued (OPERATIONS PRINCIPAL OF ANALYSIS 1.

(Continued (shipments bulk Dry — business Shipping) 2(

internationalisation implemented actively Group the ,shipment cargo bulk dry international For very For .market shipment bulk dry international expand vigorously to continued and strategy .revenue stable ensure to operation fine on focus to continued Group the ,fleet carriers ore large research segment market strengthened further Group the ,fleet medium and small of terms In ,structure market and structure supply international the adjusted actively ,judgment and country-third explored actively ,operation trade foreign and domestic of adjustment strengthened the ,Furthermore .transportation steel and food of development on focus a with ,transportation series a Through .vessels cargo bulk of chartering international on efforts its strengthened Group improvement significant achieved has fleet cargo bulk dry international the ,measures effective of Capesize the of margins profit daily the in increase significant a in resulting ,efficiency operating in .periods corresponding the in standard market to compared when fleet Panamax and

	Transportation	volume	Revenue		profit Gross	margin
	Billion tonne	YOY /Increase		YOY /Increase
	nautical miles	Decrease	000'RMB	Decrease	2015 H1	2014 H1
Domestic	35.39	-3.3%	1,162,847	-16.0%	-2.5%	-1.6%
Coal shipment	27.23	-6.2%	657,684	-36.0%	-0.6%	3.1%
ore Iron shipment	3.05	-17.7%	72,185	-41.5%	-67.9%	-44.9%
Other bulk dry
cargoes shipment	5.11	32.0%	126,121	-26.0%	-13.1%	-3.4%
Charter income	—	—	306,857	398.1	13.0%	10.9%
International	121.06	31.1%	1,638,404	-21.5%	1.9%	20.6%
Coal shipment	8.84	30.5%	93,296	-51.8%	-3.8%	3.5%
ore Iron shipment	100.83	24.4%	1,034,258	-22.6%	17.1%	32.1%
Other bulk dry
cargoes shipment	11.39	149.2%	153,065	18.5%	-7.2%	-15.5%
Charter income	—	—	357,785	-16.6%	-37.0%	3.5%
Total	156.45	21.3%	2,801,251	-19.3%	0.0%	11.8%

2015 of Half First the in Segment Shipment Bulk Dry for Conditions Operating Showing Table

,grain ,timber ,cement ,steel ,metallicore-non ,metalore include cargoes bulk dry Other:Note .ore iron and coal for except on so and fertiliser ,insecticide

(Continued (PERIOD REPORTING THE DURING RESULTS OPERATING OF REVIEW) II(

(Continued (OPERATIONS PRINCIPAL OF ANALYSIS 1.

shipments LNG in made Progress) 3(

an for accounting ,development rapid experienced markets LNG domestic ,years recent In of development rapid the while ,consumption energy of structure the in proportion increasing its expand to Company the for opportunities strategic huge provided has importation LNG s'China businesses core the of one as transportation LNG positioned has Board The .transportation LNG .development future s'Group the for

projects LNG major three led or in participated had Group the 2015, June of end the of As orders has and ,project YAMAL the and project APLNG the ,project DES Mobil Exxon the including .hand on vessels LNG 13 of total a for

actively ,projects existing with proceed steadily to continued Group the 2015, of half first the In and ,project DES Mobil Exxon the under vessels of management and overtaking coordinated Exxon the of phase first the for work supporting and building ship of progress smooth the ensured actively Group the ,Meanwhile .project YAMAL the and project APLNG the ,project DES Mobil .Project APLNG the of building ship of phase second the for bidding tender implemented

cooperation representing project DES Mobil Exxon the under manufactured vessel first The 2015, January in use for delivered was Limited ,Lines .K.S.O Mitsui and Group the between equity on based million 6.26RMB of income investment and million 3.41USD of profit net recording 2015. of half first the in method

analysis expenses and Costs 2.

and seriously Group the ,operations transportation in well achieving while 2015, of half first the In ,enhancement management intensive on Board the of requirements various implemented consistently "success determine costs "the emphasised further and ,improvement efficiency and reduction cost cost ,management budget overall and management operational on Starting .positioning strategic were expenses and costs various of types all and strengthened further was control and management of operations principal of costs incurred Group the 2015, of half first the In .control under effectively ensured has control cost Effective .year-on-year 13.0% of decrease a representing ,million 4,764RMB is costs operating main the of composition The .Group the of profit operating in improvement notable :follows as analysed

				Composition
	In first the	first the In	/Increase	ratio first the in
Item	half 2015 of	half 2014 of	decrease	half 2015 of
	000'RMB ( )	(000'RMB (	(%)	(%)
cost Fuel	1,470,311	2,300,899	-36.1	30.9
cost Port	539,174	508,649	6.0	11.3
Sea cost crew	619,030	727,878	-15.0	13.0
Lubricants expenses	115,075	136,998	-16.0	2.4
Depreciation	917,368	911,365	0.7	19.3
Insurance expenses	113,783	122,658	-7.2	2.4
Repair expenses	168,505	180,055	-6.4	3.5
Charter cost	597,073	414,132	44.2	12.5
Others	223,647	171,454	30.4	4.7
Total	4,763,966	5,474,088	-13.0	100.0

2015, of half first the In .enterprises shipping for item control cost important most the was cost Fuel Group the ,platform operating s'group Shipping China of effect control comprehensive the leveraging relationship cooperation closer building through mechanism judgement and research market improved prices oil international when opportunity rare the of advantage took and ,traders and suppliers with through fuels of efficiency utilisation enhanced Group the ,Meanwhile .cost fuel the lock to sharply fell ,heating bulk in oil as such parts key over control and effect best the with speed economic at operating .water ballast of exchange and filling air inert ,cleaning cabin

(Continued (analysis expenses and Costs 2.

of decrease a representing ,million 1,470RMB of cost fuel incurred Group the 2015, of half first the In achieved Group The .operations principal of costs the of 30.9% for accounting and year-on-year 36.1% ,speed shipping economic implementing including measures adopting by reduction cost significant turnover the While .measures saving-energy various and purchases oil locking ,purchase centralised representing ,tonnes 538,000 was volume consumption fuel the ,year-on-year 7.4% by increased volume ,miles nautical /1,000kg 2.20 was consumption fuel average the and ,year-on-year 12.1% of decrease a .year-on-year 18.2% by decreased

results' associates and' ventures joint the in Interests 3.

comprehensive and operation-co great ,clients major "the implementing by 2015, of half first the In ,associates and ventures joint with cooperation enhance to continued Group the ,strategy" services close maintain and ,companies shipping associates and ventures joint of management strengthen from associates and ventures joint for support further seek ,shareholders with communication and ventures joint over control cost strengthen to continued meantime the in and ,shareholders .Group the for return reasonable ensure to associates

May In .cooperation industry in progress substantial achieved Company the 2015, of half first the In Company) Group (Shipping Bulk COSCO China with agreement an into entered Company the 2015, the which to pursuant Limited Company Holdings COSCO China of subsidiary owned-wholly a .,Ltd China (".Ltd .Pte Shipping Ore China named associate an of establishment the in invested jointly parties 19 On .Shipping Ore China in interest equity 49% holds Company The .Singapore in") Shipping Ore Shipping Vale with agreements certain into entered buyer as Shipping Ore China ,)time Brazil (2015 May purchasing for") International Vale (".A.S International Vale of subsidiary a ,seller as .Ltd .Pte Singapore a into entered International Vale and Shipping Ore China ,day same the On .carriers ore large very four .agreement transportation term-long

joint its from loss its as million 39RMB approximately recognised Group the 2015, of half first the In In 2014. in period same the during million 114RMB approximately of profit a to compared as ventures approximately of volume shipping a achieved Group the of ventures joint 5 the 2015, of half first the same the with compared as 8.31% of increase an representing ,miles nautical-tonne billion 73.59 was 2015 of half first the in ventures joint 5 the by achieved turnover operating The 2014. in period period same the with compared as 38.3% of decrease a representing ,million 2,714RMB approximately .million 126RMB approximately of loss net a with 2014, in

million 4.657 of capacity total a with vessels 84 owned ventures joint 5 the 2015, June 30 at As .tonnes deadweight 331,000 of capacity the with construction under vessels 7 and tonnes deadweight

(Continued (results' associates and' ventures joint the in Interests 3.

:follows as are 2015 of half first the in ventures joint 5 the by achieved results operating The

	Interest
	by held	Shipping	Operating	Net
Company name	the Group	volume	revenue	profit (loss(/
		billion( tonne
		nautical miles )	000'RMB ( )	(000'RMB (
Shenhua Zhonghai Marine
Co Limited .,	49%	32.75	1,009,300	-18,780
Shanghai Times Shipping
Co Limited .,	50%	28.64	1,368,560	-115,890
Guangzhou Development
Shipping Co Limited .,	50%	3.23	207,680	2,080
Shanghai Friendship Marine
Co Limited .,	50%	7.82	45,160	-800
Huahai Petrol Transportation &
Trading Co Limited .,	50%	1.15	83,270	7,030
Total		73.59	2,713,970	-126,360

shipping-non a ,Limited .,Co Finance Shipping China by achieved profit net the 2015, of half first the In half first the (110,331,000RMB approximately was ,Company the by held interest 25% with ,venture joint .(111,040,000RMB approximately 2014: of

101RMB approximately of associates its in profits its recognised has Group the 2015, of half first the In nautical-tonne billion 6.03 of volume shipping a achieved associates 2 2015, of half first the In .million approximately was 2015 of half first the in associates the by achieved revenue operating The .miles approximately was 2015 of half first the in associates the by realised profit net the and ,million 702RMB .million 234RMB

million 2.194 of capacity total a with vessels bulk 11 owned associates the 2015, June 30 at As .tonnes deadweight

(Continued (PERIOD REPORTING THE DURING RESULTS OPERATING OF REVIEW) II(

(Continued (results' associates and' ventures joint the in Interests 3.

:follows as are 2015 of half first the in associates 2 the by achieved results operating The

	Interest
	by held	Shipping	Operating
Company name	the Group	volume	revenue	profit Net
		billion( tonne
		nautical miles )	000'RMB ( )	(000'RMB (
Shanghai Beihai	40%	5.84	669,380	223,220
China Ore Shipping	49%	0.19	32,510	10,720
Total		6.03	701,890	233,940

ANALYSIS FINANCIAL) III(

inflow cash Net 1.

and 2,139,616,000RMB was Group the of activities operating from inflow cash net The .respectively 2014 and 2015 June 30 ended months six the for 1,473,310,000RMB

commitments Capital 2.

31) 2,433,591,000RM which of 2015 June 30 at as commitments capital following the had Group The .year one within due be will) 1,112,199,000RMB 2014: December

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Authorised and contracted :for
Construction and purchases vessels of (1 Note (	7,520,423	5,430,061
Equity investments (2 Note (	1,261,830	539,668
	8,782,253	5,969,729

:Note

• to 2010 November from Group the by into entered agreements purchase and construction the to According) 1( 2018. to 2015 in due fall will commitments capital these 2015, June
• ,venture joint a in invest to commitment the are investments equity of respect in commitments capital Included) 2( .Shipping Ore China ,associate an and ,Limited .,Co Marine Zhonghai Shenhua

(Continued (commitments Capital 2.

are which associates its of commitments capital the of share s'Group the ,above the to addition In .(486,298,000RMB 2014: December 31 (246,975,000RMB to amounted provided not but for contracted not but for contracted are which ,ventures joint its of commitments capital the of share s'Group The .(3,225,137,000RMB 2014: December 31 (2,877,022,000RMB to amounted provided

structure Capital 3.

total as (debts net and Company the of owners the to attributable equity the 2015, June 30 at As under obligations ,loans other ,borrowings other and bank bearing-interest includes which (debt approximately to amounted) equivalents cash and cash less) payable bonds and leases finance ratio equity-to-debt the and respectively 36,221,702,000RMB approximately and 25,101,978,000RMB .(171% 2014: December 31 (144% was

receivables bills and Trade 4.

.values fair their approximate receivables bills and trade of amounts carrying The

:follows as is receivables bills and trade of analysis ageing An

	June 30 2015		31 December 2014
	( Unaudited	)	( (Audited
	Balance	Percentage	Balance	Percentage
	000'RMB	%	000'RMB	%
- 1 months 3	1,585,486	75	1,503,619	86
- 4 months 6	501,270	24	131,929	8
- 7 months 9	26,531	1	58,604	3
12 - 10 months	—	—	47,443	3
1 years 2 -	4,411	—	4,668	—
Over years 2	1,725	—	—	—
	2,119,423	100	1,746,263	100

view In .customers major its to days 120 to 30 of period credit average an allows normally Group The ,customers diversified of number large a to relate receivables bills and trade s'Group the that fact the of .bearing-interest-non are receivables bills and Trade .risk credit of concentration significant no is there

payables bills and Trade 5.

.values fair their approximate payables bills and trade of amounts carrying The

:follows as is payables bills and trade of analysis ageing An

	June 30 2015		31 December 2014
	( Unaudited	)	(	(Audited
	Balance	Percentage	Balance	Percentage
	000'RMB	%	000'RMB	%
- 1 months 3	737,844	65	710,078	72
- 4 months 6	184,082	16	129,070	13
- 7 months 9	128,409	11	51,795	5
12 - 10 months	56,797	5	66,103	7
1 years 2 -	20,558	2	24,436	2
Over years 2	7,044	1	9,187	1
	1,134,734	100	990,669	100

.months 3 to 1 in settled normally are and bearing-interest-non are payables bills and trade The

contracts onerous for Provision 6.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
At beginning period of year/	281,815	349,694
Provision during the period year/	83,484	107,358
Utilised during the period year/	(74,122)	(175,850)
Exchange realignment	—	613
end At period of year/	291,177	281,815
Current of portion provision for onerous contracts	141,833	142,287
Non current- of portion provision for onerous contracts	149,344	139,528
	291,177	281,815

(Continued (contracts onerous for Provision 6.

2014: December 31 (291,177,000RMB of provision a had Group the 2015, June 30 at As dry and tanker oil in-chartered cancellable-non the to relating contracts onerous for) 281,815,000RMB .contracts vessel bulk

tanker oil in-chartered cancellable-non of expenses charterhire committed the 2015, June 30 at As reporting the of end the from months 24 over expiring term lease with contracts vessel bulk dry and contracts vessel bulk dry and tanker oil out-chartered by covered being not period with and period approximately to amounted contracts onerous their assess reliably cannot management which of .(2,709,313,000RMB 2014: December 31 (2,559,905,000RMB

instruments financial Derivative 7.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
at Carried value fair flow Cash :hedges Interest– swap rate agreements
Liabilities
Non current- portion	(257,490)	(291,553)

swap rate interest) one-thirty 2014: December 31 (one-thirty held Group the 2015, June 30 at As agreements swap rate interest outstanding the of amount principal notional total the and agreements 2014: December 31) (3,728,069,000RMB approximately (609,800,000USD approximately was swap rate interest The .))3,731,368,000RMB approximately (609,800,000USD approximately the of respect in hedges flow cash as designated are 2032, and 2031 2016, in maturity with ,agreements .rates interest floating with Group the of borrowings bank

interbank London were borrowings bank the of rates interest floating the ,Period Reporting the During or 0.45% or 0.42% + Libor 2014: June 30 ended months six (2.20% or 0.42% +") Libor ("rate offered .(2.20%

(Continued (ANALYSIS FINANCIAL) III(

(Continued (instruments financial Derivative 7.

