1.

COMMERICAL

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Time Charter contract
a. 1 year or less cd c
b. More than 1 year cd c

2. Contract of affreightment (COA)

a. 1 year or less cd c
b. More than 1 year cd c

3. Voyage and time charter

a. Spot cd
b. Freight offer calculation for spot charter
c. Freight offer for long term voyage charter c
d. Term and condition of Charter Party
e. Price and term renegotiation
f. Contract / Agreement draft cd

4. Commissions to brokers
a. As per market practice cd
b. Other than market practice c c

5. Approval of freight rebate for customers c c

6. Approval of demmurage waive and reduction for customers c

7. Approval of credit term (30 days - 60 days) c c

8. Participation in any tender cd

a. Commercial and Technical evaluation cd
b. Price renegotiation cd
c. Contract / agreement draft c

*c - authority to commit, cd - authority to commit and delegate

2. OPERATION/PROCUREMENT

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Vessel agency appointment
- Agency nomination and selection cd
- Agency appointment cd c
- Agency invoice approval cd

2.
Bunker purchase and supply (incl quality & quantity survey)
Ref: PSO/SSS/PST/OPS/001
- Vendor (bunker) nomination and selection cd
- Vendor (bunker) appointment cd c

cd c
- Vendor (bunker) invoice approval
 3. Charterring-in vessels: for back-to-back
- Time charter period cd c c
- Spot basis cd c c

4. Other project non-vessel basis cd c c

*c - authority to commit, cd - authority to commit and delegate

3. SHIP MANAGEMENT

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Running cost budget from ship manager before beginning of
the year
- Budget preparation c
- Budget approval cd c c

2. Purchase equipment, lub oil, stores, spare parts & stores (per
order)
- Budgeted items cd
- Non-budgeted items c c

3. Non budgeted items

- over USD 0.5m cd c
- up to USD 0.5m cd c

Capital Items :
4.

New equipment, modification and installation or major

upgrade of vessel's condition to improve vessel's operation
and performance, comply with IMO, IACS and Regulations, or
to improve safety of ship or claim prevention:
- over USD 0.5m cd c
- up to USD 0.5m cd c

5. Appointment and Termination of Ship Manager:

- Selection & review cd c
- Negotiate, appointment / termination cd c

Running Cost budget and Float Requests

6. Budget revision, If over 20% increase from original budget
- Happen to more than 50% of fleet cd c
- Happen up to 50% of fleet. cd c

Drydocking:
7.
Drydocking, contractor selection and negotiation of terms
- over USD 1.0m cd c
- up to USD 1.0m cd c

8. Drydocking costs
- 3% over than budgeted cd c c
- within budgeted c

Insurance (Vessels/FL/T&B):
 9. Placement and renewals of H&M, War risk and Loss of hire
Insurance

10. Placement and renewals of all other Insurance

11. Claims: -
Owned Vessels
(i) Recovery claims to be paid out for subsequent recovery from
P&I club & underwriters
(ii) Appointment of surveyor and loss adjuster

(iii) Appointment of solicitors on ad-hoc basis

(vi) Negotiation for settlement of claims (eg. Liability

apportionment) of value

Charterred Vessels
(i) Recovery claims to be paid out for subsequent recovery from
P&I club & underwriters
(ii) Appointment of surveyor and loss adjuster
(iii) Appointment of solicitors on ad-hoc basis
(vi) Negotiation for settlement of claims (eg. Liability
apportionment) of value
*c - authority to commit, cd - authority to commit and delegate

4. STRATEGIC INVESTMENT / DIVESTMENT

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Business investment other than vsl/properties c

2. Vessel / Property purchases c

3 Divestment of Vessels / Properties c

4. Capital Structure : issuance of share/right issue/bonds c

5. Approval of annual budget c

*c - authority to commit, cd - authority to commit and delegate

5. ACCOUNTING & FINANCE

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Appointment of company auditors
- holding company c
- subsidiaries, assoc. & affiliated cos. c

