09:31     NEW CENTURY GP<00234> - Announcement (3)                            

    Set out below are the aggregate charter fees payable                      
    by the Subsidiary based on the aforesaid daily charter                    
    fees for the relevant years/period:                                       
                                                                              
    (i)   the aggregate charter fee payable to Queenston                      
    by the Subsidiary:                                                        
                                                                              
    Period   Aggregate charter fee                                            
    S$   HK$ equivalent                                                       
                                                                              
    1st April, 2005 to  31st March, 2006   18,250,000                         
    83,950,000                                                                
    1st April, 2006 to  31st March, 2007   18,250,000                         
    83,950,000                                                                
    1st April, 2007 to  24th November, 2007   11,900,000                      
    54,740,000                                                                
                                                                              
    (ii)   the aggregate charter fee payable to Jackston                      
    by the Subsidiary:                                                        
                                                                              
    Period   Aggregate charter fee                                            
    S$   HK$ equivalent                                                       
                                                                              
    1st April, 2005 to  31st March, 2006   11,862,500                         
    54,567,500                                                                
    1st April, 2006 to  31st March, 2007   11,862,500                         
    54,567,500                                                                
    1st April, 2007 to  24th November, 2007   7,735,000                       
    35,581,000                                                                
                                                                              
    Conditions                                                                
    The New Charter Agreements are conditional on (i)                         
    compliance with the disclosure or any other relevant                      
    requirements in connection with the Transactions                          
    under the Listing Rules; and (ii) the approval of the                     
    Independent Shareholders at the Special General                           
    Meeting where voting will be taken on a poll in respect                   
    of the Transactions and the New Caps. The aforesaid                       
    conditions, which cannot be waived, must be fulfilled                     
    on or before 31st March, 2005 or such other date as                       
    shall be agreed by the contracting parties in writing.                    
                                                                              
    Termination of the Charterparty Novation Deeds                            
    Pursuant to the New Charter Agreements, the                               
    Charterparty Novation Deeds, for which Jackston and                       
    Queenston substituted the Previous Owners under the                       
    Existing Charter Agreements, will be terminated upon                      
    the conditions precedent to the New Charter Agreements                    
    having been fulfilled and the New Charter Agreements                      
    becoming effective on 1st April, 2005.                                    
                                                                              
    THE NEW SUB-CHARTER AGREEMENTS                                            
    In accordance with the terms of the Existing                              
    Sub-charter Agreements, upon the termination of the                       
    Existing Charter Agreements, the Existing                                 
    Sub-charter Agreements will terminate. In order to                        
    continue the sub-chartering of the Vessels, the                           
    Subsidiary entered into the New Sub-charter                               
    Agreements on 8th March, 2005 with Evervalue, an                          
    Independent Third Party. Save for the duration of the                     
    sub-charters which has been fixed under the New                           
    Sub-charter Agreements, the terms of the New                              
    Sub-charter Agreements and the Existing Sub-charter                       
    Agreements are substantially the same.                                    
                                                                              
    Pursuant to the New Sub-charter Agreements, Evervalue                     
    will sub-charter the Vessels from the Subsidiary for                      
    the purpose of operating the food and beverage,                           
    leisure services, accommodation, entertainment,                           
    gaming and cruise tour services among Singapore,                          
    Malaysia and Indonesia. The Subsidiary has undertaken                     
    to provide or procure provision of services including                     
    crewing, technical management, management services,                       
    procurement services and accounting in respect of the                     
    operation of the Vessels at the costs and expenses                        
    of the Subsidiary.                                                        
                                                                              
    The New Sub-charter Agreements shall commence on 1st                      
    April, 2005 until 24th November, 2007 (the end of the                     
    fifth year from the commencement date i.e. 25th                           
    November, 2002 under the Existing Sub-charter                             
    Agreements) provided that either party may terminate                      
    such agreements by serving on the other party not less                    
    than 60 days' written notice of termination or the                        
    New Sub-charter Agreements shall also terminate on                        
    the termination of the New Charter Agreements.