Investor Relations

	The Group				The Company
	31/3/2004		31/12/2003		31/3/2004		31/12/2003
	S$'000		S$'000		S$'000		S$'000
Share capital and reserves
Share capital (457,675,000 shares @ $0.10)	45,768		45,768		45,768		45,768
Share premium	53,432		53,432		53,432		53,432
Share redemption reserves	504		504		504		504
Capital reserve	267		267		-		-
Translation reserve	3,065		3,635		-		-
Accumulated profits	97,102		92,173		66,513		62,852
	200,138		195,779		166,217		162,556
Minority interests	1,430		1,429		-		-
	201,568		197,208		166,217		162,556
Subsidiaries	-		-		71,275		71,275
Associated company	494		445		283		283
Fixed assets	157,707		177,636		1,216		19,133
Deferred charges	8,340		6,646		-		-
Other non-current assets	59		59		54		54
Current assets
Stocks	1,881		1,887		-		-
Trade debtors	71,914		72,024		66,928		66,634
Other debtors, deposits and prepayments	14,094		12,463		12,314		11,155
Due from immediate holding company (trade)	955		623		-		623
Due from subsidiaries (trade)	-		-		1,973		508
Due from subsidiaries (non-trade)	-		-		9,556		9,484
Due from related companies (trade)	-		552		-		-
Due from associated company (non-trade)	283		283		283		283
Investment securities	11,949		10,725		11,949		10,725
Call and fixed deposits	30,151		12,667		27,034		9,588
Cash and bank balances	16,926		19,784		11,040		11,954
	148,153		131,008		141,077		120,954
Current liabilities
Trade creditors	38,653		37,903		30,577		31,705
Other creditors and accruals	9,960		13,666		7,292		8,552
Due to immediate holding company (non-trade)	938		486		938		-
Due to subsidiaries (trade)	-		-		20		-
Due to related companies (trade)	2,365		1,404		42		84
Hire purchase creditors, current portion	114		104		66		66
Bank term loans (secured), current portion	14,324		14,961		-		-
Provision for tax	915		697		348		312
	67,269		69,221		39,283		40,719
Net current assets	80,884		61,787		101,794		80,235
Non-current liabilities
Due to subsidiary (non-trade)	-		-		8,151		8,153
Deferred tax	368		344		-		-
Hire purchase creditors, non-current portion	440		458		254		271
Bank term loans (secured), non-current portion	45,108		48,563		-		-
	201,568		197,208		166,217		162,556

Amount repayable in one year or less, or on demand

As at 31/3/2004		As at 31/12/2003
Secured	Unsecured	Secured	Unsecured
S$ 14.44 mil	0	S$ 15.07 mil	0

Amount repayable after one year

As at 31/3/2004		As at 31/12/2003
Secured	Unsecured	Secured	Unsecured
S$ 45.55 mil	0	S$ 49.02 mil	0

	1Q 2004		1Q 2003
	S$'000		S$'000
Cash flows from operating activities
Profit before tax	5,057		5,097
Adjustments:
Amortisation of deferred charges	1,139		592
Depreciation of fixed assets	3,034		3,132
Interest expenses	782		942
Interest income	(262)		(271)
Provision for doubtful trade debts and bad trade debts written off	-		182
Write back of provision for doubtful trade debts	(106)		-
Gain on disposal of fixed assets	(2,975)		-
Loss on disposal of investment securities	98		-
Unrealised gain on fair value of investment sercurities	(47)		-
Share of results of associated company	(89)		-
Operating profit before working capital changes	6,631		9,674
(Increase) decrease in:
Stocks	6		79
Trade debtors	87		5,712
Other debtors, deposits and prepayments	(1,632)		(4,539)
Due from immediate holding company	(332)		2,085
Due from affiliated company	-		(25)
Increase (decrease) in:
Trade creditors	679		(1,772)
Other creditors and accruals	(3,707)		(1,485)
Due to related companies, net	1,515		(269)
Due to immediate holding company	452		-
Due to affiliated company	-		(65)
Due to minority shareholders of a subsidiary	-		126
Cash generated from operations	3,699		9,521
Interest paid	(782)		(942)
Tax refund	135		28
Net cash generated from operating activities	3,052		8,607
Cash flows from investing activities
Interest income received	262		271
Purchase of fixed assets	(1,775)		(11,353)
Additions to deferred charges	(2,738)		(1,459)
Procceds from disposal of fixed assets	21,193		-
Procceds from disposal of investment securities	940		-
Purchase of investment securities	(2,197)		(1,204)
Cash and cash equivalents subject to restriction	1,055		1,101
Net cash generated from (used in) investing activities	16,740		(12,644)
Cash flows from financing activities
Repayment of hire purchase liabilities	(9)		(86)
Proceeds from hire purchase liabilities	-		273
Repayment of bank term loans	(4,092)		(2,755)
Net cash used in financing activities	(4,101)		(2,568)
Net increase (decrease) in cash and cash equivalents	15,691		(6,605)
Effect of exchange rates changes on cash and cash equivalents	(9)		14
Cash and cash equivalents at the beginning of period	25,568		45,468
Cash and cash equivalents at the end of the period	41,250		38,877
Cash and cash equivalents at the end of the period per balance sheet before cash and cash equivalents subject to restriction	47,077		44,479
Cash and cash equivalents subject to restriction	5,827		5,602
Cash and cash equivalents at the end of the period	41,250		38,877

