ANNUAL REPORT 2004

P&I Insurance

Underwriting111111111Claims1

Loss Prevention

Audit Report

Balance Sheet
February 20 2005

Income And Expenditure Acco
2004/2005

Cash Flow Statement
February 20 2005

Notes To The Financlal Statements of P&I Risks 20th February,2005

Audit Report

Balance Sheet
December 312004

Income And Expenditure Account For the Year ended December 31 2004

Cash Flow Statement
For the Year ended December 31 2004

Notes To The Financlal Statements of HM Cover
December 31 2004

COSCO(Singapore) Pte.Ltd.
liu Detian

Sinotrans Shipping Limited
Tian Zhongshan

Zhejiang Ocean Shipping Co.Ltd.
Liu Peng

China Shipping Development Co.,Ltd.,Tanker Co.
Mao Shijia

Nanjing Ocean Shipping Co.,Ltd.
Liu Hongliang