:follows as is period the during agreements swap rate interest the for) loss(/profit The

	For six the months ended June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
Total value fair profit loss(/ included) the in hedging reserve	33,934	(214,185)
Hedge loan interest included finance in costs	(1,029)	(2,048)
Total profit on) loss(/ flow cash hedges interest of rate swap agreements the for current period	32,905	(216,233)

.,A.N ,Citibank with agreements swap rate interest the of one released Group the 2014, January 28 On in maturity to prior 41,334,000USD approximately was amount principal notional its and ,Kong Hong 2016. January

borrowings other and bank bearing-Interest 8.

:follows as analysed are borrowings other and bank bearing-interest s'Group The) a(

		Annual effective Interest (%)	Maturity	June 30 2015 ( Unaudited ( 000'RMB	31 December 2014 (Audited( 000'RMB
Current	liabilities
(	Bank) i loans
	Secured	5% 10% to discount to Bank s' People the China of ") PBC(" Benchmark interest rate months 3 , ,Libor months 3 Libor 1.30%, + Libor 0.38% + 2.15%, to 3.50% 4.73% to	2015-2016	1,355,421	1,926,196
	Unsecured	Libor 0.60% + 4.00%, to 9% 10% to discount to PBC the Benchmark interest PBC ,rate Benchmark interest ,rate months 3 ,Libor months 3 Libor 1.05% +
		2.20%, to 4.50%	2015-2016	2,858,318	4,030,944
				4,213,739	5,957,140
ii(	Other) borrowings
	Secured	6.00%, 5% discount to PBC the Benchmark interest rate	2015-2016	8,415	253,160
	Unsecured	10% discount PBC the to Benchmark interest ,rate Libor 1.60% + 2.90%, to months 6 Libor 2.10%, +
		1.50% 6.00% to	2015-2016	2,361,352	2,032,790
				2,369,767	2,285,950
Interest	bearing- bank other and borrowings
	current– portion			6,583,506	8,243,090

(Continued (borrowings other and bank bearing-Interest 8.

(Continued (:follows as analysed are borrowings other and bank bearing-interest s'Group The) a(

				June 30	31 December
				2015	2014
				( Unaudited (	(Audited(
		Annual effective Interest	Maturity	000'RMB	000'RMB
		(%)
Non	current- liabilities
(	Bank) i loans
	Secured	5% 10% to discount to PBC the Benchmark interest rate months 3 , Libor 2.20%, + Libor 0.38% +
		2.15%, to 4.27% 4.73% to	2016-2037	11,917,836	11,295,416
	Unsecured	10% 20% to discount to PBC the Benchmark interest PBC ,rate Benchmark interest rate + Libor , 1.45% 1.85%, to months 3 Libor 2.40%, +
		1.86% 6.00% to	2016-2024	7,847,650	7,388,464
				19,765,486	18,683,880
ii(	Other) borrowings
	Secured	5% discount PBC the to Benchmark interest rate	2023	115,005	129,540
	Unsecured	3.60% 6.51%, to months 6 Libor 2.50%, +
		Libor 2.00% +	2017-2018	5,222,705	4,611,923
				5,337,710	4,741,463
Interest	bearing- bank other and borrowings
	non– current- portion			25,103,196	23,425,343

(Continued (borrowings other and bank bearing-Interest 8.

as repayable were borrowings other and bank bearing-interest s'Group the 2015, June 30 at As) b( :follows

		June 30 2015	31 December 2014
		( Unaudited )	( (Audited
		000'RMB	000'RMB
Analysed	:into
i(	Bank) :loans
	Within year one on or demand	4,213,739	5,957,140
	the In second year	3,781,636	2,689,239
	the In to third year fifth inclusive ,	9,281,160	10,204,923
	Over years five	6,702,690	5,789,718
		23,979,225	24,641,020
ii(	Other) borrowings :
	Within year one on or demand	2,369,767	2,285,950
	the In second year	620,277	8,670
	the In to third year fifth inclusive ,	4,643,992	4,640,993
	Over years five	73,441	91,800
		7,707,477	7,027,413
		31,686,702	31,668,433

(i (by secured were borrowings other and bank s'Group the of certain 2015, June 30 at As under vessels 7 and) vessels 48 2014: December 31 (vessels 50 s'Group the of pledges carrying net total with) construction under vessels 13 2014: December 31 (construction 2014: December 31 (respectively 4,811,630,000RMB and 19,312,453,000RMB of amount .(respectively 4,995,123,000RMB and 19,154,098,000RMB

of deposits bank 2014: December 31 (deposits bank of none 2015, June 30 at As bank pledged The .loan bank term-short secure to pledged been had/has) 611,900,000RMB .period the for loans bank relevant of settlement the upon released were deposits

(Continued (borrowings other and bank bearing-Interest 8.

as repayable were borrowings other and bank bearing-interest s'Group the 2015, June 30 at As) b( (Continued (:follows

approximate borrowings other and bank bearing-interest s'Group the of amounts carrying The .values fair their

,(12,470,966,000RMB 2014: December 31 (12,090,341,000RMB of loans bank secured for Except and) 6,978,985,000RMB 2014: December 31 (6,440,596,000RMB of loans bank unsecured which) 611,923,000RMB 2014: December 31 (1,834,057,000RMB of borrowings other unsecured .RMB in denominated are borrowings other all ,USD in denominated are

:follows as are notes the of Details) c(

3 on investors to Group the by issued were 3,000,000,000RMB of amount principal with Notes at issued were and annum per 3.90% of yield interest fixed a carried notes The 2009. August notes The .issue the on discount no in resulting ,amount principal its of cent per 100 of price a each of August 4 on arrears in annually payable 2009, August 4 since bearing interest became 2014. August 3 on redeemed fully been had notes The .year

payable Bonds 9.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Convertible bonds	—	3,145,147
Corporate bonds	4,976,479	4,973,360
	4,976,479	8,118,507
Less current : portion bonds of payable	999,713)	) ( 4,143,383 (
Non current- portion bonds of payable	3,976,766	3,975,124

(Continued (ANALYSIS FINANCIAL) III(

(Continued (payable Bonds 9.

bonds Convertible) a(

1 on issued were 3,950,000,000RMB to amounted bonds convertible share-A s'Company The of value nominal a at bonds of number 39,500,000 issuing by ,years 6 of term a with 2011, August time any at Company the of shares-A into convertible are bonds convertible The .each 100RMB the of date maturity the and bonds convertible the of issue of date the after months six between 8.70RMB of price conversion initial at 2017, August 1 to 2012 February 2 being ,bonds convertible .share per

.(tax before (share per 0.10RMB of dividend final 2011 a declared Company the 2012, May 17 On China by regulations relevant and bonds convertible the of issuance of terms the to According per 8.70RMB from price conversion the changed Company the ,Commission Regulatory Securities 2012. June 1 from effective share per 8.60RMB to share

value par of 105% at redeemed be will they ,converted been not have bonds convertible the If bear bonds convertible The .bonds convertible the of maturity the after days trading five within the for 1.3% ,year third the for 0.9% ,year second the for 0.7% ,year first the for 0.5% at interest annually payable are interests The .year sixth the for 2.0% and year fifth the for 1.6% ,year fourth 2012. from starting year each of August 1 on arrears in

lower at traded is share-A of price closing the if ,bonds convertible the of years two last the Within bonds convertible the ,days trading consecutive thirty for price conversion initial the of 70% of bonds convertible the redeem to Company the request to right off-one a to entitled are holders .day that on accrued interest with ,par at partially or wholly

:if interest accrued plus par at wholly bonds convertible the redeem to entitled is Company The conversion initial the of 130% than higher or at is shares s'Company the of price closing the) i( the of issuance from days trading consecutive thirty in days trading fifteen any for price than less is bonds convertible outstanding the of value par aggregate the) ii (or; bonds convertible .bonds convertible the of issuance from time any at 30,000,000RMB

early related-closely of value the including (liability into split were bonds convertible The and 3,039,329,000RMB of components equity and) option callable and option redemption at component liability the recognising by recognition initial upon respectively 873,043,000RMB component liability The .component equity the to amount residual the attributing and value fair its convertible the in recognised is component equity and cost amortised at carried subsequently is .annum per 5.6% is component liability the of interest effective The .reserve equity bonds

(Continued (ANALYSIS FINANCIAL) III(

(Continued (payable Bonds 9.

(Continued (bonds Convertible) a(

downward the approve to resolution special a passed Company the 2014, August 12 On accordance in share per 6.24RMB to share per 8.60RMB from price conversion the to adjustment 14 on effective became adjustment when ,bonds convertible the of issuance of terms the with 2014. August

conversion the of 130% than higher or to equal been had Shares A the of price closing the As the of out days trading 15 least at for) share per 6.24RMB being (bonds convertible the of price had Board the 2015, January 8 and 2014 November 26 between days trading consecutive 30 the with accordance in bonds convertible outstanding all redeem to resolved 2015 January 8 on redemption its completed Company the 2015, February 13 On .procedures redemption specified Stock Shanghai the from delisted were bonds convertible The .bonds convertible outstanding all of 2015. February 13 on Exchange

set is Period Reporting the for bonds convertible the of component liability the of movement The :below out

	000'RMB
Carrying amount 31 at December 2014	3,145,147
Interest charge	14,677
Conversion during the period	) 3,120,694 (
Redemption	(34,744)
Gain early on redemption of convertible bonds	(4,386)
Carrying amount at June 30 2015	—

at as bonds convertible the of component liability the of rate interest effective and value fair The 2014: December 31 (%Nil and) 3,145,147,000RMB 2014: December 31 (RMBNil was 2015 June 30 .respectively annum per) 5.60%

was) 96,089,000RMB 2014: June 30 ended months six (14,677,000RMB of expense Interest comprehensive other and loss or profit of statement consolidated condensed the in recognised .Period Reporting the for bonds convertible the of respect in income

(Continued (ANALYSIS FINANCIAL) III(

(Continued (payable Bonds 9.

bonds Corporate) b(

:below out set is Period Reporting the for bonds corporate the of movement The

	000'RMB
Balance 31 at as December 2014	4,973,360
Interest charge	3,119
Balance at as June 30 2015	4,976,479
Current of portion corporate bonds	999,713
Non current- of portion corporate bonds	3,976,766
	4,976,479

:follows as are payable bonds of balances the 2015, June 30 at As

			value Book
		Total	bond of	At		At
	of Term	principal	initial at	31 December	Interest	June 30
date Issue	bond the	value	recognition	2014	charge	2015
		000'RMB	000'RMB	000'RMB	000'RMB	000'RMB
August 3 2012	years 3	1,000,000	991,400	998,236	1,477	999,713
August 3 2012	years 10	1,500,000	1,487,100	1,489,656	556	1,490,212
October 29 2012	years 7	1,500,000	1,488,600	1,491,727	760	1,492,487
October 29 2012	years 10	1,000,000	992,400	993,741	326	994,067
		5,000,000	4,959,500	4,973,360	3,119	4,976,479

4.20% of rate interest annual an carrying ,billion 1RMB of value principal ^a with bond corporate yearthree a is batch first The 2012. August 3 on bonds corporate of batches 2 issued Company The in resulting ,value principal of cent per 100 was price issuing The 2015. August 3 on matures and .annually paid is bonds the on Interest .issue the on discount no

(Continued (ANALYSIS FINANCIAL) III(

(Continued (payable Bonds 9.

(Continued (bonds Corporate) b(

an carrying ,billion 1.5RMB of value principal a with bond corporate year-ten a is batch second The cent per 100 was price issuing The 2022. August 3 on matures and 5.00% of rate interest annual .annually paid is bonds the on Interest .issue the on discount no in resulting ,value principal of

is batch first The 2012. October 29 on bonds corporate of batches 2 further issued Company The interest annual an carrying ,billion 1.5RMB of value principal a with bond corporate year-seven a principal of cent per 100 was price issuing The 2019. October 29 on matures and 5.05% of rate .annually paid is bonds the on Interest .issue the on discount no in resulting ,value

an carrying ,billion 1RMB of value principal a with bond corporate year-ten a is batch second The cent per 100 was price issuing The 2022. October 29 on matures and 5.18% of rate interest annual .annually paid is bonds the on Interest .issue the on discount no in resulting ,value principal of

currency foreign on Risk 10.

currency various from arising risk exchange foreign to exposed is and internationally operates Group The against") HKD ("Dollar Kong Hong and") USD ("Dollar States United to respect with primarily ,exposures and assets recognised and ,transactions commercial future from arises risk exchange Foreign .RMB .liabilities

loans bank secured comprised mainly liabilities exchange foreign s'Group the 2015, June 30 at As and ,)12,470,966,000RMB approximately 2014: December 31 (12,090,341,000RMB approximately of 2014: December 31 (8,274,653,000RMB approximately of borrowings other and bank unsecured .HKD in shares H for dividend pay would Company the ,addition In .)7,590,908,000RMB approximately

.risk exchange foreign to exposure significant any have not does Group The

exchange in changes ,business shipping international s'Group the from revenue increasing the Given strengthen further will Group the ,Therefore .profitability s'Group the on impact certain have will rates effective implement actively will and ,fluctuations rate exchange studying and monitoring in efforts its breakeven to strive will Group the ,Firstly .risks fluctuation rate exchange avoid to strive to measures and analyse conscientiously will Group the ,Secondly .operations its for receivables/payables USD in lock and hedge to as so ,risks rate exchange averting for instruments financial available compare .fluctuations rate exchange by caused risks against protect effectively to and ,costs financial

liabilities Contingent 11.

