> > > > >

Leading the way...

Ploughing new paths
SK Shipping’s innovations on the high seas
 Leading the way...
SK Shipping brings promises and hopes for the future.

> > > > > > >

 CEO’S
Dear valued customers and business partners, Since our humble beginnings in M E SS AG E
1982 with one ship, we have grown to over 25 owned ships with 7 offices worldwide
as a result of our passion for growth and commitment to excellence. SK Shipping is now a world-class
marine transporter, specializing in transportation of natural resources.
Our success would not have been possible without all of the trust and support given to us by our cus-
tomers, and business partners. Thus, we are not satisfied with just providing resources transport service for
our customers. We aspire to set precedents in honoring customers' value. Furthermore, recognizing that
mutual growth with business partners is the cornerstone of our growth, we constantly strive to build better
and lasting business relationships. In addition, as a respected corporate citizen, we aim to fulfill all of our
social responsibilities and make positive contributions to society.
Although the volatile shipping industry changes greatly and faces new challenges every year, SK Shipping
is determined to overcome every challenge and grow even stronger. We will continue to grow with the same
passion and tenacity that brought us from our humble beginnings in 1982 to where we are today - a leading
player in the resources transport industry. Moreover, we will remain steadfast and endeavor for our perpetu-
al and ultimate goal - the happiness of all of our stakeholders.
With your continued blessings and support, I am confident that we will achieve our goal of becoming a
"Global Top-tier Shipping Group in Resources Transport. "

Thank you.

Kyuho Whang CEO

 CORPORATE
PHILOSOPHY

> > > > > >

SK SHIPPING PURSUES SUSTAINABLE GROWTH AND AIMS AT THE WORLD’S FINEST TRANSPORTER OF NATURAL RESOURCES.
AS GLOBAL CORPORATIONS ENCOUNTER INCREASINGLY FIERCE COMPETITION IN SECURING ENERGY SOURCES, SAFE AND
PROMPT ENERGY TRANSPORTATION IS BECOMING EVER MORE IMPORTANT. USING OUR EXPERIENCE IN MARINE TRANSPORTATION
AND OUR VAST KNOWLEDGE IN VARIOUS CARGOES, WE INTEND TO FOCUS ALL OF OUR CAPABILITIES TO BE A GLOBAL TOP-TIER
SHIPPING GROUP IN RESOURCES TRANSPORT.
 A global top-tier shipping group
in resources transport

SUSTAINABLE GROWTH

Value Creation Everlasting Reliability Superior Service

Our strong proposition of practical management has enabled us to strengthen our core business
for sustainable growth under any market conditions and to focus on risk management. We are SKMS
SK Management System
actively putting SKMS(SK Management System), and the SK Group’s own management
culture, into practice and also pursuing SUPEX (Super Excellent Level). To meet our social
responsibilities as a corporate citizen, we will build win-win relationships with our stakehold-
ers including our staff, customers, shareholders and communities. For this purpose, we
will practice ethical management and establish a favourable working environment for our employees. We will also pro-
vide our customers with a superior level of service through our customer satisfaction system. We will continue to enhance
the value of stakeholders through social contributions and environmental preservation in local communities as well
as transparent and efficient management for the benefit of anyone who is interested in SK’s success. Through the pursuit
of these new values, SK Shipping aims to be the world’s top specialised natural resources transporter.

HISTORY

SK Shipping has achieved an outstanding average annual growth rate of 20% since the beginning of crude oil transportation
between South Korea and the Middle East in 1982. In particular, we have solidified our standing as a specialised natural
resources transporter and have simultaneously enhanced the marine transport industry with our diversification in
related areas. With the acquisition of the tankers 'Yukong Leader’ and ‘Yukong Pioneer’, we commenced crude oil
transportation services in 1982. In 1983, we began expanding our business sectors with the start of transportation
services by dry bulk carriers which provided additional momentum. The 1980s witnessed rapid growth thanks to our
aggressive business model, which included the start of ocean bunkering in the South Pacific in 1987, and LPG transportation
services in 1988. Having established ourselves as a world-wide corporation, we launched the petroleum product transport
service in the early 1990s, commenced LNG transportation service, and became incorporated in Singapore in 1994. We changed
our corporate name from Yukong Line, Ltd. to SK Shipping Co., Ltd. because of a change in SK Group’s corporate identity
in 1997. We then became incorporated in London in 1999. The 1990s were a critical time for SK Shipping as we gained
a major foothold in the global market through the establishment of a new global standard and networks. Today, SK Shipping
spares no effort to become a global top-tier shipping group in resources transport by offering our clients only the very best
in safety and services.
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 Ud
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U.K.
Portbury
Antweerp
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Europe
R venna
Rave
U.S.A Santander
er
Iskenderun The Gul
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> > > > > Africa
Recaladaa