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 three months ended 31 March 2004

GROUP 1Q 2004	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$'000
Balance as at 31 Dec 2003	45,768	53,432	504	267	3,635	92,173	195,779
Currency translation	-	-	-	-	(570)	-	(570)
Net profit for the period	-	-	-	-	-	4,929	4,929
Balance as at 31 Mar 2004	45,768	53,432	504	267	3,065	97,102	200,138
GROUP 1Q 2003	Share capital	Share premium	Share redemption reserve	Capital reserve	Translation reserve	Accumulated profits	TOTAL
	S$'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
COMPANY 1Q 2004			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'000	S$'000	S$'000	S$'000	S$'000
Balance as at 31 Dec 2003			45,768	53,432	504	62,852	162,556
Net profit for the period			-	-	-	3,661	3,661
Balance as at 31 Mar 2004			45,768	53,432	504	66,513	166,217
COMPANY 1Q 2003			Share capital	Share premium	Share redemption reserve	Accumulated profits	TOTAL
			S$'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

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 2004, there was no change in the Company's share capital (2003: 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 or 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 statements have been prepared in accordance to Singapore Financial Reporting Standards (FRS) as required by the Companies Act. 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 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
	1 Q 2004	1 Q 2003
Earnings per ordinary share for the period based on net profit attributable to shareholders:
(i) Based on weighted average number of ordinary shares in issue	1.08 cents	1.08 cents
(ii) On a fully diluted basis	1.08 cents	1.08 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 Mar 2004	31 Dec 2003	31 Mar 2004	31 Dec 2003
Net asset value backing per ordinary share based on issued share capital as at the end of the period	44.04 cents	43.09 cents	36.32 cents	35.52 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 period.


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 turnover of the Group increased by 15.6% as compared to Q1 2003, due to the rates restoration in Q1 2004 and additional revenue from sub-let of vessels in the Container Shipping, the deployment of additional ships by the Industrial Shipping and the commencement of new entities in the Logistic business.

The Group's cost of services increased by 19.5% in the first quarter of 2004 as compared to the same period of 2003 due mainly to: (a) The hike in charter hire rates of container vessels. (b) An increase in stevedorage expenses due to the termination of one-time anniversary rebate by PSA. (c) Higher container expenses as the container fleet size of the Company increase. (d) An increase in docking and vessel expenses in Industrial Shipping due to the increase in fleet size. (e) An increase in port charges and bunker expenses as a result of the additional ship deployed under voyage charter in the Industrial Shipping.

During the quarter, the Company recorded a disposal gain of approximately S$2.98 million from the sale of its 2 container vessels. The sale proceed will be used to acquire younger vessels and to finance the Group's business expansion.

Other operating income increased from S$0.12 million to S$3.29 million due mainly to the gain on disposal of container vessels as mentioned above and other income from claim.

The strengthening of Singapore Dollar against US Dollar resulted in a foreign exchange loss of approximately S$0.52 million to the Group during the quarter.

As a result of the above factors, the Group recorded a net profit of S$4.93 million, which, although similar to Q1 2003, is a significant improvement from the results of Q4 2003 where there was a net loss of S$2.66 million.



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.

The rates restoration will continue to be implemented in 2004. However, the increase in the freight rate is anticipated to be negated by an increase in cost of services including vessel charter hire rate, which is expected to remain high throughout the year.

During Q1 2004, the Company, in order to achieve a better balance between demand and supply, had withdrawn vessel deployment in certain trades in the Middle East which were unprofitable earlier. However, the Company continues the service in those trades by loading onto third party vessels.

Samudera Shipping Line (India) Pvt Ltd, which commenced its operation in January 2004, will continue to contribute further to the Group. In addition, another subsidiary providing agency services in Thailand, Samudera Traffic Co., Ltd is expected to commence operation in May 2004.


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 2004.


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	0	0
Preference	0	0
Total:	0	0

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 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
	1Q 2004	1Q 2003	1Q 2004	1Q 2003
	S$'000	S$'000	S$'000	S$'000
Provision of services (by Holding Company)
Management Fees	-	-	186	174
Agency Commission	-	-	1,167	1,147
Provision of services (by Related Companies)
Agency Commission	-	-	10	5
Management Fees	-	-	-	12
Charter Hire	-	-	-	432
Ship Management Fees	-	-	313	272
Others (Related Companes)
Acquisition of vessels	2,409	-	-	-