• which ,"1 Peng Li "with collided" Bihuashan "vessels cargo s'Group the of one 2011, August In) 1( Maritime for Liability of Limitation a up set has Group The .afterwards sink to" 1 Peng Li "caused compensation all ,insured been had Group the Since 22,250,000.RMB to amounting Fund Claims of process the in still was Group the 2015, June 30 at As .company insurance the by borne be will .concerned issues the all settling
• voyage its during" 75 Daiqing "tanker s'Group the of one in occurred leakage fuel 2012, January In) 2( damage on claims 2015, June 30 at As .")PRC "the (China of Republic s'People the of Sea Bohai in Of .costs court plus 19,370,000RMB of aggregate an to amounted leakage fuel the by caused had Company the Since .companies insurance by settled fully been had 11,250,000RMB ,which Insurance England of West and Limited Company Casualty and Property PICC with insured been 30 at As .companies insurance the by borne be will compensation all .,A.S) Luxembourg (Services 2015, July 24 On .concerned issues the all settling of process the in still was Group the 2015, June to agreed Group the and 4,000,000RMB be to damage on claims final the announced court the Daiqing "the to relation in incident leakage fuel The .amount the with concerned issues the settle .amount such settled Group the after resolved was tanker" 75
• ,Company the of subsidiary owned-wholly non a .,Ltd .Co Investment Shipping LNG China East) 3( and") LNG Aquarius ("Limited Shipping LNG Aquarius of each in interests equity 30% holds .,Ltd .Co Investment Shipping LNG China North and ,")LNG Gemini ("Limited Shipping LNG Gemini Capricorn of each in interests equity 30% holds ,Company the of subsidiary owned-wholly non a of Each .")LNG Aries ("Limited Shipping LNG Aries and") LNG Capricorn ("Limited Shipping LNG LNG one of construction the for contracts building ship into entered above companies four these with accordance in ,would companies four the ,vessels LNG the of completion the After .vessel :charterers following the to vessels LNG the lease ,signed be to agreements charters time

Company name	Charterer
Aquarius LNG	Papua New Guinea Liquefied Natural Gas Global Company LDC
Gemini LNG	Papua New Guinea Liquefied Natural Gas Global Company LDC
Aries LNG	Mobil Australia Resources Company .Ltd Pty
Capricorn LNG	Mobil Australia Resources Company .Ltd Pty

.("Guarantees Lease "the (leases guaranteed four into entered Company the 2011, July 15 On the provided unconditionally and irrevocably Company the ,Guarantees Lease the to According for) 1 (guarantee with above listed companies four the of transferees and successors ,charterers 30% secure to) 2 (and ,term lease the under obligations respective their fulfil to companies four the .term lease under charterers to payable amounts of

(Continued (ANALYSIS FINANCIAL) III(

• (Continued (liabilities Contingent 11.
• (Continued) (3(

in increase possible the account into taking and Guarantees Lease the of term the to According the in Company the by shareholdings of percentage the and commitments lease the of value the 8.2USD to limited is Company the by guaranteed lease of amount the ,companies four above .(million 50RMB approximately (million

.years 20 is which ,period lease the of that to limited is period guarantee The

• caused bollard broken a had" Talent CSB "vessels cargo s'Group the of one 2013, March 9 On) 4( resulted which ,nearby vessels parked several with collided and dock the at wind strong by caused damage on claims 2014, March In .facilities other and dock floating the of damage in been had Company the Since 173,865,000.RMB of aggregate an to amounted collision the by London The and) Branch Guangzhou (Limited Company Casualty and Property PICC with insured the by borne be will compensation all ,Limited Association Insurance Mutual Owners Ship Steam the all settling of process the in still was Group the 2015, June 30 at As .companies insurance .concerned issues
• Daiqing ","71 Daiqing ","Baichi ","Danchi "tankers oil s'Group the of five 2013, December 23 On) 5( plaintiffs of group a by sued was act This ."Bohaiyouyihao "from oil extracted" Ruijintan "and" 72 amounted pollution ocean by caused damage on claims 2014, April 23 at As .pollution ocean for and Property PICC with insured been had Company the Since 47,452,000.RMB of aggregate an to compensation all ,SKULD and Club I&P London the ,)Branch Shanghai (Limited Company Causalty process the in still was Group the 2015, June 30 at As .companies insurance the by borne be will .concerned issues the all settling of
• ship the approved Company the 2014, June 30 on held meeting Board seventh 2014 the At) 6( by signed contract construction supplemental and agreements charter time ,contracts building the of obligation the secure To .project LNG Yamal the for Company the of ventures joint three the ,contracts construction supplemental and agreements charter time ,contracts building ship Marine & Shipbuilding Daewoo ,shipbuilders the to guarantees corporate provides Company under Company the of liability aggregate total The .Limited Maritime DY and .Ltd .,Co Engineering In .)2,995,664,000RMB approximately (490,000,000USD to limited is guarantees corporate the The .Ltd .Pte Trade YAMAL ,charterer the to guarantees s'owner provides Company the ,addition 6,400,000USD to limited is guarantees s'owner the under Company the of liability aggregate total .(39,127,000RMB approximately(

(Continued (liabilities Contingent 11.

Bulk Shipping China approved Company the 2015, April 28 on meeting Board sixth 2015 the At) 7( 50% than more not guarantee to ,Company the of subsidiary owned-wholly a ,Limited .,Co Carrier ,Group the of venture joint a ,Limited .,Co Shipping Development Guangzhou of debt total the of guarantee the where 26,250,000,RMB approximately to limited interest accrued and loan including .cancellable-non and unconditional was

OTHERS) IV(

expansion Fleet 1.

shipping for policies support and subsidies state the utilised fully Group the 2015, of half first the In capacity total ^a with tankers ⁸ of orders new 2015, of half first the In .plan development fleet" Year-Five th12 "the of implementation promote actively and structure fleet adjust timely to companies of capacity total a with vessels bulk dry new 6 ,placed been have tonnes deadweight 1,688,000 of 1,015,000 of vessels bulk dry old 27 and ,use for delivered been have tonnes deadweight 288,000 fleet current the ,composition fleet the to adjustment the Following .demolished were tonnes deadweight the ,rising on kept capacity vessel single average The .optimised further was Group the of composition and new ,carbon-low ,scale-large of degree the and ,year by year decreased vessels the of age average the of competitiveness market the strengthening thereby ,enhanced further operations vessel remote .fleet

deadweight 16,933,000 of capacity total a with vessels 173 owned Group the 2015, June 30 at As :follows as is fleet s'Group the of composition The .tonnes

				New vessels	under
	Self	owned- vessels			construction
			Average
		Deadweight	age		Deadweight
	Numbers	tonnes	) years(	Numbers	tonnes
Tankers	67	7,462,000	6.7	11	1,883,000
Bulk Dry vessels	106	9,471,000	6.0	5	248,000
LNG vessels	—	—		6	480,000
Total	173	16,933,000	6.3	22	2,611,000

(Continued (OTHERS) IV(

Investments Significant 2.

to notes the in 11 and 10 Notes to refer please ,Group the by held investments significant of details For .information financial interim the

2015 OF HALF SECOND THE FOR HIGHLIGHTS AND OUTLOOK) V(

industry the in trend development and landscape Competitive 1.

While .volatile and complicated remain to expected are 2015 in conditions economic international The turnaround obvious achieve to difficult is it ,slightly rebound to likely is economy global of growth the few next the in trend the be to expected is rate growth low and trend recovery weak overall the from .rate growth economy fragile the by restrained be likely will growth trading Global .years

demand market insufficient that unlikely is it ,economy global the of development account into Taking With .term short the in improved substantially be will issues capacity-over the and transportation for marginal in growth the ,structure energy and structure economic s'China of transformation gradual the supply of imbalance while 2015, of half second the In .suppressed be will coal and ore iron for demand vessel for pace the ,exist to continue will market shipping bulk dry international the in demand and market future for beneficial be will which ,significantly down slow to expected is orders place to owners 2015. of half second the in minimal be may market the on this of influence the although recovery

enterprises shipping of operation the to related-closely are that prices oil international that expected is It .enterprises shipping of pressure cost the relieving likely thus 2015, in level low a at remain will ,market shipping oil the in transportation for demand the drive will prices oil international low ,Meanwhile large to beneficial be and oil crude international of volume trading in increase support further will which .Suez and VLCC as such tankers oil

(Continued (2015 OF HALF SECOND THE FOR HIGHLIGHTS AND OUTLOOK) V(

Company the of initiatives work and strategies Development 2.

shipping the to challenges and opportunities both include factors and conditions mentioned above The will Group the 2015, of half second the in ,environment market changing fast a with Faced .industry and research actively to prices oil international low continued of opportunity favorable the capture as well as innovation and reform deepen will and ,strategy operating adjust timely and market the judge development sustainable ,ability resistant-risk our of enhancement continuous for operation excellent :initiatives following the implementing by competitiveness core and capability

• the to Adhering .Group the of development safety ensure to management safety Strengthen) 1( on reforms various promote further will we ,"development safe for safety intrinsic "of concept brand safety the forge to endeavor and ,culture safety outstanding nurture ,management safety .competitiveness core s'Group the into
• of advantage full take and ,markets the of judgement informed make and research careful Conduct) 2( domestic the in circumstances different at Targeting .operation solid achieve to opportunities the to strategies business specific implement will Group the ,markets trading international and and ,market trading domestic the in Company the of position leading the consolidating continue the enhancing further ,enterprises outstanding international with up catch to pace the up speed to adhere to continue will Group The .Company the of competitiveness market and image brand service increase ,"services comprehensive and operation-co great ,clients major "of strategy the .actively customers for values create and needs customer satisfy to strive and awareness

top the with cooperation deepen to continue will Group the ,operations shipment oil for 2015, In ,relationship cooperation innovative an create further to companies petroleum domestic three the ,Meanwhile .shipment oil offshore in share market its enhance and consolidate to as so a establish to markets trading offshore and domestic of advantages joint the utilise will Group market international of opportunity the utilise ,mechanism judgment and research market scientific fixed VLCC the grab and ,structure routes shipping in adjustment the strengthen to improvement increasing for strive to as so ,ratio leasing term the plan scientifically to level high at loading .fluctuation market stabilising and profitability

of trend major the to respond actively will Group the ,operations shipment cargo bulk For cargo of structure the increase and ,structure energy and structure economic PRC in adjustment performance contract and mechanism pricing the improving on focus will Company The .sources from benefits consolidating ,management customer improving ,contracts COA for mechanism business of management senior with communication strengthening ,associates and ventures joint ,Meanwhile .associates and ventures joint with results cooperation good maintaining and ,partners shipping allocate to operations cargo bulk for platform unified the of use good make will Group the enhancing further ,contracts market spot and chartering term-long between reasonably capacities .operations shipment offshore of share market the

(Continued (2015 OF HALF SECOND THE FOR HIGHLIGHTS AND OUTLOOK) V(

(Continued (Company the of initiatives work and strategies Development 2.

(Continued) (2(

LNG on capabilities integrated the enhance further will Group the ,operations shipment LNG For ,financing bank ,management business ,management construction vessel ,development project the for market LNG the safeguard to as so ,cultivation talent and management vessel and crew develop actively and ,Corporation Petroleum National China and Sinopec ,groups major two .importers LNG other with cooperation

• firmly will Group The .fleet of competitiveness increase and adjustment structure fleet Accelerate) 3( the by established" Road Silk Maritime Century st21 The "of opportunity strategic the capture planning development term long-medium of establishment the on focusing ,government Chinese .vessels scale-large of delivery and construction and vessels obsolete and old of disposal ,fleet of fleet of upgrade pursue actively will Group the ,optimisation fleet continuous through ,addition In .fleet the of competitiveness overall the enhancing thereby ,operations carbonlow and modernised ,scale-large of direction the towards fleet the develop to technology and
• reduction cost and efficiency operating improve to continue and first-come-costs the to Adhere) 4( system and links key out sort further will Group the 2015, of half second the In .level control and strengthen ,mechanism saving energy comprehensive improve to continue ,control cost of current the utilise fully ,control cost fuel of mechanism making-decision and analysis ,evaluation fuel perform reasonably and scientifically as well as ,prices oil low of opportunity favorable communication its enhance to continue will Group the ,Meanwhile .work purchasing and locking various of control and management in breakthrough for striving ,suppliers with coordination and competitive a create to ,charges port ,charges repair vessel ,expenses crew as such items costs .cost low of advantage
• and funds development secure to channels financing expand and management funds Strengthen) 5( expenditure capital the ,plans delivery vessel new the to According .costs capital reduced for strive this In .respectively ,billion 2.48RMB and billion 4.53RMB be will 2016 and 2015 in Group the of domestic both utilise fully ,banks with cooperation strengthen further will Group the ,connection capital required the secure to instruments financial use reasonably and markets international and ,operations capital of efficiency and benefits operating enhance continuously will and ,funds .structure financial sound relatively a maintain and costs financing reduce
• year five th13 the formulate will Group The .building team and development talent Strengthen) 6( the and fleet our for plan development the to according cadre of team a building for plan and international of team a of building the strengthen and ,segments business various of needs business the improve continuously also will Group the ,Moreover .talents cadre sophisticated active through development fleet for manpower secure and employees of capability and level .mechanism training and educational term long a of establishment and exploration

MATTERS OTHER) VI(

management senior and supervisors ,directors in Changes 1.

.Mr ,Lirong Xu .Mr of election-re the 2015, June 18 on held") AGM "the (meeting general annual the At .Mr and Jun Han .Mr ,Zenggang Yu .Mr ,Nong Ding .Mr ,Xiaowen Huang .Mr ,Min Su .Ms ,Guofa Zhang took appointments such and shareholders the by approved were Directors executive as Guoxuan Qiu from effect with ,Director executive an as resigned Min Su .Ms ,However .thereafter immediately effect .resources human of allocation in changes to due 2015, August 28

as Chi Sing Ip .Mr and ,Yongping Ruan .Mr ,Wusheng Wang .Mr election-re the ,AGM the At took appointments such and shareholders the by approved were Directors executive-non independent .thereafter immediately effect

approved was Director executive-non independent an as Meng Rui .Mr of appointment the ,AGM the At .thereafter immediately effect took appointment such and shareholders the by

the at expired Guoliang Wang .Mr and Jun Zhang .Mr ,Xihan Liu .Mr of each for office of term The Guoliang Wang .Mr and Jun Zhang .Mr ,Xihan Liu .Mr ,retire to wished they As .AGM the of conclusion Directors be to ceased therefore and AGM the at Directors as election-re for themselves offer not did .AGM the of conclusion the after immediately

Company the of supervisors as Jihong Chen .Mr and Wenrong Xu .Mr of election-re the ,AGM the At .thereafter immediately effect took appointment such and shareholders the by approved duly was

of Articles the and PRC the of Law Company the of provisions relevant the with accordance In the by removed or elected be to required are supervisors representative employee the ,Association the of union trade the by passed duly was resolution written a 2015, April 28 On .Company the of staff employee as Yuming Luo .Mr and Xiuling Chen .Ms of appointment-re the which to pursuant Company .approved was Company the of committee supervisory of term eighth the for supervisors representative

(Continued (MATTERS OTHER) VI(

shares underlying and shares in interests' shareholders Substantial 2.

of class any of value nominal the of more or 5% held shareholders following the 2015, June 30 at As general' shareholders any at circumstances all in vote to rights carrying ,Company the of capital share the by kept be to required shares in interests of register the to according ,Company the of meeting :("SFO "the (Ordinance Futures and Securities the of 336 Section to pursuant Company

			Percentage of
			total the number	Percentage of
of Name substantial	of Class	Number of	shares the of	total the number
shareholders	shares	shares held	relevant class	issued of shares
China Shipping	A	1,540,528,995 (L (	56.31%	38.21%
GIC Private Limited	H	140,774,000 (L(	10.86%	3.49%
JPMorgan Chase .Co &	H	77,913,547 (L(	6.01%	1.93%
		3,254,698 (S(	0.25%	0.08%
		62,765,700 (P(	4.84%	1.56%
Schroders Plc	H	76,944,000 (L(	5.94%	1.91%
Templeton Asset Management .Ltd	H	76,689,177 (L(	5.92%	1.90%

shares H – H 1: Note

shares A – A

position long represents – L

position short represents – S

pool lending represents – P

30 at As 2015. June 30 at as issue in shares of number total the on based calculated was shown Percentage 2: Note 1,296,000,000 which of shares 4,032,032,861 was Company the of capital share issued total the 2015, June .shares A were 2,736,032,861 and shares H were

in position short or interest an registered had person no 2015, June 30 at as ,above disclosed as Save Section to pursuant recorded be to required was that Company the of shares underlying or shares the .SFO the of 336

(Continued (MATTERS OTHER) VI(

contracts in interests' supervisors and' Directors 3.

either ,interest material a had Company the of supervisors or Directors the of none 2015, June 30 at As ,Company the which to Group the of business the to significance of contract any in ,indirectly or directly .party a was subsidiaries fellow or subsidiaries ,company holding its

the of shares underlying and shares in positions short and interests' supervisors and' Directors 4. Company

or interest an registered had executives chief ,supervisors ,Directors the of none 2015, June 30 at As associated its of any or Company the of debentures and shares underlying ,shares the in position short to pursuant recorded be to required was that) SFO the of XV Part of meaning the within (corporations Hong of Exchange Stock The and Company the to notified otherwise as or ,SFO the of 352 Section by Transactions Securities for Code Model the to pursuant") Exchange Stock "the (Limited Kong Listing the Governing Rules the to 10 Appendix in out set as") Code Model ("Issuers Listed of Directors .("Rules Listing ("Exchange Stock the on Securities of

debentures or shares acquire to rights' supervisors and' Directors 5.

of acquisition of means by benefits acquire to rights were Period Reporting the during time no At their or Company the of supervisor or Director any to granted Company the of debentures or in shares ,Company the was or; them by exercised rights such any were or ,children minor or spouse respective the enable to arrangement any to party a subsidiaries fellow or subsidiaries ,company holding its .corporate body other any in rights such acquire to supervisors or Directors

securities listed s'Company the of redemption or sale ,Purchase 6.

listed its of any redeemed or sold ,purchased had subsidiaries its of any nor Company the Neither .Period Reporting the during securities

Code Governance Corporate the with Compliance 7.

enhancing on focuses and governance corporate of principles the to committed is Board The positions ,responsibility and accountability ,independence reinforce to order In .value' shareholders to as so individuals different by assumed are officer executive chief the and Board the of Chairman of .views and judgment balanced and independence maintain

the in out set provisions code the with complied has Company the ,Period Reporting the During has Company The .Rules Listing the to 14 Appendix in out set as Code Governance Corporate remuneration a ,committee audit an including ,Board the under committees professional four established nomination a and committee strategy a ,")Committee Remuneration "the (committee appraisal and .reference of terms defined with committee

(Continued (MATTERS OTHER) VI(

committee Audit 8.

internal and procedures reporting financial the review to committee audit an established has Board The independent three comprises committee audit The .thereto guidance provide to and Group the of control .Company the of Directors executive-non

.Period Reporting the for Company the of report interim the reviewed has committee audit The

Committee Remuneration 9.

