Annual Insurance Report 2001

Dear Members:

China Shipowners Mutual Assurance Association (hereinafter referred to as the Association) with the firm support from the members successfully implemented in 2001 the relevant decisions made by the Board of Directors and agreed in Members’ General Meetings. Confronted with intense competition and challenges both at home and abroad, the Association strive to develop and achieve its business targets whilst maintaining high standards of management. I am now delivering to you on behalf of the Managers of the Association a working report for the 2001 year for your review.