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Amount repayable in one year or less, or on demand

As at 31/03/03		As at 31/12/02
Secured	Unsecured	Secured	Unsecured
S$ 14.67 mil	0	S$ 15.26 mil	0

Amount repayable after one year

As at 31/03/03		As at 31/12/02
Secured	Unsecured	Secured	Unsecured
S$47.66 mil	0	S$ 49.64 mil	0

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year

Statement of Changes in Equity for the third quarter ended 30 September

GROUP 1Q 2003	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2002	45,768	53,432	504	267	5,788	85,920	191,679
Currency translation	-	-	-	-	1,523	-	1,523
Net profit for the period	-	-	-	-	-	4,961	4,961
Balance as at 31 Mar 2003	45,768	53,432	504	267	7,311	90,881	198,163
1Q 2002	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2001	45,768	53,432	504	267	10,904	74,668	185,543
Currency translation	-	-	-	-	(144)	-	(144)
Net profit for the period	-	-	-	-	-	1,840	1,840
Balance as at 31 Mar 2002	45,768	53,432	504	267	10,760	76,508	187,239
COMPANY 1Q 2003			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2002			45,768	53,432	504	63,055	162,759
Net profit for the period			-	-	-	2,711	2,711
Balance as at 31 Mar 2003			45,768	53,432	504	65,766	165,470
1Q 2002			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2001			45,768	53,432	504	61,264	160,968
Net profit for the period			-	-	-	(110)	(110)
Balance as at 31 Mar 2002			45,768	53,432	504	61,154	160,858

1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year

During the three months ended 31 March 2003, there was no change in the Company's share capital (2002: 457,675,000).


2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an equivalent standard)

The figures have not been audited or reviewed by the auditors.


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

Not applicable.


4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

The Group has applied the same accounting policies and methods of computation in the financial statements of the current financial reporting period as in the latest annual audited financial statements.


5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change

Please refer to item 4.


6. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends

	Group Figures
	1st Quarter of 2003	1st Quarter of 2002
Earnings per ordinary share for the three months based on net profits attributable to shareholders
(i) Based on weighted average number of ordinary shares in issue (cents)	1.08	0.40
(ii) On a fully diluted basis (cents)	1.08	0.40

7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year

	Group Figures
	31 Mar 2003	31 Dec 2002
Net asset value backing per ordinary share based on existing issued share capital as at the end of the period reported on:
(i) Based on weighted average number of ordinary shares in issue (cents)	43.30	41.88

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on

The Group's turnover decreased by 10.2% mainly due to freight rate deterioration and reduction of certain surcharges.

The establishment of Silkargo LLC in Dubai and a joint venture company in Malaysia, Galaxy Shipping Services Sdn. Bhd., contributed to the turnover of the Group in the first quarter of 2003.

Continues effort by the Group to implement cost efficiency program and space rationalization have resulted in lower operational costs, such as container cost, cargo expenses and port charges. However certain operational costs increased, such as bunker that reached a peak price in first quarter of 2003 and freight charges due to more containers loaded in the third party vessels.

The Industrial Shipping Division deployed 6 additional ships during first quarter 2003 compared to those in 2002, and they contributed more to the Group's turnover and also in turn to the profit of the Group.

Finance expense decreased by 30.2% due to loan repayment by the Group.

Due to the above factors, the Group recorded profit of S$ 4.96 million for the first 3 month of 2003 as compared to a profit of S$ 1.84 million in the same period of previous year.


9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

Not applicable.

10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months

The Container Shipping Division will continue facing a challenging business environment. Charter hire prices for vessels have started to rise in the month of April 2003 whilst freight rates for containers remain competitive. Bunker prices remain uncertain. The Group will continue its cost efficiency programme to maximise efficiency.

Industrial Shipping Division is expected to contribute more to the Group due to an acquisition of a vessel in February 2003 and four vessels in March 2003 that will contribute positively to the Group.


11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on?

None

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year?

None

(c) Date payable

Not applicable.

(d) Books closure date

Not applicable.


12. If no dividend has been declared/recommended, a statement to that effect

No interim dividend has been declared for the period ended 31 March 2003.


PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year

Not applicable.


14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments

Not applicable.


15. A breakdown of sales

Not applicable.


16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)

	Latest Full Year ()	Previous Full Year ()
Ordinary
Preference	0	0
Total:

17. Interested Person Transactions

The aggregate value of the interested person transactions conducted pursuant to the shareholders' mandate obtained in accordance with Chapter 9 of the SGX-ST 's listing manual were as follows:

Name of Interested Person	Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than S$100,000 and transactions conducted under shareholders' mandated pursuant to Rule 920)		Aggregate value of all interested person transactions conducted under shareholders' mandated pursuant to Rule 920 (excluding transactions less than S$100,000)
	1st Qtr of 2003	1st Qtr of 2002	1st Qtr of 2003	1st Qtr of 2002
Expenses
Holding Company, PT Samudera Indonesia Tbk
Management fee	-	-	174,150	172,968
Commissions	-	-	1,146,728	906,983
Related companies
Management fees (PT Tankindo Perdana)	-	-	12,360	16,032
Charter hire (PT TSK Samudera Indonesia)	-	-	431,796	462,981
Affiliated company (PT Samudera Ship Management)
Ship Management fee	-	-	271,791	275,197
Acquisition of vessels	2,409,158	-	-	-