09:33     NEW CENTURY GP<00234> - Announcement (8)                            

    "Discretionary Trust"   the discretionary trust of                        
    which Mr. Kan Ka Chong, Frederick is the trustee and                      
    Mr. Huang, his family members and unspecified                             
    charities are the discretionary beneficiaries                             
                                                                              
    "Evervalue"   Evervalue Profits Limited, a company                        
    incorporated in the BVI which is an Independent Third                     
    Party. Evervalue is the existing sub-charterer of the                     
    Vessels pursuant to the Existing Sub-charter                              
    Agreements and will remain to be the sub-charterer                        
    of the Vessels under the New Sub-charter Agreements                       
                                                                              
    "Existing Waiver"   the waiver granted by the Stock                       
    Exchange on 22nd November, 2002 and referred to in                        
    the section headed "Background of non-exempt                              
    continuing connected transactions and Existing                            
    Waiver" in this announcement                                              
                                                                              
    "Existing Charter Agreements"   two agreements both                       
    dated 17th October, 2002 entered into between (i)                         
    Queenston Investment Limited and the Subsidiary for                       
    chartering the vessel "Leisure World"; and (ii)                           
    Jackston Shipping Limited and the Subsidiary for                          
    chartering the vessel "Amusement World", details of                       
    which were set out in the announcement of the Company                     
    dated 17th October, 2002 and the circular of the                          
    Company dated 5th November, 2002                                          
                                                                              
    "Existing Sub-charter Agreements"   two agreements                        
    both dated 17th October, 2002 entered into between                        
    the Subsidiary and Evervalue in relation to                               
    sub-chartering of the Vessels by Evervalue, details                       
    of which were set out in the announcement of the                          
    Company dated 17th October, 2002 and the circular of                      
    the Company dated 5th November, 2002                                      
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative                        
    Region of the PRC                                                         
                                                                              
    "Huang Group"   Huang Group (BVI) Limited, a company                      
    incorporated in the BVI and held by Mr. Kan Ka Chong,                     
    Frederick, as trustee of the Discretionary Trust                          
                                                                              
    "Huang Shipmanagement"   Huang Shipmanagement Pte                         
    Ltd. (formerly known as New Century Shipmanagement                        
    Pte Ltd), a company incorporated in Singapore which                       
    is wholly owned by the parents of Mr. Wilson Ng, Ms.                      
    Lilian Ng, Mr. Ng Wee Keat and Ms. Ng Siew Lang, Linda,                   
    who are all executive Directors                                           
                                                                              
    "Independent Board Committee"   independent board                         
    committee of the Company constituted by the three                         
    independent non-executive Directors, comprising Mr.                       
    Wong Kwok Tai, Mr. Kwan Kai Kin, Kenneth and Mr. Ho                       
    Yau Ming                                                                  
                                                                              
    "Independent Shareholders"   Shareholders other than                      
    New Century Worldwide, Mr. Huang and their respective                     
    associates                                                                
                                                                              
    "Independent Third Party"   a company which, to the                       
    best of the Directors' knowledge, information and                         
    belief and having made all reasonable enquiry, is a                       
    third party independent of the Company and its                            
    connected persons                                                         
                                                                              
    "Jackston"   Jackston Maritime Limited, a company                         
    incorporated in the BVI which is indirectly owned as                      
    to 55% by Huang Group and as to 45% by the Company.                       
    Jackston is the owner of the vessel "Amusement World"                     
                                                                              
    "Listing Rules"   the Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "Management Agreements"   two agreements both dated                       
    17th October, 2002 entered into between the Subsidiary                    
    and Huang Shipmanagement for the management of the                        
    operations of the Vessels, which were terminated in                       
    January 2005, details of which were set out in the                        
    announcement of the Company dated 17th October, 2002                      
    and the circular of the Company dated 5th November,                       
    2002                                                                      
                                                                              
    "Mr. Huang"   Mr. Ng (Huang) Cheow Leng, the settlor                      
    and one of the discretionary beneficiaries of the                         
    Discretionary Trust