The .Directors executive-non independent four the comprises Committee Remuneration The Corporate the with line in are which reference of terms adopted has Committee Remuneration .Rules Listing the to 14 Appendix in contained Code Governance

Rules Listing the to 10 Appendix in out set as Code Model the with Compliance 10.

of code its as Rules Listing the to 10 Appendix in out set Code Model the adopted has Company The .transactions securities' directors regarding conduct

,Company the of executives chief and supervisors ,directors the with made enquiries specific Following during Code Model the with complied has she or he that Company the to confirmed has them of each .Period Reporting the

Employees 11.

turnover s'Company the with accordance in calculated are remuneration employee of Adjustments the and paid salary total the between correlation the assessing by determined are and profitability and remuneration' employees of management ,mechanism this Under .Company the of efficiency economic the for results encouraging bring to hard work to motivated be will employees while efficient more be will share any maintain not does Company the ,above disclosed policy remuneration the for Save .Company regularly Company The .bonus any receive not do employees the and employees its for scheme option ,management operation including ,subjects various on training with personnel administrative its provides in maybe training Such .laws and policies and how-know industry ,skills computer ,languages foreign .tours study and visits site ,seminars as such ,forms different

Reporting the During .)697 2014: June 30 at as (employees 717 had Company the 2015, June 30 at As approximately 2014: in period same (million 800RMB approximately was cost staff total the ,Period 2014: in period same (million 619RMB approximately was cost crew these ,which in ,)million 846RMB .(million 728RMB approximately

(Continued (MATTERS OTHER) VI(

Relations Investor 12.

and information of disclosure regarding duties its performed faithfully and actively has Company The ,accurate ,regulatory of principles the by abided strictly has Company The .relations investor on work department designated a established has Company The .information of disclosure timely and complete Relations Investor "the formulated has and relations investor concerning matters for responsible and approaches various Through .investors with relations the regulate to" Measures Management ,website corporate ,conference telephone ,roadshow ,presentation results organizing as such channels its strengthens Company the ,enquires' investors answering and Company the to visits' investors of recognition' investors enhancing thereby ,analysts and investors with relationship and communication .Company the

to com.cnshippingdev.www at website its on section relations investor maintained has Company The .basis timely a on shareholders and investors its to information disseminate

Period Reporting the after Events 13.

for 925,000,000RMB approximately of subsidies government received Company the 2015, July 27 On .Shipping China through PRC the of Finance of Ministry the from vessels of retirement early

other have not does Group the ,information above the in elsewhere and above disclosed as Save .Period Reporting the of end the after events significant

Board the of order By Limited Company Development Shipping China Lirong Xu Chairman

PRC the ,Shanghai 2015 August 28

INFORMATION FINANCIAL INTERIM OF REVIEW ON REPORT

LIMITED COMPANY DEVELOPMENT SHIPPING CHINA OF DIRECTORS OF BOARD THE TO (liability limited with company stock joint a as China of Republic s'People the in Established(

INTRODUCTION

the (Limited Company Development Shipping China of information financial interim the reviewed have We consolidated condensed the comprises which 81, to 37 pages on out set subsidiaries its and") Company" or profit of statement consolidated condensed related the and 2015 June 30 of as position financial of statement condensed and equity in changes of statement consolidated condensed ,income comprehensive other and loss The .notes explanatory certain and ended then period month-six the for flows cash of statement consolidated of preparation the require Limited Kong Hong of Exchange Stock The on Securities of Listing the Governing Rules Kong Hong and thereof provisions relevant the with compliance in be to information financial interim on report a Certified of Institute Kong Hong the by issued" Reporting Financial Interim "34") HKAS ("Standard Accounting this of presentation and preparation the for responsible are Company the of directors The .Accountants Public 34. HKAS with accordance in information financial interim

report to and review our on based information financial interim this on conclusion a express to is responsibility Our other no for and engagement of terms agreed our with accordance in ,body a as ,you to solely conclusion our this of contents the for person other any to liability accept or towards responsibility assume not do We .purpose .report

REVIEW OF SCOPE

of Review "2410 Engagements Review on Standard Kong Hong with accordance in review our conducted We Institute Kong Hong the by issued" Entity the of Auditor Independent the by Performed Information Financial Interim of primarily ,enquiries making of consists information financial interim of review A .Accountants Public Certified of A .procedures review other and analytical applying and ,matters accounting and financial for responsible persons Auditing on Standards Kong Hong with accordance in conducted audit an than scope in less substantially is review matters significant all of aware become would we that assurance obtain to us enable not does consequently and .opinion audit an express not do we ,Accordingly .audit an in identified be might that

CONCLUSION

financial interim the that believe to us causes that attention our to come has nothing ,review our on Based accordance in ,respects material all in ,prepared not is 2015 June 30 ended period month-six the for information 34. HKAS with

Limited Kong Hong Tilly Baker Accountants Public Certified 2015 August 28 ,Kong Hong Hang Wai Tong 06231P number certificate Practising

INCOME COMPREHENSIVE OTHER AND LOSS OR PROFIT OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 ended months six the For

	For six the months ended June 30
		2015	2014
	Note	( Unaudited ) 000'RMB	( Unaudited ( 000'RMB
Turnover	3	5,808,809	6,290,693
Operating costs		) 4,763,966	) ( 5,474,088 (
Gross profit		1,044,843	816,605
Other income net and losses ( gains/)	4	(69,711)	8,063
Marketing expenses		(31,376)	(22,727)
Administrative expenses		(171,743)	(195,234)
Other expenses		(32,113)	(18,490)
of Share of profits associates		100,801	—
Share losses (of profits/) joint of ventures		(38,773)	114,216
Finance costs	5	(571,820)	(594,302)
PROFIT BEFORE TAX	6	230,108	108,131
credit Tax (charge(/	7	104,542	(34,645)
PROFIT THE FOR PERIOD		334,650	73,486
Other comprehensive expense
that Items be may reclassified subsequently to or profit net ,loss :tax nil of
Exchange realignment		(40,288)	32,837
profit Net on) loss(/ flow cash hedges		33,934	(214,185)
Share other of comprehensive expense of associates		(6,275)	—
Share other of comprehensive income joint of ventures		811	1,426
Other comprehensive expense the for period		(11,818)	(179,922)
Total comprehensive /income expense( the for) period		322,832	(106,436)

(Continued(INCOME COMPREHENSIVE OTHER AND LOSS OR PROFIT OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 ended months six the For

	For six the ended	months June 30
	2015	2014
	( Unaudited )	( Unaudited (
Note	000'RMB	000'RMB
Profit the for period attributable :to
Owners the of Company	304,383	39,437
-Non controlling interests	30,267	34,049
	334,650	73,486
Total comprehensive /income expense( the for)
period attributable :to
Owners the of Company	274,845	(13,957)
-Non controlling interests	47,987	(92,479)
	322,832	(106,436)
Earnings share per 8
Basic–	7.84 cents	1.16 cents
Diluted–	7.84 cents	1.16 cents

1. note in out set are dividends of Details

.information financial interim the of part form 81 to 44 pages from notes accompanying The

POSITION FINANCIAL OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 at As

		June 30	31 December
		2015	2014
		( Unaudited )	( (Audited
	Note	000'RMB	000'RMB
-NON CURRENT ASSETS
Investment properties	10	1,032,239	1,032,239
,Property and plant equipment	10	49,968,313	50,530,575
Investments in associates	11	2,074,192	1,711,702
Investments joint in ventures		4,722,760	4,790,637
Loan receivables		1,961,286	786,540
Available sale-for- investments		35,284	35,284
Deferred tax assets		615,802	408,052
		60,409,876	59,295,029
CURRENT ASSETS
Inventories		570,109	835,304
Trade bills and receivables	12	2,119,423	1,746,263
Prepayments deposits , other and receivables		1,544,794	812,667
Pledged bank deposits		—	611,900
Cash cash and equivalents		2,320,988	2,449,240
		6,555,314	6,455,374
CURRENT LIABILITIES
Trade bills and payables	13	1,134,734	990,669
Other payables and accruals		415,860	104,696
Dividends payable	9	83,219	—
Current of portion provision for onerous contracts	14	141,833	142,287
Current portion interest of bearing- bank other and borrowings	15	6,583,506	8,243,090 —
Bank overdrafts		336,203
Current portion other of loans		119,563	44,714
Current of portion obligations under finance leases Current portion bonds of payable	16	45,888 999,713	43,979 4,143,383
Tax payable		43,852	5,024
		9,904,371	13,717,842
NET CURRENT LIABILITIES		) 3,349,057	) ( 7,262,468 (
TOTAL ASSETS LESS CURRENT LIABILITIES		57,060,819	52,032,561

(Continued(POSITION FINANCIAL OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 at As

		June 30	31 December
		2015	2014
		( Unaudited )	( (Audited
	Note	000'RMB	000'RMB
EQUITY
Equity attributable owners to the of Company
Issued capital	17	4,032,033	3,481,405
Reserves		21,069,945	18,347,595
		25,101,978	21,829,000
-Non controlling interests		861,456	818,729
TOTAL EQUITY		25,963,434	22,647,729
-NON CURRENT LIABILITIES
Provision for onerous contracts	14	149,344	139,528
Derivative financial instruments	18	257,490	291,553
Interest bearing- bank other and borrowings	15	25,103,196	23,425,343
Other loans		1,000,185	930,946
Obligations under finance leases		377,670	404,481
Bonds payable	16	3,976,766	3,975,124
Deferred tax liabilities		232,734	217,857
		31,097,385	29,384,832
TOTAL EQUITY AND -NON CURRENT LIABILITIES		57,060,819	52,032,561

Jun Han Lirong Xu Director Director

.information financial interim the of part form 81 to 44 pages from notes accompanying The

Share capital 000' RMB	Share premium 000' RMB	reserve Revaluation 000' RMB	Statutory reserve 000' RMB	fund reserve 000' RMB Safety	surplus reserve General 000' RMB	Hedging reserve 000' RMB	-for - sale investment revaluation reserve 000' Available RMB	reserve Translation 000' RMB	Convertible bonds equity reserve 000' RMB	Retained profits 000' RMB	Total 000' RMB	-Non controlling interests 000' RMB	Total equity 000' RMB
3,404,556	3,947,241	273,418	2,877,435	68,933	93,158	53,180	1,019	) 1,027,724 (	873,036	10,663,119	21,227,371	984,506	22,211,877
— — — — comprehensive	— — — —	— — — —	— — — —	— — — —	— — — —	) — — 85,410 — (	— — — 1,426	— 30,590 — —	— — — —	— — — 39,437	) 39,437 30,590 85,410 1,426 (	) 34,049 2,247 128,775 — (	) 73,486 32,837 214,185 1,426 (
—	—	—	—	—	—	) 85,410 (	1,426	30,590	—	39,437	) 13,957 (	) 92,479 (	) 106,436 (
— bonds	1	—	—	— 47,798	—	—	—	—	—	) — 49,664 (	) 1,866 1 (	— 1,866	1
— — reserve	— —	— —	— —	) 51,627 (	— —	— —	— —	— —	— —	52,832	1,205	) 1,205 (	— —
3,404,556	3,947,242	273,418	2,877,435	65,104	93,158	) 32,230 (	2,445	) 997,134 (	873,036	10,705,724	21,212,754	892,688	22,105,442
3,481,405	4,413,848	273,418	2,877,435	66,120	93,158	) 121,477 (	5,632	) 1,000,649 (	766,025	10,974,085	21,829,000	818,729	22,647,729
— —	— —	— —	— —	— —	— —	— —	— —	) — 40,295 (	— —	— 304,383	) 304,383 40,295 (	30,267 7	) 334,650 40,288 (
— hedges	—	—	—	—	—	14,344	—	—	—	—	14,344	19,590	33,934
— comprehensive	—	—	—	—	—	) 4,381 (	—	) 17 (	—	—	) 4,398 (	) 1,877 (	) 6,275 (
— comprehensive	—	—	—	—	—	—	811	—	—	—	811	—	811
—	—	—	—	—	—	9,963	811	) 40,312 (	—	304,383	274,845	47,987	322,832
550,628 bonds respect	3,336,091	—	—	—	—	—	—	—	) 766,025 (	—	3,120,694	—	3,120,694
—	—	—	—	—	—	—	—	—	—	) 120,961 (	) 120,961 (	—	) 120,961 (
— — reserve	— —	— —	— —	) 52,725 49,088 (	— —	— —	— —	— —	— —	) 54,597 49,360 (	) 1,872 272 (	) 1,872 272 (	— —
— controlling subsidiaries	—	—	—	—	—	—	—	—	—	—	—	) 6,860 (	) 6,860 (
4,032,033	7,749,939	273,418	2,877,435	69,757	93,158	) 111,514 (	6,443	) 1,040,961 (	—	11,152,270	25,101,978	861,456	25,963,434

part

pages

FLOWS CASH OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 ended months six the For

	For six the ended	months June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
NET CASH GENERATED FROM OPERATING ACTIVITIES	2,139,616	1,473,310
INVESTING ACTIVITIES
Interest received	25,120	16,294
Purchases of ,property and plant equipment	) 1,872,888	) ( 4,329,933 (
Proceeds from disposal of ,property and plant equipment	315,146	286,108
Proceeds from disposal to-held of maturity- investments	—	20,000
to Loans associates	) 1,162,350 (	(51,534)
Loans joint to ventures	(3,416)	—
Dividends received joint from ventures	33,525	19,100
Dividends received from available sale-for- investments	217	298
Investments to-held in maturity- investments	—	(20,000)
Investments in associates	(266,411)	(830,240)
Investments joint in ventures	—	(52,722)
Investments in available sale-for- investments	—	(29,455)
Decrease in pledged bank deposits	611,900	—
NET CASH IN USED INVESTING ACTIVITIES	) 2,319,157	) ( 4,972,084 (
FINANCING ACTIVITIES
Interest paid	(345,506)	(395,378)
Dividends paid	(37,742)	—
Dividends paid -non to controlling shareholders of subsidiaries	(6,860)	—
Increase other in loans	127,268	100,149
Repayment other of loans	—	(15,074)
Increase bank in other and borrowings	6,146,532	10,055,088
Repayment notes of bank , other and borrowings	) 6,109,415	) ( 4,644,933 (
Capital element finance of lease rental paid	(30,694)	(20,434)
Redemption of convertible bonds	(34,744)	—
NET CASH USED ( /)IN GENERATED FROM FINANCING ACTIVITIES	(291,161)	5,079,418

