The Board of Directors (the "Board") of Samudera Shipping Line Ltd (the "Company") would like to announce that Foremost Maritime Pte Ltd, a wholly owned subsidiary of the Company, has on 10 June 2003 increased its paid-up capital from S$62,762,800 to S$65,114,650. The additional of 2,351,850 ordinary shares of S$1/- each was issued at par for cash consideration to its holding Company to finance part of the business expansion.