The Board of Directors of Samudera Shipping Line Ltd (the "Company") would like to announce that Foremost Maritime Pte Ltd, a wholly owned subsidiary of the Company, had increased its paid-up capital from S$60,588,000 to S$62,762,800 on 26 December 2002. The additional 2,174,800 ordinary shares of S$1/- each was issued at par for cash consideration to the Company for the purchase of the vessel "Sinar Bontang".