Asia Energy Logistics (HKG:0351) announced that due to the prevailing market conditions, the JV company Ocean Pro Holdings Limited and the JV shareholders had entered into a third memorandum of mutual understanding on 4 January 2012 to further extend the acquisition of the other two vessels by the JV group to 31 December 2012.

Moreover, Ocean Jade Investments Limited, a wholly-owned subsidiary of Asia Energy, Waibert Navigation Company and the JV company entered into the third supplemental agreement to the JV agreement, pursuant to which the parties agreed to amend the JV agreement such that the shareholders' loan contributed by the JV shareholders shall become interest-bearing.

In respect of shareholders' loan contributed by the JV shareholders as the JV company's initial working capital, interests shall be calculated and accrued at a discount of 10% of the above 5-year benchmark lending rate of the People's Bank of China commencing from the date of contribution of the loan and until the full and final payment of such portion of the shareholders' loan contributed as initial working capital in accordance with the terms of the JV agreement and payable by the JV company.