2. Appointment of tax/other financial advisors cd c

3. Distributions of dividend c

4. Payment of corporate tax c

5. Auditors remuneration/fees per company c

 6. Bank accounts (open, close, revise) c c

7. Approval of Bank loan / trade facilities -

(i) Loan / Overdraft / Credit / Trade facility cd c
(ii) Guarantee / FX / Interest rate swap facility cd c
(iii) Any other facilities cd c

8. Credit / Loan / Overdraft facility

(i) Drawdown c
(ii)
(iii) Prepayment
Facility, commitment & commission fees, audit c
confirmation charges. c
Issuance of bank guarantee / LC / corporate guarantee / letter
9. of comfort
- For operational purposes cd
- For corporate financing c

10. Interest rate swap contract

- over USD5m notional c
- up to USD5m notional c

11. Foreign exchange contracts

(i) Spot contract
- over USD 2m c
- up to USD 2m c
(ii) Forward contract
- over 6 months, total notional > USD 2m c
- up to 6 months, up to USD 2m c

12 Intra-Group loans c

13 Placement / Renewal / Withdrawal of TD cd

14 Petty cash / Cash advance, reimbursement

- over USD20K c
- up to USD20K cd c

*c - authority to commit, cd - authority to commit and delegate

6. LEGAL AND SECRETARIAL

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Company formation / liquidation

- Companies owned 100% by SSL c
- others c

2. Appointment / resignation of Co. Secretary c

3 Registration fees, documents and stamp duty cd

4. Appointment of arbitrators and/or solicitors on ad-hoc basis cd cd c

for chtr shp
*c - authority to commit, cd - authority to commit and delegate
 7. GENERAL MATTERS

TRANSACTION BODSSL CEOSSL MD GMMBD GMOPS

1. Annual report - design / printing / distribution c

2. AGM/EGM - venue / facilities cd c

3. Analyst briefings - venue / facilities cd

4. Consultancy services (public relations, website design, media relations)

- above USD100K c
- up to USD100K c

5. Research publications/subscriptions & Shipping Association cd cd c

Membership per year

6. Sponsorship and donation

- above USD10K/year c
- up to USD10K/year c c

7. Advertisement:
- above USD10K c
- up to USD10K

8. Corporate Gifts and Souvenirs

- above USD10K/annum c c
- up to USD10K/annum c

9. Office Equipment lease agreements

- over USD100K per item per month c
- up to USD100K per item per month cd c
Purchase of fixed assets - furniture, equipment etc. (excluding
10. IT hardware & software)
- over USD100K per order c
- up to USD100K per order cd c
*c - authority to commit, cd - authority to commit and delegate

8. IT
Purchase of fixed assets - IT hardware & software, System
Maintenance Contracts (for hardware & software), MIS repair
of computer equipmentTRANSACTION
including replacement of computer BODSSL CEOSSL MD GMMBD GMOPS
1. parts and Engagement of specialists for advisory, consultancy
- over USD0.5M per order/contract c
- Over US$ 0.1M up to US$ 0.5M per order/contract cd c c
- up to USD0.1M per order/contract

2. Disposal of IT and IT-related fixed assets

- over USD50K per item on Net Book Value c c
- up to USD50K per item on Net Book Value

3. Appointment of vendor for IT maintenance etc

- over USD50K per contract c c
- up to USD50K per contract
*c - authority to commit, cd - authority to commit and delegate

