* The fixed assets represent vessels disposed off in February 2004 as announced in Masnet announcement No.199 dated 26 February 2004


1(b)(ii) Aggregate amount of group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

As at 31/12/2003		As at 31/12/2002
Secured	Unsecured	Secured	Unsecured
S$ 15.07 mil		S$ 15.26 mil	0

Amount repayable after one year

As at 31/12/2003		As at 31/12/2002
Secured	Unsecured	Secured	Unsecured
S$ 49.02 mil		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.

Statements of Changes in Equity for the year ended 31 December 2003

Group FY 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$'000
Balance as at 31 Dec 2002	45,768	53,432	504	267	5,788	85,920	191,679
Currency translation	-	-	-	-	(2,153)	-	(2,153)
Net profit for the year	-	-	-	-	-	8,541	8,541
Dividend paid	-	-	-	-	-	(2,288)	(2,288)
Balance as at 31 Dec 2003	45,768	53,432	504	267	3,635	92,173	195,779
Group FY 2002	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'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	-	-	-	-	(5,116)	-	(5,116)
Net profit for the year	-	-	-	-	-	12,625	12,625
Dividend paid	-	-	-	-	-	(1,373)	(1,373)
Balance as at 31 Dec 2002	45,768	53,432	504	267	5,788	85,920	191,679
Company FY 2003			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2002			45,768	53,432	504	63,055	162,759
Net profit for the year			-	-	-	2,085	2,085
Dividend paid			-	-	-	(2,288)	(2,288)
Balance as at 31 Dec 2003			45,768	53,432	504	62,852	162,556
Company FY2002			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'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 year			-	-	-	3,164	3,164
Dividend paid			-	-	-	(1,373)	(1,373)
Balance as at 31 Dec 2002			45,768	53,432	504	63,055	162,759

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 financial year ended 31 December 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 auditing standard or practice.

The figures have not been audited nor reviewed by the auditors.


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a 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 financial statments have been prepared in accordance to Singapore Financial Reporting Standards (FRS) as required by the Companies Act. In the prevous year, the financial statements were prepared in accordance with the Singapore Statements of Accounting Standards (SAS).


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 above.


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

	Group Figures
	2003	2002
Earnings per ordinary share for the year based on net profit attributable to shareholders:
(i) Based on weighted average number of ordinary shares in issue	1.87 cents	2.76 cents
(ii) On a fully diluted basis	1.87 cents	2.76 cents

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 financial period reported on; and
(b) immediately preceding financial year.

	Group		Company
	31 Dec 2003	31 Dec 2002	31 Dec 2003	31 Dec 2002
Net asset value backing per ordinary share based on issued share capital as at the end of the period	43.09 cents	42.18 cents	35.52 cents	35.56 cents

Net asset value backing per ordinary share is derived by the total assets less total liabilities divided by the total number of ordinary shares issued at the end of the year.


8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:-

(a) 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; and

(b) 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 in 2003 increased by 2.8% compared to 2002, which is due mainly to an increase in revenue from additional ships deployed by the Industrial Shipping and the establishment of new subsidiaries (agency and forwarding) in United Arab Emirates and Malaysia during the year of 2003.

Despite a freight rate restoration in Q4 2003, the Container Shipping Industry remained competitive throughout. The incremental freight rates are still lower than the average freight reduction since the beginning of 2003. Although the volume lifting of Container Shipping business increased by 11.9% in 2003, revenue remained relatively the same as compared to 2002. The weak US Dollar also affected the revenues, and profitability, both of which were reported in Singapore Dollar.

The Group's cost of services increased by about 3.4% as compared to 2002 due to an increase in container shipping expenses namely charter hire, bunker and third party freight charges and higher vessel costs in Industrial shipping due to additional ships deployed during the year. The increased in cost of services in 2003 is also partly due to the additional subsidiaries of the Group.

The Group's charter hire expense in Q4 2003 was significantly higher (S$2.9m) compared to the Q3 2003. The Group's foreign exchange loss in Q4 2003 is S$0.42m higher than that of Q3 2003. The Group's tax expense increased by about S$0.59m to S$1.0m in 2003 which is due mainly to the additional tax provision of a subsidiary and of the S$1.0m tax provision in 2003, S$0.81m incurred in Q4 2003. The freight rate increase in Q4 2003 mentioned above was not sufficient to offset the increase in the above expenses and foreign exchange loss.