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SERVICE MAP &

MANAGING
HIGHLIGHTS

2008 2,560,595

2007 1,994,415

2006 1,909,965

Sales Thousands of USD

 > > > > > > > > > > > >

Russia

Vityaz

KOREA
Vancouver B.C.
Seattle
Far East North
r
Chibaa
P iifi
Pacific
fi
Portland U.S.A
Huizhou
ou

Hong Kong Oakland Savannah

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Houston
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Manzanillo
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PNG Cristobal

South Pacific Esmeraldas

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Australia

New
w Castle
Peru

Crude Oil
Transportation

Crude Oil Route Major Route (Straight Lines) LNG Dry Bulk Route F.East/U.S.A Liner Route

Plywood,
ood, Tim
Timber Bunkering
unkerin
MR Specialised
ecialise Area VLGC Loading
ading A
Area Loading
ading A
Area Services
vices A
Area

Major Loading
Loadin Area Small
mall LPGC
LPG Unloading
oading Area
A

* We ordered 23 new building vessels in 2006, 2007 and 2008 which will be delivered
between 2009 and 2012.

2008 152,857 2008

7,627

2007 134,384 2007 6,508

2006 108,458 2006 6,531

Operating Income Thousands of USD Carrying Capacity Thousands of DWT(MT)

> > > > TANKERS > > > > > > >

WITH MAJOR OIL TRADING COMPANIES AND GENERAL MERCHANTS AROUND

THE GLOBE AS OUR CLIENTS, SK SHIPPING OFFERS OUR CUSTOMERS THE BEST
IN SAFE SHIPPING SERVICES AND OCEAN PRESERVATION INITIATIVES.

> > > > >

CRUDE OIL......Crude oil transportation operations, which began with the founding of the company in
1982, play a pivotal role in SK Shipping’s business. We transport crude oil from major oil companies
including SK Energy and account for one third of the crude oil transported to South Korea. We have
also successfully completed contracts with a number of major clients such as ExxonMobil, Shell, Vitol,
MOA, Idemitsu, Japan Energy and business partners in China and the Pacific Asia region. As the global
community is becoming increasingly concerned about environmental preservation, SK Shipping is also
taking an active role in preserving our oceans. SK Shipping’s tanker
division will make every effort to satisfy clients through continued •SHELL •BP
safe shipping services and our strengthened service infrastruc- •EXXONMOBIL •CHEVRON-TEXACO
ture......PETROLEUM PRODUCTS......SK Shipping has witnessed •CHINA OIL •SK ENERGY
continuous growth from transporting clean petroleum products such •MITSUBISHI CHEMICAL •MARUBENI
as naphtha, gasoline, kerosene, jet oil, and gas oil, has witnessed •ALPINE
continuous growth since the start of the service in 1992. Today, SK
Shipping is recognized as a market leader with our strong market position and numerous business connections
in worldwide. To meet the diverse and ever growing needs of our clients, we have built a transportation service
infrastructure and expanded our fleet to include medium-range carriers(each with a capacity of 46,000
~47,000 DWT) and large-range carriers (each with a capacity of 87,000~112,000 DWT). We are also securing
contracts with major oil companies such as Shell, BP, ExxonMobil and Chevron-Texaco, major oil trading
companies such as Vitol, Glencore and other high-profile companies such as Mitsui, Mitsubishi
Chemicals Corporation, as well as general merchants in Japan. Also, the product tanker team in SK
Shipping has been relocated to Singapore on 3rd January 2008 and all business transactions have been
done under the name of SK Shipping Singapore Pte., Ltd. since then. With this relocation in Singapore,
Product Tanker team will continuously strengthen the existing core capabilities and develop new projects
related to the industries by creating customers satisfaction based on the professional mind-set.

