JOINT PRESS RELEASE BY MPA AND PSA CORPORATION

The Maritime and Port Authority of Singapore (MPA) and PSA Corporation Limited are pleased to announce that, with effect from 15 March 1998, the overside bunker wharfage of $3 per tonne on ships taking bunkers at PSA Corporation's terminals will cease. This move will result in the passing back of $17 million annually to the bunkering operators and shipping lines.

The cessation of the overside bunker wharfage sharpens the Port of Singapore's competitiveness in the region and enhances its position as a top bunkering centre. This move further reinforces both MPA's and PSA's strategic plans to promote Singapore as the premier shipping and maritime hub.

End of Statement.