Clause 6

by deleting the full-stop at the end of paragraph (d) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(e)on or after 22nd February 2010 from the provision of ship management services to any qualifying special purpose vehicle in respect of ships owned or operated by the qualifying special purpose vehicle.”;

by deleting the words “the business of carriage or charter” in subsection (4) and substituting the words “any operation, activity or service”; and

by deleting the full-stop at the end of the definition of “international shipping enterprise” in subsection (6) and substituting a semi-colon, and by inserting immediately thereafter the following definitions:“ “qualifying special purpose vehicle”, in relation to an approved international shipping enterprise, means —

an approved company —

which is incorporated and resident in Singapore; and

at least 50% of the total number of the issued ordinary shares of which are beneficially owned, whether directly or indirectly, by the approved international shipping enterprise;

an approved company —

which is incorporated outside Singapore; and

at least 25% of the total number of the issued ordinary shares of which are beneficially owned, whether directly or indirectly, by the approved international shipping enterprise; or

an approved partnership —

which is registered or formed outside Singapore; and

of which the approved international shipping enterprise is a partner and is entitled to at least 25% of its income;“ship management services” has the same meaning as in section 13A(16).”.