> > > > > > >

GAS CARRIERS > > > > > > >
MAKING FULL USE OF OUR VAST EXPERIENCE IN SAFETY, TECHNOLOGY, AND
SHIPPING, SK SHIPPING IS ONE OF THE WORLD'S TOP COMPETITIVE GAS CARRIERS
OFFERING LNG AND LPG TRANSPORTATION SERVICES.

LNG......Today, LNG transportation is one of the most prestigious areas of shipping, and SK Shipping is proud to
be the world's first owner and operator of all three types of LNG vessels(Moss, Membrane Technigaz and
Membrane Gaz Transport), each of which requires highly sophisticated technical expertise. A high level of financial
credibility, excellent safety management and superior operational expertise have ensured we are quickly becoming
one of the largest owners and operators of LNG vessels in this highly specialized
field. At present, the company is vigorously pursuing new markets in gas
transportation, growing tremendously as a result. By providing world-class
LNG transport services, SK Shipping has become a pioneer in Korea's LNG
> > > > >
transportation field. A major energy source not only for Korea but for many
other countries around the world, LNG produces less pollution than gasoline
and diesel fuels. Since entering the market in 1994, SK Shipping has been
strengthening its position as a major LNG ship owner and transporter in Korea as it strives to market its expertise
to clients across the globe. With an accident-free record and constant, steady growth, we are continuously seeking
to increase our number of vessels, both owned and chartered, to meet the needs of clients and market demand,
while maintaining stable and reliable operations at all times. ......LPG......SK Shipping represents the history of
Korean LPG transportation. Since the early stages of the LPG business in Korea, SK Shipping has provided
a significant amount of tonnage-almost 25% of the total imported LPG. As Korea’s leading LPG shipping
company, SK Shipping operates very large gas carriers (VLGC) with a capacity of 78,000 ~ 82,000 CBM and transports
1.2 ~ 1.3 million tons of LPG annually from the Middle East to the Far East. At present, we are vigorously upgrading our
services which already exceed global standards. In addition, we have maintained control of several small LPG
carriers (SLPGC), each with a capacity of 4,000 ~ 6,500 CBM. We have also become a major contender in LPG shipping
in Southeast Asia, ready to meet any needs arising from the growing markets in China and India.
 > > > DRY BULK CARRIERS > > > > > > >
DRAWING ON OUR EXTENSIVE EXPERIENCE AND UNRIVALLED EXPERTISE IN
DEALING WITH EVERY TYPE OF CARGO, SK SHIPPING PROVIDES WORLD-CLASS
DRY BULK CARRIER SHIPPING SERVICES WITH OUR FAST AND FLEXIBLE FLEET
OPERATING SYSTEM.