Additional subsidiaries, namely Galaxy Shipping Service Sdn. Bhd. in Malaysia, SILKargo LLC in United Arab Emirates and Samudera Shipping Line (India) Pvt Ltd in India set up during the year, resulted an increase in administration and marketing expenses of the Group. Besides, the administration and marketing expenses increased also because additional staff were employed in Industrial Shipping in conjunction with the acquisition of 4 vessels from a related company during Q1 2003.

The net finance expenses in 2003 reduced by 37.3% due mainly to a decrease in interest expenses by S$0.98m from S$4.58m in 2002 as a result of the loan repayment of the Group and reduction in foreign exchange loss by S$1.75m from S$3.78m in 2002 due to the depreciation of US Dollar against Singapore Dollar.

In addition to the above, the Group recorded a net gain of sale of shares in associated company in 2002 of S$2.7m which did not reoccur in 2003.

As a result of the above, the Group's net profit decreased by S$4.08m or 32.3% from S$12.6m in 2002.

Deferred charges of the Group increased from S$2.5m to S$6.6m as several vessels were sent for docking in the year of 2003. The costs of docking were deferred and amortised over a period of 30 months or until the next docking whichever is earlier.

Other debtors, deposits and prepayments of the Group increased from S$6.0m to S$12.5m due mainly to insurance claim receivable and prepayments for other operating expenses.

The amount due from subsidiaries (non-trade) in the Company increased from S$2.1m to S$8.3m due mainly to advance payments to a subsidiary to buy a vessel. The advance payments will be converted into investment.

Fixed assets in the Company amounting to S$ 18.0m were re-classified as current assets as the assets were disposed in Q1 2004.



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 significant trends and 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.

Container Shipping

There was a rate restoration implementated by the Company together with other industry players in certain sectors of services in Q4 2003, which will give full year impact in 2004. Another rate restoration was implementated in January 2004.

The increase in the freight rate is, however, anticipated to be negated by any increase in vessels charter hire rate, which is expected to remain strong in 2004.

The Company will continue exploring slot swaps and joint operations with partners in order to minimize operational inefficiency.

In February 2004, the Company sold 2 container vessels with a disposal gain of approximately S$ 2.98 million. The sale proceed will be used to acquire younger vessels and to finance the Group's business expansion.

Industrial Shipping

Industrial Shipping deployed 6 additional vessels in March and August 2003, and 3 units of special barges in December 2003. These vessels will have a full year impact to the Group's performance in 2004.

An additional vessel, which is expected to be delivered in 3rd quarter 2004, will also give positive contribution to the Group's turnover.

Forwarding and Others

Samudera Shipping Line (India) Pvt Ltd, which was established in 2003 for agency services, started operating in January 2004. In addition, another subsidiary providing agency services in Thailand is in the process of establishment and is expected to start operating in 2nd quarter 2004.

The main objective of these subsidiaries set up is to enhance the Company's control over its business in the respective country of establishment.

In 2004, some countries in the region will hold nationwide elections which may cause political uncertainties. In a wider context, globally there are continued uncertainities owing to potential threats such as terrorism and nuclear progam. These factors may adversely affect the international flow of goods and thus the Company's and the Group's performance.


11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on? Yes

Name of Dividend	Final
Dividend Type	Cash
Dividend Amount per Share (in cents)	0.50 cents per ordinary share (less tax)
Optional:- Dividend Rate (in %)
Par value of shares	10 cents
Tax Rate	0%

(b) Corresponding Period of the Immediately Preceding Financial Year

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

Name of Dividend	Final
Dividend Type	Cash
Dividend Amount per Share (in cents)	0.50 cents per ordinary share (less tax)
Optional:- Dividend Rate (in %)
Par value of shares	10 cents
Tax Rate	0%

(c) Date payable

To be announced later.


(d) Books closure date

Notice of books closure for determining shareholders' entitlement to the dividend together with the date of dividend payment will be announced at a later date.


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

Not applicable.


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.