9. PAYMENT MECHANISM UPON APPROVED INVOICES/DOCUMENTS/AGREEMENT

MLG MCHA MOFF MOPS MAG MFC MFIN

c c c
c c c
c c c
c c c
c c c
c c c

c c c

c c c

c c c
c c c c
c c c
c c c

MLG MCHA MOFF MOPS MAG MFC MFIN

c
 c c
c c c c

MLG MCHA MOFF MOPS MAG MFC MFIN

c
MLG MCHA MOFF MOPS MAG MFC MFIN

MLG MCHA MOFF MOPS MAG MFC MFIN

MLG MCHA MOFF MOPS MAG MFC MFIN

c
MLG MCHA MOFF MOPS MAG MFC MFIN

c c c c

c c

c c

MLG MCHA MOFF MOPS MAG MFC MFIN

c
 REMARKS

with report to Liner Head

with report to EDC

Both shall approve

All 3 shall approve

REMARKS

With report to MD

In coordination with MFIN

In coordination with MLG and MCHA

In coordination with MFIN, MCHA, MLG and

MOFF in relation with PSO Bunker
 REMARKS

Monitoring and evaluation

In coordination with MFIN

In coordination with MFIN

With report to MD

With immediate report to CEO

 REMARKS

To be agreed by investment committees before

proposing to the Board

REMARKS

With Report to Board

With Report to Board

With Report to Board

With Report to Board

With Report to Board

Immediate Report to CEO

Immediate Report to CEO/EDF

With Report to Board

Immediate Report to CEO/EDF

REMARKS

With immediate report to BOD

With immediate report to BOD

With immediate report to BOD

 REMARKS

REMARKS

to notify Finance AGM

to notify Finance AGM
 1. COMMERICAL

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Freight Rate Agreement - SOC
For duration > 3 months
i) For top 5 cutomers in US$ value cd c
ii) For next top 10 cutomers in US$ value cd c
iii) For out of top 15 cutomers in US$ value cd

For duration < 3 months

i) For top 5 cutomers in US$ value cd c
ii) For next top 10 cutomers in US$ value cd
iii) For out of top 15 cutomers in US$ value cd

2. Freight Rate Agreement - COC

i) For top 10 cutomers in volume cd cd
ii) For out of top 10 cutomers in volume cd

3. Slot Exchange Agreement

i) > 6 mth contract or US$ 40K FIO/week c
ii) Less than i) above cd cd

4. Approval of adhoc rate for SOC customers

- Value > 10K/shipment
- Value < 10K/shipment

5. Approval of freight rebate for customers c c

6. Approval of credit term (30 days - 60 days)

SOC Customers
- For credit limit more than US$ 1 Mil c c
- For credit limit up to US$ 1 Mil cd cd c c
COC Customers
- For credit limit more than US$ 100K c c
- For credit limit up to US$100K cd cd c

7. Opening New/Closing Vessel Routes c c c

8. Appointment/Termination of Agents c c
*c - authority to commit, cd - authority to commit and delegate

2. OPERATION/PROCUREMENT

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Contract with Port Authority
- In Singapore c c
- In Indonesia c
- In Other Countries cd

2. Appointment of Bunker Supplier

- Nomination of Vendor with > 30% supply c c
- Nomination of Vendor with < 30% supply cd cd
- Bunker Nomination >300MT/supply
- Bunker Nomination <300MT/supply
 3. Charterring-in vessels
- Above 1 year charter c c c
- Upto 1 year charter cd c c

4. Container Leasing
- 5 years and above cd c
- Less than 5 years
* Above US$ 0.2m / month cd c
* Upto US$ 0.2m / month cd cd
*c - authority to commit, cd - authority to commit and delegate

3. SHIP MANAGEMENT

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Purchase equipment, lub oil, stores, spare parts & stores
(per order)
- over USD0.5m c
- up to USD0.5m cd

2.
Extra cost for technical improvement (per improvement)
- over USD0.5m c
- up to USD0.5m cd

3. Any other repair/maint cost (per incident)

- over USD0.5m c
- up to USD0.5m cd

Capital Items :
4.
New equipment, modification and installation or major
upgrade of vessel's condition to improve vessel's
operation and performance, comply with IMO, IACS and
Regulations, or to improve safety of ship or claim
prevention:
- over USD0.5m c
- up to USD0.5m cd c

5. Appointment and Termination of Ship Manager:

- Commercial c c
- Technical c c
- Crewing c c

cd c
Negotiate and agree terms of appointment for the above

Running Cost budget and Float Requests

6. Running cost budget from ship manager before beginning c
of the year
7. Variation of running cost budget during the year
- over 20% increase from original budget c
- up to 20% increase from original budget cd

