At the 25th Meeting of the 5th Board of Directors, held on 14 Aug 2008, the following proposals were examined and approved:

1. the 2008 Semiannual Report and its Abstract
2. to purchase four 20,000-ton crude oil/oil product tankers
3. to sell five tankers (including Tanker Daqing 419) to the controlling shareholder of the company
4. to apply for a RMB 1.747 bln loan with a period of between three and seventeen years with Bank of China, Jiangsu branch, and a three-year USD 40 mln loan with Den Norske Bank, Shanghai branch by pledging the company's Tanker Daqing 456
5. to guarantee a twelve-and-a-half-year RMB 170 mln loan for Nanjing Yangyang Chemical Trade Co., Ltd., a wholly-owned subsidiary of the company
Following the completion of two 5,500-ton chemical tankers by Yangyang Chemical, both tankers will be pledged as a guarantee for the aforementioned RMB 170 mln loan, instead of the company.
To date, the company has provided a total of RMB 340 mln in guarantees and there are no overdue loans on which the company has provided guarantees.

6. to revise certain items in the Articles of Association
The registered capital of the company has been adjusted to RMB 1,610,660,670 and the business scope of the company has been expanded by adding international tanker management.

7. a self-inspection report on capital flow between major shareholders of the company and other related parties

The company plans to hold its 4th 2008 Extraordinary General Meeting of Shareholders on 30 Aug 2008, at which the above-mentioned proposals will be examined and considered for approval.

Board of Directors
15 Aug 2008

Source: Shanghai Stock Exchange

Date: 15 Aug 2008

CN01/VL/LZ/BT/KM