The Third Quarter Financial Results

16 Aug 2004

Ref : COR: MS/EL04030e/st

                                                                            13^th August  2004

Subject    :      The Third Quarter Financial Results

To           :      The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited recorded a consolidated net profit for the three month

period ended 30 June 2004 of Baht 1,443.000 million, including an exchange loss of Baht 216.786 million,

resulting from the Baht having depreciated against the USD, as compared to a net profit of Baht 332.674

million, including an exchange gain of Baht 56.802 million, in the corresponding period last year.

The improved operating result was mainly the result of an improved freight market, combined with a larger,

and better equipped fleet, resulting from investments made over the last 12 months.

The general freight market, after having fallen quite significantly during the April - June period this year, has

now to a large degree recovered.

The improved market conditions have allowed the Company to continue its strategy of chartering out vessels

on one to three year time-charters, and for the next 12 months, approx. 40% of the Company's existing

deadweight capacity has been locked in at fixed rates which are approx. 30% higher than what was

achieved in the preceding 12 months period.

Of the remaining 60% deadweight capacity, approx. 5% is covered under existing Contracts of

Affreightments, approx. 30% is planned in the Company's liner services, and only approx. 25% is exposed

to fluctuating spot markets.

Although oil prices have risen quite dramatically lately, the shortage appears to be more on the refined

products side, and less on the heavy fuel oil side, which really is a by product in the refinery process. Our

fleet primarily consume heavy fuel oils, and the price increases here has been much more moderate than for

refined products. Also, as it is the time charterer's which pays for the fuel the Company has not, and do not

expect to be, significantly affected by the current high price of oils, unless oil prices continue to increase to

such an extent that it affects world trade.

Thoresen Thai Agencies Public Company Limited

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Based on above factors, and the fact that the Company has a significantly larger fleet going forward, it is the

opinion of the Board that the Company will record very healthy performance in the coming quarters.

Yours faithfully,

(Mr. Arne Teigen) (Mr. Ole Teigen)

Managing Director Director

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