Drydocking:
8.
Drydocking, contractor selection and negotiation of terms
- over USD1.0m c
- up to USD1.0m cd c
 Insurance (Vessels/FL/T&B):
9. Placement and renewals of H&M, War risk and Loss of cd
hire Insurance

10. Placement and renewals of all other Insurance cd

11. Claims: -
Owned Vessels
(i) Recovery claims to be paid out for subsequent recovery c
from P&I club & underwriters

(ii) Appointment of surveyor and loss adjuster c

(iii) Appointment of solicitors on ad-hoc basis c

(vi) Negotiation for settlement of claims (eg. Liability cd c

apportionment) of value

Charterred Vessels
(i) Recovery claims to be paid out for subsequent recovery
from P&I club & underwriters
(ii) Appointment of surveyor and loss adjuster

(iii) Appointment of solicitors on ad-hoc basis

(vi) Negotiation for settlement of claims (eg. Liability cd

apportionment) of value
*c - authority to commit, cd - authority to commit and delegate

4. STRATEGIC / BUSINESS DEVELOPMENT

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Business investment other than vsl/properties c

2. Vessel / Property purchases c

3 Divestment of Vessels / Properties c

4. Capital Structure : issuance of share/right issue/bonds c

5. Approval of annual budget c

*c - authority to commit, cd - authority to commit and delegate

5. ACCOUNTING & FINANCE

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Appointment of company auditors
- holding company c
- subsidiaries, assoc. & affiliated cos. c
 2. Appointment of tax/other financial advisors cd c

3. Distributions of dividend c

4. Payment of corporate tax c

5. Auditors remuneration/fees per company c

6. Bank accounts (open, close, revise) c c

7. Approval of Bank loan / trade facilities -

(i) Loan / Overdraft / Credit / Trade facility cd c
(ii) Guarantee / FX / Interest rate swap facility cd c
(iii) Any other facilities cd c

8. Credit / Loan / Overdraft facility

(i) Drawdown c
(ii) Prepayment
(iii) Facility, commitment & commission fees, audit c
confirmation charges. c
Issuance of bank guarantee / LC / corporate guarantee /
9. letter of comfort
- For operational purposes cd
- For corporate financing c

10. Interest rate swap contract

- over USD5m notional c
- up to USD5m notional c

11. Foreign exchange contracts

(i) Spot contract
- over USD 2m c
- up to USD 2m c
(ii) Forward contract
- over 6 months, total notional > USD 2m c
- up to 6 months, up to USD 2m c

12 Intra-Group loans c

13 Placement / Renewal / Withdrawal of TD cd

14 Petty cash / Cash advance, reimbursement

- over USD20K c
- up to USD20K cd c

15. Hedging mechanisms for bunker such as swaps, caps and

zero-cost collar:
(i) Quantity of Contract:
- up to 3500 metric tonnes per mth (limited upto 12 cd c
months forward)
- above 3500 metric tonnes per mth (limited upto 12 c
months forward)
*c - authority to commit, cd - authority to commit and delegate

6. LEGAL AND SECRETARIAL

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Company formation / liquidation

- Companies owned 100% by SSL c
- others c

2. Appointment / resignation of Co. Secretary c

 3 Registration fees, documents and stamp duty cd

4. Appointment of arbitrators and/or solicitors on ad-hoc cd cd c

basis for chtr shp
*c - authority to commit, cd - authority to commit and delegate