TRAMPERS.....Since the beginning of our shipping services with one Panamax-class vessel in 1983, SK Shipping
have become a world-class transporter through continuous growth. We make over 1,000 shipments every year
using dry bulk carriers of all sizes, from Handy carriers of less than 40,000 DWT to Capesize of up to 300,000 DWT.
We transport our clients’ cargo swiftly and efficiently, and we have established strategic bases in four regions throughout
Europe, Asia, North America and South America. Not only do we have experience
•COAL •FERTILIZER in dealing with every type of cargo in the dry bulk carrier market, but we also
•IRON ORE •CEMENT CLINKER have a lot of expertise in dealing with major raw materials such as coal, iron
•GRAIN •PHOSPHATE ROCK
ore, cement and sand. We also have extensive experience in shipping grain,
> > •SALT •STEEL PRODUCTS
•SAND •LOGS AND OTHER sugar, salt, and in handling cargoes such as nickel ore phosphate rock, fertilizers,
•SUGAR FOREST PRODUCTS logs and other timber products.......GENERAL CARGO......Since beginning
general cargo service in 1995, we have expanded our business into Southeast
and Central Asia as well as many regions in Central/North America and Europe. We have gained reputation as
a market leader specializing in handling and shipping semi-processed and finished steel products, which require the
highest level of expertise and skills for handling. We also provide break bulk services for wooden products (plywood,
timber, etc), project-type cargoes(Wind-Mill Tower), yachts, weight cargoes, and machinery. Our main routes run :
From Far East to U.S & Central America/Europe/North Africa/Southeast & Central Asia
From Southeast Asia to U.S & Central America/Europe/North Africa/Southeast & Central Asia
We constantly endeavor to provide quality services and to meet our clients' needs all over the world.
 > > > > > > > OCEAN BUNKERING > > > > > > >
MAKING EFFICIENT USE OF OUR WORLDWIDE BUSINESS NETWORK,
SK SHIPPING PROVIDES THE BEST BUNKERING SERVICES IN ALL GLOBAL
FISHING GROUNDS.

With our fleet of more than 20 tankers and our worldwide business network, SK Shipping offers
the best bunkering services in all global fishing grounds and is posting an average market share
of 30% in each area. Our outstanding performance lies in our flexibly and unlimited commitment
to customer service. We deliver reliable service whenever, wherever and at the right price.
Whether it’s a simple supply of gas oil to a fishing vessel, or the delivery of fresh provisions
to a crew, our global network of 15 locations from
Kaohsiung to Las Palmas is always ready to respond rapidly
to any customer demand.

NORTH PACIFIC

PNG
SOUTH PACIFIC
PERU
ATLANTIC
INDIAN OCEAN FALKLAND

> > > > > > >

SK SHIPPING PURSUES SUPEX THROUGH THE ESTABLISHMENT, MAINTENANCE AND IMPROVEMENT OF OUR
HEALTH, SAFETY, ENVIRONMENT AND QUALITY SYSTEM (HSEQ) TO ENSURE SAFETY, QUALITY AND ENVIRONMENTAL
PRESERVATION IN ALL OF OUR MANAGEMENT ACTIVITIES. WE ARE ALSO STRIVING FOR SAFE OPERATIONS,
ENVIRONMENTAL PROTECTION AND QUALITY ASSURANCE BY IMPLEMENTING A ‘NO INJURY’, ‘NO ACCIDENT’,
‘NO POLLUTION’ POLICY WITH THE SYSTEMATIC COOPERATION OF OUR MARKETING, PRODUCTION, R&D AND
OTHER SUPPORT DIVISIONS.

SAFETY & QUALITY > > > > >

SAFETY CULTURE......We promote a safety culture that encourages active participation

in safety, environment and quality management activities. Committees on safety and
SAFETY, QUALITY environment gather for meetings every month to nurture a culture of discussion on safety
& ENVIRONMENT conditions, improvements and solutions to problems......EDUCATION......We offer various
types of training to improve the capabilities of our staff. In particular, we help them appreciate
the importance of personal initiative and teamwork through Bridge Resources and Team Management (BRTM) and
Engine Room Resources and Team Management (ERTM) education, self-education through the use of audiovisual
materials (MTS) on all vessels, and recorded educational content. In addition, we offer regular hands-on training through
specialized world-renowned education institutions, ocean-land joint emergency response disciplines and, in the
case of vessels, regular training as mandated by various kinds of R&R including SOLAS and others......MTIS/VIS......SK
Shipping utilizes a Marine Total Information System (MTIS) and Vessel Information System (VIS), which are ocean and
land e-management systems, in order to boost business efficiency and respond swiftly to emergencies by making it
possible for everyone concerned about the environment to share schedules and data, including safety information on
vessels. Thoroughly, we also reinforce the importance of a safe and efficient shipping service environment by providing
real-time meteorological information with the placement of vessels and meteorological monitoring equipment and
the establishment of a web-based meteorological monitoring system (WNI)......INSPECTION......SK Shipping's land
safety inspectors regularly and rigorously inspect vessels for about 540 safety issues using the Integrated Safety Rating
(ISR) system and Internal Audits, and when necessary, they take remedial or supplementary measures immediately
......MEASURES......We monitor man-made disasters by utilizing the Lost Time Injury Frequency (LTIF), the Total
 WE ARE ALSO PAYING
ATTENTION TO SAFE SHIP-
PING SERVICES, ENVIRON-
MENTAL PROTECTION AND
QUALITY ASSURANCE.