(Continued(FLOWS CASH OF STATEMENT CONSOLIDATED CONDENSED

2015 June 30 ended months six the For

	For six the ended	months June 30
	2015 ( Unaudited ) 000'RMB	2014 ( Unaudited ( 000'RMB
(NET DECREASE /) INCREASE CASH IN AND CASH EQUIVALENTS	(470,702)	1,580,644
CASH AND CASH EQUIVALENTS AT BEGINNING THE OF PERIOD	2,449,240	1,919,204
Effect foreign of exchange rate changes net ,	6,247	9,826
CASH AND CASH EQUIVALENTS END AT THE OF PERIOD	1,984,785	3,509,674
ANALYSIS OF BALANCES CASH OF AND CASH EQUIVALENTS
Cash bank and balances Bank overdrafts	2,320,988 (336,203)	3,509,674 —
	1,984,785	3,509,674

.information financial interim the of part form 81 to 44 pages from notes accompanying The

INFORMATION FINANCIAL INTERIM THE TO NOTES

2015 June 30 ended months six the For

INFORMATION CORPORATE 1.

liability limited with company stock joint a is") Company "the (Limited Company Development Shipping China Room is Company the of office registered The .")PRC "the (China of Republic s'People the in established of place principal the and PRC the ,Zone Trade Free Pilot) Shanghai (China ,Road Sheng Ye 188 .No -1015,A its and Company the ,period the During .PRC the ,Shanghai ,Road Ming Da Dong 670 at located is business :activities principal following the in involved were") Group "the together (subsidiaries

• or/and; holding investment) a(
• or/and; shipment international and coast PRC the along shipment cargo and oil) b(
• .chartering vessel) c(

.PRC the in established enterprise ownedstate a ,")Shipping China ("Company) Group (Shipping China is company holding ultimate s'Company The

Hong of Exchange Stock The of Board Main the on listed are Company the of Shares-A and Shares-H The .respectively Exchange Stock Shanghai The and Limited Kong

the of currency functional the is which ,")RMB ("Renminbi in presented is information financial interim The .indicated otherwise where except thousand nearest the to rounded are values all and ,Group

1. August 28 on Directors of Board the by issue for approved been has information financial interim The

POLICIES ACCOUNTING AND PREPARATION OF BASIS 2.

preparation of Basis 2.1

disclosure applicable the with accordance in prepared been has information financial interim The Exchange Stock The on Securities of Listing the Governing Rules The to 16 Appendix of requirements "Reporting Financial Interim "34") HKAS ("Standard Accounting Kong Hong and Limited Kong Hong of .("HKICPA "the (Accountants Public Certified of Institute Kong Hong the by issued

an in required disclosures and information the all include not does information financial interim The statements financial consolidated s'Company the with conjunction in read be should and ,report annual .report annual 2014 s'Company the in out set 2014 December 31 ended year the for

policies accounting Significant 2.2

investment that except ,basis cost historical the on prepared been has information financial interim The .values fair at measured are instruments financial derivative and properties

(Continued (POLICIES ACCOUNTING AND PREPARATION OF BASIS 2.

(Continued (policies accounting Significant 2.2

the for effective are") HKFRSs ("Standards Reporting Financial Kong Hong revised or new of number A accounting same the ,)2.3 Note (below described as Except 2015. January 1 on beginning year financial financial interim this in followed been have computation of methods and presentation ,policies s'Company the of preparation the in applied were as 2015 June 30 ended months six the for information 2014. December 31 ended year the for statements financial consolidated

policies accounting in changes and HKFRSs revised and new of Impact 2.3

HKFRSs revised of Impact

that HKICPA the by issued HKFRSs revised following the adopted has Group the ,period current the In these of adoption The 2015. January 1 beginning year financial s'Group the to relevant and effective are the for Group the of information financial interim the on effect material no had has HKFRSs revised .periods accounting previous and current

19 HKAS ) (2011 ( Amendments )	Defined benefit :plans Employee contributions
Improvement to HKFRSs	Annual improvements to HKFRSs 2010 2012 – Cycle
Improvement to HKFRSs	Annual improvements to HKFRSs 2011 2013 – Cycle

effective yet not but issued HKFRSs of Impact

Improvement to HKFRSs	Annual Improvements to HKFRSs 2012-2014 1Cycle
(1 HKAS Amendments )	Disclosure 1initiative
HKAS and 16 38 HKAS	Clarification of acceptable methods of depreciation
( Amendments (	and amortisation 1
HKAS (27 Amendments )	Equity in method separate financial statements 1
9 HKFRS	Financial Instruments 3
HKFRS (11 Amendments )	Accounting for acquisition of interests joint in operation 1
HKFRS and 10 28 HKAS	or Sale contribution assets of between an investor and
( Amendments (	its associate joint or 1venture
HKFRS 15	Revenue from contracts with customers 2

1. January 1 after or on beginning periods annual for Effective ¹

2. January 1 after or on beginning periods annual for Effective ²

3. January 1 after or on beginning periods annual for Effective ³

HKFRSs revised and new these of impact the of assessment an making of process the in is Group The to unlikely are HKFRSs revised and new these that considers Group the ,far So .application initial upon .position financial and operations of results s'Group the on impact significant a have

2015 June 30 ended months six the For

INFORMATION SEGMENT AND REVENUE 3.

,basis reporting segment primary a on) i (:formats segment two of way by presented is information Segment .segment geographical by ,basis reporting segment secondary a on) ii (and; segment business by

developed has Group the ,rhythm and opportunity market the grasp to ability s'Group the improve to order In business chartering vessel promotes only not mechanism This .mechanism research market sound more a the changed has Group the ,Accordingly .risk market the stabilise to ability s'Group the improves also but :follows as segments reportable its of composition

• shipment oil) i(
• shipment oil–
• chartering vessel–
• shipment bulk dry) ii(
• shipment coal–
• shipment ore iron–
• shipment bulk dry other–
• chartering vessel–

for information segmental corresponding the ,segments reportable the of composition in change the Following .presentation s'period current the with conform to restated been has 2014 June 30 ended months six the

their of nature the to according ,separately managed and structured are businesses operating s'Group The strategic a represents segments business s'Group the of Each .provide they services the and operations the of those from different are that returns and risks to subject are which services offers that unit business .segments business other

(Continued (INFORMATION SEGMENT AND REVENUE 3.

segments Business

and turnover s'Group the of analysis An .small is effect the but turnover s'Group the for seasonality is There the for operations of area geographical and activity principal by activities operating from profit to contribution :follows as out set is period

		For six the months	ended June 30
	2015		2014
	( Unaudited	(	( Unaudited	(
	Turnover	Contribution	Turnover	Contribution
	000'RMB	000'RMB	000'RMB	000'RMB
By principal :activity
Oil shipment
Oil– shipment	2,614,395	978,450	2,697,499	407,026
Vessel– chartering	393,163	65,190	121,577	1,410
	3,007,558	1,043,640	2,819,076	408,436
bulk Dry shipment
Coal– shipment	750,980	(7,330)	1,221,838	38,604
ore Iron– shipment	1,106,443	128,284	1,459,597	373,924
Other– bulk dry shipment	279,186	(27,510)	299,754	(25,918)
Vessel– chartering	664,642	(92,241)	490,428	21,559
	2,801,251	1,203	3,471,617	408,169
	5,808,809	1,044,843	6,290,693	816,605
Other income net and
losses( gains/)		(69,711)		8,063
Marketing expenses		(31,376)		(22,727)
Administrative expenses		(171,743)		(195,234)
Other expenses		(32,113)		(18,490)
of Share of profits associates		100,801		—
of Share )losses ( of profits/
joint ventures		(38,773)		114,216
Finance costs		(571,820)		(594,302)
Profit before tax		230,108		108,131

47 LIMITED COMPANY DEVELOPMENT SHIPPING CHINA 2015 Report Interim

2015 June 30 ended months six the For

(Continued (INFORMATION SEGMENT AND REVENUE 3.

(Continued (segments Business

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Total segment assets
Oil shipment	24,253,043	23,033,979
bulk Dry shipment	30,846,503	31,157,194
Unallocated corporate assets	11,865,644	11,559,230
	66,965,190	65,750,403
Total segment liabilities
Oil shipment	10,243,079	15,823,911
bulk Dry shipment	17,331,471	17,113,795
Unallocated corporate liabilities	13,427,206	10,164,968
	41,001,756	43,102,674

central of allocation without segment each from loss or profit gross represents contribution Segment profits of share ,expenses other ,expenses marketing ,)remuneration' directors including (costs administration .costs finance and gains/)losses (net and income other ,ventures joint of profits/)losses (of share ,associates of and allocation resource of purposes the for makers decision operating chief to reported measure the is This .assessment performance

19,413,849,000RMB to amounted 2015 June 30 at as vessels bulk dry and tankers oil of value carrying The 25,324,639,000RMB and 19,836,740,000RMB 2014: December 31 (respectively 24,794,492,000RMB and .(respectively

2015 June 30 ended months six the For

(Continued (INFORMATION SEGMENT AND REVENUE 3.

segments Geographical

June 30 ended months six the For

	2015		2014
	( Unaudited	(	( Unaudited	(
	Turnover	Contribution	Turnover	Contribution
	000'RMB	000'RMB	000'RMB	000'RMB
By geographical :area
Domestic	2,220,324	442,234	2,428,332	324,619
International	3,588,485	602,609	3,862,361	491,986
	5,808,809	1,044,843	6,290,693	816,605
Other income net and losses ( gains/)		(69,711)		8,063
Marketing expenses		(31,376)		(22,727)
Administrative expenses		(171,743)		(195,234)
Other expenses		(32,113)		(18,490)
of Share of profits associates		100,801		—
Share losses (of profits/)
joint of ventures		(38,773)		114,216
Finance costs		(571,820)		(594,302)
Profit before tax		230,108		108,131
Turnover
Total segment turnover		5,808,809		6,290,693
Less inter : segment- transactions		—		—
Total consolidated turnover		5,808,809		6,290,693

2015 June 30 ended months six the For

(Continued (INFORMATION SEGMENT AND REVENUE 3.

information Other

	For six the	months ended	June 30 (2015	Unaudited (
	Oil	bulk Dry
	shipment	shipment	Others	Total
	000'RMB	000'RMB	000'RMB	000'RMB
Additions to segment
non current- assets	524,674	171,173	1,106,486	1,802,333
Depreciation	426,492	496,785	4,557	927,834
Gain on) loss(/ disposal of ,property
and plant equipment		) 5 1,108,099 (	45)	) ( 1,108,139 (
Interest income	6,009	4,840	23,773	34,622
Provision for onerous contracts	27,566	55,918	—	83,484

(Unaudited (2014 June 30 ended months six the For

	Oil	bulk Dry
	shipment	shipment	Others	Total
	000'RMB	000'RMB	000'RMB	000'RMB
Additions to segment
non current- assets	866,587	1,449,717	841,318	3,157,622
Depreciation	429,961	489,813	4,074	923,848
on Loss disposal of ,property
and plant equipment	(28,758)	(67,420)	(3,600)	(99,778)
Interest income	3,887	3,391	9,016	16,294
Provision for onerous contracts	79,447	4,985	—	84,432

of analysis segment no ,accordingly ,and PRC the in located are Group the by employed assets principal The .period the for prepared been has expenditure and assets

2015 June 30 ended months six the For

GAINS/)LOSSES (NET AND INCOME OTHER 4.

	For six the months
	ended	June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
Other income
Government subsidies (note (	938,634	10,050
Bank interest income	18,378	8,917
Interest income loan from receivables	16,244	7,117
Rental income from investment properties	9,407	8,710
Interest income from to-held maturity- investments	—	260
Others	9,007	6,570
	991,670	41,624
Other losses
Derivative financial instruments : reclassified from
hedging reserve on disposal	—	(1,636)
Dividends from available sale-for- investments	217	298
Exchange net ,gains	41,435	40,538
on Loss disposal of ,property and plant equipment net ,	) 1,108,139 (	(99,778)
Waiver other of payables	—	24,209
Others	5,106	2,808
	) 1,061,381 (	(33,561)
Other income net and losses ( gains/)	(69,711)	8,063

development business ,vessels of retirement early for granted subsidies the represent subsidies government The :Note these to relating contingencies or conditions unfulfilled no were There .tax added-value of refund and purpose .subsidies

2015 June 30 ended months six the For

COSTS FINANCE 5.

	For six the months
	ended	June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
Total finance costs
Interest expenses :on
Bank– loans other and borrowings repayable within years five	328,431	265,163
Bank– loans other and borrowings repayable over years five	193,657	115,354
– Corporate bonds	124,389	124,260
– Convertible bonds	14,677	96,089
Notes–	—	58,907
Finance– leases	11,789	14,054
Hedge– loans	1,029	2,048
Other finance charges	642	1,677
	674,614	677,552
Less Interest : capitalised	(102,794)	(83,250)
Finance costs	571,820	594,302

2015 June 30 ended months six the For

TAX BEFORE PROFIT 6.

:charging after at arrived is tax before profit s'Group The

	For six the months
	ended	June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
of Cost shipping services :rendered
oil Bunker inventories consumed and fees port	2,009,485	2,756,773
(Others including vessel depreciation crew and expenses (	2,754,481	2,717,315
	4,763,966	5,474,088
Operating lease :rentals
and Land buildings	19,871	22,531
Vessels	597,073	414,132
Total operating lease rentals	616,944	436,663
' directors Staff (costs including remuneration ,
salaries pension , crew and expenses (	799,538	846,265
Depreciation	927,834	923,848
Dry docking- and repairs	168,505	180,055
Provision for onerous contracts	83,484	84,432

2015 June 30 ended months six the For

(CHARGE(/CREDIT TAX 7.

Tax Profits Kong Hong) i(

not did Group the as information financial interim the in for provided not was Tax Profits Kong Hong 2014. and 2015 June 30 ended months six the during Kong Hong in arising profits assessable any have

Tax Income Corporate PRC) ii(

Implementation and") Law CIT "the (Law Tax Income Corporate on PRC the of Law the Under 25%. is Group the of rate tax the ,Law CIT the of Regulation

to subject are enterprises resident PRC-non ,regulations related its and Law CIT PRC the to Pursuant PRC from receivable dividends on) arrangements/treaties tax by reduced unless (10% at tax withholding Law CIT of impact the assessed has Group The 2008. January 1 since earned profits for enterprises results the on impact significant a have not would it that considered and tax withholding this regarding .Group the of position financial and operations of

	For six the months
	ended June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
:Group
Hong Kong	—	—
PRC
Charge– the for period	88,331	15,556
Under– provision prior in years	—	284
Deferred credit (tax charge/)	(192,873)	18,805
Total credit (tax charge/) the for period	(104,542)	34,645

2015 June 30 ended months six the For

SHARE PER EARNINGS 8.

share per earnings Basic) a(

by Company the of owners to attributable profit the dividing by calculated is share per earnings Basic .period the during issue in shares of number average weighted the

	For six the months ended June 30
	2015	2014
	( Unaudited )	( Unaudited (
(000'RMB Profit attributable owners to the of Company (	304,383	39,437
Weighted average number shares of (issue in thousands (	3,880,679	3,404,556
Basic earnings share per RMB ( cents (share per	7.84	1.16

share per earnings Diluted) b(

earnings basic the as same the is 2015 June 30 ended months six the for share per earnings diluted The .period the during outstanding shares potential dilutive any have not does Group the as share per

earnings basic the as same the is 2014 June 30 ended months six the for share per earnings diluted The .effect dilutive-anti has bonds convertible outstanding the of exercise assumed the as share per

DIVIDEND 9.

