Vessel Acquisition - M.V. Thor Horizon

Back Feb 05, 2007

Ref : COR: MS/EL07005e/ms

2 February 2007

Subject : Vessel Acquisition - M.V. Thor Horizon

To : The President of the Stock Exchange of Thailand

Re : Elcid No. COR:MS/EL06016e/ms dated 16 October 2006

On 16 October 2006, Thoresen Thai Agencies Public Company Limited ("TTA") announced a conditional purchase of a 47,111 DWT open-hatch box-shaped bulk carrier named M.V. Beautiful Queen at a price of USD 37,000,000 (United States Dollars Thirty Seven Million), with an expected delivery date within 31 January 2007.

Due to some unforeseen delays, TTA wishes to confirm that M.V. Beautiful Queen, now renamed M.V. Thor Horizon, was successfully delivered on 2 February 2007. After the acquisition of this vessel, the company's dry bulk shipping fleet consists of forty-five (45) vessels, with an average size of 28,053 DWT.

M.V. Thor Horizon is owned by Thor Horizon Shipping Pte. Ltd., a wholly owned subsidiary company of Thoresen Shipping Singapore Pte. Ltd. Thor Horizon Shipping Pte. Ltd. has a registered and paid-up capital of SGD 15,500,000 (Singapore Dollars Fifteen Million and Five Hundred Thousand).


Yours faithfully,
Thoresen Thai Agencies Public Company Limited


M.L. Chandchutha Chandratat    
Managing Director

Ms. Nuch Kalyawongsa
Director,Group Finance/Accounting


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