Reportable Case Frequency (TRCF) and Lost Time Accident (LTA) indices. Comparisons with other shipping companies show
that we maintain world-class standards in this field. Yet another way that we promote safety is through various reward
programs that encourage safe shipping practices. SK Shipping maintains a high level of safety management comparable
to the standards of major oil companies by satisfying Tanker Management and Self Assessment (TMSA) requirements.

ENVIRONMENT > >

WATER......SK Shipping appreciates the importance of environmental management and preservation and observes
all international standards, including the International Convention for the Prevention of Pollution from Ships (MARPOL).
In addition, all of our operations are up to code and well maintained with respect to Oil Discharging Monitoring
Equipment (ODME), oily water separators, incinerators, and sewage treatment equipment. Additionally, SK Shipping
is preventing water contamination caused by ballast, by deballasting at sea according to the Ballast Water Management
Plan. Also, we apply tin-free paints on our ships at every dry dock, incinerate waste oil using shipboard incinerators,
and send residues to shore facilities for recycling......AIR......SK Shipping uses instruments and fuel oil conforming
to SOx- and NOx- related international convention regulations, through our own regulations.

CERTIFICATION > > > > >

We acquired SEP (Safety and Environment Protection) Management System Certification, the safe environment
management system from DNV and ISO 9001, in 1994, and are building a safe environment quality management
system through continuous supplementation and improvements. We have also introduced new standards,
including OHSAS 18001 (Safety & Health Management System), ISO 14001 (Environment Management System)
and ISPS Code (Vessel Security Management System) to all of our vessels.
ETHICS
MANAGEMENT &
CULTIVATION OF
HUMAN RESOURCES

SK SHIPPING IS COMMITTED TO ESTABLISHING EFFICIENT AND TRANSPARENT BUSINESS PRACTICES

CENTERING ON SKMS. WE ARE ALSO INVESTING IN OUR PEOPLE SO THAT THEY CAN
CONTRIBUTE TO THE DEVELOPMENT OF SOCIETY AS WELL AS COMPANY BY PURSUING SUPEX,
IN PARTICULAR, THROUGH OUR HUMAN-ORIENTED MANAGEMENT AND FOSTERING A POSITIVE
WORKING ENVIRONMENT FOR OUR EMPLOYEES.

ETHICS MANAGEMENT > > > > >

SK Shipping is actively practicing transparent and ethical management with the board of directors. We have formulated an
ethics code and standards and guidelines through which all employees and executives respect all laws, regulations and basic
business principles of the countries where we conduct business. SK Shipping’s ethical management extends not only to our
employees and clients, but also to society and the nation through the protection of shareholders’ interests, the observance
of transparent accounting standards, and the sound realization of profits. We believe that by steadily improving our
corporate management structure to world standards, SK Shipping will become a globally competitive company.

CULTIVATING HUMAN RESOURCES > > > > >

The future of any corporation depends on the development of its people. In the globalisation era, the people we seek
are those with ambition. Employees are the most important management resource we have and are key players in
management. By running various competence development programs, SK Shipping is sparing no effort in designing
management activities through which all employees can pursue SUPEX voluntarily and willingly. We are also seeing
results, such as self-inspired goal attainment through the corporation’s win-win strategy by setting up a human
resources management system that generates compensation based on capabilities and achievements.
 WE ARE ACTIVELY
PRACTICING ETHICS MAN-
AGEMENT TO MEET OUR
SOCIAL RESPONSIBILITIES
AS THEY RELATE TO OUR
CORPORATE ACTIVITIES.