	For six the months
	ended June 30
	2015	2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
Dividend	120,961	—

18 on approved was 2014 December 31 ended year the of respect in share per 0.03RMB of dividend Final .period the during paid was 37,742,000RMB of amount total a and 2015 June

six (2015 June 30 ended months six the for dividend interim an of payment the recommend not do directors The .(RMBNil 2014: June 30 ended months

2015 June 30 ended months six the For

EQUIPMENT AND PLANT ,PROPERTY AND PROPERTIES INVESTMENT 10.

December 31 (1,032,239,000RMB of value fair with properties investment s'Group the 2015, June 30 at As investment of value fair the in change significant no was There .out leased were) 1,032,239,000RMB 2014: commercial comprise properties investment The 2015. June 30 ended months six the during properties .lease term medium under held ,PRC the ,Shanghai ,Road Ming Da Dong 670 at located buildings

to amounted progress in construction to additions 2015, June 30 ended months six the During .(3,146,100,000RMB 2014: June 30 ended months six (1,796,474,000RMB

of cost at vessels bulk dry 6 of construction the 2015, June 30 ended months six the During 7 and 1,009,343,000RMB of cost at tankers oil 2 2014: June 30 ended months six (1,393,332,000RMB in construction from transferred were and completed were) 1,680,114,000RMB of cost at vessels bulk dry .vessels to progress

of amount carrying net with vessels bulk dry 27 2015, June 30 ended months six the During carrying net with tankers oil 7 and vessels bulk dry 14 2014: June 30 ended months six (1,425,445,000RMB .of disposed were) respectively 131,315,000RMB and 238,057,000RMB of amount

2014: December 31 (44,208,341,000RMB of vessels of value carrying net the 2015, June 30 at As in) 613,969,000RMB 2014: December 31 (602,941,000RMB of amount an includes) 45,161,379,000RMB .leases finance under held assets of respect

ASSOCIATES IN INVESTMENTS 11.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Share net of assets	1,239,087	876,597
Goodwill	835,105	835,105
	2,074,192	1,711,702

the of subsidiary owned-wholly a ,")Tanker CS ("Limited .,Co Tanker Shipping China 2014, June 20 On owned-state a ,Corporation International Sinochem with agreement transfer equity an into entered ,Company Company Shipping Beihai Shanghai of interests equity 20% acquired Tanker CS which to pursuant ,enterprise consideration a at ,PRC the in established enterprise venture joint foreign-sino a ,")Beihai Shanghai ("Limited of date the to 2014 January 1 from period the for Beihai Shanghai of profit of 20% plus 830,000,000RMB of .authority relevant the in transfer of registration the of completion

(Continued (ASSOCIATES IN INVESTMENTS 11.

(Group (Shipping Shanghai with agreement transfer equity another into entered Tanker CS 2014, July 30 On Shanghai of interests equity 20% further acquire to ,Shipping China of subsidiary owned-wholly a ,Company 1 from period the for Beihai Shanghai of profit of 20% plus 830,000,000RMB of consideration a at Beihai .authority relevant the in transfer of registration the of completion of date the to 2014 January

whose entity unlisted an is It .services shipping of provision the in engaged principally is Beihai Shanghai .available not is price market quote

Company) Group (Shipping Bulk COSCO China with agreement an into entered Company the 2015, May In equity 49% holds Company The .")Shipping Ore China (".Ltd .Pte Shipping Ore China incorporate to .Ltd .Shipping Ore China of interests

whose entity unlisted an is It .services shipping of provision the in engaged principally is Shipping Ore China .available not is price market quote

RECEIVABLES BILLS AND TRADE 12.

.values fair their approximate receivables bills and trade of amounts carrying The

:follows as is receivables bills and trade of analysis ageing An

	June 30	2015	31 December	2014
	( Unaudited )		( (Audited
	Balance	Percentage	Balance	Percentage
	000'RMB	%	000'RMB	%
- 1 months 3	1,585,486	75	1,503,619	86
- 4 months 6	501,270	24	131,929	8
- 7 months 9	26,531	1	58,604	3
12 - 10 months	—	—	47,443	3
1 years 2 -	4,411	—	4,668	—
Over years 2	1,725	—	—	—
	2,119,423	100	1,746,263	100

the of view In .customers major its to days 120 to 30 of period credit average an allows normally Group The no is there ,customers diversified of number large a to relate receivables bills and trade s'Group the that fact .bearing-interest-non are receivables bills and Trade .risk credit of concentration significant

2015 June 30 ended months six the For

PAYABLES BILLS AND TRADE 13.

.values fair their approximate payables bills and trade of amounts carrying The

:follows as is payables bills and trade of analysis ageing An

	June 30 2015		31 December 2014
	( Unaudited )		( (Audited
	Balance	Percentage	Balance	Percentage
	000'RMB	%	000'RMB	%
- 1 months 3	737,844	65	710,078	72
- 4 months 6	184,082	16	129,070	13
- 7 months 9	128,409	11	51,795	5
12 - 10 months	56,797	5	66,103	7
1 years 2 -	20,558	2	24,436	2
Over years 2	7,044	1	9,187	1
	1,134,734	100	990,669	100

.months 3 to 1 in settled normally are and bearing-interest-non are payables bills and trade The

CONTRACTS ONEROUS FOR PROVISION 14.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
At beginning period of year/	281,815	349,694
Provision during the period year/	83,484	107,358
Utilised during the period year/	(74,122)	(175,850)
Exchange realignment	—	613
end At period of year/	291,177	281,815
Current of portion provision for onerous contracts	141,833	142,287
Non current- of portion provision for onerous contracts	149,344	139,528
	291,177	281,815

for) 281,815,000RMB 2014: December 31 (291,177,000RMB of provision a had Group the 2015, June 30 at As .contracts vessel bulk dry and tanker oil in-chartered cancellable-non the to relating contracts onerous

dry and tanker oil in-chartered cancellable-non of expenses charterhire committed the 2015, June 30 at As with and period reporting the of end the from months 24 over expiring term lease with contracts vessel bulk management which of contracts vessel bulk dry and tanker oil out-chartered by covered being not period December 31 (2,559,905,000RMB approximately to amounted contracts onerous their assess reliably cannot .(2,709,313,000RMB 2014:

2015 June 30 ended months six the For

BORROWINGS OTHER AND BANK BEARING-INTEREST 15.

:follows as analysed are borrowings other and bank bearing-interest s'Group The) a(

				June 30	31 December
		Annual effective		2015	2014
		Interest		( Unaudited )	( (Audited
		) %(	Maturity	000'RMB	000'RMB
Current	liabilities
) i(	loans Bank
	Secured	Bank s' 10% to 5% discount People the to ") PBC (" China of Benchmark ,rate interest
		months 3 London interbank offered
		3 ,")Libor (" rate Libor months 1.30%, + Libor 0.38% + 2.15%, to 3.50% 4.73% to	2015-2016	1,355,421	1,926,196
	Unsecured	Libor 0.60% + 4.00%, to 10% to 9%
		discount PBC the to Benchmark
		interest PBC ,rate Benchmark
		rate interest months 3 , ,Libor
		3 Libor months 1.05% + 2.20%, to 4.50%	2015-2016	2,858,318	4,030,944
				4,213,739	5,957,140
	Other) ii( borrowings
	Secured	6.00%, discount 5% PBC the to
		Benchmark rate interest	2015-2016	8,415	253,160
	Unsecured	10% discount PBC the to Benchmark interest Libor ,rate 1.60% + 2.90%, to
		6 Libor months 2.10%, + 1.50% 6.00% to	2015-2016	2,361,352	2,032,790
				2,369,767	2,285,950
Interest	bearing- bank
	other and borrowings
	current– portion			6,583,506	8,243,090

2015 June 30 ended months six the For

(Continued (BORROWINGS OTHER AND BANK BEARING-INTEREST 15.

(Continued (:follows as analysed are borrowings other and bank bearing-interest s'Group The) a(

				June 30	31 December
		Annual effective		2015	2014
		interest		( Unaudited )	( (Audited
		) %(	Maturity	000'RMB	000'RMB
	current-Non liabilities
) i(	loans Bank
	Secured	10% to 5% discount PBC the to Benchmark interest 3 ,rate Libor months 2.20%, +
		Libor 0.38% + 2.15%, to 4.27% 4.73% to	2016-2037	11,917,836	11,295,416
	Unsecured	20% to 10% discount PBC the to
		Benchmark interest PBC ,rate Benchmark
		interest Libor ,rate 1.45% + 1.85%, to
		3 Libor months 2.40%, + 1.86% 6.00% to	2016-2024	7,847,650	7,388,464
				19,765,486	18,683,880
	Other) ii( borrowings
	Secured	discount 5% PBC the to
		Benchmark rate interest	2023	115,005	129,540
	Unsecured	3.60% 6 6.51%, to Libor months 2.50%, +
		Libor 2.00% +	2017-2018	5,222,705	4,611,923
				5,337,710	4,741,463
Interest	bearing- bank
	other and borrowings
–	current-non portion			25,103,196	23,425,343

2015 June 30 ended months six the For

(Continued (BORROWINGS OTHER AND BANK BEARING-INTEREST 15.

:follows as repayable were borrowings other and bank bearing-interest s'Group the 2015, June 30 at As) b(

		June 30	31 December
		2015	2014
		( Unaudited )	( (Audited
		000'RMB	000'RMB
	Analysed :into
i(	Bank) :loans
	Within year one on or demand	4,213,739	5,957,140
	the In second year	3,781,636	2,689,239
	the In to third year fifth inclusive ,	9,281,160	10,204,923
	Over years five	6,702,690	5,789,718
		23,979,225	24,641,020
ii(	Other) borrowings :
	Within year one on or demand	2,369,767	2,285,950
	the In second year	620,277	8,670
	the In to third year fifth inclusive ,	4,643,992	4,640,993
	Over years five	73,441	91,800
		7,707,477	7,027,413
		31,686,702	31,668,433

pledges) i (by secured were borrowings other and bank s'Group the of certain 2015, June 30 at As 31) construction under vessels 7 and) vessels 48 2014: December 31 (vessels 50 s'Group the of 19,312,453,000RMB of amount carrying net total with) construction under vessels 13 2014: December 4,995,123,000RMB and 19,154,098,000RMB 2014: December 31 (respectively 4,811,630,000RMB and .(respectively

(611,900,000RMB of deposits bank 2014: December 31 (deposits bank of none 2015, June 30 at As upon released were deposits bank pledged The .loan bank term-short secure to pledged been had/has .period the for loans bank relevant of settlement the

fair their approximate borrowings other and bank bearing-interest s'Group the of amounts carrying The .values

,(12,470,966,000RMB 2014: December 31 (12,090,341,000RMB of loans bank secured for Except unsecured and) 6,978,985,000RMB 2014: December 31 (6,440,596,000RMB of loans bank unsecured denominated are which) 611,923,000RMB 2014: December 31 (1,834,057,000RMB of borrowings other .RMB in denominated are borrowings other all ,USD in

(Continued (BORROWINGS OTHER AND BANK BEARING-INTEREST 15.

:follows as are notes the of Details) c(

August 3 on investors to Group the by issued were 3,000,000,000RMB of amount principal with Notes per 100 of price a at issued were and annum per 3.90% of yield interest fixed a carried notes The 2009. bearing interest became notes The .issue the on discount no in resulting ,amount principal its of cent fully been had notes The .year each of August 4 on arrears in annually payable 2009, August 4 since 2014. August 3 on redeemed

PAYABLE BONDS 16.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Convertible bonds	—	3,145,147
Corporate bonds	4,976,479	4,973,360
	4,976,479	8,118,507
Less current : portion bonds of payable	999,713)	) ( 4,143,383 (
Non current- portion bonds of payable	3,976,766	3,975,124

bonds Convertible) a(

August 1 on issued were 3,950,000,000RMB to amounted bonds convertible share-A s'Company The 100RMB of value nominal a at bonds of number 39,500,000 issuing by ,years 6 of term a with 2011, six between anytime at Company the of shares-A into convertible are bonds convertible The .each ,bonds convertible the of date maturity the and bonds convertible the of issue of date the after months .share per 8.70RMB of price conversion initial at 2017, August 1 to 2012 February 2 being

.(tax before (share per 0.10RMB of dividend final 2011 a declared Company the 2012, May 17 On Securities China by regulations relevant and bonds convertible the of issuance of terms the to According to share per 8.70RMB from price conversion the changed Company the ,Commission Regulatory 2012. June 1 from effective share per 8.60RMB

five within value par of 105% at redeemed be will they ,converted been not have bonds convertible the If for 0.5% at interest bear bonds convertible The .bonds convertible the of maturity the after days trading the for 1.6% ,year fourth the for 1.3% ,year third the for 0.9% ,year second the for 0.7% ,year first the each of August 1 on arrears in annually payable are interests The .year sixth the for 2.0% and year fifth 2012. from starting year

2015 June 30 ended months six the For

(Continued (PAYABLE BONDS 16.

(Continued (bonds Convertible) a(

of lower at traded is share-A of price closing the if ,bonds convertible the of years two last the Within are holders bonds convertible the ,days trading consecutive thirty for price conversion initial the of 70% at partially or wholly bonds convertible the redeem to Company the request to right off-one a to entitled .day that on accrued interest with ,par

the) i (:if interest accrued plus par at wholly bonds convertible the redeem to entitled is Company The any for price conversion initial the of 130% than higher or at is shares s'Company the of price closing the) ii (or; bonds convertible the of issuance from days trading consecutive thirty in days trading fifteen from time any at 30,000,000RMB than less is bonds convertible outstanding the of value par aggregate .bonds convertible the of issuance

redemption early related-closely of value the including (liability into split were bonds convertible The 873,043,000RMB and 3,039,329,000RMB of components equity and) option callable and option attributing and value fair its at component liability the recognising by recognition initial upon respectively at carried subsequently is component liability The .component equity the to amount residual the The .reserve equity bonds convertible the in recognised is component equity and cost amortised .annum per 5.6% is component liability the of interest effective

to adjustment downward the approve to resolution special a passed Company the 2014, August 12 On of terms the with accordance in share per 6.24RMB to share per 8.60RMB from price conversion the 2014. August 14 on effective became adjustment when ,bonds convertible the of issuance

of price conversion the of 130% than higher or to equal been had Shares A the of price closing the As consecutive 30 the of out days trading 15 least at for) share per 6.24RMB being (bonds convertible the 2015 January 8 on had Board the 2015, January 8 and 2014 November 26 between days trading redemption specified the with accordance in bonds convertible outstanding all redeem to resolved convertible outstanding all of redemption its completed Company the 2015, February 13 On .procedures 2015. February 13 on Exchange Stock Shanghai the from delisted were bonds convertible The .bonds

2015 June 30 ended months six the For

(Continued (PAYABLE BONDS 16.