7. GENERAL MATTERS

TRANSACTION BOD CEO EDC EDF CA TRADE DD

1. Annual report - design / printing / distribution c

2. AGM/EGM - venue / facilities cd c

3. Analyst briefings - venue / facilities cd

4. Consultancy services (public relations, website design, media relations)

- above USD100K c
- up to USD100K c

5. Research publications/subscriptions & Shipping cd cd c c

Association Membership per year

6. Sponsorship and donation

- above USD10K/year c
- up to USD10K/year c c

7. Advertisement:
- above USD10K c
- up to USD10K c

8. Corporate Gifts and Souvenirs

- above USD10K/annum c c
- up to USD10K/annum c c

9. Office Equipment lease agreements

- over USD100K per item per month c
- up to USD100K per item per month cd c
Purchase of fixed assets - furniture, equipment etc.
10. (excluding IT hardware & software)
- over USD100K per order c
- up to USD100K per order cd c
*c - authority to commit, cd - authority to commit and delegate

8. IT
Purchase of fixed assets - IT hardware & software, System
Maintenance Contracts (for hardware & software), MIS
TRANSACTION
repair of computer equipment including replacement of BOD CEO EDC EDF CA TRADE DD
1. computer parts and Engagement of specialists for
- over USD0.5M per order/contract c
- Over US$ 0.1M up to US$ 0.5M per order/contract cd c c
- up to USD0.1M per order/contract

2. Disposal of IT and IT-related fixed assets

- over USD50K per item on Net Book Value c c
- up to USD50K per item on Net Book Value

3. Appointment of vendor for IT maintenance etc

- over USD50K per contract c c
- up to USD50K per contract
*c - authority to commit, cd - authority to commit and delegate
9. PAYMENT MECHANISM UPON APPROVED INVOICES/DOCUMENTS/AGREEMENT
TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

c c `

c c
cd cd `

c
cd

c c c
cd cd cd

c c

c c

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

c
c
cd
 c

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

c
cd

c
cd

c
cd

c
c
c

c
cd

c
 c

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM
 c

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

c c c

TRADE GM LINER HEAD MKG GM OP GM EMD GM IT GM SSL JKT GM

c
 REMARKS

each GM hv authority with report to EDC

each GM hv authority with report to EDC/DD

with report to EDC

each GM hv authority with report to EDC/DD
with report to respective GM

with report to EDC

with report to Liner Head

with report to EDC

with report to respective GM

Both EDC&EDF must approve

Both EDC&EDF must approve

Approve by both Fin&Trade/Mkg GM

Both EDC&EDF must approve

Approve by both Fin&Trade/Mkg GM

Collective approval from 3

Collective approval

REMARKS

With report to EDC

collective approval DD/EDC with CEO
collective approval DD with EDC/CEO

With report to CEO

With report to EDC

REMARKS

With immediate report to CEO

Subject to supervision agreement if applicable.

With immediate report to CEO

With immediate report to CEO

With immediate report to CEO

Trade DD + CEO for outside Ina shp mgr

SSL JKT GM + CEO for Ina shp manager
DD is authorised for Vsl under APEX mgt, SSL Jkt
GM authorised for vsl uder SISM mgt. Claim
dept in SISM is functioned as assisting

DD is authorised for Vsl under APEX mgt, SSL Jkt

GM authorised for vsl uder SISM mgt. Claim
dept in SISM is functioned as assisting

DD is authorised for Vsl under APEX mgt, SSL Jkt

GM authorised for vsl uder SISM mgt. Claim
dept in SISM is functioned as assisting

DD is authorised for Vsl under APEX mgt, SSL Jkt

GM authorised for vsl uder SISM mgt. Claim
dept in SISM is functioned as assisting

Claim dept in SSL Jkt is functioned as assisting

Claim dept in SSL Jkt is functioned as assisting

Claim dept in SSL Jkt is functioned as assisting

Claim dept in SSL Jkt is functioned as assisting

REMARKS

To be agreed by investment committees before

proposing to the Board

REMARKS
With Report to Board

With Report to Board

With Report to Board

With Report to Board

With Report to Board

Immediate Report to CEO

Immediate Report to CEO/EDF

With Report to Board

Immediate Report to CEO/EDF

With Report to Board

REMARKS

With immediate report to BOD

With immediate report to BOD

With immediate report to BOD

 REMARKS

REMARKS

to notify Finance AGM

to notify Finance AGM