Ref : COR: MS/EL05008e/st
20 April 2005
Subject : Vessel Acquisition
To : The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Plc hereby reports the acquisition of M.V. Thor Endeavour on behalf of
Thor Endeavour Shipping Co., Ltd., a subsidiary company of Thoresen Thai Agencies Plc. Details
of which are as follows:
1. Details of the Asset Purchased:
Name of Vessel | Type of Vessel | Size of Vessel | Year Built |
M.V. Royal Sea | | | |
(to be renamed "M.V. Thor Endeavour ") | Bulk Carrier | 42,529 DWT | 1995 |
2. The Parties Involved
2.1) The buyer : Thor Endeavour Shipping Co., Ltd.
The buyer is a subsidiary company of Thoresen Thai Agencies Plc
2.2) The seller of the vessel : Sea Global S.A., Panama
2.3) Relationship between buyer and seller : None
3. Total Value of the Acquired Asset
The total cost of a vessel is USD 26,250,000 (United States Dollars Twenty-Six Million Two
Hundred and Fifty Thousand) or approx. Baht 1,035,300,000 (Baht One Thousand Thirty-Five
Million and Three Hundred Thousand), which is the current market price. The transaction equals
5.67 % of the total assets of the Company and its subsidiaries as of 31 December 2004 (the total
assets of Thoresen Thai Agencies Plc and its subsidiaries as of 31 December 2004 amounted to
Baht 18,257,415,605).
After the acquisition of the vessel, the Thoresen Fleet will consist of 48 vessels, with an average size
of 26,358 DWT.
Thoresen Thai Agencies Public Company Limited
Page 2 Ref. No. COR:MS/EL05008e/st
4. Benefit Expected to be Generated from the Transaction
To enhance market strength of the Company.
5. Source of Fund
Internal source of fund
6. Date of Acquisition
20 April 2005
7. General Information of Thor Endeavour Shipping Co., Ltd.
Thor Endeavour Shipping Co., Ltd. is a subsidiary company of Thoresen Thai Agencies Plc, with a
registered capital of Baht 310 million, divided into 3,100,000 shares, at par value of Baht 100.
Yours faithfully,
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M.R. Chandram S. Chandratat M.L. Chandchutha Chandratat
Chairman Managing Director