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TTA shareholders welcome interim dividend as net profit reaches Baht 1.3 billion

Back May 16, 2007

TTA reported a consolidated net profit for the 2007 Second Quarter of Baht 1,291.86 million and announced an interim dividend payment totaling Baht 483 milion, or Baht 0.75 per share, citing contributions from higher TC rates and strong demand in the China market. TTA' s Board of Directors appointed Mr. Sak Euarchukiati as an independent director on the Board, replacing Mr. Sathien Tejapaibul who resigned effective 15 May 2007.

M.L. Chandchutha Chandratat, Managing Director of Thoresen Thai Agencies Public Company Limited (TTA), said that at the Board of Directors meeting on 15 May 2007, the Board approved the 2007 second quarter financial results that ended on 31 March 2007 (the "2007 Second Quarter") and an interim dividend payment based on the operating results of the six-month period that ended on 31 March 2007 of Baht 0.75 per share to the 643,684,422 ordinary shares whose names appear in TTA's shareholders register at 12.00 P.M. on 30 May 2007. The total dividend payment will be Baht 483 million and will be made on 14 June 2007.

"TTA has been consistently paying dividends to shareholders. In 2006, the total dividend payment was Baht 1.35 per share and in 2007, the Company will continue to pay dividends to shareholders from our net profits. In the 2007 Second Quarter, the consolidated net profit was recorded at Baht 1,291.86 million, which included an exchange gain of Baht 270.02 million, compared to Baht 1,051.78 million at the same period of last year, which included an exchange gain of Baht 487.20 million." M.L. Chandchutha said.

The increase in the consolidated net profit was primarily due to stronger TC rates and a stronger Thai Baht currency.

All three business groups, namely the Dry Bulk Shipping Group, the Offshore Services Group, and the Shipping Services Group, recorded profit growth. The Dry Bulk Shipping Group recorded a consolidated net profit of Baht 887.75 million, excluding exchange gains. The net profits of the Dry Bulk Shipping Group increased 20.89 per cent between the three-month period that ended on 31 December 2006 (the "2007 First Quarter") and the 2007 Second Quarter.

The average TC rate in the 2007 Second Quarter increased from US$12,789 per vessel per day in the 2007 First Quarter to US$14,453 per vessel per day in the 2007 Second Quarter. TTA had a total of 4,027 vessel days available in the 2007 Second Quarter, compared to 4,140 vessel days available in the 2007 First Quarter. TTA total fleet cargo volume from 1 October 2006 to 31 March 2007 remained strong at 6.4 million revenue tons.

China's important role in the dry bulk shipping market remains intact. Chinese iron ore, steam coal, and grain imports continue at high levels. In addition to these trades, China doubled its steel exports from 29.5 million tons in 2005 to 54.5 million tons in 2006.

The Offshore Services Group posted strong quarterly results. The drilling segment generated approximately 45.76 per cent and 69.51 per cent of the Mermaid Maritime Public Company Limited' s ("MMPLC") revenues and profits, respectively.

"The offshore rig market continues to show strength across all categories and classes of mobile offshore drilling units. The volatility in oil prices experienced over the last few months has so far not affected oil companies' demand for offshore drilling units. In addition, although there have been several more newbuild orders, dayrates have continued to increase," M.L. Chandchutha said.

MMPLC made a total revenue contribution of Baht 1,012.05 million and a net profit contribution (after deducting minority interests) of Baht 153.14 million, excluding exchange gains, to TTA's financial results.

The Shipping Services Group made a net profit contribution (after deducting minority interests) of Baht 40.65 million, excluding exchange gains, to TTA's financial results. Thoresen Shipping FZE made the highest net contributions, followed by Fearnleys (Thailand) Ltd., which recorded higher commission income and profits in line with the strong freight market.

Furthermore, TTA' s Board of Directors approved the appointment of Mr. Sak Euarchukiati as Mr. Sathien Tejapaibul's replacement for the remainder of his term, which will end at the next Annual General Meeting of Shareholders in January 2008.

M.L. Chandchutha added that Mr. Sak is highly experienced in business affairs, presently serving as a Director and Remuneration Committee member of Thai Plastic & Chemical Plc. He recently served as Compliance & Internal Audit Leader of GE Money Finance Plc. and was President of the Institute of Internal Audit of Thailand. He also worked in the areas of international banking, treasure operations, and trade finance operations on Bank of Asia Plc.

"The Board of Directors believes that his extensive operations background will benefit TTA's growth plans," M.L. Chandchutha said.