The Group is organized into three main operating divisions, namely:
- Container Shipping
- Industrial Shipping
- Forwarding & Others

	Container Shipping	Industrial Shipping	Forwarding & Others (*)	Eliminations	Group
	S$'000	S$'000	S$'000	S$'000	S$'000
FY 2003
Turnover
- External customers	446,897	45,096	13,058	-	505,051
- Inter-segment	1,428	-	3,832	(5,260)	-
	448,325	45,096	16,890	(5,260)	505,051
Segment results	3,597	9,859	505	286	14,247
Financial income (expenses) - net	(1,350)	(3,540)	5	-	(4,885)
Share of profit of associated company	-	-	235	-	235
Tax	(162)	(519)	(327)	-	(1,008)
Minority interests	-	(78)	30	-	(48)
Net profits for the year	2,085	5,722	448	286	8,541
Segment Assets	129,865	180,152	5,777	-	315,794
Total liabilities	(40,990)	(74,808)	(2,788)	-	(118,586)
Capital expenditure	774	29,474	679	-	30,927
Depreciation and amortisation	3,618	12,707	270	-	16,595
Other non-cash expenses	586	-	-	(286)	300
	Container Shipping	Industrial Shipping	Forwarding & Others (*)	Eliminations	Group
	S$'000	S$'000	S$'000	S$'000	S$'000
FY 2002
Turnover
- External customers	448,610	36,750	5,856	-	491,216
- Inter-segment	401	-	2,627	(3,028)	-
	449,011	36,750	8,483	(3,028)	491,216
Segment results	6,408	10,828	2,474	876	20,586
Financial expenses - net	(3,148)	(4,606)	(34)	-	(7,788)
Share of profit of associated company	-	-	512	-	512
Tax	(95)	(68)	(258)	-	(421)
Minority interests	-	(74)	(190)	-	(264)
Net profits for the year	3,165	6,080	2,504	876	12,625
Segment Assets	145,242	156,145	1,454	-	302,841
Total liabilities	41,387	67,789	618	-	109,794
Capital expenditure	537	7,250	188	-	7,975
Depreciation and amortisation	5,436	11,179	201	-	16,816
Other non-cash expenses	733	-	70	-	803
(*) Including agency business

Geographical Segment
Container shipping, forwarding and others (**)
	Turnover
	2003	2002
	S$'000	S$'000
Indonesia	191,506	200,490
South East Asia (excluding Indonesia)	93,494	76,133
Middle East and Indian Sub-continent	131,764	137,751
Far East (including China and Hong Kong)	40,984	37,882
Others	2,207	2,210
Total turnover	459,955	454,466

(**) The Directors believe it could be inaccurate to analyze the results by geographical segment because certain costs cannot be meaningfully allocated to the different routes as the vessels do not operate on fixed routes. For the Industrial Shipping, charterers of the Group's vessels have the discretion to operate within a wide trading area and are not constrained by a specific sea route.


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.

Please refer to item 8 for the review of performance by the business.

The turnover of Indonesia and Middle East and Indian Sub-continent decreased due to rationalisation of services and more intense competition.

The growth in turnover in South East Asia (excluding Indonesia) is due mainly to additional new services and market cargo growth.

The growth in turnover in Far East (including China and Hongkong) is primarily due to marketing intensification and market cargo growth.


15. A breakdown of sales.

	Group
	2003	2002	Change
	S$'000	S$'000	%
Sales reported for first half year	239,470	251,108	(4.6)
Operating profit / (loss) after tax before minority interests reported for first half year	9,073	842	n.m
Sales reported for second half year	265,581	240,108	10.6
Operating profit / (loss) after tax before minority interests reported for second half year	(484)	12,047	n.m

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 (S$'000)	Previous Full Year (S$'000)
Ordinary	2,288	2,288
Preference	0	0
Total:	2,288	2,288

17. Interested Person Transactions

The aggregate value of 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 Persons	Aggregate value of all interested person transactions during the financial year under review		Aggregate value of all interested person transactions conducted under a shareholders' mandate pursuant to Rule 920 of the SGX Listing Manual
	Group		Group
	2003	2002	2003	2002
	S$'000	S$'000	S$'000	S$'000
Provision of services (by Holding Company)
Management fee	-	-	697	694
Agency commission	-	-	4,156	3,917
Provision of services (by Related Companies)
Agency Commission	-	-	20	-
Management Fee	-	-	49	61
Charter Hire	-	-	392	1,759
Ship Management Fees	-	-	1,226	1,100
Others (by Related Companies)
Acquisition of vessels	2,409	-	-	-