(Continued (bonds Convertible) a(

June 30 ended months six the for bonds convertible the of component liability the of movement The :below out set is 2015

	000'RMB
Carrying amount 31 at December 2014	3,145,147
Interest charge	14,677
Conversion during the period	) 3,120,694 (
Redemption	(34,744)
Gain early on redemption of convertible bonds	(4,386)
Carrying amount at June 30 2015	—

June 30 at as bonds convertible the of component liability the of rate interest effective and value fair The per) 5.60% 2014: December 31 (%Nil and) 3,145,147,000RMB 2014: December 31 (RMBNil was 2015 .respectively annum

recognised was) 96,089,000RMB 2014: June 30 ended months six (14,677,000RMB of expense Interest of respect in income comprehensive other and loss or profit of statement consolidated condensed the in 2015. June 30 ended months six the for bonds convertible the

bonds Corporate) b(

:below out set is 2015 June 30 ended months six the for bonds corporate the of movement The

	000'RMB
Balance 31 at as December 2014 Interest charge	4,973,360 3,119
Balance at as June 30 2015	4,976,479
Current portion of corporate bonds Non current- portion of corporate bonds	999,713 3,976,766
	4,976,479

2015 June 30 ended months six the For

(Continued (PAYABLE BONDS 16.

(Continued (bonds Corporate) b(

:follows as are payable bonds of balances the 2015, June 30 at As

			of value Book
	of Term	Total	initial at bond	At December 31		June 30 At
date Issue	bond the	principal value	recognition	2014	Interest charge	2015
		000'RMB	000'RMB	000'RMB	000'RMB	000'RMB
3 2012 August	years 3	1,000,000	991,400	998,236	1,477	999,713
3 2012 August	years 10	1,500,000	1,487,100	1,489,656	556	1,490,212
29 2012 October	years 7	1,500,000	1,488,600	1,491,727	760	1,492,487
29 2012 October	years 10	1,000,000	992,400	993,741	326	994,067
		5,000,000	4,959,500	4,973,360	3,119	4,976,479

year-three a is batch first The 2012. August 3 on bonds corporate of batches 2 issued Company The and 4.20% of rate interest annual an carrying ,billion 1RMB of value principal a with bond corporate discount no in resulting ,value principal of cent per 100 was price issuing The 2015. August 3 on matures .annually paid is bonds the on Interest .issue the on

an carrying ,billion 1.5RMB of value principal a with bond corporate year-ten a is batch second The of cent per 100 was price issuing The 2022. August 3 on matures and 5.00% of rate interest annual .annually paid is bonds the on Interest .issue the on discount no in resulting ,value principal

a is batch first The 2012. October 29 on bonds corporate of batches 2 further issued Company The of rate interest annual an carrying ,billion 1.5RMB of value principal a with bond corporate year-seven resulting ,value principal of cent per 100 was price issuing The 2019. October 29 on matures and 5.05% .annually paid is bonds the on Interest .issue the on discount no in

annual an carrying ,billion 1RMB of value principal a with bond corporate year-ten a is batch second The principal of cent per 100 was price issuing The 2022. October 29 on matures and 5.18% of rate interest .annually paid is bonds the on Interest .issue the on discount no in resulting ,value

2015 June 30 ended months six the For

CAPITAL ISSUED 17.

	For six the months ended
	June 30 2015
	( Unaudited	(
	Number of
	shares	000'RMB
Registered issued , and :paid fully
Listed Shares-H RMB of each 1.00
At January 1 and 2015 June 30 2015	1,296,000,000	1,296,000
Listed Shares-A RMB of each 1.00
At January 1 2015	2,185,405,286	2,185,405
Conversion of convertible bonds	550,627,575	550,628
At June 30 2015	2,736,032,861	2,736,033
Total capital	4,032,032,861	4,032,033

being shares 550,627,575 in resulted 2015 June 30 ended months six the during converted bonds Convertible months six (6.24RMB was price conversion related The .)shares 232 2014: June 30 ended months six (issued .share per) 8.60RMB 2014: June 30 ended

INSTRUMENTS FINANCIAL DERIVATIVE 18.

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
at Carried value fair
flow Cash :hedges
Interest– swap rate agreements
Liabilities
Non current- portion	(257,490)	(291,553)

2015 June 30 ended months six the For

(Continued (INSTRUMENTS FINANCIAL DERIVATIVE 18.

agreements swap rate interest) one-thirty 2014: December 31 (one-thirty held Group the 2015, June 30 at As approximately was agreements swap rate interest outstanding the of amount principal notional total the and 609,800,000USD approximately 2014: December 31) (3,728,069,000RMB approximately (609,800,000USD and 2031 2016, in maturity with ,agreements swap rate interest The .))3,731,368,000RMB approximately( floating with Group the of borrowings bank the of respect in hedges flow cash as designated are 2032, .rates interest

• Libor were borrowings bank the of rates interest floating the 2015, June 30 ended months six the During .(2.20% or 0.45% or 0.42% + Libor 2014: June 30 ended months six (2.20% or 0.42%

:follows as is period the during agreements swap rate interest the for) loss(/profit The

	For six the months
	ended	June 30
	2015 2014
	( Unaudited )	( Unaudited (
	000'RMB	000'RMB
Total value fair profit loss(/ included) the in hedging reserve	33,934	(214,185)
Hedge loan interest included finance in costs	(1,029)	(2,048)
Total profit on) loss(/ flow cash hedges interest of rate
swap agreements the for current period	32,905	(216,233)

Hong .,A.N ,Citibank with agreements swap rate interest the of one released Group the 2014, January 28 On 2016. January in maturity to prior 41,334,000USD approximately was amount principal notional its and ,Kong

ARRANGEMENT LEASE OPERATING 19.

lessor As) a(

leases with ,arrangements lease operating under buildings and vessels its of certain leases Group The .(years 3 to 1 2014: December 31 (years 3 to 1 from ranging terms for negotiated

cancellable-non under receivables rental lease minimum future total had Group the 2015, June 30 at As :follows as due falling leases operating

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Within year one	233,262	224,248
the In to second year fifth inclusive ,	52,801	25,834
	286,063	250,082

lessee As) b(

and vehicles ,vessels on arrangements lease operating cancellable-non into entered Group The 15 to 1 2014: December 31 (years 16 to 1 from ranging terms for negotiated are leases The .buildings .(years

cancellable-non under payments lease minimum future total had Group the 2015, June 30 at As :follows as due falling leases operating

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Within year one	461,884	425,821
the In to second year fifth inclusive ,	1,467,616	1,479,051
After years five	1,991,724	2,121,233
	3,921,224	4,026,105

2015 June 30 ended months six the For

INSTRUMENTS FINANCIAL 20.

value fair at measured are that liabilities financial and assets financial s'Group the presents table following The 2014. December 31 and 2015 June 30 at

value fair at measured liabilities financial and assets financial of value Fair) a(

hierarchy value Fair) i(

the of level by value fair at recorded instruments financial of analysis an shows table following The :hierarchy value fair

	June 30 2015 ( Unaudited (
	1 Level 000'RMB	2 Level 000'RMB	3 Level 000'RMB	Total 000'RMB
Financial :liabilities Derivative financial
instruments	—	257,490	—	257,490
		31 December	2014
		(Audited(
	1 Level	2 Level	3 Level	Total
	000'RMB	000'RMB	000'RMB	000'RMB
Financial :liabilities
Derivative financial
instruments	—	291,553	—	291,553

year the for statements financial consolidated s'Group the in defined been has hierarchy value Fair prior and current the in 3 and 2 1, level between transfer no was There 2014. December 31 ended .periods

measurements value fair 2 Level in used inputs and techniques Valuation) ii(

pay or receive would Group the that amount estimated the is swaps rate interest of value fair The interest current the account into taking ,period reporting the of end the at swap the terminate to .counterparties swap the of creditworthiness current the and rates

value fair than other at carried liabilities financial and assets financial of values Fair) b(

amortised or cost at carried liabilities financial and assets financial s'Group the of amounts carrying The 2014. December 31 and 2015 June 30 at as values fair their from different materially not are cost

LIABILITIES CONTINGENT 21.

• caused which ,"1 Peng Li "with collided" Bihuashan "vessels cargo s'Group the of one 2011, August In) i( Fund Claims Maritime for Liability of Limitation a up set has Group The .afterwards sink to" 1 Peng Li" by borne be will compensation all ,insured been had Group the Since 22,250,000.RMB to amounting issues the all settling of process the in still was Group the 2015, June 30 at As .company insurance the .concerned
• in voyage its during" 75 Daiqing "tanker s'Group the of one in occurred leakage fuel 2012, January In) ii( to amounted leakage fuel the by caused damage on claims 2015, June 30 at As .PRC the of Sea Bohai by settled fully been had 11,250,000RMB ,which Of .costs court plus 19,370,000RMB of aggregate an Company Casualty and Property PICC with insured been had Company the Since .companies insurance by borne be will compensation all .,A.S) Luxembourg (Services Insurance England of West and Limited issues the all settling of process the in still was Group the 2015, June 30 at As .companies insurance the and 4,000,000RMB be to damage on claims final the announced court the 2015, July 24 On .concerned to relation in incident leakage fuel The .amount the with concerned issues the settle to agreed Group the .amount such settled Group the after resolved was tanker" 75 Daiqing "the
• holds ,Company the of subsidiary owned-wholly non a .,Ltd .Co Investment Shipping LNG China East) iii( LNG Gemini and") LNG Aquarius ("Limited Shipping LNG Aquarius of each in interests equity 30% Shipping LNG Capricorn of each in interests equity 30% holds ,Company the of subsidiary ownedwholly non a .,Ltd .Co Investment Shipping LNG China North and ,")LNG Gemini ("Limited Shipping companies four these of Each .")LNG Aries ("Limited Shipping LNG Aries and") LNG Capricorn ("Limited completion the After .vessel LNG one of construction the for contracts building ship into entered above be to agreements charters time with accordance in ,would companies four the ,vessels LNG the of :charterers following the to vessels LNG the lease ,signed

Company name	Charterer
Aquarius LNG	Papua New Guinea Liquefied Natural Gas Global Company LDC
Gemini LNG	Papua New Guinea Liquefied Natural Gas Global Company LDC
Aries LNG	Mobil Australia Resources Company .Ltd Pty
Capricorn LNG	Mobil Australia Resources Company .Ltd Pty

According .")Guarantees Lease "the (leases guaranteed four into entered Company the 2011, July 15 On ,charterers the provided unconditionally and irrevocably Company the ,Guarantees Lease the to companies four the for) 1 (guarantee with above listed companies four the of transferees and successors to payable amounts of 30% secure to) 2 (and ,term lease the under obligations respective their fulfil to .term lease under charterers

the in increase possible the account into taking and Guarantees Lease the of term the to According four above the in Company the by shareholdings of percentage the and commitments lease the of value approximately (million 8.2USD to limited is Company the by guaranteed lease of amount the ,companies .(million 50RMB

.years 20 is which ,period lease the of that to limited is period guarantee The

(Continued (LIABILITIES CONTINGENT 21.

• by caused bollard broken a had" Talent CSB "vessels cargo s'Group the of one 2013, March 9 On) iv( damage in resulted which ,nearby vessels parked several with collided and dock the at wind strong collision the by caused damage on claims 2014, March In .facilities other and dock floating the of PICC with insured been had Company the Since 173,865,000.RMB of aggregate an to amounted Owners Ship Steam London The and) Branch Guangzhou (Limited Company Casualty and Property at As .companies insurance the by borne be will compensation all ,Limited Association Insurance Mutual .concerned issues the all settling of process the in still was Group the 2015, June 30
• "72 Daiqing ","71 Daiqing ","Baichi ","Danchi "tankers oil s'Group the of five 2013, December 23 On) v( ocean for plaintiffs of group a by sued was act This ."Bohaiyouyihao "from oil extracted" Ruijintan "and aggregate an to amounted pollution ocean by caused damage on claims 2014, April 23 at As .pollution Company Causalty and Property PICC with insured been had Company the Since 47,452,000.RMB of the by borne be will compensation all ,SKULD and Club I&P London the ,)Branch Shanghai (Limited issues the all settling of process the in still was Group the 2015, June 30 at As .companies insurance .concerned
• building ship the approved Company the 2014, June 30 on held meeting Board seventh 2014 the At) vi( joint three by signed contract construction supplemental and agreements charter time ,contracts building ship the of obligation the secure To .project LNG Yamal the for Company the of ventures provides Company the ,contracts construction supplemental and agreements charter time ,contracts DY and .Ltd .,Co Engineering Marine & Shipbuilding Daewoo ,shipbuilders the to guarantees corporate limited is guarantees corporate the under Company the of liability aggregate total The .Limited Maritime s'owner provides Company the ,addition In .)2,995,664,000RMB approximately (490,000,000USD to under Company the of liability aggregate total The .Ltd .Pte Trade YAMAL ,charterer the to guarantees .(39,127,000RMB approximately (6,400,000USD to limited is guarantees s'owner the
• Carrier Bulk Shipping China approved Company the 2015, April 28 on meeting Board sixth 2015 the At) vii( than more not guarantee to ,Company the of subsidiary owned-wholly a ,")Carrier Bulk CS ("Limited .,Co ,Group the of venture joint a ,Limited .,Co Shipping Development Guangzhou of debt total the of 50% was guarantee the where 26,250,000,RMB approximately to limited interest accrued and loan including .cancellable-non and unconditional

COMMITMENTS CAPITAL 22.

capital following the had Group the ,above 19 note in detailed commitments lease operating the to addition In be will) 1,112,199,000RMB 2014: December 31 (2,433,591,000RM which of 2015 June 30 at as commitments .year one within due

	June 30	31 December
	2015	2014
	( Unaudited )	( (Audited
	000'RMB	000'RMB
Authorised and contracted :for
Construction and purchases vessels of (1 Note (	7,520,423	5,430,061
Equity investments (2 Note (	1,261,830	539,668
	8,782,253	5,969,729

:Note

• June to 2010 November from Group the by into entered agreements purchase and construction the to According) 1( 2018. to 2015 in due fall will commitments capital these 2015,
• ,venture joint a in invest to commitment the are investments equity of respect in commitments capital Included) 2( .Shipping Ore China ,associate an and ,Limited .,Co Marine Zhonghai Shenhua

contracted are which associates its of commitments capital the of share s'Group the ,above the to addition In s'Group The .)486,298,000RMB 2014: December 31 (246,975,000RMB to amounted provided not but for to amounted provided not but for contracted are which ,ventures joint its of commitments capital the of share .(3,225,137,000RMB 2014: December 31 (2,877,022,000RMB

TRANSACTIONS PARTY RELATED 23.

business ,information financial interim the in elsewhere detailed balances and transactions the to addition In ,associates ,ventures joint ,subsidiaries fellow ,company holding its and Group the between transactions the for parties related other as well as ventures joint' subsidiaries fellow ,ventures joint s'company holding :below as out set are ,transactions party related as directors by considered also are which ,period

(Continued (TRANSACTIONS PARTY RELATED 23.

became Shipping China and Company the between 2012 October in signed agreement services A) 1( general extraordinary an at shareholders independent the by approval the to subsequent effective its ,Shipping China ,agreement services the to Pursuant 2012. December 18 on held meeting and materials shipping supporting necessary the Group the to provide will ventures joint or subsidiaries repairs and docking-dry of provision the including ,Group the of operations ongoing the for services .services other as well as ,oil bunker and materials raw ,supplies water fresh ,oil lubricating ,services The 2015. December 31 to 2013 January 1 from ,years three for effective is agreement services The ,to reference with determined were Shipping China to payable services and supplies agreed the for fees .cost or price market ,price fixed-state the among one any ,availability and applicability on depending

joint or subsidiaries its ,Shipping China to Group the by paid amounts principal the of details Further :below out set are period the for agreement services the of respect in ventures

		For six the months ended
		June 30 2015	June 30 2014
	Pricing basis	Total value ( Unaudited ) 000'RMB	Total value ( Unaudited ( 000'RMB
Dry docking- repairs , coating , and	State fixed- prices
vessels restructuring expenses	market or prices	68,192	83,407
of Supply lubricating fresh ,oil water supplies raw , materials bunker , ,oil mechanical and electrical engineering , ship stores and repairs and maintenance services for boats life	Market prices	977,937	2,047,520
Greasiness treatment , maintenance of telecommunication and navigational services	State fixed- prices	22,591	16,436
Crew expenses	Market prices	15,904	171
Accommodation lodging , medical , services and transportation for employees	State fixed- prices market or prices	—	1,051
Miscellaneous management services	Market prices	9,332	9,821
Agency commissions	Market prices	30,340	41,767
Services on fees and sale purchase of ,vessels accessories other and equipment	Market prices	4,311	3,366

(Continued (TRANSACTIONS PARTY RELATED 23.

