March 18, 2014

On January 27 the Ministry of Transport ("MOT") issued the Announcement on the Trial Implementing Measures for Increasing the Proportion of Foreign Investment in International Shipping and International Ship Management in the China (Shanghai) Pilot Free Trade Zone (the "Announcement") which became effective as of the date of promulgation.

According to the Announcement, upon approval by the transport administrative authorities of the State Council, Chinese-foreign joint ventures and Chinese-foreign cooperative enterprises that are established within the Shanghai Free Trade Zone and of which more than 49% of the capital is invested by foreigners, the vessels owned or actually operated thereby may carry on international shipping business to and from Chinese ports; and, upon approval by the transport administrative authorities of Shanghai, wholly foreign-owned enterprises established within the Shanghai Free Trade Zone may conduct international ship management business.

（Sourse：LexisNexis）