SOCIAL
CONTRIBUTIONS

WE VALUE THE ROLE AND THE DUTIES SOCIETY REQUIRES OF A GOOD CORPORATE
CITIZEN. EVERYONE AT SK IS ENCOURAGED TO UNDERTAKE VOLUNTARY COMMUNITY SERVICE WITH
ENTHUSIASM AND TO HELP IMPROVE LIFE FOR PEOPLE EVERYWHERE. BY TRYING TO ELEVATE THE
QUALITY OF LIFE IN LOCAL COMMUNITIES AND BY CONDUCTING ENVIRONMENTAL
PRESERVATION PROGRAMS, SK IS CREATING A BETTER TOMORROW FOR EVERYONE. OUR VOLUNTEER
PROGRAM IS PROOF THAT ONE COMPANY REALLY CAN MAKE A DIFFERENCE.

ENVIRONMENTAL CLEANUP ACTIVITIES

Our Ulsan Office carries out ocean cleanup activities through a private-public partnership with the Ulsan Coast Guard
and the Ulsan Regional Maritime Affairs and Fisheries Office. SK Shipping’s River Rescue Party is conducting a
cleanup campaign for the Han River through sewage collection and monitoring of the Han River’s contamination
sources.

EDUCATION SUPPORT ACTIVITIES

We also provide support for the talented Korean-Chinese students who are completing their studies at Yanbian 1st Middle
School in Jilin Province, China. We are promoting oceanographic education and ocean preservation activities for our
young people through contributions to ‘Sea Explorers of South Korea;’ the only ocean-related non-profit youth
organisation in the country.

LOCAL COMMUNITY ACTIVITIES

Working closely with non-profit community welfare centers, SK Shipping takes part in various voluntary programs
including lunch box delivery service to the poor, tutoring program for poor children, publishing special books for the
blind and improving habitats of the poor and the needy. Through our Matching Grant Program, partially funded from
salaries, we provide support for those who need it most with endowments. The collected endowments support
helping the disabled and elderly living alone. We also encourage orphaned teenagers with hope and courage through
activities such as these.
 ABOUT SK
GROUP

SK GROUP > > > > >

SK SHIPPING IS A SUBSIDIARY OF SK GROUP, A HOLDING COMPANY THAT HAS ENERGY AND CHEMICALS,
INFORMATION AND TELECOMMUNICATIONS, FINANCIAL AND LOGISTICS AND SERVICE BUSINESS UNITS.
IN PARTICULAR, SK IS A LEADING COMPANY IN THE ENERGY, CHEMICALS AND IT INDUSTRIES, ALL OF
WHICH ARE KEY INDUSTRIES IN SOUTH KOREA. SK PLAYS A PIVOTAL ROLE IN THE SOUTH
KOREAN ECONOMY AND IS MAKES EFFORTS TO IDENTIFY NEW GROWTH ENGINES, INCLUDING THE LIFE
SCIENCE SECTOR, AS WELL AS REINFORCING THE CORE COMPETENCE OF ITS MAIN BUSINESS.

ENERGY/CHEMICALS SK Energy, SK Chemicals, SKC, SK E&S, SK Gas

As a pioneer of the energy and chemicals industries in South Korea, we are contributing to a sustainable and economical
energy supply through accelerating oil field development and exploration as well as leading alternative energy
development. The chemicals unit, which is the nation’s industry leader, is gaining momentum in becoming a top global
corporation with its superior technology and competitive quality.

INFORMATION & TELECOMMUNICATION SK Telecom, SK C&C, SK Broadband, SK Communications, SK Telink

SK, which has led South Korea to its position as a global telecommunications power, is leading this ubiquitous field through
diverse telecommunications services. SK will contribute to global telecommunications industry development by
advancing various wireless internet businesses and leading the convergence of the telecommunications, broadcasting,
finance, and entertainment industries.

LOGISTICS/SERVICE SK Networks, SK Shipping, SK E&C, SK Securities, SK M&C, Sheraton Grand Walkerhill Hotel

SK is not only enhancing synergy between our finance, logistics and service business units but is also maintaining close
contact with customers. We will do our best to offer new services and better value to customers and to maintain the
high level of customer confidence for which we are already renowned.