(Continued) (1(

made Group the ,purposes operating other for and transactions above the with connection In .time to time from Shipping China of ventures joint and subsidiaries to advances or prepayments

Limited .,Co Management Ship International Shipping China and ,Company the of subsidiaries ownedwholly two ,Tanker CS and Carrier Bulk CS between 2014 April in signed agreements services Two) 2( approval the to subsequent effective became ,Shipping China of subsidiary owned-wholly a ,")CSISM(" the to Pursuant 2014. June 6 on held meeting general annual an at shareholders independent the by ongoing the for services management crew Group the to provide to agreed CSISM ,agreements services supplies agreed the for fees The .Group the by chartered bareboat or owned vessels all for operations .price market to reference with determined were CSISM to payable services and

approximately is CSISM to fee management crew total the 2015, June 30 ended months six the During .(86,264,000RMB 2014: June 30 ended months six (592,308,000RMB

transactions party related s'Group the of details ,above outlined transactions party related the for Except) 3( as are companies related and associates ,ventures joint ,subsidiaries fellow ,company holding the with :follows

	For six the months
	ended June 30
		2015	2014
		( Unaudited )	( Unaudited (
	Notes	000'RMB	000'RMB
Vessel chartering charges	( (i	183,475	159,736
Vessel chartering income		46,449	28,545
Construction vessels of	( (ii	298,540	809,679
Rental ,income including business ad tax surcharge		11,310	10,098
Vessel management income		2,670	—
Shipment income		87,404	14,753
Technical service fee		222	220
Crew expenses		—	564,313
Interest income from associates		13,633	7,117
Interest income joint from ventures		2,611	—
Loan interest payment	( (iii	148,316	211,558

2015 June 30 ended months six the For

(Continued (TRANSACTIONS PARTY RELATED 23.

(Continued) (3(

:agreements following the into entered has Group The

with agreements charters boat-bare the into entered Carrier Bulk CS 2013, November 21 On) i( China of subsidiary owned-wholly a ,")Shipping Dalian ("Limited .,Co Group Shipping Dalian and" Ling Feng Qing ",namely ,vessels bulk dry the lease will Carrier Bulk CS whereby ,Shipping December 1 from commencing years three of term a for Shipping Dalian from ,"Ling Long Shi" is agreements charters boat-bare the of each for payment charter aggregate annual The 2013. 12,154,500.RMB

Shipping China with agreement framework the into entered Carrier Bulk CS 2013, December 23 On bulk dry the lease will Carrier Bulk CS whereby ,")CSHK ("Limited .,Co Holdings) Kong Hong( aggregate The 2014. January 1 from commencing months six of term a for CSHK from vessels has it and 70,000,000USD than more no be shall agreement framework the under payment charter 2014. December 31 to months six for extended automatically been

,("(HK (Carrier Bulk CS ("Limited .,Co) Kong Hong (Carrier Bulk Shipping China 2014, April 15 On agreements charters bareboat 4 into entered ,Company the of subsidiary owned-wholly indirect an vessels bulk dry ⁴ lease will) HK (Carrier Bulk CS whereby ,Shipping China of subsidiary ownedwholly indirect an ,")Fang Dong ("Limited Management Asset International Fang Dong with bulk dry international for used are vessels bulk dry These .years 10 of term a for Fang Dong from Bulk CS of control full the under maintained and operated ,managed be will and transportation of amount annual The .agreements charters bareboat respective the of term the during) HK (Carrier 2,500,000.USD approximately is agreements charters bareboat these of each for payment charter

Shipping China with agreement framework the into entered Carrier Bulk CS 2015, April 29 On owned-wholly non a ,")Haisheng CS ("Ltd .,Co Enterprise and Shipping Haisheng) Hainan( CS from vessels bulk dry 6 lease will Carrier Bulk CS whereby ,Shipping China the of subsidiary is payment charter aggregate The 2015. May 1 from commencing months 8 of term a for Haisheng 70,000,000.RMB appropriately to up

China with agreements charters bareboat 3 into entered Carrier Bulk CS 2015, April 29 On ,Shipping China the of subsidiary owned-wholly a ,")Industry CS (".Ltd .,Co Industry Shipping months 8 of term a for Industry CS from vessels bulk dry 3 lease will Carrier Bulk CS whereby appropriately to up set is payment charter aggregate The 2015. May 1 from commencing 15,000,000.RMB

.period the during transactions of number represented charges chartering vessel Other

(Continued (TRANSACTIONS PARTY RELATED 23.

(Continued) (3(

CS and Industry CS with agreements the into entered Company the 2010, September 28 On) ii( China the of subsidiary owned-wholly a ,)")Jiangsu (Industry CS (".Ltd .,Co) Jiangsu (Industry The .cargo bulk other and coal of transportation the for vessels 12 of construction the for ,Shipping 6 of construction The 2,553,600,000.RMB is vessels the of construction the for consideration total during completed was vessels remaining of construction The .years prior in completed was vessels .period the

,("CSDHK ("Limited .,Co Marine) Kong Hong (Development Shipping China 2012, January 13 On CS and Industry CS with agreement the into entered ,Company the of subsidiary owned-wholly a .oil refined and oil crude of transportation the for tanker a of construction the for) Jiangsu (Industry The 53,280,000.USD approximately is tanker the of construction the for consideration total The 2014. in completed was vessel of construction

owned-wholly non and indirect an ,Limited .,Co Shipping Yinhua Shanghai 2012, June 15 On construction for) Jiangsu (Industry CS with agreement the into entered ,Company the of subsidiary consideration total The .cargo bulk dry other and coal of transportation the for vessel bulk dry a of was vessel of construction The 182,800,000.RMB is vessel bulk dry the of construction the for 2014. in completed

CS the with agreement assignment the into entered Carrier Bulk CS 2014, December 23 On the is 廣州振興 which of ,")廣州振興("廣州振興船務有限公司 and) Jiangsu (Industry CS ,Industry to agreed conditionally 廣州振興 which to pursuant ,Shipping China of subsidiary owned-wholly s'廣州振興 the of all of assignment the accept to agreed conditionally Carrier Bulk CS and assign Industry CS the engage to 2010 September 28 dated agreement the under obligations and rights the of construction for consideration total The .vessel the construct to) Jiangsu (Industry CS and .progress in still was vessel of construction The 158,000,000.RMB is vessel

the of construction the for paid consideration total the 2015, June 30 ended months six the During .(809,679,000RMB 2014: June 30 ended months six (298,540,000RMB approximately was vessels

Finance Shipping China with agreement loan a into entered Company the 2010, March 30 On) iii( finance to used is loan The .Company the to 1,500,000,000RMB to up amount the in loan yearfive a provided Finance CS whereby ,Group the of venture joint ,")Finance CS ("Limited .,Co a applying by determined rate preferential the is rate interest The .vessels 22 of construction the of date the on PBC the by published as rate interest benchmark term year5- the to discount 10% to are payments Interest .annually adjusted be will it and ,Company the by loan such of drawdown 2015. April 1 on repaid fully was principal the and year the of quarter every settled be

2015 June 30 ended months six the For

(Continued (TRANSACTIONS PARTY RELATED 23.

• (Continued) (3(
• (Continued) (iii(

Shipping China with agreement loan entrusted the into entered Company the 2011, August 8 On of amount the in loan a provide to Finance CS entrusted Shipping China whereby Finance CS and commencing years seven of term a has loan entrusted The .Company the to 3,000,000,000RMB CS .annum per 6.51% is rate interest The 2018. August 8 on ending and 2011 August 9 from supplementary A .annum per 300,000RMB of fee administrative an charge also will Finance rate interest the agreement new this to pursuant ,and 2015 March 20 on signed was agreement .annum per 6.15% to annum per 6.51% from decreased was

Shipping China with agreement loan entrusted the into entered Company the 2012, March 26 On amount the in loan a provide to Finance CS entrusted Shipping China whereby Finance CS and commencing years three of term a has loan entrusted The .Company the to 2,000,000,000RMB of CS .annum per 5.02% at is rate interest The 2015. March 26 on ending and 2012 March 26 from agreement supplementary A 600,000.RMB of fee administrative off-one an charge also will Finance was rate interest the ,agreement new this to pursuant ,and 2012 December in signed was March 26 from effect with ,year one for annum per 4.12% to annum per 5.02% from decreased The .annum per 5.02% fixed to adjusted-re been has rate interest the 2013, March 26 Since 2012. 2014. December in repaid fully and early was loan entrusted

the assign to agreements assignment loan two into entered Company the 2012, May 31 On Bulk CS to 109,140,000RMB and 436,560,000RMB of date that on balances loan outstanding ,("(Shanghai (Carrier Bulk CS ("Limited .,Co) Shanghai (Carrier Bulk Shipping China and Carrier fully was Carrier Bulk CS for loan The .respectively ,Company the of subsidiaries owned-wholly April 1 on repaid fully was) Shanghai (Carrier Bulk CS for loan the and 2013 July 24 on repaid 2015.

non and indirect an ,")Jiahe Shanghai ("Limited .,Co Shipping Jiahe Shanghai 2012, June 25 On whereby Finance CS with agreement loan a into entered ,Company the of subsidiary owned-wholly to used is loan The .Jiahe Shanghai to 53,600,000RMB of loan year-ten a provided Finance CS applying by determined rate preferential the is rate interest The .vessel of construction the finance a 2013, March In .annum per PBC by published as rate interest benchmark the to discount 5% a June 30 at As .Finance CS from Jiahe Shanghai by made was 4,000,000RMB of drawdown further .repaid been has 9,200,000RMB 2015,

CSHK whereby CSHK with agreement loan a into entered CSDHK 2013, December 30 On months six of term a has loan The .CSDHK to 70,000,000USD of amount the in loan a provided 3 at is rate interest The 2014. June 30 on ending and 2013 December 30 from commencing 2014. January in repaid fully and early was loan The .annum per 1.60% plus Libor months

(Continued (TRANSACTIONS PARTY RELATED 23.

(Continued) (3(

(Continued) (iii(

CSDHK and Company the with agreements loan into entered Shipping China 2014, June 30 On 100,000,000USD and 400,000,000RMB of amount the in loans provided Shipping China whereby the and 400,000,000RMB the of terms The .respectively CSDHK and Company the to at are rate interest the and ,respectively years three and months six are loan 100,000,000USD was Company the for loan The .respectively annum per 2.50% plus Libor months 6 and 5.27% 2014. in repaid fully

of resolution the passed Company the 2014, July 24 on held meeting Board eighth 2014 the At a provide Shipping China whereby Shipping China with agreement loan entrusted the into entering per 5.32% is rate interest The .Company the to 300,000,000RMB of amount the in loan months-six 2014. December in repaid fully was loan The .annum

six (148,316,000RMB of expenses interest related the 2015, June 30 ended months six the During .cost finance the in included were) 211,558,000RMB 2014: June 30 ended months

• CS with agreement framework services financial the into entered Company the 2012, October In) 4( an at' shareholders independent the by approval the to subsequent effective became this and Finance framework services financial the to Pursuant 2012. December 18 on held meeting general extraordinary financial of range a with Group the provide to Finance CS procure shall Shipping China ,agreement financial other) iv (and services settlement) iii; (services loan) ii; (services deposit) i (including services framework services financial The .Commission Regulatory Banking China by approved as services automatically be will and 2015 December 31 to 2013 January 1 from years 3 for effective is agreement financial the renew to not regards party either unless 2016 January 1 from years 3 another for renewed .agreement framework services
• parties related with balances Outstanding) 5(
• 2014: December 31 (1,474,545,000RMB of associates to loans represent receivables Loan) i( 2014: December 31 (4.90% to 3.30% at bearing-interest ,unsecured are which ,)303,016,000RMB and) Nil 2014: December 31 (4% of rate fixed or annum per Libor months 3 over) 5.00% to 3.30% December 31 (486,741,000RMB of ventures joint to loans and; 2031 to 2018 year in repayable 2014: December 31 (0.80% at bearing-interest ,unsecured are which ,)483,524,000RMB 2014: 2014: December 31 (1.30% and vessel of delivery to prior annum per Libor months 3 over) 0.80% to 2038 year in repayable and ,vessel of delivery after annum per Libor months 3 over) 1.30% 2039.
• ventures joint ,subsidiaries fellow from due amounts are receivables bill and trade in Included) ii( are which ,)11,049,000RMB 2014: December 31 (20,292,000RMB amounting associates and .receivables trade other as period credit normal under and bearing interest-non ,unsecured

2015 June 30 ended months six the For

(Continued (TRANSACTIONS PARTY RELATED 23.

(Continued) (5(

• holding ultimate from due amounts are receivables other and deposits ,prepayments in Included) iii( ventures joint s'company holding ultimate ,associates ,ventures joint ,subsidiaries fellow ,company 2014: December 31 (1,255,688,000RMB amounting ventures joint' subsidiaries fellow and .(356,778,000RMB
• 2014: December 31 (881,521,000RMB of amount an is equivalent cash and cash in Included) iv( .Finance CS with deposited balance bank of) 696,892,000RMB
• joint ,company holding ultimate to due amounts are payables bills and trade in Included) v( 'subsidiaries fellow and ventures joint s'company holding ultimate ,subsidiaries fellow ,ventures are which ,)517,969,000RMB 2014: December 31 (547,322,000RMB amounting ventures joint .payables trade other as period credit normal under and bearing interest-non ,unsecured
• fellow ,company holding ultimate to due amounts are accruals and payables other in Included) vi( 31) 320,142,000RMB amounting ventures joint' subsidiaries fellow and ventures joint ,subsidiaries .(120,274,000RMB 2014: December
• 2014: December 31 (908,400,000RMB of amount an is borrowings other in Included) vii( 2014: December ³¹ (863,300,000RMB to amounted borrowings these of portion currentnon and current the 2015, June 30 at As .Finance CS from borrowed) 1,421,790,000RMB .respectively) 50,800,000RMB 2014: December 31 (45,100,000RMB and) 1,370,990,000RMB

2014: December 31 (6,534,057,000RMB of amount an is borrowings other in Included June 30 at As .company holding ultimate s'Company the from borrowed) 5,411,923,000RMB 1,311,352,000RMB to amounted borrowings these of portion current-non and current the 2015, 2014: December 31 (5,222,705,000RMB and) 800,000,000RMB 2014: December 31( .respectively) 4,611,923,000RMB

the) to(/from due amounts the ,above) vii (and) v (,)iv (,)ii (,)i (in mentioned amounts those for Except are parties related other and associates ,ventures joint ,subsidiaries fellow ,company holding ultimate .demand on repayable and bearing interest-non ,unsecured

PERIOD REPORTING THE AFTER EVENTS 24.

early for 925,000,000RMB approximately of subsidies government received Company the 2015, July 27 On .Shipping China through PRC the of Finance of Ministry the from vessels of retirement

other have not does Group the ,information financial interim the in elsewhere and above disclosed as Save .period reporting the of end the after events significant